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+Would Donald Trump’s taxes on trade hurt US consumers?,https://www.bbc.co.uk/news/articles/c20myx1erl6o,2024-10-14T23:34:32.778Z,"Donald Trump has pledged to drastically increase tariffs on foreign goods entering the US if he is elected president again. He has promised tariffs - a form of tax - of up to 20% on goods from other countries and 60% on all imports from China. He has even talked about a 200% tax on some imported cars.  Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US economy, protecting jobs and raising tax revenue.   He has claimed on the campaign trail that these taxes are ""not going to be a cost to you, it’s a cost to another country"". This is almost universally regarded by economists as misleading. In practical terms, a tariff is a domestic tax levied on goods as they enter the country, proportional to the value of the import. So a car imported to the US with a value of $50,000 (£38,000) subject to a 10% tariff, would face a $5,000 charge. The charge is physically paid by the domestic company that imports the goods, not the foreign company that exports them.  So, in that sense, it is a straightforward tax paid by domestic US firms to the US government. Over the course of 2023, the US imported around $3,100bn of goods, equivalent to around 11% of US GDP. And tariffs imposed on those imports brought in $80bn in that year, around 2% of total US tax revenues. The question of where the final “economic” burden of tariffs falls, as opposed to the upfront bill, is more complicated. If the US importing firm passes on the cost of the tariff to the person buying the product in the US in the form of higher retail prices, it would be the US consumer that bears the economic burden. If the US importing firm absorbs the cost of the tariff itself and doesn’t pass it on, then that firm is said to bear the economic burden in the form of lower profits than it would otherwise have enjoyed. Alternatively, it is possible that foreign exporters might have to lower their wholesale prices by the value of the tariff in order to retain their US customers. In that scenario, the exporting firm would bear the economic burden of the tariff in the form of lower profits. All three scenarios are theoretically possible. But economic studies of the impact of the new tariffs that Trump imposed in his first term of office between 2017 and 2020 suggest most of the economic burden was ultimately borne by US consumers. A survey by the University of Chicago in September 2024 asked a group of respected economists whether they agreed with the statement that ""imposing tariffs results in a substantial portion of the tariffs being borne by consumers of the country that enacts the tariffs, through price increases"". Only 2% disagreed. Let’s use a concrete example. Trump imposed a 50% tariff on imports of washing machines in 2018. Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products. There is no reason to believe the results of even higher import tariffs from a future Trump administration would be any different in terms of where the economic burden would fall. The non-partisan Peterson Institute for International Economics has estimated Trump’s new proposed tariffs would lower the incomes of Americans, with the impact ranging from around 4% for the poorest fifth to around 2% for the wealthiest fifth. A typical household in the middle of the US income distribution, the think tank estimates, would lose around $1,700 each year. The left-of-centre think tank Centre for American Progress, using a different methodology, has an estimate of a $2,500 to $3,900 loss for a middle-income family. Various researchers have also warned that another major round of tariffs from the US would risk another spike in domestic inflation. Yet Trump has used another economic justification for his tariffs: that they protect and create US domestic jobs. “Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,"" he said on the campaign trail. The political context for Trump’s tariffs was longstanding concern about the loss of US manufacturing jobs to countries with lower labour costs, particularly after the signing of the North American Free Trade Agreement (Nafta) with Mexico in 1994 and the entry of China into the World Trade Organisation in 2001. In January 1994, when Nafta came into effect, the US had just under 17 million manufacturing jobs. By 2016, this had declined to around 12 million. Yet economists say it is misleading to attribute this decline to trade, arguing that growing levels of automation are also an important factor. And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected. Trump imposed 25% tariffs on imported steel in 2018 to protect US producers. By 2020, total employment in the US steel sector was 80,000, still lower than the 84,000 it had been in 2018. It is theoretically possible that employment might have dropped even further without the Trump steel tariffs but detailed economic studies of their impact on US steel still showed no positive employment impact. And economists have also found evidence suggesting that, because the domestic price of steel rose after the tariffs were imposed, employment in some other US manufacturing sectors, which relied on steel as an input - including the agricultural machinery manufacturer Deere & Co - was lower than it otherwise would have been. Trump has criticised America's trade deficit, which is the difference between the value of all the things the country imports and the value of its exports in a given year. “Trade deficits hurt the economy very badly,” he has said. In 2016, just before Trump took office, the total goods and services deficit was $480bn, around 2.5% of US GDP. By 2020, it had grown to $653bn, around 3% of GDP, despite his tariffs. Part of the explanation, according to economists, is that Trump’s tariffs increased the international relative value of the US dollar (by automatically reducing demand for foreign currencies in international trade) and that this made the products of US exporters less competitive globally. Another factor behind this failure to close the trade deficit is the fact that tariffs, in a globalised economy with multinational companies, can sometimes be bypassed. For example, the Trump administration imposed 30% tariffs on Chinese imported solar panels in 2018. The US Commerce Department presented evidence in 2023 that Chinese solar panel manufacturers had shifted their assembly operations to countries such as Malaysia, Thailand, Cambodia and Vietnam and then sent the finished products to the US from those countries, effectively evading the tariffs. There are some economists who support Trump’s tariff plans as a way to boost US industry, such as Jeff Ferry of the Coalition for A Prosperous America, a domestic lobby group, but they are a small minority of the profession. Oren Cass, the director of the conservative think tank American Compass, has argued tariffs can incentivise firms to keep more of their manufacturing operations in America, which he argues has national defence and supply chain security benefits. And the Biden/Harris administration, while sharply criticising Trump’s proposed extension of tariffs, has kept in place many of the ones he implemented after 2018. It has also imposed new tariffs on imports of things like electric vehicles from China, justifying them on the grounds of national security, US industrial policy and unfair domestic subsidies from Beijing. What do you want BBC Verify to investigate? ",BBC,14/10/2024,"['Donald Trump has pledged to drastically increase tariffs on foreign goods entering the US if he is elected president again.', 'He has promised tariffs - a form of tax - of up to 20% on goods from other countries and 60% on all imports from China.', 'He has even talked about a 200% tax on some imported cars.', ""Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US economy, protecting jobs and raising tax revenue."", 'He has claimed on the campaign trail that these taxes are ""not going to be a cost to you, it’s a cost to another country"".', 'This is almost universally regarded by economists as misleading.', 'In practical terms, a tariff is a domestic tax levied on goods as they enter the country, proportional to the value of the import.', 'So a car imported to the US with a value of $50,000 (£38,000) subject to a 10% tariff, would face a $5,000 charge.', 'The charge is physically paid by the domestic company that imports the goods, not the foreign company that exports them.', 'So, in that sense, it is a straightforward tax paid by domestic US firms to the US government.', 'Over the course of 2023, the US imported around $3,100bn of goods, equivalent to around 11% of US GDP.', 'And tariffs imposed on those imports brought in $80bn in that year, around 2% of total US tax revenues.', 'The question of where the final “economic” burden of tariffs falls, as opposed to the upfront bill, is more complicated.', 'If the US importing firm passes on the cost of the tariff to the person buying the product in the US in the form of higher retail prices, it would be the US consumer that bears the economic burden.', 'If the US importing firm absorbs the cost of the tariff itself and doesn’t pass it on, then that firm is said to bear the economic burden in the form of lower profits than it would otherwise have enjoyed.', 'Alternatively, it is possible that foreign exporters might have to lower their wholesale prices by the value of the tariff in order to retain their US customers.', 'In that scenario, the exporting firm would bear the economic burden of the tariff in the form of lower profits.', 'All three scenarios are theoretically possible.', 'But economic studies of the impact of the new tariffs that Trump imposed in his first term of office between 2017 and 2020 suggest most of the economic burden was ultimately borne by US consumers.', 'A survey by the University of Chicago in September 2024 asked a group of respected economists whether they agreed with the statement that ""imposing tariffs results in a substantial portion of the tariffs being borne by consumers of the country that enacts the tariffs, through price increases"".', 'Only 2% disagreed.', 'Let’s use a concrete example.', 'Trump imposed a 50% tariff on imports of washing machines in 2018.', 'Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products.', 'There is no reason to believe the results of even higher import tariffs from a future Trump administration would be any different in terms of where the economic burden would fall.', 'The non-partisan Peterson Institute for International Economics has estimated Trump’s new proposed tariffs would lower the incomes of Americans, with the impact ranging from around 4% for the poorest fifth to around 2% for the wealthiest fifth.', 'A typical household in the middle of the US income distribution, the think tank estimates, would lose around $1,700 each year.', 'The left-of-centre think tank Centre for American Progress, using a different methodology, has an estimate of a $2,500 to $3,900 loss for a middle-income family.', 'Various researchers have also warned that another major round of tariffs from the US would risk another spike in domestic inflation.', 'Yet Trump has used another economic justification for his tariffs: that they protect and create US domestic jobs. “', 'Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,"" he said on the campaign trail.', 'The political context for Trump’s tariffs was longstanding concern about the loss of US manufacturing jobs to countries with lower labour costs, particularly after the signing of the North American Free Trade Agreement (Nafta) with Mexico in 1994 and the entry of China into the World Trade Organisation in 2001.', 'In January 1994, when Nafta came into effect, the US had just under 17 million manufacturing jobs.', 'By 2016, this had declined to around 12 million.', 'Yet economists say it is misleading to attribute this decline to trade, arguing that growing levels of automation are also an important factor.', 'And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected.', 'Trump imposed 25% tariffs on imported steel in 2018 to protect US producers.', 'By 2020, total employment in the US steel sector was 80,000, still lower than the 84,000 it had been in 2018.', 'It is theoretically possible that employment might have dropped even further without the Trump steel tariffs but detailed economic studies of their impact on US steel still showed no positive employment impact.', 'And economists have also found evidence suggesting that, because the domestic price of steel rose after the tariffs were imposed, employment in some other US manufacturing sectors, which relied on steel as an input - including the agricultural machinery manufacturer Deere & Co - was lower than it otherwise would have been.', ""Trump has criticised America's trade deficit, which is the difference between the value of all the things the country imports and the value of its exports in a given year. “"", 'Trade deficits hurt the economy very badly,” he has said.', 'In 2016, just before Trump took office, the total goods and services deficit was $480bn, around 2.5% of US GDP.', 'By 2020, it had grown to $653bn, around 3% of GDP, despite his tariffs.', 'Part of the explanation, according to economists, is that Trump’s tariffs increased the international relative value of the US dollar (by automatically reducing demand for foreign currencies in international trade) and that this made the products of US exporters less competitive globally.', 'Another factor behind this failure to close the trade deficit is the fact that tariffs, in a globalised economy with multinational companies, can sometimes be bypassed.', 'For example, the Trump administration imposed 30% tariffs on Chinese imported solar panels in 2018.', 'The US Commerce Department presented evidence in 2023 that Chinese solar panel manufacturers had shifted their assembly operations to countries such as Malaysia, Thailand, Cambodia and Vietnam and then sent the finished products to the US from those countries, effectively evading the tariffs.', 'There are some economists who support Trump’s tariff plans as a way to boost US industry, such as Jeff Ferry of the Coalition for A Prosperous America, a domestic lobby group, but they are a small minority of the profession.', 'Oren Cass, the director of the conservative think tank American Compass, has argued tariffs can incentivise firms to keep more of their manufacturing operations in America, which he argues has national defence and supply chain security benefits.', 'And the Biden/Harris administration, while sharply criticising Trump’s proposed extension of tariffs, has kept in place many of the ones he implemented after 2018.', 'It has also imposed new tariffs on imports of things like electric vehicles from China, justifying them on the grounds of national security, US industrial policy and unfair domestic subsidies from Beijing.', 'What do you want BBC Verify to investigate?']",-0.0363120992630813,And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected.,"Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,"" he said on the campaign trail.",-0.3885574713349342,"Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products.",It is theoretically possible that employment might have dropped even further without the Trump steel tariffs but detailed economic studies of their impact on US steel still showed no positive employment impact.,2024-10-17
+"Mental health patients could get job coach visits, says minister",https://www.bbc.co.uk/news/articles/c98y09n8201o,2024-10-15T23:01:36.204Z,"Job coaches could visit mental health patients when they are in hospital to help them get back to work, the government has said. Trials of employment advisers giving CV and interview advice in hospitals produced ""dramatic results"", Work and Pensions Secretary Liz Kendall told the BBC. She said a wider roll out would form part of her drive to shrink the UK's annual disability and incapacity benefits bill.  But disability rights campaigners expressed concerns about the proposals, saying they have the potential to worsen someone's mental health. ""It is ridiculous to try and turn a hospital, a place of care and support into a business setting,"" said Mikey Erhardt, campaigner at Disability Rights UK. James Taylor, executive director of strategy at disability equality charity Scope, added: “We need to see evidence that work coaches being sent to visit seriously ill people works, and doesn’t cause distress."" The cost of disability benefits specifically is projected to surge almost a third in the next four to five years, according to the Institute for Fiscal Studies. It predicted the Department for Work and Pensions (DWP) would spend £63bn by 2028-29, a jump from £48bn for 2023-24. “I want to see those costs coming down, because I want to have people able to work, to get on in their work, which is good for them,"" Kendall told BBC News in an exclusive interview. She indicated some people will lose their benefits, saying the ""benefit system can have a real impact on whether you incentivise or disincentivise work"". Kendall praised projects in Leicester and at the Maudsley Hospital in Camberwell, in south-east London, which offered employment support - such as training on CV writing and interviews - to people with serious mental health conditions, including on hospital wards. ""The results of getting people into work have been dramatic, and the evidence clearly shows that it is better for their mental health,"" she said. However, disability rights campaigner Erhardt said he would like to see the evidence of the trials. ""It is hugely inappropriate to be considering subjecting people who experience mental ill-health and distress to a CV check-up,"" he said. Minesh Patel, associate director of policy and campaigns at Mind, added: “We welcome this much-needed spotlight on mental health hospitals [but] we’re still waiting to see the full details of the scheme and results of the trials. “Right now, too many people with the most serious mental health problems are left more traumatised by their stay in hospital. If we want people to join or rejoin the workforce, they need safe and compassionate care that helps them truly get better."" The move by the government comes as figures suggest benefits will rise by 1.7% next April. September's inflation data is normally used to calculate how much many benefits go up by. That is less than the current level of wage growth, and also less than April's expected rise in the state pension of 4.1% which is governed by the so-called triple lock. Most benefits rose by 6.7% in April this year, in line with the inflation rate a year ago. The amount paid in some benefits should, by law, rise at least in line with prices. They include all the main disability benefits, such as personal independence payment, attendance allowance and disability living allowance, as well as carer’s allowance. Others, including the universal credit, received by seven million people, are expected to rise in line with the inflation rate, but that is a decision for ministers. However, the DWP is preparing a new employment white paper, for release around the time of the Budget and spending review later this month, which will outline its plans for reform of certain benefits, including who might receive them. Kendall said she believed British society had become ""sicker"" and that the UK was the only country with advanced economies ""whose employment rate has not gone back to pre-pandemic levels"". According to official figures released yesterday for the period from June to August, 21.8% of people are considered ""economically inactive"", meaning they are aged between 16 to 64 years old, not in work or looking for a job. The figure has fallen marginally from the May to July period, but it remains at close to a decade-high after rising during the pandemic. ""There is clear evidence we are really struggling with health problems,"" Kendall added.  She also urged employers to “think differently” about workers with mental health conditions to offer flexibility to support and retain workers with health problems. Kendall also told the BBC job centres would be transformed by merging them with the national careers service and using AI.  She suggested the face-to-face work would remain for the people “who really need it”, but “more personalised support using AI” for others, expanding on an idea introduced by her predecessor Stride. She also suggested that giving powers to regional mayors would help match unemployed people more closely with local vacancies. This echoes calls from Manchester Mayor Andy Burnham to hand control of job centres over to his regional government. ",BBC,15/10/2024,"['Job coaches could visit mental health patients when they are in hospital to help them get back to work, the government has said.', 'Trials of employment advisers giving CV and interview advice in hospitals produced ""dramatic results"", Work and Pensions Secretary Liz Kendall told the BBC.', ""She said a wider roll out would form part of her drive to shrink the UK's annual disability and incapacity benefits bill."", 'But disability rights campaigners expressed concerns about the proposals, saying they have the potential to worsen someone\'s mental health. ""', 'It is ridiculous to try and turn a hospital, a place of care and support into a business setting,"" said Mikey Erhardt, campaigner at Disability Rights UK.', 'James Taylor, executive director of strategy at disability equality charity Scope, added: “We need to see evidence that work coaches being sent to visit seriously ill people works, and doesn’t cause distress.""', 'The cost of disability benefits specifically is projected to surge almost a third in the next four to five years, according to the Institute for Fiscal Studies.', 'It predicted the Department for Work and Pensions (DWP) would spend £63bn by 2028-29, a jump from £48bn for 2023-24. “', 'I want to see those costs coming down, because I want to have people able to work, to get on in their work, which is good for them,"" Kendall told BBC News in an exclusive interview.', 'She indicated some people will lose their benefits, saying the ""benefit system can have a real impact on whether you incentivise or disincentivise work"".', 'Kendall praised projects in Leicester and at the Maudsley Hospital in Camberwell, in south-east London, which offered employment support - such as training on CV writing and interviews - to people with serious mental health conditions, including on hospital wards. ""', 'The results of getting people into work have been dramatic, and the evidence clearly shows that it is better for their mental health,"" she said.', 'However, disability rights campaigner Erhardt said he would like to see the evidence of the trials. ""', 'It is hugely inappropriate to be considering subjecting people who experience mental ill-health and distress to a CV check-up,"" he said.', 'Minesh Patel, associate director of policy and campaigns at Mind, added: “We welcome this much-needed spotlight on mental health hospitals [but] we’re still waiting to see the full details of the scheme and results of the trials. “', 'Right now, too many people with the most serious mental health problems are left more traumatised by their stay in hospital.', 'If we want people to join or rejoin the workforce, they need safe and compassionate care that helps them truly get better.""', 'The move by the government comes as figures suggest benefits will rise by 1.7% next April.', ""September's inflation data is normally used to calculate how much many benefits go up by."", ""That is less than the current level of wage growth, and also less than April's expected rise in the state pension of 4.1% which is governed by the so-called triple lock."", 'Most benefits rose by 6.7% in April this year, in line with the inflation rate a year ago.', 'The amount paid in some benefits should, by law, rise at least in line with prices.', 'They include all the main disability benefits, such as personal independence payment, attendance allowance and disability living allowance, as well as carer’s allowance.', 'Others, including the universal credit, received by seven million people, are expected to rise in line with the inflation rate, but that is a decision for ministers.', 'However, the DWP is preparing a new employment white paper, for release around the time of the Budget and spending review later this month, which will outline its plans for reform of certain benefits, including who might receive them.', 'Kendall said she believed British society had become ""sicker"" and that the UK was the only country with advanced economies ""whose employment rate has not gone back to pre-pandemic levels"".', 'According to official figures released yesterday for the period from June to August, 21.8% of people are considered ""economically inactive"", meaning they are aged between 16 to 64 years old, not in work or looking for a job.', 'The figure has fallen marginally from the May to July period, but it remains at close to a decade-high after rising during the pandemic. ""', 'There is clear evidence we are really struggling with health problems,"" Kendall added.', 'She also urged employers to “think differently” about workers with mental health conditions to offer flexibility to support and retain workers with health problems.', 'Kendall also told the BBC job centres would be transformed by merging them with the national careers service and using AI.', 'She suggested the face-to-face work would remain for the people “who really need it”, but “more personalised support using AI” for others, expanding on an idea introduced by her predecessor Stride.', 'She also suggested that giving powers to regional mayors would help match unemployed people more closely with local vacancies.', 'This echoes calls from Manchester Mayor Andy Burnham to hand control of job centres over to his regional government.']",0.2379927636958333,"If we want people to join or rejoin the workforce, they need safe and compassionate care that helps them truly get better.""","Right now, too many people with the most serious mental health problems are left more traumatised by their stay in hospital.",0.1048805952072143,The move by the government comes as figures suggest benefits will rise by 1.7% next April.,"The figure has fallen marginally from the May to July period, but it remains at close to a decade-high after rising during the pandemic. """,2024-10-17
+"Air India, IndiGo: Hoax bomb threats spark panic for Indian airlines",https://www.bbc.co.uk/news/articles/c30l4gp6z6mo,2024-10-16T05:43:13.885Z,"At least 19 Indian flights have received hoax bomb threats since Monday, leading to long delays and diversions. On Wednesday, an Air Akasa flight headed to Bengaluru city was redirected to the capital Delhi following a bomb threat.  On Tuesday, Singapore's Air Force sent two fighter jets to escort an Air India Express plane following a bomb threat. Hours before that, an Air India plane from Delhi to Chicago had to land at a Canadian airport as a precautionary measure. IndiGo and SpiceJet are also among the affected airlines. Hoax bomb threats to airlines are not unusual in India but it's not clear what triggered the sudden surge since Monday. On Wednesday, India's civil aviation minister said the ministry was closely monitoring the situation and making ""every possible effort"" to safeguard flight operations.  ""We are committed to maintaining the highest security standards and passenger safety remains our priority,"" Ram Mohan Naidu Kinjarapu said in a statement on X. News agency ANI quoted a senior home ministry official as saying that more security officers will be deployed on ""sensitive routes"" but there has been no official confirmation from the government on this. Officials from the government's Directorate General of Civil Aviation and Bureau of Civil Aviation Security did not respond to the BBC's emails for comment. On Monday, three international flights that took off from Mumbai were diverted or delayed after an X (formerly Twitter) handle posted threats. Police have detained a teenager in connection with this. On Tuesday, seven flights, including the two Air India planes, were affected by the threats issued by another X handle which has now been suspended. Screenshots of some of the posts show the user had tagged the airline and local police and mentioned the flight number. Air India said in a statement that it was co-operating with authorities to identify the people behind the threats and would consider legal action to recover damages incurred. Every Indian airport has a Bomb Threat Assessment Committee which assesses the gravity of the threat and takes action accordingly. A threat can lead to the involvement of the bomb disposal squad, sniffer dogs, ambulances, police and doctors. Passengers are off-loaded from the plane along with cabin baggage, check-in baggage and cargo, and they are all screened again. Engineering and security teams also search the plane before it is cleared for flying again. The resultant delay can cost thousands of dollars in damages to airlines and security agencies. For flights heading for other countries, it can also lead to international agencies getting involved, like in Singapore and Canada. On Tuesday, Singapore's defence minister said that two of the city state's fighter jets ""scrambled and escorted"" the Air India Express plane away from populated areas before it landed safely at   Changi airport. The plane was flying from Madurai in India to Singapore. ""Once on the ground, the plane was handed to the Airport Police. Investigations are ongoing,"" Ng Eng Hen wrote. The aircraft later landed safely at Changi. In Canada - where the Air India flight to Chicago had landed at Iqaluit airport as a precautionary measure - the Royal Canadian Mounted Police said it was investigating the threat. Air India said on Wednesday that a Canadian Air Force plane was taking the passengers to Chicago. It's not clear yet when the Air India plane will be allowed to take off. Follow BBC News India on Instagram, YouTube, Twitter, and Facebook. ",BBC,16/10/2024,"['At least 19 Indian flights have received hoax bomb threats since Monday, leading to long delays and diversions.', 'On Wednesday, an Air Akasa flight headed to Bengaluru city was redirected to the capital Delhi following a bomb threat.', ""On Tuesday, Singapore's Air Force sent two fighter jets to escort an Air India Express plane following a bomb threat."", 'Hours before that, an Air India plane from Delhi to Chicago had to land at a Canadian airport as a precautionary measure.', 'IndiGo and SpiceJet are also among the affected airlines.', ""Hoax bomb threats to airlines are not unusual in India but it's not clear what triggered the sudden surge since Monday."", 'On Wednesday, India\'s civil aviation minister said the ministry was closely monitoring the situation and making ""every possible effort"" to safeguard flight operations. ""', 'We are committed to maintaining the highest security standards and passenger safety remains our priority,"" Ram Mohan Naidu Kinjarapu said in a statement on X. News agency ANI quoted a senior home ministry official as saying that more security officers will be deployed on ""sensitive routes"" but there has been no official confirmation from the government on this.', ""Officials from the government's Directorate General of Civil Aviation and Bureau of Civil Aviation Security did not respond to the BBC's emails for comment."", 'On Monday, three international flights that took off from Mumbai were diverted or delayed after an X (formerly Twitter) handle posted threats.', 'Police have detained a teenager in connection with this.', 'On Tuesday, seven flights, including the two Air India planes, were affected by the threats issued by another X handle which has now been suspended.', 'Screenshots of some of the posts show the user had tagged the airline and local police and mentioned the flight number.', 'Air India said in a statement that it was co-operating with authorities to identify the people behind the threats and would consider legal action to recover damages incurred.', 'Every Indian airport has a Bomb Threat Assessment Committee which assesses the gravity of the threat and takes action accordingly.', 'A threat can lead to the involvement of the bomb disposal squad, sniffer dogs, ambulances, police and doctors.', 'Passengers are off-loaded from the plane along with cabin baggage, check-in baggage and cargo, and they are all screened again.', 'Engineering and security teams also search the plane before it is cleared for flying again.', 'The resultant delay can cost thousands of dollars in damages to airlines and security agencies.', 'For flights heading for other countries, it can also lead to international agencies getting involved, like in Singapore and Canada.', 'On Tuesday, Singapore\'s defence minister said that two of the city state\'s fighter jets ""scrambled and escorted"" the Air India Express plane away from populated areas before it landed safely at Changi airport.', 'The plane was flying from Madurai in India to Singapore. ""', 'Once on the ground, the plane was handed to the Airport Police.', 'Investigations are ongoing,"" Ng Eng Hen wrote.', 'The aircraft later landed safely at Changi.', 'In Canada - where the Air India flight to Chicago had landed at Iqaluit airport as a precautionary measure - the Royal Canadian Mounted Police said it was investigating the threat.', 'Air India said on Wednesday that a Canadian Air Force plane was taking the passengers to Chicago.', ""It's not clear yet when the Air India plane will be allowed to take off."", 'Follow BBC News India on Instagram, YouTube, Twitter, and Facebook.']",-0.1868785939273915,"On Tuesday, Singapore's defence minister said that two of the city state's fighter jets ""scrambled and escorted"" the Air India Express plane away from populated areas before it landed safely at Changi airport.",Every Indian airport has a Bomb Threat Assessment Committee which assesses the gravity of the threat and takes action accordingly.,-0.9812030990918478,,"At least 19 Indian flights have received hoax bomb threats since Monday, leading to long delays and diversions.",2024-10-17
+Ministers send letters to Starmer over spending cuts,https://www.bbc.co.uk/news/articles/c0r8e421y5po,2024-10-17T06:54:05.880Z,"Several cabinet ministers have written to the prime minister and the Treasury two weeks ahead of the Budget, to voice concerns over the scale of cuts their departments may face. There are fears that steep spending cuts will be needed to meet what Whitehall sources have suggested is a £40bn funding gap. In what some say is an unusual move, ministers from hard-pressed departments are calling for a last-minute rethink of the Budget, “going over the head” over the chancellor, to address the prime minister directly. Overall spending totals have been agreed by the prime minister and chancellor, with Downing Street saying: ""Not every department will be able to do everything they want to."" There has been considerable Cabinet disquiet about the spending cuts required to meet the Treasury’s proposed spending limit. Bloomberg reported that ministers had expressed concern that the proposed cuts could be as high as 20% next year. They reportedly include Deputy Prime Minister Angela Rayner who runs the Ministry of Housing, Communities and Local Government, as well as Justice Secretary Shabana Mahmood and Transport Secretary Louise Haigh. None of the ministers denied the report. Haigh refused to comment on the reports, but told the BBC: ""Budget negotiations and discussions are taking places across government in absolutely the usual way."" She added that she was ""looking forward to the chancellor's announcement"" on 30 October. Responding to the speculation, the prime minister’s official spokesperson said public services needed “reform” and government departments will have to “become more productive”. Sir Keir Starmer and Rachel Reeves have agreed on the spending totals to be unveiled in the budget on 30 October, the spokesman said. But negotiations are ongoing with individual departments about their specific allocations, the spokesman added. Danny Shaw, a commentator on justice and policing affairs, who has previously advised the Home Secretary Yvette Cooper, said cuts of that order would be ""devastating"" for the justice department. ""It would completely destroy in many ways the criminal justice system in terms of the courts, probation, prisons and legal aid,"" he said. There is already a backlog of around 68,000 cases in the crown courts, he added. A Labour source told the BBC that there was “significant angst” across government at a failure from the Treasury to “recognise the trade-offs” of cutting spending. A former senior aide to Conservative chancellors during multiple Budgets said that they had never experienced a cabinet minister “going over our head” to the prime minister. However, a Downing Street source said exchanges like this were were a “completely normal part of the process”, and denied that it is unusual for cabinet ministers to address their concerns to the prime minister rather than the chancellor. Education Secretary Bridget Phillipson declined to comment on whether she was part of the group that had written to Sir Keir Starmer and the Treasury. “There are lots of conversations happening right now across government between the chancellor with members of the Cabinet as you would expect in the usual way as part of the Budget process,” she told BBC Radio 4's Today programme. Asked whether her department was protected from spending cuts, she said that “education is always a priority for Labour governments”. Filling the gap in funding public services could lead to the largest tax raising Budget in a generation when Chancellor Rachel Reeves makes her statement at the end of this month. Reeves has decided to commit to a new borrowing rule that means day-to-day spending must be covered by tax revenues. As the government insists it will stick to manifesto promises not to raise taxes on working people, the focus is now on the extension of National Insurance to employer pensions contributions and increases in some form of capital gains tax. There is also speculation that amid falling petrol prices, there is a possibility of higher fuel taxes. Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments.  It’ll be delivered straight to your inbox every weekday. ",BBC,17/10/2024,"['Several cabinet ministers have written to the prime minister and the Treasury two weeks ahead of the Budget, to voice concerns over the scale of cuts their departments may face.', 'There are fears that steep spending cuts will be needed to meet what Whitehall sources have suggested is a £40bn funding gap.', 'In what some say is an unusual move, ministers from hard-pressed departments are calling for a last-minute rethink of the Budget, “going over the head” over the chancellor, to address the prime minister directly.', 'Overall spending totals have been agreed by the prime minister and chancellor, with Downing Street saying: ""Not every department will be able to do everything they want to.""', 'There has been considerable Cabinet disquiet about the spending cuts required to meet the Treasury’s proposed spending limit.', 'Bloomberg reported that ministers had expressed concern that the proposed cuts could be as high as 20% next year.', 'They reportedly include Deputy Prime Minister Angela Rayner who runs the Ministry of Housing, Communities and Local Government, as well as Justice Secretary Shabana Mahmood and Transport Secretary Louise Haigh.', 'None of the ministers denied the report.', 'Haigh refused to comment on the reports, but told the BBC: ""Budget negotiations and discussions are taking places across government in absolutely the usual way.""', 'She added that she was ""looking forward to the chancellor\'s announcement"" on 30 October.', 'Responding to the speculation, the prime minister’s official spokesperson said public services needed “reform” and government departments will have to “become more productive”.', 'Sir Keir Starmer and Rachel Reeves have agreed on the spending totals to be unveiled in the budget on 30 October, the spokesman said.', 'But negotiations are ongoing with individual departments about their specific allocations, the spokesman added.', 'Danny Shaw, a commentator on justice and policing affairs, who has previously advised the Home Secretary Yvette Cooper, said cuts of that order would be ""devastating"" for the justice department. ""', 'It would completely destroy in many ways the criminal justice system in terms of the courts, probation, prisons and legal aid,"" he said.', 'There is already a backlog of around 68,000 cases in the crown courts, he added.', 'A Labour source told the BBC that there was “significant angst” across government at a failure from the Treasury to “recognise the trade-offs” of cutting spending.', 'A former senior aide to Conservative chancellors during multiple Budgets said that they had never experienced a cabinet minister “going over our head” to the prime minister.', 'However, a Downing Street source said exchanges like this were were a “completely normal part of the process”, and denied that it is unusual for cabinet ministers to address their concerns to the prime minister rather than the chancellor.', 'Education Secretary Bridget Phillipson declined to comment on whether she was part of the group that had written to Sir Keir Starmer and the Treasury. “', ""There are lots of conversations happening right now across government between the chancellor with members of the Cabinet as you would expect in the usual way as part of the Budget process,” she told BBC Radio 4's Today programme."", 'Asked whether her department was protected from spending cuts, she said that “education is always a priority for Labour governments”.', 'Filling the gap in funding public services could lead to the largest tax raising Budget in a generation when Chancellor Rachel Reeves makes her statement at the end of this month.', 'Reeves has decided to commit to a new borrowing rule that means day-to-day spending must be covered by tax revenues.', 'As the government insists it will stick to manifesto promises not to raise taxes on working people, the focus is now on the extension of National Insurance to employer pensions contributions and increases in some form of capital gains tax.', 'There is also speculation that amid falling petrol prices, there is a possibility of higher fuel taxes.', 'Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments.', 'It’ll be delivered straight to your inbox every weekday.']",0.0103279593894685,"They reportedly include Deputy Prime Minister Angela Rayner who runs the Ministry of Housing, Communities and Local Government, as well as Justice Secretary Shabana Mahmood and Transport Secretary Louise Haigh.",There are fears that steep spending cuts will be needed to meet what Whitehall sources have suggested is a £40bn funding gap.,-0.5159147381782532,"Responding to the speculation, the prime minister’s official spokesperson said public services needed “reform” and government departments will have to “become more productive”.","Danny Shaw, a commentator on justice and policing affairs, who has previously advised the Home Secretary Yvette Cooper, said cuts of that order would be ""devastating"" for the justice department. """,2024-10-17
+Inside the £70K 'mafia-style' shoplifting champagne gang,https://www.bbc.co.uk/news/articles/czxdr29lyggo,2024-10-16T01:21:08.053Z,"The tactics of an increasingly professional shoplifting gang which has stolen at least £73,000 of goods from supermarkets across the UK have been revealed to the BBC. Usually operating in groups of three, the gang members wear bluetooth headsets to communicate and warn each other if security guards are watching them. Wheeling a trolley or carrying a supermarket basket, they blend in with shoppers as they walk down the alcohol aisle, casually taking champagne bottles off the shelves. Then, one gang member will deliberately set off the security alarm to distract staff, while another simply walks out of the store with their stolen goods. “It’s like a mafia-style operation. It’s run like a business,” says Sarah Bird from the National Business Crime Solution (NBCS) - an organisation which works with 100 businesses to tackle retail crime.  The criminals have been dubbed “the champagne gang” by the organisation, as it is the main item they have focused on stealing. The gang “took full advantage” of a champagne shortage in mainland Europe 18 months ago, says Mrs Bird, caused by a post-Covid surge in demand and the failure of some crops. It meant a stronger black market, she says. The group has a clear hierarchy with people at the top who instruct, she says, and a stream of employees who get paid. “They travel to a specific place, they have a shopping list of things they need to steal. They steal the goods and get a day rate,” says Mrs Bird, head of local services at the NBCS. The sophisticated shoplifting operation carried out by the champagne gang is being replicated by other criminal groups across the country. The NBCS says it is tracking 63 organised criminal groups across the UK who have stolen at least £2.4m of goods in five years. Of these, 26 groups originate from the UK and Ireland and the rest predominantly from Eastern European countries. The champagne gang originates from Romania and is responsible for 60 shoplifting incidents across the UK - from Gateshead to Bournemouth - according to NBCS data. They came onto the NBCS’s radar in early 2023, but have since started swiping other types of alcohol and meat to serve a new demand. The group changes tactics when new technology comes into the market that might impact their operation. “They were originally using trolleys to take goods out the stores,” says Mrs Bird. “However retailers invested in trolley wheel technology to stop the trolleys at certain points in the stores. “So they’ve started to now use baskets and bags to remove the goods.” While the gang typically operates in a group of three, during one theft in Harrogate, North Yorkshire, there were at least seven members in the shop. “We believe they took the opportunity in the Harrogate store as a training day for the new recruits - showing them the ropes and then effectively putting them to work,” says Mrs Bird. “If they’re caught, they’re disposable. Generally speaking if they’re arrested and charged they’ll be bailed and quite often they’ll move back to their country - in this case to Romania.” Only two members of the group have been prosecuted so far, according to the NBCS. It is not only the thieves who end up back in Romania - it is believed the stolen goods end up there too, she says. Intelligence, including from ANPR cameras - Automatic Number Plate Recognition - suggests the gang’s vehicles drive to Europe with the goods inside. “This acts as an effective supply chain. The goods are moved from the UK to the continent to be sold in the likes of Romania.” Retailers have repeatedly warned that shoplifting gangs are helping to fuel the rise in retail crime - and it is hitting shoppers in their pockets. Shoplifting added £133 to the cost of an average UK household's annual shopping bill, according to the Centre for Retail Research. Browns department store in Beverley, East Yorkshire, is being targeted by gangs who are getting smarter - its manager, Sarah Walker, says. In March, one gang stole perfume from her store and within 90 minutes had targeted another Browns shop, 30 miles away in York. “They’ve done research on the market where they’re going, they’ve looked at shops that have got the products that they need. It’s calculated,” Mrs Walker says. Staff watch as gangs of four to six people of both sexes enter the shop, knowing exactly what to target. “These gangs are intimidating, they can be young, and to put my staff under that vulnerability it’s hard,” says Mrs Walker. “You don’t expect to come to work and be pushed and shoved out the way for someone who has got a shopping list - it’s organised crime and it’s a hit to our business.” Mrs Walker says she reports shoplifting incidents to the police but it often “falls on deaf ears” and no-one gets arrested. She wants to see more information sharing between UK police forces. Humberside Police said it had liaised with North Yorkshire Police and the forces believed the two incidents in Beverley and York were linked. However, it said the suspects could not be identified from CCTV footage and therefore no arrests could be carried out. The past year has seen more information sharing between forces, in the form of Project Pegasus, in the National Police Chief Council (NPCC), which is focused on serious organised shoplifting. Shoplifting gangs are “very good at adapting” their methods, Steph Coombes, of the NPCC, tells the BBC. A total of 60 arrests have been made under the operation in four months - impacting organised crime groups and individuals which account for £3.4bn of loss, she added. ",BBC,16/10/2024,"['The tactics of an increasingly professional shoplifting gang which has stolen at least £73,000 of goods from supermarkets across the UK have been revealed to the BBC.', 'Usually operating in groups of three, the gang members wear bluetooth headsets to communicate and warn each other if security guards are watching them.', 'Wheeling a trolley or carrying a supermarket basket, they blend in with shoppers as they walk down the alcohol aisle, casually taking champagne bottles off the shelves.', 'Then, one gang member will deliberately set off the security alarm to distract staff, while another simply walks out of the store with their stolen goods. “', 'It’s like a mafia-style operation.', 'It’s run like a business,” says Sarah Bird from the National Business Crime Solution (NBCS) - an organisation which works with 100 businesses to tackle retail crime.', 'The criminals have been dubbed “the champagne gang” by the organisation, as it is the main item they have focused on stealing.', 'The gang “took full advantage” of a champagne shortage in mainland Europe 18 months ago, says Mrs Bird, caused by a post-Covid surge in demand and the failure of some crops.', 'It meant a stronger black market, she says.', 'The group has a clear hierarchy with people at the top who instruct, she says, and a stream of employees who get paid. “', 'They travel to a specific place, they have a shopping list of things they need to steal.', 'They steal the goods and get a day rate,” says Mrs Bird, head of local services at the NBCS.', 'The sophisticated shoplifting operation carried out by the champagne gang is being replicated by other criminal groups across the country.', 'The NBCS says it is tracking 63 organised criminal groups across the UK who have stolen at least £2.4m of goods in five years.', 'Of these, 26 groups originate from the UK and Ireland and the rest predominantly from Eastern European countries.', 'The champagne gang originates from Romania and is responsible for 60 shoplifting incidents across the UK - from Gateshead to Bournemouth - according to NBCS data.', 'They came onto the NBCS’s radar in early 2023, but have since started swiping other types of alcohol and meat to serve a new demand.', 'The group changes tactics when new technology comes into the market that might impact their operation. “', 'They were originally using trolleys to take goods out the stores,” says Mrs Bird. “', 'However retailers invested in trolley wheel technology to stop the trolleys at certain points in the stores. “', 'So they’ve started to now use baskets and bags to remove the goods.”', 'While the gang typically operates in a group of three, during one theft in Harrogate, North Yorkshire, there were at least seven members in the shop. “', 'We believe they took the opportunity in the Harrogate store as a training day for the new recruits - showing them the ropes and then effectively putting them to work,” says Mrs Bird. “', 'If they’re caught, they’re disposable.', 'Generally speaking if they’re arrested and charged they’ll be bailed and quite often they’ll move back to their country - in this case to Romania.”', 'Only two members of the group have been prosecuted so far, according to the NBCS.', 'It is not only the thieves who end up back in Romania - it is believed the stolen goods end up there too, she says.', 'Intelligence, including from ANPR cameras - Automatic Number Plate Recognition - suggests the gang’s vehicles drive to Europe with the goods inside. “', 'This acts as an effective supply chain.', 'The goods are moved from the UK to the continent to be sold in the likes of Romania.”', 'Retailers have repeatedly warned that shoplifting gangs are helping to fuel the rise in retail crime - and it is hitting shoppers in their pockets.', ""Shoplifting added £133 to the cost of an average UK household's annual shopping bill, according to the Centre for Retail Research."", 'Browns department store in Beverley, East Yorkshire, is being targeted by gangs who are getting smarter - its manager, Sarah Walker, says.', 'In March, one gang stole perfume from her store and within 90 minutes had targeted another Browns shop, 30 miles away in York. “', 'They’ve done research on the market where they’re going, they’ve looked at shops that have got the products that they need.', 'It’s calculated,” Mrs Walker says.', 'Staff watch as gangs of four to six people of both sexes enter the shop, knowing exactly what to target. “', 'These gangs are intimidating, they can be young, and to put my staff under that vulnerability it’s hard,” says Mrs Walker. “', 'You don’t expect to come to work and be pushed and shoved out the way for someone who has got a shopping list - it’s organised crime and it’s a hit to our business.”', 'Mrs Walker says she reports shoplifting incidents to the police but it often “falls on deaf ears” and no-one gets arrested.', 'She wants to see more information sharing between UK police forces.', 'Humberside Police said it had liaised with North Yorkshire Police and the forces believed the two incidents in Beverley and York were linked.', 'However, it said the suspects could not be identified from CCTV footage and therefore no arrests could be carried out.', 'The past year has seen more information sharing between forces, in the form of Project Pegasus, in the National Police Chief Council (NPCC), which is focused on serious organised shoplifting.', 'Shoplifting gangs are “very good at adapting” their methods, Steph Coombes, of the NPCC, tells the BBC.', 'A total of 60 arrests have been made under the operation in four months - impacting organised crime groups and individuals which account for £3.4bn of loss, she added.']",-0.0590125817479264,"We believe they took the opportunity in the Harrogate store as a training day for the new recruits - showing them the ropes and then effectively putting them to work,” says Mrs Bird. “","A total of 60 arrests have been made under the operation in four months - impacting organised crime groups and individuals which account for £3.4bn of loss, she added.",0.3254779080549876,"It meant a stronger black market, she says.",Retailers have repeatedly warned that shoplifting gangs are helping to fuel the rise in retail crime - and it is hitting shoppers in their pockets.,2024-10-17
+Government launches inquiry into Carer's Allowance payment scandal,https://www.bbc.co.uk/news/articles/c20jln81w72o,2024-10-16T11:05:14.213Z,"The government has announced an independent review into Carer's Allowance overpayments, after families were forced to pay back thousands of pounds which pushed many into debt and financial distress. Earlier this year it was revealed the government was seeking to recover money from more than 134,000 carers in the UK. Some have told the BBC that the sudden demand for repayment of sometimes thousands of pounds put them under great financial strain, while it pushed others to quit their jobs. The review will focus on how and why the overpayments were made, and what can be done now to help support affected carers. It is unclear if families still owing the government need to continue with repayments while the inquiry is underway. The Liberal Democrats have called for the Labour government to write off the majority of the repayments. Prime Minister Sir Keir Starmer welcomed the review saying it would look at ""the circumstances of the overpayments to see what went wrong and therefore what can be done to put it right"". But he was asked by MPs at Prime Minister's Questions why it had taken so long for a review to be announced. Carers have said they were not aware they had been wrongly overpaid the benefit because many did not realise they had exceeded the earning limit for it - which is capped at £151 a week, or just over 13 hours work on the minimum wage. The government gives an £81.90 allowance for people who care for someone for more than 35 hours a week.  But anyone who earns even a few pence more than £151 a week from other work is required to repay all of their Carer's Allowance. Critics have called that a ""cliff edge"" - and said many carers found themselves in unexpected situations where for example, working an extra shift or receiving a bonus, had cut them off completely from the benefit. The earnings threshold has previously been described by critics as very low. Emma Martin, from Devon, is a full-time carer for daughter Mia, 27, who has autism, epilepsy and learning disabilities. A few years ago, she received a demand from the Department for Work and Pensions (DWP) for £1,500 after they told her she had been overpaid Carer’s Allowance while working part-time. The 53-year-old had to borrow the money from family to pay it back. ""We get paid less than the unemployed,"" she says. ""There’s no way that the state is going to pay the thousands of pounds a week it would cost to pay for my daughter’s care while I worked full-time. ""So they get me for £80 a week and demand that I don’t earn a penny over £151 a week at the same time. ""We’re shafted every possible way."" Carers Trust chief executive Kirsty McHugh said the review was ""hugely welcome"", adding ""too many people have had their lives ruined by being pursued for huge sums of money simply because they made an honest mistake"". She also expressed how she hoped the government might review and reform the ""archaic and unfair"" Carer’s Allowance system as a whole. Lib Dem leader Sir Ed Davey, who is a carer for his disabled son and cared for his mother when he was young, said the strict income threshold of £151 had led to many carers wanting to give up working or caring in some cases. ""The DWP shouldn't be persecuting tens of thousands of carers whose overpayments were caused by the crazy cliff edge in the current carer's allowance system, and the DWP's own incompetence in failing to notify them of overpayment immediately"", he said. The DWP failed to notify some recipients they had been overpaid for years and when they were asked for repayment retrospectively, the debt owed was in the tens of thousands of pounds. Work and Pensions Secretary Liz Kendall said the department was “determined to put this right” with the inquiry - which will be chaired by Liz Sayce, the former chief executive of Disability Rights UK - a leading charity representing the rights of disabled people. The review will look at ""operational changes"" to minimise the risk of overpayments in the future and also examine how people with overpayments can be supported. A report released earlier this year surveying 1,000 carers made the estimate that 3% had to make repayments after changes in circumstances meant that they received the benefit in error, but the researchers said this may be an underestimate. Official statistics show that 1,377,000 people currently claim Carer's Allowance in Great Britain. The same report released in May found the DWP had known since 2021 that overpayment of Carer's Allowance has left some people in financial difficulty. Are you affected by the issues raised in this story? Email: haveyoursay@bbc.co.uk, external or WhatsApp: +44 7756 165803 ",BBC,16/10/2024,"[""The government has announced an independent review into Carer's Allowance overpayments, after families were forced to pay back thousands of pounds which pushed many into debt and financial distress."", 'Earlier this year it was revealed the government was seeking to recover money from more than 134,000 carers in the UK.', 'Some have told the BBC that the sudden demand for repayment of sometimes thousands of pounds put them under great financial strain, while it pushed others to quit their jobs.', 'The review will focus on how and why the overpayments were made, and what can be done now to help support affected carers.', 'It is unclear if families still owing the government need to continue with repayments while the inquiry is underway.', 'The Liberal Democrats have called for the Labour government to write off the majority of the repayments.', 'Prime Minister Sir Keir Starmer welcomed the review saying it would look at ""the circumstances of the overpayments to see what went wrong and therefore what can be done to put it right"".', ""But he was asked by MPs at Prime Minister's Questions why it had taken so long for a review to be announced."", 'Carers have said they were not aware they had been wrongly overpaid the benefit because many did not realise they had exceeded the earning limit for it - which is capped at £151 a week, or just over 13 hours work on the minimum wage.', 'The government gives an £81.90 allowance for people who care for someone for more than 35 hours a week.', ""But anyone who earns even a few pence more than £151 a week from other work is required to repay all of their Carer's Allowance."", 'Critics have called that a ""cliff edge"" - and said many carers found themselves in unexpected situations where for example, working an extra shift or receiving a bonus, had cut them off completely from the benefit.', 'The earnings threshold has previously been described by critics as very low.', 'Emma Martin, from Devon, is a full-time carer for daughter Mia, 27, who has autism, epilepsy and learning disabilities.', 'A few years ago, she received a demand from the Department for Work and Pensions (DWP) for £1,500 after they told her she had been overpaid Carer’s Allowance while working part-time.', 'The 53-year-old had to borrow the money from family to pay it back. ""', 'We get paid less than the unemployed,"" she says. ""', 'There’s no way that the state is going to pay the thousands of pounds a week it would cost to pay for my daughter’s care while I worked full-time. ""', 'So they get me for £80 a week and demand that I don’t earn a penny over £151 a week at the same time. ""', 'We’re shafted every possible way.""', 'Carers Trust chief executive Kirsty McHugh said the review was ""hugely welcome"", adding ""too many people have had their lives ruined by being pursued for huge sums of money simply because they made an honest mistake"".', 'She also expressed how she hoped the government might review and reform the ""archaic and unfair"" Carer’s Allowance system as a whole.', 'Lib Dem leader Sir Ed Davey, who is a carer for his disabled son and cared for his mother when he was young, said the strict income threshold of £151 had led to many carers wanting to give up working or caring in some cases. ""', 'The DWP shouldn\'t be persecuting tens of thousands of carers whose overpayments were caused by the crazy cliff edge in the current carer\'s allowance system, and the DWP\'s own incompetence in failing to notify them of overpayment immediately"", he said.', 'The DWP failed to notify some recipients they had been overpaid for years and when they were asked for repayment retrospectively, the debt owed was in the tens of thousands of pounds.', 'Work and Pensions Secretary Liz Kendall said the department was “determined to put this right” with the inquiry - which will be chaired by Liz Sayce, the former chief executive of Disability Rights UK - a leading charity representing the rights of disabled people.', 'The review will look at ""operational changes"" to minimise the risk of overpayments in the future and also examine how people with overpayments can be supported.', 'A report released earlier this year surveying 1,000 carers made the estimate that 3% had to make repayments after changes in circumstances meant that they received the benefit in error, but the researchers said this may be an underestimate.', ""Official statistics show that 1,377,000 people currently claim Carer's Allowance in Great Britain."", ""The same report released in May found the DWP had known since 2021 that overpayment of Carer's Allowance has left some people in financial difficulty."", 'Are you affected by the issues raised in this story?', 'Email: haveyoursay@bbc.co.uk, external or WhatsApp: +44 7756 165803']",0.0113760007209878,"Carers Trust chief executive Kirsty McHugh said the review was ""hugely welcome"", adding ""too many people have had their lives ruined by being pursued for huge sums of money simply because they made an honest mistake"".","The DWP shouldn't be persecuting tens of thousands of carers whose overpayments were caused by the crazy cliff edge in the current carer's allowance system, and the DWP's own incompetence in failing to notify them of overpayment immediately"", he said.",-0.6178566767619207,"Carers Trust chief executive Kirsty McHugh said the review was ""hugely welcome"", adding ""too many people have had their lives ruined by being pursued for huge sums of money simply because they made an honest mistake"".","Critics have called that a ""cliff edge"" - and said many carers found themselves in unexpected situations where for example, working an extra shift or receiving a bonus, had cut them off completely from the benefit.",2024-10-17
+Tower Bridge: Man 'knew he was buying London Bridge for Arizona',https://www.bbc.co.uk/news/articles/c78d09v376zo,2024-10-17T12:23:17.009Z,"It's one of London's urban legends that an American entrepreneur once thought he was buying Tower Bridge, but purchased London Bridge instead. Contrary to popular belief, the grandson of Robert McCulloch has now reiterated the truth to BBC London, and insisted the rumour was ""not true at all"". In 1968, his grandfather bought the original Victorian London Bridge and reconstructed its exterior blocks in Lake Havasu in Arizona.  “My grandfather knew exactly what he was buying,"" said Michael McCulloch.  ""But the stories kept coming up and kept providing free press and encouraging people to visit Lake Havasu and the bridge, so he never corrected it,"" he explained. According to the website for neighbouring Tower Bridge, the alternative version of what happened became a ""popular rumour"", but was ""vehemently denied"" both by Robert McCulloch and by Ivan Luckin from the City’s Common Council, who arranged the sale. Nevertheless, the old London Bridge made it to a fledgling desert city Robert started building after spotting Lake Havasu itself on the otherwise barren landscape.  Those who lived there, where there was just one school and a grocery store, said the news of the bridge coming to the desert led to a drastic increase in the population. An entry on the Tower Bridge website said following the sale, each of London Bridge’s 10,276 exterior granite blocks was numbered and then shipped to the US. In 1973, Queen Elizabeth II officially opened the new London bridge. On Thursday, Michael visited the new London Bridge which replaced the one his grandfather bought, and saw the structure that spawned a decades-long myth. “The story and the bridge have played a huge role in my life and the life of my family and being in London standing on the bridge, I feel very proud,"" he said. ""I feel a real connection with the place and whenever anyone asks me my favourite city, I always say London.” The visit, organised by London Bridge's owner City Bridge Foundation, gave Michael – a proud Freeman of the City since 2015 – the chance to once and for all kill off the old story that his grandfather thought he was buying Tower Bridge. “It is something that keeps coming back – maybe it’s because the British feel they were duped into giving up a treasured item and the story makes them feel like they didn’t give up that much after all,"" he joked. The trip was also made by the mayor of Lake Havasu City, Cal Sheehy, who was in London to receive his own Freedom of the City of London by the City of London Corporation. After the city was created in the desert from nothing by Robert McCulloch, Sheehy says the bridge played a crucial role in its development as a place to live. He added it was also Arizona’s second-biggest tourist attraction. Giles Shilson, City Bridge Foundation's chairman, said: “We were thrilled to be able to show Michael the bridge that replaced the one his grandfather bought, to give him the chance to set the record straight once and for all, and to strengthen our long-standing links with the mayor and Lake Havasu City.” 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,17/10/2024,"[""It's one of London's urban legends that an American entrepreneur once thought he was buying Tower Bridge, but purchased London Bridge instead."", 'Contrary to popular belief, the grandson of Robert McCulloch has now reiterated the truth to BBC London, and insisted the rumour was ""not true at all"".', 'In 1968, his grandfather bought the original Victorian London Bridge and reconstructed its exterior blocks in Lake Havasu in Arizona. “', 'My grandfather knew exactly what he was buying,"" said Michael McCulloch. ""', 'But the stories kept coming up and kept providing free press and encouraging people to visit Lake Havasu and the bridge, so he never corrected it,"" he explained.', 'According to the website for neighbouring Tower Bridge, the alternative version of what happened became a ""popular rumour"", but was ""vehemently denied"" both by Robert McCulloch and by Ivan Luckin from the City’s Common Council, who arranged the sale.', 'Nevertheless, the old London Bridge made it to a fledgling desert city Robert started building after spotting Lake Havasu itself on the otherwise barren landscape.', 'Those who lived there, where there was just one school and a grocery store, said the news of the bridge coming to the desert led to a drastic increase in the population.', 'An entry on the Tower Bridge website said following the sale, each of London Bridge’s 10,276 exterior granite blocks was numbered and then shipped to the US.', 'In 1973, Queen Elizabeth II officially opened the new London bridge.', 'On Thursday, Michael visited the new London Bridge which replaced the one his grandfather bought, and saw the structure that spawned a decades-long myth. “', 'The story and the bridge have played a huge role in my life and the life of my family and being in London standing on the bridge, I feel very proud,"" he said. ""', 'I feel a real connection with the place and whenever anyone asks me my favourite city, I always say London.”', ""The visit, organised by London Bridge's owner City Bridge Foundation, gave Michael – a proud Freeman of the City since 2015 – the chance to once and for all kill off the old story that his grandfather thought he was buying Tower Bridge. “"", 'It is something that keeps coming back – maybe it’s because the British feel they were duped into giving up a treasured item and the story makes them feel like they didn’t give up that much after all,"" he joked.', 'The trip was also made by the mayor of Lake Havasu City, Cal Sheehy, who was in London to receive his own Freedom of the City of London by the City of London Corporation.', 'After the city was created in the desert from nothing by Robert McCulloch, Sheehy says the bridge played a crucial role in its development as a place to live.', 'He added it was also Arizona’s second-biggest tourist attraction.', ""Giles Shilson, City Bridge Foundation's chairman, said: “We were thrilled to be able to show Michael the bridge that replaced the one his grandfather bought, to give him the chance to set the record straight once and for all, and to strengthen our long-standing links with the mayor and Lake Havasu City.”"", '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']",0.2834405087934226,"But the stories kept coming up and kept providing free press and encouraging people to visit Lake Havasu and the bridge, so he never corrected it,"" he explained.","According to the website for neighbouring Tower Bridge, the alternative version of what happened became a ""popular rumour"", but was ""vehemently denied"" both by Robert McCulloch and by Ivan Luckin from the City’s Common Council, who arranged the sale.",0.9951518972714742,"Giles Shilson, City Bridge Foundation's chairman, said: “We were thrilled to be able to show Michael the bridge that replaced the one his grandfather bought, to give him the chance to set the record straight once and for all, and to strengthen our long-standing links with the mayor and Lake Havasu City.”",,2024-10-17
+Delta says travelers are trading scorching summer Europe trips for fall getaways,https://www.cnbc.com/2024/10/10/delta-summer-europe-trips-fall-getaways.html,2024-10-10T16:50:07+0000,"In this articleSummer trips to Europe are getting too hot for thousands of tourists.Delta Air Lines President Glen Hauenstein said travelers are opting out of flying to Europe during the traditional summer peak travel season. Instead, they are shifting trips to cooler months, a trend that airline officials have been noticing over the past couple of years as consumers look to escape crowds and record heat of popular destinations.""The weather in Europe in August is really hot, and that people who have choices when they can take their vacations are moving into let's call it more temperate months,"" Hauenstein said Thursday on an earnings call. Corporate [travel] we haven't seen much change year over year but it's continuing to shift travel to Europe in particular from July and August peak to a September and October peak.""Summer this year in the Northern Hemisphere was the hottest on record, according to the European Union's climate monitor.Airlines have been extending robust trans-Atlantic schedules through much of the fall to cater to the shifting patterns.""What we're doing at United is we're extending the season,"" Patrick Quayle, United Airlines' senior vice president of global network planning and alliances, said in an interview earlier this year.He said the carrier opted to begin some European routes in March and April this year and will fly some of them through late October and early November. ""What we're seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather's a bit better,"" he added.",CNBC,10/10/2024,"['In this articleSummer trips to Europe are getting too hot for thousands of tourists.', 'Delta Air Lines President Glen Hauenstein said travelers are opting out of flying to Europe during the traditional summer peak travel season.', 'Instead, they are shifting trips to cooler months, a trend that airline officials have been noticing over the past couple of years as consumers look to escape crowds and record heat of popular destinations.', '""The weather in Europe in August is really hot, and that people who have choices when they can take their vacations are moving into let\'s call it more temperate months,"" Hauenstein said Thursday on an earnings call.', ""Corporate [travel] we haven't seen much change year over year but it's continuing to shift travel to Europe in particular from July and August peak to a September and October peak."", '""Summerthis year in the Northern Hemisphere was the hottest on record, according to the European Union\'s climate monitor.', 'Airlines have been extending robust trans-Atlantic schedules through much of the fall to cater to the shifting patterns.', '""What we\'re doing at United is we\'re extending the season,"" Patrick Quayle, United Airlines\' senior vice president of global network planning and alliances, said in an interview earlier this year.', 'He said the carrier opted to begin some European routes in March and April this year and will fly some of them through late October and early November. ""', 'What we\'re seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather\'s a bit better,"" he added.']",0.2243210084743093,"""What we're doing at United is we're extending the season,"" Patrick Quayle, United Airlines' senior vice president of global network planning and alliances, said in an interview earlier this year.",,0.5153995037078858,"What we're seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather's a bit better,"" he added.",In this articleSummer trips to Europe are getting too hot for thousands of tourists.,2024-10-17
+National Insurance fears spark business backlash,https://www.bbc.co.uk/news/articles/crm2remkekdo,2024-10-15T09:51:19.009Z,"Businesses have hit out over a potential rise in National Insurance paid by employers, arguing it will make hiring staff and creating jobs harder. Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister Sir Keir Starmer failed to rule out in an interview with the BBC on Tuesday. Some have warned that a hike in National Insurance on employers would ""hobble"" economic growth, while one lobby group claimed it would ""hammer"" the hospitality sector. Labour has said that it is ""pro-business"" and wants to boost economic growth but Sir Keir has cautioned that the Budget on 30 October is ""going to be tough"". The CBI, one of the UK's leading lobby groups which claims it speaks for 170,000 firms, has suggested companies have stalled taking on new workers and investing as they await the government's tax and spending plans. Rain Newton-Smith, chief executive of the CBI, told the BBC's Today programme that employers would see a National Insurance rise as a ""difficult move"" which would ""increase the cost of taking someone on"".  This is on top of increases in the National Living Wage and in energy bills in recent years, she said. Kate Nicholls, chief executive of UK Hospitality, said any rise in National Insurance would ""particularly hammer sectors like hospitality, where staffing costs are the biggest business expense"". Alex Veitch, director of policy at the British Chambers of Commerce, conceded that the government had to make ""difficult decisions"" in the Budget, but he warned that raising employer National Insurance contributions would ""simply hobble growth and lead to businesses having less money to invest in their staff"". At this stage, it remains unclear exactly what aspect of National Insurance the government could increase in relation to employers. Firms pay the levy on the earnings of people on their payroll, but there is also speculation the government could introduce National Insurance on employer's contributions to pensions. Some questioned whether Labour will renege on its manifesto promise not to raise taxes including National Insurance. On Monday, Chancellor Rachel Reeves said Labour's election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by companies. But Mr Veitch said: ""Firms are run by working people.  ""Nearly all UK companies are small, with many family-owned, and they are the anchors in our local economies."" Craig Beaumont, executive director at the Federation of Small Businesses, said: ""You don't get to a pro-small business Budget without the government honouring its cast-iron manifesto commitment to not increase National Insurance contributions, including on small employers."" He added a rise in National Insurance would ""make every job in all our local communities more expensive to maintain"". Speculation is gathering about what Labour will announce in its first Budget in almost 15 years at the end of this month. The chancellor claims there is a £22bn ""hole"" in the public finances and that some taxes will be raised.  National Insurance contributions are the UK’s second-largest revenue raiser behind income tax. It is paid by workers and the self-employed on earnings and profits, and by employers on top of the wages they pay out. Changes to the tax can be introduced - and generate cash - quickly, within weeks of a Budget through digitalised payroll systems. Employers pay National Insurance of 13.8% on a worker's earnings above £175 per week.  The Institute for Fiscal Studies (IFS) think tank told the BBC that HMRC has estimated that increasing the rate of National Insurance paid by employers by one percentage point to 14.8%, for example, could raise as much £8.5bn per year in the short term. Isaac Delestre, an economist at the IFS, said the forecast does not take into account the impact increasing National Insurance could have on the amount the government generates from other taxes, such as income tax.  For example, employers could restrict wage rises, meaning employees would pay less on their individual National Insurance contributions and income tax. If businesses decided to absorb the extra cost, their profits might be lower and therefore, the amount they pay in corporation tax could be less. Mr Delestre said the situation for the government around potentially raising National Insurance was ""quite delicate"". The government could also decide to introduce a National Insurance levy on the contributions employers pay into workers' pensions. Currently, this is tax-free. The IFS said the creation of a subsidy for employer pension contributions of 10% could raise around £4.5bn per year. But Alice Haine, personal finance analyst at Evelyn Partners, said such a tax hike could have ""unintended consequences"" as businesses might then ""choose to reduce headcount or stick to the auto-enrolment minimum for pensions to cut costs"". ",BBC,15/10/2024,"['Businesses have hit out over a potential rise in National Insurance paid by employers, arguing it will make hiring staff and creating jobs harder.', 'Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister Sir Keir Starmer failed to rule out in an interview with the BBC on Tuesday.', 'Some have warned that a hike in National Insurance on employers would ""hobble"" economic growth, while one lobby group claimed it would ""hammer"" the hospitality sector.', 'Labour has said that it is ""pro-business"" and wants to boost economic growth but Sir Keir has cautioned that the Budget on 30 October is ""going to be tough"".', ""The CBI, one of the UK's leading lobby groups which claims it speaks for 170,000 firms, has suggested companies have stalled taking on new workers and investing as they await the government's tax and spending plans."", 'Rain Newton-Smith, chief executive of the CBI, told the BBC\'s Today programme that employers would see a National Insurance rise as a ""difficult move"" which would ""increase the cost of taking someone on"".', 'This is on top of increases in the National Living Wage and in energy bills in recent years, she said.', 'Kate Nicholls, chief executive of UK Hospitality, said any rise in National Insurance would ""particularly hammer sectors like hospitality, where staffing costs are the biggest business expense"".', 'Alex Veitch, director of policy at the British Chambers of Commerce, conceded that the government had to make ""difficult decisions"" in the Budget, but he warned that raising employer National Insurance contributions would ""simply hobble growth and lead to businesses having less money to invest in their staff"".', 'At this stage, it remains unclear exactly what aspect of National Insurance the government could increase in relation to employers.', ""Firms pay the levy on the earnings of people on their payroll, but there is also speculation the government could introduce National Insurance on employer's contributions to pensions."", 'Some questioned whether Labour will renege on its manifesto promise not to raise taxes including National Insurance.', 'On Monday, Chancellor Rachel Reeves said Labour\'s election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by companies.', 'But Mr Veitch said: ""Firms are run by working people. ""', 'Nearly all UK companies are small, with many family-owned, and they are the anchors in our local economies.""', 'Craig Beaumont, executive director at the Federation of Small Businesses, said: ""You don\'t get to a pro-small business Budget without the government honouring its cast-iron manifesto commitment to not increase National Insurance contributions, including on small employers.""', 'He added a rise in National Insurance would ""make every job in all our local communities more expensive to maintain"".', 'Speculation is gathering about what Labour will announce in its first Budget in almost 15 years at the end of this month.', 'The chancellor claims there is a £22bn ""hole"" in the public finances and that some taxes will be raised.', 'National Insurance contributions are the UK’s second-largest revenue raiser behind income tax.', 'It is paid by workers and the self-employed on earnings and profits, and by employers on top of the wages they pay out.', 'Changes to the tax can be introduced - and generate cash - quickly, within weeks of a Budget through digitalised payroll systems.', ""Employers pay National Insurance of 13.8% on a worker's earnings above £175 per week."", 'The Institute for Fiscal Studies (IFS) think tank told the BBC that HMRC has estimated that increasing the rate of National Insurance paid by employers by one percentage point to 14.8%, for example, could raise as much £8.5bn per year in the short term.', 'Isaac Delestre, an economist at the IFS, said the forecast does not take into account the impact increasing National Insurance could have on the amount the government generates from other taxes, such as income tax.', 'For example, employers could restrict wage rises, meaning employees would pay less on their individual National Insurance contributions and income tax.', 'If businesses decided to absorb the extra cost, their profits might be lower and therefore, the amount they pay in corporation tax could be less.', 'Mr Delestre said the situation for the government around potentially raising National Insurance was ""quite delicate"".', ""The government could also decide to introduce a National Insurance levy on the contributions employers pay into workers' pensions."", 'Currently, this is tax-free.', 'The IFS said the creation of a subsidy for employer pension contributions of 10% could raise around £4.5bn per year.', 'But Alice Haine, personal finance analyst at Evelyn Partners, said such a tax hike could have ""unintended consequences"" as businesses might then ""choose to reduce headcount or stick to the auto-enrolment minimum for pensions to cut costs"".']",0.0192214803362412,"It is paid by workers and the self-employed on earnings and profits, and by employers on top of the wages they pay out.",Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister Sir Keir Starmer failed to rule out in an interview with the BBC on Tuesday.,-0.2350605502724647,"The Institute for Fiscal Studies (IFS) think tank told the BBC that HMRC has estimated that increasing the rate of National Insurance paid by employers by one percentage point to 14.8%, for example, could raise as much £8.5bn per year in the short term.","Alex Veitch, director of policy at the British Chambers of Commerce, conceded that the government had to make ""difficult decisions"" in the Budget, but he warned that raising employer National Insurance contributions would ""simply hobble growth and lead to businesses having less money to invest in their staff"".",2024-10-17
+"United shares hit pre-pandemic high after airline forecasts strong finish to 2024, plans buyback",https://www.cnbc.com/2024/10/15/united-airlines-ual-3q-2024-earnings.html,2024-10-16T20:13:58+0000,"In this articleUnited Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast higher airfares into 2025.United Airlines shares rose nearly 13% Wednesday, leading the S&P 500 higher and closing at $72.02, the highest since February 2020, before Covid-19 was declared a pandemic. Other airline shares also rose sharply, outpacing the broader market.United said domestic unit revenue turned higher in August and September compared to last year as airlines trimmed a glut of flights that were pushing down fares.""We believe Q1 yield strength will be possible due to the significant schedule changes and business model changes that will continue to be implemented by low-margin airlines,"" United's Chief Commercial Officer Andrew Nocella said on Wednesday's earnings call.United expects to earn an adjusted $2.50 to $3.00 a share in the fourth quarter, compared to $2.00 a share a year earlier and the $2.68 analysts polled by LSEG estimated.United expanded capacity by 4.1% in the third quarter. The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%. United posted revenue of $14.84 billion, up 2.5% from a year earlier and above analysts' estimates. It reported net income of $965 million, down 15% from a year ago.Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United's estimate in July of $2.75 to $3.25 a share.Here is what United reported for the third quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:The share buyback would be United's first since before the Covid-19 pandemic. U.S. airlines received more than $50 billion in government aid during the pandemic travel slump that prohibited share repurchases and dividends, though airlines were still fighting for financial stability.Southwest Airlines announced a $2.5 billion share repurchase program last month.""Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program,"" United CEO Scott Kirby said in a note to staff on Tuesday. ""Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program.""United's flight attendants' union, which hasn't yet reached a new labor agreement with the company slammed the airline's decision to resume buybacks.In a statement, Sara Nelson, president of the Association of Flight Attendants-CWA, which represents crews at United, Spirit, Alaska and other carriers, said: ""That money United just promised Wall Street belongs to Flight Attendants who worked throughout the pandemic and during this taxing recovery for all of us on the frontlines.""",CNBC,16/10/2024,"['In this articleUnited Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast higher airfares into 2025.United Airlines shares rose nearly 13% Wednesday, leading the S&P 500 higher and closing at $72.02, the highest since February 2020, before Covid-19 was declared a pandemic.', 'Other airline shares also rose sharply, outpacing the broader market.', 'United said domestic unit revenue turned higher in August and September compared to last year as airlines trimmed a glut of flights that were pushing down fares.', '""We believe Q1 yield strength will be possible due to the significant schedule changes and business model changes that will continue to be implemented by low-margin airlines,"" United\'s Chief Commercial Officer Andrew Nocella said on Wednesday\'s earnings call.', 'United expects to earn an adjusted $2.50 to $3.00 a share in the fourth quarter, compared to $2.00 a share a year earlier and the $2.68 analysts polled by LSEG estimated.', 'United expanded capacity by 4.1% in the third quarter.', 'The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.', ""United posted revenue of $14.84 billion, up 2.5% from a year earlier and above analysts' estimates."", 'It reported net income of $965 million, down 15% from a year ago.', ""Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United's estimate in July of $2.75 to $3.25 a share."", ""Here is whatUnited reported for the third quartercompared with what Wall Street expected, based on average estimates compiled by LSEG:The share buyback would be United's first since before the Covid-19 pandemic."", 'U.S. airlines received more than $50 billion in government aid during the pandemic travel slump that prohibited share repurchases and dividends, though airlines were still fighting for financial stability.', 'Southwest Airlines announced a $2.5 billion share repurchase program last month.', '""Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program,"" United CEO Scott Kirby said in a note to staff on Tuesday. ""', 'Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program.', '""United\'s flight attendants\' union, which hasn\'t yet reached a new labor agreement with the company slammed the airline\'s decision to resume buybacks.', 'In a statement, Sara Nelson, president of the Association of Flight Attendants-CWA, which represents crews at United, Spirit, Alaska and other carriers, said: ""That money United just promised Wall Street belongs to Flight Attendants who worked throughout the pandemic and during this taxing recovery for all of us on the frontlines.""']",0.4713559387895337,"Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United's estimate in July of $2.75 to $3.25 a share.","The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.",0.8328763047854105,"The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.","It reported net income of $965 million, down 15% from a year ago.",2024-10-17
+Instagram to block some screenshots to help prevent sextortion,https://www.bbc.co.uk/news/articles/cdd4vn6p601o,2024-10-17T11:33:11.910Z,"Instagram will stop people from being able to screenshot or screen-record images and videos intended to be viewed once, as part of ""ongoing efforts"" to prevent sextortion on the platform. Its parent company Meta announced features on Thursday aimed at protecting teens from being tricked into sending intimate images to scammers and blackmailed over them. Previously tested tools that blur nude images in messages, and hiding the follower and following lists of users from potential sextortion accounts, will also be made permanent. It comes as the UK's communications watchdog Ofcom warns that social media companies will face fines if they fail to keep children safe. The NSPCC said the moves were a ""step in the right direction"". But Richard Collard, its associate head of child safety online policy, said that ""questions remain as to why Meta are not rolling out similar protections on all their products, including on WhatsApp where grooming and sextortion also take place at scale"". Law enforcement agencies around the world have reported a rise in the number of sextortion scams taking place across social media platforms, with these often targeting teenage boys. The UK's Internet Watch Foundation said in March that 91% of the sextortion reports it received in 2023 related to boys. New tools will include preventing the ability to screenshot images and videos sent in Instagram messages with its ""view once"" or ""allow replay"" mechanisms - which can be selected by users when sending an image or video in Direct Messages. This will also apply to the web version of Instagram. Antigone Davis, Meta’s head of global safety, said a new Instagram campaign aims to give children and parents information about how to spot sextortion attempts in case perpetrators evade its tools for detecting them. ""We have put in built-in protections so that parents do not have to do a thing to try and protect their teens,"" she told BBC News. ""That said, this is the kind of adversarial crime where whatever protections we put in place, these extortion scammers are going to try and get around them."" Sextortion, which sees scammers trick people into sending sexually explicit material before blackmailing them, has become a dominant form of intimate image abuse taking place online. The shame, stress and isolation felt by victims of sextortion crimes, often harassed and told their images will be shared publicly if they do not pay blackmailers, has led some to take their own lives. Ros Dowey, the mother of 16-year-old Murray Dowey, who took his own life in 2023 after being targeted by a sextortion gang on Instagram, previously told the BBC that Meta was not doing ""nearly enough to safeguard and protect our children when they use their platforms"". Meta said its new safety features and campaign are designed to build on tools already available to teens and parents on the platform. It will also hide people's follower and following lists from potential sextortion accounts. Sextortion expert Paul Raffile told the BBC in May that sextorters try to find teen accounts in following and follower lists after searching for high schools and youth sports teams on platforms. Meta is currently moving under-18s into Teen Account experiences on Instagram with stricter settings turned on by default – with parental supervision required for younger teens to turn them off. But some parents and experts have said safety controls for teen accounts shift the responsibility of spotting and reporting potential threats onto them. Dame Melanie Dawes, the chief executive of the regulator Ofcom, told the BBC said it was the responsibility of the firms - not parents or children - to make sure people were safe online ahead of the implementation of the Online Safety Act next year. ",BBC,17/10/2024,"['Instagram will stop people from being able to screenshot or screen-record images and videos intended to be viewed once, as part of ""ongoing efforts"" to prevent sextortion on the platform.', 'Its parent company Meta announced features on Thursday aimed at protecting teens from being tricked into sending intimate images to scammers and blackmailed over them.', 'Previously tested tools that blur nude images in messages, and hiding the follower and following lists of users from potential sextortion accounts, will also be made permanent.', ""It comes as the UK's communications watchdog Ofcom warns that social media companies will face fines if they fail to keep children safe."", 'The NSPCC said the moves were a ""step in the right direction"".', 'But Richard Collard, its associate head of child safety online policy, said that ""questions remain as to why Meta are not rolling out similar protections on all their products, including on WhatsApp where grooming and sextortion also take place at scale"".', 'Law enforcement agencies around the world have reported a rise in the number of sextortion scams taking place across social media platforms, with these often targeting teenage boys.', ""The UK's Internet Watch Foundation said in March that 91% of the sextortion reports it received in 2023 related to boys."", 'New tools will include preventing the ability to screenshot images and videos sent in Instagram messages with its ""view once"" or ""allow replay"" mechanisms - which can be selected by users when sending an image or video in Direct Messages.', 'This will also apply to the web version of Instagram.', 'Antigone Davis, Meta’s head of global safety, said a new Instagram campaign aims to give children and parents information about how to spot sextortion attempts in case perpetrators evade its tools for detecting them. ""', 'We have put in built-in protections so that parents do not have to do a thing to try and protect their teens,"" she told BBC News. ""', 'That said, this is the kind of adversarial crime where whatever protections we put in place, these extortion scammers are going to try and get around them.""', 'Sextortion, which sees scammers trick people into sending sexually explicit material before blackmailing them, has become a dominant form of intimate image abuse taking place online.', 'The shame, stress and isolation felt by victims of sextortion crimes, often harassed and told their images will be shared publicly if they do not pay blackmailers, has led some to take their own lives.', 'Ros Dowey, the mother of 16-year-old Murray Dowey, who took his own life in 2023 after being targeted by a sextortion gang on Instagram, previously told the BBC that Meta was not doing ""nearly enough to safeguard and protect our children when they use their platforms"".', 'Meta said its new safety features and campaign are designed to build on tools already available to teens and parents on the platform.', ""It will also hide people's follower and following lists from potential sextortion accounts."", 'Sextortion expert Paul Raffile told the BBC in May that sextorters try to find teen accounts in following and follower lists after searching for high schools and youth sports teams on platforms.', 'Meta is currently moving under-18s into Teen Account experiences on Instagram with stricter settings turned on by default – with parental supervision required for younger teens to turn them off.', 'But some parents and experts have said safety controls for teen accounts shift the responsibility of spotting and reporting potential threats onto them.', 'Dame Melanie Dawes, the chief executive of the regulator Ofcom, told the BBC said it was the responsibility of the firms - not parents or children - to make sure people were safe online ahead of the implementation of the Online Safety Act next year.']",-0.0066278723121051,"Dame Melanie Dawes, the chief executive of the regulator Ofcom, told the BBC said it was the responsibility of the firms - not parents or children - to make sure people were safe online ahead of the implementation of the Online Safety Act next year.","The shame, stress and isolation felt by victims of sextortion crimes, often harassed and told their images will be shared publicly if they do not pay blackmailers, has led some to take their own lives.",-0.1581200242042541,"The NSPCC said the moves were a ""step in the right direction"".",It comes as the UK's communications watchdog Ofcom warns that social media companies will face fines if they fail to keep children safe.,2024-10-17
+Tom Brady and partner Tom Wagner to pay over $200 million for stake in Las Vegas Raiders,https://www.cnbc.com/2024/10/15/tom-brady-to-be-part-owner-of-nfls-las-vegas-raiders.html,2024-10-16T00:13:33+0000,"National Football League owners approved Tom Brady as a minority owner of the Las Vegas Raiders on Tuesday.The seven-time Super Bowl champ bought about a 10% stake in the Raiders with his business partner, Knighthead Capital founder Tom Wagner.Brady and Wagner are buying into the Raiders at about a $3.5 billion valuation, with an equity investment of about $220 million as part of the partnership, according to people familiar with the negotiations. On top of that amount, Brady and Wagner also had to pay a 10% ""flip tax,"" the proceeds of which will be divided among the league's 31 other owners.Separately, former NFL player Richard Seymour purchased a less than 1% stake in the Raiders, also at a $3.5 billion valuation, the people said.The NFL's 32 team owners signed off on the deal unanimously at the league meeting in Atlanta, the person told CNBC. Brady and Wagner did not attend the meeting, according to a person familiar with the matter.""I am eager to contribute to the organization in any way I can, honoring the Raiders' rich tradition while finding every possible opportunity to improve our offering to fans...and most importantly, WIN football games,"" Brady said in a statement.CNBC's Official 2024 NFL Team Valuations pegged the Raiders as the NFL's fifth-most valuable franchise, worth $7.8 billion, meaning Brady and Wagner got over a 50% discount. The typical discount for a limited partner with no say in how the team is run and no path to control ownership is 20% to 25%, according to sports bankers.The value of the Raiders has climbed since the team relocated from Oakland in 2020. Prior to the move, the team was valued among the bottom half of the league's 32 teams.Since the team moved to Las Vegas and its new stadium, its revenue has increased significantly. The Raiders earned $780 million in revenue in 2023, the third highest in the league, and generated EBITDA of $115 million, according to CNBC's valuations.While Allegiant Stadium is among the smallest in the NFL at 65,000 seats, the Raiders compensated by charging the highest ticket price in the league, CNBC previously reported. The average general ticket price last season was $169.Allegiant Stadium, which is operated by the Raiders, also hosts numerous non-NFL events throughout the year, which brings in additional revenue for the franchise. In 2023, the Raiders took in over $50 million from concerts and other events like college football.Brady's bid for a piece of the team began in May 2023 but has been held up because some owners felt the initial offer was too discounted.After he first retired from the NFL, Brady signed a 10-year, $375 million broadcasting deal with Fox Sports in 2022. Brady's new ownership will come with restrictions on how he covers the team.For example, Brady would be allowed to broadcast Raiders games, but he would not be permitted to attend in-person or online production meetings. He also may not have access to team facilities, players and coaches.Brady will also be subject to the league rules that prohibit public criticism of officials and other clubs.The five-time Super Bowl MVP is not new to the Las Vegas sports scene. He is also a minority owner of the Women's National Basketball Association's Las Vegas Aces, which, like the Raiders, is owned by Mark Davis.Brady will be just the third former NFL player to become a team owner.",CNBC,16/10/2024,"['National Football League owners approved Tom Brady as a minority owner of the Las Vegas Raiders on Tuesday.', 'The seven-time Super Bowl champ bought about a 10% stake in the Raiders with his business partner, Knighthead Capital founder Tom Wagner.', 'Brady and Wagner are buying into the Raiders at about a $3.5 billion valuation, with an equity investment of about $220 million as part of the partnership, according to people familiar with the negotiations.', 'On top of that amount, Brady and Wagner also had to pay a 10% ""flip tax,"" the proceeds of which will be divided among the league\'s 31 other owners.', 'Separately, former NFL player Richard Seymour purchased a less than 1% stake in the Raiders, also at a $3.5 billion valuation, the people said.', ""The NFL's 32 team owners signed off on the deal unanimously at the league meeting in Atlanta, the person told CNBC."", 'Brady and Wagner did not attend the meeting, according to a person familiar with the matter.', '""I am eager to contribute to the organization in any way I can, honoring the Raiders\' rich tradition while finding every possible opportunity to improve our offering to fans...and most importantly, WIN football games,"" Brady said in a statement.', ""CNBC's Official 2024 NFL Team Valuations pegged the Raiders as the NFL's fifth-most valuable franchise, worth $7.8 billion, meaning Brady and Wagner got over a 50% discount."", 'The typical discount for a limited partner with no say in how the team is run and no path to control ownership is 20% to 25%, according to sports bankers.', 'The value of the Raiders has climbed since the team relocated from Oakland in 2020.', ""Prior to the move, the team was valued among the bottom half of the league's 32 teams."", 'Since the team moved to Las Vegas and its new stadium, its revenue has increased significantly.', ""The Raiders earned $780 million in revenue in 2023, the third highest in the league, and generated EBITDA of $115 million, according to CNBC's valuations."", 'While Allegiant Stadium is among the smallest in the NFL at 65,000 seats, the Raiders compensated by charging the highest ticket price in the league, CNBC previously reported.', 'The average general ticket price last season was $169.Allegiant Stadium, which is operated by the Raiders, also hosts numerous non-NFL events throughout the year, which brings in additional revenue for the franchise.', 'In 2023, the Raiders took in over $50 million from concerts and other events like college football.', ""Brady's bid for a piece of the team began in May 2023 but has been held up because some owners felt the initial offer was too discounted."", 'After he first retired from the NFL, Brady signed a 10-year, $375 million broadcasting deal with Fox Sports in 2022.', ""Brady's new ownership will come with restrictions on how he covers the team."", 'For example, Brady would be allowed to broadcast Raiders games, but he would not be permitted to attend in-person or online production meetings.', 'He also may not have access to team facilities, players and coaches.', 'Brady will also be subject to the league rules that prohibit public criticism of officials and other clubs.', 'The five-time Super Bowl MVP is not new to the Las Vegas sports scene.', ""He is also a minority owner of the Women's National Basketball Association's Las Vegas Aces, which, like the Raiders, is owned by Mark Davis."", 'Brady will be just the third former NFL player to become a team owner.']",0.1662305039796471,"""I am eager to contribute to the organization in any way I can, honoring the Raiders' rich tradition while finding every possible opportunity to improve our offering to fans...and most importantly, WIN football games,"" Brady said in a statement.","The typical discount for a limited partner with no say in how the team is run and no path to control ownership is 20% to 25%, according to sports bankers.",0.6040683488051096,"Since the team moved to Las Vegas and its new stadium, its revenue has increased significantly.",Brady's bid for a piece of the team began in May 2023 but has been held up because some owners felt the initial offer was too discounted.,2024-10-17
+"The Fed is finally cutting rates, but banks aren't in the clear just yet",https://www.cnbc.com/2024/10/10/fed-rate-cuts-boost-to-banks.html,2024-10-10T18:57:42+0000,"In this articleFalling interest rates are usually good news for banks, especially when the cuts aren't a harbinger of recession.That's because lower rates will slow the migration of money that's happened over the past two years as customers shifted cash out of checking accounts and into higher-yielding options like CDs and money market funds.When the Federal Reserve cut its benchmark rate by half a percentage point last month, it signaled a turning point in its stewardship of the economy and telegraphed its intention to reduce rates by another 2 full percentage points, according to the Fed's projections, boosting prospects for banks.But the ride probably won't be a smooth one: Persistent concerns over inflation could mean the Fed doesn't cut rates as much as expected and Wall Street's projections for improvements in net interest income — the difference in what a bank earns by lending money or investing in securities and what it pays depositors — may need to be dialed back.""The market is bouncing around based on the fact that inflation seems to be reaccelerating, and you wonder if we will see the Fed pause,"" said Chris Marinac, research director at Janney Montgomery Scott, in an interview. ""That's my struggle.""So when JPMorgan Chase kicks off bank earnings on Friday, analysts will be seeking any guidance that managers can give on net interest income in the fourth quarter and beyond. The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.While all banks are expected to ultimately benefit from the Fed's easing cycle, the timing and magnitude of that shift is unknown, based on both the rate environment and the interplay between how sensitive a bank's assets and liabilities are to falling rates.Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.But for some banks, their assets will actually reprice down faster than their deposits in the early innings of the easing cycle, which means their margins will take a hit in the coming quarters, analysts say.For large banks, NII will fall by 4% on average in the third quarter because of tepid loan growth and a lag in deposit repricing, Goldman Sachs banking analysts led by Richard Ramsden said in an Oct. 1 note. Deposit costs for large banks will still rise into the fourth quarter, the note said.Last month, JPMorgan alarmed investors when its president said that expectations for NII next year were too high, without giving further details. It's a warning that other banks may be forced to give, according to analysts.""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" JPMorgan President Daniel Pinto told investors. ""But as you know, we are quite asset sensitive.""There are offsets, however. Lower rates are expected to help the Wall Street operations of big banks because they tend to see greater deal volumes when rates are falling. Morgan Stanley analysts recommend owning Goldman Sachs, Bank of America and Citigroup for that reason, according to a Sept. 30 research note.Regional banks, which bore the brunt of the pressure from higher funding costs when rates were climbing, are seen as bigger beneficiaries of falling rates, at least initially.That's why Morgan Stanley analysts upgraded their ratings on US Bank and Zions last month, while cutting their recommendation on JPMorgan to neutral from overweight.  Bank of America and Wells Fargo have been dialing back expectations for NII throughout this year, according to Portales Partners analyst Charles Peabody. That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.""I've been questioning the pace of the ramp up in NII that people have built into their models,"" Peabody said. ""These are dynamics that are difficult to predict, even if you are the management team.""",CNBC,10/10/2024,"[""In this articleFalling interest rates are usually good news for banks, especially when the cuts aren't a harbinger of recession."", ""That's because lower rates will slow the migration of money that's happened over the past two years as customers shifted cash out of checking accounts and into higher-yielding options like CDs and money market funds."", ""When the Federal Reserve cut its benchmark rate by half a percentage point last month, it signaled a turning point in its stewardship of the economy and telegraphed its intention to reduce rates by another 2 full percentage points, according to the Fed's projections, boosting prospects for banks."", ""But the ride probably won't be a smooth one: Persistent concerns over inflation could mean the Fed doesn't cut rates as much as expected and Wall Street's projections for improvements in net interest income — the difference in what a bank earns by lending money or investing in securities and what it pays depositors — may need to be dialed back."", '""The market is bouncing around based on the fact that inflation seems to be reaccelerating, and you wonder if we will see the Fed pause,"" said Chris Marinac, research director at Janney Montgomery Scott, in an interview. ""', ""That's my struggle."", '""So when JPMorgan Chase kicks off bank earnings on Friday, analysts will be seeking any guidance that managers can give on net interest income in the fourth quarter and beyond.', 'The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.', ""While all banks are expected to ultimately benefit from the Fed's easing cycle, the timing and magnitude of that shift is unknown, based on both the rate environment and the interplay between how sensitive a bank's assets and liabilities are to falling rates."", 'Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.', 'But for some banks, their assets will actually reprice down faster than their deposits in the early innings of the easing cycle, which means their margins will take a hit in the coming quarters, analysts say.', 'For large banks, NII will fall by 4% on average in the third quarter because of tepid loan growth and a lag in deposit repricing, Goldman Sachs banking analysts led by Richard Ramsden said in an Oct. 1 note.', 'Deposit costs for large banks will still rise into the fourth quarter, the note said.', 'Last month, JPMorgan alarmed investors when its president said that expectations for NII next year were too high, without giving further details.', ""It's a warning that other banks may be forced to give, according to analysts."", '""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" JPMorgan President Daniel Pinto told investors. ""', 'But as you know, we are quite asset sensitive.', '""There are offsets, however.', 'Lower rates are expected to help the Wall Street operations of big banks because they tend to see greater deal volumes when rates are falling.', 'Morgan Stanley analysts recommend owning Goldman Sachs, Bank of America and Citigroup for that reason, according to a Sept. 30 research note.', 'Regional banks, which bore the brunt of the pressure from higher funding costs when rates were climbing, are seen as bigger beneficiaries of falling rates, at least initially.', ""That's why Morgan Stanley analysts upgraded their ratings on US Bank and Zions last month, while cutting their recommendation on JPMorgan to neutral from overweight."", 'Bank of America and Wells Fargo have been dialing back expectations for NII throughout this year, according to Portales Partners analyst Charles Peabody.', 'That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.', '""I\'ve been questioning the pace of the ramp up in NII that people have built into their models,"" Peabody said. ""', 'These are dynamics that are difficult to predict, even if you are the management team.""']",0.0806755732553106,"Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.","That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.",0.0134602338075637,"Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.","The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.",2024-10-17
+"Fake vintage wine gang busted in France and Italy, police say",https://www.bbc.co.uk/news/articles/cvg3jzzjg3po,2024-10-15T20:40:35.449Z,"French and Italian police say they have broken up an international fraud ring that was passing poor quality bottles of wine off as vintages worth up to €15,000 (£12,500) each.  Six people - including a Russian national who is the suspected ringleader - have been arrested in Paris, Turin and Milan.  They are alleged to have fabricated fake labels representing famous French vineyards, which were then sold at full market value through wine traders around the world.  The group earned €2m from the fraud, French prosecutors said. A French national has been charged with organised fraud and money laundering. The suspected ringleader, a 40-year-old Russian national, would also be charged, prosecutors said.  In a press release, Europol said items recovered during seizures included a “large amount of wine bottles from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods”, as well as electronic equipment valued at €1.4m and over €100,000 in cash. Wine fraud has existed since wine was invented. Until a few years ago, in France, it was at a fairly manageable level – a few dedicated experts counterfeiting labels and wax seals in order to pass basic wine off as something fancier. But over the last decade, things have changed.  The prices fetched by the best grand crus on the world market are now so high – thousands of pounds a bottle – that it has become profitable to conduct the fraud in a much more organised way. The centre of this kind of fraud is said to be Italy. That is because they have the wine know-how there: artisans who understand labelling and old bottles and corks;  and also a criminal underworld that is prepared to invest. Today, one wine auctioneer told me, the counterfeiting of old bottles and labels is so skilful that even the vineyards themselves are often unable to spot a fake. And with some buyers then storing the wine for years, they may never find out it is a fake.  With international buyers, especially in China, willing to spend £20,000 or more on a top-quality bottle, the criminal temptation to create the perfect bottle - then fill it with rubbish - is for some too big to resist. ",BBC,15/10/2024,"['French and Italian police say they have broken up an international fraud ring that was passing poor quality bottles of wine off as vintages worth up to €15,000 (£12,500) each.', 'Six people - including a Russian national who is the suspected ringleader - have been arrested in Paris, Turin and Milan.', 'They are alleged to have fabricated fake labels representing famous French vineyards, which were then sold at full market value through wine traders around the world.', 'The group earned €2m from the fraud, French prosecutors said.', 'A French national has been charged with organised fraud and money laundering.', 'The suspected ringleader, a 40-year-old Russian national, would also be charged, prosecutors said.', 'In a press release, Europol said items recovered during seizures included a “large amount of wine bottles from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods”, as well as electronic equipment valued at €1.4m and over €100,000 in cash.', 'Wine fraud has existed since wine was invented.', 'Until a few years ago, in France, it was at a fairly manageable level – a few dedicated experts counterfeiting labels and wax seals in order to pass basic wine off as something fancier.', 'But over the last decade, things have changed.', 'The prices fetched by the best grand crus on the world market are now so high – thousands of pounds a bottle – that it has become profitable to conduct the fraud in a much more organised way.', 'The centre of this kind of fraud is said to be Italy.', 'That is because they have the wine know-how there: artisans who understand labelling and old bottles and corks; and also a criminal underworld that is prepared to invest.', 'Today, one wine auctioneer told me, the counterfeiting of old bottles and labels is so skilful that even the vineyards themselves are often unable to spot a fake.', 'And with some buyers then storing the wine for years, they may never find out it is a fake.', 'With international buyers, especially in China, willing to spend £20,000 or more on a top-quality bottle, the criminal temptation to create the perfect bottle - then fill it with rubbish - is for some too big to resist.']",-0.1735618768777305,"In a press release, Europol said items recovered during seizures included a “large amount of wine bottles from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods”, as well as electronic equipment valued at €1.4m and over €100,000 in cash.","French and Italian police say they have broken up an international fraud ring that was passing poor quality bottles of wine off as vintages worth up to €15,000 (£12,500) each.",0.0307954847812652,The prices fetched by the best grand crus on the world market are now so high – thousands of pounds a bottle – that it has become profitable to conduct the fraud in a much more organised way.,"Today, one wine auctioneer told me, the counterfeiting of old bottles and labels is so skilful that even the vineyards themselves are often unable to spot a fake.",2024-10-17
+Rachel Reeves eyes £40bn in tax rises and spending cuts in Budget,https://www.bbc.co.uk/news/articles/cj9jdgprv7ko,2024-10-15T21:34:50.457Z,"Chancellor Rachel Reeves is looking to make tax rises and spending cuts to the value of £40bn in this month’s Budget, government sources have told the BBC. At a political cabinet meeting on Tuesday, Reeves told ministers that filling the ""£22bn black hole inheritance from the previous government"" would only be enough ""to keep public services standing still"". Reeves is now drawing up plans to find £40bn in order to avoid real-terms cuts to departments, sources say, as first reported in the Financial Times and the Times.  Reeves warned ministers there would be ""difficult decisions on spending, welfare, and tax"" to come in her Budget this month. The chancellor is finalising details of her first Budget, to be announced on Wednesday 30 October. She recently said there would be ""no return to austerity"" under this government and promised a boost to government investment, designed to kickstart growth. The chancellor is setting herself a borrowing rule which means all day-to-day spending should be funded from taxes raised, not from borrowing.  It is this rule which is binding the government’s hands, and why they are seeking some welfare savings as well as a series of tax rises at the Budget. A HM Treasury spokesperson said: ""We do not comment on speculation around tax changes outside of fiscal events."" In an interview with BBC Breakfast on Tuesday, the Prime Minister, Sir Keir Starmer, did not rule out a National Insurance increase for employers in the Budget. Paul Johnson, director of the Institute for Fiscal Studies, told the BBC Radio 4's Today programme the ""very big hole in public finances"" had been long known about, but was downplayed during election campaigning earlier this year. He suggested that some of the £40bn would most likely be covered by ""slight changes in the fiscal rules"" or by tax rises proposed by the government already. ""If they are looking for £20bn or £30bn of tax rises, in the end they will have no choice but to do something with income tax."" Treasury officials are reportedly exploring National Insurance on employer pension contributions to raise Budget revenue. Employers pay NI at a rate of 13.8% on all employees' earnings above £175 per week, but pension contributions made by employers are currently exempt from the levy. The prime minister side-stepped questions over whether Labour’s manifesto promise not to raise taxes for ""working people"" covered employers' NI too. The Labour Party's 2024 manifesto ruled out raising taxes for ""working people"", such as National Insurance, income tax and VAT. On Monday, Reeves said Labour's election pledge not to increase NI on ""working people"" related to the employee element, as opposed to the sum paid by employers. Leading business groups in the UK raised concerns over the potential tax rise, warning that it would ""hobble"" economic growth and ""hammer"" the hospitality sector. The £40bn figure is much higher than government has previously acknowledged, as ministers come to terms with the economic reality of delivering on their promise that there will be ""no return to austerity"". So why mention it now? To mentally prepare the public for tax rises to come, and begin to set the parameters as to what to expect. The prime minister has talked about how those with the ""broadest shoulders"" should bear the ""heaviest burden"". There are two weeks to go until we see what that means. There will no doubt be plenty more pitch-rolling in the days ahead. Are you a small business owner concerned about a potential rise in national insurance? Email: haveyoursay@bbc.co.uk or WhatsApp: +44 7756 165803 Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It’ll be delivered straight to your inbox every weekday. ",BBC,15/10/2024,"['Chancellor Rachel Reeves is looking to make tax rises and spending cuts to the value of £40bn in this month’s Budget, government sources have told the BBC.', 'At a political cabinet meeting on Tuesday, Reeves told ministers that filling the ""£22bn black hole inheritance from the previous government"" would only be enough ""to keep public services standing still"".', 'Reeves is now drawing up plans to find £40bn in order to avoid real-terms cuts to departments, sources say, as first reported in the Financial Times and the Times.', 'Reeves warned ministers there would be ""difficult decisions on spending, welfare, and tax"" to come in her Budget this month.', 'The chancellor is finalising details of her first Budget, to be announced on Wednesday 30 October.', 'She recently said there would be ""no return to austerity"" under this government and promised a boost to government investment, designed to kickstart growth.', 'The chancellor is setting herself a borrowing rule which means all day-to-day spending should be funded from taxes raised, not from borrowing.', 'It is this rule which is binding the government’s hands, and why they are seeking some welfare savings as well as a series of tax rises at the Budget.', 'A HM Treasury spokesperson said: ""We do not comment on speculation around tax changes outside of fiscal events.""', 'In an interview with BBC Breakfast on Tuesday, the Prime Minister, Sir Keir Starmer, did not rule out a National Insurance increase for employers in the Budget.', 'Paul Johnson, director of the Institute for Fiscal Studies, told the BBC Radio 4\'s Today programme the ""very big hole in public finances"" had been long known about, but was downplayed during election campaigning earlier this year.', 'He suggested that some of the £40bn would most likely be covered by ""slight changes in the fiscal rules"" or by tax rises proposed by the government already. ""', 'If they are looking for £20bn or £30bn of tax rises, in the end they will have no choice but to do something with income tax.""', 'Treasury officials are reportedly exploring National Insurance on employer pension contributions to raise Budget revenue.', ""Employers pay NI at a rate of 13.8% on all employees' earnings above £175 per week, but pension contributions made by employers are currently exempt from the levy."", 'The prime minister side-stepped questions over whether Labour’s manifesto promise not to raise taxes for ""working people"" covered employers\' NI too.', 'The Labour Party\'s 2024 manifesto ruled out raising taxes for ""working people"", such as National Insurance, income tax and VAT.', 'On Monday, Reeves said Labour\'s election pledge not to increase NI on ""working people"" related to the employee element, as opposed to the sum paid by employers.', 'Leading business groups in the UK raised concerns over the potential tax rise, warning that it would ""hobble"" economic growth and ""hammer"" the hospitality sector.', 'The £40bn figure is much higher than government has previously acknowledged, as ministers come to terms with the economic reality of delivering on their promise that there will be ""no return to austerity"".', 'So why mention it now?', 'To mentally prepare the public for tax rises to come, and begin to set the parameters as to what to expect.', 'The prime minister has talked about how those with the ""broadest shoulders"" should bear the ""heaviest burden"".', 'There are two weeks to go until we see what that means.', 'There will no doubt be plenty more pitch-rolling in the days ahead.', 'Are you a small business owner concerned about a potential rise in national insurance?', 'Email: haveyoursay@bbc.co.uk or WhatsApp: +44 7756 165803 Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments.', 'It’ll be delivered straight to your inbox every weekday.']",0.0357627527662831,"She recently said there would be ""no return to austerity"" under this government and promised a boost to government investment, designed to kickstart growth.",There will no doubt be plenty more pitch-rolling in the days ahead.,-0.0959500206841362,"She recently said there would be ""no return to austerity"" under this government and promised a boost to government investment, designed to kickstart growth.","Leading business groups in the UK raised concerns over the potential tax rise, warning that it would ""hobble"" economic growth and ""hammer"" the hospitality sector.",2024-10-17
+UK inflation: Surprise fall in paves way for interest rate cuts,https://www.bbc.co.uk/news/articles/czxde3779lxo,2024-10-16T06:00:33.982Z,"UK inflation fell unexpectedly to 1.7% in the year to September, the lowest rate in three-and-a-half years. It means the annual rate prices are rising at is now below the Bank of England's 2% target, paving the way for further interest rate cuts. Lower airfares and petrol prices were the main drivers behind the surprise slowdown, official figures showed. Separately, September's inflation figure is also normally used to set how much many benefits will rise by next April. UK interest rates are currently at 5%. The Bank made a first cut in August but decided to hold them last month.  It is already widely expected that they will be cut in November. But the lower-than-expected inflation rate has also opened the door for a December cut too, according to Susannah Streeter, of investment firm Hargreaves Lansdown. Danni Hewson, head of financial analysis at AJ Bell, said a 0.25 percentage point cut was ""pretty much nailed on"" for November and expectations of a second cut in December had ""jumped up"". Yael Selfin, chief economist at KPMG UK, warned that although the Bank would be likely to drop rates next month, inflation is likely to rise again with household energy bills increasing this month by around 10%. The Bank's base interest rate heavily influences the rates High Street banks and other money lenders charge customers for loans, as well as credit cards. The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns. Increased mortgage repayments for landlords can also result higher rents. The cost of living has surged in recent years, with inflation peaking at 11% in 2022 - way above the Bank of England's 2% target, partly due to the increase in energy prices following Russia's invasion of Ukraine. To try to slow price rises, the Bank increased rates to encourage people to spend less, and bring inflation down. While the rate has dropped, falling inflation does not mean the goods and services are coming down in price overall, it is just that they are rising at a slower pace. Maria is a helper at a St Andrew’s Community Network food pantry in Liverpool where people pay £3.50 a week to get fresh groceries and tinned goods worth about £25. She also uses the food pantry, and says life would be ""really difficult"" without it. Maria is able to take her kids out ""once in a blue moon"" when she has money left over, ""but I’ve got to prioritise food, heating, gas, lecky"". ""I’ve noticed the prices in Asda and Aldi’s gone right up,"" she said. ""You don’t get enough money to cover it."" The surprise fall in inflation last month to 1.7, down from 2.2% in August, was mainly driven by airfares and fuel. Petrol and diesel prices were significantly lower, dropping by 10.4% in September compared with the same month a year earlier. Airfare prices for domestic, European and long-haul flights normally fall after the summer rush, but they fell more than normal last month. However, food and non-alcoholic drink prices rose, with costs jumping for milk, cheese, eggs, soft drinks and fruit. This was the first time food price inflation has risen March last year. Chief secretary to the Treasury, Darren Jones, said the drop in the pace of price rises overall would be ""welcome news for millions of families"". He added that the government is ""focused on bringing back growth and restoring economic stability to deliver on the promise of change"". The surprise fall in the UK's inflation rate comes ahead of this month's Budget, with Chancellor Rachel Reeves looking to make tax rises and spending cuts to the value of £40bn. Reeves, who is finalising details of her first Budget on 30 October, warned ministers there would be ""difficult decisions on spending, welfare, and tax"". She is drawing up plans to find £40bn to avoid real-terms cuts to government departments, sources have said. September's inflation data is normally used to calculate how much many benefits go up in April. This includes the biggest: universal credit, which goes up at the government's discretion. All the main disability benefits - personal independence payment, attendance allowance and disability living allowance - as well as carer’s allowance, go up by at least September's inflation rate by law. The government has said it wants to shrink the UK's annual disability and incapacity benefits bill. A rise of 1.7% for benefits would be less than April's expected rise in the state pension of 4.1%, which is determined by the so-called triple lock. ",BBC,16/10/2024,"['UK inflation fell unexpectedly to 1.7% in the year to September, the lowest rate in three-and-a-half years.', ""It means the annual rate prices are rising at is now below the Bank of England's 2% target, paving the way for further interest rate cuts."", 'Lower airfares and petrol prices were the main drivers behind the surprise slowdown, official figures showed.', ""Separately, September's inflation figure is also normally used to set how much many benefits will rise by next April."", 'UK interest rates are currently at 5%.', 'The Bank made a first cut in August but decided to hold them last month.', 'It is already widely expected that they will be cut in November.', 'But the lower-than-expected inflation rate has also opened the door for a December cut too, according to Susannah Streeter, of investment firm Hargreaves Lansdown.', 'Danni Hewson, head of financial analysis at AJ Bell, said a 0.25 percentage point cut was ""pretty much nailed on"" for November and expectations of a second cut in December had ""jumped up"".', 'Yael Selfin, chief economist at KPMG UK, warned that although the Bank would be likely to drop rates next month, inflation is likely to rise again with household energy bills increasing this month by around 10%.', ""The Bank's base interest rate heavily influences the rates High Street banks and other money lenders charge customers for loans, as well as credit cards."", 'The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns.', 'Increased mortgage repayments for landlords can also result higher rents.', ""The cost of living has surged in recent years, with inflation peaking at 11% in 2022 - way above the Bank of England's 2% target, partly due to the increase in energy prices following Russia's invasion of Ukraine."", 'To try to slow price rises, the Bank increased rates to encourage people to spend less, and bring inflation down.', 'While the rate has dropped, falling inflation does not mean the goods and services are coming down in price overall, it is just that they are rising at a slower pace.', 'Maria is a helper at a St Andrew’s Community Network food pantry in Liverpool where people pay £3.50 a week to get fresh groceries and tinned goods worth about £25.', 'She also uses the food pantry, and says life would be ""really difficult"" without it.', 'Maria is able to take her kids out ""once in a blue moon"" when she has money left over, ""but I’ve got to prioritise food, heating, gas, lecky"". ""', 'I’ve noticed the prices in Asda and Aldi’s gone right up,"" she said. ""', 'You don’t get enough money to cover it.""', 'The surprise fall in inflation last month to 1.7, down from 2.2% in August, was mainly driven by airfares and fuel.', 'Petrol and diesel prices were significantly lower, dropping by 10.4% in September compared with the same month a year earlier.', 'Airfare prices for domestic, European and long-haul flights normally fall after the summer rush, but they fell more than normal last month.', 'However, food and non-alcoholic drink prices rose, with costs jumping for milk, cheese, eggs, soft drinks and fruit.', 'This was the first time food price inflation has risen March last year.', 'Chief secretary to the Treasury, Darren Jones, said the drop in the pace of price rises overall would be ""welcome news for millions of families"".', 'He added that the government is ""focused on bringing back growth and restoring economic stability to deliver on the promise of change"".', ""The surprise fall in the UK's inflation rate comes ahead of this month's Budget, with Chancellor Rachel Reeves looking to make tax rises and spending cuts to the value of £40bn."", 'Reeves, who is finalising details of her first Budget on 30 October, warned ministers there would be ""difficult decisions on spending, welfare, and tax"".', 'She is drawing up plans to find £40bn to avoid real-terms cuts to government departments, sources have said.', ""September's inflation data is normally used to calculate how much many benefits go up in April."", ""This includes the biggest: universal credit, which goes up at the government's discretion."", ""All the main disability benefits - personal independence payment, attendance allowance and disability living allowance - as well as carer’s allowance, go up by at least September's inflation rate by law."", ""The government has said it wants to shrink the UK's annual disability and incapacity benefits bill."", ""A rise of 1.7% for benefits would be less than April's expected rise in the state pension of 4.1%, which is determined by the so-called triple lock.""]",0.1397010178082414,"He added that the government is ""focused on bringing back growth and restoring economic stability to deliver on the promise of change"".","But the lower-than-expected inflation rate has also opened the door for a December cut too, according to Susannah Streeter, of investment firm Hargreaves Lansdown.",0.1262616467475891,"The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns.","UK inflation fell unexpectedly to 1.7% in the year to September, the lowest rate in three-and-a-half years.",2024-10-17
+Tamil Nadu: Samsung India workers end protest after more than a month,https://www.bbc.co.uk/news/articles/cy4dk4gny8mo,2024-10-16T09:23:05.057Z,"Workers at Samsung Electronics' factory in the southern Indian state of Tamil Nadu have called off a labour strike that went on for more than a month. Around 1,500 workers in Chennai city had participated in the strike to demand better pay, working facilities and recognition of a newly-formed union. A labour activist who supported the workers told the BBC that while Samsung hadn't recognised the union yet, it had agreed to engage with the other demands. The strike was one of the largest the South Korean technology giant had seen in recent years. It also threatened to cast a shadow over Prime Minister Narendra Modi's bid to position India as a viable alternative to China for manufacturing activities. On Wednesday, the Centre of Indian Trade Unions (Citu), a politically-backed national labour union which led the protests, announced the workers' decision to call off the strike after a meeting. ""During the meeting it was decided that the workers would return to their jobs on Thursday,"" E Muthukumar told the BBC. He added that the issue of registration of the new union - called the Samsung India Labour Welfare Union (SILWU) - will be decided by a court. ""We have decided to call off the protest as the Samsung management has decided to engage with workers on all key demands like higher wages, medical insurance and better facilities. So those discussions will continue,"" he said. On Tuesday, representatives of the protesting workers met with officials from the Tamil Nadu labour department.  After the meeting, the state's Minister for Industries TRB Rajaa said that the striking workers had decided to return to work immediately and that Samsung had agreed to ""not to victimise the workers only for having participated in the strike"". He also said that the workers had agreed to cooperate with the management fully and that Samsung would file a written reply to the charter of demands filed by them. Later, Samsung released a statement saying that it welcomed Citu's decision to call off the strike. ""We will not take action against workers who merely participated in the illegal strike. We are committed to work closely with our workers to make the Chennai factory a great place to work,” the statement said. The workers had begun their protest on 9 September near the factory in Chennai city, which employs nearly 2,000 workers and is one of its two plants in India. The factory produces home appliances, contributing about a third to the company's annual $12bn (£9bn) revenue in India. One of the workers' key demands was for Samsung to recognise their union, as they said that only that could help them negotiate better wages and working hours with the management. Akriti Bhatia, a labour rights activist, told the BBC that multinational companies which set up factories in India often don't follow Indian labour laws, which allow workers the right to association and collective bargaining. These firms, she said, often side-step this by setting up internal unions, which are led by workers only on paper as the management continues to exert control over their decisions. They stridently oppose external, politically-backed unions. A source in Samsung had told the BBC earlier that the organisation ""fully supports unions but not ones backed by a third-party"". Earlier this year, hundreds of workers at a manufacturing plant of an Apple supplier in Tamil Nadu also went on a one-day strike, demanding recognition of their union. Follow BBC News India on Instagram, YouTube, Twitter and Facebook. ",BBC,16/10/2024,"[""Workers at Samsung Electronics' factory in the southern Indian state of Tamil Nadu have called off a labour strike that went on for more than a month."", 'Around 1,500 workers in Chennai city had participated in the strike to demand better pay, working facilities and recognition of a newly-formed union.', ""A labour activist who supported the workers told the BBC that while Samsung hadn't recognised the union yet, it had agreed to engage with the other demands."", 'The strike was one of the largest the South Korean technology giant had seen in recent years.', ""It also threatened to cast a shadow over Prime Minister Narendra Modi's bid to position India as a viable alternative to China for manufacturing activities."", 'On Wednesday, the Centre of Indian Trade Unions (Citu), a politically-backed national labour union which led the protests, announced the workers\' decision to call off the strike after a meeting. ""', 'During the meeting it was decided that the workers would return to their jobs on Thursday,"" E Muthukumar told the BBC.', 'He added that the issue of registration of the new union - called the Samsung India Labour Welfare Union (SILWU) - will be decided by a court. ""', 'We have decided to call off the protest as the Samsung management has decided to engage with workers on all key demands like higher wages, medical insurance and better facilities.', 'So those discussions will continue,"" he said.', 'On Tuesday, representatives of the protesting workers met with officials from the Tamil Nadu labour department.', 'After the meeting, the state\'s Minister for Industries TRB Rajaa said that the striking workers had decided to return to work immediately and that Samsung had agreed to ""not to victimise the workers only for having participated in the strike"".', 'He also said that the workers had agreed to cooperate with the management fully and that Samsung would file a written reply to the charter of demands filed by them.', 'Later, Samsung released a statement saying that it welcomed Citu\'s decision to call off the strike. ""', 'We will not take action against workers who merely participated in the illegal strike.', 'We are committed to work closely with our workers to make the Chennai factory a great place to work,” the statement said.', 'The workers had begun their protest on 9 September near the factory in Chennai city, which employs nearly 2,000 workers and is one of its two plants in India.', ""The factory produces home appliances, contributing about a third to the company's annual $12bn (£9bn) revenue in India."", ""One of the workers' key demands was for Samsung to recognise their union, as they said that only that could help them negotiate better wages and working hours with the management."", ""Akriti Bhatia, a labour rights activist, told the BBC that multinational companies which set up factories in India often don't follow Indian labour laws, which allow workers the right to association and collective bargaining."", 'These firms, she said, often side-step this by setting up internal unions, which are led by workers only on paper as the management continues to exert control over their decisions.', 'They stridently oppose external, politically-backed unions.', 'A source in Samsung had told the BBC earlier that the organisation ""fully supports unions but not ones backed by a third-party"".', 'Earlier this year, hundreds of workers at a manufacturing plant of an Apple supplier in Tamil Nadu also went on a one-day strike, demanding recognition of their union.', 'Follow BBC News India on Instagram, YouTube, Twitter and Facebook.']",0.0809009967143601,"We are committed to work closely with our workers to make the Chennai factory a great place to work,” the statement said.",We will not take action against workers who merely participated in the illegal strike.,0.0436122715473175,"We are committed to work closely with our workers to make the Chennai factory a great place to work,” the statement said.",It also threatened to cast a shadow over Prime Minister Narendra Modi's bid to position India as a viable alternative to China for manufacturing activities.,2024-10-17
+Boeing raising up to $35bn as costly strike enters second month,https://www.bbc.co.uk/news/articles/cwy9l7k40kgo,2024-10-16T02:16:59.910Z,"Boeing says it aims to secure up to $35bn (£26.8bn) in new funding from investors and banks as a costly strike by thousands of its workers enters its second month. Also on Tuesday, the union representing more than 30,000 of the aviation giant's workers held a rally in the city of Seattle. The company is moving ahead with plans to lay off around 17,000 workers, with the first redundancy notices expected to be issued in mid-November. Talks to end the walkout collapsed last week as the firm withdrew an offer that included a 30% pay rise over four years. Boeing plans to raise up to $25bn in stock and debt offerings and said it had reached a deal with major banks to borrow as much much as $10bn.  ""These are two prudent steps to support the company’s access to liquidity,"" Boeing said in a statement. The company's shares rose by 2.2% after the announcements. The moves to raise new funding came just days after Boeing announced it would cut its workforce by 10% and said it expected to record a loss for the last three months. BBC News understands that the layoffs will, for now, not affect striking workers. The redundancies will be compulsory and workers will be offered severance payments. The company also said deliveries of its 777X planes would be delayed by a year. Boeing is due to release its quarterly results on 23 October. Major credit ratings agencies had previously warned that the strike could lead to downgrades, which would make it more expensive for the company to borrow money. S&P Global estimated the strike is costing Boeing around $1bn a month. The walkout, at a company of major importance to the US economy, has become a source of concern for the Biden administration. On Monday, acting US Labor Secretary, Julie Su, met representatives of the International Association of Machinists and Aerospace Workers union (IAM) and Boeing executives in Seattle.  Meanwhile, top Washington state Congressional Democrats have called on Boeing and IAM to ""redouble... efforts to reach a mutually beneficial resolution."" ",BBC,16/10/2024,"['Boeing says it aims to secure up to $35bn (£26.8bn) in new funding from investors and banks as a costly strike by thousands of its workers enters its second month.', ""Also on Tuesday, the union representing more than 30,000 of the aviation giant's workers held a rally in the city of Seattle."", 'The company is moving ahead with plans to lay off around 17,000 workers, with the first redundancy notices expected to be issued in mid-November.', 'Talks to end the walkout collapsed last week as the firm withdrew an offer that included a 30% pay rise over four years.', 'Boeing plans to raise up to $25bn in stock and debt offerings and said it had reached a deal with major banks to borrow as much much as $10bn. ""', 'These are two prudent steps to support the company’s access to liquidity,"" Boeing said in a statement.', ""The company's shares rose by 2.2% after the announcements."", 'The moves to raise new funding came just days after Boeing announced it would cut its workforce by 10% and said it expected to record a loss for the last three months.', 'BBC News understands that the layoffs will, for now, not affect striking workers.', 'The redundancies will be compulsory and workers will be offered severance payments.', 'The company also said deliveries of its 777X planes would be delayed by a year.', 'Boeing is due to release its quarterly results on 23 October.', 'Major credit ratings agencies had previously warned that the strike could lead to downgrades, which would make it more expensive for the company to borrow money.', 'S&P Global estimated the strike is costing Boeing around $1bn a month.', 'The walkout, at a company of major importance to the US economy, has become a source of concern for the Biden administration.', 'On Monday, acting US Labor Secretary, Julie Su, met representatives of the International Association of Machinists and Aerospace Workers union (IAM) and Boeing executives in Seattle.', 'Meanwhile, top Washington state Congressional Democrats have called on Boeing and IAM to ""redouble... efforts to reach a mutually beneficial resolution.""']",-0.011891013724369,"Meanwhile, top Washington state Congressional Democrats have called on Boeing and IAM to ""redouble... efforts to reach a mutually beneficial resolution.""",Talks to end the walkout collapsed last week as the firm withdrew an offer that included a 30% pay rise over four years.,-0.0728295553814281,The company's shares rose by 2.2% after the announcements.,"Major credit ratings agencies had previously warned that the strike could lead to downgrades, which would make it more expensive for the company to borrow money.",2024-10-17
+Mortgage rates: When will UK interest rates fall again?,https://www.bbc.co.uk/news/business-57764601,2021-07-16T11:52:58.000Z,"The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected at its next meeting in November.  Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK. The first drop in rates for more than four years came in August, but borrowing costs remain high for many. An interest rate tells you how much it costs to borrow money, or the reward for saving it. The Bank of England's base rate is what it charges other lenders to borrow money. This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings accounts. The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time. When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target. The idea is to encourage people to spend less, to help bring inflation down by reducing demand. Once this starts to happen, the Bank may hold rates, or cut them. The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years. However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979. Inflation is now far below the peak of 11.1% in October 2022.  The main inflation measure, CPI, rose by 1.7% in September which was down from 2.2% in August. This means prices are rising at a much slower rate than in 2022 and 2023. Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said slowing inflation meant the Bank should be able to cut interest rates gradually over the upcoming months. But, he added, ""it's vital that inflation stays low, so we need to be careful not to cut too fast or by too much"". The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like. Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months. It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards. In October, Mr Bailey said that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.  However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation. Given the sharper than expected drop in the September inflation figure, many analysts expect the Bank to cut rates at its next meeting on 7 November.  It is difficult to predict exactly what will happen to interest rates as this depends whether inflation remains consistently below the Bank's target.  In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.  The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control. But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"". Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey. More than half a million homeowners have a mortgage that ""tracks"" the Bank of England's rate.  But more than eight in 10 mortgage customers have fixed-rate deals. While their monthly payments aren't immediately affected, future deals are. Competition in recent weeks has brought some rates down.  But mortgage rates are still much higher than they have been for much of the past decade. The average two-year fixed mortgage rate is 5.39%, according to financial information company Moneyfacts. A five-year deal is 5.08%. It means homebuyers and those remortgaging are having to pay a lot more than if they had borrowed the same amount a few years ago.  About 1.6 million mortgage deals were due to expire in 2024, according to the banking trade body UK Finance. You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.  Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England. However, if rates fall, interest payments may get cheaper. Savings The Bank of England interest rate also affects how much savers earn on their money.  Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers. The UK's financial watchdog has previously warned banks will face ""robust action"" if they offer unjustifiably low savings rates. In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world's seven largest so-called ""advanced"" economies. In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years. It cut rates again to 3.5% in September.  US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.  The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024. ",BBC,16/07/2021,"['The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected at its next meeting in November.', 'Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.', 'The first drop in rates for more than four years came in August, but borrowing costs remain high for many.', 'An interest rate tells you how much it costs to borrow money, or the reward for saving it.', ""The Bank of England's base rate is what it charges other lenders to borrow money."", 'This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings accounts.', 'The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time.', 'When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target.', 'The idea is to encourage people to spend less, to help bring inflation down by reducing demand.', 'Once this starts to happen, the Bank may hold rates, or cut them.', 'The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years.', 'However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979.', 'Inflation is now far below the peak of 11.1% in October 2022.', 'The main inflation measure, CPI, rose by 1.7% in September which was down from 2.2% in August.', 'This means prices are rising at a much slower rate than in 2022 and 2023.', 'Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said slowing inflation meant the Bank should be able to cut interest rates gradually over the upcoming months.', 'But, he added, ""it\'s vital that inflation stays low, so we need to be careful not to cut too fast or by too much"".', 'The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like.', 'Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months.', 'It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.', 'In October, Mr Bailey said that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.', 'However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation.', 'Given the sharper than expected drop in the September inflation figure, many analysts expect the Bank to cut rates at its next meeting on 7 November.', ""It is difficult to predict exactly what will happen to interest rates as this depends whether inflation remains consistently below the Bank's target."", 'In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.', 'The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control.', 'But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"".', ""Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey."", 'More than half a million homeowners have a mortgage that ""tracks"" the Bank of England\'s rate.', 'But more than eight in 10 mortgage customers have fixed-rate deals.', ""While their monthly payments aren't immediately affected, future deals are."", 'Competition in recent weeks has brought some rates down.', 'But mortgage rates are still much higher than they have been for much of the past decade.', 'The average two-year fixed mortgage rate is 5.39%, according to financial information company Moneyfacts.', 'A five-year deal is 5.08%.', 'It means homebuyers and those remortgaging are having to pay a lot more than if they had borrowed the same amount a few years ago.', 'About 1.6 million mortgage deals were due to expire in 2024, according to the banking trade body UK Finance.', 'You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.', 'Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England.', 'However, if rates fall, interest payments may get cheaper.', 'Savings The Bank of England interest rate also affects how much savers earn on their money.', 'Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers.', 'The UK\'s financial watchdog has previously warned banks will face ""robust action"" if they offer unjustifiably low savings rates.', 'In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world\'s seven largest so-called ""advanced"" economies.', 'In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years.', 'It cut rates again to 3.5% in September.', 'US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.', 'The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024.']",0.1381173630805738,"You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.","It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.",-0.324101366780021,"However, if rates fall, interest payments may get cheaper.","US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.",2024-10-17
+Boeing to raise as much as $25 billion to shore up balance sheet,https://www.cnbc.com/2024/10/15/boeing-equity-debt-raise.html,2024-10-16T00:15:45+0000,"In this articleBoeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs.""This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company's balance sheet over a three year period,"" Boeing said in a statement.Boeing shares are down nearly 42% this year as of Tuesday.Bank of America aerospace analysts have estimated that Boeing will raise between $10 billion and $15 billion in equity.""We expect Boeing to offer equity first, which should shore up the company's balance sheet in the near term while maintaining the option to later issue equity debt with a lower risk of a credit downgrade,"" BoFA analyst Ron Epstein wrote Tuesday.Fitch Ratings said Boeing's announcement Tuesday will ""increase financial flexibility and moderate near-term liquidity concerns.""Boeing is trying to shore up its balance sheet as it faces warnings from credit ratings agencies that it could lose its investment-grade rating.S&P Global Ratings, one of the agencies that warned about a downgrade, last week estimated that the machinist strike is costing Boeing more than $1 billion a month.The two sides have been at an impasse. On Tuesday, four U.S. lawmakers representing Washington state wrote to Boeing's new CEO, Kelly Ortberg, Jon Holden, president of IAM District 751, and Brandon Bryant, president president of IAM District W24, urging the parties to come to a solution.The lawmakers said they hoped they will ""will expeditiously work out a fair and durable deal that recognizes the importance of the machinist workforce to Boeing's future, the aerospace economy of the Pacific Northwest, and the nation,"" in the letter, signed by Washington state Democrats, Sens. Maria Cantwell, Patty Murray and U.S. Rep. Adam Smith and Rep. Rick Larsen.Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement.""The credit facility provides additional short term access to liquidity as we navigate through a challenging environment,"" the company said in a statement. ""The company has not drawn on this facility or its existing credit revolver.""On Friday, Ortberg, warned that the company plans to lay off about 17,000 employees, or 10% of its global workforce to cut costs.""We need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones on the path to recovery,"" he said, adding that Boeing needs to focus resources on ""areas that are core to who we are.""The announcement came alongside preliminary financial results, showing mounting losses and $5 billion in charges in Boeing's defense and commercial airplane units.On Oct. 23, Ortberg will hold his first quarterly investor call since becoming Boeing's CEO in August.",CNBC,16/10/2024,"['In this articleBoeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs.', '""This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company\'s balance sheet over a three year period,"" Boeing said in a statement.', 'Boeing shares are down nearly 42% this year as of Tuesday.', 'Bank of America aerospace analysts have estimated that Boeing will raise between $10 billion and $15 billion in equity.', '""We expect Boeing to offer equity first, which should shore up the company\'s balance sheet in the near term while maintaining the option to later issue equity debt with a lower risk of a credit downgrade,"" BoFA analyst Ron Epstein wrote Tuesday.', 'Fitch Ratings said Boeing\'s announcement Tuesday will ""increase financial flexibility and moderate near-term liquidity concerns.', '""Boeing is trying to shore up its balance sheet as it faces warnings from credit ratings agencies that it could lose its investment-grade rating.', 'S&P Global Ratings, one of the agencies that warned about a downgrade, last week estimated that the machinist strike is costing Boeing more than $1 billion a month.', 'The two sides have been at an impasse.', ""On Tuesday, four U.S. lawmakers representing Washington state wrote to Boeing's new CEO, Kelly Ortberg, Jon Holden, president of IAM District 751, and Brandon Bryant, president president of IAM District W24, urging the parties to come to a solution."", 'The lawmakers said they hoped they will ""will expeditiously work out a fair and durable deal that recognizes the importance of the machinist workforce to Boeing\'s future, the aerospace economy of the Pacific Northwest, and the nation,"" in the letter, signed by Washington state Democrats, Sens.', 'Maria Cantwell, Patty Murray and U.S. Rep. Adam Smith and Rep. Rick Larsen.', 'Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement.', '""The credit facility provides additional short term access to liquidity as we navigate through a challenging environment,"" the company said in a statement. ""', 'The company has not drawn on this facility or its existing credit revolver.', '""On Friday, Ortberg, warned that the company plans to lay off about 17,000 employees, or 10% of its global workforce to cut costs.', '""We need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones on the path to recovery,"" he said, adding that Boeing needs to focus resources on ""areas that are core to who we are.', '""The announcement came alongside preliminary financial results, showing mounting losses and $5 billion in charges in Boeing\'s defense and commercial airplane units.', ""On Oct. 23, Ortberg will hold his first quarterly investor call since becoming Boeing's CEO in August.""]",0.1114759959822811,"Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement.","In this articleBoeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs.",0.0818098508394681,"""We expect Boeing to offer equity first, which should shore up the company's balance sheet in the near term while maintaining the option to later issue equity debt with a lower risk of a credit downgrade,"" BoFA analyst Ron Epstein wrote Tuesday.","""The announcement came alongside preliminary financial results, showing mounting losses and $5 billion in charges in Boeing's defense and commercial airplane units.",2024-10-17
+Netflix earnings are after the bell. Here's what to expect,https://www.cnbc.com/2024/10/17/netflix-nflx-earnings-q3-2024.html,2024-10-17T16:18:26+0000,"In this articleLOS ANGELES — Netflix is due to report third-quarter earnings after the closing bell Thursday.Wall Street will be paying close attention to details surrounding the company's advertising-supported business model, upcoming live sporting events and the continued effects of its password crackdown on subscriber numbers.After all, this is one of the last times Netflix will report subscriber data to shareholders, as it plans to focus on revenue and other financial metrics as performance indicators.Here is what Wall Street expects for the company's most-recent quarter: Active subscriber numbers are expected to be flat for the third quarter, as gains from its crackdown on password sharing start to taper off. This has led some Wall Street analysts to predict that Netflix will soon announce price hikes.New Street Research analyst Dan Salmon and Morgan Stanley analyst Benjamin Swinburne both noted expected price increase announcements in recent research notes to investors.As of Wednesday's close, the company's stock was up 44% year to date and around 95% over the past 12 months.This is a breaking news story. Please check back for updates.",CNBC,17/10/2024,"['In this articleLOS ANGELES — Netflix is due to report third-quarter earnings after the closing bell Thursday.', ""Wall Street will be paying close attention to details surrounding the company's advertising-supported business model, upcoming live sporting events and the continued effects of its password crackdown on subscriber numbers."", 'After all, this is one of the last times Netflix will report subscriber data to shareholders, as it plans to focus on revenue and other financial metrics as performance indicators.', ""Here is what Wall Street expects for the company's most-recent quarter:Active subscriber numbers are expected to be flat for the third quarter, as gains from its crackdown on password sharing start to taper off."", 'This has led some Wall Street analysts to predict that Netflix will soon announce price hikes.', 'New Street Research analyst Dan Salmon and Morgan Stanley analyst Benjamin Swinburne both noted expected price increase announcements in recent research notes to investors.', ""As of Wednesday's close, the company's stock was up 44% year to date and around 95% over the past 12 months."", 'This is a breaking news story.', 'Please check back for updates.']",0.193240041108,"Here is what Wall Street expects for the company's most-recent quarter:Active subscriber numbers are expected to be flat for the third quarter, as gains from its crackdown on password sharing start to taper off.",,0.1160665303468704,"As of Wednesday's close, the company's stock was up 44% year to date and around 95% over the past 12 months.","Here is what Wall Street expects for the company's most-recent quarter:Active subscriber numbers are expected to be flat for the third quarter, as gains from its crackdown on password sharing start to taper off.",2024-10-17
+When is the Budget and what might be in it?,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. She has already warned that it will involve ""difficult decisions"" on tax, spending and benefits.  Prime Minister Sir Keir Starmer told the BBC the ""tough"" Budget will ""focus on rebuilding our country"". Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The speech outlines the government's plans for raising or lowering taxes.  It also includes big decisions about spending on health, schools, police and other public services. The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget in March 2024, before the general election. But after a change of government, the new chancellor holds another Budget to set out their financial priorities. The 2024 autumn Budget is on Wednesday 30 October. The Budget speech usually starts at about 12:30 UK time and lasts about an hour. It will be broadcast live on the BBC iPlayer and on the BBC News website. The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down. The government has repeatedly said that boosting growth in the economy is its key  priority. Reeves has talked about the ""long-term prize"" that would follow if Labour can restore stability, while Sir Keir has said he will “do everything in my power"" to galvanise growth. A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises. Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries. However, the UK economy stalled in June and July before returning to modest growth in August. When Labour took power in July, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny. She said she was facing a £22bn ""black hole"", and warned that the government would have to raise taxes as a result. This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years. Influential think tank the Institute for Fiscal Studies (IFS) suggested that - in order for the government to meet its pre-election promises - Reeves would have to raise £16bn more on top of the £9bn in tax rises set out in the Labour manifesto. In October, government sources told the BBC the Budget would include tax rises and spending cuts to the value of £40bn.   At the election Labour promised not to increase taxes on ""working people"", and said it would not raise VAT (value added tax), income tax or National Insurance (NI). But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises:  National Insurance contributions by employers The prime minister and the chancellor have both refused to rule out an increase in employer NI payments. Reeves has said Labour's election pledge related to the employee element. Employers currently pay NI on their workers' earnings at a rate of 13.8%. At the moment companies do not pay NI on pension contributions they make for staff, but reports have suggested this could change. Businesses have argued that raising NI for employers will make it harder to hire staff and create jobs. Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments. It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay. For higher earners, the levy is currently 24% on gains from selling additional property, or 20% on profits from other assets like shares. There has been speculation that rate could be increased in the Budget, although the prime minister appeared to dismiss suggestions that it could rise as high as 39%. Some argue CGT rates should rise as they are lower than income tax and therefore benefit the wealthy. Others say that raising the rates will hit Labour's plans to grow the economy. Pension taxation There are various ways the chancellor could raise more money by changing the way private pensions are taxed.  That could include reducing the cap on tax-free lump sums from pension pots, cutting the tax break for employers putting money into employees' pensions, or changing the system of tax relief on pension contributions. At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%. The government could introduce a single flat rate of relief which would make the system less generous for higher earners, although reports have suggested this is now an unlikely move. Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. As a result, they do not pay UK tax on money they make elsewhere. In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions. Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they could bring in less money than expected. Gambling tax Reports suggest the government is considering extra taxes on gambling companies - a rumour that led the shares of UK-based bookmakers to fall. It is not clear how likely this is, with other commentary suggesting the Treasury is distancing itself from such a move. Fuel duty Fuel duty has not risen in more than a decade. It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine. However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities. State pension The state pension is set to rise by 4% in April 2025. The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget. VAT on private schools The government has said VAT will be added to private school fees from 1 January. Some private schools will lose business rates relief. Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK. The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030. The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech. It gives more details about the measures announced and what they will cost. The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.  MPs will spend several days debating the plans. They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law. ",BBC,18/09/2024,"[""Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October."", 'She has already warned that it will involve ""difficult decisions"" on tax, spending and benefits.', 'Prime Minister Sir Keir Starmer told the BBC the ""tough"" Budget will ""focus on rebuilding our country"".', ""Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons."", ""The speech outlines the government's plans for raising or lowering taxes."", 'It also includes big decisions about spending on health, schools, police and other public services.', 'The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget in March 2024, before the general election.', 'But after a change of government, the new chancellor holds another Budget to set out their financial priorities.', 'The 2024 autumn Budget is on Wednesday 30 October.', 'The Budget speech usually starts at about 12:30 UK time and lasts about an hour.', 'It will be broadcast live on the BBC iPlayer and on the BBC News website.', 'The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down.', 'The government has repeatedly said that boosting growth in the economy is its key priority.', 'Reeves has talked about the ""long-term prize"" that would follow if Labour can restore stability, while Sir Keir has said he will “do everything in my power"" to galvanise growth.', 'A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises.', 'Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.', 'However, the UK economy stalled in June and July before returning to modest growth in August.', 'When Labour took power in July, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.', 'She said she was facing a £22bn ""black hole"", and warned that the government would have to raise taxes as a result.', 'This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years.', 'Influential think tank the Institute for Fiscal Studies (IFS) suggested that - in order for the government to meet its pre-election promises - Reeves would have to raise £16bn more on top of the £9bn in tax rises set out in the Labour manifesto.', 'In October, government sources told the BBC the Budget would include tax rises and spending cuts to the value of £40bn.', 'At the election Labour promised not to increase taxes on ""working people"", and said it would not raise VAT (value added tax), income tax or National Insurance (NI).', 'But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises: National Insurance contributions by employers The prime minister and the chancellor have both refused to rule out an increase in employer NI payments.', ""Reeves has said Labour's election pledge related to the employee element."", ""Employers currently pay NI on their workers' earnings at a rate of 13.8%."", 'At the moment companies do not pay NI on pension contributions they make for staff, but reports have suggested this could change.', 'Businesses have argued that raising NI for employers will make it harder to hire staff and create jobs.', 'Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments.', 'It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay.', 'For higher earners, the levy is currently 24% on gains from selling additional property, or 20% on profits from other assets like shares.', 'There has been speculation that rate could be increased in the Budget, although the prime minister appeared to dismiss suggestions that it could rise as high as 39%.', 'Some argue CGT rates should rise as they are lower than income tax and therefore benefit the wealthy.', ""Others say that raising the rates will hit Labour's plans to grow the economy."", 'Pension taxation There are various ways the chancellor could raise more money by changing the way private pensions are taxed.', ""That could include reducing the cap on tax-free lump sums from pension pots, cutting the tax break for employers putting money into employees' pensions, or changing the system of tax relief on pension contributions."", 'At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%.', 'The government could introduce a single flat rate of relief which would make the system less generous for higher earners, although reports have suggested this is now an unlikely move.', 'Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'As a result, they do not pay UK tax on money they make elsewhere.', 'In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions.', 'Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they could bring in less money than expected.', 'Gambling tax Reports suggest the government is considering extra taxes on gambling companies - a rumour that led the shares of UK-based bookmakers to fall.', 'It is not clear how likely this is, with other commentary suggesting the Treasury is distancing itself from such a move.', 'Fuel duty Fuel duty has not risen in more than a decade.', ""It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine."", 'However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'State pension The state pension is set to rise by 4% in April 2025.', 'The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget.', 'VAT on private schools The government has said VAT will be added to private school fees from 1 January.', 'Some private schools will lose business rates relief.', 'Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK.', 'The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030.', 'The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech.', 'It gives more details about the measures announced and what they will cost.', 'The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.', 'MPs will spend several days debating the plans.', 'They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law.']",0.1217717757997723,"For higher earners, the levy is currently 24% on gains from selling additional property, or 20% on profits from other assets like shares.","When Labour took power in July, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.",0.0946753566915338,"Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.","However, the UK economy stalled in June and July before returning to modest growth in August.",2024-10-17
+National Insurance: What are NI and income tax and what do I pay?,https://www.bbc.co.uk/news/explainers-63635185,2022-11-15T17:40:23.000Z,"Ahead of the Budget on 30 October, the government has confirmed it will not increase the main rates of the two biggest personal taxes - income tax and National Insurance (NI). However, the chancellor Rachel Reeves and prime minister Sir Keir Starmer have both hinted that they may put up the rate of NI paid by employers, as they look to fill what they say is a £22bn ""black hole"" in the public finances. The rate of NI paid by workers and the self-employed has been cut in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen. The government uses National Insurance contributions (NICs) to pay for benefits and to help fund the NHS.  It is paid by employees, employers and the self-employed across the UK. Those over the state pension age do not pay it, even if they are working.  Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life. Businesses pay a rate of 13.8% on employees' earnings above a threshold of £9,100 a year. Employers also pay Class 1A and 1B National Insurance contributions on expenses and benefits they give to their employees, also at a rate of 13.8%. Neither employers nor employees pay currently NI on pension contributions, but there is widespread speculation that the Budget will set out plans for employers to start doing so.  Workers start paying NI when they turn 16 and earn more than £242 a week, or have self-employed profits of more than £12,570 a year.  The starting rate for National Insurance for 27 million employees fell twice in 2024: from 12% to 10%, and then again to 8%. The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.  For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%.  At the time, the previous government said this was worth £350 to a self-employed person earning £28,200.  Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.  The NI rate on income and profits above £50,270 remains at 2% for all workers.  Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year. It is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.  The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.  The higher rate is 40%, and is paid on earnings between £50,271 and £125,140. Once you earn more than £100,000, you also start losing the £12,570 tax-free personal allowance.  You lose £1 of your personal allowance for every £2 that your income goes above £100,000.  Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.  The additional rate of income tax of 45% is paid on all earnings above £125,140 a year.  These rates apply in England, Wales and Northern Ireland. Some income tax rates are different in Scotland, where a new 45% band took effect in April. The top rate also rose from 47% to 48%. For most families, income tax is the single biggest tax they pay.  But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.  For the poorest fifth of households, VAT is the biggest single tax paid. Despite the NI cuts in 2024, millions will still pay more tax overall because of changes to the tax thresholds.  These are the income levels at which people start paying NI or income tax, or have to pay higher rates.  These used to rise every year in line with inflation. However, the NI threshold and tax-free personal allowance have been frozen at £12,570 until 2028. Higher-rate tax continues to kick in for earnings above £50,270.  Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.  According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers. In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.  But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit. You can look at the amount of tax raised as a proportion of the size of the economy, or GDP. In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%. That puts the UK right in the middle of the G7 group of big economies.  France, Italy and Germany tax more; Canada, Japan and the US tax less. However, overall taxation in the UK is high compared with historical rates.  In its assessment of the 2024 March Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.  That would be the highest level in 80 years.  ",BBC,15/11/2022,"['Ahead of the Budget on 30 October, the government has confirmed it will not increase the main rates of the two biggest personal taxes - income tax and National Insurance (NI).', 'However, the chancellor Rachel Reeves and prime minister Sir Keir Starmer have both hinted that they may put up the rate of NI paid by employers, as they look to fill what they say is a £22bn ""black hole"" in the public finances.', 'The rate of NI paid by workers and the self-employed has been cut in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen.', 'The government uses National Insurance contributions (NICs) to pay for benefits and to help fund the NHS.', 'It is paid by employees, employers and the self-employed across the UK.', 'Those over the state pension age do not pay it, even if they are working.', 'Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life.', ""Businesses pay a rate of 13.8% on employees' earnings above a threshold of £9,100 a year."", 'Employers also pay Class 1A and 1B National Insurance contributions on expenses and benefits they give to their employees, also at a rate of 13.8%.', 'Neither employers nor employees pay currently NI on pension contributions, but there is widespread speculation that the Budget will set out plans for employers to start doing so.', 'Workers start paying NI when they turn 16 and earn more than £242 a week, or have self-employed profits of more than £12,570 a year.', 'The starting rate for National Insurance for 27 million employees fell twice in 2024: from 12% to 10%, and then again to 8%.', 'The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.', 'For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%.', 'At the time, the previous government said this was worth £350 to a self-employed person earning £28,200.', 'Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.', 'The NI rate on income and profits above £50,270 remains at 2% for all workers.', 'Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year.', 'It is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.', 'The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.', 'The higher rate is 40%, and is paid on earnings between £50,271 and £125,140.', 'Once you earn more than £100,000, you also start losing the £12,570 tax-free personal allowance.', 'You lose £1 of your personal allowance for every £2 that your income goes above £100,000.', 'Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.', 'The additional rate of income tax of 45% is paid on all earnings above £125,140 a year.', 'These rates apply in England, Wales and Northern Ireland.', 'Some income tax rates are different in Scotland, where a new 45% band took effect in April.', 'The top rate also rose from 47% to 48%.', 'For most families, income tax is the single biggest tax they pay.', 'But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.', 'For the poorest fifth of households, VAT is the biggest single tax paid.', 'Despite the NI cuts in 2024, millions will still pay more tax overall because of changes to the tax thresholds.', 'These are the income levels at which people start paying NI or income tax, or have to pay higher rates.', 'These used to rise every year in line with inflation.', 'However, the NI threshold and tax-free personal allowance have been frozen at £12,570 until 2028.', 'Higher-rate tax continues to kick in for earnings above £50,270.', 'Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.', 'According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers.', 'In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.', 'But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.', 'You can look at the amount of tax raised as a proportion of the size of the economy, or GDP.', 'In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%.', 'That puts the UK right in the middle of the G7 group of big economies.', 'France, Italy and Germany tax more; Canada, Japan and the US tax less.', 'However, overall taxation in the UK is high compared with historical rates.', 'In its assessment of the 2024 March Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.', 'That would be the highest level in 80 years.']",0.1012200604847519,"But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.","For the poorest fifth of households, VAT is the biggest single tax paid.",0.0403769740036555,The top rate also rose from 47% to 48%.,"For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%.",2024-10-17
+Bank of America tops estimates on better-than-expected trading revenue,https://www.cnbc.com/2024/10/15/bank-of-america-bac-earnings-q3-2024.html,2024-10-15T20:24:29+0000,"In this articleBank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results.Here's what the company reported:The bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses.Revenue rose less than 1% to $25.49 billion as gains in trading revenue, asset management and investment banking fees offset a decline in net interest income.Shares of the bank ended the session up less than 1%. Bank of America, run by CEO Brian Moynihan since 2010, demonstrated the advantages of having a massive and diversified financial institution. Analysts have focused on the bank's core activity of taking in deposits and lending to consumers and corporations as rising rates have squeezed the firm's haul from interest income.But the quarter showed that the bank also benefits from surging activity on Wall Street through its trading and advisory operations, just as rivals JPMorgan Chase and Goldman Sachs did.Fixed income trading revenue rose 8% to $2.9 billion, topping the $2.74 billion StreetAccount estimate, on strength in currencies and interest rate activity. Equities trading jumped 18% to $2 billion, topping the $1.81 billion StreetAccount estimate, on higher cash and derivative volumes.Investment banking fees also surged 18% to $1.40 billion, topping the $1.27 billion estimate from StreetAccount.While net interest income fell 2.9% from a year earlier to $14.1 billion, that edged out the $14.06 billion StreetAccount estimate.That NII figure in the third quarter was higher than in the second quarter, a sign that the trajectory for this key metric is improving. The lender said in July that a rebound in net interest income was coming in the second half of the year.Bank of America ""seems to be turning the corner on NII inflection,"" though the degree is dependent on interest rates from here on out, Wells Fargo analyst Mike Mayo said Tuesday in a note.NII, which is one of the key ways that banks make money, is the difference between what a bank earns on loans and investments and what it pays depositors for their savings.The bank's provision for credit losses in the quarter of $1.5 billion was slightly under the $1.57 billion estimate.JPMorgan Chase and Wells Fargo on Friday posted earnings that topped estimates, helped by their investment banking operations. Goldman Sachs and Citigroup also reported results Tuesday, while Morgan Stanley will disclose earnings Wednesday.",CNBC,15/10/2024,"['In this articleBank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results.', ""Here's what the company reported:The bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses."", 'Revenue rose less than 1% to $25.49 billion as gains in trading revenue, asset management and investment banking fees offset a decline in net interest income.', 'Shares of the bank ended the session up less than 1%.', 'Bank of America, run by CEO Brian Moynihan since 2010, demonstrated the advantages of having a massive and diversified financial institution.', ""Analysts have focused on the bank's core activity of taking in deposits and lending to consumers and corporations as rising rates have squeezed the firm's haul from interest income."", 'But the quarter showed that the bank also benefits from surging activity on Wall Street through its trading and advisory operations, just as rivals JPMorgan Chase and Goldman Sachs did.', 'Fixed income trading revenue rose 8% to $2.9 billion, topping the $2.74 billion StreetAccount estimate, on strength in currencies and interest rate activity.', 'Equities trading jumped 18% to $2 billion, topping the $1.81 billion StreetAccount estimate, on higher cash and derivative volumes.', 'Investment banking fees also surged 18% to $1.40 billion, topping the $1.27 billion estimate from StreetAccount.', 'While net interest income fell 2.9% from a year earlier to $14.1 billion, that edged out the $14.06 billion StreetAccount estimate.', 'That NII figure in the third quarter was higher than in the second quarter, a sign that the trajectory for this key metric is improving.', 'The lender said in July that a rebound in net interest income was coming in the second half of the year.', 'Bank of America ""seems to be turning the corner on NII inflection,"" though the degree is dependent on interest rates from here on out, Wells Fargo analyst Mike Mayo said Tuesday in a note.', 'NII, which is one of the key ways that banks make money, is the difference between what a bank earns on loans and investments and what it pays depositors for their savings.', ""The bank's provision for credit losses in the quarter of $1.5 billion was slightly under the $1.57 billion estimate."", 'JPMorgan Chase andWells Fargoon Friday posted earnings that topped estimates, helped by their investment banking operations.', 'Goldman Sachs and Citigroup also reported results Tuesday, while Morgan Stanley will disclose earnings Wednesday.']",0.3267974629649752,"Revenue rose less than 1% to $25.49 billion as gains in trading revenue, asset management and investment banking fees offset a decline in net interest income.",,0.5013505294919014,"Fixed income trading revenue rose 8% to $2.9 billion, topping the $2.74 billion StreetAccount estimate, on strength in currencies and interest rate activity.","Here's what the company reported:The bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses.",2024-10-17
+"WNBA to expand Finals to 7 games, add to regular season next year",https://www.cnbc.com/2024/10/11/wnba-finals-to-be-7-games-in-2025-season.html,2024-10-16T19:56:15+0000,"Basketball fans will have even more chances to see their favorite stars play in the Women's National Basketball Association in the 2025 season.WNBA Commissioner Cathy Engelbert announced that the league will expand its regular season from 40 games to 44 games, and its Finals series from five games to seven games, both beginning next year. The Finals round will be a 2-2-1-1-1 format for home games, with the higher seed hosting first.The three-game first round of the playoffs will alternate hosts, instead of the higher seed hosting the first two games before switching, like it did this season.Engelbert said the league has considered the playoff changes since the Covid-19 pandemic, but the surge in its popularity and introduction of charter flights for teams was the final push needed to implement the new playoff format.""The league's growth and increased demand for WNBA basketball made this the ideal time to expand the schedule, lengthen the Finals and provide fans more opportunities to see the best players in the world compete at the highest level,"" Engelbert said during a Thursday press conference.The schedule is not the only thing expanding in next year's season. The Golden State Valkyries will debut in 2025 as the league's 13th team. Two more expansion teams have been announced, one in Toronto and one in Portland, and there are discussions in the works to lock in a city for the 16th team, Engelbert said Thursday. The Toronto and Portland teams, which are both unnamed, will start play in 2026.The additions come as the WNBA is rapidly increasing in popularity, which led to the league's most-recent media rights deal being worth $2.2 billion for 11 seasons, CNBC previously reported. The league's media contract is negotiated within the National Basketball Association's deal.Viewership, attendance and engagement numbers all increased for the 2024 season, and in some cases set new records. The influx of exciting rookies such as Caitlin Clark and Angel Reese, in combination with established stars such as Breanna Stewart and A'ja Wilson, who are the respective 2023 and 2024 MVPs, contributed to the surge.As the league has grown in popularity, more players have said they experienced racism or online harassment. When Engelbert appeared on CNBC last month, she did not outright condemn either when asked about the issue, sparking criticism. Engelbert later clarified and condemned ""hate or racism.""The WNBA is not the only women's sports league growing in popularity, and media executives and investors are taking notice. Both RedBird IMI's Jeff Zucker and Endeavor executive chairman Patrick Whitesell spoke to CNBC about the enticing opportunities across women's sports.This year's Finals are currently underway between the Minnesota Lynx and the New York Liberty. The Lynx are up 1-0 in the best-of-five series after winning in an overtime thriller Thursday night.",CNBC,16/10/2024,"[""Basketball fans will have even more chances to see their favorite stars play in the Women's National Basketball Association in the 2025 season."", 'WNBA Commissioner Cathy Engelbert announced that the league will expand its regular season from 40 games to 44 games, and its Finals series from five games to seven games, both beginning next year.', 'The Finals round will be a 2-2-1-1-1 format for home games, with the higher seed hosting first.', 'The three-game first round of the playoffs will alternate hosts, instead of the higher seed hosting the first two games before switching, like it did this season.', 'Engelbert said the league has considered the playoff changes since the Covid-19 pandemic, but the surge in its popularity and introduction of charter flights for teams was the final push needed to implement the new playoff format.', '""The league\'s growth and increased demand for WNBA basketball made this the ideal time to expand the schedule, lengthen the Finals and provide fans more opportunities to see the best players in the world compete at the highest level,"" Engelbert said during a Thursday press conference.', ""The schedule is not the only thing expanding in next year's season."", ""The Golden State Valkyries will debut in 2025 as the league's 13th team."", 'Two more expansion teams have been announced, one in Toronto and one in Portland, and there are discussions in the works to lock in a city for the 16th team, Engelbert said Thursday.', ""The Toronto and Portland teams, which are both unnamed, will start play in 2026.The additions come as the WNBA is rapidly increasing in popularity, which led to the league's most-recent media rights deal being worth $2.2 billion for 11 seasons, CNBC previously reported."", ""The league's media contract is negotiated within the National Basketball Association's deal."", 'Viewership, attendance and engagement numbers all increased for the 2024 season, and in some cases set new records.', ""The influx of exciting rookies such as Caitlin Clark and Angel Reese, in combination with established stars such as Breanna Stewart and A'ja Wilson, who are the respective 2023 and 2024 MVPs, contributed to the surge."", 'As the league has grown in popularity, more players have said they experienced racism or online harassment.', 'When Engelbert appeared on CNBC last month, she did not outright condemn either when asked about the issue, sparking criticism.', 'Engelbert later clarified and condemned ""hate or racism.', '""The WNBA is not the only women\'s sports league growing in popularity, and media executives and investors are taking notice.', ""Both RedBird IMI's Jeff Zucker and Endeavor executive chairman Patrick Whitesell spoke to CNBC about the enticing opportunities across women's sports."", ""This year's Finals are currently underway between the Minnesota Lynx and the New York Liberty."", 'The Lynx are up 1-0 in the best-of-five series after winning in an overtime thriller Thursday night.']",0.2846943299107008,"""The league's growth and increased demand for WNBA basketball made this the ideal time to expand the schedule, lengthen the Finals and provide fans more opportunities to see the best players in the world compete at the highest level,"" Engelbert said during a Thursday press conference.","Engelbert later clarified and condemned ""hate or racism.",0.965391673825004,"Viewership, attendance and engagement numbers all increased for the 2024 season, and in some cases set new records.",,2024-10-17
+Blessing scam targets older Chinese women around the world,https://www.bbc.co.uk/news/articles/cn5zn1l6g5yo,2024-10-17T00:00:01.109Z,"Chinese communities are being targeted by scammers who trick older women out of their valuables by persuading them their loved ones are in danger.  After a wave of cases on the streets of the UK, US, Australia and Canada, police are investigating and victims' families are trying to find the perpetrators. The blessing scam is an elaborate piece of criminal street theatre. A gang of usually three women act out a well-rehearsed script in Cantonese for an audience of one - the unsuspecting victim. Mungnee is a Chinese Malaysian Londoner in her sixties. She was approached in West London while on her way to yoga, by a crying woman. The woman asked in Cantonese if Mungnee knew a specific Chinese traditional healer in the area, as her husband was sick. Quickly, a second Cantonese-speaking stranger appeared, claiming she knew the healer, and offering to take them to him. Mungnee was swept along, keen to help the woman who was so upset. On a quieter side street, a third woman joined the group, claiming to be related to the healer and went to see if he could help. When she returned from speaking to the healer for 15 minutes, she had troubling news. Through his mystical powers, he had apparently discovered Mungnee was also in danger. He miraculously seemed to know all about her marriage problems, the shooting pain in her right leg - things Mungnee had not shared with them. But the next revelation was what shocked Mungnee.  “Your son is going to have an accident in the next three days and he's going to die.” The woman told Mungnee the healer could bestow a blessing that would protect her adult son. The ladies told her: “You need to take a handful of rice, and put in as much gold and cash in a bag as you can”. They would say a blessing over the valuables. Mungnee says she felt reassured by the promise her items would be returned to her after the blessing. One of the women rushed Mungnee home to collect her jewellery, then to the bank to withdraw £4,000 in cash from her savings. The valuables were placed in a plastic bag. Mungnee thinks this must have been the moment the bags were exchanged.  “It was quick as a flash - her hands are so nimble. I didn't see anything.” When she got home, Mungnee was shocked to look inside the black bag and find only a brick, a piece of cake, and two bottles of water. She says: “That's when I just turned cold.. and then I just told my son. ‘I think I've been conned. I've been scammed.’” Some of the items stolen had been in the family for generations, passed down by her mother. Mungnee’s experience is a textbook example of a blessing scam. The BBC has spoken to multiple victims who all tell similar stories - from the distraught stranger, to the claims evil spirits are threatening a relative. Even the name of the fictional healer is the same in many cases - ‘Mr Koh’.  All the victims are scammed within a few hours, in Mungnee’s case the whole con only took about three hours from beginning to end. Anqi Shen is a law professor at Northumbria University and a former Chinese police officer. She believes the blessing scam is the latest example of a centuries old tradition of street crime that exploits spiritual beliefs. “Chinese people tend to keep some valuable jewellery especially pieces made of gold, silver, jade, believed to hold protective powers,” Shen explains. She says it’s believable to victims that after such items are blessed, they could offer even greater protection. Tuyet van Huynh has started a social media campaign to raise awareness about the blessing scam, after her mother was scammed out of tens of thousands of pounds in May. Her mum was shopping in Upton in East London when three women playing the same roles persuaded her that her son was threatened by evil spirits. Police in the US, Canada, and Australia have issued warnings about blessing scams over the past year. In the UK, Mungnee and Tuyet’s mother have both reported their cases to the Metropolitan Police, who have also revealed they are investigating a number of cases in the Islington area of London. Tuyet has received reports of other incidents in Lewisham, Romford, Liverpool and, Manchester. She began to investigate what happened by gathering CCTV recordings from the area where her mother was approached. Tuyet says the footage showed her mother ""followed every instruction to the point where she was like a zombie"". Tuyet’s mother can’t explain how the crooks pulled her in with the story of the healer, as she is adamantly not superstitious nor spiritual. Tuyet wondered if something else might have been involved. She began to research if there was a drug that could have put her mum under somebody’s influence, but also leave her lucid enough to gather her valuables from hiding places around her home. She has a theory: “It's a possibility that this is a drug called the Devil's Breath.” Scopolamine, colloquially known as Devil’s Breath, is used to treat motion sickness. In the right dose it can reportedly make people highly suggestable - temporarily compromising a person’s free will. It can be administered to victims in the street, without them realising they have been drugged. Tuyet has no evidence that this medication was used in her mother’s or any other case. It is one of very few drugs that could have such a lucid effect, and it has been used in robberies in Ecuador, France and Vietnam, as well as murders and sexual assaults in Colombia. While it's not known if this drug is involved in blessing scams in the UK, even if it was it would be difficult to establish. The drug passes through the body very quickly, so when Tuyet tried to get her mum tested for the drug the next day, it was already too late. Lisa Mills, a fraud expert from the charity Victim Support, says there may be other reasons the scam is so effective, and the set-up is designed to reel victims in quickly. “You are getting people that mirror you in terms of you know they look like you. They're female, similar age, speaking your language,” she explains. At the moment the scammers are still at large, but some victims' families are determined to find them Mungnee says: “I told the police, I'm willing to do anything to catch these people”. What also upsets her is that the scammers are Chinese: “They are conning their own people”. Additional reporting by Austin Landis in Colombia. What do you want BBC Verify to investigate? ",BBC,17/10/2024,"['Chinese communities are being targeted by scammers who trick older women out of their valuables by persuading them their loved ones are in danger.', ""After a wave of cases on the streets of the UK, US, Australia and Canada, police are investigating and victims' families are trying to find the perpetrators."", 'The blessing scam is an elaborate piece of criminal street theatre.', 'A gang of usually three women act out a well-rehearsed script in Cantonese for an audience of one - the unsuspecting victim.', 'Mungnee is a Chinese Malaysian Londoner in her sixties.', 'She was approached in West London while on her way to yoga, by a crying woman.', 'The woman asked in Cantonese if Mungnee knew a specific Chinese traditional healer in the area, as her husband was sick.', 'Quickly, a second Cantonese-speaking stranger appeared, claiming she knew the healer, and offering to take them to him.', 'Mungnee was swept along, keen to help the woman who was so upset.', 'On a quieter side street, a third woman joined the group, claiming to be related to the healer and went to see if he could help.', 'When she returned from speaking to the healer for 15 minutes, she had troubling news.', 'Through his mystical powers, he had apparently discovered Mungnee was also in danger.', 'He miraculously seemed to know all about her marriage problems, the shooting pain in her right leg - things Mungnee had not shared with them.', 'But the next revelation was what shocked Mungnee. “', ""Your son is going to have an accident in the next three days and he's going to die.”"", 'The woman told Mungnee the healer could bestow a blessing that would protect her adult son.', 'The ladies told her: “You need to take a handful of rice, and put in as much gold and cash in a bag as you can”.', 'They would say a blessing over the valuables.', 'Mungnee says she felt reassured by the promise her items would be returned to her after the blessing.', 'One of the women rushed Mungnee home to collect her jewellery, then to the bank to withdraw £4,000 in cash from her savings.', 'The valuables were placed in a plastic bag.', 'Mungnee thinks this must have been the moment the bags were exchanged. “', 'It was quick as a flash - her hands are so nimble.', ""I didn't see anything.”"", 'When she got home, Mungnee was shocked to look inside the black bag and find only a brick, a piece of cake, and two bottles of water.', ""She says: “That's when I just turned cold.. and then I just told my son. ‘"", ""I think I've been conned."", ""I've been scammed.’”"", 'Some of the items stolen had been in the family for generations, passed down by her mother.', 'Mungnee’s experience is a textbook example of a blessing scam.', 'The BBC has spoken to multiple victims who all tell similar stories - from the distraught stranger, to the claims evil spirits are threatening a relative.', 'Even the name of the fictional healer is the same in many cases - ‘Mr Koh’.', 'All the victims are scammed within a few hours, in Mungnee’s case the whole con only took about three hours from beginning to end.', 'Anqi Shen is a law professor at Northumbria University and a former Chinese police officer.', 'She believes the blessing scam is the latest example of a centuries old tradition of street crime that exploits spiritual beliefs. “', 'Chinese people tend to keep some valuable jewellery especially pieces made of gold, silver, jade, believed to hold protective powers,” Shen explains.', 'She says it’s believable to victims that after such items are blessed, they could offer even greater protection.', 'Tuyet van Huynh has started a social media campaign to raise awareness about the blessing scam, after her mother was scammed out of tens of thousands of pounds in May.', 'Her mum was shopping in Upton in East London when three women playing the same roles persuaded her that her son was threatened by evil spirits.', 'Police in the US, Canada, and Australia have issued warnings about blessing scams over the past year.', 'In the UK, Mungnee and Tuyet’s mother have both reported their cases to the Metropolitan Police, who have also revealed they are investigating a number of cases in the Islington area of London.', 'Tuyet has received reports of other incidents in Lewisham, Romford, Liverpool and, Manchester.', 'She began to investigate what happened by gathering CCTV recordings from the area where her mother was approached.', 'Tuyet says the footage showed her mother ""followed every instruction to the point where she was like a zombie"".', 'Tuyet’s mother can’t explain how the crooks pulled her in with the story of the healer, as she is adamantly not superstitious nor spiritual.', 'Tuyet wondered if something else might have been involved.', 'She began to research if there was a drug that could have put her mum under somebody’s influence, but also leave her lucid enough to gather her valuables from hiding places around her home.', ""She has a theory: “It's a possibility that this is a drug called the Devil's Breath.”"", 'Scopolamine, colloquially known as Devil’s Breath, is used to treat motion sickness.', 'In the right dose it can reportedly make people highly suggestable - temporarily compromising a person’s free will.', 'It can be administered to victims in the street, without them realising they have been drugged.', 'Tuyet has no evidence that this medication was used in her mother’s or any other case.', 'It is one of very few drugs that could have such a lucid effect, and it has been used in robberies in Ecuador, France and Vietnam, as well as murders and sexual assaults in Colombia.', ""While it's not known if this drug is involved in blessing scams in the UK, even if it was it would be difficult to establish."", 'The drug passes through the body very quickly, so when Tuyet tried to get her mum tested for the drug the next day, it was already too late.', 'Lisa Mills, a fraud expert from the charity Victim Support, says there may be other reasons the scam is so effective, and the set-up is designed to reel victims in quickly. “', 'You are getting people that mirror you in terms of you know they look like you.', ""They're female, similar age, speaking your language,” she explains."", ""At the moment the scammers are still at large, but some victims' families are determined to find them Mungnee says: “I told the police, I'm willing to do anything to catch these people”."", 'What also upsets her is that the scammers are Chinese: “They are conning their own people”.', 'Additional reporting by Austin Landis in Colombia.', 'What do you want BBC Verify to investigate?']",-0.1034850311643801,Mungnee says she felt reassured by the promise her items would be returned to her after the blessing.,"The BBC has spoken to multiple victims who all tell similar stories - from the distraught stranger, to the claims evil spirits are threatening a relative.",-0.027703046798706,Mungnee says she felt reassured by the promise her items would be returned to her after the blessing.,"Police in the US, Canada, and Australia have issued warnings about blessing scams over the past year.",2024-10-17
+Jeff Shell is about to lead Paramount. He may have runway to make bold changes he couldn't at NBC,https://www.cnbc.com/2024/10/11/jeff-shell-paramount-president-nbc-tenure.html,2024-10-11T13:00:42+0000,"In this articleLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.The longtime media executive is primed to help run the day-to-day media operations of Paramount Global as president of the company when its merger with Skydance Media closes in the first half of 2025, assuming regulatory approval. He'll report to current Skydance CEO David Ellison, who will take the top job as the combined company's CEO.While neither Shell nor Ellison has publicly declared specific intentions for Paramount Global due to regulations banning ""gun-jumping"" in pending mergers, Shell's recent tenure as the CEO of Comcast's NBCUniversal, the parent company of CNBC, offers clues to what may be in store for Paramount.CNBC spoke with a dozen people who worked closely with Shell during his tenure as CEO from 2019 to 2023. They described Shell as a person with big ideas and a willingness to make bold moves but with a style that depends on those around him to talk him out of decisions that may not make sense. Some of Shell's boldest ideas — such as giving NBC's 10 p.m. hour over to affiliates, merging with a rival, and turning CNBC primetime into a Fox News facsimile — never played out.Comcast CEO Brian Roberts chose Shell to replace Steve Burke as NBCUniversal CEO in 2019. Shell had consistent success running a variety of different divisions within Comcast and NBCUniversal, including NBCU International and Universal Filmed Entertainment Group.Colleagues told CNBC they found Shell to be a good listener and a collaborative decision-maker with a predilection for sometimes saying too much. His departure from NBCUniversal was sudden. In April 2023, a Comcast investigation corroborated allegations from a former CNBC reporter of sexual harassment. Shell joined private equity firm RedBird Capital Partners in February. RedBird backed the Skydance-Paramount merger and will assume a minority equity stake.Soon, Shell, 59, will be at the helm of Paramount and paired with Ellison, who has already expressed his desire to transition Paramount into a more modern media company. That may set up a dynamic where Paramount's CEO and president both want bold change.RedBird executives praised Shell during a conference call in July announcing the merger, with RedBird Partner Andrew Brandon-Gordon saying Shell's ""long-term, results-oriented, proven track record at NBCUniversal"" coupled with Ellison's creativity and tech savvy make for the perfect leadership dynamic for the future of Paramount.Still, it's possible the pairing could lead to rash decision-making, warned one executive who worked closely with Shell at NBCUniversal. Even the consideration of dramatic ideas can destabilize an organization if discussed openly without follow through, and Shell developed a reputation at NBCUniversal for what one former coworker described as a ""shoot first and aim later"" mentality — a sentiment shared by at least six others who spoke with CNBC.""What Paramount needs is blocking and tackling — mature leadership,"" said the executive who worked closely with Shell. ""Ellison is a blow-everything-up guy, and Shell needs someone who can minimize his mistakes.""Shell and Ellison both declined to comment for this story.At Paramount, Shell will be given an asset mix similar to what he oversaw at NBCUniversal — save the theme parks. He'll have a major broadcast network with NFL rights (CBS), a movie studio (Paramount Pictures), a streaming service with tens of millions of subscribers (Paramount+), a large library of TV shows and films, and a slew of cable networks with dwindling audiences.It will be Shell's mission to cut costs — Skydance has already identified $2 billion in cost efficiencies and synergies, the company said during a July conference call with investors about the merger — and transform Paramount Global into a modern media company. That likely means making bold changes to declining businesses while investing in technology.Shell may try to resurrect the idea of giving up the 10 p.m. hour — as he contemplated at NBC — for CBS, Paramount Global's national broadcast network, people who spoke to CNBC suggested. Bailing on the hour would save CBS millions on content costs. Local affiliates would welcome gaining the hour as a way to boost advertising revenue.During a 2022 CNBC interview, Shell confirmed a Wall Street Journal report that he was considering ceding the hour to local affiliates to shift resources from linear broadcast TV toward streaming.""If we're being prudent operators, which we try to be, if you're allocating a bunch of resources to one side of the business, you have to look at the allocation of resources to another,"" Shell told CNBC's David Faber at the time. ""We make a lot of money at 10 o'clock. We still have a lot of viewers at 10 o'clock. There's no question throughout the day as linear declines, you're going to have to make some tradeoffs, and we'll be looking at that as our investors would want us to look at.""The 10 p.m. hour on broadcast networks still serves as a time slot for scripted dramas — a genre that's largely gone to streaming and, in turn, has seen ratings struggle on traditional TV. CBS' 10 p.m. programming includes ""NCIS: Origins,"" ""FBI: Most Wanted,"" ""Elsbeth,"" and ""Blue Bloods,"" which is in its 14th season.Paramount Global co-CEO George Cheeks, who runs CBS, told Deadline in late 2022 that he was ""committed to 10 p.m. and continuing our ratings success in that time period.""Shell ultimately backed off giving up 10 p.m. for NBC after weighing the potential fallout with Hollywood creatives and agents, according to people familiar with the matter. Such a move at NBCUniversal would risk ruining relationships with TV titans such as ""Law & Order"" creator Dick Wolf, whose shows have occupied the 10 p.m. hour on NBC for years and have created a deep library for NBCUniversal's flagship streaming service, Peacock. Irritating Hollywood would have run counter to Shell's strategy to increase Peacock's content catalog, as NBCUniversal needed strong relationships to fuel the service with new programming.Wolf's shows were also significant moneymakers for NBCUniversal, according to a person familiar with the matter.Ceding the 10 p.m. hour would also have negatively affected the ratings of NBC's storied late night show, ""The Tonight Show."" CBS' late night show, ""The Late Show With Stephen Colbert,"" is consistently the top-rated late night show, which could naturally give Shell pause on moving away from 10 p.m. once he's overseeing Paramount assets.Still, all of the late night shows are losing audience, and a downsizing has already begun across the genre. Shell may feel it's finally time to pull the rip cord.He is clearly aware that the status quo of linear TV needs to change.""Obviously a big chunk of the company is in the linear world, and we know that linear is challenged and declining,"" Shell said during the July conference call. ""I think a lot of us in the business know, we have got to run these businesses in a different way as they decline. And so, we've spent a lot of the last few months really building a bottom-up plan, and our goal is to manage the businesses, particularly the linear businesses, for cash flow generation.""Shell is also likely to examine the content windowing strategy at Paramount, he said in July. That could mean Shell has a desire to tier Paramount+ differently, with some popular content available on more expensive tiers, perhaps ad-free, that shift to less expensive tiers, including free ad-supported Pluto, over time.""I'm a big believer in windowing strategy, and I think there's maybe a more efficient way to maximize the value of our content, and we'll continue to be in the DTC [direct-to-consumer] business,"" Shell said during the July conference call.Some media analysts, such as LightShed Partners' Rich Greenfield, have argued Paramount Global should shut down Paramount+ and instead license Paramount content to other streamers with more scale. Paramount+ has consistently lost money since its inception and won't be profitable until 2025, the company has previously said.That doesn't appear to be in Ellison and Shell's playbook for Paramount. The two have expressed their desire to partner Paramount+ with another streamer to add scale and content to the service, either through a merger or a bundle. Paramount Global has already held talks with a number of media companies about partnering on streaming, including NBCUniversal and Warner Bros. Discovery.""To be a winner in [streaming] really means being in the ultimate bundle that's coming,"" Shell said during the July conference call. ""We've had a bunch of inbound calls from a number of people about partnerships that could involve a partnership with another player or players.""At NBCUniversal, according to people familiar with his thinking, Shell privately pushed the benefits of merging with another content company — again, something that never happened.He spoke up in meetings about the benefits of merging with Viacom, WarnerMedia and even Netflix to ensure Peacock would have staying power against larger streaming services, according to people who heard him speak.Ultimately, Comcast CEO Brian Roberts decided the moves weren't in the best interest of shareholders or that it was too difficult to gain regulatory approval for them, though Roberts nearly approved a deal in 2022 for NBCUniversal to merge with video game developer Electronic Arts — a deal that, according to people familiar with the matter, would have seen Shell lose his job as NBCUniversal CEO. That role would have gone to EA CEO Andrew Wilson, the people said.Without a big merger, Shell pushed for NBCUniversal to flood Peacock with content, especially during the height of pandemic lockdowns, when Wall Street appeared to be heavily valuing media companies on their streaming subscriber numbers. He argued NBCUniversal should put most of its cable programming on Peacock, including regional sports networks, or RSNs, according to people familiar with the matter.Again, other executives talked him out of being too aggressive, arguing the company's existing pay TV distribution relationships would be harmed if NBCUniversal made that content available outside the cable bundle, according to the people. Geolocation technology issues around regional sports also would have made the inclusion of RSNs difficult, the people said.While NBCUniversal has moved toward including more cable programming on Peacock, including hit Bravo franchises such as ""The Real Housewives"" and ""Below Deck,"" it has kept RSNs and news networks MSNBC and CNBC separate.One of Shell's big decisions at Paramount will be what to do with a handful of cable channels that have effectively turned into zombie networks, largely airing reruns of the same shows to avoid spending on new content. This includes MTV, VH1 and Comedy Central.Shell wanted to combine some NBCUniversal cable networks to cut costs and push back on dwindling revenue, people familiar with the matter said, but ultimately decided not to.Shell also had ideas that didn't come to fruition about changing programming on some of NBC's cable networks. He initially wanted CNBC to adopt what he described to others as a center-right primetime lineup, according to people familiar with the discussions at the time. Then-CNBC chief Mark Hoffman argued the idea didn't make sense for the network's brand and likely wouldn't have much of an audience, and Shell backed down, the people said. CNBC did hire former Fox News anchor Shepard Smith in 2020 to anchor a prime-time show that was canceled in 2022 just months after Hoffman retired. Hoffman declined to comment for this story.One of Shell's first accomplishments upon taking the NBCUniversal job was to renew the network's ""Sunday Night Football"" deal with the NFL, and one of the last things he did was support NBC Sports moving forward with a bid for NBA rights if it got an opportunity, according to people familiar with the matter. NBC did get the chance to bid, and it's bringing back NBA games beginning in 2025 after agreeing to pay about $2.45 billion per season to the league.Both Shell and Ellison touted the importance of CBS Sports during their July conference call. When Paramount laid off hundreds of employees in September, none of them were part of CBS Sports, according to a person familiar with the matter.CBS owns a Sunday afternoon package of NFL games, part of NCAA March Madness, Big Ten football, UEFA Champions League, and The Masters, among other sports. It wouldn't be surprising if Shell migrates away from CBS entertainment programming toward sports, even in prime time, if those opportunities present themselves.Disclosure: Comcast's NBCUniversal is the parent company of CNBC.WATCH: Skydance has to prove over time it can change the future trajectory of Paramount",CNBC,11/10/2024,"['In this articleLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.', 'The longtime media executive is primed to help run the day-to-day media operations of Paramount Global as president of the company when its merger with Skydance Media closes in the first half of 2025, assuming regulatory approval.', 'He\'ll report to current Skydance CEO David Ellison, who will take the top job as the combined company\'s CEO.While neither Shell nor Ellison has publicly declared specific intentions for Paramount Global due to regulations banning ""gun-jumping"" in pending mergers, Shell\'s recent tenure as the CEO of Comcast\'s NBCUniversal, the parent company of CNBC, offers clues to what may be in store for Paramount.', 'CNBC spoke with a dozen people who worked closely with Shell during his tenure as CEO from 2019 to 2023.', 'They described Shell as a person with big ideas and a willingness to make bold moves but with a style that depends on those around him to talk him out of decisions that may not make sense.', ""Some of Shell's boldest ideas — such as giving NBC's 10 p.m. hour over to affiliates, merging with a rival, and turning CNBC primetime into a Fox News facsimile — never played out."", 'Comcast CEO Brian Roberts chose Shell to replace Steve Burke as NBCUniversal CEO in 2019.', 'Shell had consistent success running a variety of different divisions within Comcast and NBCUniversal, including NBCU International and Universal Filmed Entertainment Group.', 'Colleagues told CNBC they found Shell to be a good listener and a collaborative decision-maker with a predilection for sometimes saying too much.', 'His departure from NBCUniversal was sudden.', 'In April 2023, a Comcast investigation corroborated allegations from a former CNBC reporter of sexual harassment.', 'Shell joined private equity firm RedBird Capital Partners in February.', 'RedBird backed the Skydance-Paramount merger and will assume a minority equity stake.', 'Soon, Shell, 59, will be at the helm of Paramount and paired with Ellison, who has already expressed his desire to transition Paramount into a more modern media company.', ""That may set up a dynamic where Paramount's CEO and president both want bold change."", 'RedBird executives praised Shell during a conference call in July announcing the merger, with RedBird Partner Andrew Brandon-Gordon saying Shell\'s ""long-term, results-oriented, proven track record at NBCUniversal"" coupled with Ellison\'s creativity and tech savvy make for the perfect leadership dynamic for the future of Paramount.', ""Still, it's possible the pairing could lead to rash decision-making, warned one executive who worked closely with Shell at NBCUniversal."", 'Even the consideration of dramatic ideas can destabilize an organization if discussed openly without follow through, and Shell developed a reputation at NBCUniversal for what one former coworker described as a ""shoot first and aim later"" mentality — a sentiment shared by at least six others who spoke with CNBC.""What Paramount needs is blocking and tackling — mature leadership,"" said the executive who worked closely with Shell. ""', 'Ellison is a blow-everything-up guy, and Shell needs someone who can minimize his mistakes.', '""Shell and Ellison both declined to comment for this story.', 'At Paramount, Shell will be given an asset mix similar to what he oversaw at NBCUniversal — save the theme parks.', ""He'll have a major broadcast network with NFL rights (CBS), a movie studio (Paramount Pictures), a streaming service with tens of millions of subscribers (Paramount+), a large library of TV shows and films, and a slew of cable networks with dwindling audiences."", ""It will be Shell's mission to cut costs — Skydance has already identified $2 billion in cost efficiencies and synergies, the company said during a July conference callwith investors about the merger — and transform Paramount Global into a modern media company."", 'That likely means making bold changes to declining businesses while investing in technology.', ""Shell may try to resurrect the idea of giving up the 10 p.m. hour — as he contemplated at NBC — for CBS, Paramount Global's national broadcast network, people who spoke to CNBC suggested."", 'Bailing on the hour would save CBS millions on content costs.', 'Local affiliates would welcome gaining the hour as a way to boost advertising revenue.', 'During a 2022 CNBC interview, Shell confirmed a Wall Street Journal report that he was considering ceding the hour to local affiliates to shift resources from linear broadcast TV toward streaming.', '""If we\'re being prudent operators, which we try to be, if you\'re allocating a bunch of resources to one side of the business, you have to look at the allocation of resources to another,"" Shell told CNBC\'s David Faber at the time. ""', ""We make a lot of money at 10 o'clock."", ""We still have a lot of viewers at 10 o'clock."", ""There's no question throughout the day as linear declines, you're going to have to make some tradeoffs, and we'll be looking at that as our investors would want us to look at."", '""The 10 p.m. hour on broadcast networks still serves as a time slot for scripted dramas — a genre that\'s largely gone to streaming and, in turn, has seen ratings struggle on traditional TV.', 'CBS\' 10 p.m. programming includes ""NCIS: Origins,"" ""FBI: Most Wanted,"" ""Elsbeth,"" and ""Blue Bloods,"" which is in its 14th season.', 'Paramount Global co-CEO George Cheeks, who runs CBS, told Deadline in late 2022 that he was ""committed to 10 p.m. and continuing our ratings success in that time period.', '""Shell ultimately backed off giving up 10 p.m. for NBC after weighing the potential fallout with Hollywood creatives and agents, according to people familiar with the matter.', 'Such a move at NBCUniversal would risk ruining relationships with TV titans such as ""Law & Order"" creator Dick Wolf, whose shows have occupied the 10 p.m. hour on NBC for years and have created a deep library for NBCUniversal\'s flagship streaming service, Peacock.', ""Irritating Hollywood would have run counter to Shell's strategy to increase Peacock's content catalog, as NBCUniversal needed strong relationships to fuel the service with new programming."", ""Wolf's shows were also significant moneymakers for NBCUniversal, according to a person familiar with the matter."", 'Ceding the 10 p.m. hour would also have negatively affected the ratings of NBC\'s storied late night show, ""The Tonight Show.""', 'CBS\' late night show, ""The Late Show With Stephen Colbert,"" is consistently the top-rated late night show, which could naturally give Shell pause on moving away from 10 p.m. once he\'s overseeing Paramount assets.', 'Still, all of the late night shows are losing audience, and a downsizing has already begun across the genre.', ""Shell may feel it's finally time to pull the rip cord."", 'He is clearly aware that the status quo of linear TV needs to change.', '""Obviously a big chunk of the company is in the linear world, and we know that linear is challenged and declining,"" Shell said during the July conference call. ""', 'I think a lot of us in the business know, we have got to run these businesses in a different way as they decline.', ""And so, we've spent a lot of the last few months really building a bottom-up plan, and our goal is to manage the businesses, particularly the linear businesses, for cash flow generation."", '""Shell is also likely to examine the content windowing strategy at Paramount, he said in July.', 'That could mean Shell has a desire to tier Paramount+ differently, with some popular content available on more expensive tiers, perhaps ad-free, that shift to less expensive tiers, including free ad-supported Pluto, over time.', '""I\'m a big believer in windowing strategy, and I think there\'s maybe a more efficient way to maximize the value of our content, and we\'ll continue to be in the DTC [direct-to-consumer] business,"" Shell said during the July conference call.', ""Some media analysts, such as LightShed Partners' Rich Greenfield, have argued Paramount Global should shut down Paramount+ and instead license Paramount content to other streamers with more scale."", ""Paramount+ has consistently lost money since its inception and won't be profitable until 2025, the company has previously said."", ""That doesn't appear to be in Ellison and Shell's playbook for Paramount."", 'The two have expressed their desire to partner Paramount+ with another streamer to add scale and content to the service, either through a merger or a bundle.', 'Paramount Global has already held talks with a number of media companies about partnering on streaming, including NBCUniversal and Warner Bros. Discovery.', '""To be a winner in [streaming] really means being in the ultimate bundle that\'s coming,"" Shell said during the July conference call. ""', ""We've had a bunch of inbound calls from a number of people about partnerships that could involve a partnership with another player or players."", '""At NBCUniversal, according to people familiar with his thinking, Shell privately pushed the benefits of merging with another content company — again, something that never happened.', 'He spoke up in meetings about the benefits of merging with Viacom, WarnerMedia and even Netflix to ensure Peacock would have staying power against larger streaming services, according to people who heard him speak.', ""Ultimately, Comcast CEO Brian Roberts decided the moves weren't in the best interest of shareholders or that it was too difficult to gain regulatory approval for them, though Roberts nearly approved a deal in 2022 for NBCUniversal to merge with video game developer Electronic Arts — a deal that, according to people familiar with the matter, would have seen Shell lose his job as NBCUniversal CEO."", 'That role would have gone to EA CEO Andrew Wilson, the people said.', 'Without a big merger, Shell pushed for NBCUniversal to flood Peacock with content, especially during the height of pandemic lockdowns, when Wall Street appeared to be heavily valuing media companies on their streaming subscriber numbers.', 'He argued NBCUniversal should put most of its cable programming on Peacock, including regional sports networks, or RSNs, according to people familiar with the matter.', ""Again, other executives talked him out of being too aggressive, arguing the company's existing pay TV distribution relationships would be harmed if NBCUniversal made that content available outside the cable bundle, according to the people."", 'Geolocation technology issues around regional sports also would have made the inclusion of RSNs difficult, the people said.', 'While NBCUniversal has moved toward including more cable programming on Peacock, including hit Bravo franchises such as ""The Real Housewives"" and ""Below Deck,"" it has kept RSNs and news networks MSNBC and CNBC separate.', ""One of Shell's big decisions at Paramount will be what to do with a handful of cable channels that have effectively turned into zombie networks, largely airing reruns of the same shows to avoid spending on new content."", 'This includes MTV, VH1 and Comedy Central.', 'Shell wanted to combine some NBCUniversal cable networks to cut costs and push back on dwindling revenue, people familiar with the matter said, but ultimately decided not to.', ""Shell also had ideas that didn't come to fruition about changing programming on some of NBC's cable networks."", 'He initially wanted CNBC to adopt what he described to others as a center-right primetime lineup, according to people familiar with the discussions at the time.', ""Then-CNBC chief Mark Hoffman argued the idea didn't make sense for the network's brand and likely wouldn't have much of an audience, and Shell backed down, the people said."", 'CNBC did hire former Fox News anchor Shepard Smith in 2020 to anchor a prime-time show that was canceled in 2022 just months after Hoffman retired.', 'Hoffman declined to comment for this story.', 'One of Shell\'s first accomplishments upon taking the NBCUniversal job was to renew the network\'s ""Sunday Night Football"" deal with the NFL, and one of the last things he did was support NBC Sports moving forward with a bid for NBA rights if it got an opportunity, according to people familiar with the matter.', ""NBC did get the chance to bid, and it's bringing back NBA games beginning in 2025 after agreeing to pay about $2.45 billion per season to the league."", 'Both Shell and Ellison touted the importance of CBS Sports during their July conference call.', 'When Paramount laid off hundreds of employees in September, none of them were part of CBS Sports, according to a person familiar with the matter.', 'CBS owns a Sunday afternoon package of NFL games, part of NCAA March Madness, Big Ten football, UEFA Champions League, and The Masters, among other sports.', ""It wouldn't be surprising if Shell migrates away from CBS entertainment programming toward sports, even in prime time, if those opportunities present themselves."", ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC.WATCH: Skydance has to prove over time it can change the future trajectory of Paramount""]",0.1525307710050343,"That could mean Shell has a desire to tier Paramount+ differently, with some popular content available on more expensive tiers, perhaps ad-free, that shift to less expensive tiers, including free ad-supported Pluto, over time.","In this articleLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.",-0.0786813189243448,Local affiliates would welcome gaining the hour as a way to boost advertising revenue.,"Paramount+ has consistently lost money since its inception and won't be profitable until 2025, the company has previously said.",2024-10-17
+"Ulta Beauty shares tick higher, even as company sees 'headwinds' in beauty industry",https://www.cnbc.com/2024/10/16/ulta-beauty-shares-fall-as-company-sees-headwinds-in-beauty-industry.html,2024-10-16T20:27:45+0000,"In this articleUlta Beauty shares ticked up slightly on Wednesday, despite the company saying it sees ""headwinds"" and tougher competition in the beauty industry.As it hosted its investor day near its Chicago headquarters on Wednesday, the specialty retailer stuck by its forecast for this fiscal year. Ulta said it anticipates net sales will range between $11 billion and $11.2 billion and comparable sales will range from a decline of 2% to roughly flat. It said earnings per share will range between $22.60 and $23.50.For 2026 and beyond, Ulta said its financial targets will be 4% to 6% net sales growth and low double-digit diluted earnings per share growth. It said it expects mid-single-digit operating profit growth and operating margins around 12% of net sales.Yet, it did not provide a specific outlook for the 2025 fiscal year. The updates come after the company missed Wall Street's earnings expectations and cut its full-year 2024 forecast in August.Ulta's stock closed the day at $373.21, up about 1%. As of Wednesday's close, Ulta's shares have fallen about 24% so far this year. The company's stock had dropped early in the day before recovering.In his opening remarks at the investor day on Wednesday morning, CEO Dave Kimbell said this year ""has been more challenging than planned."" Kimbell said the beauty category has normalized to more modest historic growth levels, the consumer backdrop is more volatile and more competition has emerged, especially in the prestige category.He said the company is taking action to boost its sales by striking partnerships with new brands, expanding its loyalty program and personalizing promotions to engage customers.Plus, he said demographic trends will drive growth for Ulta. More men are buying beauty products, including fragrances and self-care items.Younger generations, Gen Z and Gen Alpha, are more interested in spending on beauty than prior generations, particularly on skin care or as a form of self-expression, Kimbell said. He added that Hispanic customers, who tend to be more engaged in the category, are becoming a larger portion of the U.S. population.""While we anticipate that some of these headwinds will persist in the near term, we are confident in our ability to deliver on our plans and set ourselves up for long term growth,"" he said.In her presentation on Wednesday, Chief Merchandising Officer Monica Arnaudo said Ulta will step up its emphasis on exclusive products, lead on beauty trends and carry a mix of trusted, well-loved brands as well as promising up-and-comers.""We are experts in identifying [and] bringing key trends to the market with our brand partners,"" she said. ""This will be more critical than ever as the market become increasingly competitive.""In makeup, for example, more shoppers seek multiuse products and want to get supplies for glamorous looks. In skin care, customers want to know more about items' ingredients and want dermatologist-recommended brands as they grow more health conscious, she said. In hair care, shoppers are thinking beyond shampoo and conditioner and adding on products such as scalp treatments or items designed for curly and textured hair.Already, Arnaudo said, the company has more than 40 exclusive brands and upward of 65 brands with some exclusive products.",CNBC,16/10/2024,"['In this articleUlta Beauty shares ticked up slightly on Wednesday, despite the company saying it sees ""headwinds"" and tougher competition in the beauty industry.', 'As it hosted its investor day near its Chicago headquarters on Wednesday, the specialty retailer stuck by its forecast for this fiscal year.', 'Ulta said it anticipates net sales will range between $11 billion and $11.2 billion and comparable sales will range from a decline of 2% to roughly flat.', 'It said earnings per share will range between $22.60 and $23.50.For 2026 and beyond, Ulta said its financial targets will be 4% to 6% net sales growth and low double-digit diluted earnings per share growth.', 'It said it expects mid-single-digit operating profit growth and operating margins around 12% of net sales.', 'Yet, it did not provide a specific outlook for the 2025 fiscal year.', ""The updates come after the company missed Wall Street's earnings expectations and cut its full-year 2024 forecast in August."", ""Ulta's stock closed the day at $373.21, up about 1%."", ""As of Wednesday's close, Ulta's shares have fallen about 24% so far this year."", ""The company's stock had dropped early in the day before recovering."", 'In his opening remarks at the investor day on Wednesday morning, CEO Dave Kimbell said this year ""has been more challenging than planned.""', 'Kimbell said the beauty category has normalized to more modest historic growth levels, the consumer backdrop is more volatile and more competition has emerged, especially in the prestige category.', 'He said the company is taking action to boost its sales by striking partnerships with new brands, expanding its loyalty program and personalizing promotions to engage customers.', 'Plus, he said demographic trends will drive growth for Ulta.', 'More men are buying beauty products, including fragrances and self-care items.', 'Younger generations, Gen Z and Gen Alpha, are more interested in spending on beauty than prior generations, particularly on skin care or as a form of self-expression, Kimbell said.', 'He added that Hispanic customers, who tend to be more engaged in the category, are becoming a larger portion of the U.S. population.', '""While we anticipate that some of these headwinds will persist in the near term, we are confident in our ability to deliver on our plans and set ourselves up for long term growth,"" he said.', 'In her presentation on Wednesday, Chief Merchandising Officer Monica Arnaudo said Ulta will step up its emphasis on exclusive products, lead on beauty trends and carry a mix of trusted, well-loved brands as well as promising up-and-comers.', '""We are experts in identifying [and] bringing key trends to the market with our brand partners,"" she said. ""', 'This will be more critical than ever as the market become increasingly competitive.', '""In makeup, for example, more shoppers seek multiuse products and want to get supplies for glamorous looks.', ""In skin care, customers want to know more about items' ingredients and want dermatologist-recommended brands as they grow more health conscious, she said."", 'In hair care, shoppers are thinking beyond shampoo and conditioner and adding on products such as scalp treatments or items designed for curly and textured hair.', 'Already, Arnaudo said, the company has more than 40 exclusive brands and upward of 65 brands with some exclusive products.']",0.3725384400253794,"In her presentation on Wednesday, Chief Merchandising Officer Monica Arnaudo said Ulta will step up its emphasis on exclusive products, lead on beauty trends and carry a mix of trusted, well-loved brands as well as promising up-and-comers.",The updates come after the company missed Wall Street's earnings expectations and cut its full-year 2024 forecast in August.,0.1800319870313008,"He said the company is taking action to boost its sales by striking partnerships with new brands, expanding its loyalty program and personalizing promotions to engage customers.",Ulta said it anticipates net sales will range between $11 billion and $11.2 billion and comparable sales will range from a decline of 2% to roughly flat.,2024-10-17
+JPMorgan Chase shares pop 5% after topping estimates on better-than-expected interest income,https://www.cnbc.com/2024/10/11/jpmorgan-chase-jpm-earnings-q3-2024.html,2024-10-11T15:27:04+0000,"In this articleJPMorgan Chase posted third-quarter results that topped estimates for profit and revenue as the company generated more interest income than expected.Here's what the company reported:JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion. Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.CEO Jamie Dimon touted the firm's quarterly results in a statement, while also addressing regulators' sweeping efforts to force banks to hold more capital and expressing concern about rising geopolitical risks, saying that conditions are ""treacherous and getting worse.""""We believe rules can be written that promote a strong financial system without causing undue consequences for the economy,"" Dimon said, addressing the pending regulatory changes. ""Now is an excellent time to step back and review the extensive set of existing rules – which were put in place for a good reason – to understand their impact on economic growth"" and the health of markets, he said.The bank's results were also helped by its Wall Street division. Investment banking fees climbed 31% to $2.27 billion in the quarter, exceeding the $2.02 billion estimate.Fixed income trading generated $4.5 billion in revenue, unchanged from a year earlier but topping the $4.38 billion StreetAccount estimate. Equities trading jumped 27% to $2.6 billion, edging out the $2.41 billion estimate, according to StreetAccount.The company also raised its full-year 2024 guidance for net interest income from the previous quarter, saying that NII would hit roughly $92.5 billion this year, up from the previous $91 billion guidance. Annual expenses are projected at about $91.5 billion, down from the earlier $92 billion guidance.Shares rose 5% in midday trading. JPMorgan's provision for credit losses in the quarter was $3.1 billion, worse than the $2.91 billion estimate, as the company had $2.1 billion in charge-offs and built reserves for future losses by $1 billion.Consumers are ""fine and on strong footing"" and the increase in reserves was because the bank is growing its book of credit card loans, not because the consumer is weakening, CFO Jeremy Barnum told reporters Friday.The biggest American bank has thrived in a rising rate environment, posting record net income figures since the Fed started hiking rates in 2022.Now, with the Fed cutting rates, there are questions as to how JPMorgan will navigate the change. Like other big banks, its margins may be squeezed as yields on interest-generating assets like loans fall faster than its funding costs.Last month, JPMorgan dialed back expectations for 2025 net interest income and expenses. On Friday, Barnum reiterated the bank's view that NII was headed lower before rebounding ""in the future.""The third-quarter outperformance in NII was ""a bit of a blip"" that was the result of ""intersecting trends that happen to net out"" to an increase, not a sustainable trend, he said.Shares of JPMorgan have climbed about 25% this year before Friday, exceeding the 20% gain of the KBW Bank Index.Wells Fargo also released quarterly results Friday, while Bank of America, Goldman Sachs, Citigroup and Morgan Stanley report next week.",CNBC,11/10/2024,"['In this articleJPMorgan Chase posted third-quarter results that topped estimates for profit and revenue as the company generated more interest income than expected.', ""Here's what the company reported:JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion."", 'Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.', 'CEO Jamie Dimon touted the firm\'s quarterly results in a statement, while also addressing regulators\' sweeping efforts to force banks to hold more capital and expressing concern about rising geopolitical risks, saying that conditions are ""treacherous and getting worse.', '""""We believe rules can be written that promote a strong financial system without causing undue consequences for the economy,"" Dimon said, addressing the pending regulatory changes. ""', 'Now is an excellent time to step back and review the extensive set of existing rules – which were put in place for a good reason – to understand their impact on economic growth"" and the health of markets, he said.', ""The bank's results were also helped by its Wall Street division."", 'Investment banking fees climbed 31% to $2.27 billion in the quarter, exceeding the $2.02 billion estimate.', 'Fixed income trading generated $4.5 billion in revenue, unchanged from a year earlier but topping the $4.38 billion StreetAccount estimate.', 'Equities trading jumped 27% to $2.6 billion, edging out the $2.41 billion estimate, according to StreetAccount.', 'The company also raised its full-year 2024 guidance for net interest income from the previous quarter, saying that NII would hit roughly $92.5 billion this year, up from the previous $91 billion guidance.', 'Annual expenses are projected at about $91.5 billion, down from the earlier $92 billion guidance.', 'Shares rose 5% in midday trading.', ""JPMorgan's provision for credit losses in the quarter was $3.1 billion, worse than the $2.91 billion estimate, as the company had $2.1 billion in charge-offs and built reserves for future losses by $1 billion."", 'Consumers are ""fine and on strong footing"" and the increase in reserves was because the bank is growing its book of credit card loans, not because the consumer is weakening, CFO Jeremy Barnum told reporters Friday.', 'The biggest American bank has thrived in a rising rate environment, posting record net income figures since the Fed started hiking rates in 2022.Now, with the Fed cutting rates, there are questions as to how JPMorgan will navigate the change.', 'Like other big banks, its margins may be squeezed as yields on interest-generating assets like loans fall faster than its funding costs.', 'Last month, JPMorgan dialed back expectations for 2025 net interest income and expenses.', 'On Friday, Barnum reiterated the bank\'s view that NII was headed lower before rebounding ""in the future.', '""The third-quarter outperformance in NII was ""a bit of a blip"" that was the result of ""intersecting trends that happen to net out"" to an increase, not a sustainable trend, he said.', 'Shares of JPMorgan have climbed about 25% this year before Friday, exceeding the 20% gain of the KBW Bank Index.', 'Wells Fargo also released quarterly results Friday, while Bank of America, Goldman Sachs, Citigroup and Morgan Stanley report next week.']",0.2698849930588884,"Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.","JPMorgan's provision for credit losses in the quarter was $3.1 billion, worse than the $2.91 billion estimate, as the company had $2.1 billion in charge-offs and built reserves for future losses by $1 billion.",0.1900264143943786,"Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.","Here's what the company reported:JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion.",2024-10-17
+"Chevrolet aims to defend highly profitable SUV market position with updated Tahoe, Suburban",https://www.cnbc.com/2024/10/16/2025-chevrolet-chevy-tahoe-suburban-gm-suv.html,2024-10-16T21:01:55+0000,"DETROIT — General Motors has updated its highly profitable large SUVs for Chevrolet for the 2025 model year to defend the brand's long-standing segment leadership.The Detroit automaker's Chevrolet Tahoe and Suburban have led the mainstream full-size SUV segment for more than 45 years, according to GM. But increased competition from automakers such as Ford Motor, Jeep and Nissan Motor has slowly eaten away at the automaker's market share.""We're playing a little offense here with what we're doing today,"" Chevrolet Vice President Scott Bell said Tuesday during a media event in suburban Detroit. ""We certainly have a response for our competitors from multiple segments.""Chevrolet's retail market share of full-size SUVs is about 34.2%. Adding in its GMC sibling Yukon and Yukon XL SUVs, GM's share is at 64% of the industry, according to the automaker. That is down from more than 70% when the vehicles were last fully redesigned for the 2020 model year.The large SUVs for GMC have also been updated for the 2025 model year. Both Ford and Nissan have updated their large three-row SUVs that are on sale this year.Updates to the vehicles in general include new styling, larger interior screens, enhanced performance and, in some cases, the addition of new high-end models to boost profits.For Chevrolet, the 2025 Chevrolet Tahoe and Suburban check many of those boxes and include the addition of GM's hands-free Super Cruise advanced driver-assistance system.""Overall, they're critical in our portfolio,"" Bell told CNBC. ""They're very important to us from a profitability perspective, and they have been for four years.""Starting pricing for the 2025 Tahoe will range from about $60,000 for a Tahoe LS to more than $83,000 for the top-end High Country. 2025 Suburban pricing will start between about $63,000 and more than $86,000. Prices include mandatory $1,995 destination charges.The updated SUVs are expected to begin arriving in U.S. dealerships in the coming weeks, the company said.Edmunds.com, a wholly owned subsidiary of CarMax, reports the mainstream full-size SUV segment has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017. Segment sales totaled roughly 312,500 units through September of this year.GM said sales of the Chevrolet Tahoe and Suburban are significantly lower this year due to the model-year changeover and reduction in fleet sales, but the brand continues to easily lead the segment.Combined sales of the Chevy SUVs, which are essentially the same vehicle but in different sizes, were off 19.3% through September compared to a year earlier to 102,292 units.Sales of the Ford Expedition — the closest competitor to Chevy's SUVs — totaled 73,396 units in 2023. Sales of that vehicle were up 3% through September of this year to more than 58,000 units.",CNBC,16/10/2024,"[""DETROIT — General Motors has updated its highly profitable large SUVs for Chevrolet for the 2025 model year to defend the brand's long-standing segment leadership."", ""The Detroit automaker's Chevrolet Tahoe and Suburban have led the mainstream full-size SUV segment for more than 45 years, according to GM."", ""But increased competition from automakers such as Ford Motor, Jeep and Nissan Motor has slowly eaten away at the automaker's market share."", '""We\'re playing a little offense here with what we\'re doing today,"" Chevrolet Vice President Scott Bell said Tuesday during a media event in suburban Detroit. ""', 'We certainly have a response for our competitors from multiple segments.', '""Chevrolet\'s retail market share of full-size SUVs is about 34.2%.', ""Adding in its GMC sibling Yukon and Yukon XL SUVs, GM's share is at 64% of the industry, according to the automaker."", 'That is down from more than 70% when the vehicles were last fully redesigned for the 2020 model year.', 'The large SUVs for GMC have also been updated for the 2025 model year.', 'Both Ford and Nissan have updated their large three-row SUVs that are on sale this year.', 'Updates to the vehicles in general include new styling, larger interior screens, enhanced performance and, in some cases, the addition of new high-end models to boost profits.', ""For Chevrolet, the 2025 Chevrolet Tahoe and Suburban check many of those boxes and include the addition of GM's hands-free Super Cruise advanced driver-assistance system."", '""Overall, they\'re critical in our portfolio,"" Bell told CNBC. ""', ""They're very important to us from a profitability perspective, and they have been for four years."", '""Starting pricing for the 2025 Tahoe will range from about $60,000 for a Tahoe LS to more than $83,000 for the top-end High Country.', '2025 Suburban pricing will start between about $63,000 and more than $86,000.', 'Prices include mandatory $1,995 destination charges.', 'The updated SUVs are expected to begin arriving in U.S. dealerships in the coming weeks, the company said.Edmunds.com, a wholly owned subsidiary of CarMax, reports the mainstream full-size SUV segment has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.', 'Segment sales totaled roughly 312,500 units through September of this year.', 'GM said sales of the Chevrolet Tahoe and Suburban are significantly lower this year due to the model-year changeover and reduction in fleet sales, but the brand continues to easily lead the segment.', 'Combined sales of the Chevy SUVs, which are essentially the same vehicle but in different sizes, were off 19.3% through September compared to a year earlier to 102,292 units.', ""Sales of the Ford Expedition — the closest competitor to Chevy's SUVs — totaled 73,396 units in 2023."", 'Sales of that vehicle were up 3% through September of this year to more than 58,000 units.']",0.1816681854552285,"For Chevrolet, the 2025 Chevrolet Tahoe and Suburban check many of those boxes and include the addition of GM's hands-free Super Cruise advanced driver-assistance system.","""Overall, they're critical in our portfolio,"" Bell told CNBC. """,0.0006681382656097,"Sales of that vehicle were up 3% through September of this year to more than 58,000 units.","GM said sales of the Chevrolet Tahoe and Suburban are significantly lower this year due to the model-year changeover and reduction in fleet sales, but the brand continues to easily lead the segment.",2024-10-17
+GM to invest $625 million in joint venture to mine EV battery raw materials in U.S.,https://www.cnbc.com/2024/10/16/gm-lithium-americas-joint-venture.html,2024-10-16T20:46:44+0000,"In this articleDETROIT — General Motors has agreed to establish a joint venture with Lithium Americas Corp. that includes the automaker supplying $625 million in cash and credit to the Canadian mining business, the companies announced Wednesday.The deal is centered on the development, construction and operation of a lithium carbonate mining operation called Thacker Pass in Humboldt County, Nevada. Lithium is a key component for batteries that power electric vehicles.The joint venture agreement replaces a previously announced, planned equity investment by GM into the Vancouver, Canada-based company.Securing raw materials such as lithium from the U.S. is crucial to GM's plans to profitably grow its all-electric vehicle business and meet tightening federal requirements for incentives to produce and sell the vehicles and the large batteries needed to power them.""We're pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,"" Jeff Morrison, GM senior vice president of global purchasing and supply chain, said in a release. ""Sourcing critical EV raw materials, like lithium, from suppliers in the U.S., is expected to help us manage battery cell costs, deliver value to our customers and investors, and create jobs.""The announcement sent shares of Lithium Americas higher by 23% in trading Wednesday to close at $3.29. The company's market cap is $532.9 million.GM will have a 38% interest in Thacker Pass, according to the release. The joint venture investment is expected to include $330 million cash to be contributed on the date of its closing; $100 million cash to be contributed at a ""final investment decision"" for a phase of the project; and a $195 million letter of credit facility prior to first draw on the $2.3 billion Department of Energy Loan.""Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass,"" Lithium Americas CEO Jonathan Evans said in a release.The joint venture is in addition to GM's $320 million investment into Lithium Americas in February 2023. The investment included GM acquiring approximately 15 million common shares of Lithium Americas.In August, GM and Lithium Americas agreed to delay a second tranche investment worth $330 million in the miner to explore alternative structures for the investment.",CNBC,16/10/2024,"['In this articleDETROIT — General Motors has agreed to establish a joint venture with Lithium Americas Corp. that includes the automaker supplying $625 million in cash and credit to the Canadian mining business, the companies announced Wednesday.', 'The deal is centered on the development, construction and operation of a lithium carbonate mining operation called Thacker Pass in Humboldt County, Nevada.', 'Lithium is a key component for batteries that power electric vehicles.', 'The joint venture agreement replaces a previously announced, planned equity investment by GM into the Vancouver,Canada-based company.', ""Securing raw materials such as lithium from the U.S. is crucial to GM's plans to profitably grow its all-electric vehicle business and meet tightening federal requirements for incentives to produce and sell the vehicles and the large batteries needed to power them."", '""We\'re pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,"" Jeff Morrison, GM senior vice president of global purchasing and supply chain, said in a release. ""', 'Sourcing critical EV raw materials, like lithium, from suppliers in the U.S., is expected to help us manage battery cell costs, deliver value to our customers and investors, and create jobs.', '""The announcement sent shares of Lithium Americas higher by 23% in trading Wednesday to close at $3.29.', ""The company's market cap is $532.9 million."", 'GM will have a 38% interest in Thacker Pass, according to the release.', 'The joint venture investment is expected to include $330 million cash to be contributed on the date of its closing; $100 million cash to be contributed at a ""final investment decision"" for a phase of the project; and a $195 million letter of credit facility prior to first draw on the $2.3 billion Department of Energy Loan.', '""Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass,"" Lithium Americas CEO Jonathan Evans said in a release.', ""The joint venture is in addition to GM's $320 million investment into Lithium Americas in February 2023."", 'The investment included GM acquiring approximately 15 million common shares of Lithium Americas.', 'In August, GM and Lithium Americas agreed to delay a second tranche investment worth $330 million in the miner to explore alternative structures for the investment.']",0.389142639146239,"""We're pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,"" Jeff Morrison, GM senior vice president of global purchasing and supply chain, said in a release. """,,0.998577186039516,"""Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass,"" Lithium Americas CEO Jonathan Evans said in a release.",,2024-10-17
+Goldman Sachs beats on profit and revenue as stock trading and investment banking boost results,https://www.cnbc.com/2024/10/15/goldman-sachs-gs-earnings-q3-2024.html,2024-10-15T16:09:52+0000,"In this articleGoldman Sachs topped estimates for third-quarter profit and revenue on strong results from its stock trading and investment banking operations.Here's what the company reported:The bank said profit surged 45% from a year earlier to $2.99 billion, or $8.40 per share, as revenue climbed 7% to $12.7 billion.Goldman shares were roughly flat after rising 2% earlier in the session.Over the past two years, the Federal Reserve's tightening campaign has made for a less-than-ideal environment for investment banks like Goldman. Now that the Fed is easing its benchmark rate, Goldman is positioned to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action, and rising values bolsters its asset and wealth management business.CEO David Solomon cited an ""improving operating environment"" as he touted his firm's results on Tuesday.Equities trading was the outlier this quarter, posting an 18% revenue increase to $3.5 billion, more than half a billion dollars higher than the $2.96 billion estimate from StreetAccount. The company cited strong results in both derivatives and cash trading.Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion StreetAccount estimate, on a slowdown in interest rate products and commodities.Investment banking revenue jumped 20% to $1.87 billion, topping the $1.62 billion estimate, on strength in debt and equity underwriting, and the bank said its backlog for pending deals increased from both a year earlier and the second quarter.The firm's asset and wealth management division also helped it top expectations; revenue there jumped 16% to $3.75 billion, exceeding the $3.58 billion estimate from StreetAccount on rising management fees and gains in investments.Last week, rival JPMorgan Chase set expectations high with better-than-anticipated results from trading and investment banking, factors that helped the bank top earnings estimates.Wells Fargo also exceeded estimates on Friday on the back of its investment banking division.",CNBC,15/10/2024,"['In this articleGoldman Sachs topped estimates for third-quarter profit and revenue on strong results from its stock trading and investment banking operations.', ""Here's what the company reported:The bank said profit surged 45% from a year earlier to $2.99 billion, or $8.40 per share, as revenue climbed 7% to $12.7 billion."", 'Goldman shares were roughly flat after rising 2% earlier in the session.', ""Over the past two years, the Federal Reserve's tightening campaign has made for a less-than-ideal environment for investment banks like Goldman."", 'Now that the Fed is easing its benchmark rate, Goldman is positioned to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action, and rising values bolsters its asset and wealth management business.', 'CEO David Solomon cited an ""improving operating environment"" as he touted his firm\'s results on Tuesday.', 'Equities trading was the outlier this quarter, posting an 18% revenue increase to $3.5 billion, more than half a billion dollars higher than the $2.96 billion estimate from StreetAccount.', 'The company cited strong results in both derivatives and cash trading.', 'Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion StreetAccount estimate, on a slowdown in interest rate products and commodities.', 'Investment banking revenue jumped 20% to $1.87 billion, topping the $1.62 billion estimate, on strength in debt and equity underwriting, and the bank said its backlog for pending deals increased from both a year earlier and the second quarter.', ""The firm's asset and wealth management division also helped it top expectations; revenue there jumped 16% to $3.75 billion, exceeding the $3.58 billion estimate from StreetAccount on rising management fees and gains in investments."", 'Last week, rival JPMorgan Chase set expectations high with better-than-anticipated results from trading and investment banking, factors that helped the bank top earnings estimates.', 'Wells Fargo also exceeded estimates on Friday on the back of its investment banking division.']",0.540190255345298,"Now that the Fed is easing its benchmark rate, Goldman is positioned to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action, and rising values bolsters its asset and wealth management business.",,0.6921450128922095,"Investment banking revenue jumped 20% to $1.87 billion, topping the $1.62 billion estimate, on strength in debt and equity underwriting, and the bank said its backlog for pending deals increased from both a year earlier and the second quarter.","Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion StreetAccount estimate, on a slowdown in interest rate products and commodities.",2024-10-17
+American consumers are increasingly underwater on their car loans,https://www.cnbc.com/2024/10/15/american-consumers-are-increasingly-underwater-on-their-car-loans.html,2024-10-15T17:31:33+0000,"DETROIT — A growing number of Americans with auto loans owe more than their vehicles are worth, according to a report Tuesday from Edmunds.com.The auto data and consumer research company reports the average amount owed on so-called upside-down loans climbed to an all-time high of $6,458 during the third quarter. That compares to $6,255 in the prior quarter and $5,808 a year earlier.Upside-down car loans are not necessarily dire on their own, but a growing number of consumers being underwater is another indication of pressure on American consumers.A sign of that strain came last month, when the Federal Reserve reported delinquency rates on auto loans rose substantially above pre-Covid pandemic levels to end 2023. They had fallen to historical lows during the global health crisis.""Consumers owing a grand or two more than their cars are worth isn't the end of the world, but seeing such a notable share of individuals affected at the $10,000 or even $15,000 level is nothing short of alarming,"" Jessica Caldwell, Edmunds' head of insights, said in a release.Edmunds reports more than 1 in 5 consumers with negative equity owe more than $10,000 on their auto loans. That includes 22% of vehicle owners with negative equity who owed $10,000 or more, while 7.5% have negative equity of more than $15,000.Consumers can counter upside-down car loans by holding onto the vehicles for longer periods. They also should ensure regular maintenance is done to avoid additional drops in value and costs, according to Edmunds.""With prices and interest rates being as high as they are, it's critical for consumers to think beyond the monthly payment and be honest with themselves about their ownership habits,"" Ivan Drury, Edmunds' director of insights, said. ""A seven-year auto loan is a one-way ticket to negative equity if you know you're not the type of person to keep a vehicle for that long.""The current situation with upside-down loans is largely a result of consumers who purchased new vehicles in 2021 and 2022 amid a lack of inventory due to the Covid-19 pandemic and parts shortages. Many then paid full price or more, with their vehicles depreciating faster than expected as the auto industry and inventories normalized.",CNBC,15/10/2024,"['DETROIT — A growing number of Americans with auto loans owe more than their vehicles are worth, according to a report Tuesday from Edmunds.com.', 'The auto data and consumer research company reports the average amount owed on so-called upside-down loans climbed to an all-time high of $6,458 during the third quarter.', 'That compares to $6,255 in the prior quarter and $5,808 a year earlier.', 'Upside-down car loans are not necessarily dire on their own, but a growing number of consumers being underwater is another indication of pressure on American consumers.', 'A sign of that strain came last month, when the Federal Reserve reported delinquency rates on auto loans rose substantially above pre-Covid pandemic levels to end 2023.', 'They had fallen to historical lows during the global health crisis.', '""Consumers owing a grand or two more than their cars are worth isn\'t the end of the world, but seeing such a notable share of individuals affected at the $10,000 or even $15,000 level is nothing short of alarming,"" Jessica Caldwell, Edmunds\' head of insights, said in a release.', 'Edmunds reports more than 1 in 5 consumers with negative equity owe more than $10,000 on their auto loans.', 'That includes 22% of vehicle owners with negative equity who owed $10,000 or more, while 7.5% have negative equity of more than $15,000.Consumers can counter upside-down car loans by holding onto the vehicles for longer periods.', 'They also should ensure regular maintenance is done to avoid additional drops in value and costs, according to Edmunds.', '""With prices and interest rates being as high as they are, it\'s critical for consumers to think beyond the monthly payment and be honest with themselves about their ownership habits,"" Ivan Drury, Edmunds\' director of insights, said. ""', ""A seven-year auto loan is a one-way ticket to negative equity if you know you're not the type of person to keep a vehicle for that long."", '""The current situation with upside-down loans is largely a result of consumers who purchased new vehicles in 2021 and 2022 amid a lack of inventory due to the Covid-19 pandemic and parts shortages.', 'Many then paid full price or more, with their vehicles depreciating faster than expected as the auto industry and inventories normalized.']",-0.0766998576791905,"""With prices and interest rates being as high as they are, it's critical for consumers to think beyond the monthly payment and be honest with themselves about their ownership habits,"" Ivan Drury, Edmunds' director of insights, said. """,They had fallen to historical lows during the global health crisis.,-0.0610722682692787,"The auto data and consumer research company reports the average amount owed on so-called upside-down loans climbed to an all-time high of $6,458 during the third quarter.",They had fallen to historical lows during the global health crisis.,2024-10-17
+"SpaceX’s Starship rocket completes fifth test flight, lands booster in dramatic catch",https://www.cnbc.com/2024/10/13/spacex-starship-rocket-launch-flight-5-booster-catch-attempt.html,2024-10-13T14:18:49+0000,"SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster.The achievement marks a major milestone toward SpaceX's goal of making Starship a fully reusable rocket system.Elon Musk's company launched Starship at 8:25 a.m. ET from its Starbase facility near Brownsville, Texas. The rocket's ""Super Heavy"" booster returned to land on the arms of the company's launch tower nearly seven minutes after launch.""Are you kidding me?"" SpaceX communications manager Dan Huot said on the company's webcast.""What we just saw, that looked like magic,"" Huot added.NASA Administrator Bill Nelson congratulated SpaceX in a post on social media.""As we prepare to go back to the Moon under Artemis, continued testing will prepare us for the bold missions that lie ahead,"" Nelson wrote.Starship separated and continued on to space, traveling halfway around the Earth before reentering the atmosphere and splashing down in the Indian Ocean as intended to complete the test.There were no people on board the fifth Starship flight. The company's leadership has said SpaceX expects to fly hundreds of Starship missions before the rocket launches with any crew.The full Starship system has flown four spaceflight tests previously, with launches in April and November of last year, as well as this March and June. Each of the test flights have achieved more milestones than the last.SpaceX emphasizes that it tries to build ""on what we've learned from previous flights"" in its approach to developing the massive rocket.The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth. The rocket is also critical to NASA's plan to return astronauts to the moon. SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program.The Federal Aviation Administration issued SpaceX with a license to launch Starship's fifth flight on Saturday, sooner than the regulator previously estimated. But the company wanted to launch the fifth flight earlier than October, leading both SpaceX and Musk to be vocally critical of the FAA, saying that ""superfluous environmental analysis"" was holding up the process.While the FAA and partner agencies at the U.S. Fish and Wildlife Service and the Commerce Department's National Marine Fisheries Service conducted assessments more quickly than anticipated, SpaceX has also had to pay fines to environmental regulators regarding unauthorized water discharges at its Texas launch site.With the booster catch, SpaceX has surpassed the fourth test flight's milestones.The company completed its goal of returning the booster back to the launch site and used the ""chopstick"" arms on the tower to catch the vehicle. The company sees the ambitious catch approach as critical to its goal of making the rocket fully reusable.""SpaceX engineers have spent years preparing and months testing for the booster catch attempt, with technicians pouring tens of thousands of hours into building the infrastructure to maximize our chances for success,"" the company wrote on its website.The catch requires thousands of criteria to be met, the company said. If it hadn't been ready, the booster would have diverted from the return trajectory to instead splash down off the coast in the Gulf of Mexico.""We accept no compromises when it comes to ensuring the safety of the public and our team, and the return will only be attempted if conditions are right,"" SpaceX said.Starship is both the tallest and most powerful rocket ever launched. Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.The Super Heavy booster, which stands 232 feet tall, is what begins the rocket's journey to space. At its base are 33 Raptor engines, which together produce 16.7 million pounds of thrust — about double the 8.8 million pounds of thrust of NASA's Space Launch System rocket, which launched for the first time in 2022.Starship itself, at 165 feet tall, has six Raptor engines — three for use while in the Earth's atmosphere and three for operating in the vacuum of space.The rocket is powered by liquid oxygen and liquid methane. The full system requires more than 10 million pounds of propellant for launch.",CNBC,13/10/2024,"[""SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster."", ""The achievement marks a major milestone toward SpaceX's goal of making Starship a fully reusable rocket system."", ""Elon Musk's company launched Starship at 8:25 a.m. ET from its Starbase facility near Brownsville, Texas."", 'The rocket\'s ""Super Heavy"" booster returned to land on the arms of the company\'s launch tower nearly seven minutes after launch.', '""Are you kidding me?""', ""SpaceX communications manager Dan Huot said on the company's webcast."", '""What we just saw, that looked like magic,"" Huot added.', 'NASA Administrator Bill Nelson congratulated SpaceX in a post on social media.', '""As we prepare to go back to the Moon under Artemis, continued testing will prepare us for the bold missions that lie ahead,"" Nelson wrote.', 'Starship separated and continued on to space, traveling halfway around the Earth before reentering the atmosphere and splashing down in the Indian Ocean as intended to complete the test.', 'There were no people on board the fifth Starship flight.', ""The company's leadership has said SpaceX expects to fly hundreds of Starship missions before the rocket launches with any crew."", 'The full Starship system has flown four spaceflight tests previously, with launches in April and November of last year, as well as this March and June.', 'Each of the test flights have achieved more milestones than the last.', 'SpaceX emphasizes that it tries to build ""on what we\'ve learned from previous flights"" in its approach to developing the massive rocket.', 'The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth.', ""The rocket is also critical to NASA's plan to return astronauts to the moon."", ""SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program."", ""The Federal Aviation Administration issued SpaceX with a license to launch Starship's fifth flight on Saturday, sooner than the regulator previously estimated."", 'But the company wanted to launch the fifth flight earlier than October, leading both SpaceX and Musk to be vocally critical of the FAA, saying that ""superfluous environmental analysis"" was holding up the process.', ""While the FAA and partner agencies at the U.S. Fish and Wildlife Service and the Commerce Department's National Marine Fisheries Service conducted assessments more quickly than anticipated, SpaceX has also had to pay fines to environmental regulators regarding unauthorized water discharges at its Texas launch site."", ""With the booster catch, SpaceX has surpassed the fourth test flight's milestones."", 'The company completed its goal of returning the booster back to the launch site and used the ""chopstick"" arms on the tower to catch the vehicle.', 'The company sees the ambitious catch approach as critical to its goal of making the rocket fully reusable.', '""SpaceX engineers have spent years preparing and months testing for the booster catch attempt, with technicians pouring tens of thousands of hours into building the infrastructure to maximize our chances for success,"" the company wrote on its website.', 'The catch requires thousands of criteria to be met, the company said.', ""If it hadn't been ready, the booster would have diverted from the return trajectory to instead splash down off the coast in the Gulf of Mexico."", '""We accept no compromises when it comes to ensuring the safety of the public and our team, and the return will only be attempted if conditions are right,"" SpaceX said.', 'Starship is both the tallest and most powerful rocket ever launched.', 'Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.', ""The Super Heavy booster, which stands 232 feet tall, is what begins the rocket's journey to space."", ""At its base are 33 Raptor engines, which together produce 16.7 million pounds of thrust — about double the 8.8 million pounds of thrust of NASA's Space Launch System rocket, which launched for the first time in 2022.Starship itself, at 165 feet tall, has six Raptor engines — three for use while in the Earth's atmosphere and three for operating in the vacuum of space."", 'The rocket is powered by liquid oxygen and liquid methane.', 'The full system requires more than 10 million pounds of propellant for launch.']",0.1513308088943789,"""SpaceX engineers have spent years preparing and months testing for the booster catch attempt, with technicians pouring tens of thousands of hours into building the infrastructure to maximize our chances for success,"" the company wrote on its website.","But the company wanted to launch the fifth flight earlier than October, leading both SpaceX and Musk to be vocally critical of the FAA, saying that ""superfluous environmental analysis"" was holding up the process.",0.432083785533905,SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program.,"While the FAA and partner agencies at the U.S. Fish and Wildlife Service and the Commerce Department's National Marine Fisheries Service conducted assessments more quickly than anticipated, SpaceX has also had to pay fines to environmental regulators regarding unauthorized water discharges at its Texas launch site.",2024-10-17
+Universal's Epic Universe theme park set to open in May 2025,https://www.cnbc.com/2024/10/17/universal-epic-universe-theme-park-open-date-orlando-florida.html,2024-10-17T16:39:32+0000,"Universal's Epic Universe theme park will open its gates on May 22, 2025, in Orlando, Florida.Epic Universe is the company's fourth theme park, spanning 750 acres, and is the largest of all its properties, with five themed worlds: The Wizarding World of Harry Potter – The Ministry of Magic, Super Nintendo World, How to Train Your Dragon – The Isle of Berk, Celestial Park and Dark Universe.First announced in 2019, Epic Universe represents the single-largest investment Comcast's NBCUniversal has ever made in its theme parks business and in Florida overall, CEO Brian Roberts said at the time.Construction was halted in July 2020 due to the Covid-19 pandemic, but began to ramp up again in March 2021.Adding Epic Universe to its catalog of Orlando-based amusements allows Universal to turn its two-park resort into a weeklong travel destination, and not just a two- or three-day trip for families. The company also operates Volcano Bay, a water park about a mile down the road from the Universal Studios parks.""This is such a pivotal moment for our destination, and we're thrilled to welcome guests to Epic Universe next year,"" said Karen Irwin, president and chief operating officer of Universal Orlando Resort, in a statement Thursday. ""With the addition of this spectacular new theme park, our guests will embark on an unforgettable vacation experience with a week's worth of thrills that will be nothing short of epic.""Epic Universe will be anchored around the Loews Hotels' Universal Helios Grand Hotel, a 500-room property that will have a dedicated entrance to the park for hotel guests.Universal will begin offering some multiday tickets and packages starting Oct. 22. This first phase of tickets will allow guests to purchase three-, four- or five-day admission to Universal's Orlando Resort, with one-day admission to Epic Universe.Additionally, annual passholders will have the chance to buy single-day tickets to Epic Universe on Oct. 24 before they go on sale to the general public. Other ticketing options will be available at a later date.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,17/10/2024,"[""Universal's Epic Universe theme park will open its gates on May 22, 2025, in Orlando, Florida."", ""Epic Universe is the company's fourth theme park, spanning 750 acres, and is the largest of all its properties, with five themed worlds: The Wizarding World of Harry Potter – The Ministry of Magic, Super Nintendo World, How to Train Your Dragon – The Isle of Berk, Celestial Park and Dark Universe."", ""First announced in 2019, Epic Universe represents the single-largest investment Comcast's NBCUniversal has ever made in its theme parks business and in Florida overall, CEO Brian Roberts said at the time."", 'Construction was halted in July 2020 due to the Covid-19 pandemic, but began to ramp up again in March 2021.Adding Epic Universe to its catalog of Orlando-based amusements allows Universal to turn its two-park resort into a weeklong travel destination, and not just a two- or three-day trip for families.', 'The company also operates Volcano Bay, a water park about a mile down the road from the Universal Studios parks.', '""This is such a pivotal moment for our destination, and we\'re thrilled to welcome guests to Epic Universe next year,"" said Karen Irwin, president and chief operating officer of Universal Orlando Resort, in a statement Thursday. ""', ""With the addition of this spectacular new theme park, our guests will embark on an unforgettable vacation experience with a week's worth of thrills that will be nothing short of epic."", '""Epic Universe will be anchored around the Loews Hotels\' Universal Helios Grand Hotel, a 500-room property that will have a dedicated entrance to the park for hotel guests.', 'Universal will begin offering some multiday tickets and packages starting Oct. 22.', ""This first phase of tickets will allow guests to purchase three-, four- or five-day admission to Universal's Orlando Resort, with one-day admission to Epic Universe."", 'Additionally, annual passholders will have the chance to buy single-day tickets to Epic Universe on Oct. 24 before they go on sale to the general public.', 'Other ticketing options will be available at a later date.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.2717519284594584,"""Epic Universe will be anchored around the Loews Hotels' Universal Helios Grand Hotel, a 500-room property that will have a dedicated entrance to the park for hotel guests.",,0.8303849995136261,"""This is such a pivotal moment for our destination, and we're thrilled to welcome guests to Epic Universe next year,"" said Karen Irwin, president and chief operating officer of Universal Orlando Resort, in a statement Thursday. """,,2024-10-17
+MLB playoff viewership surges as big market stars vie for World Series,https://www.cnbc.com/2024/10/16/mlb-playoff-viewership-rises-in-yankees-guardians-mets-dodgers-series.html,2024-10-16T19:59:16+0000,"Major League Baseball's postseason has been knocking it out of the park.The National League Championship Series' first game between the New York Mets and Los Angeles Dodgers on Sunday averaged 8.26 million viewers across Fox Sports' TV networks and streaming, making it the most-watched LCS game on any network since 2009, according to Fox Sports.The first game of the American League Championship Series on Monday night between the New York Yankees and Cleveland Guardians saw an uptick of 4% from 2023, grossing 3.9 million viewers, according to a TNT Sports spokesperson.Both series were competing for national attention during ""Sunday Night Football"" and ""Monday Night Football,"" where all three of New York's National Football League teams were playing in the primetime slots.The championship series gains come right after four successful league division series for MLB and its broadcast partners. The American League Division Series averaged three million viewers, a more than 20% increase from 2023, according to TNT Sports. Viewership for the National League Division Series rose, too, with game four in each series climbing from 2022.Concerns have grown in recent years that MLB's cultural relevance is falling, namely as younger generations perceived to have shorter attention spans age into key demographics for media companies. Highlights and clips have become go-to programming for sports broadcasters.Last year's World Series between the Texas Rangers and Arizona Diamondbacks also tracked the worst TV ratings in the championship series' history, although some reportedly had attributed it to the fact that the teams did not have much national appeal.The 2024 regular season was a success for MLB, as well. The league said it recorded increases in attendance, fan engagement, streaming and viewership, something it attributes to the shorter games —helped by a pitch clock introduced last season — and rule changes that have created more in-game action.""The increased enthusiasm baseball fans of all ages have shown the last two seasons is evident in all of the ways we track fan engagement,"" MLB Commissioner Rob Manfred said in a release. ""Building off last year's momentum, the 2024 season was memorable with historic performances, emerging young stars, a series of successful special events, and tight pennant races.""MLB has recently implemented several rule changes designed to increase action in games such as making the bases larger and restricting the shift. The league has also leaned in to its generational stars such as Shohei Ohtani and Aaron Judge, who are on the Dodgers and Yankees, respectively, and would face off in the World Series if each of their teams win their LCS.""The two most storied franchises in Major League Baseball coming together and playing in the World Series, there couldn't be anything better for baseball,"" Eldridge Industries CEO Todd Boehly said Tuesday to CNBC's Scott Wapner on ""Halftime Report."" Boehly's firm is an owner of the Dodgers, among other professional teams.The two other remaining teams, the Mets and Guardians, have their own draws. The Mets turned around their season in June after a winning streak, which followed a McDonald's mascot, Grimace, throwing out a first pitch at a game.The Guardians righted their season after giving up their division lead to the Kansas City Royals at the end of August behind a hot September from their star Jose Ramirez.The Yankees have a 2-0 game lead against the Guardians, and the Mets-Dodgers series is tied at 1-1.",CNBC,16/10/2024,"[""Major League Baseball's postseason has been knocking it out of the park."", ""The National League Championship Series' first game between the New York Mets and Los Angeles Dodgers on Sunday averaged 8.26 million viewers across Fox Sports' TV networks and streaming, making it the most-watched LCS game on any network since 2009, according to Fox Sports."", 'The first game of the American League Championship Series on Monday night between the New York Yankees and Cleveland Guardians saw an uptick of 4% from 2023, grossing 3.9 million viewers, according to a TNT Sports spokesperson.', 'Both series were competing for national attention during ""Sunday Night Football"" and ""Monday Night Football,"" where all three of New York\'s National Football League teams were playing in the primetime slots.', 'The championship series gains come right after four successful league division series for MLB and its broadcast partners.', 'The American League Division Series averaged three million viewers, a more than 20% increase from 2023, according to TNT Sports.', ""Viewership for the National League Division Series rose, too, with game four in each series climbing from 2022.Concerns have grown in recent years that MLB's cultural relevance is falling, namely as younger generations perceived to have shorter attention spans age into key demographics for media companies."", 'Highlights and clips have become go-to programming for sports broadcasters.', ""Last year's World Series between the Texas Rangers and Arizona Diamondbacks also tracked the worst TV ratings in the championship series' history, although some reportedly had attributed it to the fact that the teams did not have much national appeal."", 'The 2024 regular season was a success for MLB, as well.', 'The league said it recorded increases in attendance, fan engagement, streaming and viewership, something it attributes to the shorter games —helped by a pitch clock introduced last season — and rule changes that have created more in-game action.', '""The increased enthusiasm baseball fans of all ages have shown the last two seasons is evident in all of the ways we track fan engagement,""MLB Commissioner Rob Manfred said in a release. ""', ""Building off last year's momentum, the 2024 season was memorable with historic performances, emerging young stars, a series of successful special events, and tight pennant races."", '""MLB has recently implemented several rule changes designed to increase action in games such as making the bases larger and restricting the shift.', 'The league has also leaned in to its generational stars such as Shohei Ohtani and Aaron Judge, who are on the Dodgers and Yankees, respectively, and would face off in the World Series if each of their teams win their LCS.""The two most storied franchises in Major League Baseball coming together and playing in the World Series, there couldn\'t be anything better for baseball,"" Eldridge Industries CEO Todd Boehly said Tuesday to CNBC\'s Scott Wapner on ""Halftime Report.""', ""Boehly's firm is an owner of the Dodgers, among other professional teams."", 'The two other remaining teams, the Mets and Guardians, have their own draws.', ""The Mets turned around their season in June after a winning streak, which followed a McDonald's mascot, Grimace, throwing out a first pitch at a game."", 'The Guardians righted their season after giving up their division lead to the Kansas City Royals at the end of August behind a hot September from their star Jose Ramirez.', 'The Yankees have a 2-0 game lead against the Guardians, and the Mets-Dodgers series is tied at 1-1.']",0.290792848435207,"The league has also leaned in to its generational stars such as Shohei Ohtani and Aaron Judge, who are on the Dodgers and Yankees, respectively, and would face off in the World Series if each of their teams win their LCS.""The two most storied franchises in Major League Baseball coming together and playing in the World Series, there couldn't be anything better for baseball,"" Eldridge Industries CEO Todd Boehly said Tuesday to CNBC's Scott Wapner on ""Halftime Report.""","Last year's World Series between the Texas Rangers and Arizona Diamondbacks also tracked the worst TV ratings in the championship series' history, although some reportedly had attributed it to the fact that the teams did not have much national appeal.",0.6847220567556528,"The first game of the American League Championship Series on Monday night between the New York Yankees and Cleveland Guardians saw an uptick of 4% from 2023, grossing 3.9 million viewers, according to a TNT Sports spokesperson.","Last year's World Series between the Texas Rangers and Arizona Diamondbacks also tracked the worst TV ratings in the championship series' history, although some reportedly had attributed it to the fact that the teams did not have much national appeal.",2024-10-17
+Novavax says FDA put hold on combination Covid-flu shot and influenza vaccine; shares plunge,https://www.cnbc.com/2024/10/16/novavax-fda-combination-shot-and-flu-vaccine.html,2024-10-16T16:16:52+0000,"In this articleNovavax on Wednesday said the Food and Drug Administration has put a hold on its application for a combination shot targeting Covid and influenza and a stand-alone flu vaccine, sending the company's shares down sharply. The biotech company's stock fell nearly 20% on Wednesday. The so-called clinical hold is due to a single report of nerve damage in a patient who received the combination shot in a phase two trial that finished in July last year. A clinical hold is an order issued by the FDA to a manufacturer to delay or suspend a proposed clinical investigation on a drug.It is unclear if the pause will impact Novavax's ability to start and release data on phase three trials on those vaccines. Still, it appears to be a setback for the biotech company, which is scrambling to bring new products to market as demand for its Covid vaccine plummets worldwide.Novavax said it was working with the FDA to resolve the clinical hold on its combination shot and stand-alone flu vaccine. The company said other trials of its Covid and flu shots had not shown any safety concerns related to the type of nerve damage reported in the patient. Novavax said it does not believe there's an established connection that the vaccine had caused the nerve damage in the patient, but said it is working to provide more information to the FDA. ""Our goal is to successfully resolve this matter and to start our Phase 3 trial as soon as possible,"" Dr. Robert Walker, Novavax's chief medical officer, said in a release. Public health officials see Novavax's protein-based Covid vaccine as a valuable alternative for people who don't want to take mRNA shots from Pfizer and Moderna, which use a newer vaccine method to teach cells how to make proteins that trigger an immune response against Covid.Novavax's shot, meanwhile, fends off the virus with protein-based technology, a decades-old method used in routine vaccinations against hepatitis B and shingles.",CNBC,16/10/2024,"[""In this articleNovavax on Wednesday said the Food and Drug Administration has put a hold on its application for a combination shot targeting Covid and influenza and a stand-alone flu vaccine, sending the company's shares down sharply."", ""The biotech company's stock fell nearly 20% on Wednesday."", 'The so-called clinical hold is due to a single report of nerve damage in a patient who received the combination shot in a phase two trial that finished in July last year.', 'A clinical hold isan order issued by the FDA to a manufacturer to delay or suspend a proposed clinical investigation on a drug.', ""It is unclear if the pause will impact Novavax's ability to start and release data on phase three trials on those vaccines."", 'Still, it appears to be a setback for the biotech company, which is scrambling to bring new products to market as demand for its Covid vaccine plummets worldwide.', 'Novavax said it was working with the FDA to resolve the clinical hold on its combination shot and stand-alone flu vaccine.', 'The company said other trials of its Covid and flu shots had not shown any safety concerns related to the type of nerve damage reported in the patient.', 'Novavax said it does not believe there\'s an established connection that the vaccine had caused the nerve damage in the patient, but said it is working to provide more information to the FDA.""Our goal is to successfully resolve this matter and to start our Phase 3 trial as soon as possible,"" Dr. Robert Walker, Novavax\'s chief medical officer, said in a release.', ""Public health officials see Novavax's protein-based Covid vaccine as a valuable alternative for people who don't want to take mRNA shots from Pfizer and Moderna, which use a newer vaccine method to teach cells how to make proteins that trigger an immune response against Covid."", ""Novavax's shot, meanwhile, fends off the virus with protein-based technology, a decades-old method used in routine vaccinations against hepatitis B and shingles.""]",-0.0940364372935033,"Novavax said it does not believe there's an established connection that the vaccine had caused the nerve damage in the patient, but said it is working to provide more information to the FDA.""Our goal is to successfully resolve this matter and to start our Phase 3 trial as soon as possible,"" Dr. Robert Walker, Novavax's chief medical officer, said in a release.",The company said other trials of its Covid and flu shots had not shown any safety concerns related to the type of nerve damage reported in the patient.,-0.5733228921890259,"Public health officials see Novavax's protein-based Covid vaccine as a valuable alternative for people who don't want to take mRNA shots from Pfizer and Moderna, which use a newer vaccine method to teach cells how to make proteins that trigger an immune response against Covid.","In this articleNovavax on Wednesday said the Food and Drug Administration has put a hold on its application for a combination shot targeting Covid and influenza and a stand-alone flu vaccine, sending the company's shares down sharply.",2024-10-17
+Billionaire Tom Gores to buy 27% of the LA Chargers for $750 million,https://www.cnbc.com/2024/10/16/tom-gores-buys-la-chargers-stake-for-750-million-.html,2024-10-17T12:46:39+0000,"Private equity billionaire Tom Gores has agreed to pay $750 million to buy 27% of the National Football League's Los Angeles Chargers at an enterprise value of $4 billion, according to two people with knowledge of the deal who spoke on the condition of anonymity to discuss nonpublic details.The $4 billion valuation is more than a 30% discount to the team's value of $5.83 billion, according to CNBC's Official 2024 NFL Team Valuations. Limited partners with no path to control of the team typically get about a 20% to 25% discount in these deals.Gores likely got a larger than usual discount because he bought such a large chunk of the Chargers — 27%, just 3% shy of the required stake for a controlling owner, though he will be a limited partner with no say in how the team is run.The deal is also subject to a ""flip tax"" of 10% of the sale amount, with the obligation to pay falling on the seller, which will be equally divided among the other 31 teams in the league. The flip tax was an agreement the Chargers made with the league in 2015 as part of the pact to move the team to Los Angeles and is similar to the deal the Las Vegas Raiders made with the NFL before moving from Oakland, California.Gores is buying the entire 24% stake previously held by Dea Spanos Berberian as well as 1% each from Dean, Alexis and Michael Spanos, according to one of the people familiar with the deal.When the sale in completed, Dean, Alexis and Michael Spanos will own 69% of the team combined, the person said, while Gores and his wife, Holly, will hold 27% and two long-time limited partners will retain a combined 4%.Dean Spanos remains the controlling owner and chairman of the board of the Chargers. His father, the late Alex G. Spanos, bought the team in 1984 for $72 million.This transaction will also resolve, in their entirety, all of Berberian's legal disputes with her three siblings and with the Chargers. These disputes date back to 2021, when Berberian brought a lawsuit seeking to force a sale of the franchise. The legal action, and related actions filed by Berberian and her family, all ultimately failed to proceed.Gores also owns the the National Basketball Association's Detroit Pistons. The private equity founder along with this firm, Platinum Equity, bought the team for $325 million in 2011. Gores bought Platinum's stake in 2015 giving him 100% of the team's equity.The purchase of the Chargers stake is solely by Gores and not affiliated with Platinum Equity. The NFL declined to comment on the deal.Although stadium economics are an important factor in determining team valuations, when it comes to sports Gores seems to prefer being a renter rather than an operator.The Pistons play in Little Caesars Arena, which is home to the National Hockey League's Detroit Red Wings. The Ilitch family, which own the Red Wings, operates the arena, meaning they get the money from non-NHL and non-NBA events.Likewise, the Chargers play in SoFi Stadium, which is also the home of the Los Angeles Rams. Stan Kroenke, who owns the Rams, also owns the stadium, which is the main reason why the Rams are worth $8 billion compared with $5.83 billion for the Chargers, according to CNBC's 2024 rankings.But renting has its advantages: You don't have to pay the financing or operating expenses of the stadium, nor do you have the responsibility of booking events.Correction: Tom Gores' deal for a stake in the Los Angeles Chargers is subject to a ""flip tax"" of 10% of the sale amount, with the obligation to pay falling on the seller. A previous version mischaracterized the tax.",CNBC,17/10/2024,"[""Private equity billionaire Tom Gores has agreed to pay $750 million to buy 27% of the National Football League's Los Angeles Chargers at an enterprise value of $4 billion, according to two people with knowledge of the deal who spoke on the condition of anonymity to discuss nonpublic details."", ""The $4 billion valuation is more than a 30% discount to the team's value of $5.83 billion, according to CNBC's Official 2024 NFL Team Valuations."", 'Limited partners with no path to control of the team typically get about a 20% to 25% discount in these deals.', 'Gores likely got a larger than usual discount because he bought such a large chunk of the Chargers — 27%, just 3% shy of the required stake for a controlling owner, though he will be a limited partner with no say in how the team is run.', 'The deal is also subject to a ""flip tax"" of 10% of the sale amount, with the obligation to pay falling on the seller, which will be equally divided among the other 31 teams in the league.', 'The flip tax was an agreement the Chargers made with the league in 2015 as part of the pact to move the team to Los Angeles and is similar to the deal the Las Vegas Raiders made with the NFL before moving from Oakland, California.', 'Gores is buying the entire 24% stake previously held by Dea Spanos Berberian as well as 1% each from Dean, Alexis and Michael Spanos, according to one of the people familiar with the deal.', 'When the sale in completed, Dean, Alexis and Michael Spanos will own 69% of the team combined, the person said, while Gores and his wife, Holly, will hold 27% and two long-time limited partners will retain a combined 4%.Dean Spanos remains the controlling owner and chairman of the board of the Chargers.', 'His father, the late Alex G. Spanos, bought the team in 1984 for $72 million.', ""This transaction will also resolve, in their entirety, all of Berberian's legal disputes with her three siblings and with the Chargers."", 'These disputes date back to 2021, when Berberian brought a lawsuit seeking to force a sale of the franchise.', 'The legal action, and related actions filed by Berberian and her family, all ultimately failed to proceed.', ""Gores also owns the the National Basketball Association's Detroit Pistons."", 'The private equity founder along with this firm, Platinum Equity, bought the team for $325 million in 2011.', ""Gores bought Platinum's stake in 2015 giving him 100% of the team's equity."", 'The purchase of the Chargers stake is solely by Gores and not affiliated with Platinum Equity.', 'The NFL declined to comment on the deal.', 'Although stadium economics are an important factor in determining team valuations, when it comes to sports Gores seems to prefer being a renter rather than an operator.', ""The Pistons play in Little Caesars Arena, which is home to the National Hockey League's Detroit Red Wings."", 'The Ilitch family, which own the Red Wings, operates the arena, meaning they get the money from non-NHL and non-NBA events.', 'Likewise, the Chargers play in SoFi Stadium, which is also the home of the Los Angeles Rams.', ""Stan Kroenke, who owns the Rams, also owns the stadium, which is the main reason why the Rams are worth $8 billion compared with $5.83 billion for the Chargers, according to CNBC's 2024 rankings."", ""But renting has its advantages: You don't have to pay the financing or operating expenses of the stadium, nor do you have the responsibility of booking events."", 'Correction: Tom Gores\' deal for a stake in the Los Angeles Chargers is subject to a ""flip tax"" of 10% of the sale amount, with the obligation to pay falling on the seller.', 'A previous version mischaracterized the tax.']",0.0386387855973999,"The flip tax was an agreement the Chargers made with the league in 2015 as part of the pact to move the team to Los Angeles and is similar to the deal the Las Vegas Raiders made with the NFL before moving from Oakland, California.","Gores likely got a larger than usual discount because he bought such a large chunk of the Chargers — 27%, just 3% shy of the required stake for a controlling owner, though he will be a limited partner with no say in how the team is run.",0.4464324116706848,"Private equity billionaire Tom Gores has agreed to pay $750 million to buy 27% of the National Football League's Los Angeles Chargers at an enterprise value of $4 billion, according to two people with knowledge of the deal who spoke on the condition of anonymity to discuss nonpublic details.","The $4 billion valuation is more than a 30% discount to the team's value of $5.83 billion, according to CNBC's Official 2024 NFL Team Valuations.",2024-10-17
+US 'click to cancel' rule to tackle subscription traps,https://www.bbc.co.uk/news/articles/c07nlvmyl05o,2024-10-17T02:17:17.581Z,"The US Federal Trade Commission (FTC) has adopted a 'click to cancel' rule, which aims to make it easier for people to end subscriptions. It will force companies to make subscription sign-ups and cancellations equally straightforward. Businesses, including retailers and gyms, will also have to get consent from customers before renewing subscriptions or converting free trials into paid memberships. The new rule is due to come into effect in around six months' time. “Too often, businesses make people jump through endless hoops just to cancel a subscription,” said FTC chair Lina Khan.  “The FTC’s rule will end these tricks and traps, saving Americans time and money. Nobody should be stuck paying for a service they no longer want.” Under the new rule, businesses will be banned from forcing customers to go though a chatbot or an agent to cancel subscriptions that were originally signed up to using an app or website  For memberships that customers signed up to in person, businesses will have to offer the option to terminate them by calling by phone or online. Last year, the FTC took legal action against technology giant Amazon on a related issue. The lawsuit accused the firm of tricking customers into signing up for Prime subscriptions that renewed automatically and made it difficult for people to cancel. It also said Amazon's website designs pushed customers into agreeing to enrol in Prime and have the subscription automatically renewed as they were making purchases. Amazon has rejected the claims. The FTC has also taken legal action against software giant Adobe for similar reasons. It sued the company for allegedly violating consumer protection laws with ""hidden"" termination fees and a convoluted cancellation process. The FTC said Adobe had failed to clearly disclose its terms to customers, including the year-long length of a subscription and charges that would be triggered for cancelling early. Adobe has disputed the allegations. A law introduced in the UK in May also takes aim at so-called subscriptions traps.  The Digital Markets, Competition and Consumers Act 2024 requires businesses to provide clear information to consumers before they enter a subscription agreement. It forces sellers to remind customers that a free or low-cost trial is coming to an end. It also requires companies to ensure customers can easily end a contract. ",BBC,17/10/2024,"[""The US Federal Trade Commission (FTC) has adopted a 'click to cancel' rule, which aims to make it easier for people to end subscriptions."", 'It will force companies to make subscription sign-ups and cancellations equally straightforward.', 'Businesses, including retailers and gyms, will also have to get consent from customers before renewing subscriptions or converting free trials into paid memberships.', ""The new rule is due to come into effect in around six months' time. “"", 'Too often, businesses make people jump through endless hoops just to cancel a subscription,” said FTC chair Lina Khan. “', 'The FTC’s rule will end these tricks and traps, saving Americans time and money.', 'Nobody should be stuck paying for a service they no longer want.”', 'Under the new rule, businesses will be banned from forcing customers to go though a chatbot or an agent to cancel subscriptions that were originally signed up to using an app or website For memberships that customers signed up to in person, businesses will have to offer the option to terminate them by calling by phone or online.', 'Last year, the FTC took legal action against technology giant Amazon on a related issue.', 'The lawsuit accused the firm of tricking customers into signing up for Prime subscriptions that renewed automatically and made it difficult for people to cancel.', ""It also said Amazon's website designs pushed customers into agreeing to enrol in Prime and have the subscription automatically renewed as they were making purchases."", 'Amazon has rejected the claims.', 'The FTC has also taken legal action against software giant Adobe for similar reasons.', 'It sued the company for allegedly violating consumer protection laws with ""hidden"" termination fees and a convoluted cancellation process.', 'The FTC said Adobe had failed to clearly disclose its terms to customers, including the year-long length of a subscription and charges that would be triggered for cancelling early.', 'Adobe has disputed the allegations.', 'A law introduced in the UK in May also takes aim at so-called subscriptions traps.', 'The Digital Markets, Competition and Consumers Act 2024 requires businesses to provide clear information to consumers before they enter a subscription agreement.', 'It forces sellers to remind customers that a free or low-cost trial is coming to an end.', 'It also requires companies to ensure customers can easily end a contract.']",-0.0323314962477108,"The Digital Markets, Competition and Consumers Act 2024 requires businesses to provide clear information to consumers before they enter a subscription agreement.",The lawsuit accused the firm of tricking customers into signing up for Prime subscriptions that renewed automatically and made it difficult for people to cancel.,0.5942914485931396,"The FTC’s rule will end these tricks and traps, saving Americans time and money.",The lawsuit accused the firm of tricking customers into signing up for Prime subscriptions that renewed automatically and made it difficult for people to cancel.,2024-10-17
+How does WhatsApp make money?,https://www.bbc.co.uk/news/articles/c8j7nrppny2o,2024-10-16T23:10:20.700Z,"In the past 24 hours I’ve written more than 100 WhatsApp messages. None of them were very exciting. I made plans with my family, discussed work projects with colleagues, and exchanged news and gossip with some friends. Perhaps I need to up my game, but even my most boring messages were encrypted by default, and used WhatsApp’s powerful computer servers, housed in various data centres around the world. It’s not a cheap operation, and yet neither I nor any of the people I was chatting with yesterday, have ever parted with any cash to use it. The platform has nearly three billion users worldwide. So how does WhatsApp – or zapzap, as it’s nicknamed in Brazil - make its money? Admittedly, it helps that WhatsApp has a massive parent company behind it – Meta, which owns Facebook and Instagram as well. Individual, personal WhatsApp accounts like mine are free because WhatsApp makes money from corporate customers wanting to communicate with users like me. Since last year firms have been able to set up channels for free on WhatsApp, so they can send out messages to be read by all who choose to subscribe. But what they pay a premium for is access to interactions with individual customers via the app, both conversational and transactional. The UK is comparatively in its infancy here, but in the Indian city of Bangalore for example, you can now buy a bus ticket, and choose your seat, all via WhatsApp. “Our vision, if we get all of this right, is a business and a customer should be able to get things done right in a chat thread,” says Nikila Srinivasan, vice president of business messaging at Meta. “That means, if you want to book a ticket, if you want to initiate a return, if you want to make a payment, you should be able to do that without ever leaving your chat thread. And then just go right back to all of the other conversations in your life.” Businesses can also now choose to pay for a link that launches a new WhatsApp chat straight from an online ad on Facebook or Instagram to a personal account. Ms Srinivasan tells me this is alone is now worth “several billions of dollars” to the tech giant. Other messaging apps have gone down different routes. Signal, a platform renowned for its message security protocols which have become industry-standard, is a non-profit organisation. It says it has never taken money from investors (unlike the Telegram app, which relies on them). Instead, it runs on donations – which include a $50m (£38m) injection of cash from Brian Acton, one of the co-founders of WhatsApp, in 2018. “Our goal is to move as close as possible to becoming fully supported by small donors, relying on a large number of modest contributions from people who care about Signal,” wrote its president Meredith Whittaker in a blog post last year. Discord, a messaging app largely used by young gamers, has a freemium model – it is free to sign-up, but additional features, including access to games, come with a pricetag. It also offers a paid membership called Nitro, with benefits including high-quality video streaming and custom emojis, for a $9.99 monthly subscription. Snap, the firm behind Snapchat, combines a number of these models. It carries ads, has 11 million paying subscribers (as of August 2024) and also sells augmented reality glasses called Snapchat Spectacles. And it has another trick up its sleeve - according to the website Forbes, between 2016-2023 the firm made nearly $300m from interest alone. But Snap’s main source of revenue is from advertising, which brings in more than $4bn a year. The UK-based firm Element charges governments and large organisations to use its secure messaging system. Its customers use its tech but run it themselves, on their own private servers. The 10-year old firm is in “double digit million revenue” and “close to profitability”, its co-founder Matthew Hodgson tells me. He believes the most popular business model for messaging apps remains that perennial digital favourite - advertising. “Basically [many messaging platforms] sell adverts by monitoring what people do, who they talk to, and then targeting them with the best adverts,” he says. The idea is that even if there is encryption and anonymity in place, the apps don’t need to see the actual content of the messages being shared to work out a lot about their users, and they can then use that data to sell ads. “It's the old story - if you the user, aren't paying, then the chances are that you are the product,” adds Mr Hodgson. ",BBC,16/10/2024,"['In the past 24 hours I’ve written more than 100 WhatsApp messages.', 'None of them were very exciting.', 'I made plans with my family, discussed work projects with colleagues, and exchanged news and gossip with some friends.', 'Perhaps I need to up my game, but even my most boring messages were encrypted by default, and used WhatsApp’s powerful computer servers, housed in various data centres around the world.', 'It’s not a cheap operation, and yet neither I nor any of the people I was chatting with yesterday, have ever parted with any cash to use it.', 'The platform has nearly three billion users worldwide.', 'So how does WhatsApp – or zapzap, as it’s nicknamed in Brazil - make its money?', 'Admittedly, it helps that WhatsApp has a massive parent company behind it – Meta, which owns Facebook and Instagram as well.', 'Individual, personal WhatsApp accounts like mine are free because WhatsApp makes money from corporate customers wanting to communicate with users like me.', 'Since last year firms have been able to set up channels for free on WhatsApp, so they can send out messages to be read by all who choose to subscribe.', 'But what they pay a premium for is access to interactions with individual customers via the app, both conversational and transactional.', 'The UK is comparatively in its infancy here, but in the Indian city of Bangalore for example, you can now buy a bus ticket, and choose your seat, all via WhatsApp. “', 'Our vision, if we get all of this right, is a business and a customer should be able to get things done right in a chat thread,” says Nikila Srinivasan, vice president of business messaging at Meta. “', 'That means, if you want to book a ticket, if you want to initiate a return, if you want to make a payment, you should be able to do that without ever leaving your chat thread.', 'And then just go right back to all of the other conversations in your life.”', 'Businesses can also now choose to pay for a link that launches a new WhatsApp chat straight from an online ad on Facebook or Instagram to a personal account.', 'Ms Srinivasan tells me this is alone is now worth “several billions of dollars” to the tech giant.', 'Other messaging apps have gone down different routes.', 'Signal, a platform renowned for its message security protocols which have become industry-standard, is a non-profit organisation.', 'It says it has never taken money from investors (unlike the Telegram app, which relies on them).', 'Instead, it runs on donations – which include a $50m (£38m) injection of cash from Brian Acton, one of the co-founders of WhatsApp, in 2018. “', 'Our goal is to move as close as possible to becoming fully supported by small donors, relying on a large number of modest contributions from people who care about Signal,” wrote its president Meredith Whittaker in a blog post last year.', 'Discord, a messaging app largely used by young gamers, has a freemium model – it is free to sign-up, but additional features, including access to games, come with a pricetag.', 'It also offers a paid membership called Nitro, with benefits including high-quality video streaming and custom emojis, for a $9.99 monthly subscription.', 'Snap, the firm behind Snapchat, combines a number of these models.', 'It carries ads, has 11 million paying subscribers (as of August 2024) and also sells augmented reality glasses called Snapchat Spectacles.', 'And it has another trick up its sleeve - according to the website Forbes, between 2016-2023 the firm made nearly $300m from interest alone.', 'But Snap’s main source of revenue is from advertising, which brings in more than $4bn a year.', 'The UK-based firm Element charges governments and large organisations to use its secure messaging system.', 'Its customers use its tech but run it themselves, on their own private servers.', 'The 10-year old firm is in “double digit million revenue” and “close to profitability”, its co-founder Matthew Hodgson tells me.', 'He believes the most popular business model for messaging apps remains that perennial digital favourite - advertising. “', 'Basically [many messaging platforms] sell adverts by monitoring what people do, who they talk to, and then targeting them with the best adverts,” he says.', 'The idea is that even if there is encryption and anonymity in place, the apps don’t need to see the actual content of the messages being shared to work out a lot about their users, and they can then use that data to sell ads. “', ""It's the old story - if you the user, aren't paying, then the chances are that you are the product,” adds Mr Hodgson.""]",0.2112864834653434,"Individual, personal WhatsApp accounts like mine are free because WhatsApp makes money from corporate customers wanting to communicate with users like me.","But what they pay a premium for is access to interactions with individual customers via the app, both conversational and transactional.",0.9995458722114564,"The 10-year old firm is in “double digit million revenue” and “close to profitability”, its co-founder Matthew Hodgson tells me.",,2024-10-17
+Why Pennsylvania could hold the keys to the White House,https://www.bbc.co.uk/news/articles/c8705wv99ryo,2024-10-09T22:39:15.088Z,"The White House’s address may be 1600 Pennsylvania Avenue, but the real road to the presidency runs through the state of Pennsylvania, the biggest prize among the electoral battleground map. According to calculations by elections analyst Nate Silver, the candidate who wins Pennsylvania has more than a 90% chance of winning the White House. “It’s the granddaddy of all the swing states,” said former congressman Patrick Murphy, who represented north-eastern Pennsylvania as a Democrat from 2007-11. With its 19 electoral votes, Pennsylvania – the fifth most populous US state - is the lynchpin of the swing-state electoral firewalls for both Kamala Harris and Donald Trump. If the Democrats win Pennsylvania, Wisconsin and Michigan, along with one congressional district in Nebraska, she’s the next president. If the Republicans carry Pennsylvania, North Carolina and Georgia, Trump is back in the White House next year. Without Pennsylvania, there is no way Trump can win without flipping at least three of the states Joe Biden won in 2020. Nicknamed the Keystone State, Pennsylvania could in fact be the key to the White House. It is also where BBC Question Time will broadcast a US election special on Thursday 10 October, diving into the issues and voter concerns behind the presidential contest. Pennsylvania is not only the most valuable swing state, it also can be seen as a microcosm of the US as a whole – demographically, economically and politically. It is a former manufacturing state that has been transitioning to newer industries and businesses, but it has a large energy sector because of its abundant oil shale deposits. Agriculture is still the second-largest industry in the state. The majority of the population is white, but there are growing immigrant communities. Some areas, like Allentown – the working-class factory city made famous by a Billy Joel song – are now majority Hispanic. The state’s black population, at 12%, is just under the US total of 13%. As for the politics, the state’s two large urban areas, Philadelphia and Pittsburgh, heavily favour the Democrats. Between the two are vast stretches of rural territory where Republicans dominate. And the suburbs that once were reliably conservative are now tilting to the left. That gives rise to the old quip that Pennsylvania is Philadelphia and Pittsburgh with (deeply Republican) Alabama in the middle. Somehow, all these political cross-currents and shifting dynamics have kept Pennsylvania at a near dead-even balance when it comes to presidential elections. President Joe Biden won the state by about 80,000 votes in 2020. Donald Trump carried it by about 40,000 in his surprise 2016 win over Hillary Clinton. Only once in the last 40 years has a candidate won Pennsylvania by double-digits - Barack Obama in his 2008 electoral landslide. Current polling puts the race between Harris and Trump in the state at a virtual dead heat. According to the 538/ABC News poll tracker, Harris holds a lead by less than a percent – a margin that has hardly shifted over the course of this tumultuous political year. Both the Harris and Trump campaigns have been pouring enormous resources into Pennsylvania. They are spending more on television advertising there than any other swing state. Both candidates make regular visits. Harris introduced her running mate pick, Tim Walz, at a rally in Philadelphia. She spent days preparing for her presidential debate in Pittsburgh. She made a tentpole economic speech there two weeks ago. Last Saturday, Trump held a massive rally in Butler, where in July he was nearly assassinated. On Wednesday he was in Biden's hometown of Scranton and Reading. And when the principals aren’t around, both campaigns have other politicians and officials to drum up support. “A candidate can't go into a county to talk to 1,200 people,” says former Democratic Pennsylvania Governor Ed Rendell. “The state is too big. There’s just not time. That’s what surrogates are for.” Rendell notes that the current governor, Democrat Josh Shapiro, is a big help for Democrats here, as he is very popular in the state and a dynamic speaker – qualities that had made him the odds-on favourite to be Harris’s vice-presidential pick. For Harris, her keys to victory are to post dominating numbers in Philadelphia and Pittsburgh and win the suburbs by enough to offset Trump’s margins in the rest of the state. An essential part of this strategy is to win over moderate voters and some Republicans – including the more than 160,000 who turned out to vote for former South Carolina Governor Nikki Haley in the state’s Republican primary, held earlier this year, well after Trump had already locked up the party’s nomination. “What these people need to hear is ways in which both the past record of Kamala Harris and the future plans of Kamala Harris are basically centrist positions – that she is not this crazy, wild-eyed radical leftist,” said Craig Snyder, former Republican Senate staffer who is running Pennsylvania's “Haley Voters for Harris” effort. He added that the Harris campaign is making the most extensive effort to reach Republican voters that he’s seen in a generation. Trump’s strategy is to squeeze all the support he can out of the conservative parts of the state, including by registering and mobilising those who may not have participated in past elections – a move Trump’s campaign officials say is a central focus of their grass-roots effort. There are signs their work may be paying off, too. Registered Democrats still outnumber Republicans in the state, but the margin is just a few hundred thousand - the smallest its been since the state first began releasing figures in 1998. While the college-educated voters in the suburbs may be difficult to convince, the Trump team thinks it can also chip away at traditionally Democratic support among blue-collar union voters and young black men. “We've seen nationally that Trump has made some real inroads with African American men,” said Farah Jimenez, a conservative education activist. “They're here in Philadelphia, and if you can convince them that he speaks more clearly to the things that concern them, it can at least start to provide a base for Republicans in Philadelphia.” Four years ago, the results in Pennsylvania took days to come in – due, in large part, to the more than two million mail-in ballots cast because of the Covid pandemic. Major media outlets didn’t project Biden as the winner until four days after the election. Mail-in voting is expected to be lower this year, but the state reports that it has already received 217,000 completed ballots that, by Pennsylvania law, cannot be opened and tabulated until election night. Another wildcard is the more than 27,000 military and overseas voter ballots that have been distributed by Pennsylvania state officials so far. If the race is as close as polls indicate, those votes could make a difference – even if they take longer to arrive and be recorded. “I can't imagine that it's not going to take several days after to get a count,” said Snyder. “And if the count is very close, we're going to get into lawsuits and recounts and all the rest of it. So everybody needs to buckle up.” North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,09/10/2024,"['The White House’s address may be 1600 Pennsylvania Avenue, but the real road to the presidency runs through the state of Pennsylvania, the biggest prize among the electoral battleground map.', 'According to calculations by elections analyst Nate Silver, the candidate who wins Pennsylvania has more than a 90% chance of winning the White House. “', 'It’s the granddaddy of all the swing states,” said former congressman Patrick Murphy, who represented north-eastern Pennsylvania as a Democrat from 2007-11.', 'With its 19 electoral votes, Pennsylvania – the fifth most populous US state - is the lynchpin of the swing-state electoral firewalls for both Kamala Harris and Donald Trump.', 'If the Democrats win Pennsylvania, Wisconsin and Michigan, along with one congressional district in Nebraska, she’s the next president.', 'If the Republicans carry Pennsylvania, North Carolina and Georgia, Trump is back in the White House next year.', 'Without Pennsylvania, there is no way Trump can win without flipping at least three of the states Joe Biden won in 2020.', 'Nicknamed the Keystone State, Pennsylvania could in fact be the key to the White House.', 'It is also where BBC Question Time will broadcast a US election special on Thursday 10 October, diving into the issues and voter concerns behind the presidential contest.', 'Pennsylvania is not only the most valuable swing state, it also can be seen as a microcosm of the US as a whole – demographically, economically and politically.', 'It is a former manufacturing state that has been transitioning to newer industries and businesses, but it has a large energy sector because of its abundant oil shale deposits.', 'Agriculture is still the second-largest industry in the state.', 'The majority of the population is white, but there are growing immigrant communities.', 'Some areas, like Allentown – the working-class factory city made famous by a Billy Joel song – are now majority Hispanic.', 'The state’s black population, at 12%, is just under the US total of 13%.', 'As for the politics, the state’s two large urban areas, Philadelphia and Pittsburgh, heavily favour the Democrats.', 'Between the two are vast stretches of rural territory where Republicans dominate.', 'And the suburbs that once were reliably conservative are now tilting to the left.', 'That gives rise to the old quip that Pennsylvania is Philadelphia and Pittsburgh with (deeply Republican) Alabama in the middle.', 'Somehow, all these political cross-currents and shifting dynamics have kept Pennsylvania at a near dead-even balance when it comes to presidential elections.', 'President Joe Biden won the state by about 80,000 votes in 2020.', 'Donald Trump carried it by about 40,000 in his surprise 2016 win over Hillary Clinton.', 'Only once in the last 40 years has a candidate won Pennsylvania by double-digits - Barack Obama in his 2008 electoral landslide.', 'Current polling puts the race between Harris and Trump in the state at a virtual dead heat.', 'According to the 538/ABC News poll tracker, Harris holds a lead by less than a percent – a margin that has hardly shifted over the course of this tumultuous political year.', 'Both the Harris and Trump campaigns have been pouring enormous resources into Pennsylvania.', 'They are spending more on television advertising there than any other swing state.', 'Both candidates make regular visits.', 'Harris introduced her running mate pick, Tim Walz, at a rally in Philadelphia.', 'She spent days preparing for her presidential debate in Pittsburgh.', 'She made a tentpole economic speech there two weeks ago.', 'Last Saturday, Trump held a massive rally in Butler, where in July he was nearly assassinated.', ""On Wednesday he was in Biden's hometown of Scranton and Reading."", 'And when the principals aren’t around, both campaigns have other politicians and officials to drum up support. “', ""A candidate can't go into a county to talk to 1,200 people,” says former Democratic Pennsylvania Governor Ed Rendell. “"", 'The state is too big.', 'There’s just not time.', 'That’s what surrogates are for.”', 'Rendell notes that the current governor, Democrat Josh Shapiro, is a big help for Democrats here, as he is very popular in the state and a dynamic speaker – qualities that had made him the odds-on favourite to be Harris’s vice-presidential pick.', 'For Harris, her keys to victory are to post dominating numbers in Philadelphia and Pittsburgh and win the suburbs by enough to offset Trump’s margins in the rest of the state.', 'An essential part of this strategy is to win over moderate voters and some Republicans – including the more than 160,000 who turned out to vote for former South Carolina Governor Nikki Haley in the state’s Republican primary, held earlier this year, well after Trump had already locked up the party’s nomination. “', ""What these people need to hear is ways in which both the past record of Kamala Harris and the future plans of Kamala Harris are basically centrist positions – that she is not this crazy, wild-eyed radical leftist,” said Craig Snyder, former Republican Senate staffer who is running Pennsylvania's “Haley Voters for Harris” effort."", 'He added that the Harris campaign is making the most extensive effort to reach Republican voters that he’s seen in a generation.', 'Trump’s strategy is to squeeze all the support he can out of the conservative parts of the state, including by registering and mobilising those who may not have participated in past elections – a move Trump’s campaign officials say is a central focus of their grass-roots effort.', 'There are signs their work may be paying off, too.', 'Registered Democrats still outnumber Republicans in the state, but the margin is just a few hundred thousand - the smallest its been since the state first began releasing figures in 1998.', 'While the college-educated voters in the suburbs may be difficult to convince, the Trump team thinks it can also chip away at traditionally Democratic support among blue-collar union voters and young black men. “', ""We've seen nationally that Trump has made some real inroads with African American men,” said Farah Jimenez, a conservative education activist. “"", ""They're here in Philadelphia, and if you can convince them that he speaks more clearly to the things that concern them, it can at least start to provide a base for Republicans in Philadelphia.”"", 'Four years ago, the results in Pennsylvania took days to come in – due, in large part, to the more than two million mail-in ballots cast because of the Covid pandemic.', 'Major media outlets didn’t project Biden as the winner until four days after the election.', 'Mail-in voting is expected to be lower this year, but the state reports that it has already received 217,000 completed ballots that, by Pennsylvania law, cannot be opened and tabulated until election night.', 'Another wildcard is the more than 27,000 military and overseas voter ballots that have been distributed by Pennsylvania state officials so far.', 'If the race is as close as polls indicate, those votes could make a difference – even if they take longer to arrive and be recorded. “', ""I can't imagine that it's not going to take several days after to get a count,” said Snyder. “"", ""And if the count is very close, we're going to get into lawsuits and recounts and all the rest of it."", 'So everybody needs to buckle up.”', 'North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.1618948342866507,"According to calculations by elections analyst Nate Silver, the candidate who wins Pennsylvania has more than a 90% chance of winning the White House. “",Current polling puts the race between Harris and Trump in the state at a virtual dead heat.,0.2327553996672997,"Rendell notes that the current governor, Democrat Josh Shapiro, is a big help for Democrats here, as he is very popular in the state and a dynamic speaker – qualities that had made him the odds-on favourite to be Harris’s vice-presidential pick.","While the college-educated voters in the suburbs may be difficult to convince, the Trump team thinks it can also chip away at traditionally Democratic support among blue-collar union voters and young black men. “",2024-10-17
+Lufthansa hit with record penalty after barring Jewish passengers,https://www.bbc.co.uk/news/articles/c3dv3l5pvy3o,2024-10-15T17:44:58.323Z,"The US has hit Lufthansa with a record $4m (£3m) penalty after the airline barred Jewish passengers from a 2022 flight because some allegedly refused to follow rules requiring face masks.  The Department of Transportation said Lufthansa discriminated against the passengers, treating them ""as if they were all a single group"", though many were not travelling together and did not know one another. It said the penalty was the largest it had ever issued against an airline for civil rights violations.  Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". ""Lufthansa is dedicated to being an ambassador of goodwill, tolerance, diversity, and acceptance,"" the company said in a statement, adding that it had cooperated with the investigation and remained focused on training for its staff. The episode involved passengers who were travelling from New York to Budapest, with a connection in Frankfurt, in May 2022.  Many of the passengers were male, wearing ""distinctive garb typically worn by Orthodox Jewish men"" and had used the same handful of travel agencies to book their tickets, according to the DOT.   During the first flight, the captain alerted Lufthansa security that some passengers had failed to follow crew instructions requiring masks, and barring gathering in aisles and other places on board.  The alert led to holds on tickets of more than 100 passengers, all of them Jewish, which led to them being blocked from their connecting flight.  The DOT said Lufthansa recognised that the action also would hurt people who had complied with the instructions but ""concluded it was not practical to address each passenger individually"". The majority were rebooked on other flights the same day.  “No one should face discrimination when they travel, and today’s action sends a clear message to the airline industry that we are prepared to investigate and take action whenever passengers’ civil rights are violated,” US Transportation Secretary Pete Buttigieg said.  The DOT said passengers interviewed for the investigation said they had not witnessed misbehaviour and Lufthansa later failed to identify any one passenger who had not followed the rules. But in the consent order, Lufthansa said its staff was unable to single out passengers because ""the infractions were so numerous, the misconduct continued for substantial portions of the flight and at different intervals and the passengers changed seats during the flight"". The DOT said it was requiring Lufthansa to pay $2m and would give the airline credit for $2m it has already paid to passengers as part of a legal settlement.  ",BBC,15/10/2024,"['The US has hit Lufthansa with a record $4m (£3m) penalty after the airline barred Jewish passengers from a 2022 flight because some allegedly refused to follow rules requiring face masks.', 'The Department of Transportation said Lufthansa discriminated against the passengers, treating them ""as if they were all a single group"", though many were not travelling together and did not know one another.', 'It said the penalty was the largest it had ever issued against an airline for civil rights violations.', 'Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". ""', 'Lufthansa is dedicated to being an ambassador of goodwill, tolerance, diversity, and acceptance,"" the company said in a statement, adding that it had cooperated with the investigation and remained focused on training for its staff.', 'The episode involved passengers who were travelling from New York to Budapest, with a connection in Frankfurt, in May 2022.', 'Many of the passengers were male, wearing ""distinctive garb typically worn by Orthodox Jewish men"" and had used the same handful of travel agencies to book their tickets, according to the DOT.', 'During the first flight, the captain alerted Lufthansa security that some passengers had failed to follow crew instructions requiring masks, and barring gathering in aisles and other places on board.', 'The alert led to holds on tickets of more than 100 passengers, all of them Jewish, which led to them being blocked from their connecting flight.', 'The DOT said Lufthansa recognised that the action also would hurt people who had complied with the instructions but ""concluded it was not practical to address each passenger individually"".', 'The majority were rebooked on other flights the same day. “', 'No one should face discrimination when they travel, and today’s action sends a clear message to the airline industry that we are prepared to investigate and take action whenever passengers’ civil rights are violated,” US Transportation Secretary Pete Buttigieg said.', 'The DOT said passengers interviewed for the investigation said they had not witnessed misbehaviour and Lufthansa later failed to identify any one passenger who had not followed the rules.', 'But in the consent order, Lufthansa said its staff was unable to single out passengers because ""the infractions were so numerous, the misconduct continued for substantial portions of the flight and at different intervals and the passengers changed seats during the flight"".', 'The DOT said it was requiring Lufthansa to pay $2m and would give the airline credit for $2m it has already paid to passengers as part of a legal settlement.']",-0.1374419870007407,"Lufthansa is dedicated to being an ambassador of goodwill, tolerance, diversity, and acceptance,"" the company said in a statement, adding that it had cooperated with the investigation and remained focused on training for its staff.","Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". """,-0.6062158226966858,"Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". """,The US has hit Lufthansa with a record $4m (£3m) penalty after the airline barred Jewish passengers from a 2022 flight because some allegedly refused to follow rules requiring face masks.,2024-10-17
+Firm hacked after accidentally hiring North Korean cyber criminal,https://www.bbc.co.uk/news/articles/ce8vedz4yk7o,2024-10-16T12:38:30.706Z,"A company has been hacked after accidentally hiring a North Korean cyber criminal as a remote IT worker. The unidentified firm hired the technician after he faked his employment history and personal details. Once given access to the company’s computer network, the hacker downloaded sensitive company data and sent a ransom demand. The firm which is based in the UK, US or Australia did not want to be named.  It has allowed cyber responders from Secureworks to report the hack to spread awareness and warn others. It is the latest in a string of cases of western remote workers being unmasked as North Koreans. Secureworks said the IT worker, thought to be a man, was hired in the summer as a contractor. He used the firm’s remote working tools to log into the corporate network. He then secretly downloaded as much company data as possible as soon as he had gained access to internal systems. He worked for the firm for four months collecting a salary. Researchers say this was likely redirected to North Korea in a complex laundering process to evade western sanctions on the country. After the company sacked him for poor performance, it received ransom emails containing some of the stolen data and a demand to be paid a six-figure sum in cryptocurrency. If the company did not pay, the hacker said they would publish or sell the stolen information online.  The firm did not disclose whether the ransom was paid. Since 2022, authorities and cyber defenders have warned about the rise of secret North Korean workers infiltrating western companies. The US and South Korea accuse North Korea of tasking thousands of staff to take on multiple well-paid western roles remotely to earn money for the regime and avoid sanctions. In September cyber security company Mandiant said dozens of Fortune 100 companies have been found to have accidentally hired North Koreans. But secret IT workers turning on their employers with cyber attacks is rare, according to Rafe Pilling, Director of Threat Intelligence at Secureworks. ""This is a serious escalation of the risk from fraudulent North Korean IT worker schemes,"" he said.  ""No longer are they just after a steady pay check, they are looking for higher sums, more quickly, through data theft and extortion, from inside the company defences."" The case comes after another North Korean IT worker was caught attempting to hack their employer in July. The IT worker was hired by the cyber company KnowBe4, which quickly disabled access to their systems when it noticed strange behaviour. ""We posted the job, received resumes, conducted interviews, performed background checks, verified references, and hired the person,"" the firm wrote in a blog post.  ""We sent them their Mac workstation, and the moment it was received, it immediately started to load malware (malicious software)."" Authorities are warning employers to be vigilant about new hires if they are fully remote. ",BBC,16/10/2024,"['A company has been hacked after accidentally hiring a North Korean cyber criminal as a remote IT worker.', 'The unidentified firm hired the technician after he faked his employment history and personal details.', 'Once given access to the company’s computer network, the hacker downloaded sensitive company data and sent a ransom demand.', 'The firm which is based in the UK, US or Australia did not want to be named.', 'It has allowed cyber responders from Secureworks to report the hack to spread awareness and warn others.', 'It is the latest in a string of cases of western remote workers being unmasked as North Koreans.', 'Secureworks said the IT worker, thought to be a man, was hired in the summer as a contractor.', 'He used the firm’s remote working tools to log into the corporate network.', 'He then secretly downloaded as much company data as possible as soon as he had gained access to internal systems.', 'He worked for the firm for four months collecting a salary.', 'Researchers say this was likely redirected to North Korea in a complex laundering process to evade western sanctions on the country.', 'After the company sacked him for poor performance, it received ransom emails containing some of the stolen data and a demand to be paid a six-figure sum in cryptocurrency.', 'If the company did not pay, the hacker said they would publish or sell the stolen information online.', 'The firm did not disclose whether the ransom was paid.', 'Since 2022, authorities and cyber defenders have warned about the rise of secret North Korean workers infiltrating western companies.', 'The US and South Korea accuse North Korea of tasking thousands of staff to take on multiple well-paid western roles remotely to earn money for the regime and avoid sanctions.', 'In September cyber security company Mandiant said dozens of Fortune 100 companies have been found to have accidentally hired North Koreans.', 'But secret IT workers turning on their employers with cyber attacks is rare, according to Rafe Pilling, Director of Threat Intelligence at Secureworks. ""', 'This is a serious escalation of the risk from fraudulent North Korean IT worker schemes,"" he said. ""', 'No longer are they just after a steady pay check, they are looking for higher sums, more quickly, through data theft and extortion, from inside the company defences.""', 'The case comes after another North Korean IT worker was caught attempting to hack their employer in July.', 'The IT worker was hired by the cyber company KnowBe4, which quickly disabled access to their systems when it noticed strange behaviour. ""', 'We posted the job, received resumes, conducted interviews, performed background checks, verified references, and hired the person,"" the firm wrote in a blog post. ""', 'We sent them their Mac workstation, and the moment it was received, it immediately started to load malware (malicious software).""', 'Authorities are warning employers to be vigilant about new hires if they are fully remote.']",-0.1801144033642003,He then secretly downloaded as much company data as possible as soon as he had gained access to internal systems.,A company has been hacked after accidentally hiring a North Korean cyber criminal as a remote IT worker.,-0.9313923954963684,,A company has been hacked after accidentally hiring a North Korean cyber criminal as a remote IT worker.,2024-10-17
+Morgan Stanley shares pop 7% after beating estimates for third-quarter profit and revenue,https://www.cnbc.com/2024/10/16/morgan-stanley-ms-earnings-q3-2024.html,2024-10-16T18:06:57+0000,"In this articleMorgan Stanley on Wednesday topped analysts' estimates for third-quarter profit as each of its three main divisions generated more revenue than expected.Here's what the company reported:The bank said profit rose 32% to $3.2 billion, or $1.88 per share, and revenue jumped 16% to $15.38 billion.Morgan Stanley had several tail winds in its favor, starting with buoyant markets that helped its massive wealth management business, a rebound in investment banking after a dismal 2023, and strong trading activity. The Federal Reserve began taking down rates in the quarter, which should encourage more of the financing and merger activity that Wall Street firms capitalize on.""The firm reported a strong third quarter in a constructive environment across our global footprint,"" Morgan Stanley CEO Ted Pick said in the release.Shares of the bank rose 7.5% in early trading.The bank's wealth management division saw revenue jump 14% from a year earlier to $7.27 billion, exceeding the StreetAccount estimate by nearly $400 million.Equity trading revenue rose 21% to $3.05 billion, compared with the $2.77 billion estimate, while fixed income revenue edged 3% higher to $2 billion, also higher than the $1.85 billion estimate.Investment banking revenue surged 56% from a year earlier to $1.46 billion, exceeding the $1.36 billion estimate.Investment management, the firm's smallest division, also exceeded expectations, posting a 9% increase in revenue to $1.46 billion, modestly higher than the $1.42 billion estimate.Morgan Stanley's Wall Street rivals also posted better-than-expected Wall Street revenue. JPMorgan Chase, Goldman Sachs and Citigroup topped estimates on strong revenue from trading and investment banking.This story is developing. Please check back for updates.",CNBC,16/10/2024,"[""In this articleMorgan Stanley on Wednesday topped analysts' estimates for third-quarter profit as each of its three main divisions generated more revenue than expected."", ""Here's what the company reported:The bank said profit rose 32% to $3.2 billion, or $1.88 per share, and revenue jumped 16% to $15.38 billion."", 'Morgan Stanley had several tail winds in its favor, starting with buoyant markets that helped its massive wealth management business, a rebound in investment banking after a dismal 2023, and strong trading activity.', 'The Federal Reserve began taking down rates in the quarter, which should encourage more of the financing and merger activity that Wall Street firms capitalize on.', '""The firm reported a strong third quarter in a constructive environment across our global footprint,"" Morgan Stanley CEO Ted Pick said in the release.', 'Shares of the bank rose 7.5% in early trading.', ""The bank's wealth management division saw revenue jump 14% from a year earlier to $7.27 billion, exceeding the StreetAccount estimate by nearly $400 million."", 'Equity trading revenue rose 21% to $3.05 billion, compared with the $2.77 billion estimate, while fixed income revenue edged 3% higher to $2 billion, also higher than the $1.85 billion estimate.', 'Investment banking revenue surged 56% from a year earlier to $1.46 billion, exceeding the $1.36 billion estimate.', ""Investment management, the firm's smallest division, also exceeded expectations, posting a 9% increase in revenue to $1.46 billion, modestly higher than the $1.42 billion estimate."", ""Morgan Stanley's Wall Street rivals also posted better-than-expected Wall Street revenue."", 'JPMorgan Chase, Goldman Sachs and Citigroup topped estimates on strong revenue from trading and investment banking.', 'This story is developing.', 'Please check back for updates.']",0.3707730121934632,"Morgan Stanley had several tail winds in its favor, starting with buoyant markets that helped its massive wealth management business, a rebound in investment banking after a dismal 2023, and strong trading activity.",,0.9996021836996078,"Here's what the company reported:The bank said profit rose 32% to $3.2 billion, or $1.88 per share, and revenue jumped 16% to $15.38 billion.",,2024-10-17
+"NFL stadiums could experience $11 billion in climate-related losses by 2050, a new report finds",https://www.cnbc.com/2024/10/17/climate-risk-sports-stadiums.html,2024-10-17T16:59:14+0000,"Hurricane Milton's damage to Tropicana Field in Tampa, Florida, was so devastating it likely means the Tampa Bay Rays will be looking for another place to play ball for opening day next spring.Like many baseball stadiums around the country, Tropicana Field's geographic location makes it vulnerable to hurricane winds or tornado-force winds, hail, storm surge and flooding.The Baltimore Orioles, Los Angeles Dodgers, New York Mets, Miami Marlins, Pittsburgh Pirates, San Diego Padres and others play on or near the water and could see insurance premiums rise and repair costs soar as weather-related losses hit.But it's not just baseball stadiums at risk. NFL stadiums could experience $11 billion in climate-related losses by 2050, according to a new report released by the climate risk analysis company, Climate X.As football stadiums are increasingly being used for concert venues, storm shelters and community events, the impact could be severe for the economy.Climate X said it's a wake-up call for state and local governments.""The problem with climate change is non-linear and non-stationary. If you had a problem there yesterday, that doesn't mean that it's going to be there tomorrow,"" said Kamil Kluza, co-founder of Climate X. ""Places that have been unimpacted will become impacted, because the climate will change and move around.""The risks from changing weather patterns go far beyond hurricane winds and flooding.Dangerous heat is a problem for the Arizona Diamondbacks playing in Phoenix. The team has a lease until 2027 at Chase Field and is responsible for upkeep and repairs. But the facility is struggling to keep fans cool, much less players, in a city where the temperatures this summer broke even Phoenix's own scorching records.Up north, a massive snowstorm in 2010 collapsed the roof of the Minnesota Vikings' Metrodome.Some of the most harrowing images of stadium damage are still from 2005, of a SuperDome surrounded by floodwaters in New Orleans, housing Katrina victims trying to take cover from the storm.The Climate X report ranks the vulnerability of the 30 NFL stadiums when it comes to climate hazards such as flooding, wildfires and storm surge. It's calculated by comparing the projected damage costs to the stadium's current replacement value.MetLife Stadium in East Rutherford, New Jersey, home of the New York Giants and the New York Jets, is projected to incur the biggest losses. Climate X projects a total percentage loss of 184%, with cumulative damages exceeding $5.6 billion by 2050 due to the stadium's low elevation in the marshy Meadowlands and exposure to flooding and storm surge.The new state-of-the-art $5 billion Sofi Stadium, home to the Los Angeles Chargers and Los Angeles Rams, and State Farm Stadium in Arizona, where the Arizona Cardinals play, are the next-most vulnerable stadiums to climate risk.Climate X said Lumen Field in Seattle, home to the Seattle Seahawks, and Lambeau Field in Green Bay, Wisconsin, home to the Green Bay Packers, are projected to have a much lower relative loss rates. Their non-coastal locations and limited exposure to extreme heat events could benefit them.Some teams are trying to tackle the climate change problem head on. For example, Allegiant Stadium in Las Vegas ran the Super Bowl completely off renewable energy.Mercedes Benz stadium in Atlanta, home to the Atlanta Falcons, said its energy-efficient design reduces electricity usage by 29%.""The bottom line is that climate change is happening, whether we like it or not, and I think the instead of fighting climate change with just sustainability and reducing CO2, we need to start acting to put adaptation measures in place,"" Kluza said.As for Tropicana Field, there are questions about whether it should be repaired at all, as it's slated for demolition anyway to make way for a new $1.3 billion ballpark for the Rays to play in time for the 2028 season.",CNBC,17/10/2024,"[""Hurricane Milton's damage to Tropicana Field in Tampa, Florida, was so devastating it likely means the Tampa Bay Rays will be looking for another place to play ball for opening day next spring."", ""Like many baseball stadiums around the country, Tropicana Field's geographic location makes it vulnerable to hurricane winds or tornado-force winds, hail, storm surge and flooding."", 'The Baltimore Orioles, Los Angeles Dodgers, New York Mets, Miami Marlins, Pittsburgh Pirates, San Diego Padres and others play on or near the water and could see insurance premiums rise and repair costs soar as weather-related losses hit.', ""But it's not just baseball stadiums at risk."", 'NFL stadiums could experience $11 billion in climate-related losses by 2050, according to a new report released by the climate risk analysis company, Climate X.As football stadiums are increasingly being used for concert venues, storm shelters and community events, the impact could be severe for the economy.', ""Climate X said it's a wake-up call for state and local governments."", '""The problem with climate change is non-linear and non-stationary.', 'If you had a problem there yesterday, that doesn\'t mean that it\'s going to be there tomorrow,"" said Kamil Kluza, co-founder of Climate X. ""Places that have been unimpacted will become impacted, because the climate will change and move around.', '""The risks from changing weather patterns go far beyond hurricane winds and flooding.', 'Dangerous heat is a problem for the Arizona Diamondbacks playing in Phoenix.', 'The team has a lease until 2027 at Chase Field and is responsible for upkeep and repairs.', ""But the facility is struggling to keep fans cool, much less players, in a city where the temperatures this summer broke even Phoenix's own scorching records."", ""Up north, a massive snowstorm in 2010 collapsed the roof of the Minnesota Vikings' Metrodome."", 'Some of the most harrowing images of stadium damage are still from 2005, of a SuperDome surrounded by floodwaters in New Orleans, housing Katrina victims trying to take cover from the storm.', 'The Climate X report ranks the vulnerability of the 30 NFL stadiums when it comes to climate hazards such as flooding, wildfires and storm surge.', ""It's calculated by comparing the projected damage costs to the stadium's current replacement value."", 'MetLife Stadium in East Rutherford, New Jersey, home of the New York Giants and the New York Jets, is projected to incur the biggest losses.', ""Climate X projects a total percentage loss of 184%, with cumulative damages exceeding $5.6 billion by 2050 due to the stadium's low elevation in the marshy Meadowlands and exposure to flooding and storm surge."", 'The new state-of-the-art $5 billion Sofi Stadium, home to the Los Angeles Chargers and Los Angeles Rams, and State Farm Stadium in Arizona, where the Arizona Cardinals play, are the next-most vulnerable stadiums to climate risk.', 'Climate X said Lumen Field in Seattle, home to the Seattle Seahawks, and Lambeau Field in Green Bay, Wisconsin, home to the Green Bay Packers, are projected to have a much lower relative loss rates.', 'Their non-coastal locations and limited exposure to extreme heat events could benefit them.', 'Some teams are trying to tackle the climate change problem head on.', 'For example, Allegiant Stadium in Las Vegas ran the Super Bowl completely off renewable energy.', 'Mercedes Benz stadium in Atlanta, home to the Atlanta Falcons, said its energy-efficient design reduces electricity usage by 29%.""The bottom line is that climate change is happening, whether we like it or not, and I think the instead of fighting climate change with just sustainability and reducing CO2, we need to start acting to put adaptation measures in place,"" Kluza said.', ""As for Tropicana Field, there are questions about whether it should be repaired at all, as it's slated for demolition anyway to make way for a new $1.3 billion ballpark for the Rays to play in time for the 2028 season.""]",-0.2213536075181794,"For example, Allegiant Stadium in Las Vegas ran the Super Bowl completely off renewable energy.","Climate X projects a total percentage loss of 184%, with cumulative damages exceeding $5.6 billion by 2050 due to the stadium's low elevation in the marshy Meadowlands and exposure to flooding and storm surge.",-0.4539024432500203,"Climate X said Lumen Field in Seattle, home to the Seattle Seahawks, and Lambeau Field in Green Bay, Wisconsin, home to the Green Bay Packers, are projected to have a much lower relative loss rates.","Climate X projects a total percentage loss of 184%, with cumulative damages exceeding $5.6 billion by 2050 due to the stadium's low elevation in the marshy Meadowlands and exposure to flooding and storm surge.",2024-10-17
+"Walgreens says it will close 1,200 stores by 2027, as earnings top estimates",https://www.cnbc.com/2024/10/15/walgreens-wba-earnings-q4-2024.html,2024-10-15T20:10:50+0000,"In this articleWalgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street's expectations, as the company slashes costs in an attempt to steer itself out of a rough spot.The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The company said those closures will be ""immediately accretive"" to its adjusted earnings and free cash flow.Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable. Those closures will give Walgreens a ""healthier store base"" and ""will enable us to respond to shifts in consumer behavior and buying preferences,"" the company's CEO Tim Wentworth said during an earnings call on Tuesday. He added that Walgreens aims to employ the majority of the workforce affected by the closures, though it is unclear how many employees stand to lose their jobs.The company's shares closed more than 15% higher on Tuesday. The results cap a rocky fiscal 2024 for Walgreens, which is grappling with pharmacy reimbursement pressure, softer consumer spending and challenges related to its push into primary care, among other issues. The company on Tuesday said it surpassed its target of cutting $1 billion in costs during fiscal 2024, which included shuttering underperforming stores, laying off employees and using artificial intelligence to make its supply chain more efficient, among other efforts. Most of the benefits of the cost cuts came in the company's U.S. retail pharmacy segment, Walgreens CFO Manmohan Mahajan said during the call.In June, Walgreens said it intends to close a ""significant"" number of its underperforming stores by 2027. Tuesday's announcement appears to be the company's first exact estimate of how many locations it will shutter.Here's what Walgreens reported for the three-month period ended Aug. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Walgreens booked sales of $37.55 billion for the quarter, up 6% from the same period a year ago. The company reported a net loss of $3 billion, or $3.48 per share, for the fiscal fourth quarter. That reflects a so-called valuation allowance meant to reduce the company's deferred tax assets mainly related to opioid settlements. It compares with a net loss of $180 million, or 21 cents per share, for the year-earlier period.Excluding certain items, adjusted earnings were 39 cents per share for the quarter. The fourth-quarter and full fiscal-year results ""reflected our disciplined execution on cost management, working capital initiatives and capex reduction,"" Wentworth, who stepped into the role nearly a year ago, said in a release.The company's guidance for fiscal 2025 was in line with analysts' expectations. Walgreens expects growth in its U.S. health-care and international segments, which will be offset by a decline in its retail pharmacy segment. The company is engaged in a ""multi-year process of reframing our relationship"" with pharmacy benefit managers, which negotiate drug rebates on behalf of health plans and reimburse pharmacies for prescription drugs, Wentworth said during the call. Walgreens hopes that will help improve margins in its pharmacy business. Walgreens anticipates adjusted earnings per share of $1.40 to $1.80 in the coming fiscal year. Analysts project an adjusted profit of $1.75 per share, according to LSEG. The company also sees revenue for the year at $147 billion to $151 billion. Wall Street analysts estimate sales of $147.3 billion. Walgreens reported growth across its three business divisions in the fiscal fourth quarter. Sales from the company's U.S. health-care unit jumped to $2.11 billion, up 7.1% compared with the same period a year ago. Analysts had expected sales of $2.10 billion, according to estimates compiled by StreetAccount.That partly reflects growth in primary-care provider VillageMD and specialty pharmacy company Shields Health Solutions. Shields sales jumped 27.8% during the period, which the company attributed to growth within existing partnerships.Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.Notably, Walgreens posted a steep net loss in the fiscal second quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD. In August, the company said in a securities filing it is considering a sale of the provider.Walgreens' U.S. retail pharmacy segment generated $29.47 billion in sales in the fiscal fourth quarter, an increase of 6.5% from the same period last year. Analysts had expected sales of $28.09 billion, according to estimates compiled by StreetAccount.That segment operates the company's drugstores, which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.  Walgreens said pharmacy sales for the quarter rose 9.6% and comparable pharmacy sales increased 11.7% compared with the year-earlier period due to price inflation in brand medications, among other factors. Total prescriptions filled in the quarter including vaccines came to 302 million, a 1.7% increase from the same period a year ago. Notably, falling reimbursement rates for prescription drugs cut into pharmacy margins, the company said. Retail sales fell 3.5% from the prior-year quarter, and comparable retail sales declined 1.7%. The company cited a ""challenging"" retail environment, among other factors. Walgreens' international unit, which operates more than 3,000 retail stores abroad, posted $5.97 billion in sales in the fiscal fourth quarter. That's an increase of 3.2% from the year-ago period.Analysts expected revenue of $5.81 billion for the period, according to StreetAccount. The company said sales from its U.K.-based drugstore chain, Boots, increased 2.3%.",CNBC,15/10/2024,"[""In this articleWalgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street's expectations, as the company slashes costs in an attempt to steer itself out of a rough spot."", 'The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone.', 'The company said those closures will be ""immediately accretive"" to its adjusted earnings and free cash flow.', 'Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.', 'Those closures will give Walgreens a ""healthier store base"" and ""will enable us to respond to shifts in consumer behavior and buying preferences,"" the company\'s CEO Tim Wentworth said during an earnings call on Tuesday.', 'He added that Walgreens aims to employ the majority of the workforce affected by the closures, though it is unclear how many employees stand to lose their jobs.', ""The company's shares closed more than 15% higher on Tuesday."", 'The results cap a rocky fiscal 2024 for Walgreens, which is grappling with pharmacy reimbursement pressure, softer consumer spending and challenges related to its push into primary care, among other issues.', 'The company on Tuesday said it surpassed its target of cutting $1 billion in costs during fiscal 2024, which included shuttering underperforming stores, laying off employees and using artificial intelligence to make its supply chain more efficient, among other efforts.', ""Most of the benefits of the cost cuts came in the company's U.S. retail pharmacy segment, Walgreens CFO Manmohan Mahajan said during the call."", 'In June, Walgreens said it intends to close a ""significant"" number of its underperforming stores by 2027.', ""Tuesday's announcement appears to be the company's first exact estimate of how many locations it will shutter."", ""Here's what Walgreens reported for the three-month period ended Aug. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Walgreens booked sales of $37.55 billion for the quarter, up 6% from the same period a year ago."", 'The company reported a net loss of $3 billion, or $3.48 per share, for the fiscal fourth quarter.', ""That reflects a so-called valuation allowance meant to reduce the company's deferred tax assets mainly related to opioid settlements."", 'It compares with a net loss of $180 million, or 21 cents per share, for the year-earlier period.', 'Excluding certain items, adjusted earnings were 39 cents per share for the quarter.', 'The fourth-quarter and full fiscal-year results ""reflected our disciplined execution on cost management, working capital initiatives and capex reduction,"" Wentworth, who stepped into the role nearly a year ago, said in a release.', ""The company's guidance for fiscal 2025 was in line with analysts' expectations."", 'Walgreens expects growth in its U.S. health-care and international segments, which will be offset by a decline in its retail pharmacy segment.', 'The company is engaged in a ""multi-year process of reframing our relationship"" with pharmacy benefit managers, which negotiate drug rebates on behalf of health plans and reimburse pharmacies for prescription drugs, Wentworth said during the call.', 'Walgreens hopes that will help improve margins in its pharmacy business.', 'Walgreens anticipates adjusted earnings per share of $1.40 to $1.80 in the coming fiscal year.', 'Analysts project an adjusted profit of $1.75 per share, according to LSEG.The company also sees revenue for the year at $147 billion to $151 billion.', 'Wall Street analysts estimate sales of $147.3 billion.', 'Walgreens reported growth across its three business divisions in the fiscal fourth quarter.', ""Sales from the company's U.S. health-care unit jumped to $2.11 billion, up 7.1% compared with the same period a year ago."", 'Analysts had expected sales of $2.10 billion, according to estimates compiled by StreetAccount.', 'That partly reflects growth in primary-care provider VillageMD and specialty pharmacy company Shields Health Solutions.', 'Shields sales jumped 27.8% during the period, which the company attributed to growth within existing partnerships.', 'Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.', 'Notably, Walgreens posted a steep net loss in the fiscal second quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD.', 'In August, the company said in a securities filing it is considering a sale of the provider.', ""Walgreens' U.S. retail pharmacy segment generated $29.47 billion in sales in the fiscal fourth quarter, an increase of 6.5% from the same period last year."", 'Analysts had expected sales of $28.09 billion, according to estimates compiled by StreetAccount.', ""That segment operates the company's drugstores, which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products."", 'Walgreens said pharmacy sales for the quarter rose 9.6% and comparable pharmacy sales increased 11.7% compared with the year-earlier period due to price inflation in brand medications, among other factors.', 'Total prescriptions filled in the quarter including vaccines came to 302 million, a 1.7% increase from the same period a year ago.', 'Notably, falling reimbursement rates for prescription drugs cut into pharmacy margins, the company said.', 'Retail sales fell 3.5% from the prior-year quarter, and comparable retail sales declined 1.7%.', 'The company cited a ""challenging"" retail environment, among other factors.', ""Walgreens' international unit, which operates more than 3,000 retail stores abroad, posted $5.97 billion in sales in the fiscal fourth quarter."", ""That's an increase of 3.2% from the year-ago period."", 'Analysts expected revenue of $5.81 billion for the period, according to StreetAccount.', 'The company said sales from its U.K.-based drugstore chain, Boots, increased 2.3%.']",0.203014781543495,"That segment operates the company's drugstores, which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.","Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.",0.3073082510381937,"Walgreens said pharmacy sales for the quarter rose 9.6% and comparable pharmacy sales increased 11.7% compared with the year-earlier period due to price inflation in brand medications, among other factors.","Retail sales fell 3.5% from the prior-year quarter, and comparable retail sales declined 1.7%.",2024-10-17
+The NFL is chasing a new audience to build on its explosive ratings,https://www.cnbc.com/2024/10/17/nfl-latino-audience-growth.html,2024-10-17T14:13:05+0000,"Earlier this month a well-known musician showed up at a Kansas City Chiefs game as the National Football League continues its bid to reach a new audience.But this time it wasn't Taylor Swift cheering on Travis Kelce — as the pop star has done at Kansas City games, leading to a boost in viewership.It was Puerto Rican rapper Daddy Yankee, known for hits like ""Gasolina"" and ""Rompe."" He attended a Monday Night Football game in Arrowhead Stadium and spent time with running back Isiah Pacheco of the Chiefs. Pacheco, who is of Puerto Rican descent, earlier let Daddy Yankee try on his two Super Bowl rings. The moment came as part of the NFL's ""Por La Cultura"" campaign, which is in its fourth year and is a key element of the the league's effort to grow its Latino and Spanish-speaking audiences. The NFL is known for its explosive ratings and is one of the most dominant sports when it comes to viewership on both traditional TV and streaming. A report from Nielsen earlier this week showed football drove ratings in September.However, the league is still itching for further growth, both globally and within the U.S. A key aspect to that expansion is Hispanic viewership, league and media officials told CNBC.""I think when you have a successful product you're a little bit bound to your success, right? I mean, there's very little growth that [the NFL] can actually achieve within the regular American U.S. [English]-speaking population,"" said Olek Loewenstein, global president of sports at TelevisaUnivision.He noted that the Hispanic population ""is one of the largest, if not the largest demographic, that's growing and younger in the U.S.""Marissa Solis, senior vice president of global brand and consumer marketing at the NFL, said she joined the league three years ago to ""get momentum behind our growth audiences."" For the NFL, she said this means three groups: viewers 35 and younger, of which Solis notes a majority are Latino; women; and Latinos.""It's mathematically impossible for the league to grow without Latinos,"" Solis said. ""This audience is critical for our growth. And it's critical for global growth, because there's so much cross-border connection and pride, and the fandom crosses borders.""When it comes to sports in the U.S., Hispanic audiences favor soccer, followed by baseball and boxing, said Loewenstein. The NFL is still working to build its brand in the global market, which is dominated by soccer and other sports.""I do think the NFL is one of the sports that's prime to grow and explode among Hispanics,"" Loewenstein said.At the start of the season, the NFL expanded its reach to non-Spanish-speaking Latino audiences, hosting a game in Brazil for the first time as it brings more matchups to international locations. The game was streamed exclusively on Comcast's Peacock and was the second-most watched live event for the streaming platform after a NFL postseason game earlier this year.Solis said about 31 million Latinos in the U.S. considered themselves NFL fans four years ago, when the Por La Cultura effort began, and that has since increased to 40 million.While the campaign has honed in on themes such as how the Latino community expresses their fandom and the stories of players like Pacheco and New England Patriots cornerback Christian Gonzalez, Solis said expanding broadcasts into Spanish language has been a big help.The NFL has more than 75 broadcasts in Spanish language available this season, the league said.""All of those efforts have been leading to a massive growth in fandom,"" she said.Paramount Global's CBS aired this year's Super Bowl between the San Francisco 49ers and Kansas City Chiefs, but since the network doesn't have a Spanish counterpart, it licensed those rights in the U.S. and Mexico to TelevisaUnivision.The Super Bowl on TelevisaUnivision's over-the-air broadcast network broke records, the company said, averaging 2.3 million viewers across all of its platforms, the largest audience for the Spanish language broadcast of a Super Bowl.Still, it was a small contribution to the total 123.4 million viewers of the 2024 Super Bowl.""Seventy percent of the people that had watched the Super Bowl had not watched any other playoff games that year,"" TelevisaUnivision's Lowenstein said.The first Super Bowl that aired in Spanish was in 2015 on cable TV network Fox Deportes. In 2022, NBCUniversal's Telemundo aired the Super Bowl for the first time on an over-the-air broadcast network in Spanish.While having a Super Bowl broadcast in Spanish isn't a component of the NFL's media rights deals, it has become a significant priority as the NFL looks to expand availability, according to the league.That was underscored earlier this week when Fox Deportes and Telemundo announced both networks would air the Super Bowl in February. The two networks will ""provide the broadest Spanish-language distribution"" of the Super Bowl in the U.S. in history, and the networks will produce separate broadcasts.Since the 2022 Super Bowl broadcast, Telemundo has experienced ""significant growth in our viewership"" of the NFL, said Joaquin Duro, executive vice president of sports at NBCUniversal Telemundo Enterprises.Telemundo broadcasts each ""Sunday Night Football"" game in Spanish on both TV and Peacock. He noted that while the core audience still watches on traditional TV, streaming is becoming increasingly important. ""This is helping us attract younger, more tech-savvy viewers,"" Duro said.Like the NFL, Telemundo Deportes highlights the stories of Hispanic players. It has also expanded its coverage around NFL events with an on-site presence at the games and a bigger lineup of interviews, Duro added.""I love the change, the evolution, the expansion of the NFL,"" said Rolando Cantú, a former NFL player and analyst on ""TNF en Espanol"" and Telemundo Deportes' broadcast of ""Sunday Night Football.""Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.",CNBC,17/10/2024,"['Earlier this month a well-known musician showed up at a Kansas City Chiefs game as the National Football League continues its bid to reach a new audience.', ""But this time it wasn't Taylor Swift cheering on Travis Kelce — as the pop star has done at Kansas City games, leading to a boost in viewership."", 'It was Puerto Rican rapper Daddy Yankee, known for hits like ""Gasolina"" and ""Rompe.""', 'He attended a Monday Night Football game in Arrowhead Stadium and spent time with running back Isiah Pacheco of the Chiefs.', 'Pacheco, who is of Puerto Rican descent, earlier let Daddy Yankee try on his two Super Bowl rings.', 'The moment came as part of the NFL\'s ""Por La Cultura"" campaign, which is in its fourth year and is a key element of the the league\'s effort to grow its Latino and Spanish-speaking audiences.', 'The NFL is known for its explosive ratings and is one of the most dominant sports when it comes to viewership on both traditional TV and streaming.', 'A report from Nielsen earlier this week showed football drove ratings in September.', 'However, the league is still itching for further growth, both globally and within the U.S. A key aspect to that expansion is Hispanic viewership, league and media officials told CNBC.""I think when you have a successful product you\'re a little bit bound to your success, right?', 'I mean, there\'s very little growth that [the NFL] can actually achieve within the regular American U.S. [English]-speaking population,"" said Olek Loewenstein, global president of sports at TelevisaUnivision.', 'He noted that the Hispanic population ""is one of the largest, if not the largest demographic, that\'s growing and younger in the U.S.""Marissa Solis, senior vice president of global brand and consumer marketing at the NFL, said she joined the league three years ago to ""get momentum behind our growth audiences.""', 'For the NFL, she said this means three groups: viewers 35 and younger, of which Solis notes a majority are Latino; women; and Latinos.', '""It\'s mathematically impossible for the league to grow without Latinos,"" Solis said. ""', 'This audience is critical for our growth.', ""And it's critical for global growth, because there's so much cross-border connection and pride, and the fandom crosses borders."", '""When it comes to sports in the U.S., Hispanic audiences favor soccer, followed by baseball and boxing, said Loewenstein.', 'The NFL is still working to build its brand in the global market, which is dominated by soccer and other sports.', '""I do think the NFL is one of the sports that\'s prime to grow and explode among Hispanics,"" Loewenstein said.', 'At the start of the season, the NFL expanded its reach to non-Spanish-speaking Latino audiences, hosting a game in Brazil for the first time as it brings more matchups to international locations.', ""The game was streamed exclusively on Comcast's Peacock and was the second-most watched live event for the streaming platform after a NFL postseason game earlier this year."", 'Solis said about 31 million Latinos in the U.S. considered themselves NFL fans four years ago, when the Por La Cultura effort began, and that has since increased to 40 million.', 'While the campaign has honed in on themes such as how the Latino community expresses their fandom and the stories of players like Pacheco and New England Patriots cornerback Christian Gonzalez, Solis said expanding broadcasts into Spanish language has been a big help.', 'The NFL has more than 75 broadcasts in Spanish language available this season, the league said.', '""All of those efforts have been leading to a massive growth in fandom,"" she said.', ""Paramount Global's CBS aired this year's Super Bowl between the San Francisco 49ers and Kansas City Chiefs, but since the network doesn't have a Spanish counterpart, it licensed those rights in the U.S. and Mexico to TelevisaUnivision."", ""The Super Bowl on TelevisaUnivision's over-the-air broadcast network broke records, the company said, averaging 2.3 million viewers across all of its platforms, the largest audience for the Spanish language broadcast of a Super Bowl."", 'Still, it was a small contribution to the total 123.4 million viewers of the 2024 Super Bowl.', '""Seventy percent of the people that had watched the Super Bowl had not watched any other playoff games that year,"" TelevisaUnivision\'s Lowenstein said.', 'The first Super Bowl that aired in Spanish was in 2015 on cable TV network Fox Deportes.', ""In 2022, NBCUniversal's Telemundo aired the Super Bowl for the first time on an over-the-air broadcast network in Spanish."", ""While having a Super Bowl broadcast in Spanish isn't a component of the NFL's media rights deals, it has become a significant priority as the NFL looks to expand availability, according to the league."", 'That was underscored earlier this week when Fox Deportes and Telemundo announced both networks would air the Super Bowl in February.', 'The two networks will ""provide the broadest Spanish-language distribution"" of the Super Bowl in the U.S. in history, and the networks will produce separate broadcasts.', 'Since the 2022 Super Bowl broadcast, Telemundo has experienced ""significant growth in our viewership"" of the NFL, said Joaquin Duro, executive vice president of sports at NBCUniversal Telemundo Enterprises.', 'Telemundo broadcasts each ""Sunday Night Football"" game in Spanish on both TV and Peacock.', 'He noted that while the core audience still watches on traditional TV, streaming is becoming increasingly important. ""', 'This is helping us attract younger, more tech-savvy viewers,"" Duro said.', 'Like the NFL, Telemundo Deportes highlights the stories of Hispanic players.', 'It has also expanded its coverage around NFL events with an on-site presence at the games and a bigger lineup of interviews, Duro added.', '""I love the change, the evolution, the expansion of the NFL,"" said Rolando Cantú, a former NFL player and analyst on ""TNF en Espanol"" and Telemundo Deportes\' broadcast of ""Sunday Night Football.', '""Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.']",0.3448506447023581,"But this time it wasn't Taylor Swift cheering on Travis Kelce — as the pop star has done at Kansas City games, leading to a boost in viewership.",,0.7381428440411886,"Since the 2022 Super Bowl broadcast, Telemundo has experienced ""significant growth in our viewership"" of the NFL, said Joaquin Duro, executive vice president of sports at NBCUniversal Telemundo Enterprises.","I mean, there's very little growth that [the NFL] can actually achieve within the regular American U.S. [English]-speaking population,"" said Olek Loewenstein, global president of sports at TelevisaUnivision.",2024-10-17
+"Boeing to cut 17,000 jobs as losses deepen during factory strike",https://www.cnbc.com/2024/10/11/boeing-layoffs-factory-strike.html,2024-10-14T12:48:03+0000,"In this articleBoeing will cut 10% of its workforce, or about 17,000 people, as the company's losses mount and a machinist strike that has idled its aircraft factories enters its fifth week. It will also push back the long-delayed launch of its new wide-body airplane.The manufacturer will not deliver its still-uncertified 777X wide-body plane, which has customers that include Lufthansa and Emirates, until 2026, putting it some six years behind schedule. The company in August paused flight tests of the aircraft when it discovered structural damage in one of them. It will stop making commercial 767 freighters in 2027 after it fulfills remaining orders, CEO Kelly Ortberg said in a staff memo Friday afternoon.""Our business is in a difficult position, and it is hard to overstate the challenges we face together,"" Ortberg said. ""Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.""Boeing expects to report a loss of $9.97 a share in the third quarter, the company said in a surprise release Friday. It expects to report a pretax charge of $3 billion in the commercial airplane unit and $2 billion for its defense business.In preliminary financial results, Boeing said it expects to have an operating cash outflow of $1.3 billion for the third quarter.The union late Friday called Boeing's announcement to cease 767 freighter production ""very troubling"" and said it would review the implications.The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.The machinist strike is yet another challenge for Ortberg. Credit ratings agencies have warned the company is at risk of losing its investment-grade rating, and Boeing has been burning through cash in what company leaders hoped would be a turnaround year.S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union. Tensions have been rising between the manufacturer and the International Association of Machinists and Aerospace Workers, and Boeing withdrew a newer contract offer earlier this week.On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers' proposals. The union had blasted Boeing for a sweetened offer that it argued was not negotiated with the union and said workers would not vote on it.After talks broke down earlier this week, Boeing said further negotiations didn't make sense at that point. Jon Holden, president of the striking workers' union, IAM District 751, on Friday urged a return to the bargaining table.""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted. They want a resolution that is negotiated and addresses their needs.""The job cuts, which Ortberg said would occur ""over the coming months,"" would hit just after Boeing and its hundreds of suppliers have been scrambling to staff up in the wake of the Covid-19 pandemic, when demand cratered.",CNBC,14/10/2024,"[""In this articleBoeing will cut 10% of its workforce, or about 17,000 people, as the company's losses mount and a machinist strike that has idled its aircraft factories enters its fifth week."", 'It will also push back the long-delayed launch of its new wide-body airplane.', 'The manufacturer will not deliver its still-uncertified 777X wide-body plane,which has customers that include Lufthansa and Emirates, until 2026, putting it some six years behind schedule.', 'The company in August paused flight tests of the aircraft when it discovered structural damage in one of them.', 'It will stop making commercial 767 freighters in 2027 after it fulfills remaining orders, CEO Kelly Ortberg said in a staff memo Friday afternoon.', '""Our business is in a difficult position, and it is hard to overstate the challenges we face together,"" Ortberg said. ""', 'Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.', '""Boeing expects to report a loss of $9.97 a share in the third quarter, the company said in a surprise release Friday.', 'It expects to report a pretax charge of $3 billion in the commercial airplane unit and $2 billion for its defense business.', 'In preliminary financial results, Boeing said it expects to havean operating cash outflowof $1.3 billion for the third quarter.', 'The union late Friday called Boeing\'s announcement to cease 767 freighter production ""very troubling"" and said it would review the implications.', 'The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.', 'The machinist strike is yet another challenge for Ortberg.', 'Credit ratings agencies have warned the company is at risk of losing its investment-grade rating, and Boeing has been burning through cash in what company leaders hoped would be a turnaround year.', 'S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union.', 'Tensions have been rising between the manufacturer and the International Association of Machinists and Aerospace Workers, and Boeing withdrew a newer contract offer earlier this week.', ""On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers' proposals."", 'The union had blasted Boeing for a sweetened offer that it argued was not negotiated with the union and said workers would not vote on it.', ""After talks broke down earlier this week, Boeing said further negotiations didn't make sense at that point."", ""Jon Holden, president of the striking workers' union, IAM District 751, on Friday urged a return to the bargaining table."", '""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""', 'Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted.', 'They want a resolution that is negotiated and addresses their needs.', '""The job cuts, which Ortberg said would occur ""over the coming months,"" would hit just after Boeing and its hundreds of suppliers have been scrambling to staff up in the wake of the Covid-19 pandemic, when demand cratered.']",-0.1836115425829668,"Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.","On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers' proposals.",-0.8773493731723112,"The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.","S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union.",2024-10-17
+"United plans flights to Greenland, Mongolia and northern Spain in search for next 'it' destination",https://www.cnbc.com/2024/10/10/united-airlines-flights-greenland-mongolia-bilbao.html,2024-10-10T15:55:17+0000,"In this articleUnited Airlines is plotting a 2025 international expansion that spans Senegal to Mongolia and Greenland to Palau, a bid to win over travelers who have already had their fill of the well-trodden streets of Paris, Rome and Tokyo.Starting May 21, United will fly three times a week between its Newark, New Jersey, hub to Palermo, Sicily; on May 16, it will launch nonstops four days a week to Faro in Portugal's Algarve region; on June 7 it plans three-days-a-week-service to Portugal's Madeira Island; and on May 31 it's starting nonstop flights to Bilbao in northern Spain, destinations that will beef up existing service to Italy, Spain and Portugal.Its inaugural flight between Newark and Nuuk, Greenland, will begin June 14, United said Thursday.""The savvy traveler has been to Paris, Rome and Madrid so many times that they're looking for something different,"" Patrick Quayle, United's senior vice president of global network planning and alliances, told reporters.The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions. The expansion is part of United's strategy to ""skate where the puck is going,"" Quayle said, as the company wants to make sure it can be all things to all travelers, offering destinations from U.S. cities like Corpus Christi, Texas, to Cape Town, South Africa.United is planning to launch daily, nonstop service to Dakar, Senegal, from Washington Dulles International Airport on May 23. Service from Tokyo's Narita airport to Ulaanbaatar, Mongolia, is set to begin May 1. United has been beefing up service from Tokyo and will offer year-round nonstop flights to Koror, Palau, from there.Not all destinations work. United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.""The more unique content, the more we differentiate ourselves from our competitors and the more people are going to spend on United,"" Quayle said.United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any ""significant safety issues.""United is also planning to expand flying from the West Coast, but it didn't disclose any details on Thursday.",CNBC,10/10/2024,"['In this articleUnited Airlines is plotting a 2025 international expansion that spans Senegal to Mongolia and Greenland to Palau, a bid to win over travelers who have already had their fill of the well-trodden streets of Paris, Rome and Tokyo.', ""Starting May 21, United will fly three times a week between its Newark, New Jersey, hub to Palermo, Sicily; on May 16, it will launch nonstops four days a week to Faro in Portugal's Algarve region; on June 7 it plans three-days-a-week-service to Portugal's Madeira Island; and on May 31 it's starting nonstop flights to Bilbao in northern Spain, destinations that will beef up existing service to Italy, Spain and Portugal."", 'Its inaugural flight between Newark and Nuuk, Greenland, will begin June 14, United said Thursday.', '""The savvy traveler has been to Paris, Rome and Madrid so many times that they\'re looking for something different,"" Patrick Quayle, United\'s senior vice president of global network planning and alliances, told reporters.', 'The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions.', 'The expansion is part of United\'s strategy to ""skate where the puck is going,"" Quayle said, as the company wants to make sure it can be all things to all travelers, offering destinations from U.S. cities like Corpus Christi, Texas, to Cape Town, South Africa.', 'United is planning to launch daily, nonstop service to Dakar, Senegal, from Washington Dulles International Airport on May 23.', ""Service from Tokyo's Narita airport to Ulaanbaatar, Mongolia, is set to begin May 1."", 'United has been beefing up service from Tokyo and will offer year-round nonstop flights to Koror, Palau, from there.', 'Not all destinations work.', 'United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.', '""The more unique content, the more we differentiate ourselves from our competitors and the more people are going to spend on United,"" Quayle said.', 'United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any ""significant safety issues.', '""United is also planning to expand flying from the West Coast, but it didn\'t disclose any details on Thursday.']",0.430660447445744,"United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.",,0.6330381532510122,The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions.,"United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any ""significant safety issues.",2024-10-17
+Jamie Dimon says geopolitical risks are surging: 'Conditions are treacherous and getting worse',https://www.cnbc.com/2024/10/11/jpms-dimon-says-geopolitical-risks-treacherous-and-getting-worse.html,2024-10-11T18:19:23+0000,"In this articleJPMorgan Chase CEO Jamie Dimon sees risks climbing around the world amid widening conflicts in the Middle East and with Russia's invasion of Ukraine showing no signs of abating.""We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,"" Dimon said Friday in the bank's third-quarter earnings release.""There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,"" he said.The international order in place since the end of World War II is unraveling in light of conflicts in the Middle East and Ukraine, rising U.S.-China tensions, and the risk of ""nuclear blackmail"" from Iran, North Korea and Russia, Dimon said last month during a fireside chat held at Georgetown University.""It's ratcheting up, folks, and it takes really strong American leadership and Western world leaders to do something about that,"" Dimon said at Georgetown. ""That's my No. 1 concern, and it dwarves any I've had since I've been working.""The ongoing conflict between Israel and Hamas recently hit the one-year mark since Hamas' attack on Oct. 7, 2023, sparked war, and there have been few signs of it slowing down. Tens of thousands of people have been killed as the conflict has broadened into fighting on multiple fronts, including with Hezbollah and Iran.At least 22 people were killed and more than 100 injured in Beirut from Israeli airstrikes on Thursday. Iran launched more than 180 missiles against Israel on Oct. 1, and worries have risen that an Israeli retaliation could target Iranian oil facilities.Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.Dimon also said Friday that he remained wary about the future of the economy, despite signs that the Federal Reserve has engineered a soft landing.""While inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,"" Dimon said. ""While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.""",CNBC,11/10/2024,"[""In this articleJPMorgan Chase CEO Jamie Dimon sees risks climbing around the world amid widening conflicts in the Middle East and with Russia's invasion of Ukraine showing no signs of abating."", '""We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,"" Dimon said Friday in the bank\'s third-quarter earnings release.', '""There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,"" he said.', 'The international order in place since the end of World War II is unraveling in light of conflicts in the Middle East and Ukraine, rising U.S.-China tensions, and the risk of ""nuclear blackmail"" from Iran, North Korea and Russia, Dimon said last month during a fireside chat held at Georgetown University.', '""It\'s ratcheting up, folks, and it takes really strong American leadership and Western world leaders to do something about that,"" Dimon said at Georgetown. ""', ""That's my No."", ""1 concern, and it dwarves any I've had since I've been working."", '""The ongoing conflict between Israel and Hamas recently hit the one-year mark since Hamas\' attack on Oct. 7, 2023, sparked war, and there have been few signs of it slowing down.', 'Tens of thousands of peoplehave been killedas the conflict has broadened into fighting on multiple fronts, including with Hezbollah and Iran.', 'At least22 people were killedand more than 100 injured in Beirut from Israeli airstrikes on Thursday.', 'Iran launched more than 180 missiles against Israel on Oct. 1, and worries have risen that an Israeli retaliation could target Iranian oil facilities.', 'Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.', 'Dimon also said Friday that he remained wary about the future of the economy, despite signs that the Federal Reserve has engineered a soft landing.', '""While inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,"" Dimon said. ""', 'While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.""']",-0.1664711019472122,"Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.","The international order in place since the end of World War II is unraveling in light of conflicts in the Middle East and Ukraine, rising U.S.-China tensions, and the risk of ""nuclear blackmail"" from Iran, North Korea and Russia, Dimon said last month during a fireside chat held at Georgetown University.",-0.1308410829967922,"Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.","Dimon also said Friday that he remained wary about the future of the economy, despite signs that the Federal Reserve has engineered a soft landing.",2024-10-17
+Boeing factory strike crosses 1-month mark as pressure mounts on new CEO,https://www.cnbc.com/2024/10/14/boeing-factory-strike-1-month.html,2024-10-14T20:28:57+0000,"In this articleIt's been just over a month since more than 30,000 Boeing machinists walked off the job after overwhelmingly voting down a tentative contract. Costs and tensions have only risen since then.The strike is adding to pressure on Boeing's new CEO, Kelly Ortberg, who was brought in over the summer to solve the plane maker's various troubles. The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug and comes six years after the first of two fatal Max crashes put the storied manufacturer in constant crisis mode.The union and company remain at an impasse, and airplane production at factories in the Seattle area and other locations has been idled, depriving Boeing of cash. Boeing last week pulled a sweetened contract offer that the union had rejected, saying it wasn't negotiated.Boeing officials had been upbeat to airline customers about getting to a deal in the weeks before the original vote, according to people familiar with the matter who spoke on the condition of anonymity because the conversations were private.But that optimism didn't pan out, as workers on Sept. 13 voted 95% against an initial tentative labor deal.""They'll have to increase their offer. There's no doubt about that,"" said Harry Katz, a professor who studies collective bargaining at Cornell University's School of Industrial and Labor Relations. He said one of the union's demands, a return to a pension plan, is unlikely, however, and estimated the strike could last two to five more weeks.Acting Labor Secretary Julie Su on Monday was set to meet with the two sides ""to assess the situation and encourage both parties to move forward in the bargaining process,"" a spokeswoman for the Labor Department said.The process of ending strike has turned more fraught, with federally mediated talks breaking down midweek.Boeing on Thursday said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers union of negotiating in bad faith and misrepresenting the plane makers' proposals.Late Friday, Jon Holden, president of the striking workers' union, IAM District 751, pushed for a return to negotiations.""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted. They want a resolution that is negotiated and addresses their needs.""Boeing's unionized machinists are not receiving paychecks and lost their company-backed health insurance at the end of September. However, unlike during the last Boeing factory strike in 2008, there is more contract work in the Seattle area to help workers fill the gaps. A union message board posts job opportunities like driving for food delivery services and warehouse work.After the stock market closed Friday, Ortberg said the company plans to cut its global workforce by about 10% ""over coming months,"" including layoffs of executives, managers and employees.He also told staff that Boeing will stop producing commercial 767 freighters when it fulfills its backlog in 2027 and that the delivery of its 777X will be delayed yet another year, to 2026.The surprise cuts came alongside preliminary financial results that showed deepening losses: Boeing said it expects to lose nearly $10 a share for the third quarter and that it will incur charges of about $5 billion in its commercial and defense units. The manufacturer hasn't had an annual profit since 2018. Ortberg faces investors in his first full earnings call as CEO on Oct. 23.""The thing is once they get 737 production on track all their money problems are gone but they're not willing to settle to make that happen,"" said Richard Aboulafia, managing director at AeroDynamic Advisory. ""They're firing a lot of people who could make that [stable production] happen. It seems like they're kind of burning down their own house.""Aboulafia estimated labor in final assembly of an aircraft accounts for about 5% of the airplane's cost.Ortberg is now tasked with drumming up cash and stopping the bleeding as the company's losses mount. Boeing's shares are down almost 43% this year through Monday's close, the steepest drop since 2008.""We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment,"" Ortberg said in a note to staff on Friday.S&P Global Ratings last week warned the company that it was at risk of a downgrade to junk status, as halted production of Boeing's bestselling 737 Max and its 767s and 777s costs the company more than $1 billion per month. The estimate includes previously announced cost cuts like temporary furloughs, a hiring freeze and a halt of most purchase orders for affected aircraft.Boeing is ""facing issues on quality, labor relations, program execution and cash burn, which seem to have created a continuous doom loop cycle,"" said Bank of America aerospace analyst Ron Epstein in a note Friday. He said Boeing's early financial release on Friday likely points to an equity raise in the works of as much as $15 billion.The announced job cuts come after Boeing and the rest of the aerospace supply chain worked to hire and train new machinists and other specialists after pandemic-era buyouts and layoffs of thousands of employees.Instability at Boeing could fan out to its suppliers. Boeing's 737 fuselage maker, Spirit AeroSystems, is considering furloughing workers in its cost-cutting contingency plans, a spokesman said, adding it hasn't made any decisions. Boeing is in the process of acquiring that company.""They're probably telling us a story about cost savings carrying them through,"" Aboulafia said of Boeing's latest cost cuts. ""When has stuff not working stopped them from trying it again?""",CNBC,14/10/2024,"[""In this articleIt's been just over a month since more than 30,000 Boeing machinists walked off the job after overwhelmingly voting down a tentative contract."", 'Costs and tensions have only risen since then.', ""The strike is adding to pressure on Boeing's new CEO, Kelly Ortberg, who was brought in over the summer to solve the plane maker's various troubles."", 'The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug and comes six years after the first of two fatal Max crashes put the storied manufacturer in constant crisis mode.', 'The union and company remain at an impasse, and airplane production at factories in the Seattle area and other locations has been idled, depriving Boeing of cash.', ""Boeing last week pulled a sweetened contract offer that the union had rejected, saying it wasn't negotiated."", 'Boeing officials had been upbeat to airline customers about getting to a deal in the weeks before the original vote, according to people familiar with the matter who spoke on the condition of anonymity because the conversations were private.', ""But that optimism didn't pan out, as workers on Sept. 13 voted 95% against an initial tentative labor deal."", '""They\'ll have to increase their offer.', 'There\'s no doubt about that,"" said Harry Katz, a professor who studies collective bargaining at Cornell University\'s School of Industrial and Labor Relations.', ""He said one of the union's demands, a return to a pension plan, is unlikely, however, and estimated the strike could last two to five more weeks."", 'Acting Labor Secretary Julie Su on Monday was set to meet with the two sides ""to assess the situation and encourage both parties to move forward in the bargaining process,"" a spokeswoman for the Labor Department said.', 'The process of ending strike has turned more fraught, with federally mediated talks breaking down midweek.', ""Boeing on Thursday said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers union of negotiating in bad faith and misrepresenting the plane makers' proposals."", ""Late Friday, Jon Holden, president of the striking workers' union, IAM District 751, pushed for a return to negotiations."", '""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""', 'Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted.', 'They want a resolution that is negotiated and addresses their needs.', '""Boeing\'s unionized machinists are not receiving paychecks and lost their company-backed health insurance at the end of September.', 'However, unlike during the last Boeing factory strike in 2008, there is more contract work in the Seattle area to help workers fill the gaps.', 'A union message board posts job opportunities like driving for food delivery services and warehouse work.', 'After the stock market closed Friday, Ortberg said the company plans to cut its global workforce by about 10% ""over coming months,"" including layoffs of executives, managers and employees.', 'He also told staff that Boeing will stop producing commercial 767 freighters when it fulfills its backlog in 2027 and that the delivery of its 777X will be delayed yet another year, to 2026.The surprise cuts came alongside preliminary financial results that showed deepening losses: Boeing said it expects to lose nearly $10 a share for the third quarter and that it will incur charges of about $5 billion in its commercial and defense units.', ""The manufacturer hasn't had an annual profit since 2018."", 'Ortberg faces investors in his first full earnings call as CEO on Oct. 23.""The thing is once they get 737 production on track all their money problems are gone but they\'re not willing to settle to make that happen,"" said Richard Aboulafia, managing director at AeroDynamic Advisory.', '""They\'re firing a lot of people who could make that [stable production] happen.', ""It seems like they're kind of burning down their own house."", '""Aboulafia estimated labor in final assembly of an aircraft accounts for about 5% of the airplane\'s cost.', ""Ortberg is now tasked with drumming up cash and stopping the bleeding as the company's losses mount."", 'Boeing\'s shares are down almost 43% this year through Monday\'s close, the steepest drop since 2008.""We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment,"" Ortberg said in a note to staff on Friday.', ""S&P Global Ratings last week warned the company that it was at risk of a downgrade to junk status, as halted production of Boeing's bestselling 737 Max and its 767s and 777s costs the company more than $1 billion per month."", 'The estimate includes previously announced cost cuts like temporary furloughs, a hiring freeze and a halt of most purchase orders for affected aircraft.', 'Boeing is ""facing issues on quality, labor relations, program execution and cash burn, which seem to have created a continuous doom loop cycle,"" said Bank of America aerospace analyst Ron Epstein in a note Friday.', ""He said Boeing's early financial release on Friday likely points to an equity raise in the works of as much as $15 billion."", 'The announced job cuts come after Boeing and the rest of the aerospace supply chain worked to hire and train new machinists and other specialists after pandemic-era buyouts and layoffs of thousands of employees.', 'Instability at Boeing could fan out to its suppliers.', ""Boeing's 737 fuselage maker, Spirit AeroSystems, is considering furloughing workers in its cost-cutting contingency plans, a spokesman said, adding it hasn't made any decisions."", 'Boeing is in the process of acquiring that company.', '""They\'re probably telling us a story about cost savings carrying them through,"" Aboulafia said of Boeing\'s latest cost cuts. ""', 'When has stuff not working stopped them from trying it again?""']",-0.0879702531790984,"Acting Labor Secretary Julie Su on Monday was set to meet with the two sides ""to assess the situation and encourage both parties to move forward in the bargaining process,"" a spokeswoman for the Labor Department said.","The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug and comes six years after the first of two fatal Max crashes put the storied manufacturer in constant crisis mode.",-0.6041010589826674,"Boeing officials had been upbeat to airline customers about getting to a deal in the weeks before the original vote, according to people familiar with the matter who spoke on the condition of anonymity because the conversations were private.","Boeing's shares are down almost 43% this year through Monday's close, the steepest drop since 2008.""We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment,"" Ortberg said in a note to staff on Friday.",2024-10-17
+"Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more",https://www.cnbc.com/2024/10/13/trump-or-harris-2024-stakes-for-business.html,2024-10-13T13:36:31+0000,"With the U.S. election less than a month away, the country and its corporations are staring down two drastically different options.For airlines, banks, electric vehicle makers, health-care companies, media firms, restaurants and tech giants, the outcome of the presidential contest could result in stark differences in the rules they'll face, the mergers they'll be allowed to pursue, and the taxes they'll pay.During his last time in power, former President Donald Trump slashed the corporate tax rate, imposed tariffs on Chinese goods, and sought to cut regulation and red tape and discourage immigration, ideas he's expected to push again if he wins a second term.In contrast, Vice President Kamala Harris has endorsed hiking the tax rate on corporations to 28% from the 21% rate enacted under Trump, a move that would require congressional approval. Most business executives expect Harris to broadly continue President Joe Biden's policies, including his war on so-called junk fees across industries.Personnel is policy, as the saying goes, so the ramifications of the presidential race won't become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau.CNBC examined the stakes of the 2024 presidential election for some of corporate America's biggest sectors. Here's what a Harris or Trump administration could mean for business:The result of the presidential election could affect everything from what airlines owe consumers for flight disruptions to how much it costs to build an aircraft in the United States.The Biden Department of Transportation, led by Secretary Pete Buttigieg, has taken a hard line on filling what it considers to be holes in air traveler protections. It has established or proposed new rules on issues including refunds for cancellations, family seating and service fee disclosures, a measure airlines have challenged in court.""Who's in that DOT seat matters,"" said Jonathan Kletzel, who heads the travel, transportation and logistics practice at PwC.The current Democratic administration has also fought industry consolidation, winning two antitrust lawsuits that blocked a partnership between American Airlines and JetBlue Airways in the Northeast and JetBlue's now-scuttled plan to buy budget carrier Spirit Airlines.The previous Trump administration didn't pursue those types of consumer protections. Industry members say that under Trump, they would expect a more favorable environment for mergers, though four airlines already control more than three-quarters of the U.S. market.On the aerospace side, Boeing and the hundreds of suppliers that support it are seeking stability more than anything else.Trump has said on the campaign trail that he supports additional tariffs of 10% or 20% and higher duties on goods from China. That could drive up the cost of producing aircraft and other components for aerospace companies, just as a labor and skills shortage after the pandemic drives up expenses.Tariffs could also challenge the industry, if they spark retaliatory taxes or trade barriers to China and other countries, which are major buyers of aircraft from Boeing, a top U.S. exporter.— Leslie JosephsBig banks such as JPMorgan Chase faced an onslaught of new rules this year as Biden appointees pursued the most significant slate of regulations since the aftermath of the 2008 financial crisis.Those efforts threaten tens of billions of dollars in industry revenue by slashing fees that banks impose on credit cards and overdrafts and radically revising the capital and risk framework they operate in. The fate of all of those measures is at risk if Trump is elected.Trump is expected to nominate appointees for key financial regulators, including the CFPB, the Securities and Exchange Commission, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation that could result in a weakening or killing off completely of the myriad rules in play.""The Biden administration's regulatory agenda across sectors has been very ambitious, especially in finance, and large swaths of it stand to be rolled back by Trump appointees if he wins,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.Bank CEOs and consultants say it would be a relief if aspects of the Biden era — an aggressive CFPB, regulators who discouraged most mergers and elongated times for deal approvals — were dialed back.""It certainly helps if the president is Republican, and the odds tilt more favorably for the industry if it's a Republican sweep"" in Congress, said the CEO of a bank with nearly $100 billion in assets who declined to be identified speaking about regulators.Still, some observers point out that Trump 2.0 might not be as friendly to the industry as his first time in office.Trump's vice presidential pick, Sen. JD Vance, of Ohio, has often criticized Wall Street banks, and Trump last month began pushing an idea to cap credit card interest rates at 10%, a move that if enacted would have seismic implications for the industry.Bankers also say that Harris won't necessarily cater to traditional Democratic Party ideas that have made life tougher for banks. Unless Democrats seize both chambers of Congress as well as the presidency, it may be difficult to get agency heads approved if they're considered partisan picks, experts note.""I would not write off the vice president as someone who's automatically going to go more progressive,"" said Lindsey Johnson, head of the Consumer Bankers Association, a trade group for big U.S. retail banks.— Hugh SonElectric vehicles have become a polarizing issue between Democrats and Republicans, especially in swing states such as Michigan that rely on the auto industry. There could be major changes in regulations and incentives for EVs if Trump regains power, a fact that's placed the industry in a temporary limbo.""Depending on the election in the U.S., we may have mandates; we may not,"" Volkswagen Group of America CEO Pablo Di Si said Sept. 24 during an Automotive News conference. ""Am I going to make any decisions on future investments right now? Obviously not. We're waiting to see.""Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry. Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency and incentives to promote production and adoption of the vehicles.If elected, he's also expected to renew a battle with California and other states who set their own vehicle emissions standards.""In a Republican win ... We see higher variance and more potential for change,"" UBS analyst Joseph Spak said in a Sept. 18 investor note.In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act.Harris hasn't been as vocal a supporter of EVs lately amid slower-than-expected consumer adoption of the vehicles and consumer pushback. She has said she does not support an EV mandate such as the Zero-Emission Vehicles Act of 2019, which she cosponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040. Still, auto industry executives and officials expect a Harris presidency would be largely a continuation, though not a copy, of the past four years of Biden's EV policy.They expect some potential leniency on federal fuel economy regulations but minimal changes to the billions of dollars in incentives under the IRA.— Mike WaylandBoth Harris and Trump have called for sweeping changes to the costly, complicated and entrenched U.S. health-care system of doctors, insurers, drug manufacturers and middlemen, which costs the nation more than $4 trillion a year.Despite spending more on health care than any other wealthy country, the U.S. has the lowest life expectancy at birth, the highest rate of people with multiple chronic diseases and the highest maternal and infant death rates, according to the Commonwealth Fund, an independent research group.Meanwhile, roughly half of American adults say it is difficult to afford health-care costs, which can drive some into debt or lead them to put off necessary care, according to a May poll conducted by health policy research organization KFF. Both Harris and Trump have taken aim at the pharmaceutical industry and proposed efforts to lower prescription drug prices in the U.S., which are nearly three times higher than those seen in other countries. But many of Trump's efforts to lower costs have been temporary or not immediately effective, health policy experts said. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said.Harris specifically plans to expand certain provisions of the IRA, part of which aims to lower health-care costs for seniors enrolled in Medicare. Harris cast the tie-breaking Senate vote to pass the law in 2022. Her campaign says she plans to extend two provisions to all Americans, not just seniors: a $2,000 annual cap on out-of-pocket drug spending and a $35 limit on monthly insulin costs. Harris also intends to accelerate and expand a provision allowing Medicare to directly negotiate drug prices with manufacturers for the first time. Drugmakers fiercely oppose those price talks, with some challenging the effort's constitutionality in court. Trump hasn't publicly indicated what he intends to do about IRA provisions.Some of Trump's prior efforts to lower drug prices ""didn't really come into fruition"" during his presidency, according to Dr. Mariana Socal, a professor of health policy and management at the Johns Hopkins Bloomberg School of Public Health.For example, he planned to use executive action to have Medicare pay no more than the lowest price that select other developed countries pay for drugs, a proposal that was blocked by court action and later rescinded. Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults. In a campaign video in April, Trump said he was not running on terminating the ACA and would rather make it ""much, much better and far less money,"" though he has provided no specific plans. He reiterated his belief that the ACA was ""lousy health care"" during his Sept. 10 debate with Harris. But when asked he did not offer a replacement proposal, saying only that he has ""concepts of a plan.""— Annika Kim ConstantinoTop of mind for media executives is mergers and the path, or lack thereof, to push them through.The media industry's state of turmoil — shrinking audiences for traditional pay TV, the slowdown in advertising, and the rise of streaming and challenges in making it profitable — means its companies are often mentioned in discussions of acquisitions and consolidation.While a merger between Paramount Global and Skydance Media is set to move forward, with plans to close in the first half of 2025, many in media have said the Biden administration has broadly chilled deal-making.""We just need an opportunity for deregulation, so companies can consolidate and do what we need to do even better,"" Warner Bros. Discovery CEO David Zaslav said in July at Allen & Co.'s annual Sun Valley conference.Media mogul John Malone recently told MoffettNathanson analysts that some deals are a nonstarter with this current Justice Department, including mergers between companies in the telecommunications and cable broadband space.Still, it's unclear how the regulatory environment could or would change depending on which party is in office. Disney was allowed to acquire Fox Corp.'s assets when Trump was in office, but his administration sued to block AT&T's merger with Time Warner. Meanwhile, under Biden's presidency, a federal judge blocked the sale of Simon & Schuster to Penguin Random House, but Amazon's acquisition of MGM was approved. ""My sense is, regardless of the election outcome, we are likely to remain in a similar tighter regulatory environment when looking at media industry dealmaking,"" said Marc DeBevoise, CEO and board director of Brightcove, a streaming technology company.When major media, and even tech, assets change hands, it could also mean increased scrutiny on those in control and whether it creates bias on the platforms.""Overall, the government and FCC have always been most concerned with having a diversity of voices,"" said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investment.""But then [Elon Musk's purchase of Twitter] happened, and it's clearly showing you can skew a platform to not just what the business needs, but to maybe your personal approach and whims,"" he said.Since Musk acquired the social media platform in 2022, changing its name to X, he has implemented sweeping changes including cutting staff and giving ""amnesty"" to previously suspended accounts, including Trump's, which had been suspended following the Jan. 6, 2021, Capitol insurrection. Musk has also faced widespread criticism from civil rights groups for the amplification of bigotry on the platform.Musk has publicly endorsed Trump, and was recently on the campaign trail with the former president. ""As you can see, I'm not just MAGA, I'm Dark MAGA,"" Musk said at a recent event. The billionaire has raised funds for Republican causes, and Trump has suggested Musk could eventually play a role in his administration if the Republican candidate were to be reelected.During his first term, Trump took a particularly hard stance against journalists, and pursued investigations into leaks from his administration to news organizations. Under Biden, the White House has been notably more amenable to journalists. Also top of mind for media executives — and government officials — is TikTok.Lawmakers have argued that TikTok's Chinese ownership could be a national security risk.Earlier this year, Biden signed legislation that gives Chinese parent ByteDance until January to find a new owner for the platform or face a U.S. ban. TikTok has said the bill, the Protecting Americans From Foreign Adversary Controlled Applications Act, which passed with bipartisan support, violates the First Amendment. The platform has sued the government to stop a potential ban.While Trump was in office, he attempted to ban TikTok through an executive order, but the effort failed. However, he has more recently switched to supporting the platform, arguing that without it there's less competition against Meta's Facebook and other social media.— Lillian Rizzo and Alex ShermanBoth Trump and Harris have endorsed plans to end taxes on restaurant workers' tips, although how they would do so is likely to differ.The food service and restaurant industry is the nation's second-largest private-sector employer, with 15.5 million jobs, according to the National Restaurant Association. Roughly 2.2 million of those employees are tipped servers and bartenders, who could end up with more money in their pockets if their tips are no longer taxed.Trump's campaign hasn't given much detail on how his administration would eliminate taxes on tips, but tax experts have warned that it could turn into a loophole for high earners. Claims from the Trump campaign that the Republican candidate is pro-labor have clashed with his record of appointing leaders to the National Labor Relations Board who have rolled back worker protections.Meanwhile, Harris has said she'd only exempt workers who make $75,000 or less from paying income tax on their tips, but the money would still be subject to taxes toward Social Security and Medicare, the Washington Post previously reported.In keeping with the campaign's more labor-friendly approach, Harris is also pledging to eliminate the tip credit: In 37 states, employers only have to pay tipped workers the minimum wage as long as that hourly wage and tips add up to the area's pay floor. Since 1991, the federal pay floor for tipped wages has been stuck at $2.13.""In the short term, if [restaurants] have to pay higher wages to their waiters, they're going to have to raise menu prices, which is going to lower demand,"" said Michael Lynn, a tipping expert and Cornell University professor.— Amelia LucasWhichever candidate comes out ahead in November will have to grapple with the rapidly evolving artificial intelligence sector.Generative AI is the biggest story in tech since the launch of OpenAI's ChatGPT in late 2022. It presents a conundrum for regulators, because it allows consumers to easily create text and images from simple queries, creating privacy and safety concerns.Harris has said she and Biden ""reject the false choice that suggests we can either protect the public or advance innovation."" Last year, the White House issued an executive order that led to the formation of the Commerce Department's U.S. AI Safety Institute, which is evaluating AI models from OpenAI and Anthropic.Trump has committed to repealing the executive order.A second Trump administration might also attempt to challenge a Securities and Exchange Commission rule that requires companies to disclose cybersecurity incidents. The White House said in January that more transparency ""will incentivize corporate executives to invest in cybersecurity and cyber risk management.""Trump's running mate, Vance, co-sponsored a bill designed to end the rule. Andrew Garbarino, the House Republican who introduced an identical bill, has said the SEC rule increases cybersecurity risk and overlaps with existing law on incident reporting.Also at stake in the election is the fate of dealmaking for tech investors and executives.With Lina Khan helming the FTC, the top tech companies have been largely thwarted from making big acquisitions, though the Justice Department and European regulators have also created hurdles.Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.Many in the tech industry are critical of Khan and want her to be replaced should Harris win in November. Meanwhile, Vance, who worked in venture capital before entering politics, said as recently as February — before he was chosen as Trump's running mate — that Khan was ""doing a pretty good job.""Khan, whom Biden nominated in 2021, has challenged Amazon and Meta on antitrust grounds and has said the FTC will investigate AI investments at Alphabet, Amazon and Microsoft.— Jordan Novet",CNBC,13/10/2024,"['With the U.S. election less than a month away, the country and its corporations are staring down two drastically different options.', ""For airlines, banks, electric vehicle makers, health-care companies, media firms, restaurants and tech giants, the outcome of the presidential contest could result in stark differences in the rules they'll face, the mergers they'll be allowed to pursue, and the taxes they'll pay."", ""During his last time in power, former President Donald Trump slashed the corporate tax rate, imposed tariffs on Chinese goods, and sought to cut regulation and red tape and discourage immigration, ideas he's expected to push again if he wins a second term."", 'In contrast, Vice President Kamala Harris has endorsed hiking the tax rate on corporations to 28% from the 21% rate enacted under Trump, a move that would require congressional approval.', ""Most business executives expect Harris to broadly continue President Joe Biden's policies, including his war on so-called junk fees across industries."", ""Personnel is policy, as the saying goes, so the ramifications of the presidential race won't become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau."", ""CNBC examined the stakes of the 2024 presidential election for some of corporate America's biggest sectors."", ""Here's what a Harris or Trump administration could mean for business:The result of the presidential election could affect everything from what airlines owe consumers for flight disruptions to how much it costs to build an aircraft in the United States."", 'The Biden Department of Transportation, led by Secretary Pete Buttigieg, has taken a hard lineon filling whatit considers to be holes in air traveler protections.', 'It has established or proposed new ruleson issues including refunds for cancellations, family seating andservice fee disclosures, a measure airlines have challenged in court.', '""Who\'s in that DOT seat matters,"" said Jonathan Kletzel, who heads the travel, transportation and logistics practice at PwC.The current Democratic administration has also fought industry consolidation, winning two antitrust lawsuits that blocked a partnership between American Airlines and JetBlue Airways in the Northeast and JetBlue\'s now-scuttled plan to buy budget carrier Spirit Airlines.', ""The previous Trump administration didn't pursue those types of consumer protections."", 'Industry members say that under Trump, they would expect a more favorable environment for mergers, though four airlines already control more than three-quarters of the U.S. market.', 'On the aerospace side, Boeing and the hundreds of suppliers that support it are seeking stability more than anything else.', 'Trump has said on the campaign trail that he supports additional tariffs of 10% or 20% and higher duties on goods from China.', 'That could drive up the cost of producing aircraft and other components for aerospace companies, just as a labor and skills shortage after the pandemic drives up expenses.', 'Tariffs could also challenge the industry, if they spark retaliatory taxes or trade barriers to China and other countries, which are major buyers of aircraft from Boeing, a top U.S. exporter.—', 'Leslie JosephsBig banks such as JPMorgan Chase faced an onslaught of new rules this year as Biden appointees pursued the most significant slate of regulations since the aftermath of the 2008 financial crisis.', 'Those efforts threaten tens of billions of dollars in industry revenue by slashing fees that banks impose on credit cards and overdrafts and radically revising the capital and risk framework they operate in.', 'The fate of all of those measures is at risk if Trump is elected.', 'Trump is expected to nominate appointees for key financial regulators, including the CFPB, the Securities and Exchange Commission, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation that could result in a weakening or killing off completely of the myriad rules in play.', '""The Biden administration\'s regulatory agenda across sectors has been very ambitious, especially in finance, and large swaths of it stand to be rolled back by Trump appointees if he wins,"" saidTobin Marcus, head of U.S. policy at Wolfe Research.', 'Bank CEOs and consultants say it would be a relief if aspects of the Biden era — an aggressive CFPB, regulators who discouraged most mergers and elongated times for deal approvals — were dialed back.', '""It certainly helps if the president is Republican, and the odds tilt more favorably for the industry if it\'s a Republican sweep"" in Congress, said the CEO of a bank with nearly $100 billion in assets who declined to be identified speaking about regulators.', 'Still, some observers point out that Trump 2.0 might not be as friendly to the industry as his first time in office.', ""Trump's vice presidential pick, Sen. JD Vance, of Ohio, has often criticized Wall Street banks, and Trump last month began pushing an idea to cap credit card interest rates at 10%, a move that if enacted would have seismic implications for the industry."", ""Bankers also say that Harris won't necessarily cater to traditional Democratic Party ideas that have made life tougher for banks."", ""Unless Democrats seize both chambers of Congress as well as the presidency, it may be difficult to get agency heads approved if they're considered partisan picks, experts note."", '""I would not write off the vice president as someone who\'s automatically going to go more progressive,"" said Lindsey Johnson, head of the Consumer Bankers Association, a trade group for big U.S. retail banks.—', 'Hugh SonElectric vehicles have become a polarizing issue between Democrats and Republicans, especially in swing states such as Michigan that rely on the auto industry.', ""There could be major changes in regulations and incentives for EVs if Trump regains power, a fact that's placed the industry in a temporary limbo."", '""Depending on the election in the U.S., we may have mandates; we may not,"" Volkswagen Group of America CEO Pablo Di Si said Sept. 24 during an Automotive News conference. ""', 'Am I going to make any decisions on future investments right now?', 'Obviously not.', ""We're waiting to see."", '""Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry.', 'Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency and incentives to promote production and adoption of the vehicles.', ""If elected, he's also expected to renew a battle with California and other states who set their own vehicle emissions standards."", '""In a Republican win ... We see higher variance and more potential for change,"" UBS analyst Joseph Spak said in a Sept. 18 investor note.', ""In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act."", ""Harris hasn't been as vocal a supporter of EVs lately amid slower-than-expected consumer adoption of the vehiclesand consumer pushback."", 'She has said she does not support an EV mandate such as theZero-Emission Vehicles Act of 2019, which she cosponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040.', ""Still,auto industry executives and officials expect a Harris presidency would be largely a continuation, though not a copy, of the past four years of Biden's EV policy."", 'They expect some potential leniency on federal fuel economy regulations but minimal changes to the billions of dollars in incentives under the IRA.—', 'Mike WaylandBoth Harris and Trump have called for sweeping changes to the costly, complicated and entrenched U.S. health-care system of doctors, insurers, drug manufacturers and middlemen, which costs the nation more than $4 trillion a year.', 'Despite spending more on health care than any other wealthy country, the U.S. has the lowest life expectancy at birth, the highest rate of people with multiple chronic diseases and the highest maternal and infant death rates, according to the Commonwealth Fund, an independent research group.', 'Meanwhile, roughly half of American adults say it is difficult to afford health-care costs, which can drive some into debt or lead them to put off necessary care, according to a May poll conducted by health policy research organization KFF.Both Harris and Trump have taken aim at the pharmaceutical industry and proposed efforts to lower prescription drug prices in the U.S., which are nearly three times higher than those seen in other countries.', ""But many of Trump's efforts to lower costs have been temporary or not immediately effective, health policy experts said."", 'Meanwhile, Harris, if elected, can build on existing efforts of theBiden administration to deliver savings to more patients, they said.', 'Harris specifically plans to expand certain provisions of the IRA, part of which aims to lower health-care costs for seniors enrolled in Medicare.', 'Harris cast the tie-breaking Senate vote to pass the law in 2022.Her campaign says she plans to extend two provisions to all Americans, not just seniors: a $2,000 annual cap on out-of-pocket drug spending and a $35 limit on monthly insulin costs.', 'Harris also intends to accelerate and expand a provision allowing Medicare to directly negotiate drug prices with manufacturers for the first time.', ""Drugmakers fiercely oppose those price talks, with some challenging the effort's constitutionality in court."", ""Trump hasn't publicly indicated what he intends to do about IRA provisions."", 'Some of Trump\'s prior efforts to lower drug prices ""didn\'t really come into fruition"" during his presidency, according to Dr. Mariana Socal, a professor of health policy and management at the Johns Hopkins Bloomberg School of Public Health.', 'For example, he planned to use executive action to have Medicare pay no more than the lowest price that select other developed countries pay for drugs, a proposal that was blocked by court action and later rescinded.', 'Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults.', 'In a campaign video in April, Trump said he was not running on terminating the ACA and would rather make it ""much, much better and far less money,"" though he has provided no specific plans.', 'He reiterated his belief that the ACA was ""lousy health care"" during his Sept. 10 debate with Harris.', 'But when asked he did not offer a replacement proposal, saying only that he has ""concepts of a plan.""—', 'Annika Kim ConstantinoTop of mind for media executives is mergers and the path, or lack thereof, to push them through.', ""The media industry's state of turmoil — shrinking audiences for traditional pay TV, the slowdown in advertising, and the rise of streaming and challenges in making it profitable — means its companies are often mentioned in discussions of acquisitions and consolidation."", 'While a merger between Paramount Global and Skydance Media is set to move forward, with plans to close in the first half of 2025, many in media have said the Biden administration has broadly chilled deal-making.', '""We just need an opportunity for deregulation, so companies can consolidate and do what we need to do even better,"" Warner Bros. Discovery CEO David Zaslav said in July at Allen & Co.\'s annual Sun Valley conference.', 'Media mogul John Malone recently told MoffettNathanson analysts that some deals are a nonstarter with this current Justice Department, including mergers between companies in the telecommunications and cable broadband space.', ""Still, it's unclear how the regulatory environment could or would change depending on which party is in office."", ""Disney was allowed to acquire Fox Corp.'s assets when Trump was in office, but his administration sued to block AT&T's merger with Time Warner."", ""Meanwhile, under Biden's presidency, a federal judge blocked the sale of Simon & Schuster to Penguin Random House, but Amazon's acquisition of MGM was approved."", '""My sense is, regardless of the election outcome, we are likely to remain in a similar tighter regulatory environment when looking at media industry dealmaking,"" said Marc DeBevoise, CEO and board director of Brightcove, a streaming technology company.', 'When major media, and even tech, assets change hands, it could also mean increased scrutiny on those in control and whether it creates bias on the platforms.', '""Overall, the government and FCC have always been most concerned with having a diversity of voices,"" said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investment.', '""But then [Elon Musk\'s purchase of Twitter]happened, and it\'s clearly showing you can skew a platform to not just what the business needs, but to maybe your personal approach and whims,"" he said.', 'Since Musk acquired the social media platform in 2022, changing its name to X, he has implemented sweeping changes including cutting staff and giving ""amnesty"" to previously suspended accounts, including Trump\'s, which had been suspended following the Jan. 6, 2021, Capitol insurrection.', 'Musk has also faced widespread criticism from civil rights groups for the amplification of bigotry on the platform.', 'Musk has publicly endorsed Trump, and was recently on the campaign trail with the former president. ""', 'As you can see, I\'m not just MAGA, I\'m Dark MAGA,"" Musk said at a recent event.', 'The billionaire has raised funds for Republican causes, and Trump has suggested Musk could eventually play a role in his administration if the Republican candidate were to be reelected.', 'During his first term, Trump took a particularly hard stance against journalists, and pursued investigations into leaks from his administration to news organizations.', 'Under Biden, the White House has been notably more amenable to journalists.', 'Also top of mind for media executives — and government officials — is TikTok.', ""Lawmakers have argued that TikTok's Chinese ownership could be a national security risk."", 'Earlier this year, Biden signed legislation that gives Chinese parent ByteDance until January to find a new owner for the platform or face a U.S. ban.', 'TikTok has said the bill, the Protecting Americans From Foreign Adversary Controlled Applications Act, which passed with bipartisan support, violates the First Amendment.', 'The platform has sued the government to stop a potential ban.', 'While Trump was in office, he attempted to ban TikTok through an executive order, but the effort failed.', ""However, he has more recently switched to supporting the platform, arguing that without it there's less competition against Meta's Facebook and other social media.—"", ""Lillian Rizzo and Alex ShermanBoth Trump and Harris have endorsed plans to end taxes on restaurant workers' tips, although how they would do so is likely to differ."", ""The food service and restaurant industry is the nation's second-largest private-sector employer, with 15.5 million jobs, according to the National Restaurant Association."", 'Roughly 2.2 million of those employees are tipped servers and bartenders, who could end up with more money in their pockets if their tips are no longer taxed.', ""Trump's campaign hasn't given much detail on how his administration would eliminate taxes on tips, but tax experts have warned that it could turn into a loophole for high earners."", 'Claims from the Trump campaign that the Republican candidate is pro-labor have clashed with his record of appointing leaders to the National Labor Relations Board who have rolled back worker protections.', ""Meanwhile, Harris has said she'd only exempt workers who make $75,000 or less from paying income tax on their tips, but the money would still be subject to taxes toward Social Security and Medicare, the Washington Post previously reported."", ""In keeping with the campaign's more labor-friendly approach, Harris is also pledging to eliminate the tip credit: In 37 states, employers only have to pay tipped workers the minimum wage as long as that hourly wage and tips add up to the area's pay floor."", 'Since 1991, the federal pay floor for tipped wages has been stuck at $2.13.""In the short term, if [restaurants] have to pay higher wages to their waiters, they\'re going to have to raise menu prices, which is going to lower demand,"" said Michael Lynn, a tipping expert and Cornell University professor.—', 'Amelia LucasWhichever candidate comes out ahead in November will have to grapple with the rapidly evolving artificial intelligence sector.', ""Generative AI is the biggest story in tech since the launch of OpenAI's ChatGPT in late 2022."", 'It presents a conundrum for regulators, because it allows consumers to easily create text and images from simple queries, creating privacy and safety concerns.', 'Harris has said she and Biden ""reject the false choice that suggests we can either protect the public or advance innovation.""', ""Last year, the White House issued an executive order that led to the formation of the Commerce Department's U.S. AI Safety Institute, which is evaluating AI models from OpenAI and Anthropic."", 'Trump has committed to repealing the executive order.', 'A second Trump administration might also attempt to challenge a Securities and Exchange Commission rule that requires companies to disclose cybersecurity incidents.', 'The White House said in January that more transparency ""will incentivize corporate executives to invest in cybersecurity and cyber risk management.', '""Trump\'s running mate, Vance, co-sponsored a bill designed to end the rule.', 'Andrew Garbarino, the House Republican who introduced an identical bill, has said the SEC rule increases cybersecurity risk and overlaps with existing law on incident reporting.', 'Also at stake in the election is the fate of dealmaking for tech investors and executives.', 'With Lina Khan helming the FTC, the top tech companies have been largely thwarted from making big acquisitions, though the Justice Department and European regulators have also created hurdles.', 'Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.', 'Many in the tech industry are critical of Khan and want her to be replaced should Harris win in November.', 'Meanwhile, Vance, who worked in venture capital before entering politics, said as recently as February — before he was chosen as Trump\'s running mate — that Khan was ""doing a pretty good job.', '""Khan, whom Biden nominated in 2021, has challenged Amazon and Meta on antitrust grounds and has said the FTC will investigate AI investments at Alphabet, Amazon and Microsoft.—', 'Jordan Novet']",0.0724305148354726,"Personnel is policy, as the saying goes, so the ramifications of the presidential race won't become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau.","""Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry.",-0.1908012104034424,"Meanwhile, Harris, if elected, can build on existing efforts of theBiden administration to deliver savings to more patients, they said.","Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.",2024-10-17
+Why this month's inflation figure matters for you,https://www.bbc.co.uk/news/articles/czrmzm3113po,2024-10-16T09:12:06.927Z,"The cost of living is always important to our finances but this month's has a particular extra impact for millions of people. The September inflation figure, showing the rates at which prices increase, will  affect how much benefits and the state pension will rise as well as influencing interest rates and the prices in shops. It also comes just two weeks before this government's first Budget, with the chancellor warning there will be “difficult decisions” on welfare as well as tax and spending. Here are some of the ways in which it will directly affect you and your money.  Typically, September's Consumer Prices Index (CPI) measure of inflation, which this time is 1.7%, is the benchmark for raising benefits the following April. The amount paid in some benefits should, by law, rise at least at the same rate as prices. That includes all the main disability benefits, such as personal independence payment, attendance allowance and disability living allowance, as well as carer’s allowance. Universal credit, the most common benefit which is claimed by seven million people, is among other benefits also expected to rise in line with inflation, but that is a decision for ministers. It means that the standard allowance of universal credit, for a single person aged under 25, is expected go up by £5.30 a month to about £317. For a couple aged over 25, the rise is likely to be £10.50 to £628 a month, according to investment platform AJ Bell. The total amount received in universal credit depends significantly on your circumstances, such as earnings, children, or disabilities. Adding 1.7% to your current benefit amount should give a fairly accurate estimate of what you will receive in April. About 58% of universal credit claimants are women, and 38% of the total are working. Someone receiving attendance allowance, or the highest rate of personal independence payment, will see an increase of about £1.85 a week in April. The increase in benefits is less than the 6.7% rise last April, which reflected the higher cost of living then. September's inflation figure was lower than expected, which means the increase in benefits is set to be relatively small. Next month, a rise in energy bills, which took effect at the start of this month, is expected to push the inflation rate back up again - too late for the link to benefits. The government, specifically the work and pensions secretary (no doubt working very closely with the chancellor), can decide to set a higher rate of increase for benefits. Charities would welcome such a move, but it would be extremely unlikely.  Listen to Newscast's take on what lower inflation means for you on BBC Sounds. The rise in the state pension in April is governed not only by inflation, but by what is known as the triple lock. Under that arrangement, the state pension goes up each year by either 2.5%, inflation, or earnings growth - whichever is the highest figure. This time around, the latest data has confirmed the highest is earnings growth - at 4.1%. This is expected to mean: It is worth noting that millions of pensioners will lose their winter fuel payment, worth up to £300, as a result of a government cut. As inflation is now below the Bank of England's 2% target, it paves the way for further interest rate cuts. That would make borrowing money less expensive, but could mean lower returns for savers. Analysts say there is now a greater likelihood of an interest rate cut by the Bank in December, after a widely expected reduction from the current level of 5% in November. That could give mortgage lenders more confidence to reduce the interest they charge on new fixed-rate home loans. Many people face higher monthly repayments, as rates are higher than many were accustomed to for a decade. Separate official figures show that people who are renting a home are paying 8.4% more than a year ago - displaying the continued financial squeeze on tenants. It would be hoped that lower mortgage rates could ease some pressure on landlords and, in turn, limit rent rises for tenants. There remains some nervousness among borrowers and consumers in general about what will happen in the Budget, announced by Chancellor Rachel Reeves on 30 October. Government sources have told the BBC that she is looking to make tax rises and spending cuts to the value of £40bn. Lower inflation can help or hinder the government. It means that the Treasury may be left with a slightly lower than expected benefits bill. However, lower inflation and wage rises could drag fewer people into higher rates of tax, even though the thresholds have been frozen. This means the government could also gather less in tax as a result. ",BBC,16/10/2024,"[""The cost of living is always important to our finances but this month's has a particular extra impact for millions of people."", 'The September inflation figure, showing the rates at which prices increase, will affect how much benefits and the state pension will rise as well as influencing interest rates and the prices in shops.', ""It also comes just two weeks before this government's first Budget, with the chancellor warning there will be “difficult decisions” on welfare as well as tax and spending."", 'Here are some of the ways in which it will directly affect you and your money.', ""Typically, September's Consumer Prices Index (CPI) measure of inflation, which this time is 1.7%, is the benchmark for raising benefits the following April."", 'The amount paid in some benefits should, by law, rise at least at the same rate as prices.', 'That includes all the main disability benefits, such as personal independence payment, attendance allowance and disability living allowance, as well as carer’s allowance.', 'Universal credit, the most common benefit which is claimed by seven million people, is among other benefits also expected to rise in line with inflation, but that is a decision for ministers.', 'It means that the standard allowance of universal credit, for a single person aged under 25, is expected go up by £5.30 a month to about £317.', 'For a couple aged over 25, the rise is likely to be £10.50 to £628 a month, according to investment platform AJ Bell.', 'The total amount received in universal credit depends significantly on your circumstances, such as earnings, children, or disabilities.', 'Adding 1.7% to your current benefit amount should give a fairly accurate estimate of what you will receive in April.', 'About 58% of universal credit claimants are women, and 38% of the total are working.', 'Someone receiving attendance allowance, or the highest rate of personal independence payment, will see an increase of about £1.85 a week in April.', 'The increase in benefits is less than the 6.7% rise last April, which reflected the higher cost of living then.', ""September's inflation figure was lower than expected, which means the increase in benefits is set to be relatively small."", 'Next month, a rise in energy bills, which took effect at the start of this month, is expected to push the inflation rate back up again - too late for the link to benefits.', 'The government, specifically the work and pensions secretary (no doubt working very closely with the chancellor), can decide to set a higher rate of increase for benefits.', 'Charities would welcome such a move, but it would be extremely unlikely.', ""Listen to Newscast's take on what lower inflation means for you on BBC Sounds."", 'The rise in the state pension in April is governed not only by inflation, but by what is known as the triple lock.', 'Under that arrangement, the state pension goes up each year by either 2.5%, inflation, or earnings growth - whichever is the highest figure.', 'This time around, the latest data has confirmed the highest is earnings growth - at 4.1%.', 'This is expected to mean: It is worth noting that millions of pensioners will lose their winter fuel payment, worth up to £300, as a result of a government cut.', ""As inflation is now below the Bank of England's 2% target, it paves the way for further interest rate cuts."", 'That would make borrowing money less expensive, but could mean lower returns for savers.', 'Analysts say there is now a greater likelihood of an interest rate cut by the Bank in December, after a widely expected reduction from the current level of 5% in November.', 'That could give mortgage lenders more confidence to reduce the interest they charge on new fixed-rate home loans.', 'Many people face higher monthly repayments, as rates are higher than many were accustomed to for a decade.', 'Separate official figures show that people who are renting a home are paying 8.4% more than a year ago - displaying the continued financial squeeze on tenants.', 'It would be hoped that lower mortgage rates could ease some pressure on landlords and, in turn, limit rent rises for tenants.', 'There remains some nervousness among borrowers and consumers in general about what will happen in the Budget, announced by Chancellor Rachel Reeves on 30 October.', 'Government sources have told the BBC that she is looking to make tax rises and spending cuts to the value of £40bn.', 'Lower inflation can help or hinder the government.', 'It means that the Treasury may be left with a slightly lower than expected benefits bill.', 'However, lower inflation and wage rises could drag fewer people into higher rates of tax, even though the thresholds have been frozen.', 'This means the government could also gather less in tax as a result.']",0.2079073804664316,"The September inflation figure, showing the rates at which prices increase, will affect how much benefits and the state pension will rise as well as influencing interest rates and the prices in shops.","However, lower inflation and wage rises could drag fewer people into higher rates of tax, even though the thresholds have been frozen.",0.3458582426492984,"This time around, the latest data has confirmed the highest is earnings growth - at 4.1%.",It means that the Treasury may be left with a slightly lower than expected benefits bill.,2024-10-17
+"Fake vintage wine gang busted in France and Italy, police say",https://www.bbc.co.uk/news/articles/cvg3jzzjg3po,2024-10-15T20:40:35.449Z,"French and Italian police say they have broken up an international fraud ring that was passing poor quality bottles of wine off as vintages worth up to €15,000 (£12,500) each.  Six people - including a Russian national who is the suspected ringleader - have been arrested in Paris, Turin and Milan.  They are alleged to have fabricated fake labels representing famous French vineyards, which were then sold at full market value through wine traders around the world.  The group earned €2m from the fraud, French prosecutors said. A French national has been charged with organised fraud and money laundering. The suspected ringleader, a 40-year-old Russian national, would also be charged, prosecutors said.  In a press release, Europol said items recovered during seizures included a “large amount of wine bottles from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods”, as well as electronic equipment valued at €1.4m and over €100,000 in cash. Wine fraud has existed since wine was invented. Until a few years ago, in France, it was at a fairly manageable level – a few dedicated experts counterfeiting labels and wax seals in order to pass basic wine off as something fancier. But over the last decade, things have changed.  The prices fetched by the best grand crus on the world market are now so high – thousands of pounds a bottle – that it has become profitable to conduct the fraud in a much more organised way. The centre of this kind of fraud is said to be Italy. That is because they have the wine know-how there: artisans who understand labelling and old bottles and corks;  and also a criminal underworld that is prepared to invest. Today, one wine auctioneer told me, the counterfeiting of old bottles and labels is so skilful that even the vineyards themselves are often unable to spot a fake. And with some buyers then storing the wine for years, they may never find out it is a fake.  With international buyers, especially in China, willing to spend £20,000 or more on a top-quality bottle, the criminal temptation to create the perfect bottle - then fill it with rubbish - is for some too big to resist. ",BBC,15/10/2024,"['French and Italian police say they have broken up an international fraud ring that was passing poor quality bottles of wine off as vintages worth up to €15,000 (£12,500) each.', 'Six people - including a Russian national who is the suspected ringleader - have been arrested in Paris, Turin and Milan.', 'They are alleged to have fabricated fake labels representing famous French vineyards, which were then sold at full market value through wine traders around the world.', 'The group earned €2m from the fraud, French prosecutors said.', 'A French national has been charged with organised fraud and money laundering.', 'The suspected ringleader, a 40-year-old Russian national, would also be charged, prosecutors said.', 'In a press release, Europol said items recovered during seizures included a “large amount of wine bottles from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods”, as well as electronic equipment valued at €1.4m and over €100,000 in cash.', 'Wine fraud has existed since wine was invented.', 'Until a few years ago, in France, it was at a fairly manageable level – a few dedicated experts counterfeiting labels and wax seals in order to pass basic wine off as something fancier.', 'But over the last decade, things have changed.', 'The prices fetched by the best grand crus on the world market are now so high – thousands of pounds a bottle – that it has become profitable to conduct the fraud in a much more organised way.', 'The centre of this kind of fraud is said to be Italy.', 'That is because they have the wine know-how there: artisans who understand labelling and old bottles and corks; and also a criminal underworld that is prepared to invest.', 'Today, one wine auctioneer told me, the counterfeiting of old bottles and labels is so skilful that even the vineyards themselves are often unable to spot a fake.', 'And with some buyers then storing the wine for years, they may never find out it is a fake.', 'With international buyers, especially in China, willing to spend £20,000 or more on a top-quality bottle, the criminal temptation to create the perfect bottle - then fill it with rubbish - is for some too big to resist.']",-0.1735618768777305,"In a press release, Europol said items recovered during seizures included a “large amount of wine bottles from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods”, as well as electronic equipment valued at €1.4m and over €100,000 in cash.","French and Italian police say they have broken up an international fraud ring that was passing poor quality bottles of wine off as vintages worth up to €15,000 (£12,500) each.",0.0307954847812652,The prices fetched by the best grand crus on the world market are now so high – thousands of pounds a bottle – that it has become profitable to conduct the fraud in a much more organised way.,"Today, one wine auctioneer told me, the counterfeiting of old bottles and labels is so skilful that even the vineyards themselves are often unable to spot a fake.",2024-10-16
+"Mental health patients could get job coach visits, says minister",https://www.bbc.co.uk/news/articles/c98y09n8201o,2024-10-15T23:01:36.204Z,"Job coaches could visit mental health patients when they are in hospital to help them get back to work, the government has said. Trials of employment advisers giving CV and interview advice in hospitals produced ""dramatic results"", Work and Pensions Secretary Liz Kendall told the BBC. She said a wider roll out would form part of her drive to shrink the UK's annual disability and incapacity benefits bill.  But disability rights campaigners expressed concerns about the proposals, saying they have the potential to worsen someone's mental health. ""It is ridiculous to try and turn a hospital, a place of care and support into a business setting,"" said Mikey Erhardt, campaigner at Disability Rights UK. James Taylor, executive director of strategy at disability equality charity Scope, added: “We need to see evidence that work coaches being sent to visit seriously ill people works, and doesn’t cause distress."" The cost of disability benefits specifically is projected to surge almost a third in the next four to five years, according to the Institute for Fiscal Studies. It predicted the Department for Work and Pensions (DWP) would spend £63bn by 2028-29, a jump from £48bn for 2023-24. “I want to see those costs coming down, because I want to have people able to work, to get on in their work, which is good for them,"" Kendall told BBC News in an exclusive interview. She indicated some people will lose their benefits, saying the ""benefit system can have a real impact on whether you incentivise or disincentivise work"". Kendall praised projects in Leicester and at the Maudsley Hospital in Camberwell, in south-east London, which offered employment support - such as training on CV writing and interviews - to people with serious mental health conditions, including on hospital wards. ""The results of getting people into work have been dramatic, and the evidence clearly shows that it is better for their mental health,"" she said. However, disability rights campaigner Erhardt said he would like to see the evidence of the trials. ""It is hugely inappropriate to be considering subjecting people who experience mental ill-health and distress to a CV check-up,"" he said. Minesh Patel, associate director of policy and campaigns at Mind, added: “We welcome this much-needed spotlight on mental health hospitals [but] we’re still waiting to see the full details of the scheme and results of the trials. “Right now, too many people with the most serious mental health problems are left more traumatised by their stay in hospital. If we want people to join or rejoin the workforce, they need safe and compassionate care that helps them truly get better."" The move by the government comes as figures suggest benefits will rise by 1.7% next April. September's inflation data is normally used to calculate how much many benefits go up by. That is less than the current level of wage growth, and also less than April's expected rise in the state pension of 4.1% which is governed by the so-called triple lock. Most benefits rose by 6.7% in April this year, in line with the inflation rate a year ago. The amount paid in some benefits should, by law, rise at least in line with prices. They include all the main disability benefits, such as personal independence payment, attendance allowance and disability living allowance, as well as carer’s allowance. Others, including the universal credit, received by seven million people, are expected to rise in line with the inflation rate, but that is a decision for ministers. However, the DWP is preparing a new employment white paper, for release around the time of the Budget and spending review later this month, which will outline its plans for reform of certain benefits, including who might receive them. Kendall said she believed British society had become ""sicker"" and that the UK was the only country with advanced economies ""whose employment rate has not gone back to pre-pandemic levels"". According to official figures released yesterday for the period from June to August, 21.8% of people are considered ""economically inactive"", meaning they are aged between 16 to 64 years old, not in work or looking for a job. The figure has fallen marginally from the May to July period, but it remains at close to a decade-high after rising during the pandemic. ""There is clear evidence we are really struggling with health problems,"" Kendall added.  She also urged employers to “think differently” about workers with mental health conditions to offer flexibility to support and retain workers with health problems. Kendall also told the BBC job centres would be transformed by merging them with the national careers service and using AI.  She suggested the face-to-face work would remain for the people “who really need it”, but “more personalised support using AI” for others, expanding on an idea introduced by her predecessor Stride. She also suggested that giving powers to regional mayors would help match unemployed people more closely with local vacancies. This echoes calls from Manchester Mayor Andy Burnham to hand control of job centres over to his regional government. ",BBC,15/10/2024,"['Job coaches could visit mental health patients when they are in hospital to help them get back to work, the government has said.', 'Trials of employment advisers giving CV and interview advice in hospitals produced ""dramatic results"", Work and Pensions Secretary Liz Kendall told the BBC.', ""She said a wider roll out would form part of her drive to shrink the UK's annual disability and incapacity benefits bill."", 'But disability rights campaigners expressed concerns about the proposals, saying they have the potential to worsen someone\'s mental health. ""', 'It is ridiculous to try and turn a hospital, a place of care and support into a business setting,"" said Mikey Erhardt, campaigner at Disability Rights UK.', 'James Taylor, executive director of strategy at disability equality charity Scope, added: “We need to see evidence that work coaches being sent to visit seriously ill people works, and doesn’t cause distress.""', 'The cost of disability benefits specifically is projected to surge almost a third in the next four to five years, according to the Institute for Fiscal Studies.', 'It predicted the Department for Work and Pensions (DWP) would spend £63bn by 2028-29, a jump from £48bn for 2023-24. “', 'I want to see those costs coming down, because I want to have people able to work, to get on in their work, which is good for them,"" Kendall told BBC News in an exclusive interview.', 'She indicated some people will lose their benefits, saying the ""benefit system can have a real impact on whether you incentivise or disincentivise work"".', 'Kendall praised projects in Leicester and at the Maudsley Hospital in Camberwell, in south-east London, which offered employment support - such as training on CV writing and interviews - to people with serious mental health conditions, including on hospital wards. ""', 'The results of getting people into work have been dramatic, and the evidence clearly shows that it is better for their mental health,"" she said.', 'However, disability rights campaigner Erhardt said he would like to see the evidence of the trials. ""', 'It is hugely inappropriate to be considering subjecting people who experience mental ill-health and distress to a CV check-up,"" he said.', 'Minesh Patel, associate director of policy and campaigns at Mind, added: “We welcome this much-needed spotlight on mental health hospitals [but] we’re still waiting to see the full details of the scheme and results of the trials. “', 'Right now, too many people with the most serious mental health problems are left more traumatised by their stay in hospital.', 'If we want people to join or rejoin the workforce, they need safe and compassionate care that helps them truly get better.""', 'The move by the government comes as figures suggest benefits will rise by 1.7% next April.', ""September's inflation data is normally used to calculate how much many benefits go up by."", ""That is less than the current level of wage growth, and also less than April's expected rise in the state pension of 4.1% which is governed by the so-called triple lock."", 'Most benefits rose by 6.7% in April this year, in line with the inflation rate a year ago.', 'The amount paid in some benefits should, by law, rise at least in line with prices.', 'They include all the main disability benefits, such as personal independence payment, attendance allowance and disability living allowance, as well as carer’s allowance.', 'Others, including the universal credit, received by seven million people, are expected to rise in line with the inflation rate, but that is a decision for ministers.', 'However, the DWP is preparing a new employment white paper, for release around the time of the Budget and spending review later this month, which will outline its plans for reform of certain benefits, including who might receive them.', 'Kendall said she believed British society had become ""sicker"" and that the UK was the only country with advanced economies ""whose employment rate has not gone back to pre-pandemic levels"".', 'According to official figures released yesterday for the period from June to August, 21.8% of people are considered ""economically inactive"", meaning they are aged between 16 to 64 years old, not in work or looking for a job.', 'The figure has fallen marginally from the May to July period, but it remains at close to a decade-high after rising during the pandemic. ""', 'There is clear evidence we are really struggling with health problems,"" Kendall added.', 'She also urged employers to “think differently” about workers with mental health conditions to offer flexibility to support and retain workers with health problems.', 'Kendall also told the BBC job centres would be transformed by merging them with the national careers service and using AI.', 'She suggested the face-to-face work would remain for the people “who really need it”, but “more personalised support using AI” for others, expanding on an idea introduced by her predecessor Stride.', 'She also suggested that giving powers to regional mayors would help match unemployed people more closely with local vacancies.', 'This echoes calls from Manchester Mayor Andy Burnham to hand control of job centres over to his regional government.']",0.2379927636958333,"If we want people to join or rejoin the workforce, they need safe and compassionate care that helps them truly get better.""","Right now, too many people with the most serious mental health problems are left more traumatised by their stay in hospital.",0.1048805952072143,The move by the government comes as figures suggest benefits will rise by 1.7% next April.,"The figure has fallen marginally from the May to July period, but it remains at close to a decade-high after rising during the pandemic. """,2024-10-16
+"Air India, IndiGo: Hoax bomb threats spark panic for Indian airlines",https://www.bbc.co.uk/news/articles/c30l4gp6z6mo,2024-10-16T05:43:13.885Z,"At least 10 Indian flights have received hoax bomb threats over the past 48 hours, leading to long delays and diversions. On Tuesday, Singapore's Air Force sent two fighter jets to escort an Air India Express plane away from populated areas following a bomb threat. Hours before that, an Air India plane from Delhi to Chicago had to land at a Canadian airport as a precuationary measure. Hoax bomb threats to airlines are not unusual in India but it's not clear what triggered the sudden surge since Monday. Officials from the government's Directorate General of Civil Aviation and Bureau of Civil Aviation Security did not respond to the BBC's emails for comment. Apart from Air India, IndiGo, SpiceJet and Akasa Air flights also received threats. On Monday, three international flights that took off from Mumbai were diverted or delayed after an X (formerly Twitter) handle posted threats. Police have detained a teenager in connection with this. On Tuesday, seven flights, including the two Air India planes, were affected by the threats issued by another X handle which has now been suspended. Screenshots of some of the posts show the user had tagged the airline and local police and mentioned the flight number. Air India said in a statement that it was co-operating with authorities to identify the people behind the threats and would consider legal action to recover damaged incurred. Every Indian airport has a Bomb Threat Assessment Committee which assesses the gravity of the threat and takes action accordingly. A threat can lead to the involvement of the bomb disposal squad, sniffer dogs, ambulances, police and doctors. Passengers are off-loaded from the plane along with cabin baggage, check-in baggage and cargo, and they are all screened again. Engineering and security teams also search the plane before it is cleared for flying again. The resultant delay can cost thousands of dollars in damages to airlines and security agencies. For flights heading for other countries, it can also lead to international agencies getting involved, like in Singapore and Canada. On Tuesday, Singapore's defence minister said that two of the city state's fighter jets ""scrambled and escorted"" the Air India Express plane before it landed safely at   Changi airport. The plane was flying from Madurai in India to Singapore. ""Once on the ground, the plane was handed to the Airport Police. Investigations are ongoing,"" Ng Eng Hen wrote. The aircraft later landed safely at Changi. In Canada - where the Air India flight to Chicago had landed at Iqaluit airport as a precautionary measure - the Royal Canadian Mounted Police said it was investigating the threat. Air India said on Wednesday that a Canadian Air Force plane was taking the passengers to Chicago. It's not clear yet when the Air India plane will be allowed to take off. Follow BBC News India on Instagram, YouTube, Twitter, and Facebook. ",BBC,16/10/2024,"['At least 10 Indian flights have received hoax bomb threats over the past 48 hours, leading to long delays and diversions.', ""On Tuesday, Singapore's Air Force sent two fighter jets to escort an Air India Express plane away from populated areas following a bomb threat."", 'Hours before that, an Air India plane from Delhi to Chicago had to land at a Canadian airport as a precuationary measure.', ""Hoax bomb threats to airlines are not unusual in India but it's not clear what triggered the sudden surge since Monday."", ""Officials from the government's Directorate General of Civil Aviation and Bureau of Civil Aviation Security did not respond to the BBC's emails for comment."", 'Apart from Air India, IndiGo, SpiceJet and Akasa Air flights also received threats.', 'On Monday, three international flights that took off from Mumbai were diverted or delayed after an X (formerly Twitter) handle posted threats.', 'Police have detained a teenager in connection with this.', 'On Tuesday, seven flights, including the two Air India planes, were affected by the threats issued by another X handle which has now been suspended.', 'Screenshots of some of the posts show the user had tagged the airline and local police and mentioned the flight number.', 'Air India said in a statement that it was co-operating with authorities to identify the people behind the threats and would consider legal action to recover damaged incurred.', 'Every Indian airport has a Bomb Threat Assessment Committee which assesses the gravity of the threat and takes action accordingly.', 'A threat can lead to the involvement of the bomb disposal squad, sniffer dogs, ambulances, police and doctors.', 'Passengers are off-loaded from the plane along with cabin baggage, check-in baggage and cargo, and they are all screened again.', 'Engineering and security teams also search the plane before it is cleared for flying again.', 'The resultant delay can cost thousands of dollars in damages to airlines and security agencies.', 'For flights heading for other countries, it can also lead to international agencies getting involved, like in Singapore and Canada.', 'On Tuesday, Singapore\'s defence minister said that two of the city state\'s fighter jets ""scrambled and escorted"" the Air India Express plane before it landed safely at Changi airport.', 'The plane was flying from Madurai in India to Singapore. ""', 'Once on the ground, the plane was handed to the Airport Police.', 'Investigations are ongoing,"" Ng Eng Hen wrote.', 'The aircraft later landed safely at Changi.', 'In Canada - where the Air India flight to Chicago had landed at Iqaluit airport as a precautionary measure - the Royal Canadian Mounted Police said it was investigating the threat.', 'Air India said on Wednesday that a Canadian Air Force plane was taking the passengers to Chicago.', ""It's not clear yet when the Air India plane will be allowed to take off."", 'Follow BBC News India on Instagram, YouTube, Twitter, and Facebook.']",-0.2153796364630683,"On Tuesday, Singapore's defence minister said that two of the city state's fighter jets ""scrambled and escorted"" the Air India Express plane before it landed safely at Changi airport.",Every Indian airport has a Bomb Threat Assessment Committee which assesses the gravity of the threat and takes action accordingly.,-0.9782631397247314,,"At least 10 Indian flights have received hoax bomb threats over the past 48 hours, leading to long delays and diversions.",2024-10-16
+MLB playoff viewership surges as big market stars vie for World Series,https://www.cnbc.com/2024/10/16/mlb-playoff-viewership-rises-in-yankees-guardians-mets-dodgers-series.html,2024-10-16T17:17:29+0000,"Major League Baseball's postseason has been knocking it out of the park.The National League Championship Series' first game between the New York Mets and Los Angeles Dodgers on Sunday averaged 8.26 million viewers across Fox Sports' TV networks and streaming, making it the most watched LCS game on any network since 2009, according to Fox Sports.The first game of the American League Championship Series on Monday night between the New York Yankees and Cleveland Guardians saw an uptick of 4% from 2023, grossing 3.9 million viewers, according to a TNT Sports spokesperson.Both series were competing for national attention during ""Sunday Night Football"" and ""Monday Night Football,"" where all three of New York's NFL teams were playing in the primetime slots.The championship series gains come right after four successful league division series for MLB and its broadcast partners. The American League Division Series averaged 3 million viewers, a more than 20% increase from 2023, according to TNT Sports. Viewership for the National League Division Series rose too, with game four in each series climbing from 2022.Concerns have grown in recent years that MLB's cultural relevance is falling, namely as younger generations perceived to have shorter attention spans age into key demographics for media companies. Highlights and clips have become go-to programming for sports broadcasters.Last year's World Series between the Texas Rangers and Arizona Diamondbacks also tracked the worst TV ratings in the championship series' history, although some reportedly had attributed it to the fact that the teams didn't have much national appeal.The 2024 regular season was a success for MLB, as well. The league said it recorded increases in attendance, fan engagement, streaming and viewership, something it attributes to the shorter games — helped by a pitch clock introduced last season — and rule changes that have created more in-game action.""The increased enthusiasm baseball fans of all ages have shown the last two seasons is evident in all of the ways we track fan engagement,"" MLB Commissioner Rob Manfred said in a release. ""Building off last year's momentum, the 2024 season was memorable with historic performances, emerging young stars, a series of successful special events, and tight pennant races.""MLB has recently implemented several rule changes designed to increase action in games such as making the bases larger and restricting the shift. The league has also leaned in to its generational stars like Shohei Ohtani and Aaron Judge, who are on the Dodgers and Yankees, respectively, and would face off in the World Series if each of their teams win their LCS.""The two most storied franchises in Major League Baseball coming together and playing in the World Series, there couldn't be anything better for baseball,"" Eldridge Industries CEO Todd Boehly said Tuesday to CNBC's Scott Wapner on ""Halftime Report."" Boehly's firm is an owner of the Dodgers, among other professional teams.The two other remaining teams, the Mets and Guardians, have their own draws. The Mets turned around their season in June after a winning streak, which followed a McDonald's mascot, Grimace, throwing out a first pitch at a game.The Guardians righted their season after giving up their division lead to the Kansas City Royals at the end of August behind a hot September from their star Jose Ramirez.The Yankees have a 2-0 game lead against the Guardians, and the Mets-Dodgers series is tied at 1-1.",CNBC,16/10/2024,"[""Major League Baseball's postseason has been knocking it out of the park."", ""The National League Championship Series' first game between the New York Mets and Los Angeles Dodgers on Sunday averaged 8.26 million viewers across Fox Sports' TV networks and streaming, making it the most watched LCS game on any network since 2009, according to Fox Sports."", 'The first game of the American League Championship Series on Monday night between the New York Yankees and Cleveland Guardians saw an uptick of 4% from 2023, grossing 3.9 million viewers, according to a TNT Sports spokesperson.', 'Both series were competing for national attention during ""Sunday Night Football"" and ""Monday Night Football,"" where all three of New York\'s NFL teams were playing in the primetime slots.', 'The championship series gains come right after four successful league division series for MLB and its broadcast partners.', 'The American League Division Series averaged 3 million viewers, a more than 20% increase from 2023, according to TNT Sports.', ""Viewership for the National League Division Series rose too, with game four in each series climbing from 2022.Concerns have grown in recent years that MLB's cultural relevance is falling, namely as younger generations perceived to have shorter attention spans age into key demographics for media companies."", 'Highlights and clips have become go-to programming for sports broadcasters.', ""Last year's World Series between the Texas Rangers and Arizona Diamondbacks also tracked the worst TV ratings in the championship series' history, although some reportedly had attributed it to the fact that the teams didn't have much national appeal."", 'The 2024 regular season was a success for MLB, as well.', 'The league said it recorded increases in attendance, fan engagement, streaming and viewership, something it attributes to the shorter games — helped by a pitch clock introduced last season — and rule changes that have created more in-game action.', '""The increased enthusiasm baseball fans of all ages have shown the last two seasons is evident in all of the ways we track fan engagement,""MLB Commissioner Rob Manfred said in a release. ""', ""Building off last year's momentum, the 2024 season was memorable with historic performances, emerging young stars, a series of successful special events, and tight pennant races."", '""MLB has recently implemented several rule changes designed to increase action in games such as making the bases larger and restricting the shift.', 'The league has also leaned in to its generational stars like Shohei Ohtani and Aaron Judge, who are on the Dodgers and Yankees, respectively, and would face off in the World Series if each of their teams win their LCS.""The two most storied franchises in Major League Baseball coming together and playing in the World Series, there couldn\'t be anything better for baseball,"" Eldridge Industries CEO Todd Boehly said Tuesday to CNBC\'s Scott Wapner on ""Halftime Report.""', ""Boehly's firm is an owner of the Dodgers, among other professional teams."", 'The two other remaining teams, the Mets and Guardians, have their own draws.', ""The Mets turned around their season in June after a winning streak, which followed a McDonald's mascot, Grimace, throwing out a first pitch at a game."", 'The Guardians righted their season after giving up their division lead to the Kansas City Royals at the end of August behind a hot September from their star Jose Ramirez.', 'The Yankees have a 2-0 game lead against the Guardians, and the Mets-Dodgers series is tied at 1-1.']",0.2925978375642211,"The league has also leaned in to its generational stars like Shohei Ohtani and Aaron Judge, who are on the Dodgers and Yankees, respectively, and would face off in the World Series if each of their teams win their LCS.""The two most storied franchises in Major League Baseball coming together and playing in the World Series, there couldn't be anything better for baseball,"" Eldridge Industries CEO Todd Boehly said Tuesday to CNBC's Scott Wapner on ""Halftime Report.""","Last year's World Series between the Texas Rangers and Arizona Diamondbacks also tracked the worst TV ratings in the championship series' history, although some reportedly had attributed it to the fact that the teams didn't have much national appeal.",0.684715564434345,"The first game of the American League Championship Series on Monday night between the New York Yankees and Cleveland Guardians saw an uptick of 4% from 2023, grossing 3.9 million viewers, according to a TNT Sports spokesperson.","Last year's World Series between the Texas Rangers and Arizona Diamondbacks also tracked the worst TV ratings in the championship series' history, although some reportedly had attributed it to the fact that the teams didn't have much national appeal.",2024-10-16
+Morgan Stanley shares pop 7% after beating estimates for third-quarter profit and revenue,https://www.cnbc.com/2024/10/16/morgan-stanley-ms-earnings-q3-2024.html,2024-10-16T18:06:57+0000,"In this articleMorgan Stanley on Wednesday topped analysts' estimates for third-quarter profit as each of its three main divisions generated more revenue than expected.Here's what the company reported:The bank said profit rose 32% to $3.2 billion, or $1.88 per share, and revenue jumped 16% to $15.38 billion.Morgan Stanley had several tail winds in its favor, starting with buoyant markets that helped its massive wealth management business, a rebound in investment banking after a dismal 2023, and strong trading activity. The Federal Reserve began taking down rates in the quarter, which should encourage more of the financing and merger activity that Wall Street firms capitalize on.""The firm reported a strong third quarter in a constructive environment across our global footprint,"" Morgan Stanley CEO Ted Pick said in the release.Shares of the bank rose 7.5% in early trading.The bank's wealth management division saw revenue jump 14% from a year earlier to $7.27 billion, exceeding the StreetAccount estimate by nearly $400 million.Equity trading revenue rose 21% to $3.05 billion, compared with the $2.77 billion estimate, while fixed income revenue edged 3% higher to $2 billion, also higher than the $1.85 billion estimate.Investment banking revenue surged 56% from a year earlier to $1.46 billion, exceeding the $1.36 billion estimate.Investment management, the firm's smallest division, also exceeded expectations, posting a 9% increase in revenue to $1.46 billion, modestly higher than the $1.42 billion estimate.Morgan Stanley's Wall Street rivals also posted better-than-expected Wall Street revenue. JPMorgan Chase, Goldman Sachs and Citigroup topped estimates on strong revenue from trading and investment banking.This story is developing. Please check back for updates.",CNBC,16/10/2024,"[""In this articleMorgan Stanley on Wednesday topped analysts' estimates for third-quarter profit as each of its three main divisions generated more revenue than expected."", ""Here's what the company reported:The bank said profit rose 32% to $3.2 billion, or $1.88 per share, and revenue jumped 16% to $15.38 billion."", 'Morgan Stanley had several tail winds in its favor, starting with buoyant markets that helped its massive wealth management business, a rebound in investment banking after a dismal 2023, and strong trading activity.', 'The Federal Reserve began taking down rates in the quarter, which should encourage more of the financing and merger activity that Wall Street firms capitalize on.', '""The firm reported a strong third quarter in a constructive environment across our global footprint,"" Morgan Stanley CEO Ted Pick said in the release.', 'Shares of the bank rose 7.5% in early trading.', ""The bank's wealth management division saw revenue jump 14% from a year earlier to $7.27 billion, exceeding the StreetAccount estimate by nearly $400 million."", 'Equity trading revenue rose 21% to $3.05 billion, compared with the $2.77 billion estimate, while fixed income revenue edged 3% higher to $2 billion, also higher than the $1.85 billion estimate.', 'Investment banking revenue surged 56% from a year earlier to $1.46 billion, exceeding the $1.36 billion estimate.', ""Investment management, the firm's smallest division, also exceeded expectations, posting a 9% increase in revenue to $1.46 billion, modestly higher than the $1.42 billion estimate."", ""Morgan Stanley's Wall Street rivals also posted better-than-expected Wall Street revenue."", 'JPMorgan Chase, Goldman Sachs and Citigroup topped estimates on strong revenue from trading and investment banking.', 'This story is developing.', 'Please check back for updates.']",0.3707730121934632,"Morgan Stanley had several tail winds in its favor, starting with buoyant markets that helped its massive wealth management business, a rebound in investment banking after a dismal 2023, and strong trading activity.",,0.9996021836996078,"Here's what the company reported:The bank said profit rose 32% to $3.2 billion, or $1.88 per share, and revenue jumped 16% to $15.38 billion.",,2024-10-16
+Ulta Beauty shares fall as company sees 'headwinds' in beauty industry,https://www.cnbc.com/2024/10/16/ulta-beauty-shares-fall-as-company-sees-headwinds-in-beauty-industry.html,2024-10-16T18:15:36+0000,"In this articleUlta Beauty shares slumped on Wednesday morning as the company said it sees ""headwinds"" and tougher competition in the beauty industry.As it hosted its investor day near its Chicago headquarters on Wednesday, the specialty retailer stuck by its forecast for this fiscal year. Ulta said it anticipates net sales will range between $11 billion and $11.2 billion and comparable sales will range from a decline of 2% to roughly flat. It said earnings per share will range between $22.60 and $23.50.For 2026 and beyond, Ulta said its financial targets will be 4% to 6% net sales growth and low double-digit diluted earnings per share growth. It said it expects mid-single-digit operating profit growth and operating margins around 12% of net sales.Yet, it did not provide a specific outlook for the 2025 fiscal year. The updates come after the company missed Wall Street's earnings expectations and cut its full-year 2024 forecast in August.In his opening remarks at the investor day, CEO Dave Kimbell said this year ""has been more challenging than planned."" Kimbell said the beauty category has normalized to more modest historic growth levels, the consumer backdrop is more volatile and more competition has emerged, especially in the prestige category.He said the company is taking action to boost its sales by striking partnerships with new brands, expanding its loyalty program and personalizing promotions to engage customers.Plus, he said demographic trends will drive growth for Ulta. More men are buying beauty products, including fragrances and self-care items.Younger generations, Gen Z and Gen Alpha, are more interested in spending on beauty than prior generations, particularly on skin care or as a form of self-expression, Kimbell said. He added that Hispanic customers, who tend to be more engaged in the category, are becoming a larger portion of the U.S. population.""While we anticipate that some of these headwinds will persist in the near term, we are confident in our ability to deliver on our plans and set ourselves up for long term growth,"" he said.In her presentation on Wednesday, Chief Merchandising Officer Monica Arnaudo said Ulta will step up its emphasis on exclusive products, lead on beauty trends and carry a mix of trusted, well-loved brands as well as promising up-and-comers.""We are experts in identifying [and] bringing key trends to the market with our brand partners,"" she said. ""This will be more critical than ever as the market become increasingly competitive.""In makeup, for example, more shoppers seek multiuse products and want to get supplies for glamorous looks. In skin care, customers want to know more about items' ingredients and want dermatologist-recommended brands as they grow more health conscious, she said. In hair care, shoppers are thinking beyond shampoo and conditioner and adding on products such as scalp treatments or items designed for curly and textured hair.Already, Arnaudo said, the company has more than 40 exclusive brands and upward of 65 brands with some exclusive products.This story is developing. Please check back for updates.",CNBC,16/10/2024,"['In this articleUlta Beauty shares slumped on Wednesday morning as the company said it sees ""headwinds"" and tougher competition in the beauty industry.', 'As it hosted its investor day near its Chicago headquarters on Wednesday, the specialty retailer stuck by its forecast for this fiscal year.', 'Ulta said it anticipates net sales will range between $11 billion and $11.2 billion and comparable sales will range from a decline of 2% to roughly flat.', 'It said earnings per share will range between $22.60 and $23.50.For 2026 and beyond, Ulta said its financial targets will be 4% to 6% net sales growth and low double-digit diluted earnings per share growth.', 'It said it expects mid-single-digit operating profit growth and operating margins around 12% of net sales.', 'Yet, it did not provide a specific outlook for the 2025 fiscal year.', ""The updates come after the company missed Wall Street's earnings expectations and cut its full-year 2024 forecast in August."", 'In his opening remarks at the investor day, CEO Dave Kimbell said this year ""has been more challenging than planned.""', 'Kimbell said the beauty category has normalized to more modest historic growth levels, the consumer backdrop is more volatile and more competition has emerged, especially in the prestige category.', 'He said the company is taking action to boost its sales by striking partnerships with new brands, expanding its loyalty program and personalizing promotions to engage customers.', 'Plus, he said demographic trends will drive growth for Ulta.', 'More men are buying beauty products, including fragrances and self-care items.', 'Younger generations, Gen Z and Gen Alpha, are more interested in spending on beauty than prior generations, particularly on skin care or as a form of self-expression, Kimbell said.', 'He added that Hispanic customers, who tend to be more engaged in the category, are becoming a larger portion of the U.S. population.', '""While we anticipate that some of these headwinds will persist in the near term, we are confident in our ability to deliver on our plans and set ourselves up for long term growth,"" he said.', 'In her presentation on Wednesday, Chief Merchandising Officer Monica Arnaudo said Ulta will step up its emphasis on exclusive products, lead on beauty trends and carry a mix of trusted, well-loved brands as well as promising up-and-comers.', '""We are experts in identifying [and] bringing key trends to the market with our brand partners,"" she said. ""', 'This will be more critical than ever as the market become increasingly competitive.', '""In makeup, for example, more shoppers seek multiuse products and want to get supplies for glamorous looks.', ""In skin care, customers want to know more about items' ingredients and want dermatologist-recommended brands as they grow more health conscious, she said."", 'In hair care, shoppers are thinking beyond shampoo and conditioner and adding on products such as scalp treatments or items designed for curly and textured hair.', 'Already, Arnaudo said, the company has more than 40 exclusive brands and upward of 65 brands with some exclusive products.', 'This story is developing.', 'Please check back for updates.']",0.4070955686020132,"In her presentation on Wednesday, Chief Merchandising Officer Monica Arnaudo said Ulta will step up its emphasis on exclusive products, lead on beauty trends and carry a mix of trusted, well-loved brands as well as promising up-and-comers.",The updates come after the company missed Wall Street's earnings expectations and cut its full-year 2024 forecast in August.,0.1416223247845967,"He said the company is taking action to boost its sales by striking partnerships with new brands, expanding its loyalty program and personalizing promotions to engage customers.","In this articleUlta Beauty shares slumped on Wednesday morning as the company said it sees ""headwinds"" and tougher competition in the beauty industry.",2024-10-16
+Tom Brady and partner Tom Wagner to pay over $200 million for stake in Las Vegas Raiders,https://www.cnbc.com/2024/10/15/tom-brady-to-be-part-owner-of-nfls-las-vegas-raiders.html,2024-10-16T00:13:33+0000,"National Football League owners approved Tom Brady as a minority owner of the Las Vegas Raiders on Tuesday.The seven-time Super Bowl champ bought about a 10% stake in the Raiders with his business partner, Knighthead Capital founder Tom Wagner.Brady and Wagner are buying into the Raiders at about a $3.5 billion valuation, with an equity investment of about $220 million as part of the partnership, according to people familiar with the negotiations. On top of that amount, Brady and Wagner also had to pay a 10% ""flip tax,"" the proceeds of which will be divided among the league's 31 other owners.Separately, former NFL player Richard Seymour purchased a less than 1% stake in the Raiders, also at a $3.5 billion valuation, the people said.The NFL's 32 team owners signed off on the deal unanimously at the league meeting in Atlanta, the person told CNBC. Brady and Wagner did not attend the meeting, according to a person familiar with the matter.""I am eager to contribute to the organization in any way I can, honoring the Raiders' rich tradition while finding every possible opportunity to improve our offering to fans...and most importantly, WIN football games,"" Brady said in a statement.CNBC's Official 2024 NFL Team Valuations pegged the Raiders as the NFL's fifth-most valuable franchise, worth $7.8 billion, meaning Brady and Wagner got over a 50% discount. The typical discount for a limited partner with no say in how the team is run and no path to control ownership is 20% to 25%, according to sports bankers.The value of the Raiders has climbed since the team relocated from Oakland in 2020. Prior to the move, the team was valued among the bottom half of the league's 32 teams.Since the team moved to Las Vegas and its new stadium, its revenue has increased significantly. The Raiders earned $780 million in revenue in 2023, the third highest in the league, and generated EBITDA of $115 million, according to CNBC's valuations.While Allegiant Stadium is among the smallest in the NFL at 65,000 seats, the Raiders compensated by charging the highest ticket price in the league, CNBC previously reported. The average general ticket price last season was $169.Allegiant Stadium, which is operated by the Raiders, also hosts numerous non-NFL events throughout the year, which brings in additional revenue for the franchise. In 2023, the Raiders took in over $50 million from concerts and other events like college football.Brady's bid for a piece of the team began in May 2023 but has been held up because some owners felt the initial offer was too discounted.After he first retired from the NFL, Brady signed a 10-year, $375 million broadcasting deal with Fox Sports in 2022. Brady's new ownership will come with restrictions on how he covers the team.For example, Brady would be allowed to broadcast Raiders games, but he would not be permitted to attend in-person or online production meetings. He also may not have access to team facilities, players and coaches.Brady will also be subject to the league rules that prohibit public criticism of officials and other clubs.The five-time Super Bowl MVP is not new to the Las Vegas sports scene. He is also a minority owner of the Women's National Basketball Association's Las Vegas Aces, which, like the Raiders, is owned by Mark Davis.Brady will be just the third former NFL player to become a team owner.",CNBC,16/10/2024,"['National Football League owners approved Tom Brady as a minority owner of the Las Vegas Raiders on Tuesday.', 'The seven-time Super Bowl champ bought about a 10% stake in the Raiders with his business partner, Knighthead Capital founder Tom Wagner.', 'Brady and Wagner are buying into the Raiders at about a $3.5 billion valuation, with an equity investment of about $220 million as part of the partnership, according to people familiar with the negotiations.', 'On top of that amount, Brady and Wagner also had to pay a 10% ""flip tax,"" the proceeds of which will be divided among the league\'s 31 other owners.', 'Separately, former NFL player Richard Seymour purchased a less than 1% stake in the Raiders, also at a $3.5 billion valuation, the people said.', ""The NFL's 32 team owners signed off on the deal unanimously at the league meeting in Atlanta, the person told CNBC."", 'Brady and Wagner did not attend the meeting, according to a person familiar with the matter.', '""I am eager to contribute to the organization in any way I can, honoring the Raiders\' rich tradition while finding every possible opportunity to improve our offering to fans...and most importantly, WIN football games,"" Brady said in a statement.', ""CNBC's Official 2024 NFL Team Valuations pegged the Raiders as the NFL's fifth-most valuable franchise, worth $7.8 billion, meaning Brady and Wagner got over a 50% discount."", 'The typical discount for a limited partner with no say in how the team is run and no path to control ownership is 20% to 25%, according to sports bankers.', 'The value of the Raiders has climbed since the team relocated from Oakland in 2020.', ""Prior to the move, the team was valued among the bottom half of the league's 32 teams."", 'Since the team moved to Las Vegas and its new stadium, its revenue has increased significantly.', ""The Raiders earned $780 million in revenue in 2023, the third highest in the league, and generated EBITDA of $115 million, according to CNBC's valuations."", 'While Allegiant Stadium is among the smallest in the NFL at 65,000 seats, the Raiders compensated by charging the highest ticket price in the league, CNBC previously reported.', 'The average general ticket price last season was $169.Allegiant Stadium, which is operated by the Raiders, also hosts numerous non-NFL events throughout the year, which brings in additional revenue for the franchise.', 'In 2023, the Raiders took in over $50 million from concerts and other events like college football.', ""Brady's bid for a piece of the team began in May 2023 but has been held up because some owners felt the initial offer was too discounted."", 'After he first retired from the NFL, Brady signed a 10-year, $375 million broadcasting deal with Fox Sports in 2022.', ""Brady's new ownership will come with restrictions on how he covers the team."", 'For example, Brady would be allowed to broadcast Raiders games, but he would not be permitted to attend in-person or online production meetings.', 'He also may not have access to team facilities, players and coaches.', 'Brady will also be subject to the league rules that prohibit public criticism of officials and other clubs.', 'The five-time Super Bowl MVP is not new to the Las Vegas sports scene.', ""He is also a minority owner of the Women's National Basketball Association's Las Vegas Aces, which, like the Raiders, is owned by Mark Davis."", 'Brady will be just the third former NFL player to become a team owner.']",0.1662305039796471,"""I am eager to contribute to the organization in any way I can, honoring the Raiders' rich tradition while finding every possible opportunity to improve our offering to fans...and most importantly, WIN football games,"" Brady said in a statement.","The typical discount for a limited partner with no say in how the team is run and no path to control ownership is 20% to 25%, according to sports bankers.",0.6040683488051096,"Since the team moved to Las Vegas and its new stadium, its revenue has increased significantly.",Brady's bid for a piece of the team began in May 2023 but has been held up because some owners felt the initial offer was too discounted.,2024-10-16
+"Chevrolet aims to defend highly profitable SUV market position with updated Tahoe, Suburban",https://www.cnbc.com/2024/10/16/2025-chevrolet-chevy-tahoe-suburban-gm-suv.html,2024-10-16T13:54:59+0000,"DETROIT – General Motors has updated its highly profitable large SUVs for Chevrolet for the 2025 model year to defend the brand's long-standing segment leadership.The Detroit automaker's Chevrolet Tahoe and Suburban have led the mainstream full-size SUV segment for over 45 years, according to GM. But increased competition from automakers such as Ford Motor, Jeep and Nissan Motor has slowly eaten away at the automaker's market share.""We're playing a little offense here with what we're doing today,"" Chevrolet Vice President Scott Bell said Tuesday during a media event in suburban Detroit. ""We certainly have a response for our competitors from multiple segments.""Chevrolet's retail market share of full-size SUVs is about 34.2%. Adding in its GMC sibling Yukon and Yukon XL SUVs, GM's share is at 64% of the industry, according to the automaker. That's down from more than 70% when the vehicles were last fully redesigned for the 2020 model year.The large SUVs for GMC have also been updated for the 2025 model year. Both Ford and Nissan have updated their large three-row SUVs that are on sale this year.Updates to the vehicles in general include new styling, larger interior screens, enhanced performance and, in some cases, the addition of new high-end models to boost profits.For Chevrolet, the 2025 Chevrolet Tahoe and Suburban check many of those boxes and include the addition of GM's hands-free Super Cruise advanced driver-assistance system.""Overall, they're critical in our portfolio,"" Bell told CNBC. ""They're very important to us from a profitability perspective, and they have been for four years.""Starting pricing for the 2025 Tahoe will range from about $60,000 for a Tahoe LS to more than $83,000 for the top-end High Country. 2025 Suburban pricing will start between about $63,000 and more than $86,000. Prices include mandatory $1,995 destination charges.The updated SUVs are expected to begin arriving in U.S. dealerships in the coming weeks, the company said. Edmunds.com, a wholly owned subsidiary of CarMax, reports the mainstream full-size SUV segment has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017. Segment sales totaled roughly 312,500 units through September of this year.GM said sales of the Chevrolet Tahoe and Suburban are significantly lower this year due to the model-year changeover and reduction in fleet sales, but the brand continues to easily lead the segment.Combined sales of the Chevy SUVs, which are essentially the same vehicle but in different sizes, were off 19.3% through September compared to a year earlier to 102,292 units.Sales of the Ford Expedition — the closest competitor to Chevy's SUVs — totaled 73,396 units in 2023. Sales of that vehicle were up 3% through September of this year to more than 58,000 units.",CNBC,16/10/2024,"[""DETROIT – General Motors has updated its highly profitable large SUVs for Chevrolet for the 2025 model year to defend the brand's long-standing segment leadership."", ""The Detroit automaker's Chevrolet Tahoe and Suburban have led the mainstream full-size SUV segment for over 45 years, according to GM."", ""But increased competition from automakers such as Ford Motor, Jeep and Nissan Motor has slowly eaten away at the automaker's market share."", '""We\'re playing a little offense here with what we\'re doing today,"" Chevrolet Vice President Scott Bell said Tuesday during a media event in suburban Detroit. ""', 'We certainly have a response for our competitors from multiple segments.', '""Chevrolet\'s retail market share of full-size SUVs is about 34.2%.', ""Adding in its GMC sibling Yukon and Yukon XL SUVs, GM's share is at 64% of the industry, according to the automaker."", ""That's down from more than 70% when the vehicles were last fully redesigned for the 2020 model year."", 'The large SUVs for GMC have also been updated for the 2025 model year.', 'Both Ford and Nissan have updated their large three-row SUVs that are on sale this year.', 'Updates to the vehicles in general include new styling, larger interior screens, enhanced performance and, in some cases, the addition of new high-end models to boost profits.', ""For Chevrolet, the 2025 Chevrolet Tahoe and Suburban check many of those boxes and include the addition of GM's hands-free Super Cruise advanced driver-assistance system."", '""Overall, they\'re critical in our portfolio,"" Bell told CNBC. ""', ""They're very important to us from a profitability perspective, and they have been for four years."", '""Starting pricing for the 2025 Tahoe will range from about $60,000 for a Tahoe LS to more than $83,000 for the top-end High Country.', '2025 Suburban pricing will start between about $63,000 and more than $86,000.', 'Prices include mandatory $1,995 destination charges.', 'The updated SUVs are expected to begin arriving in U.S. dealerships in the coming weeks, the company said.', 'Edmunds.com, a wholly owned subsidiary of CarMax, reports the mainstream full-size SUV segment has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.', 'Segment sales totaled roughly 312,500 units through September of this year.', 'GM said sales of the Chevrolet Tahoe and Suburban are significantly lower this year due to the model-year changeover and reduction in fleet sales, but the brand continues to easily lead the segment.', 'Combined sales of the Chevy SUVs, which are essentially the same vehicle but in different sizes, were off 19.3% through September compared to a year earlier to 102,292 units.', ""Sales of the Ford Expedition — the closest competitor to Chevy's SUVs — totaled 73,396 units in 2023."", 'Sales of that vehicle were up 3% through September of this year to more than 58,000 units.']",0.1740986777279273,"For Chevrolet, the 2025 Chevrolet Tahoe and Suburban check many of those boxes and include the addition of GM's hands-free Super Cruise advanced driver-assistance system.","""Overall, they're critical in our portfolio,"" Bell told CNBC. """,0.0006719455122947,"Sales of that vehicle were up 3% through September of this year to more than 58,000 units.","GM said sales of the Chevrolet Tahoe and Suburban are significantly lower this year due to the model-year changeover and reduction in fleet sales, but the brand continues to easily lead the segment.",2024-10-16
+"United shares head for pre-pandemic high after airline forecasts strong finish to 2024, plans buyback",https://www.cnbc.com/2024/10/15/united-airlines-ual-3q-2024-earnings.html,2024-10-16T18:05:14+0000,"In this articleUnited Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast strong results for the last three months of the year.United Airlines shares were up 13% in afternoon trading Wednesday, leading the S&P 500 higher and heading for their highest close since February 2020, before Covid-19 was declared a pandemic. Other airline shares were also trading sharply higher, outpacing the broader market.United expects to earn an adjusted $2.50 to $3.00 a share in the fourth quarter, compared to $2.00 a share a year earlier and the $2.68 analysts polled by LSEG estimated.Here is what United reported for the third quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:The share buyback would be United's first since before the Covid-19 pandemic. U.S. airlines received more than $50 billion in government aid during the pandemic travel slump that prohibited share repurchases and dividends, though airlines were still fighting for financial stability.Southwest Airlines announced a $2.5 billion share repurchase program last month.""Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program,"" United CEO Scott Kirby said in a note to staff on Tuesday. ""Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program.""For the third quarter, United posted revenue of $14.84 billion, up 2.5% from a year earlier and above analysts' estimates. It reported net income of $965 million, down 15% from a year ago.United said domestic unit revenue was positive in August and September compared to last year as airlines trimmed a glut of flights that were pushing down fares.Fares are likely to rise into 2025. ""We believe Q1 yield strength will be possible due to the significant schedule changes and business model changes that will continue to be implemented by low-margin airlines,"" said United's Chief Commercial Officer Andrew Nocella on Wednesday's earnings call.United expanded capacity by 4.1% in the third quarter. The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.The airline last week unveiled a far-flung expansion for next year that included new flights to Mongolia, Senegal, Spain and Greenland in a chase for international travel demand.Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United's estimate in July of $2.75 to $3.25 a share.United's flight attendants' union, which hasn't yet reached a new labor agreement with the company slammed the airline's decision to resume buybacks.In a statement, Sara Nelson, president of the Association of Flight Attendants-CWA, which represents crews at United, Spirit, Alaska and other carriers, said: ""That money United just promised Wall Street belongs to Flight Attendants who worked throughout the pandemic and during this taxing recovery for all of us on the frontlines.""",CNBC,16/10/2024,"['In this articleUnited Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast strong results for the last three months of the year.', 'United Airlines shares were up 13% in afternoon trading Wednesday, leading the S&P 500 higher and heading for their highest close since February 2020, before Covid-19 was declared a pandemic.', 'Other airline shares were also trading sharply higher, outpacing the broader market.', 'United expects to earn an adjusted $2.50 to $3.00 a share in the fourth quarter, compared to $2.00 a share a year earlier and the $2.68 analysts polled by LSEG estimated.', ""Here is whatUnited reported for the third quartercompared with what Wall Street expected, based on average estimates compiled by LSEG:The share buyback would be United's first since before the Covid-19 pandemic."", 'U.S. airlines received more than $50 billion in government aid during the pandemic travel slump that prohibited share repurchases and dividends, though airlines were still fighting for financial stability.', 'Southwest Airlines announced a $2.5 billion share repurchase program last month.', '""Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program,"" United CEO Scott Kirby said in a note to staff on Tuesday. ""', 'Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program.', '""For the third quarter, United posted revenue of $14.84 billion, up 2.5% from a year earlier and above analysts\' estimates.', 'It reported net income of $965 million, down 15% from a year ago.', 'United said domestic unit revenue was positive in August and September compared to last year as airlines trimmed a glut of flights that were pushing down fares.', 'Fares are likely to rise into 2025. ""', 'We believe Q1 yield strength will be possible due to the significant schedule changes and business model changes that will continue to be implemented by low-margin airlines,"" said United\'s Chief Commercial Officer Andrew Nocella on Wednesday\'s earnings call.', 'United expanded capacity by 4.1% in the third quarter.', 'The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.The airline last week unveiled a far-flung expansion for next year that included new flights to Mongolia, Senegal, Spain and Greenland in a chase for international travel demand.', ""Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United's estimate in July of $2.75 to $3.25 a share."", ""United's flight attendants' union, which hasn't yet reached a new labor agreement with the company slammed the airline's decision to resume buybacks."", 'In a statement, Sara Nelson, president of the Association of Flight Attendants-CWA, which represents crews at United, Spirit, Alaska and other carriers, said: ""That money United just promised Wall Street belongs to Flight Attendants who worked throughout the pandemic and during this taxing recovery for all of us on the frontlines.""']",0.4732821739080411,"Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United's estimate in July of $2.75 to $3.25 a share.","The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.The airline last week unveiled a far-flung expansion for next year that included new flights to Mongolia, Senegal, Spain and Greenland in a chase for international travel demand.",0.8566659731524331,"The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.The airline last week unveiled a far-flung expansion for next year that included new flights to Mongolia, Senegal, Spain and Greenland in a chase for international travel demand.","It reported net income of $965 million, down 15% from a year ago.",2024-10-16
+American consumers are increasingly underwater on their car loans,https://www.cnbc.com/2024/10/15/american-consumers-are-increasingly-underwater-on-their-car-loans.html,2024-10-15T17:31:33+0000,"DETROIT — A growing number of Americans with auto loans owe more than their vehicles are worth, according to a report Tuesday from Edmunds.com.The auto data and consumer research company reports the average amount owed on so-called upside-down loans climbed to an all-time high of $6,458 during the third quarter. That compares to $6,255 in the prior quarter and $5,808 a year earlier.Upside-down car loans are not necessarily dire on their own, but a growing number of consumers being underwater is another indication of pressure on American consumers.A sign of that strain came last month, when the Federal Reserve reported delinquency rates on auto loans rose substantially above pre-Covid pandemic levels to end 2023. They had fallen to historical lows during the global health crisis.""Consumers owing a grand or two more than their cars are worth isn't the end of the world, but seeing such a notable share of individuals affected at the $10,000 or even $15,000 level is nothing short of alarming,"" Jessica Caldwell, Edmunds' head of insights, said in a release.Edmunds reports more than 1 in 5 consumers with negative equity owe more than $10,000 on their auto loans. That includes 22% of vehicle owners with negative equity who owed $10,000 or more, while 7.5% have negative equity of more than $15,000.Consumers can counter upside-down car loans by holding onto the vehicles for longer periods. They also should ensure regular maintenance is done to avoid additional drops in value and costs, according to Edmunds.""With prices and interest rates being as high as they are, it's critical for consumers to think beyond the monthly payment and be honest with themselves about their ownership habits,"" Ivan Drury, Edmunds' director of insights, said. ""A seven-year auto loan is a one-way ticket to negative equity if you know you're not the type of person to keep a vehicle for that long.""The current situation with upside-down loans is largely a result of consumers who purchased new vehicles in 2021 and 2022 amid a lack of inventory due to the Covid-19 pandemic and parts shortages. Many then paid full price or more, with their vehicles depreciating faster than expected as the auto industry and inventories normalized.",CNBC,15/10/2024,"['DETROIT — A growing number of Americans with auto loans owe more than their vehicles are worth, according to a report Tuesday from Edmunds.com.', 'The auto data and consumer research company reports the average amount owed on so-called upside-down loans climbed to an all-time high of $6,458 during the third quarter.', 'That compares to $6,255 in the prior quarter and $5,808 a year earlier.', 'Upside-down car loans are not necessarily dire on their own, but a growing number of consumers being underwater is another indication of pressure on American consumers.', 'A sign of that strain came last month, when the Federal Reserve reported delinquency rates on auto loans rose substantially above pre-Covid pandemic levels to end 2023.', 'They had fallen to historical lows during the global health crisis.', '""Consumers owing a grand or two more than their cars are worth isn\'t the end of the world, but seeing such a notable share of individuals affected at the $10,000 or even $15,000 level is nothing short of alarming,"" Jessica Caldwell, Edmunds\' head of insights, said in a release.', 'Edmunds reports more than 1 in 5 consumers with negative equity owe more than $10,000 on their auto loans.', 'That includes 22% of vehicle owners with negative equity who owed $10,000 or more, while 7.5% have negative equity of more than $15,000.Consumers can counter upside-down car loans by holding onto the vehicles for longer periods.', 'They also should ensure regular maintenance is done to avoid additional drops in value and costs, according to Edmunds.', '""With prices and interest rates being as high as they are, it\'s critical for consumers to think beyond the monthly payment and be honest with themselves about their ownership habits,"" Ivan Drury, Edmunds\' director of insights, said. ""', ""A seven-year auto loan is a one-way ticket to negative equity if you know you're not the type of person to keep a vehicle for that long."", '""The current situation with upside-down loans is largely a result of consumers who purchased new vehicles in 2021 and 2022 amid a lack of inventory due to the Covid-19 pandemic and parts shortages.', 'Many then paid full price or more, with their vehicles depreciating faster than expected as the auto industry and inventories normalized.']",-0.0766998576791905,"""With prices and interest rates being as high as they are, it's critical for consumers to think beyond the monthly payment and be honest with themselves about their ownership habits,"" Ivan Drury, Edmunds' director of insights, said. """,They had fallen to historical lows during the global health crisis.,-0.0610722682692787,"The auto data and consumer research company reports the average amount owed on so-called upside-down loans climbed to an all-time high of $6,458 during the third quarter.",They had fallen to historical lows during the global health crisis.,2024-10-16
+Rachel Reeves eyes £40bn in tax rises and spending cuts in Budget,https://www.bbc.co.uk/news/articles/cj9jdgprv7ko,2024-10-15T21:34:50.457Z,"Chancellor Rachel Reeves is looking to make tax rises and spending cuts to the value of £40bn in this month’s Budget, government sources have told the BBC. At a political cabinet meeting on Tuesday, Reeves told ministers that filling the ""£22bn black hole inheritance from the previous government"" would only be enough ""to keep public services standing still"". Reeves is now drawing up plans to find £40bn in order to avoid real-terms cuts to departments, sources say, as first reported in the Financial Times and the Times.  Reeves warned ministers there would be ""difficult decisions on spending, welfare, and tax"" to come in her Budget this month. The chancellor is finalising details of her first Budget, to be announced on Wednesday 30 October. She recently said there would be ""no return to austerity"" under this government and promised a boost to government investment, designed to kickstart growth. The chancellor is setting herself a borrowing rule which means all day-to-day spending should be funded from taxes raised, not from borrowing.  It is this rule which is binding the government’s hands, and why they are seeking some welfare savings as well as a series of tax rises at the Budget. A HM Treasury spokesperson said: ""We do not comment on speculation around tax changes outside of fiscal events."" In an interview with BBC Breakfast on Tuesday, the Prime Minister, Sir Keir Starmer, did not rule out a National Insurance increase for employers in the Budget. Paul Johnson, director of the Institute for Fiscal Studies, told the BBC Radio 4's Today programme the ""very big hole in public finances"" had been long known about, but was downplayed during election campaigning earlier this year. He suggested that some of the £40bn would most likely be covered by ""slight changes in the fiscal rules"" or by tax rises proposed by the government already. ""If they are looking for £20bn or £30bn of tax rises, in the end they will have no choice but to do something with income tax."" Treasury officials are reportedly exploring National Insurance on employer pension contributions to raise Budget revenue. Employers pay NI at a rate of 13.8% on all employees' earnings above £175 per week, but pension contributions made by employers are currently exempt from the levy. The prime minister side-stepped questions over whether Labour’s manifesto promise not to raise taxes for ""working people"" covered employers' NI too. The Labour Party's 2024 manifesto ruled out raising taxes for ""working people"", such as National Insurance, income tax and VAT. On Monday, Reeves said Labour's election pledge not to increase NI on ""working people"" related to the employee element, as opposed to the sum paid by employers. Leading business groups in the UK raised concerns over the potential tax rise, warning that it would ""hobble"" economic growth and ""hammer"" the hospitality sector. The £40bn figure is much higher than government has previously acknowledged, as ministers come to terms with the economic reality of delivering on their promise that there will be ""no return to austerity"". So why mention it now? To mentally prepare the public for tax rises to come, and begin to set the parameters as to what to expect. The prime minister has talked about how those with the ""broadest shoulders"" should bear the ""heaviest burden"". There are two weeks to go until we see what that means. There will no doubt be plenty more pitch-rolling in the days ahead. Are you a small business owner concerned about a potential rise in national insurance? Email: haveyoursay@bbc.co.uk or WhatsApp: +44 7756 165803 Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It’ll be delivered straight to your inbox every weekday. ",BBC,15/10/2024,"['Chancellor Rachel Reeves is looking to make tax rises and spending cuts to the value of £40bn in this month’s Budget, government sources have told the BBC.', 'At a political cabinet meeting on Tuesday, Reeves told ministers that filling the ""£22bn black hole inheritance from the previous government"" would only be enough ""to keep public services standing still"".', 'Reeves is now drawing up plans to find £40bn in order to avoid real-terms cuts to departments, sources say, as first reported in the Financial Times and the Times.', 'Reeves warned ministers there would be ""difficult decisions on spending, welfare, and tax"" to come in her Budget this month.', 'The chancellor is finalising details of her first Budget, to be announced on Wednesday 30 October.', 'She recently said there would be ""no return to austerity"" under this government and promised a boost to government investment, designed to kickstart growth.', 'The chancellor is setting herself a borrowing rule which means all day-to-day spending should be funded from taxes raised, not from borrowing.', 'It is this rule which is binding the government’s hands, and why they are seeking some welfare savings as well as a series of tax rises at the Budget.', 'A HM Treasury spokesperson said: ""We do not comment on speculation around tax changes outside of fiscal events.""', 'In an interview with BBC Breakfast on Tuesday, the Prime Minister, Sir Keir Starmer, did not rule out a National Insurance increase for employers in the Budget.', 'Paul Johnson, director of the Institute for Fiscal Studies, told the BBC Radio 4\'s Today programme the ""very big hole in public finances"" had been long known about, but was downplayed during election campaigning earlier this year.', 'He suggested that some of the £40bn would most likely be covered by ""slight changes in the fiscal rules"" or by tax rises proposed by the government already. ""', 'If they are looking for £20bn or £30bn of tax rises, in the end they will have no choice but to do something with income tax.""', 'Treasury officials are reportedly exploring National Insurance on employer pension contributions to raise Budget revenue.', ""Employers pay NI at a rate of 13.8% on all employees' earnings above £175 per week, but pension contributions made by employers are currently exempt from the levy."", 'The prime minister side-stepped questions over whether Labour’s manifesto promise not to raise taxes for ""working people"" covered employers\' NI too.', 'The Labour Party\'s 2024 manifesto ruled out raising taxes for ""working people"", such as National Insurance, income tax and VAT.', 'On Monday, Reeves said Labour\'s election pledge not to increase NI on ""working people"" related to the employee element, as opposed to the sum paid by employers.', 'Leading business groups in the UK raised concerns over the potential tax rise, warning that it would ""hobble"" economic growth and ""hammer"" the hospitality sector.', 'The £40bn figure is much higher than government has previously acknowledged, as ministers come to terms with the economic reality of delivering on their promise that there will be ""no return to austerity"".', 'So why mention it now?', 'To mentally prepare the public for tax rises to come, and begin to set the parameters as to what to expect.', 'The prime minister has talked about how those with the ""broadest shoulders"" should bear the ""heaviest burden"".', 'There are two weeks to go until we see what that means.', 'There will no doubt be plenty more pitch-rolling in the days ahead.', 'Are you a small business owner concerned about a potential rise in national insurance?', 'Email: haveyoursay@bbc.co.uk or WhatsApp: +44 7756 165803 Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments.', 'It’ll be delivered straight to your inbox every weekday.']",0.0357627527662831,"She recently said there would be ""no return to austerity"" under this government and promised a boost to government investment, designed to kickstart growth.",There will no doubt be plenty more pitch-rolling in the days ahead.,-0.0959500206841362,"She recently said there would be ""no return to austerity"" under this government and promised a boost to government investment, designed to kickstart growth.","Leading business groups in the UK raised concerns over the potential tax rise, warning that it would ""hobble"" economic growth and ""hammer"" the hospitality sector.",2024-10-16
+"Boeing to cut 17,000 jobs as losses deepen during factory strike",https://www.cnbc.com/2024/10/11/boeing-layoffs-factory-strike.html,2024-10-14T12:48:03+0000,"In this articleBoeing will cut 10% of its workforce, or about 17,000 people, as the company's losses mount and a machinist strike that has idled its aircraft factories enters its fifth week. It will also push back the long-delayed launch of its new wide-body airplane.The manufacturer will not deliver its still-uncertified 777X wide-body plane, which has customers that include Lufthansa and Emirates, until 2026, putting it some six years behind schedule. The company in August paused flight tests of the aircraft when it discovered structural damage in one of them. It will stop making commercial 767 freighters in 2027 after it fulfills remaining orders, CEO Kelly Ortberg said in a staff memo Friday afternoon.""Our business is in a difficult position, and it is hard to overstate the challenges we face together,"" Ortberg said. ""Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.""Boeing expects to report a loss of $9.97 a share in the third quarter, the company said in a surprise release Friday. It expects to report a pretax charge of $3 billion in the commercial airplane unit and $2 billion for its defense business.In preliminary financial results, Boeing said it expects to have an operating cash outflow of $1.3 billion for the third quarter.The union late Friday called Boeing's announcement to cease 767 freighter production ""very troubling"" and said it would review the implications.The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.The machinist strike is yet another challenge for Ortberg. Credit ratings agencies have warned the company is at risk of losing its investment-grade rating, and Boeing has been burning through cash in what company leaders hoped would be a turnaround year.S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union. Tensions have been rising between the manufacturer and the International Association of Machinists and Aerospace Workers, and Boeing withdrew a newer contract offer earlier this week.On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers' proposals. The union had blasted Boeing for a sweetened offer that it argued was not negotiated with the union and said workers would not vote on it.After talks broke down earlier this week, Boeing said further negotiations didn't make sense at that point. Jon Holden, president of the striking workers' union, IAM District 751, on Friday urged a return to the bargaining table.""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted. They want a resolution that is negotiated and addresses their needs.""The job cuts, which Ortberg said would occur ""over the coming months,"" would hit just after Boeing and its hundreds of suppliers have been scrambling to staff up in the wake of the Covid-19 pandemic, when demand cratered.",CNBC,14/10/2024,"[""In this articleBoeing will cut 10% of its workforce, or about 17,000 people, as the company's losses mount and a machinist strike that has idled its aircraft factories enters its fifth week."", 'It will also push back the long-delayed launch of its new wide-body airplane.', 'The manufacturer will not deliver its still-uncertified 777X wide-body plane,which has customers that include Lufthansa and Emirates, until 2026, putting it some six years behind schedule.', 'The company in August paused flight tests of the aircraft when it discovered structural damage in one of them.', 'It will stop making commercial 767 freighters in 2027 after it fulfills remaining orders, CEO Kelly Ortberg said in a staff memo Friday afternoon.', '""Our business is in a difficult position, and it is hard to overstate the challenges we face together,"" Ortberg said. ""', 'Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.', '""Boeing expects to report a loss of $9.97 a share in the third quarter, the company said in a surprise release Friday.', 'It expects to report a pretax charge of $3 billion in the commercial airplane unit and $2 billion for its defense business.', 'In preliminary financial results, Boeing said it expects to havean operating cash outflowof $1.3 billion for the third quarter.', 'The union late Friday called Boeing\'s announcement to cease 767 freighter production ""very troubling"" and said it would review the implications.', 'The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.', 'The machinist strike is yet another challenge for Ortberg.', 'Credit ratings agencies have warned the company is at risk of losing its investment-grade rating, and Boeing has been burning through cash in what company leaders hoped would be a turnaround year.', 'S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union.', 'Tensions have been rising between the manufacturer and the International Association of Machinists and Aerospace Workers, and Boeing withdrew a newer contract offer earlier this week.', ""On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers' proposals."", 'The union had blasted Boeing for a sweetened offer that it argued was not negotiated with the union and said workers would not vote on it.', ""After talks broke down earlier this week, Boeing said further negotiations didn't make sense at that point."", ""Jon Holden, president of the striking workers' union, IAM District 751, on Friday urged a return to the bargaining table."", '""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""', 'Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted.', 'They want a resolution that is negotiated and addresses their needs.', '""The job cuts, which Ortberg said would occur ""over the coming months,"" would hit just after Boeing and its hundreds of suppliers have been scrambling to staff up in the wake of the Covid-19 pandemic, when demand cratered.']",-0.1836115425829668,"Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.","On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers' proposals.",-0.8773493731723112,"The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.","S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union.",2024-10-16
+Boeing factory strike crosses 1-month mark as pressure mounts on new CEO,https://www.cnbc.com/2024/10/14/boeing-factory-strike-1-month.html,2024-10-14T20:28:57+0000,"In this articleIt's been just over a month since more than 30,000 Boeing machinists walked off the job after overwhelmingly voting down a tentative contract. Costs and tensions have only risen since then.The strike is adding to pressure on Boeing's new CEO, Kelly Ortberg, who was brought in over the summer to solve the plane maker's various troubles. The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug and comes six years after the first of two fatal Max crashes put the storied manufacturer in constant crisis mode.The union and company remain at an impasse, and airplane production at factories in the Seattle area and other locations has been idled, depriving Boeing of cash. Boeing last week pulled a sweetened contract offer that the union had rejected, saying it wasn't negotiated.Boeing officials had been upbeat to airline customers about getting to a deal in the weeks before the original vote, according to people familiar with the matter who spoke on the condition of anonymity because the conversations were private.But that optimism didn't pan out, as workers on Sept. 13 voted 95% against an initial tentative labor deal.""They'll have to increase their offer. There's no doubt about that,"" said Harry Katz, a professor who studies collective bargaining at Cornell University's School of Industrial and Labor Relations. He said one of the union's demands, a return to a pension plan, is unlikely, however, and estimated the strike could last two to five more weeks.Acting Labor Secretary Julie Su on Monday was set to meet with the two sides ""to assess the situation and encourage both parties to move forward in the bargaining process,"" a spokeswoman for the Labor Department said.The process of ending strike has turned more fraught, with federally mediated talks breaking down midweek.Boeing on Thursday said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers union of negotiating in bad faith and misrepresenting the plane makers' proposals.Late Friday, Jon Holden, president of the striking workers' union, IAM District 751, pushed for a return to negotiations.""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted. They want a resolution that is negotiated and addresses their needs.""Boeing's unionized machinists are not receiving paychecks and lost their company-backed health insurance at the end of September. However, unlike during the last Boeing factory strike in 2008, there is more contract work in the Seattle area to help workers fill the gaps. A union message board posts job opportunities like driving for food delivery services and warehouse work.After the stock market closed Friday, Ortberg said the company plans to cut its global workforce by about 10% ""over coming months,"" including layoffs of executives, managers and employees.He also told staff that Boeing will stop producing commercial 767 freighters when it fulfills its backlog in 2027 and that the delivery of its 777X will be delayed yet another year, to 2026.The surprise cuts came alongside preliminary financial results that showed deepening losses: Boeing said it expects to lose nearly $10 a share for the third quarter and that it will incur charges of about $5 billion in its commercial and defense units. The manufacturer hasn't had an annual profit since 2018. Ortberg faces investors in his first full earnings call as CEO on Oct. 23.""The thing is once they get 737 production on track all their money problems are gone but they're not willing to settle to make that happen,"" said Richard Aboulafia, managing director at AeroDynamic Advisory. ""They're firing a lot of people who could make that [stable production] happen. It seems like they're kind of burning down their own house.""Aboulafia estimated labor in final assembly of an aircraft accounts for about 5% of the airplane's cost.Ortberg is now tasked with drumming up cash and stopping the bleeding as the company's losses mount. Boeing's shares are down almost 43% this year through Monday's close, the steepest drop since 2008.""We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment,"" Ortberg said in a note to staff on Friday.S&P Global Ratings last week warned the company that it was at risk of a downgrade to junk status, as halted production of Boeing's bestselling 737 Max and its 767s and 777s costs the company more than $1 billion per month. The estimate includes previously announced cost cuts like temporary furloughs, a hiring freeze and a halt of most purchase orders for affected aircraft.Boeing is ""facing issues on quality, labor relations, program execution and cash burn, which seem to have created a continuous doom loop cycle,"" said Bank of America aerospace analyst Ron Epstein in a note Friday. He said Boeing's early financial release on Friday likely points to an equity raise in the works of as much as $15 billion.The announced job cuts come after Boeing and the rest of the aerospace supply chain worked to hire and train new machinists and other specialists after pandemic-era buyouts and layoffs of thousands of employees.Instability at Boeing could fan out to its suppliers. Boeing's 737 fuselage maker, Spirit AeroSystems, is considering furloughing workers in its cost-cutting contingency plans, a spokesman said, adding it hasn't made any decisions. Boeing is in the process of acquiring that company.""They're probably telling us a story about cost savings carrying them through,"" Aboulafia said of Boeing's latest cost cuts. ""When has stuff not working stopped them from trying it again?""",CNBC,14/10/2024,"[""In this articleIt's been just over a month since more than 30,000 Boeing machinists walked off the job after overwhelmingly voting down a tentative contract."", 'Costs and tensions have only risen since then.', ""The strike is adding to pressure on Boeing's new CEO, Kelly Ortberg, who was brought in over the summer to solve the plane maker's various troubles."", 'The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug and comes six years after the first of two fatal Max crashes put the storied manufacturer in constant crisis mode.', 'The union and company remain at an impasse, and airplane production at factories in the Seattle area and other locations has been idled, depriving Boeing of cash.', ""Boeing last week pulled a sweetened contract offer that the union had rejected, saying it wasn't negotiated."", 'Boeing officials had been upbeat to airline customers about getting to a deal in the weeks before the original vote, according to people familiar with the matter who spoke on the condition of anonymity because the conversations were private.', ""But that optimism didn't pan out, as workers on Sept. 13 voted 95% against an initial tentative labor deal."", '""They\'ll have to increase their offer.', 'There\'s no doubt about that,"" said Harry Katz, a professor who studies collective bargaining at Cornell University\'s School of Industrial and Labor Relations.', ""He said one of the union's demands, a return to a pension plan, is unlikely, however, and estimated the strike could last two to five more weeks."", 'Acting Labor Secretary Julie Su on Monday was set to meet with the two sides ""to assess the situation and encourage both parties to move forward in the bargaining process,"" a spokeswoman for the Labor Department said.', 'The process of ending strike has turned more fraught, with federally mediated talks breaking down midweek.', ""Boeing on Thursday said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers union of negotiating in bad faith and misrepresenting the plane makers' proposals."", ""Late Friday, Jon Holden, president of the striking workers' union, IAM District 751, pushed for a return to negotiations."", '""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""', 'Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted.', 'They want a resolution that is negotiated and addresses their needs.', '""Boeing\'s unionized machinists are not receiving paychecks and lost their company-backed health insurance at the end of September.', 'However, unlike during the last Boeing factory strike in 2008, there is more contract work in the Seattle area to help workers fill the gaps.', 'A union message board posts job opportunities like driving for food delivery services and warehouse work.', 'After the stock market closed Friday, Ortberg said the company plans to cut its global workforce by about 10% ""over coming months,"" including layoffs of executives, managers and employees.', 'He also told staff that Boeing will stop producing commercial 767 freighters when it fulfills its backlog in 2027 and that the delivery of its 777X will be delayed yet another year, to 2026.The surprise cuts came alongside preliminary financial results that showed deepening losses: Boeing said it expects to lose nearly $10 a share for the third quarter and that it will incur charges of about $5 billion in its commercial and defense units.', ""The manufacturer hasn't had an annual profit since 2018."", 'Ortberg faces investors in his first full earnings call as CEO on Oct. 23.""The thing is once they get 737 production on track all their money problems are gone but they\'re not willing to settle to make that happen,"" said Richard Aboulafia, managing director at AeroDynamic Advisory.', '""They\'re firing a lot of people who could make that [stable production] happen.', ""It seems like they're kind of burning down their own house."", '""Aboulafia estimated labor in final assembly of an aircraft accounts for about 5% of the airplane\'s cost.', ""Ortberg is now tasked with drumming up cash and stopping the bleeding as the company's losses mount."", 'Boeing\'s shares are down almost 43% this year through Monday\'s close, the steepest drop since 2008.""We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment,"" Ortberg said in a note to staff on Friday.', ""S&P Global Ratings last week warned the company that it was at risk of a downgrade to junk status, as halted production of Boeing's bestselling 737 Max and its 767s and 777s costs the company more than $1 billion per month."", 'The estimate includes previously announced cost cuts like temporary furloughs, a hiring freeze and a halt of most purchase orders for affected aircraft.', 'Boeing is ""facing issues on quality, labor relations, program execution and cash burn, which seem to have created a continuous doom loop cycle,"" said Bank of America aerospace analyst Ron Epstein in a note Friday.', ""He said Boeing's early financial release on Friday likely points to an equity raise in the works of as much as $15 billion."", 'The announced job cuts come after Boeing and the rest of the aerospace supply chain worked to hire and train new machinists and other specialists after pandemic-era buyouts and layoffs of thousands of employees.', 'Instability at Boeing could fan out to its suppliers.', ""Boeing's 737 fuselage maker, Spirit AeroSystems, is considering furloughing workers in its cost-cutting contingency plans, a spokesman said, adding it hasn't made any decisions."", 'Boeing is in the process of acquiring that company.', '""They\'re probably telling us a story about cost savings carrying them through,"" Aboulafia said of Boeing\'s latest cost cuts. ""', 'When has stuff not working stopped them from trying it again?""']",-0.0879702531790984,"Acting Labor Secretary Julie Su on Monday was set to meet with the two sides ""to assess the situation and encourage both parties to move forward in the bargaining process,"" a spokeswoman for the Labor Department said.","The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug and comes six years after the first of two fatal Max crashes put the storied manufacturer in constant crisis mode.",-0.6041010589826674,"Boeing officials had been upbeat to airline customers about getting to a deal in the weeks before the original vote, according to people familiar with the matter who spoke on the condition of anonymity because the conversations were private.","Boeing's shares are down almost 43% this year through Monday's close, the steepest drop since 2008.""We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment,"" Ortberg said in a note to staff on Friday.",2024-10-16
+National Insurance fears spark business backlash,https://www.bbc.co.uk/news/articles/crm2remkekdo,2024-10-15T09:51:19.009Z,"Businesses have hit out over a potential rise in National Insurance paid by employers, arguing it will make hiring staff and creating jobs harder. Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister Sir Keir Starmer failed to rule out in an interview with the BBC on Tuesday. Some have warned that a hike in National Insurance on employers would ""hobble"" economic growth, while one lobby group claimed it would ""hammer"" the hospitality sector. Labour has said that it is ""pro-business"" and wants to boost economic growth but Sir Keir has cautioned that the Budget on 30 October is ""going to be tough"". The CBI, one of the UK's leading lobby groups which claims it speaks for 170,000 firms, has suggested companies have stalled taking on new workers and investing as they await the government's tax and spending plans. Rain Newton-Smith, chief executive of the CBI, told the BBC's Today programme that employers would see a National Insurance rise as a ""difficult move"" which would ""increase the cost of taking someone on"".  This is on top of increases in the National Living Wage and in energy bills in recent years, she said. Kate Nicholls, chief executive of UK Hospitality, said any rise in National Insurance would ""particularly hammer sectors like hospitality, where staffing costs are the biggest business expense"". Alex Veitch, director of policy at the British Chambers of Commerce, conceded that the government had to make ""difficult decisions"" in the Budget, but he warned that raising employer National Insurance contributions would ""simply hobble growth and lead to businesses having less money to invest in their staff"". At this stage, it remains unclear exactly what aspect of National Insurance the government could increase in relation to employers. Firms pay the levy on the earnings of people on their payroll, but there is also speculation the government could introduce National Insurance on employer's contributions to pensions. Some questioned whether Labour will renege on its manifesto promise not to raise taxes including National Insurance. On Monday, Chancellor Rachel Reeves said Labour's election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by companies. But Mr Veitch said: ""Firms are run by working people.  ""Nearly all UK companies are small, with many family-owned, and they are the anchors in our local economies."" Craig Beaumont, executive director at the Federation of Small Businesses, said: ""You don't get to a pro-small business Budget without the government honouring its cast-iron manifesto commitment to not increase National Insurance contributions, including on small employers."" He added a rise in National Insurance would ""make every job in all our local communities more expensive to maintain"". Speculation is gathering about what Labour will announce in its first Budget in almost 15 years at the end of this month. The chancellor claims there is a £22bn ""hole"" in the public finances and that some taxes will be raised.  National Insurance contributions are the UK’s second-largest revenue raiser behind income tax. It is paid by workers and the self-employed on earnings and profits, and by employers on top of the wages they pay out. Changes to the tax can be introduced - and generate cash - quickly, within weeks of a Budget through digitalised payroll systems. Employers pay National Insurance of 13.8% on a worker's earnings above £175 per week.  The Institute for Fiscal Studies (IFS) think tank told the BBC that HMRC has estimated that increasing the rate of National Insurance paid by employers by one percentage point to 14.8%, for example, could raise as much £8.5bn per year in the short term. Isaac Delestre, an economist at the IFS, said the forecast does not take into account the impact increasing National Insurance could have on the amount the government generates from other taxes, such as income tax.  For example, employers could restrict wage rises, meaning employees would pay less on their individual National Insurance contributions and income tax. If businesses decided to absorb the extra cost, their profits might be lower and therefore, the amount they pay in corporation tax could be less. Mr Delestre said the situation for the government around potentially raising National Insurance was ""quite delicate"". The government could also decide to introduce a National Insurance levy on the contributions employers pay into workers' pensions. Currently, this is tax-free. The IFS said the creation of a subsidy for employer pension contributions of 10% could raise around £4.5bn per year. But Alice Haine, personal finance analyst at Evelyn Partners, said such a tax hike could have ""unintended consequences"" as businesses might then ""choose to reduce headcount or stick to the auto-enrolment minimum for pensions to cut costs"". ",BBC,15/10/2024,"['Businesses have hit out over a potential rise in National Insurance paid by employers, arguing it will make hiring staff and creating jobs harder.', 'Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister Sir Keir Starmer failed to rule out in an interview with the BBC on Tuesday.', 'Some have warned that a hike in National Insurance on employers would ""hobble"" economic growth, while one lobby group claimed it would ""hammer"" the hospitality sector.', 'Labour has said that it is ""pro-business"" and wants to boost economic growth but Sir Keir has cautioned that the Budget on 30 October is ""going to be tough"".', ""The CBI, one of the UK's leading lobby groups which claims it speaks for 170,000 firms, has suggested companies have stalled taking on new workers and investing as they await the government's tax and spending plans."", 'Rain Newton-Smith, chief executive of the CBI, told the BBC\'s Today programme that employers would see a National Insurance rise as a ""difficult move"" which would ""increase the cost of taking someone on"".', 'This is on top of increases in the National Living Wage and in energy bills in recent years, she said.', 'Kate Nicholls, chief executive of UK Hospitality, said any rise in National Insurance would ""particularly hammer sectors like hospitality, where staffing costs are the biggest business expense"".', 'Alex Veitch, director of policy at the British Chambers of Commerce, conceded that the government had to make ""difficult decisions"" in the Budget, but he warned that raising employer National Insurance contributions would ""simply hobble growth and lead to businesses having less money to invest in their staff"".', 'At this stage, it remains unclear exactly what aspect of National Insurance the government could increase in relation to employers.', ""Firms pay the levy on the earnings of people on their payroll, but there is also speculation the government could introduce National Insurance on employer's contributions to pensions."", 'Some questioned whether Labour will renege on its manifesto promise not to raise taxes including National Insurance.', 'On Monday, Chancellor Rachel Reeves said Labour\'s election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by companies.', 'But Mr Veitch said: ""Firms are run by working people. ""', 'Nearly all UK companies are small, with many family-owned, and they are the anchors in our local economies.""', 'Craig Beaumont, executive director at the Federation of Small Businesses, said: ""You don\'t get to a pro-small business Budget without the government honouring its cast-iron manifesto commitment to not increase National Insurance contributions, including on small employers.""', 'He added a rise in National Insurance would ""make every job in all our local communities more expensive to maintain"".', 'Speculation is gathering about what Labour will announce in its first Budget in almost 15 years at the end of this month.', 'The chancellor claims there is a £22bn ""hole"" in the public finances and that some taxes will be raised.', 'National Insurance contributions are the UK’s second-largest revenue raiser behind income tax.', 'It is paid by workers and the self-employed on earnings and profits, and by employers on top of the wages they pay out.', 'Changes to the tax can be introduced - and generate cash - quickly, within weeks of a Budget through digitalised payroll systems.', ""Employers pay National Insurance of 13.8% on a worker's earnings above £175 per week."", 'The Institute for Fiscal Studies (IFS) think tank told the BBC that HMRC has estimated that increasing the rate of National Insurance paid by employers by one percentage point to 14.8%, for example, could raise as much £8.5bn per year in the short term.', 'Isaac Delestre, an economist at the IFS, said the forecast does not take into account the impact increasing National Insurance could have on the amount the government generates from other taxes, such as income tax.', 'For example, employers could restrict wage rises, meaning employees would pay less on their individual National Insurance contributions and income tax.', 'If businesses decided to absorb the extra cost, their profits might be lower and therefore, the amount they pay in corporation tax could be less.', 'Mr Delestre said the situation for the government around potentially raising National Insurance was ""quite delicate"".', ""The government could also decide to introduce a National Insurance levy on the contributions employers pay into workers' pensions."", 'Currently, this is tax-free.', 'The IFS said the creation of a subsidy for employer pension contributions of 10% could raise around £4.5bn per year.', 'But Alice Haine, personal finance analyst at Evelyn Partners, said such a tax hike could have ""unintended consequences"" as businesses might then ""choose to reduce headcount or stick to the auto-enrolment minimum for pensions to cut costs"".']",0.0192214803362412,"It is paid by workers and the self-employed on earnings and profits, and by employers on top of the wages they pay out.",Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister Sir Keir Starmer failed to rule out in an interview with the BBC on Tuesday.,-0.2350605502724647,"The Institute for Fiscal Studies (IFS) think tank told the BBC that HMRC has estimated that increasing the rate of National Insurance paid by employers by one percentage point to 14.8%, for example, could raise as much £8.5bn per year in the short term.","Alex Veitch, director of policy at the British Chambers of Commerce, conceded that the government had to make ""difficult decisions"" in the Budget, but he warned that raising employer National Insurance contributions would ""simply hobble growth and lead to businesses having less money to invest in their staff"".",2024-10-16
+Goldman Sachs beats on profit and revenue as stock trading and investment banking boost results,https://www.cnbc.com/2024/10/15/goldman-sachs-gs-earnings-q3-2024.html,2024-10-15T16:09:52+0000,"In this articleGoldman Sachs topped estimates for third-quarter profit and revenue on strong results from its stock trading and investment banking operations.Here's what the company reported:The bank said profit surged 45% from a year earlier to $2.99 billion, or $8.40 per share, as revenue climbed 7% to $12.7 billion.Goldman shares were roughly flat after rising 2% earlier in the session.Over the past two years, the Federal Reserve's tightening campaign has made for a less-than-ideal environment for investment banks like Goldman. Now that the Fed is easing its benchmark rate, Goldman is positioned to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action, and rising values bolsters its asset and wealth management business.CEO David Solomon cited an ""improving operating environment"" as he touted his firm's results on Tuesday.Equities trading was the outlier this quarter, posting an 18% revenue increase to $3.5 billion, more than half a billion dollars higher than the $2.96 billion estimate from StreetAccount. The company cited strong results in both derivatives and cash trading.Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion StreetAccount estimate, on a slowdown in interest rate products and commodities.Investment banking revenue jumped 20% to $1.87 billion, topping the $1.62 billion estimate, on strength in debt and equity underwriting, and the bank said its backlog for pending deals increased from both a year earlier and the second quarter.The firm's asset and wealth management division also helped it top expectations; revenue there jumped 16% to $3.75 billion, exceeding the $3.58 billion estimate from StreetAccount on rising management fees and gains in investments.Last week, rival JPMorgan Chase set expectations high with better-than-anticipated results from trading and investment banking, factors that helped the bank top earnings estimates.Wells Fargo also exceeded estimates on Friday on the back of its investment banking division.",CNBC,15/10/2024,"['In this articleGoldman Sachs topped estimates for third-quarter profit and revenue on strong results from its stock trading and investment banking operations.', ""Here's what the company reported:The bank said profit surged 45% from a year earlier to $2.99 billion, or $8.40 per share, as revenue climbed 7% to $12.7 billion."", 'Goldman shares were roughly flat after rising 2% earlier in the session.', ""Over the past two years, the Federal Reserve's tightening campaign has made for a less-than-ideal environment for investment banks like Goldman."", 'Now that the Fed is easing its benchmark rate, Goldman is positioned to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action, and rising values bolsters its asset and wealth management business.', 'CEO David Solomon cited an ""improving operating environment"" as he touted his firm\'s results on Tuesday.', 'Equities trading was the outlier this quarter, posting an 18% revenue increase to $3.5 billion, more than half a billion dollars higher than the $2.96 billion estimate from StreetAccount.', 'The company cited strong results in both derivatives and cash trading.', 'Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion StreetAccount estimate, on a slowdown in interest rate products and commodities.', 'Investment banking revenue jumped 20% to $1.87 billion, topping the $1.62 billion estimate, on strength in debt and equity underwriting, and the bank said its backlog for pending deals increased from both a year earlier and the second quarter.', ""The firm's asset and wealth management division also helped it top expectations; revenue there jumped 16% to $3.75 billion, exceeding the $3.58 billion estimate from StreetAccount on rising management fees and gains in investments."", 'Last week, rival JPMorgan Chase set expectations high with better-than-anticipated results from trading and investment banking, factors that helped the bank top earnings estimates.', 'Wells Fargo also exceeded estimates on Friday on the back of its investment banking division.']",0.540190255345298,"Now that the Fed is easing its benchmark rate, Goldman is positioned to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action, and rising values bolsters its asset and wealth management business.",,0.6921450128922095,"Investment banking revenue jumped 20% to $1.87 billion, topping the $1.62 billion estimate, on strength in debt and equity underwriting, and the bank said its backlog for pending deals increased from both a year earlier and the second quarter.","Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion StreetAccount estimate, on a slowdown in interest rate products and commodities.",2024-10-16
+Lufthansa hit with record penalty after barring Jewish passengers,https://www.bbc.co.uk/news/articles/c3dv3l5pvy3o,2024-10-15T17:44:58.323Z,"The US has hit Lufthansa with a record $4m (£3m) penalty after the airline barred Jewish passengers from a 2022 flight because some allegedly refused to follow rules requiring face masks.  The Department of Transportation said Lufthansa discriminated against the passengers, treating them ""as if they were all a single group"", though many were not travelling together and did not know one another. It said the penalty was the largest it had ever issued against an airline for civil rights violations.  Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". ""Lufthansa is dedicated to being an ambassador of goodwill, tolerance, diversity, and acceptance,"" the company said in a statement, adding that it had cooperated with the investigation and remained focused on training for its staff. The episode involved passengers who were travelling from New York to Budapest, with a connection in Frankfurt, in May 2022.  Many of the passengers were male, wearing ""distinctive garb typically worn by Orthodox Jewish men"" and had used the same handful of travel agencies to book their tickets, according to the DOT.   During the first flight, the captain alerted Lufthansa security that some passengers had failed to follow crew instructions requiring masks, and barring gathering in aisles and other places on board.  The alert led to holds on tickets of more than 100 passengers, all of them Jewish, which led to them being blocked from their connecting flight.  The DOT said Lufthansa recognised that the action also would hurt people who had complied with the instructions but ""concluded it was not practical to address each passenger individually"". The majority were rebooked on other flights the same day.  “No one should face discrimination when they travel, and today’s action sends a clear message to the airline industry that we are prepared to investigate and take action whenever passengers’ civil rights are violated,” US Transportation Secretary Pete Buttigieg said.  The DOT said passengers interviewed for the investigation said they had not witnessed misbehaviour and Lufthansa later failed to identify any one passenger who had not followed the rules. But in the consent order, Lufthansa said its staff was unable to single out passengers because ""the infractions were so numerous, the misconduct continued for substantial portions of the flight and at different intervals and the passengers changed seats during the flight"". The DOT said it was requiring Lufthansa to pay $2m and would give the airline credit for $2m it has already paid to passengers as part of a legal settlement.  ",BBC,15/10/2024,"['The US has hit Lufthansa with a record $4m (£3m) penalty after the airline barred Jewish passengers from a 2022 flight because some allegedly refused to follow rules requiring face masks.', 'The Department of Transportation said Lufthansa discriminated against the passengers, treating them ""as if they were all a single group"", though many were not travelling together and did not know one another.', 'It said the penalty was the largest it had ever issued against an airline for civil rights violations.', 'Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". ""', 'Lufthansa is dedicated to being an ambassador of goodwill, tolerance, diversity, and acceptance,"" the company said in a statement, adding that it had cooperated with the investigation and remained focused on training for its staff.', 'The episode involved passengers who were travelling from New York to Budapest, with a connection in Frankfurt, in May 2022.', 'Many of the passengers were male, wearing ""distinctive garb typically worn by Orthodox Jewish men"" and had used the same handful of travel agencies to book their tickets, according to the DOT.', 'During the first flight, the captain alerted Lufthansa security that some passengers had failed to follow crew instructions requiring masks, and barring gathering in aisles and other places on board.', 'The alert led to holds on tickets of more than 100 passengers, all of them Jewish, which led to them being blocked from their connecting flight.', 'The DOT said Lufthansa recognised that the action also would hurt people who had complied with the instructions but ""concluded it was not practical to address each passenger individually"".', 'The majority were rebooked on other flights the same day. “', 'No one should face discrimination when they travel, and today’s action sends a clear message to the airline industry that we are prepared to investigate and take action whenever passengers’ civil rights are violated,” US Transportation Secretary Pete Buttigieg said.', 'The DOT said passengers interviewed for the investigation said they had not witnessed misbehaviour and Lufthansa later failed to identify any one passenger who had not followed the rules.', 'But in the consent order, Lufthansa said its staff was unable to single out passengers because ""the infractions were so numerous, the misconduct continued for substantial portions of the flight and at different intervals and the passengers changed seats during the flight"".', 'The DOT said it was requiring Lufthansa to pay $2m and would give the airline credit for $2m it has already paid to passengers as part of a legal settlement.']",-0.1374419870007407,"Lufthansa is dedicated to being an ambassador of goodwill, tolerance, diversity, and acceptance,"" the company said in a statement, adding that it had cooperated with the investigation and remained focused on training for its staff.","Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". """,-0.6062158226966858,"Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". """,The US has hit Lufthansa with a record $4m (£3m) penalty after the airline barred Jewish passengers from a 2022 flight because some allegedly refused to follow rules requiring face masks.,2024-10-16
+Novavax says FDA put hold on combination Covid-flu shot and influenza vaccine; shares plunge,https://www.cnbc.com/2024/10/16/novavax-fda-combination-shot-and-flu-vaccine.html,2024-10-16T16:16:52+0000,"In this articleNovavax on Wednesday said the Food and Drug Administration has put a hold on its application for a combination shot targeting Covid and influenza and a stand-alone flu vaccine, sending the company's shares down sharply. The biotech company's stock fell nearly 20% on Wednesday. The so-called clinical hold is due to a single report of nerve damage in a patient who received the combination shot in a phase two trial that finished in July last year. A clinical hold is an order issued by the FDA to a manufacturer to delay or suspend a proposed clinical investigation on a drug.It is unclear if the pause will impact Novavax's ability to start and release data on phase three trials on those vaccines. Still, it appears to be a setback for the biotech company, which is scrambling to bring new products to market as demand for its Covid vaccine plummets worldwide.Novavax said it was working with the FDA to resolve the clinical hold on its combination shot and stand-alone flu vaccine. The company said other trials of its Covid and flu shots had not shown any safety concerns related to the type of nerve damage reported in the patient. Novavax said it does not believe there's an established connection that the vaccine had caused the nerve damage in the patient, but said it is working to provide more information to the FDA. ""Our goal is to successfully resolve this matter and to start our Phase 3 trial as soon as possible,"" Dr. Robert Walker, Novavax's chief medical officer, said in a release. Public health officials see Novavax's protein-based Covid vaccine as a valuable alternative for people who don't want to take mRNA shots from Pfizer and Moderna, which use a newer vaccine method to teach cells how to make proteins that trigger an immune response against Covid.Novavax's shot, meanwhile, fends off the virus with protein-based technology, a decades-old method used in routine vaccinations against hepatitis B and shingles.",CNBC,16/10/2024,"[""In this articleNovavax on Wednesday said the Food and Drug Administration has put a hold on its application for a combination shot targeting Covid and influenza and a stand-alone flu vaccine, sending the company's shares down sharply."", ""The biotech company's stock fell nearly 20% on Wednesday."", 'The so-called clinical hold is due to a single report of nerve damage in a patient who received the combination shot in a phase two trial that finished in July last year.', 'A clinical hold isan order issued by the FDA to a manufacturer to delay or suspend a proposed clinical investigation on a drug.', ""It is unclear if the pause will impact Novavax's ability to start and release data on phase three trials on those vaccines."", 'Still, it appears to be a setback for the biotech company, which is scrambling to bring new products to market as demand for its Covid vaccine plummets worldwide.', 'Novavax said it was working with the FDA to resolve the clinical hold on its combination shot and stand-alone flu vaccine.', 'The company said other trials of its Covid and flu shots had not shown any safety concerns related to the type of nerve damage reported in the patient.', 'Novavax said it does not believe there\'s an established connection that the vaccine had caused the nerve damage in the patient, but said it is working to provide more information to the FDA.""Our goal is to successfully resolve this matter and to start our Phase 3 trial as soon as possible,"" Dr. Robert Walker, Novavax\'s chief medical officer, said in a release.', ""Public health officials see Novavax's protein-based Covid vaccine as a valuable alternative for people who don't want to take mRNA shots from Pfizer and Moderna, which use a newer vaccine method to teach cells how to make proteins that trigger an immune response against Covid."", ""Novavax's shot, meanwhile, fends off the virus with protein-based technology, a decades-old method used in routine vaccinations against hepatitis B and shingles.""]",-0.0940364372935033,"Novavax said it does not believe there's an established connection that the vaccine had caused the nerve damage in the patient, but said it is working to provide more information to the FDA.""Our goal is to successfully resolve this matter and to start our Phase 3 trial as soon as possible,"" Dr. Robert Walker, Novavax's chief medical officer, said in a release.",The company said other trials of its Covid and flu shots had not shown any safety concerns related to the type of nerve damage reported in the patient.,-0.5733228921890259,"Public health officials see Novavax's protein-based Covid vaccine as a valuable alternative for people who don't want to take mRNA shots from Pfizer and Moderna, which use a newer vaccine method to teach cells how to make proteins that trigger an immune response against Covid.","In this articleNovavax on Wednesday said the Food and Drug Administration has put a hold on its application for a combination shot targeting Covid and influenza and a stand-alone flu vaccine, sending the company's shares down sharply.",2024-10-16
+JPMorgan Chase shares pop 5% after topping estimates on better-than-expected interest income,https://www.cnbc.com/2024/10/11/jpmorgan-chase-jpm-earnings-q3-2024.html,2024-10-11T15:27:04+0000,"In this articleJPMorgan Chase posted third-quarter results that topped estimates for profit and revenue as the company generated more interest income than expected.Here's what the company reported:JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion. Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.CEO Jamie Dimon touted the firm's quarterly results in a statement, while also addressing regulators' sweeping efforts to force banks to hold more capital and expressing concern about rising geopolitical risks, saying that conditions are ""treacherous and getting worse.""""We believe rules can be written that promote a strong financial system without causing undue consequences for the economy,"" Dimon said, addressing the pending regulatory changes. ""Now is an excellent time to step back and review the extensive set of existing rules – which were put in place for a good reason – to understand their impact on economic growth"" and the health of markets, he said.The bank's results were also helped by its Wall Street division. Investment banking fees climbed 31% to $2.27 billion in the quarter, exceeding the $2.02 billion estimate.Fixed income trading generated $4.5 billion in revenue, unchanged from a year earlier but topping the $4.38 billion StreetAccount estimate. Equities trading jumped 27% to $2.6 billion, edging out the $2.41 billion estimate, according to StreetAccount.The company also raised its full-year 2024 guidance for net interest income from the previous quarter, saying that NII would hit roughly $92.5 billion this year, up from the previous $91 billion guidance. Annual expenses are projected at about $91.5 billion, down from the earlier $92 billion guidance.Shares rose 5% in midday trading. JPMorgan's provision for credit losses in the quarter was $3.1 billion, worse than the $2.91 billion estimate, as the company had $2.1 billion in charge-offs and built reserves for future losses by $1 billion.Consumers are ""fine and on strong footing"" and the increase in reserves was because the bank is growing its book of credit card loans, not because the consumer is weakening, CFO Jeremy Barnum told reporters Friday.The biggest American bank has thrived in a rising rate environment, posting record net income figures since the Fed started hiking rates in 2022.Now, with the Fed cutting rates, there are questions as to how JPMorgan will navigate the change. Like other big banks, its margins may be squeezed as yields on interest-generating assets like loans fall faster than its funding costs.Last month, JPMorgan dialed back expectations for 2025 net interest income and expenses. On Friday, Barnum reiterated the bank's view that NII was headed lower before rebounding ""in the future.""The third-quarter outperformance in NII was ""a bit of a blip"" that was the result of ""intersecting trends that happen to net out"" to an increase, not a sustainable trend, he said.Shares of JPMorgan have climbed about 25% this year before Friday, exceeding the 20% gain of the KBW Bank Index.Wells Fargo also released quarterly results Friday, while Bank of America, Goldman Sachs, Citigroup and Morgan Stanley report next week.",CNBC,11/10/2024,"['In this articleJPMorgan Chase posted third-quarter results that topped estimates for profit and revenue as the company generated more interest income than expected.', ""Here's what the company reported:JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion."", 'Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.', 'CEO Jamie Dimon touted the firm\'s quarterly results in a statement, while also addressing regulators\' sweeping efforts to force banks to hold more capital and expressing concern about rising geopolitical risks, saying that conditions are ""treacherous and getting worse.', '""""We believe rules can be written that promote a strong financial system without causing undue consequences for the economy,"" Dimon said, addressing the pending regulatory changes. ""', 'Now is an excellent time to step back and review the extensive set of existing rules – which were put in place for a good reason – to understand their impact on economic growth"" and the health of markets, he said.', ""The bank's results were also helped by its Wall Street division."", 'Investment banking fees climbed 31% to $2.27 billion in the quarter, exceeding the $2.02 billion estimate.', 'Fixed income trading generated $4.5 billion in revenue, unchanged from a year earlier but topping the $4.38 billion StreetAccount estimate.', 'Equities trading jumped 27% to $2.6 billion, edging out the $2.41 billion estimate, according to StreetAccount.', 'The company also raised its full-year 2024 guidance for net interest income from the previous quarter, saying that NII would hit roughly $92.5 billion this year, up from the previous $91 billion guidance.', 'Annual expenses are projected at about $91.5 billion, down from the earlier $92 billion guidance.', 'Shares rose 5% in midday trading.', ""JPMorgan's provision for credit losses in the quarter was $3.1 billion, worse than the $2.91 billion estimate, as the company had $2.1 billion in charge-offs and built reserves for future losses by $1 billion."", 'Consumers are ""fine and on strong footing"" and the increase in reserves was because the bank is growing its book of credit card loans, not because the consumer is weakening, CFO Jeremy Barnum told reporters Friday.', 'The biggest American bank has thrived in a rising rate environment, posting record net income figures since the Fed started hiking rates in 2022.Now, with the Fed cutting rates, there are questions as to how JPMorgan will navigate the change.', 'Like other big banks, its margins may be squeezed as yields on interest-generating assets like loans fall faster than its funding costs.', 'Last month, JPMorgan dialed back expectations for 2025 net interest income and expenses.', 'On Friday, Barnum reiterated the bank\'s view that NII was headed lower before rebounding ""in the future.', '""The third-quarter outperformance in NII was ""a bit of a blip"" that was the result of ""intersecting trends that happen to net out"" to an increase, not a sustainable trend, he said.', 'Shares of JPMorgan have climbed about 25% this year before Friday, exceeding the 20% gain of the KBW Bank Index.', 'Wells Fargo also released quarterly results Friday, while Bank of America, Goldman Sachs, Citigroup and Morgan Stanley report next week.']",0.2698849930588884,"Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.","JPMorgan's provision for credit losses in the quarter was $3.1 billion, worse than the $2.91 billion estimate, as the company had $2.1 billion in charge-offs and built reserves for future losses by $1 billion.",0.1900264143943786,"Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.","Here's what the company reported:JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion.",2024-10-16
+Prague to ban organised night pub crawls in bid for 'refined' visitors,https://www.bbc.co.uk/news/articles/cdxr8yywlgjo,2024-10-15T10:20:56.311Z,"Prague is to ban night-time pub crawls organised by travel agencies, in a bid to deter rowdy tourists from visiting and attracting more ""refined"" visitors instead.  The Czech capital's authorities say organised pub crawls - often aimed at foreign stag and hen dos - will be banned between 22:00 and 06:00 local time (21:00-05:00 BST). Deputy mayor Jiri Pospisil said he wanted the city to become a place where ""refinement and respect for shared public space are a priority"". Prague is not alone in its bid to deter rowdy tourists - many from the UK. Last year, Amsterdam launched a campaign to discourage young British men from travelling to the Dutch capital to use drugs and drink heavily. Prague City Council said councillors had approved an amendment limiting ""organised movements of tourists from pub to pub, disrupting the night peace especially in the centre"". The change was made on noise, safety and cleanliness grounds. Crowds of drunk tourists also negatively affect the reputation of the city, councillors claimed.  Officials in the central Prague One district, most of which is a Unesco World Heritage Site and where many bars are located, welcomed the move.  Prague One mayor Terezie Radomerska said it was a ""welcome change"" which would ""reduce the negative effects caused by excessive noise in the streets"".  Police will be charged with enforcing the ban. Councillors said disorderly behaviour had led to ""an excessive deployment"" of cleaning and police services, stretching the city's resources.  Prague resident Stepan Kuchta told the Times newspaper his health had been ""ruined by chronic noise"". But Prague Pub Crawl, which organises the drunken excursions, panned the city's decision as ""merely a populist move to cover up the city management's inability to address real issues, such as the lack of municipal police officers to enforce night-time peace"". The city of 1.3 million welcomed around 7.4 million tourists last year, according to the Czech Statistical Office. Historically, many tourists have been enticed by the Czech capital's beautiful historic features and cheap beers - which in some restaurants and pubs can be cheaper than bottled water. Vaclav Starek of the Czech Association of Hotels and Restaurants welcomed the city council's decision. Mr Starek told the AFP news agency that he didn't think business would be affected.  ""I don't think this will hurt our sales. Nobody will be banned from going to a pub but these nightly organised pub crawls ... are nothing we would need."" ",BBC,15/10/2024,"['Prague is to ban night-time pub crawls organised by travel agencies, in a bid to deter rowdy tourists from visiting and attracting more ""refined"" visitors instead.', ""The Czech capital's authorities say organised pub crawls - often aimed at foreign stag and hen dos - will be banned between 22:00 and 06:00 local time (21:00-05:00 BST)."", 'Deputy mayor Jiri Pospisil said he wanted the city to become a place where ""refinement and respect for shared public space are a priority"".', 'Prague is not alone in its bid to deter rowdy tourists - many from the UK.', 'Last year, Amsterdam launched a campaign to discourage young British men from travelling to the Dutch capital to use drugs and drink heavily.', 'Prague City Council said councillors had approved an amendment limiting ""organised movements of tourists from pub to pub, disrupting the night peace especially in the centre"".', 'The change was made on noise, safety and cleanliness grounds.', 'Crowds of drunk tourists also negatively affect the reputation of the city, councillors claimed.', 'Officials in the central Prague One district, most of which is a Unesco World Heritage Site and where many bars are located, welcomed the move.', 'Prague One mayor Terezie Radomerska said it was a ""welcome change"" which would ""reduce the negative effects caused by excessive noise in the streets"".', 'Police will be charged with enforcing the ban.', 'Councillors said disorderly behaviour had led to ""an excessive deployment"" of cleaning and police services, stretching the city\'s resources.', 'Prague resident Stepan Kuchta told the Times newspaper his health had been ""ruined by chronic noise"".', 'But Prague Pub Crawl, which organises the drunken excursions, panned the city\'s decision as ""merely a populist move to cover up the city management\'s inability to address real issues, such as the lack of municipal police officers to enforce night-time peace"".', 'The city of 1.3 million welcomed around 7.4 million tourists last year, according to the Czech Statistical Office.', ""Historically, many tourists have been enticed by the Czech capital's beautiful historic features and cheap beers - which in some restaurants and pubs can be cheaper than bottled water."", ""Vaclav Starek of the Czech Association of Hotels and Restaurants welcomed the city council's decision."", 'Mr Starek told the AFP news agency that he didn\'t think business would be affected. ""', ""I don't think this will hurt our sales."", 'Nobody will be banned from going to a pub but these nightly organised pub crawls ... are nothing we would need.""']",-0.0018674552098748,"Prague City Council said councillors had approved an amendment limiting ""organised movements of tourists from pub to pub, disrupting the night peace especially in the centre"".",Police will be charged with enforcing the ban.,-0.3255369994375441,"Prague One mayor Terezie Radomerska said it was a ""welcome change"" which would ""reduce the negative effects caused by excessive noise in the streets"".","Crowds of drunk tourists also negatively affect the reputation of the city, councillors claimed.",2024-10-16
+Jamie Dimon says geopolitical risks are surging: 'Conditions are treacherous and getting worse',https://www.cnbc.com/2024/10/11/jpms-dimon-says-geopolitical-risks-treacherous-and-getting-worse.html,2024-10-11T18:19:23+0000,"In this articleJPMorgan Chase CEO Jamie Dimon sees risks climbing around the world amid widening conflicts in the Middle East and with Russia's invasion of Ukraine showing no signs of abating.""We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,"" Dimon said Friday in the bank's third-quarter earnings release.""There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,"" he said.The international order in place since the end of World War II is unraveling in light of conflicts in the Middle East and Ukraine, rising U.S.-China tensions, and the risk of ""nuclear blackmail"" from Iran, North Korea and Russia, Dimon said last month during a fireside chat held at Georgetown University.""It's ratcheting up, folks, and it takes really strong American leadership and Western world leaders to do something about that,"" Dimon said at Georgetown. ""That's my No. 1 concern, and it dwarves any I've had since I've been working.""The ongoing conflict between Israel and Hamas recently hit the one-year mark since Hamas' attack on Oct. 7, 2023, sparked war, and there have been few signs of it slowing down. Tens of thousands of people have been killed as the conflict has broadened into fighting on multiple fronts, including with Hezbollah and Iran.At least 22 people were killed and more than 100 injured in Beirut from Israeli airstrikes on Thursday. Iran launched more than 180 missiles against Israel on Oct. 1, and worries have risen that an Israeli retaliation could target Iranian oil facilities.Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.Dimon also said Friday that he remained wary about the future of the economy, despite signs that the Federal Reserve has engineered a soft landing.""While inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,"" Dimon said. ""While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.""",CNBC,11/10/2024,"[""In this articleJPMorgan Chase CEO Jamie Dimon sees risks climbing around the world amid widening conflicts in the Middle East and with Russia's invasion of Ukraine showing no signs of abating."", '""We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,"" Dimon said Friday in the bank\'s third-quarter earnings release.', '""There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,"" he said.', 'The international order in place since the end of World War II is unraveling in light of conflicts in the Middle East and Ukraine, rising U.S.-China tensions, and the risk of ""nuclear blackmail"" from Iran, North Korea and Russia, Dimon said last month during a fireside chat held at Georgetown University.', '""It\'s ratcheting up, folks, and it takes really strong American leadership and Western world leaders to do something about that,"" Dimon said at Georgetown. ""', ""That's my No."", ""1 concern, and it dwarves any I've had since I've been working."", '""The ongoing conflict between Israel and Hamas recently hit the one-year mark since Hamas\' attack on Oct. 7, 2023, sparked war, and there have been few signs of it slowing down.', 'Tens of thousands of peoplehave been killedas the conflict has broadened into fighting on multiple fronts, including with Hezbollah and Iran.', 'At least22 people were killedand more than 100 injured in Beirut from Israeli airstrikes on Thursday.', 'Iran launched more than 180 missiles against Israel on Oct. 1, and worries have risen that an Israeli retaliation could target Iranian oil facilities.', 'Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.', 'Dimon also said Friday that he remained wary about the future of the economy, despite signs that the Federal Reserve has engineered a soft landing.', '""While inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,"" Dimon said. ""', 'While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.""']",-0.1664711019472122,"Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.","The international order in place since the end of World War II is unraveling in light of conflicts in the Middle East and Ukraine, rising U.S.-China tensions, and the risk of ""nuclear blackmail"" from Iran, North Korea and Russia, Dimon said last month during a fireside chat held at Georgetown University.",-0.1308410829967922,"Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.","Dimon also said Friday that he remained wary about the future of the economy, despite signs that the Federal Reserve has engineered a soft landing.",2024-10-16
+"SpaceX’s Starship rocket completes fifth test flight, lands booster in dramatic catch",https://www.cnbc.com/2024/10/13/spacex-starship-rocket-launch-flight-5-booster-catch-attempt.html,2024-10-13T14:18:49+0000,"SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster.The achievement marks a major milestone toward SpaceX's goal of making Starship a fully reusable rocket system.Elon Musk's company launched Starship at 8:25 a.m. ET from its Starbase facility near Brownsville, Texas. The rocket's ""Super Heavy"" booster returned to land on the arms of the company's launch tower nearly seven minutes after launch.""Are you kidding me?"" SpaceX communications manager Dan Huot said on the company's webcast.""What we just saw, that looked like magic,"" Huot added.NASA Administrator Bill Nelson congratulated SpaceX in a post on social media.""As we prepare to go back to the Moon under Artemis, continued testing will prepare us for the bold missions that lie ahead,"" Nelson wrote.Starship separated and continued on to space, traveling halfway around the Earth before reentering the atmosphere and splashing down in the Indian Ocean as intended to complete the test.There were no people on board the fifth Starship flight. The company's leadership has said SpaceX expects to fly hundreds of Starship missions before the rocket launches with any crew.The full Starship system has flown four spaceflight tests previously, with launches in April and November of last year, as well as this March and June. Each of the test flights have achieved more milestones than the last.SpaceX emphasizes that it tries to build ""on what we've learned from previous flights"" in its approach to developing the massive rocket.The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth. The rocket is also critical to NASA's plan to return astronauts to the moon. SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program.The Federal Aviation Administration issued SpaceX with a license to launch Starship's fifth flight on Saturday, sooner than the regulator previously estimated. But the company wanted to launch the fifth flight earlier than October, leading both SpaceX and Musk to be vocally critical of the FAA, saying that ""superfluous environmental analysis"" was holding up the process.While the FAA and partner agencies at the U.S. Fish and Wildlife Service and the Commerce Department's National Marine Fisheries Service conducted assessments more quickly than anticipated, SpaceX has also had to pay fines to environmental regulators regarding unauthorized water discharges at its Texas launch site.With the booster catch, SpaceX has surpassed the fourth test flight's milestones.The company completed its goal of returning the booster back to the launch site and used the ""chopstick"" arms on the tower to catch the vehicle. The company sees the ambitious catch approach as critical to its goal of making the rocket fully reusable.""SpaceX engineers have spent years preparing and months testing for the booster catch attempt, with technicians pouring tens of thousands of hours into building the infrastructure to maximize our chances for success,"" the company wrote on its website.The catch requires thousands of criteria to be met, the company said. If it hadn't been ready, the booster would have diverted from the return trajectory to instead splash down off the coast in the Gulf of Mexico.""We accept no compromises when it comes to ensuring the safety of the public and our team, and the return will only be attempted if conditions are right,"" SpaceX said.Starship is both the tallest and most powerful rocket ever launched. Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.The Super Heavy booster, which stands 232 feet tall, is what begins the rocket's journey to space. At its base are 33 Raptor engines, which together produce 16.7 million pounds of thrust — about double the 8.8 million pounds of thrust of NASA's Space Launch System rocket, which launched for the first time in 2022.Starship itself, at 165 feet tall, has six Raptor engines — three for use while in the Earth's atmosphere and three for operating in the vacuum of space.The rocket is powered by liquid oxygen and liquid methane. The full system requires more than 10 million pounds of propellant for launch.",CNBC,13/10/2024,"[""SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster."", ""The achievement marks a major milestone toward SpaceX's goal of making Starship a fully reusable rocket system."", ""Elon Musk's company launched Starship at 8:25 a.m. ET from its Starbase facility near Brownsville, Texas."", 'The rocket\'s ""Super Heavy"" booster returned to land on the arms of the company\'s launch tower nearly seven minutes after launch.', '""Are you kidding me?""', ""SpaceX communications manager Dan Huot said on the company's webcast."", '""What we just saw, that looked like magic,"" Huot added.', 'NASA Administrator Bill Nelson congratulated SpaceX in a post on social media.', '""As we prepare to go back to the Moon under Artemis, continued testing will prepare us for the bold missions that lie ahead,"" Nelson wrote.', 'Starship separated and continued on to space, traveling halfway around the Earth before reentering the atmosphere and splashing down in the Indian Ocean as intended to complete the test.', 'There were no people on board the fifth Starship flight.', ""The company's leadership has said SpaceX expects to fly hundreds of Starship missions before the rocket launches with any crew."", 'The full Starship system has flown four spaceflight tests previously, with launches in April and November of last year, as well as this March and June.', 'Each of the test flights have achieved more milestones than the last.', 'SpaceX emphasizes that it tries to build ""on what we\'ve learned from previous flights"" in its approach to developing the massive rocket.', 'The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth.', ""The rocket is also critical to NASA's plan to return astronauts to the moon."", ""SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program."", ""The Federal Aviation Administration issued SpaceX with a license to launch Starship's fifth flight on Saturday, sooner than the regulator previously estimated."", 'But the company wanted to launch the fifth flight earlier than October, leading both SpaceX and Musk to be vocally critical of the FAA, saying that ""superfluous environmental analysis"" was holding up the process.', ""While the FAA and partner agencies at the U.S. Fish and Wildlife Service and the Commerce Department's National Marine Fisheries Service conducted assessments more quickly than anticipated, SpaceX has also had to pay fines to environmental regulators regarding unauthorized water discharges at its Texas launch site."", ""With the booster catch, SpaceX has surpassed the fourth test flight's milestones."", 'The company completed its goal of returning the booster back to the launch site and used the ""chopstick"" arms on the tower to catch the vehicle.', 'The company sees the ambitious catch approach as critical to its goal of making the rocket fully reusable.', '""SpaceX engineers have spent years preparing and months testing for the booster catch attempt, with technicians pouring tens of thousands of hours into building the infrastructure to maximize our chances for success,"" the company wrote on its website.', 'The catch requires thousands of criteria to be met, the company said.', ""If it hadn't been ready, the booster would have diverted from the return trajectory to instead splash down off the coast in the Gulf of Mexico."", '""We accept no compromises when it comes to ensuring the safety of the public and our team, and the return will only be attempted if conditions are right,"" SpaceX said.', 'Starship is both the tallest and most powerful rocket ever launched.', 'Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.', ""The Super Heavy booster, which stands 232 feet tall, is what begins the rocket's journey to space."", ""At its base are 33 Raptor engines, which together produce 16.7 million pounds of thrust — about double the 8.8 million pounds of thrust of NASA's Space Launch System rocket, which launched for the first time in 2022.Starship itself, at 165 feet tall, has six Raptor engines — three for use while in the Earth's atmosphere and three for operating in the vacuum of space."", 'The rocket is powered by liquid oxygen and liquid methane.', 'The full system requires more than 10 million pounds of propellant for launch.']",0.1513308088943789,"""SpaceX engineers have spent years preparing and months testing for the booster catch attempt, with technicians pouring tens of thousands of hours into building the infrastructure to maximize our chances for success,"" the company wrote on its website.","But the company wanted to launch the fifth flight earlier than October, leading both SpaceX and Musk to be vocally critical of the FAA, saying that ""superfluous environmental analysis"" was holding up the process.",0.432083785533905,SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program.,"While the FAA and partner agencies at the U.S. Fish and Wildlife Service and the Commerce Department's National Marine Fisheries Service conducted assessments more quickly than anticipated, SpaceX has also had to pay fines to environmental regulators regarding unauthorized water discharges at its Texas launch site.",2024-10-16
+Jeff Shell is about to lead Paramount. He may have runway to make bold changes he couldn't at NBC,https://www.cnbc.com/2024/10/11/jeff-shell-paramount-president-nbc-tenure.html,2024-10-11T13:00:42+0000,"In this articleLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.The longtime media executive is primed to help run the day-to-day media operations of Paramount Global as president of the company when its merger with Skydance Media closes in the first half of 2025, assuming regulatory approval. He'll report to current Skydance CEO David Ellison, who will take the top job as the combined company's CEO.While neither Shell nor Ellison has publicly declared specific intentions for Paramount Global due to regulations banning ""gun-jumping"" in pending mergers, Shell's recent tenure as the CEO of Comcast's NBCUniversal, the parent company of CNBC, offers clues to what may be in store for Paramount.CNBC spoke with a dozen people who worked closely with Shell during his tenure as CEO from 2019 to 2023. They described Shell as a person with big ideas and a willingness to make bold moves but with a style that depends on those around him to talk him out of decisions that may not make sense. Some of Shell's boldest ideas — such as giving NBC's 10 p.m. hour over to affiliates, merging with a rival, and turning CNBC primetime into a Fox News facsimile — never played out.Comcast CEO Brian Roberts chose Shell to replace Steve Burke as NBCUniversal CEO in 2019. Shell had consistent success running a variety of different divisions within Comcast and NBCUniversal, including NBCU International and Universal Filmed Entertainment Group.Colleagues told CNBC they found Shell to be a good listener and a collaborative decision-maker with a predilection for sometimes saying too much. His departure from NBCUniversal was sudden. In April 2023, a Comcast investigation corroborated allegations from a former CNBC reporter of sexual harassment. Shell joined private equity firm RedBird Capital Partners in February. RedBird backed the Skydance-Paramount merger and will assume a minority equity stake.Soon, Shell, 59, will be at the helm of Paramount and paired with Ellison, who has already expressed his desire to transition Paramount into a more modern media company. That may set up a dynamic where Paramount's CEO and president both want bold change.RedBird executives praised Shell during a conference call in July announcing the merger, with RedBird Partner Andrew Brandon-Gordon saying Shell's ""long-term, results-oriented, proven track record at NBCUniversal"" coupled with Ellison's creativity and tech savvy make for the perfect leadership dynamic for the future of Paramount.Still, it's possible the pairing could lead to rash decision-making, warned one executive who worked closely with Shell at NBCUniversal. Even the consideration of dramatic ideas can destabilize an organization if discussed openly without follow through, and Shell developed a reputation at NBCUniversal for what one former coworker described as a ""shoot first and aim later"" mentality — a sentiment shared by at least six others who spoke with CNBC.""What Paramount needs is blocking and tackling — mature leadership,"" said the executive who worked closely with Shell. ""Ellison is a blow-everything-up guy, and Shell needs someone who can minimize his mistakes.""Shell and Ellison both declined to comment for this story.At Paramount, Shell will be given an asset mix similar to what he oversaw at NBCUniversal — save the theme parks. He'll have a major broadcast network with NFL rights (CBS), a movie studio (Paramount Pictures), a streaming service with tens of millions of subscribers (Paramount+), a large library of TV shows and films, and a slew of cable networks with dwindling audiences.It will be Shell's mission to cut costs — Skydance has already identified $2 billion in cost efficiencies and synergies, the company said during a July conference call with investors about the merger — and transform Paramount Global into a modern media company. That likely means making bold changes to declining businesses while investing in technology.Shell may try to resurrect the idea of giving up the 10 p.m. hour — as he contemplated at NBC — for CBS, Paramount Global's national broadcast network, people who spoke to CNBC suggested. Bailing on the hour would save CBS millions on content costs. Local affiliates would welcome gaining the hour as a way to boost advertising revenue.During a 2022 CNBC interview, Shell confirmed a Wall Street Journal report that he was considering ceding the hour to local affiliates to shift resources from linear broadcast TV toward streaming.""If we're being prudent operators, which we try to be, if you're allocating a bunch of resources to one side of the business, you have to look at the allocation of resources to another,"" Shell told CNBC's David Faber at the time. ""We make a lot of money at 10 o'clock. We still have a lot of viewers at 10 o'clock. There's no question throughout the day as linear declines, you're going to have to make some tradeoffs, and we'll be looking at that as our investors would want us to look at.""The 10 p.m. hour on broadcast networks still serves as a time slot for scripted dramas — a genre that's largely gone to streaming and, in turn, has seen ratings struggle on traditional TV. CBS' 10 p.m. programming includes ""NCIS: Origins,"" ""FBI: Most Wanted,"" ""Elsbeth,"" and ""Blue Bloods,"" which is in its 14th season.Paramount Global co-CEO George Cheeks, who runs CBS, told Deadline in late 2022 that he was ""committed to 10 p.m. and continuing our ratings success in that time period.""Shell ultimately backed off giving up 10 p.m. for NBC after weighing the potential fallout with Hollywood creatives and agents, according to people familiar with the matter. Such a move at NBCUniversal would risk ruining relationships with TV titans such as ""Law & Order"" creator Dick Wolf, whose shows have occupied the 10 p.m. hour on NBC for years and have created a deep library for NBCUniversal's flagship streaming service, Peacock. Irritating Hollywood would have run counter to Shell's strategy to increase Peacock's content catalog, as NBCUniversal needed strong relationships to fuel the service with new programming.Wolf's shows were also significant moneymakers for NBCUniversal, according to a person familiar with the matter.Ceding the 10 p.m. hour would also have negatively affected the ratings of NBC's storied late night show, ""The Tonight Show."" CBS' late night show, ""The Late Show With Stephen Colbert,"" is consistently the top-rated late night show, which could naturally give Shell pause on moving away from 10 p.m. once he's overseeing Paramount assets.Still, all of the late night shows are losing audience, and a downsizing has already begun across the genre. Shell may feel it's finally time to pull the rip cord.He is clearly aware that the status quo of linear TV needs to change.""Obviously a big chunk of the company is in the linear world, and we know that linear is challenged and declining,"" Shell said during the July conference call. ""I think a lot of us in the business know, we have got to run these businesses in a different way as they decline. And so, we've spent a lot of the last few months really building a bottom-up plan, and our goal is to manage the businesses, particularly the linear businesses, for cash flow generation.""Shell is also likely to examine the content windowing strategy at Paramount, he said in July. That could mean Shell has a desire to tier Paramount+ differently, with some popular content available on more expensive tiers, perhaps ad-free, that shift to less expensive tiers, including free ad-supported Pluto, over time.""I'm a big believer in windowing strategy, and I think there's maybe a more efficient way to maximize the value of our content, and we'll continue to be in the DTC [direct-to-consumer] business,"" Shell said during the July conference call.Some media analysts, such as LightShed Partners' Rich Greenfield, have argued Paramount Global should shut down Paramount+ and instead license Paramount content to other streamers with more scale. Paramount+ has consistently lost money since its inception and won't be profitable until 2025, the company has previously said.That doesn't appear to be in Ellison and Shell's playbook for Paramount. The two have expressed their desire to partner Paramount+ with another streamer to add scale and content to the service, either through a merger or a bundle. Paramount Global has already held talks with a number of media companies about partnering on streaming, including NBCUniversal and Warner Bros. Discovery.""To be a winner in [streaming] really means being in the ultimate bundle that's coming,"" Shell said during the July conference call. ""We've had a bunch of inbound calls from a number of people about partnerships that could involve a partnership with another player or players.""At NBCUniversal, according to people familiar with his thinking, Shell privately pushed the benefits of merging with another content company — again, something that never happened.He spoke up in meetings about the benefits of merging with Viacom, WarnerMedia and even Netflix to ensure Peacock would have staying power against larger streaming services, according to people who heard him speak.Ultimately, Comcast CEO Brian Roberts decided the moves weren't in the best interest of shareholders or that it was too difficult to gain regulatory approval for them, though Roberts nearly approved a deal in 2022 for NBCUniversal to merge with video game developer Electronic Arts — a deal that, according to people familiar with the matter, would have seen Shell lose his job as NBCUniversal CEO. That role would have gone to EA CEO Andrew Wilson, the people said.Without a big merger, Shell pushed for NBCUniversal to flood Peacock with content, especially during the height of pandemic lockdowns, when Wall Street appeared to be heavily valuing media companies on their streaming subscriber numbers. He argued NBCUniversal should put most of its cable programming on Peacock, including regional sports networks, or RSNs, according to people familiar with the matter.Again, other executives talked him out of being too aggressive, arguing the company's existing pay TV distribution relationships would be harmed if NBCUniversal made that content available outside the cable bundle, according to the people. Geolocation technology issues around regional sports also would have made the inclusion of RSNs difficult, the people said.While NBCUniversal has moved toward including more cable programming on Peacock, including hit Bravo franchises such as ""The Real Housewives"" and ""Below Deck,"" it has kept RSNs and news networks MSNBC and CNBC separate.One of Shell's big decisions at Paramount will be what to do with a handful of cable channels that have effectively turned into zombie networks, largely airing reruns of the same shows to avoid spending on new content. This includes MTV, VH1 and Comedy Central.Shell wanted to combine some NBCUniversal cable networks to cut costs and push back on dwindling revenue, people familiar with the matter said, but ultimately decided not to.Shell also had ideas that didn't come to fruition about changing programming on some of NBC's cable networks. He initially wanted CNBC to adopt what he described to others as a center-right primetime lineup, according to people familiar with the discussions at the time. Then-CNBC chief Mark Hoffman argued the idea didn't make sense for the network's brand and likely wouldn't have much of an audience, and Shell backed down, the people said. CNBC did hire former Fox News anchor Shepard Smith in 2020 to anchor a prime-time show that was canceled in 2022 just months after Hoffman retired. Hoffman declined to comment for this story.One of Shell's first accomplishments upon taking the NBCUniversal job was to renew the network's ""Sunday Night Football"" deal with the NFL, and one of the last things he did was support NBC Sports moving forward with a bid for NBA rights if it got an opportunity, according to people familiar with the matter. NBC did get the chance to bid, and it's bringing back NBA games beginning in 2025 after agreeing to pay about $2.45 billion per season to the league.Both Shell and Ellison touted the importance of CBS Sports during their July conference call. When Paramount laid off hundreds of employees in September, none of them were part of CBS Sports, according to a person familiar with the matter.CBS owns a Sunday afternoon package of NFL games, part of NCAA March Madness, Big Ten football, UEFA Champions League, and The Masters, among other sports. It wouldn't be surprising if Shell migrates away from CBS entertainment programming toward sports, even in prime time, if those opportunities present themselves.Disclosure: Comcast's NBCUniversal is the parent company of CNBC.WATCH: Skydance has to prove over time it can change the future trajectory of Paramount",CNBC,11/10/2024,"['In this articleLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.', 'The longtime media executive is primed to help run the day-to-day media operations of Paramount Global as president of the company when its merger with Skydance Media closes in the first half of 2025, assuming regulatory approval.', 'He\'ll report to current Skydance CEO David Ellison, who will take the top job as the combined company\'s CEO.While neither Shell nor Ellison has publicly declared specific intentions for Paramount Global due to regulations banning ""gun-jumping"" in pending mergers, Shell\'s recent tenure as the CEO of Comcast\'s NBCUniversal, the parent company of CNBC, offers clues to what may be in store for Paramount.', 'CNBC spoke with a dozen people who worked closely with Shell during his tenure as CEO from 2019 to 2023.', 'They described Shell as a person with big ideas and a willingness to make bold moves but with a style that depends on those around him to talk him out of decisions that may not make sense.', ""Some of Shell's boldest ideas — such as giving NBC's 10 p.m. hour over to affiliates, merging with a rival, and turning CNBC primetime into a Fox News facsimile — never played out."", 'Comcast CEO Brian Roberts chose Shell to replace Steve Burke as NBCUniversal CEO in 2019.', 'Shell had consistent success running a variety of different divisions within Comcast and NBCUniversal, including NBCU International and Universal Filmed Entertainment Group.', 'Colleagues told CNBC they found Shell to be a good listener and a collaborative decision-maker with a predilection for sometimes saying too much.', 'His departure from NBCUniversal was sudden.', 'In April 2023, a Comcast investigation corroborated allegations from a former CNBC reporter of sexual harassment.', 'Shell joined private equity firm RedBird Capital Partners in February.', 'RedBird backed the Skydance-Paramount merger and will assume a minority equity stake.', 'Soon, Shell, 59, will be at the helm of Paramount and paired with Ellison, who has already expressed his desire to transition Paramount into a more modern media company.', ""That may set up a dynamic where Paramount's CEO and president both want bold change."", 'RedBird executives praised Shell during a conference call in July announcing the merger, with RedBird Partner Andrew Brandon-Gordon saying Shell\'s ""long-term, results-oriented, proven track record at NBCUniversal"" coupled with Ellison\'s creativity and tech savvy make for the perfect leadership dynamic for the future of Paramount.', ""Still, it's possible the pairing could lead to rash decision-making, warned one executive who worked closely with Shell at NBCUniversal."", 'Even the consideration of dramatic ideas can destabilize an organization if discussed openly without follow through, and Shell developed a reputation at NBCUniversal for what one former coworker described as a ""shoot first and aim later"" mentality — a sentiment shared by at least six others who spoke with CNBC.""What Paramount needs is blocking and tackling — mature leadership,"" said the executive who worked closely with Shell. ""', 'Ellison is a blow-everything-up guy, and Shell needs someone who can minimize his mistakes.', '""Shell and Ellison both declined to comment for this story.', 'At Paramount, Shell will be given an asset mix similar to what he oversaw at NBCUniversal — save the theme parks.', ""He'll have a major broadcast network with NFL rights (CBS), a movie studio (Paramount Pictures), a streaming service with tens of millions of subscribers (Paramount+), a large library of TV shows and films, and a slew of cable networks with dwindling audiences."", ""It will be Shell's mission to cut costs — Skydance has already identified $2 billion in cost efficiencies and synergies, the company said during a July conference callwith investors about the merger — and transform Paramount Global into a modern media company."", 'That likely means making bold changes to declining businesses while investing in technology.', ""Shell may try to resurrect the idea of giving up the 10 p.m. hour — as he contemplated at NBC — for CBS, Paramount Global's national broadcast network, people who spoke to CNBC suggested."", 'Bailing on the hour would save CBS millions on content costs.', 'Local affiliates would welcome gaining the hour as a way to boost advertising revenue.', 'During a 2022 CNBC interview, Shell confirmed a Wall Street Journal report that he was considering ceding the hour to local affiliates to shift resources from linear broadcast TV toward streaming.', '""If we\'re being prudent operators, which we try to be, if you\'re allocating a bunch of resources to one side of the business, you have to look at the allocation of resources to another,"" Shell told CNBC\'s David Faber at the time. ""', ""We make a lot of money at 10 o'clock."", ""We still have a lot of viewers at 10 o'clock."", ""There's no question throughout the day as linear declines, you're going to have to make some tradeoffs, and we'll be looking at that as our investors would want us to look at."", '""The 10 p.m. hour on broadcast networks still serves as a time slot for scripted dramas — a genre that\'s largely gone to streaming and, in turn, has seen ratings struggle on traditional TV.', 'CBS\' 10 p.m. programming includes ""NCIS: Origins,"" ""FBI: Most Wanted,"" ""Elsbeth,"" and ""Blue Bloods,"" which is in its 14th season.', 'Paramount Global co-CEO George Cheeks, who runs CBS, told Deadline in late 2022 that he was ""committed to 10 p.m. and continuing our ratings success in that time period.', '""Shell ultimately backed off giving up 10 p.m. for NBC after weighing the potential fallout with Hollywood creatives and agents, according to people familiar with the matter.', 'Such a move at NBCUniversal would risk ruining relationships with TV titans such as ""Law & Order"" creator Dick Wolf, whose shows have occupied the 10 p.m. hour on NBC for years and have created a deep library for NBCUniversal\'s flagship streaming service, Peacock.', ""Irritating Hollywood would have run counter to Shell's strategy to increase Peacock's content catalog, as NBCUniversal needed strong relationships to fuel the service with new programming."", ""Wolf's shows were also significant moneymakers for NBCUniversal, according to a person familiar with the matter."", 'Ceding the 10 p.m. hour would also have negatively affected the ratings of NBC\'s storied late night show, ""The Tonight Show.""', 'CBS\' late night show, ""The Late Show With Stephen Colbert,"" is consistently the top-rated late night show, which could naturally give Shell pause on moving away from 10 p.m. once he\'s overseeing Paramount assets.', 'Still, all of the late night shows are losing audience, and a downsizing has already begun across the genre.', ""Shell may feel it's finally time to pull the rip cord."", 'He is clearly aware that the status quo of linear TV needs to change.', '""Obviously a big chunk of the company is in the linear world, and we know that linear is challenged and declining,"" Shell said during the July conference call. ""', 'I think a lot of us in the business know, we have got to run these businesses in a different way as they decline.', ""And so, we've spent a lot of the last few months really building a bottom-up plan, and our goal is to manage the businesses, particularly the linear businesses, for cash flow generation."", '""Shell is also likely to examine the content windowing strategy at Paramount, he said in July.', 'That could mean Shell has a desire to tier Paramount+ differently, with some popular content available on more expensive tiers, perhaps ad-free, that shift to less expensive tiers, including free ad-supported Pluto, over time.', '""I\'m a big believer in windowing strategy, and I think there\'s maybe a more efficient way to maximize the value of our content, and we\'ll continue to be in the DTC [direct-to-consumer] business,"" Shell said during the July conference call.', ""Some media analysts, such as LightShed Partners' Rich Greenfield, have argued Paramount Global should shut down Paramount+ and instead license Paramount content to other streamers with more scale."", ""Paramount+ has consistently lost money since its inception and won't be profitable until 2025, the company has previously said."", ""That doesn't appear to be in Ellison and Shell's playbook for Paramount."", 'The two have expressed their desire to partner Paramount+ with another streamer to add scale and content to the service, either through a merger or a bundle.', 'Paramount Global has already held talks with a number of media companies about partnering on streaming, including NBCUniversal and Warner Bros. Discovery.', '""To be a winner in [streaming] really means being in the ultimate bundle that\'s coming,"" Shell said during the July conference call. ""', ""We've had a bunch of inbound calls from a number of people about partnerships that could involve a partnership with another player or players."", '""At NBCUniversal, according to people familiar with his thinking, Shell privately pushed the benefits of merging with another content company — again, something that never happened.', 'He spoke up in meetings about the benefits of merging with Viacom, WarnerMedia and even Netflix to ensure Peacock would have staying power against larger streaming services, according to people who heard him speak.', ""Ultimately, Comcast CEO Brian Roberts decided the moves weren't in the best interest of shareholders or that it was too difficult to gain regulatory approval for them, though Roberts nearly approved a deal in 2022 for NBCUniversal to merge with video game developer Electronic Arts — a deal that, according to people familiar with the matter, would have seen Shell lose his job as NBCUniversal CEO."", 'That role would have gone to EA CEO Andrew Wilson, the people said.', 'Without a big merger, Shell pushed for NBCUniversal to flood Peacock with content, especially during the height of pandemic lockdowns, when Wall Street appeared to be heavily valuing media companies on their streaming subscriber numbers.', 'He argued NBCUniversal should put most of its cable programming on Peacock, including regional sports networks, or RSNs, according to people familiar with the matter.', ""Again, other executives talked him out of being too aggressive, arguing the company's existing pay TV distribution relationships would be harmed if NBCUniversal made that content available outside the cable bundle, according to the people."", 'Geolocation technology issues around regional sports also would have made the inclusion of RSNs difficult, the people said.', 'While NBCUniversal has moved toward including more cable programming on Peacock, including hit Bravo franchises such as ""The Real Housewives"" and ""Below Deck,"" it has kept RSNs and news networks MSNBC and CNBC separate.', ""One of Shell's big decisions at Paramount will be what to do with a handful of cable channels that have effectively turned into zombie networks, largely airing reruns of the same shows to avoid spending on new content."", 'This includes MTV, VH1 and Comedy Central.', 'Shell wanted to combine some NBCUniversal cable networks to cut costs and push back on dwindling revenue, people familiar with the matter said, but ultimately decided not to.', ""Shell also had ideas that didn't come to fruition about changing programming on some of NBC's cable networks."", 'He initially wanted CNBC to adopt what he described to others as a center-right primetime lineup, according to people familiar with the discussions at the time.', ""Then-CNBC chief Mark Hoffman argued the idea didn't make sense for the network's brand and likely wouldn't have much of an audience, and Shell backed down, the people said."", 'CNBC did hire former Fox News anchor Shepard Smith in 2020 to anchor a prime-time show that was canceled in 2022 just months after Hoffman retired.', 'Hoffman declined to comment for this story.', 'One of Shell\'s first accomplishments upon taking the NBCUniversal job was to renew the network\'s ""Sunday Night Football"" deal with the NFL, and one of the last things he did was support NBC Sports moving forward with a bid for NBA rights if it got an opportunity, according to people familiar with the matter.', ""NBC did get the chance to bid, and it's bringing back NBA games beginning in 2025 after agreeing to pay about $2.45 billion per season to the league."", 'Both Shell and Ellison touted the importance of CBS Sports during their July conference call.', 'When Paramount laid off hundreds of employees in September, none of them were part of CBS Sports, according to a person familiar with the matter.', 'CBS owns a Sunday afternoon package of NFL games, part of NCAA March Madness, Big Ten football, UEFA Champions League, and The Masters, among other sports.', ""It wouldn't be surprising if Shell migrates away from CBS entertainment programming toward sports, even in prime time, if those opportunities present themselves."", ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC.WATCH: Skydance has to prove over time it can change the future trajectory of Paramount""]",0.1525307710050343,"That could mean Shell has a desire to tier Paramount+ differently, with some popular content available on more expensive tiers, perhaps ad-free, that shift to less expensive tiers, including free ad-supported Pluto, over time.","In this articleLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.",-0.0786813189243448,Local affiliates would welcome gaining the hour as a way to boost advertising revenue.,"Paramount+ has consistently lost money since its inception and won't be profitable until 2025, the company has previously said.",2024-10-16
+Government launches inquiry into Carer's Allowance payment scandal,https://www.bbc.co.uk/news/articles/c20jln81w72o,2024-10-16T11:05:14.213Z,"The government has announced an independent review into Carer's Allowance overpayments, after families were forced to pay back thousands of pounds which pushed many into debt and financial distress. Earlier this year it was revealed the government was seeking to recover money from more than 134,000 carers in the UK. Some have told the BBC that the sudden demand for repayment of sometimes thousands of pounds put them under great financial strain, while it pushed others to quit their jobs. The review will focus on how and why the overpayments were made, and what can be done now to help support affected carers. It is unclear if families still owing the government need to continue with repayments while the inquiry is underway. The Liberal Democrats have called for the Labour government to write off the majority of the repayments. Prime Minister Sir Keir Starmer welcomed the review saying it would look at ""the circumstances of the overpayments to see what went wrong and therefore what can be done to put it right"". But he was asked by MPs at Prime Minister's Questions why it had taken so long for a review to be announced. Carers have said they were not aware they had been wrongly overpaid the benefit because many did not realise they had exceeded the earning limit for it - which is capped at £151 a week, or just over 13 hours work on the minimum wage. The government gives an £81.90 allowance for people who care for someone for more than 35 hours a week.  But anyone who earns even a few pence more than £151 a week from other work is required to repay all of their Carer's Allowance. Critics have called that a ""cliff edge"" - and said many carers found themselves in unexpected situations where for example, working an extra shift or receiving a bonus, had cut them off completely from the benefit. The earnings threshold has previously been described by critics as very low. Emma Martin, from Devon, is a full-time carer for daughter Mia, 27, who has autism, epilepsy and learning disabilities. A few years ago, she received a demand from the Department for Work and Pensions (DWP) for £1,500 after they told her she had been overpaid Carer’s Allowance while working part-time. The 53-year-old had to borrow the money from family to pay it back. ""We get paid less than the unemployed,"" she says. ""There’s no way that the state is going to pay the thousands of pounds a week it would cost to pay for my daughter’s care while I worked full-time. ""So they get me for £80 a week and demand that I don’t earn a penny over £151 a week at the same time. ""We’re shafted every possible way."" Carers Trust chief executive Kirsty McHugh said the review was ""hugely welcome"", adding ""too many people have had their lives ruined by being pursued for huge sums of money simply because they made an honest mistake"". She also expressed how she hoped the government might review and reform the ""archaic and unfair"" Carer’s Allowance system as a whole. Lib Dem leader Sir Ed Davey, who is a carer for his disabled son and cared for his mother when he was young, said the strict income threshold of £151 had led to many carers wanting to give up working or caring in some cases. ""The DWP shouldn't be persecuting tens of thousands of carers whose overpayments were caused by the crazy cliff edge in the current carer's allowance system, and the DWP's own incompetence in failing to notify them of overpayment immediately"", he said. The DWP failed to notify some recipients they had been overpaid for years and when they were asked for repayment retrospectively, the debt owed was in the tens of thousands of pounds. Work and Pensions Secretary Liz Kendall said the department was “determined to put this right” with the inquiry - which will be chaired by Liz Sayce, the former chief executive of Disability Rights UK - a leading charity representing the rights of disabled people. The review will look at ""operational changes"" to minimise the risk of overpayments in the future and also examine how people with overpayments can be supported. A report released earlier this year surveying 1,000 carers made the estimate that 3% had to make repayments after changes in circumstances meant that they received the benefit in error, but the researchers said this may be an underestimate. Official statistics show that 1,377,000 people currently claim Carer's Allowance in Great Britain. The same report released in May found the DWP had known since 2021 that overpayment of Carer's Allowance has left some people in financial difficulty. Are you affected by the issues raised in this story? Email: haveyoursay@bbc.co.uk, external or WhatsApp: +44 7756 165803 ",BBC,16/10/2024,"[""The government has announced an independent review into Carer's Allowance overpayments, after families were forced to pay back thousands of pounds which pushed many into debt and financial distress."", 'Earlier this year it was revealed the government was seeking to recover money from more than 134,000 carers in the UK.', 'Some have told the BBC that the sudden demand for repayment of sometimes thousands of pounds put them under great financial strain, while it pushed others to quit their jobs.', 'The review will focus on how and why the overpayments were made, and what can be done now to help support affected carers.', 'It is unclear if families still owing the government need to continue with repayments while the inquiry is underway.', 'The Liberal Democrats have called for the Labour government to write off the majority of the repayments.', 'Prime Minister Sir Keir Starmer welcomed the review saying it would look at ""the circumstances of the overpayments to see what went wrong and therefore what can be done to put it right"".', ""But he was asked by MPs at Prime Minister's Questions why it had taken so long for a review to be announced."", 'Carers have said they were not aware they had been wrongly overpaid the benefit because many did not realise they had exceeded the earning limit for it - which is capped at £151 a week, or just over 13 hours work on the minimum wage.', 'The government gives an £81.90 allowance for people who care for someone for more than 35 hours a week.', ""But anyone who earns even a few pence more than £151 a week from other work is required to repay all of their Carer's Allowance."", 'Critics have called that a ""cliff edge"" - and said many carers found themselves in unexpected situations where for example, working an extra shift or receiving a bonus, had cut them off completely from the benefit.', 'The earnings threshold has previously been described by critics as very low.', 'Emma Martin, from Devon, is a full-time carer for daughter Mia, 27, who has autism, epilepsy and learning disabilities.', 'A few years ago, she received a demand from the Department for Work and Pensions (DWP) for £1,500 after they told her she had been overpaid Carer’s Allowance while working part-time.', 'The 53-year-old had to borrow the money from family to pay it back. ""', 'We get paid less than the unemployed,"" she says. ""', 'There’s no way that the state is going to pay the thousands of pounds a week it would cost to pay for my daughter’s care while I worked full-time. ""', 'So they get me for £80 a week and demand that I don’t earn a penny over £151 a week at the same time. ""', 'We’re shafted every possible way.""', 'Carers Trust chief executive Kirsty McHugh said the review was ""hugely welcome"", adding ""too many people have had their lives ruined by being pursued for huge sums of money simply because they made an honest mistake"".', 'She also expressed how she hoped the government might review and reform the ""archaic and unfair"" Carer’s Allowance system as a whole.', 'Lib Dem leader Sir Ed Davey, who is a carer for his disabled son and cared for his mother when he was young, said the strict income threshold of £151 had led to many carers wanting to give up working or caring in some cases. ""', 'The DWP shouldn\'t be persecuting tens of thousands of carers whose overpayments were caused by the crazy cliff edge in the current carer\'s allowance system, and the DWP\'s own incompetence in failing to notify them of overpayment immediately"", he said.', 'The DWP failed to notify some recipients they had been overpaid for years and when they were asked for repayment retrospectively, the debt owed was in the tens of thousands of pounds.', 'Work and Pensions Secretary Liz Kendall said the department was “determined to put this right” with the inquiry - which will be chaired by Liz Sayce, the former chief executive of Disability Rights UK - a leading charity representing the rights of disabled people.', 'The review will look at ""operational changes"" to minimise the risk of overpayments in the future and also examine how people with overpayments can be supported.', 'A report released earlier this year surveying 1,000 carers made the estimate that 3% had to make repayments after changes in circumstances meant that they received the benefit in error, but the researchers said this may be an underestimate.', ""Official statistics show that 1,377,000 people currently claim Carer's Allowance in Great Britain."", ""The same report released in May found the DWP had known since 2021 that overpayment of Carer's Allowance has left some people in financial difficulty."", 'Are you affected by the issues raised in this story?', 'Email: haveyoursay@bbc.co.uk, external or WhatsApp: +44 7756 165803']",0.0113760007209878,"Carers Trust chief executive Kirsty McHugh said the review was ""hugely welcome"", adding ""too many people have had their lives ruined by being pursued for huge sums of money simply because they made an honest mistake"".","The DWP shouldn't be persecuting tens of thousands of carers whose overpayments were caused by the crazy cliff edge in the current carer's allowance system, and the DWP's own incompetence in failing to notify them of overpayment immediately"", he said.",-0.6178566767619207,"Carers Trust chief executive Kirsty McHugh said the review was ""hugely welcome"", adding ""too many people have had their lives ruined by being pursued for huge sums of money simply because they made an honest mistake"".","Critics have called that a ""cliff edge"" - and said many carers found themselves in unexpected situations where for example, working an extra shift or receiving a bonus, had cut them off completely from the benefit.",2024-10-16
+Bank of America tops estimates on better-than-expected trading revenue,https://www.cnbc.com/2024/10/15/bank-of-america-bac-earnings-q3-2024.html,2024-10-15T20:24:29+0000,"In this articleBank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results.Here's what the company reported:The bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses.Revenue rose less than 1% to $25.49 billion as gains in trading revenue, asset management and investment banking fees offset a decline in net interest income.Shares of the bank ended the session up less than 1%. Bank of America, run by CEO Brian Moynihan since 2010, demonstrated the advantages of having a massive and diversified financial institution. Analysts have focused on the bank's core activity of taking in deposits and lending to consumers and corporations as rising rates have squeezed the firm's haul from interest income.But the quarter showed that the bank also benefits from surging activity on Wall Street through its trading and advisory operations, just as rivals JPMorgan Chase and Goldman Sachs did.Fixed income trading revenue rose 8% to $2.9 billion, topping the $2.74 billion StreetAccount estimate, on strength in currencies and interest rate activity. Equities trading jumped 18% to $2 billion, topping the $1.81 billion StreetAccount estimate, on higher cash and derivative volumes.Investment banking fees also surged 18% to $1.40 billion, topping the $1.27 billion estimate from StreetAccount.While net interest income fell 2.9% from a year earlier to $14.1 billion, that edged out the $14.06 billion StreetAccount estimate.That NII figure in the third quarter was higher than in the second quarter, a sign that the trajectory for this key metric is improving. The lender said in July that a rebound in net interest income was coming in the second half of the year.Bank of America ""seems to be turning the corner on NII inflection,"" though the degree is dependent on interest rates from here on out, Wells Fargo analyst Mike Mayo said Tuesday in a note.NII, which is one of the key ways that banks make money, is the difference between what a bank earns on loans and investments and what it pays depositors for their savings.The bank's provision for credit losses in the quarter of $1.5 billion was slightly under the $1.57 billion estimate.JPMorgan Chase and Wells Fargo on Friday posted earnings that topped estimates, helped by their investment banking operations. Goldman Sachs and Citigroup also reported results Tuesday, while Morgan Stanley will disclose earnings Wednesday.",CNBC,15/10/2024,"['In this articleBank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results.', ""Here's what the company reported:The bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses."", 'Revenue rose less than 1% to $25.49 billion as gains in trading revenue, asset management and investment banking fees offset a decline in net interest income.', 'Shares of the bank ended the session up less than 1%.', 'Bank of America, run by CEO Brian Moynihan since 2010, demonstrated the advantages of having a massive and diversified financial institution.', ""Analysts have focused on the bank's core activity of taking in deposits and lending to consumers and corporations as rising rates have squeezed the firm's haul from interest income."", 'But the quarter showed that the bank also benefits from surging activity on Wall Street through its trading and advisory operations, just as rivals JPMorgan Chase and Goldman Sachs did.', 'Fixed income trading revenue rose 8% to $2.9 billion, topping the $2.74 billion StreetAccount estimate, on strength in currencies and interest rate activity.', 'Equities trading jumped 18% to $2 billion, topping the $1.81 billion StreetAccount estimate, on higher cash and derivative volumes.', 'Investment banking fees also surged 18% to $1.40 billion, topping the $1.27 billion estimate from StreetAccount.', 'While net interest income fell 2.9% from a year earlier to $14.1 billion, that edged out the $14.06 billion StreetAccount estimate.', 'That NII figure in the third quarter was higher than in the second quarter, a sign that the trajectory for this key metric is improving.', 'The lender said in July that a rebound in net interest income was coming in the second half of the year.', 'Bank of America ""seems to be turning the corner on NII inflection,"" though the degree is dependent on interest rates from here on out, Wells Fargo analyst Mike Mayo said Tuesday in a note.', 'NII, which is one of the key ways that banks make money, is the difference between what a bank earns on loans and investments and what it pays depositors for their savings.', ""The bank's provision for credit losses in the quarter of $1.5 billion was slightly under the $1.57 billion estimate."", 'JPMorgan Chase andWells Fargoon Friday posted earnings that topped estimates, helped by their investment banking operations.', 'Goldman Sachs and Citigroup also reported results Tuesday, while Morgan Stanley will disclose earnings Wednesday.']",0.3267974629649752,"Revenue rose less than 1% to $25.49 billion as gains in trading revenue, asset management and investment banking fees offset a decline in net interest income.",,0.5013505294919014,"Fixed income trading revenue rose 8% to $2.9 billion, topping the $2.74 billion StreetAccount estimate, on strength in currencies and interest rate activity.","Here's what the company reported:The bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses.",2024-10-16
+Firm hacked after accidentally hiring North Korean cyber criminal,https://www.bbc.co.uk/news/articles/ce8vedz4yk7o,2024-10-16T12:38:30.706Z,"A company has been hacked after accidentally hiring a North Korean cyber criminal as a remote IT worker. The unidentified firm hired the technician after he faked his employment history and personal details. Once given access to the company’s computer network, the hacker downloaded sensitive company data and sent a ransom demand. The firm which is based in the UK, US or Australia did not want to be named.  It has allowed cyber responders from Secureworks to report the hack to spread awareness and warn others. It is the latest in a string of cases of western remote workers being unmasked as North Koreans. Secureworks said the IT worker, thought to be a man, was hired in the summer as a contractor. He used the firm’s remote working tools to log into the corporate network. He then secretly downloaded as much company data as possible as soon as he had gained access to internal systems. He worked for the firm for four months collecting a salary. Researchers say this was likely redirected to North Korea in a complex laundering process to evade western sanctions on the country. After the company sacked him for poor performance, it received ransom emails containing some of the stolen data and a demand to be paid a six-figure sum in cryptocurrency. If the company did not pay, the hacker said they would publish or sell the stolen information online.  The firm did not disclose whether the ransom was paid. Since 2022, authorities and cyber defenders have warned about the rise of secret North Korean workers infiltrating western companies. The US and South Korea accuse North Korea of tasking thousands of staff to take on multiple well-paid western roles remotely to earn money for the regime and avoid sanctions. In September cyber security company Mandiant said dozens of Fortune 100 companies have been found to have accidentally hired North Koreans. But secret IT workers turning on their employers with cyber attacks is rare, according to Rafe Pilling, Director of Threat Intelligence at Secureworks. ""This is a serious escalation of the risk from fraudulent North Korean IT worker schemes,"" he said.  ""No longer are they just after a steady pay check, they are looking for higher sums, more quickly, through data theft and extortion, from inside the company defences."" The case comes after another North Korean IT worker was caught attempting to hack their employer in July. The IT worker was hired by the cyber company KnowBe4, which quickly disabled access to their systems when it noticed strange behaviour. ""We posted the job, received resumes, conducted interviews, performed background checks, verified references, and hired the person,"" the firm wrote in a blog post.  ""We sent them their Mac workstation, and the moment it was received, it immediately started to load malware (malicious software)."" Authorities are warning employers to be vigilant about new hires if they are fully remote. ",BBC,16/10/2024,"['A company has been hacked after accidentally hiring a North Korean cyber criminal as a remote IT worker.', 'The unidentified firm hired the technician after he faked his employment history and personal details.', 'Once given access to the company’s computer network, the hacker downloaded sensitive company data and sent a ransom demand.', 'The firm which is based in the UK, US or Australia did not want to be named.', 'It has allowed cyber responders from Secureworks to report the hack to spread awareness and warn others.', 'It is the latest in a string of cases of western remote workers being unmasked as North Koreans.', 'Secureworks said the IT worker, thought to be a man, was hired in the summer as a contractor.', 'He used the firm’s remote working tools to log into the corporate network.', 'He then secretly downloaded as much company data as possible as soon as he had gained access to internal systems.', 'He worked for the firm for four months collecting a salary.', 'Researchers say this was likely redirected to North Korea in a complex laundering process to evade western sanctions on the country.', 'After the company sacked him for poor performance, it received ransom emails containing some of the stolen data and a demand to be paid a six-figure sum in cryptocurrency.', 'If the company did not pay, the hacker said they would publish or sell the stolen information online.', 'The firm did not disclose whether the ransom was paid.', 'Since 2022, authorities and cyber defenders have warned about the rise of secret North Korean workers infiltrating western companies.', 'The US and South Korea accuse North Korea of tasking thousands of staff to take on multiple well-paid western roles remotely to earn money for the regime and avoid sanctions.', 'In September cyber security company Mandiant said dozens of Fortune 100 companies have been found to have accidentally hired North Koreans.', 'But secret IT workers turning on their employers with cyber attacks is rare, according to Rafe Pilling, Director of Threat Intelligence at Secureworks. ""', 'This is a serious escalation of the risk from fraudulent North Korean IT worker schemes,"" he said. ""', 'No longer are they just after a steady pay check, they are looking for higher sums, more quickly, through data theft and extortion, from inside the company defences.""', 'The case comes after another North Korean IT worker was caught attempting to hack their employer in July.', 'The IT worker was hired by the cyber company KnowBe4, which quickly disabled access to their systems when it noticed strange behaviour. ""', 'We posted the job, received resumes, conducted interviews, performed background checks, verified references, and hired the person,"" the firm wrote in a blog post. ""', 'We sent them their Mac workstation, and the moment it was received, it immediately started to load malware (malicious software).""', 'Authorities are warning employers to be vigilant about new hires if they are fully remote.']",-0.1801144033642003,He then secretly downloaded as much company data as possible as soon as he had gained access to internal systems.,A company has been hacked after accidentally hiring a North Korean cyber criminal as a remote IT worker.,-0.9313923954963684,,A company has been hacked after accidentally hiring a North Korean cyber criminal as a remote IT worker.,2024-10-16
+"Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more",https://www.cnbc.com/2024/10/13/trump-or-harris-2024-stakes-for-business.html,2024-10-13T13:36:31+0000,"With the U.S. election less than a month away, the country and its corporations are staring down two drastically different options.For airlines, banks, electric vehicle makers, health-care companies, media firms, restaurants and tech giants, the outcome of the presidential contest could result in stark differences in the rules they'll face, the mergers they'll be allowed to pursue, and the taxes they'll pay.During his last time in power, former President Donald Trump slashed the corporate tax rate, imposed tariffs on Chinese goods, and sought to cut regulation and red tape and discourage immigration, ideas he's expected to push again if he wins a second term.In contrast, Vice President Kamala Harris has endorsed hiking the tax rate on corporations to 28% from the 21% rate enacted under Trump, a move that would require congressional approval. Most business executives expect Harris to broadly continue President Joe Biden's policies, including his war on so-called junk fees across industries.Personnel is policy, as the saying goes, so the ramifications of the presidential race won't become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau.CNBC examined the stakes of the 2024 presidential election for some of corporate America's biggest sectors. Here's what a Harris or Trump administration could mean for business:The result of the presidential election could affect everything from what airlines owe consumers for flight disruptions to how much it costs to build an aircraft in the United States.The Biden Department of Transportation, led by Secretary Pete Buttigieg, has taken a hard line on filling what it considers to be holes in air traveler protections. It has established or proposed new rules on issues including refunds for cancellations, family seating and service fee disclosures, a measure airlines have challenged in court.""Who's in that DOT seat matters,"" said Jonathan Kletzel, who heads the travel, transportation and logistics practice at PwC.The current Democratic administration has also fought industry consolidation, winning two antitrust lawsuits that blocked a partnership between American Airlines and JetBlue Airways in the Northeast and JetBlue's now-scuttled plan to buy budget carrier Spirit Airlines.The previous Trump administration didn't pursue those types of consumer protections. Industry members say that under Trump, they would expect a more favorable environment for mergers, though four airlines already control more than three-quarters of the U.S. market.On the aerospace side, Boeing and the hundreds of suppliers that support it are seeking stability more than anything else.Trump has said on the campaign trail that he supports additional tariffs of 10% or 20% and higher duties on goods from China. That could drive up the cost of producing aircraft and other components for aerospace companies, just as a labor and skills shortage after the pandemic drives up expenses.Tariffs could also challenge the industry, if they spark retaliatory taxes or trade barriers to China and other countries, which are major buyers of aircraft from Boeing, a top U.S. exporter.— Leslie JosephsBig banks such as JPMorgan Chase faced an onslaught of new rules this year as Biden appointees pursued the most significant slate of regulations since the aftermath of the 2008 financial crisis.Those efforts threaten tens of billions of dollars in industry revenue by slashing fees that banks impose on credit cards and overdrafts and radically revising the capital and risk framework they operate in. The fate of all of those measures is at risk if Trump is elected.Trump is expected to nominate appointees for key financial regulators, including the CFPB, the Securities and Exchange Commission, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation that could result in a weakening or killing off completely of the myriad rules in play.""The Biden administration's regulatory agenda across sectors has been very ambitious, especially in finance, and large swaths of it stand to be rolled back by Trump appointees if he wins,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.Bank CEOs and consultants say it would be a relief if aspects of the Biden era — an aggressive CFPB, regulators who discouraged most mergers and elongated times for deal approvals — were dialed back.""It certainly helps if the president is Republican, and the odds tilt more favorably for the industry if it's a Republican sweep"" in Congress, said the CEO of a bank with nearly $100 billion in assets who declined to be identified speaking about regulators.Still, some observers point out that Trump 2.0 might not be as friendly to the industry as his first time in office.Trump's vice presidential pick, Sen. JD Vance, of Ohio, has often criticized Wall Street banks, and Trump last month began pushing an idea to cap credit card interest rates at 10%, a move that if enacted would have seismic implications for the industry.Bankers also say that Harris won't necessarily cater to traditional Democratic Party ideas that have made life tougher for banks. Unless Democrats seize both chambers of Congress as well as the presidency, it may be difficult to get agency heads approved if they're considered partisan picks, experts note.""I would not write off the vice president as someone who's automatically going to go more progressive,"" said Lindsey Johnson, head of the Consumer Bankers Association, a trade group for big U.S. retail banks.— Hugh SonElectric vehicles have become a polarizing issue between Democrats and Republicans, especially in swing states such as Michigan that rely on the auto industry. There could be major changes in regulations and incentives for EVs if Trump regains power, a fact that's placed the industry in a temporary limbo.""Depending on the election in the U.S., we may have mandates; we may not,"" Volkswagen Group of America CEO Pablo Di Si said Sept. 24 during an Automotive News conference. ""Am I going to make any decisions on future investments right now? Obviously not. We're waiting to see.""Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry. Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency and incentives to promote production and adoption of the vehicles.If elected, he's also expected to renew a battle with California and other states who set their own vehicle emissions standards.""In a Republican win ... We see higher variance and more potential for change,"" UBS analyst Joseph Spak said in a Sept. 18 investor note.In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act.Harris hasn't been as vocal a supporter of EVs lately amid slower-than-expected consumer adoption of the vehicles and consumer pushback. She has said she does not support an EV mandate such as the Zero-Emission Vehicles Act of 2019, which she cosponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040. Still, auto industry executives and officials expect a Harris presidency would be largely a continuation, though not a copy, of the past four years of Biden's EV policy.They expect some potential leniency on federal fuel economy regulations but minimal changes to the billions of dollars in incentives under the IRA.— Mike WaylandBoth Harris and Trump have called for sweeping changes to the costly, complicated and entrenched U.S. health-care system of doctors, insurers, drug manufacturers and middlemen, which costs the nation more than $4 trillion a year.Despite spending more on health care than any other wealthy country, the U.S. has the lowest life expectancy at birth, the highest rate of people with multiple chronic diseases and the highest maternal and infant death rates, according to the Commonwealth Fund, an independent research group.Meanwhile, roughly half of American adults say it is difficult to afford health-care costs, which can drive some into debt or lead them to put off necessary care, according to a May poll conducted by health policy research organization KFF. Both Harris and Trump have taken aim at the pharmaceutical industry and proposed efforts to lower prescription drug prices in the U.S., which are nearly three times higher than those seen in other countries. But many of Trump's efforts to lower costs have been temporary or not immediately effective, health policy experts said. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said.Harris specifically plans to expand certain provisions of the IRA, part of which aims to lower health-care costs for seniors enrolled in Medicare. Harris cast the tie-breaking Senate vote to pass the law in 2022. Her campaign says she plans to extend two provisions to all Americans, not just seniors: a $2,000 annual cap on out-of-pocket drug spending and a $35 limit on monthly insulin costs. Harris also intends to accelerate and expand a provision allowing Medicare to directly negotiate drug prices with manufacturers for the first time. Drugmakers fiercely oppose those price talks, with some challenging the effort's constitutionality in court. Trump hasn't publicly indicated what he intends to do about IRA provisions.Some of Trump's prior efforts to lower drug prices ""didn't really come into fruition"" during his presidency, according to Dr. Mariana Socal, a professor of health policy and management at the Johns Hopkins Bloomberg School of Public Health.For example, he planned to use executive action to have Medicare pay no more than the lowest price that select other developed countries pay for drugs, a proposal that was blocked by court action and later rescinded. Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults. In a campaign video in April, Trump said he was not running on terminating the ACA and would rather make it ""much, much better and far less money,"" though he has provided no specific plans. He reiterated his belief that the ACA was ""lousy health care"" during his Sept. 10 debate with Harris. But when asked he did not offer a replacement proposal, saying only that he has ""concepts of a plan.""— Annika Kim ConstantinoTop of mind for media executives is mergers and the path, or lack thereof, to push them through.The media industry's state of turmoil — shrinking audiences for traditional pay TV, the slowdown in advertising, and the rise of streaming and challenges in making it profitable — means its companies are often mentioned in discussions of acquisitions and consolidation.While a merger between Paramount Global and Skydance Media is set to move forward, with plans to close in the first half of 2025, many in media have said the Biden administration has broadly chilled deal-making.""We just need an opportunity for deregulation, so companies can consolidate and do what we need to do even better,"" Warner Bros. Discovery CEO David Zaslav said in July at Allen & Co.'s annual Sun Valley conference.Media mogul John Malone recently told MoffettNathanson analysts that some deals are a nonstarter with this current Justice Department, including mergers between companies in the telecommunications and cable broadband space.Still, it's unclear how the regulatory environment could or would change depending on which party is in office. Disney was allowed to acquire Fox Corp.'s assets when Trump was in office, but his administration sued to block AT&T's merger with Time Warner. Meanwhile, under Biden's presidency, a federal judge blocked the sale of Simon & Schuster to Penguin Random House, but Amazon's acquisition of MGM was approved. ""My sense is, regardless of the election outcome, we are likely to remain in a similar tighter regulatory environment when looking at media industry dealmaking,"" said Marc DeBevoise, CEO and board director of Brightcove, a streaming technology company.When major media, and even tech, assets change hands, it could also mean increased scrutiny on those in control and whether it creates bias on the platforms.""Overall, the government and FCC have always been most concerned with having a diversity of voices,"" said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investment.""But then [Elon Musk's purchase of Twitter] happened, and it's clearly showing you can skew a platform to not just what the business needs, but to maybe your personal approach and whims,"" he said.Since Musk acquired the social media platform in 2022, changing its name to X, he has implemented sweeping changes including cutting staff and giving ""amnesty"" to previously suspended accounts, including Trump's, which had been suspended following the Jan. 6, 2021, Capitol insurrection. Musk has also faced widespread criticism from civil rights groups for the amplification of bigotry on the platform.Musk has publicly endorsed Trump, and was recently on the campaign trail with the former president. ""As you can see, I'm not just MAGA, I'm Dark MAGA,"" Musk said at a recent event. The billionaire has raised funds for Republican causes, and Trump has suggested Musk could eventually play a role in his administration if the Republican candidate were to be reelected.During his first term, Trump took a particularly hard stance against journalists, and pursued investigations into leaks from his administration to news organizations. Under Biden, the White House has been notably more amenable to journalists. Also top of mind for media executives — and government officials — is TikTok.Lawmakers have argued that TikTok's Chinese ownership could be a national security risk.Earlier this year, Biden signed legislation that gives Chinese parent ByteDance until January to find a new owner for the platform or face a U.S. ban. TikTok has said the bill, the Protecting Americans From Foreign Adversary Controlled Applications Act, which passed with bipartisan support, violates the First Amendment. The platform has sued the government to stop a potential ban.While Trump was in office, he attempted to ban TikTok through an executive order, but the effort failed. However, he has more recently switched to supporting the platform, arguing that without it there's less competition against Meta's Facebook and other social media.— Lillian Rizzo and Alex ShermanBoth Trump and Harris have endorsed plans to end taxes on restaurant workers' tips, although how they would do so is likely to differ.The food service and restaurant industry is the nation's second-largest private-sector employer, with 15.5 million jobs, according to the National Restaurant Association. Roughly 2.2 million of those employees are tipped servers and bartenders, who could end up with more money in their pockets if their tips are no longer taxed.Trump's campaign hasn't given much detail on how his administration would eliminate taxes on tips, but tax experts have warned that it could turn into a loophole for high earners. Claims from the Trump campaign that the Republican candidate is pro-labor have clashed with his record of appointing leaders to the National Labor Relations Board who have rolled back worker protections.Meanwhile, Harris has said she'd only exempt workers who make $75,000 or less from paying income tax on their tips, but the money would still be subject to taxes toward Social Security and Medicare, the Washington Post previously reported.In keeping with the campaign's more labor-friendly approach, Harris is also pledging to eliminate the tip credit: In 37 states, employers only have to pay tipped workers the minimum wage as long as that hourly wage and tips add up to the area's pay floor. Since 1991, the federal pay floor for tipped wages has been stuck at $2.13.""In the short term, if [restaurants] have to pay higher wages to their waiters, they're going to have to raise menu prices, which is going to lower demand,"" said Michael Lynn, a tipping expert and Cornell University professor.— Amelia LucasWhichever candidate comes out ahead in November will have to grapple with the rapidly evolving artificial intelligence sector.Generative AI is the biggest story in tech since the launch of OpenAI's ChatGPT in late 2022. It presents a conundrum for regulators, because it allows consumers to easily create text and images from simple queries, creating privacy and safety concerns.Harris has said she and Biden ""reject the false choice that suggests we can either protect the public or advance innovation."" Last year, the White House issued an executive order that led to the formation of the Commerce Department's U.S. AI Safety Institute, which is evaluating AI models from OpenAI and Anthropic.Trump has committed to repealing the executive order.A second Trump administration might also attempt to challenge a Securities and Exchange Commission rule that requires companies to disclose cybersecurity incidents. The White House said in January that more transparency ""will incentivize corporate executives to invest in cybersecurity and cyber risk management.""Trump's running mate, Vance, co-sponsored a bill designed to end the rule. Andrew Garbarino, the House Republican who introduced an identical bill, has said the SEC rule increases cybersecurity risk and overlaps with existing law on incident reporting.Also at stake in the election is the fate of dealmaking for tech investors and executives.With Lina Khan helming the FTC, the top tech companies have been largely thwarted from making big acquisitions, though the Justice Department and European regulators have also created hurdles.Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.Many in the tech industry are critical of Khan and want her to be replaced should Harris win in November. Meanwhile, Vance, who worked in venture capital before entering politics, said as recently as February — before he was chosen as Trump's running mate — that Khan was ""doing a pretty good job.""Khan, whom Biden nominated in 2021, has challenged Amazon and Meta on antitrust grounds and has said the FTC will investigate AI investments at Alphabet, Amazon and Microsoft.— Jordan Novet",CNBC,13/10/2024,"['With the U.S. election less than a month away, the country and its corporations are staring down two drastically different options.', ""For airlines, banks, electric vehicle makers, health-care companies, media firms, restaurants and tech giants, the outcome of the presidential contest could result in stark differences in the rules they'll face, the mergers they'll be allowed to pursue, and the taxes they'll pay."", ""During his last time in power, former President Donald Trump slashed the corporate tax rate, imposed tariffs on Chinese goods, and sought to cut regulation and red tape and discourage immigration, ideas he's expected to push again if he wins a second term."", 'In contrast, Vice President Kamala Harris has endorsed hiking the tax rate on corporations to 28% from the 21% rate enacted under Trump, a move that would require congressional approval.', ""Most business executives expect Harris to broadly continue President Joe Biden's policies, including his war on so-called junk fees across industries."", ""Personnel is policy, as the saying goes, so the ramifications of the presidential race won't become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau."", ""CNBC examined the stakes of the 2024 presidential election for some of corporate America's biggest sectors."", ""Here's what a Harris or Trump administration could mean for business:The result of the presidential election could affect everything from what airlines owe consumers for flight disruptions to how much it costs to build an aircraft in the United States."", 'The Biden Department of Transportation, led by Secretary Pete Buttigieg, has taken a hard lineon filling whatit considers to be holes in air traveler protections.', 'It has established or proposed new ruleson issues including refunds for cancellations, family seating andservice fee disclosures, a measure airlines have challenged in court.', '""Who\'s in that DOT seat matters,"" said Jonathan Kletzel, who heads the travel, transportation and logistics practice at PwC.The current Democratic administration has also fought industry consolidation, winning two antitrust lawsuits that blocked a partnership between American Airlines and JetBlue Airways in the Northeast and JetBlue\'s now-scuttled plan to buy budget carrier Spirit Airlines.', ""The previous Trump administration didn't pursue those types of consumer protections."", 'Industry members say that under Trump, they would expect a more favorable environment for mergers, though four airlines already control more than three-quarters of the U.S. market.', 'On the aerospace side, Boeing and the hundreds of suppliers that support it are seeking stability more than anything else.', 'Trump has said on the campaign trail that he supports additional tariffs of 10% or 20% and higher duties on goods from China.', 'That could drive up the cost of producing aircraft and other components for aerospace companies, just as a labor and skills shortage after the pandemic drives up expenses.', 'Tariffs could also challenge the industry, if they spark retaliatory taxes or trade barriers to China and other countries, which are major buyers of aircraft from Boeing, a top U.S. exporter.—', 'Leslie JosephsBig banks such as JPMorgan Chase faced an onslaught of new rules this year as Biden appointees pursued the most significant slate of regulations since the aftermath of the 2008 financial crisis.', 'Those efforts threaten tens of billions of dollars in industry revenue by slashing fees that banks impose on credit cards and overdrafts and radically revising the capital and risk framework they operate in.', 'The fate of all of those measures is at risk if Trump is elected.', 'Trump is expected to nominate appointees for key financial regulators, including the CFPB, the Securities and Exchange Commission, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation that could result in a weakening or killing off completely of the myriad rules in play.', '""The Biden administration\'s regulatory agenda across sectors has been very ambitious, especially in finance, and large swaths of it stand to be rolled back by Trump appointees if he wins,"" saidTobin Marcus, head of U.S. policy at Wolfe Research.', 'Bank CEOs and consultants say it would be a relief if aspects of the Biden era — an aggressive CFPB, regulators who discouraged most mergers and elongated times for deal approvals — were dialed back.', '""It certainly helps if the president is Republican, and the odds tilt more favorably for the industry if it\'s a Republican sweep"" in Congress, said the CEO of a bank with nearly $100 billion in assets who declined to be identified speaking about regulators.', 'Still, some observers point out that Trump 2.0 might not be as friendly to the industry as his first time in office.', ""Trump's vice presidential pick, Sen. JD Vance, of Ohio, has often criticized Wall Street banks, and Trump last month began pushing an idea to cap credit card interest rates at 10%, a move that if enacted would have seismic implications for the industry."", ""Bankers also say that Harris won't necessarily cater to traditional Democratic Party ideas that have made life tougher for banks."", ""Unless Democrats seize both chambers of Congress as well as the presidency, it may be difficult to get agency heads approved if they're considered partisan picks, experts note."", '""I would not write off the vice president as someone who\'s automatically going to go more progressive,"" said Lindsey Johnson, head of the Consumer Bankers Association, a trade group for big U.S. retail banks.—', 'Hugh SonElectric vehicles have become a polarizing issue between Democrats and Republicans, especially in swing states such as Michigan that rely on the auto industry.', ""There could be major changes in regulations and incentives for EVs if Trump regains power, a fact that's placed the industry in a temporary limbo."", '""Depending on the election in the U.S., we may have mandates; we may not,"" Volkswagen Group of America CEO Pablo Di Si said Sept. 24 during an Automotive News conference. ""', 'Am I going to make any decisions on future investments right now?', 'Obviously not.', ""We're waiting to see."", '""Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry.', 'Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency and incentives to promote production and adoption of the vehicles.', ""If elected, he's also expected to renew a battle with California and other states who set their own vehicle emissions standards."", '""In a Republican win ... We see higher variance and more potential for change,"" UBS analyst Joseph Spak said in a Sept. 18 investor note.', ""In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act."", ""Harris hasn't been as vocal a supporter of EVs lately amid slower-than-expected consumer adoption of the vehiclesand consumer pushback."", 'She has said she does not support an EV mandate such as theZero-Emission Vehicles Act of 2019, which she cosponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040.', ""Still,auto industry executives and officials expect a Harris presidency would be largely a continuation, though not a copy, of the past four years of Biden's EV policy."", 'They expect some potential leniency on federal fuel economy regulations but minimal changes to the billions of dollars in incentives under the IRA.—', 'Mike WaylandBoth Harris and Trump have called for sweeping changes to the costly, complicated and entrenched U.S. health-care system of doctors, insurers, drug manufacturers and middlemen, which costs the nation more than $4 trillion a year.', 'Despite spending more on health care than any other wealthy country, the U.S. has the lowest life expectancy at birth, the highest rate of people with multiple chronic diseases and the highest maternal and infant death rates, according to the Commonwealth Fund, an independent research group.', 'Meanwhile, roughly half of American adults say it is difficult to afford health-care costs, which can drive some into debt or lead them to put off necessary care, according to a May poll conducted by health policy research organization KFF.Both Harris and Trump have taken aim at the pharmaceutical industry and proposed efforts to lower prescription drug prices in the U.S., which are nearly three times higher than those seen in other countries.', ""But many of Trump's efforts to lower costs have been temporary or not immediately effective, health policy experts said."", 'Meanwhile, Harris, if elected, can build on existing efforts of theBiden administration to deliver savings to more patients, they said.', 'Harris specifically plans to expand certain provisions of the IRA, part of which aims to lower health-care costs for seniors enrolled in Medicare.', 'Harris cast the tie-breaking Senate vote to pass the law in 2022.Her campaign says she plans to extend two provisions to all Americans, not just seniors: a $2,000 annual cap on out-of-pocket drug spending and a $35 limit on monthly insulin costs.', 'Harris also intends to accelerate and expand a provision allowing Medicare to directly negotiate drug prices with manufacturers for the first time.', ""Drugmakers fiercely oppose those price talks, with some challenging the effort's constitutionality in court."", ""Trump hasn't publicly indicated what he intends to do about IRA provisions."", 'Some of Trump\'s prior efforts to lower drug prices ""didn\'t really come into fruition"" during his presidency, according to Dr. Mariana Socal, a professor of health policy and management at the Johns Hopkins Bloomberg School of Public Health.', 'For example, he planned to use executive action to have Medicare pay no more than the lowest price that select other developed countries pay for drugs, a proposal that was blocked by court action and later rescinded.', 'Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults.', 'In a campaign video in April, Trump said he was not running on terminating the ACA and would rather make it ""much, much better and far less money,"" though he has provided no specific plans.', 'He reiterated his belief that the ACA was ""lousy health care"" during his Sept. 10 debate with Harris.', 'But when asked he did not offer a replacement proposal, saying only that he has ""concepts of a plan.""—', 'Annika Kim ConstantinoTop of mind for media executives is mergers and the path, or lack thereof, to push them through.', ""The media industry's state of turmoil — shrinking audiences for traditional pay TV, the slowdown in advertising, and the rise of streaming and challenges in making it profitable — means its companies are often mentioned in discussions of acquisitions and consolidation."", 'While a merger between Paramount Global and Skydance Media is set to move forward, with plans to close in the first half of 2025, many in media have said the Biden administration has broadly chilled deal-making.', '""We just need an opportunity for deregulation, so companies can consolidate and do what we need to do even better,"" Warner Bros. Discovery CEO David Zaslav said in July at Allen & Co.\'s annual Sun Valley conference.', 'Media mogul John Malone recently told MoffettNathanson analysts that some deals are a nonstarter with this current Justice Department, including mergers between companies in the telecommunications and cable broadband space.', ""Still, it's unclear how the regulatory environment could or would change depending on which party is in office."", ""Disney was allowed to acquire Fox Corp.'s assets when Trump was in office, but his administration sued to block AT&T's merger with Time Warner."", ""Meanwhile, under Biden's presidency, a federal judge blocked the sale of Simon & Schuster to Penguin Random House, but Amazon's acquisition of MGM was approved."", '""My sense is, regardless of the election outcome, we are likely to remain in a similar tighter regulatory environment when looking at media industry dealmaking,"" said Marc DeBevoise, CEO and board director of Brightcove, a streaming technology company.', 'When major media, and even tech, assets change hands, it could also mean increased scrutiny on those in control and whether it creates bias on the platforms.', '""Overall, the government and FCC have always been most concerned with having a diversity of voices,"" said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investment.', '""But then [Elon Musk\'s purchase of Twitter]happened, and it\'s clearly showing you can skew a platform to not just what the business needs, but to maybe your personal approach and whims,"" he said.', 'Since Musk acquired the social media platform in 2022, changing its name to X, he has implemented sweeping changes including cutting staff and giving ""amnesty"" to previously suspended accounts, including Trump\'s, which had been suspended following the Jan. 6, 2021, Capitol insurrection.', 'Musk has also faced widespread criticism from civil rights groups for the amplification of bigotry on the platform.', 'Musk has publicly endorsed Trump, and was recently on the campaign trail with the former president. ""', 'As you can see, I\'m not just MAGA, I\'m Dark MAGA,"" Musk said at a recent event.', 'The billionaire has raised funds for Republican causes, and Trump has suggested Musk could eventually play a role in his administration if the Republican candidate were to be reelected.', 'During his first term, Trump took a particularly hard stance against journalists, and pursued investigations into leaks from his administration to news organizations.', 'Under Biden, the White House has been notably more amenable to journalists.', 'Also top of mind for media executives — and government officials — is TikTok.', ""Lawmakers have argued that TikTok's Chinese ownership could be a national security risk."", 'Earlier this year, Biden signed legislation that gives Chinese parent ByteDance until January to find a new owner for the platform or face a U.S. ban.', 'TikTok has said the bill, the Protecting Americans From Foreign Adversary Controlled Applications Act, which passed with bipartisan support, violates the First Amendment.', 'The platform has sued the government to stop a potential ban.', 'While Trump was in office, he attempted to ban TikTok through an executive order, but the effort failed.', ""However, he has more recently switched to supporting the platform, arguing that without it there's less competition against Meta's Facebook and other social media.—"", ""Lillian Rizzo and Alex ShermanBoth Trump and Harris have endorsed plans to end taxes on restaurant workers' tips, although how they would do so is likely to differ."", ""The food service and restaurant industry is the nation's second-largest private-sector employer, with 15.5 million jobs, according to the National Restaurant Association."", 'Roughly 2.2 million of those employees are tipped servers and bartenders, who could end up with more money in their pockets if their tips are no longer taxed.', ""Trump's campaign hasn't given much detail on how his administration would eliminate taxes on tips, but tax experts have warned that it could turn into a loophole for high earners."", 'Claims from the Trump campaign that the Republican candidate is pro-labor have clashed with his record of appointing leaders to the National Labor Relations Board who have rolled back worker protections.', ""Meanwhile, Harris has said she'd only exempt workers who make $75,000 or less from paying income tax on their tips, but the money would still be subject to taxes toward Social Security and Medicare, the Washington Post previously reported."", ""In keeping with the campaign's more labor-friendly approach, Harris is also pledging to eliminate the tip credit: In 37 states, employers only have to pay tipped workers the minimum wage as long as that hourly wage and tips add up to the area's pay floor."", 'Since 1991, the federal pay floor for tipped wages has been stuck at $2.13.""In the short term, if [restaurants] have to pay higher wages to their waiters, they\'re going to have to raise menu prices, which is going to lower demand,"" said Michael Lynn, a tipping expert and Cornell University professor.—', 'Amelia LucasWhichever candidate comes out ahead in November will have to grapple with the rapidly evolving artificial intelligence sector.', ""Generative AI is the biggest story in tech since the launch of OpenAI's ChatGPT in late 2022."", 'It presents a conundrum for regulators, because it allows consumers to easily create text and images from simple queries, creating privacy and safety concerns.', 'Harris has said she and Biden ""reject the false choice that suggests we can either protect the public or advance innovation.""', ""Last year, the White House issued an executive order that led to the formation of the Commerce Department's U.S. AI Safety Institute, which is evaluating AI models from OpenAI and Anthropic."", 'Trump has committed to repealing the executive order.', 'A second Trump administration might also attempt to challenge a Securities and Exchange Commission rule that requires companies to disclose cybersecurity incidents.', 'The White House said in January that more transparency ""will incentivize corporate executives to invest in cybersecurity and cyber risk management.', '""Trump\'s running mate, Vance, co-sponsored a bill designed to end the rule.', 'Andrew Garbarino, the House Republican who introduced an identical bill, has said the SEC rule increases cybersecurity risk and overlaps with existing law on incident reporting.', 'Also at stake in the election is the fate of dealmaking for tech investors and executives.', 'With Lina Khan helming the FTC, the top tech companies have been largely thwarted from making big acquisitions, though the Justice Department and European regulators have also created hurdles.', 'Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.', 'Many in the tech industry are critical of Khan and want her to be replaced should Harris win in November.', 'Meanwhile, Vance, who worked in venture capital before entering politics, said as recently as February — before he was chosen as Trump\'s running mate — that Khan was ""doing a pretty good job.', '""Khan, whom Biden nominated in 2021, has challenged Amazon and Meta on antitrust grounds and has said the FTC will investigate AI investments at Alphabet, Amazon and Microsoft.—', 'Jordan Novet']",0.0724305148354726,"Personnel is policy, as the saying goes, so the ramifications of the presidential race won't become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau.","""Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry.",-0.1908012104034424,"Meanwhile, Harris, if elected, can build on existing efforts of theBiden administration to deliver savings to more patients, they said.","Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.",2024-10-16
+"United plans flights to Greenland, Mongolia and northern Spain in search for next 'it' destination",https://www.cnbc.com/2024/10/10/united-airlines-flights-greenland-mongolia-bilbao.html,2024-10-10T15:55:17+0000,"In this articleUnited Airlines is plotting a 2025 international expansion that spans Senegal to Mongolia and Greenland to Palau, a bid to win over travelers who have already had their fill of the well-trodden streets of Paris, Rome and Tokyo.Starting May 21, United will fly three times a week between its Newark, New Jersey, hub to Palermo, Sicily; on May 16, it will launch nonstops four days a week to Faro in Portugal's Algarve region; on June 7 it plans three-days-a-week-service to Portugal's Madeira Island; and on May 31 it's starting nonstop flights to Bilbao in northern Spain, destinations that will beef up existing service to Italy, Spain and Portugal.Its inaugural flight between Newark and Nuuk, Greenland, will begin June 14, United said Thursday.""The savvy traveler has been to Paris, Rome and Madrid so many times that they're looking for something different,"" Patrick Quayle, United's senior vice president of global network planning and alliances, told reporters.The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions. The expansion is part of United's strategy to ""skate where the puck is going,"" Quayle said, as the company wants to make sure it can be all things to all travelers, offering destinations from U.S. cities like Corpus Christi, Texas, to Cape Town, South Africa.United is planning to launch daily, nonstop service to Dakar, Senegal, from Washington Dulles International Airport on May 23. Service from Tokyo's Narita airport to Ulaanbaatar, Mongolia, is set to begin May 1. United has been beefing up service from Tokyo and will offer year-round nonstop flights to Koror, Palau, from there.Not all destinations work. United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.""The more unique content, the more we differentiate ourselves from our competitors and the more people are going to spend on United,"" Quayle said.United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any ""significant safety issues.""United is also planning to expand flying from the West Coast, but it didn't disclose any details on Thursday.",CNBC,10/10/2024,"['In this articleUnited Airlines is plotting a 2025 international expansion that spans Senegal to Mongolia and Greenland to Palau, a bid to win over travelers who have already had their fill of the well-trodden streets of Paris, Rome and Tokyo.', ""Starting May 21, United will fly three times a week between its Newark, New Jersey, hub to Palermo, Sicily; on May 16, it will launch nonstops four days a week to Faro in Portugal's Algarve region; on June 7 it plans three-days-a-week-service to Portugal's Madeira Island; and on May 31 it's starting nonstop flights to Bilbao in northern Spain, destinations that will beef up existing service to Italy, Spain and Portugal."", 'Its inaugural flight between Newark and Nuuk, Greenland, will begin June 14, United said Thursday.', '""The savvy traveler has been to Paris, Rome and Madrid so many times that they\'re looking for something different,"" Patrick Quayle, United\'s senior vice president of global network planning and alliances, told reporters.', 'The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions.', 'The expansion is part of United\'s strategy to ""skate where the puck is going,"" Quayle said, as the company wants to make sure it can be all things to all travelers, offering destinations from U.S. cities like Corpus Christi, Texas, to Cape Town, South Africa.', 'United is planning to launch daily, nonstop service to Dakar, Senegal, from Washington Dulles International Airport on May 23.', ""Service from Tokyo's Narita airport to Ulaanbaatar, Mongolia, is set to begin May 1."", 'United has been beefing up service from Tokyo and will offer year-round nonstop flights to Koror, Palau, from there.', 'Not all destinations work.', 'United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.', '""The more unique content, the more we differentiate ourselves from our competitors and the more people are going to spend on United,"" Quayle said.', 'United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any ""significant safety issues.', '""United is also planning to expand flying from the West Coast, but it didn\'t disclose any details on Thursday.']",0.430660447445744,"United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.",,0.6330381532510122,The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions.,"United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any ""significant safety issues.",2024-10-16
+"Walgreens says it will close 1,200 stores by 2027, as earnings top estimates",https://www.cnbc.com/2024/10/15/walgreens-wba-earnings-q4-2024.html,2024-10-15T20:10:50+0000,"In this articleWalgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street's expectations, as the company slashes costs in an attempt to steer itself out of a rough spot.The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The company said those closures will be ""immediately accretive"" to its adjusted earnings and free cash flow.Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable. Those closures will give Walgreens a ""healthier store base"" and ""will enable us to respond to shifts in consumer behavior and buying preferences,"" the company's CEO Tim Wentworth said during an earnings call on Tuesday. He added that Walgreens aims to employ the majority of the workforce affected by the closures, though it is unclear how many employees stand to lose their jobs.The company's shares closed more than 15% higher on Tuesday. The results cap a rocky fiscal 2024 for Walgreens, which is grappling with pharmacy reimbursement pressure, softer consumer spending and challenges related to its push into primary care, among other issues. The company on Tuesday said it surpassed its target of cutting $1 billion in costs during fiscal 2024, which included shuttering underperforming stores, laying off employees and using artificial intelligence to make its supply chain more efficient, among other efforts. Most of the benefits of the cost cuts came in the company's U.S. retail pharmacy segment, Walgreens CFO Manmohan Mahajan said during the call.In June, Walgreens said it intends to close a ""significant"" number of its underperforming stores by 2027. Tuesday's announcement appears to be the company's first exact estimate of how many locations it will shutter.Here's what Walgreens reported for the three-month period ended Aug. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Walgreens booked sales of $37.55 billion for the quarter, up 6% from the same period a year ago. The company reported a net loss of $3 billion, or $3.48 per share, for the fiscal fourth quarter. That reflects a so-called valuation allowance meant to reduce the company's deferred tax assets mainly related to opioid settlements. It compares with a net loss of $180 million, or 21 cents per share, for the year-earlier period.Excluding certain items, adjusted earnings were 39 cents per share for the quarter. The fourth-quarter and full fiscal-year results ""reflected our disciplined execution on cost management, working capital initiatives and capex reduction,"" Wentworth, who stepped into the role nearly a year ago, said in a release.The company's guidance for fiscal 2025 was in line with analysts' expectations. Walgreens expects growth in its U.S. health-care and international segments, which will be offset by a decline in its retail pharmacy segment. The company is engaged in a ""multi-year process of reframing our relationship"" with pharmacy benefit managers, which negotiate drug rebates on behalf of health plans and reimburse pharmacies for prescription drugs, Wentworth said during the call. Walgreens hopes that will help improve margins in its pharmacy business. Walgreens anticipates adjusted earnings per share of $1.40 to $1.80 in the coming fiscal year. Analysts project an adjusted profit of $1.75 per share, according to LSEG. The company also sees revenue for the year at $147 billion to $151 billion. Wall Street analysts estimate sales of $147.3 billion. Walgreens reported growth across its three business divisions in the fiscal fourth quarter. Sales from the company's U.S. health-care unit jumped to $2.11 billion, up 7.1% compared with the same period a year ago. Analysts had expected sales of $2.10 billion, according to estimates compiled by StreetAccount.That partly reflects growth in primary-care provider VillageMD and specialty pharmacy company Shields Health Solutions. Shields sales jumped 27.8% during the period, which the company attributed to growth within existing partnerships.Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.Notably, Walgreens posted a steep net loss in the fiscal second quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD. In August, the company said in a securities filing it is considering a sale of the provider.Walgreens' U.S. retail pharmacy segment generated $29.47 billion in sales in the fiscal fourth quarter, an increase of 6.5% from the same period last year. Analysts had expected sales of $28.09 billion, according to estimates compiled by StreetAccount.That segment operates the company's drugstores, which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.  Walgreens said pharmacy sales for the quarter rose 9.6% and comparable pharmacy sales increased 11.7% compared with the year-earlier period due to price inflation in brand medications, among other factors. Total prescriptions filled in the quarter including vaccines came to 302 million, a 1.7% increase from the same period a year ago. Notably, falling reimbursement rates for prescription drugs cut into pharmacy margins, the company said. Retail sales fell 3.5% from the prior-year quarter, and comparable retail sales declined 1.7%. The company cited a ""challenging"" retail environment, among other factors. Walgreens' international unit, which operates more than 3,000 retail stores abroad, posted $5.97 billion in sales in the fiscal fourth quarter. That's an increase of 3.2% from the year-ago period.Analysts expected revenue of $5.81 billion for the period, according to StreetAccount. The company said sales from its U.K.-based drugstore chain, Boots, increased 2.3%.",CNBC,15/10/2024,"[""In this articleWalgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street's expectations, as the company slashes costs in an attempt to steer itself out of a rough spot."", 'The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone.', 'The company said those closures will be ""immediately accretive"" to its adjusted earnings and free cash flow.', 'Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.', 'Those closures will give Walgreens a ""healthier store base"" and ""will enable us to respond to shifts in consumer behavior and buying preferences,"" the company\'s CEO Tim Wentworth said during an earnings call on Tuesday.', 'He added that Walgreens aims to employ the majority of the workforce affected by the closures, though it is unclear how many employees stand to lose their jobs.', ""The company's shares closed more than 15% higher on Tuesday."", 'The results cap a rocky fiscal 2024 for Walgreens, which is grappling with pharmacy reimbursement pressure, softer consumer spending and challenges related to its push into primary care, among other issues.', 'The company on Tuesday said it surpassed its target of cutting $1 billion in costs during fiscal 2024, which included shuttering underperforming stores, laying off employees and using artificial intelligence to make its supply chain more efficient, among other efforts.', ""Most of the benefits of the cost cuts came in the company's U.S. retail pharmacy segment, Walgreens CFO Manmohan Mahajan said during the call."", 'In June, Walgreens said it intends to close a ""significant"" number of its underperforming stores by 2027.', ""Tuesday's announcement appears to be the company's first exact estimate of how many locations it will shutter."", ""Here's what Walgreens reported for the three-month period ended Aug. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Walgreens booked sales of $37.55 billion for the quarter, up 6% from the same period a year ago."", 'The company reported a net loss of $3 billion, or $3.48 per share, for the fiscal fourth quarter.', ""That reflects a so-called valuation allowance meant to reduce the company's deferred tax assets mainly related to opioid settlements."", 'It compares with a net loss of $180 million, or 21 cents per share, for the year-earlier period.', 'Excluding certain items, adjusted earnings were 39 cents per share for the quarter.', 'The fourth-quarter and full fiscal-year results ""reflected our disciplined execution on cost management, working capital initiatives and capex reduction,"" Wentworth, who stepped into the role nearly a year ago, said in a release.', ""The company's guidance for fiscal 2025 was in line with analysts' expectations."", 'Walgreens expects growth in its U.S. health-care and international segments, which will be offset by a decline in its retail pharmacy segment.', 'The company is engaged in a ""multi-year process of reframing our relationship"" with pharmacy benefit managers, which negotiate drug rebates on behalf of health plans and reimburse pharmacies for prescription drugs, Wentworth said during the call.', 'Walgreens hopes that will help improve margins in its pharmacy business.', 'Walgreens anticipates adjusted earnings per share of $1.40 to $1.80 in the coming fiscal year.', 'Analysts project an adjusted profit of $1.75 per share, according to LSEG.The company also sees revenue for the year at $147 billion to $151 billion.', 'Wall Street analysts estimate sales of $147.3 billion.', 'Walgreens reported growth across its three business divisions in the fiscal fourth quarter.', ""Sales from the company's U.S. health-care unit jumped to $2.11 billion, up 7.1% compared with the same period a year ago."", 'Analysts had expected sales of $2.10 billion, according to estimates compiled by StreetAccount.', 'That partly reflects growth in primary-care provider VillageMD and specialty pharmacy company Shields Health Solutions.', 'Shields sales jumped 27.8% during the period, which the company attributed to growth within existing partnerships.', 'Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.', 'Notably, Walgreens posted a steep net loss in the fiscal second quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD.', 'In August, the company said in a securities filing it is considering a sale of the provider.', ""Walgreens' U.S. retail pharmacy segment generated $29.47 billion in sales in the fiscal fourth quarter, an increase of 6.5% from the same period last year."", 'Analysts had expected sales of $28.09 billion, according to estimates compiled by StreetAccount.', ""That segment operates the company's drugstores, which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products."", 'Walgreens said pharmacy sales for the quarter rose 9.6% and comparable pharmacy sales increased 11.7% compared with the year-earlier period due to price inflation in brand medications, among other factors.', 'Total prescriptions filled in the quarter including vaccines came to 302 million, a 1.7% increase from the same period a year ago.', 'Notably, falling reimbursement rates for prescription drugs cut into pharmacy margins, the company said.', 'Retail sales fell 3.5% from the prior-year quarter, and comparable retail sales declined 1.7%.', 'The company cited a ""challenging"" retail environment, among other factors.', ""Walgreens' international unit, which operates more than 3,000 retail stores abroad, posted $5.97 billion in sales in the fiscal fourth quarter."", ""That's an increase of 3.2% from the year-ago period."", 'Analysts expected revenue of $5.81 billion for the period, according to StreetAccount.', 'The company said sales from its U.K.-based drugstore chain, Boots, increased 2.3%.']",0.203014781543495,"That segment operates the company's drugstores, which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.","Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.",0.3073082510381937,"Walgreens said pharmacy sales for the quarter rose 9.6% and comparable pharmacy sales increased 11.7% compared with the year-earlier period due to price inflation in brand medications, among other factors.","Retail sales fell 3.5% from the prior-year quarter, and comparable retail sales declined 1.7%.",2024-10-16
+"CVS, UnitedHealth, Cigna say FTC should take Lina Khan and two commissioners off drug middlemen case",https://www.cnbc.com/2024/10/09/cvs-says-ftc-should-take-lina-khan-two-commissioners-off-pbm-case.html,2024-10-09T20:21:18+0000,"In this articleCVS Health, UnitedHealth Group and Cigna are demanding Federal Trade Commission Chair Lina Khan and two other commissioners recuse themselves from a suit accusing the companies and other drug middlemen of boosting their profits while inflating insulin costs for Americans. In separate motions filed Tuesday night with the FTC, the companies argued that all three commissioners have an extensive track record of making public statements that indicate allegedly serious bias against the companies' so-called pharmacy benefit managers. The companies accused Khan, as well as Commissioners Alvaro Bedoya and Rebecca Kelly Slaughter, of incorrectly asserting that PBMs are ""price gougers"" that hold significant control over the pricing and access to drugs like insulin. CVS said those statements demonstrate that the commissioners have ""prejudged this matter,"" so their participation in the case ""violates due process."" ""If the opposite of 'complete fairness' is 'blatant bias,' the Three Commissioners would easily satisfy even that standard,"" CVS wrote in a 23-page motion.Meanwhile, UnitedHealth's 17-page motion said, ""Any judge who made these remarks about a litigant at the outset of a lawsuit would immediately need to recuse for blatant bias.""Cigna, in one of three motions filed, said Khan has ""prejudged the facts and law relating to this action.""""She has repeatedly and wrongly asserted that PBMs 'control' drug pricing and patient access to drugs,"" Cigna said.The FTC filed its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge at the agency who would hear the case and issue an opinion. FTC commissioners then vote on that opinion.The FTC on Wednesday declined CNBC's request for comment on the motion. Other corporate giants, including Amazon and Meta, have unsuccessfully pushed for Khan to be disqualified from previous cases or investigations, citing concerns about her objectivity. Khan has resisted those calls, saying she has never prejudged any case or set of facts. The FTC filed the suit last month against the three largest PBMs, CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts. All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC. PBMs sit at the center of the drug supply chain in the U.S., negotiating medication rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions. The FTC has been investigating PBMs and their role in insulin prices since 2022.The agency's lawsuit argues that the three PBMs have created a ""perverse"" system that prioritizes high rebates from manufacturers, which leads to ""artificially inflated insulin list prices."" The suit also alleges that PBMs favor high-list-price insulins even when insulins with lower list prices become available. The lawsuit also includes each PBM's affiliated group purchasing organization, or GPO, which brokers drug purchases for hospitals and other health-care providers. Zinc Health Services operates as the GPO for Caremark, while Emisar Pharma acts as the GPO for OptumRx. Ascent Health Services is the GPO for Cigna.The lawsuit is just one of several headwinds CVS is facing. Shares of the company are down more than 20% this year as it grapples with runaway medical costs in its insurance segment and pharmacy reimbursement pressure. CVS has engaged advisors in a strategic review of its business, which could potentially involve splitting the company's insurer from its retail pharmacies. It's unclear where Caremark would fall in the case of a breakup. In the motion Tuesday, CVS alleged that Khan has vilified PBMs during her entire professional career. For example, the company cited a 2022 statement in which Khan said PBMs ""practically determine which medicines are prescribed, which pharmacies patients can use, and the amount patients will pay at the pharmacy counter.""CVS similarly pointed to Slaughter's previous comments about the allegedly ""disturbing,"" ""unacceptable"" and ""rotten"" rebating practices of PBMs, and how she believes they create ""competitive distortions in pharmaceutical markets."" Meanwhile, the company cited Bedoya's suggestions that ""a significant part of the blame"" for insulin price increases rests on rebates demanded by PBMs. CVS called the prior statements of the three commissioners ""incorrect assertions"" about Caremark and other PBMs. The health-care giant also alleged that during the FTC probe, the three commissioners attended closed events to help fundraise for anti-PBM lobbying groups. Organizers of those events vilified PBMs as ""bloodsuckers"" and ""vampires,"" CVS argued in the motion.The Biden administration and lawmakers on both sides of the aisle have escalated pressure on PBMs, seeking to increase transparency into their business practices as many patients struggle to afford prescription drugs. Americans pay two to three times more than patients in other developed nations for prescription drugs on average, according to a fact sheet from the White House.",CNBC,09/10/2024,"['In this articleCVS Health, UnitedHealth Group and Cigna are demanding Federal Trade Commission Chair Lina Khan and two other commissioners recuse themselves from a suit accusing the companies and other drug middlemen of boosting their profits while inflating insulin costs for Americans.', ""In separate motions filed Tuesday night with the FTC, the companies argued that all three commissioners have an extensive track record of making public statements that indicate allegedly serious bias against the companies' so-called pharmacy benefit managers."", 'The companies accused Khan, as well as Commissioners Alvaro Bedoya and Rebecca Kelly Slaughter, of incorrectly asserting that PBMs are ""price gougers"" that hold significant control over the pricing and access to drugs like insulin.', 'CVS said those statements demonstrate that the commissioners have ""prejudged this matter,"" so their participation in the case ""violates due process.', '""""If the opposite of \'complete fairness\' is \'blatant bias,\' the Three Commissioners would easily satisfy even that standard,"" CVS wrote in a 23-page motion.', 'Meanwhile, UnitedHealth\'s 17-page motion said, ""Any judge who made these remarks about a litigant at the outset of a lawsuit would immediately need to recuse for blatant bias.', '""Cigna, in one of three motions filed, said Khan has ""prejudged the facts and law relating to this action.', '""""She has repeatedly and wrongly asserted that PBMs \'control\' drug pricing and patient access to drugs,"" Cigna said.', 'The FTC filed its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge at the agency who would hear the case and issue an opinion.', 'FTC commissioners then vote on that opinion.', ""The FTC on Wednesday declined CNBC's request for comment on the motion."", 'Other corporate giants, including Amazon and Meta, have unsuccessfully pushed for Khan to be disqualified from previous cases or investigations, citing concerns about her objectivity.', 'Khan has resisted those calls, saying she has never prejudged any case or set of facts.', ""The FTC filed the suit last month against the three largest PBMs, CVS Health's Caremark,UnitedHealth Group's Optum Rx andCigna's Express Scripts."", ""All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC.PBMs sit at the center of the drug supply chain in the U.S., negotiating medication rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions."", 'The FTC has been investigating PBMs and their role in insulin prices since 2022.The agency\'s lawsuit argues that the three PBMs have created a ""perverse"" system that prioritizes high rebates from manufacturers, which leads to ""artificially inflated insulin list prices.""', 'The suit also alleges that PBMs favor high-list-price insulins even when insulins with lower list prices become available.', ""The lawsuit also includes each PBM's affiliated group purchasing organization, or GPO, which brokers drug purchases for hospitals and other health-care providers."", 'Zinc Health Services operates as the GPO for Caremark, while Emisar Pharma acts as the GPO for OptumRx.', 'Ascent Health Services is the GPO for Cigna.', 'The lawsuit is just one of several headwinds CVS is facing.', 'Shares of the company are down more than 20% this year as it grapples with runaway medical costs in its insurance segment and pharmacy reimbursement pressure.', ""CVS has engaged advisors in a strategic review of its business, which could potentially involve splitting the company's insurer from its retail pharmacies."", ""It's unclear where Caremark would fall in the case of a breakup."", 'In the motion Tuesday, CVS alleged that Khan has vilified PBMs during her entire professional career.', 'For example, the company cited a 2022 statement in which Khan said PBMs ""practically determine which medicines are prescribed, which pharmacies patients can use, and the amount patients will pay at the pharmacy counter.', '""CVS similarly pointed to Slaughter\'s previous comments about the allegedly ""disturbing,"" ""unacceptable"" and ""rotten"" rebating practices of PBMs, and how she believes they create ""competitive distortions in pharmaceutical markets.""', 'Meanwhile, the company cited Bedoya\'s suggestions that ""a significant part of the blame"" for insulin price increases rests on rebates demanded by PBMs.', 'CVS called the prior statements of the three commissioners ""incorrect assertions"" about Caremark and other PBMs.', 'The health-care giant also alleged that during the FTC probe, the three commissioners attended closed events to help fundraise for anti-PBM lobbying groups.', 'Organizers of those events vilified PBMs as ""bloodsuckers"" and ""vampires,"" CVS argued in the motion.', 'The Biden administration and lawmakers on both sides of the aisle have escalated pressure on PBMs, seeking to increase transparency into their business practices as many patients struggle to afford prescription drugs.', 'Americans pay two to three times more than patients in other developed nations for prescription drugs on average, according to afact sheetfrom the White House.']",-0.0518026127318384,"""""If the opposite of 'complete fairness' is 'blatant bias,' the Three Commissioners would easily satisfy even that standard,"" CVS wrote in a 23-page motion.","""CVS similarly pointed to Slaughter's previous comments about the allegedly ""disturbing,"" ""unacceptable"" and ""rotten"" rebating practices of PBMs, and how she believes they create ""competitive distortions in pharmaceutical markets.""",-0.2337614042418343,"""""If the opposite of 'complete fairness' is 'blatant bias,' the Three Commissioners would easily satisfy even that standard,"" CVS wrote in a 23-page motion.",Shares of the company are down more than 20% this year as it grapples with runaway medical costs in its insurance segment and pharmacy reimbursement pressure.,2024-10-16
+Boeing to raise as much as $25 billion to shore up balance sheet,https://www.cnbc.com/2024/10/15/boeing-equity-debt-raise.html,2024-10-16T00:15:45+0000,"In this articleBoeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs.""This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company's balance sheet over a three year period,"" Boeing said in a statement.Boeing shares are down nearly 42% this year as of Tuesday.Bank of America aerospace analysts have estimated that Boeing will raise between $10 billion and $15 billion in equity.""We expect Boeing to offer equity first, which should shore up the company's balance sheet in the near term while maintaining the option to later issue equity debt with a lower risk of a credit downgrade,"" BoFA analyst Ron Epstein wrote Tuesday.Fitch Ratings said Boeing's announcement Tuesday will ""increase financial flexibility and moderate near-term liquidity concerns.""Boeing is trying to shore up its balance sheet as it faces warnings from credit ratings agencies that it could lose its investment-grade rating.S&P Global Ratings, one of the agencies that warned about a downgrade, last week estimated that the machinist strike is costing Boeing more than $1 billion a month.The two sides have been at an impasse. On Tuesday, four U.S. lawmakers representing Washington state wrote to Boeing's new CEO, Kelly Ortberg, Jon Holden, president of IAM District 751, and Brandon Bryant, president president of IAM District W24, urging the parties to come to a solution.The lawmakers said they hoped they will ""will expeditiously work out a fair and durable deal that recognizes the importance of the machinist workforce to Boeing's future, the aerospace economy of the Pacific Northwest, and the nation,"" in the letter, signed by Washington state Democrats, Sens. Maria Cantwell, Patty Murray and U.S. Rep. Adam Smith and Rep. Rick Larsen.Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement.""The credit facility provides additional short term access to liquidity as we navigate through a challenging environment,"" the company said in a statement. ""The company has not drawn on this facility or its existing credit revolver.""On Friday, Ortberg, warned that the company plans to lay off about 17,000 employees, or 10% of its global workforce to cut costs.""We need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones on the path to recovery,"" he said, adding that Boeing needs to focus resources on ""areas that are core to who we are.""The announcement came alongside preliminary financial results, showing mounting losses and $5 billion in charges in Boeing's defense and commercial airplane units.On Oct. 23, Ortberg will hold his first quarterly investor call since becoming Boeing's CEO in August.",CNBC,16/10/2024,"['In this articleBoeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs.', '""This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company\'s balance sheet over a three year period,"" Boeing said in a statement.', 'Boeing shares are down nearly 42% this year as of Tuesday.', 'Bank of America aerospace analysts have estimated that Boeing will raise between $10 billion and $15 billion in equity.', '""We expect Boeing to offer equity first, which should shore up the company\'s balance sheet in the near term while maintaining the option to later issue equity debt with a lower risk of a credit downgrade,"" BoFA analyst Ron Epstein wrote Tuesday.', 'Fitch Ratings said Boeing\'s announcement Tuesday will ""increase financial flexibility and moderate near-term liquidity concerns.', '""Boeing is trying to shore up its balance sheet as it faces warnings from credit ratings agencies that it could lose its investment-grade rating.', 'S&P Global Ratings, one of the agencies that warned about a downgrade, last week estimated that the machinist strike is costing Boeing more than $1 billion a month.', 'The two sides have been at an impasse.', ""On Tuesday, four U.S. lawmakers representing Washington state wrote to Boeing's new CEO, Kelly Ortberg, Jon Holden, president of IAM District 751, and Brandon Bryant, president president of IAM District W24, urging the parties to come to a solution."", 'The lawmakers said they hoped they will ""will expeditiously work out a fair and durable deal that recognizes the importance of the machinist workforce to Boeing\'s future, the aerospace economy of the Pacific Northwest, and the nation,"" in the letter, signed by Washington state Democrats, Sens.', 'Maria Cantwell, Patty Murray and U.S. Rep. Adam Smith and Rep. Rick Larsen.', 'Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement.', '""The credit facility provides additional short term access to liquidity as we navigate through a challenging environment,"" the company said in a statement. ""', 'The company has not drawn on this facility or its existing credit revolver.', '""On Friday, Ortberg, warned that the company plans to lay off about 17,000 employees, or 10% of its global workforce to cut costs.', '""We need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones on the path to recovery,"" he said, adding that Boeing needs to focus resources on ""areas that are core to who we are.', '""The announcement came alongside preliminary financial results, showing mounting losses and $5 billion in charges in Boeing\'s defense and commercial airplane units.', ""On Oct. 23, Ortberg will hold his first quarterly investor call since becoming Boeing's CEO in August.""]",0.1114759959822811,"Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement.","In this articleBoeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs.",0.0818098508394681,"""We expect Boeing to offer equity first, which should shore up the company's balance sheet in the near term while maintaining the option to later issue equity debt with a lower risk of a credit downgrade,"" BoFA analyst Ron Epstein wrote Tuesday.","""The announcement came alongside preliminary financial results, showing mounting losses and $5 billion in charges in Boeing's defense and commercial airplane units.",2024-10-16
+Mortgage rates: When will UK interest rates fall again?,https://www.bbc.co.uk/news/business-57764601,2021-07-16T11:52:58.000Z,"The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected at its next meeting in November.  Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK. The first drop in rates for more than four years came in August, but borrowing costs remain high for many. An interest rate tells you how much it costs to borrow money, or the reward for saving it. The Bank of England's base rate is what it charges other lenders to borrow money. This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings accounts. The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time. When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target. The idea is to encourage people to spend less, to help bring inflation down by reducing demand. Once this starts to happen, the Bank may hold rates, or cut them. The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years. However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979. Inflation is now far below the peak of 11.1% in October 2022.  The main inflation measure, CPI, rose by 1.7% in September which was down from 2.2% in August. This means prices are rising at a much slower rate than in 2022 and 2023. Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said slowing inflation meant the Bank should be able to cut interest rates gradually over the upcoming months. But, he added, ""it's vital that inflation stays low, so we need to be careful not to cut too fast or by too much"". The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like. Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months. It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards. In October, Mr Bailey said that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.  However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation. Given the sharper than expected drop in the September inflation figure, many analysts expect the Bank to cut rates at its next meeting on 7 November.  It is difficult to predict exactly what will happen to interest rates as this depends whether inflation remains consistently below the Bank's target.  In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.  The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control. But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"". Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey. More than half a million homeowners have a mortgage that ""tracks"" the Bank of England's rate.  But more than eight in 10 mortgage customers have fixed-rate deals. While their monthly payments aren't immediately affected, future deals are. Competition in recent weeks has brought some rates down.  But mortgage rates are still much higher than they have been for much of the past decade. The average two-year fixed mortgage rate is 5.39%, according to financial information company Moneyfacts. A five-year deal is 5.08%. It means homebuyers and those remortgaging are having to pay a lot more than if they had borrowed the same amount a few years ago.  About 1.6 million mortgage deals were due to expire in 2024, according to the banking trade body UK Finance. You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.  Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England. However, if rates fall, interest payments may get cheaper. Savings The Bank of England interest rate also affects how much savers earn on their money.  Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers. The UK's financial watchdog has previously warned banks will face ""robust action"" if they offer unjustifiably low savings rates. In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world's seven largest so-called ""advanced"" economies. In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years. It cut rates again to 3.5% in September.  US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.  The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024. ",BBC,16/07/2021,"['The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected at its next meeting in November.', 'Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.', 'The first drop in rates for more than four years came in August, but borrowing costs remain high for many.', 'An interest rate tells you how much it costs to borrow money, or the reward for saving it.', ""The Bank of England's base rate is what it charges other lenders to borrow money."", 'This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings accounts.', 'The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time.', 'When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target.', 'The idea is to encourage people to spend less, to help bring inflation down by reducing demand.', 'Once this starts to happen, the Bank may hold rates, or cut them.', 'The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years.', 'However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979.', 'Inflation is now far below the peak of 11.1% in October 2022.', 'The main inflation measure, CPI, rose by 1.7% in September which was down from 2.2% in August.', 'This means prices are rising at a much slower rate than in 2022 and 2023.', 'Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said slowing inflation meant the Bank should be able to cut interest rates gradually over the upcoming months.', 'But, he added, ""it\'s vital that inflation stays low, so we need to be careful not to cut too fast or by too much"".', 'The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like.', 'Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months.', 'It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.', 'In October, Mr Bailey said that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.', 'However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation.', 'Given the sharper than expected drop in the September inflation figure, many analysts expect the Bank to cut rates at its next meeting on 7 November.', ""It is difficult to predict exactly what will happen to interest rates as this depends whether inflation remains consistently below the Bank's target."", 'In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.', 'The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control.', 'But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"".', ""Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey."", 'More than half a million homeowners have a mortgage that ""tracks"" the Bank of England\'s rate.', 'But more than eight in 10 mortgage customers have fixed-rate deals.', ""While their monthly payments aren't immediately affected, future deals are."", 'Competition in recent weeks has brought some rates down.', 'But mortgage rates are still much higher than they have been for much of the past decade.', 'The average two-year fixed mortgage rate is 5.39%, according to financial information company Moneyfacts.', 'A five-year deal is 5.08%.', 'It means homebuyers and those remortgaging are having to pay a lot more than if they had borrowed the same amount a few years ago.', 'About 1.6 million mortgage deals were due to expire in 2024, according to the banking trade body UK Finance.', 'You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.', 'Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England.', 'However, if rates fall, interest payments may get cheaper.', 'Savings The Bank of England interest rate also affects how much savers earn on their money.', 'Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers.', 'The UK\'s financial watchdog has previously warned banks will face ""robust action"" if they offer unjustifiably low savings rates.', 'In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world\'s seven largest so-called ""advanced"" economies.', 'In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years.', 'It cut rates again to 3.5% in September.', 'US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.', 'The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024.']",0.1381173630805738,"You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.","It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.",-0.324101366780021,"However, if rates fall, interest payments may get cheaper.","US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.",2024-10-16
+Inside the £70K 'mafia-style' shoplifting champagne gang,https://www.bbc.co.uk/news/articles/czxdr29lyggo,2024-10-16T01:21:08.053Z,"The tactics of an increasingly professional shoplifting gang which has stolen at least £73,000 of goods from supermarkets across the UK have been revealed to the BBC. Usually operating in groups of three, the gang members wear bluetooth headsets to communicate and warn each other if security guards are watching them. Wheeling a trolley or carrying a supermarket basket, they blend in with shoppers as they walk down the alcohol aisle, casually taking champagne bottles off the shelves. Then, one gang member will deliberately set off the security alarm to distract staff, while another simply walks out of the store with their stolen goods. “It’s like a mafia-style operation. It’s run like a business,” says Sarah Bird from the National Business Crime Solution (NBCS) - an organisation which works with 100 businesses to tackle retail crime.  The criminals have been dubbed “the champagne gang” by the organisation, as it is the main item they have focused on stealing. The gang “took full advantage” of a champagne shortage in mainland Europe 18 months ago, says Mrs Bird, caused by a post-Covid surge in demand and the failure of some crops. It meant a stronger black market, she says. The group has a clear hierarchy with people at the top who instruct, she says, and a stream of employees who get paid. “They travel to a specific place, they have a shopping list of things they need to steal. They steal the goods and get a day rate,” says Mrs Bird, head of local services at the NBCS. The sophisticated shoplifting operation carried out by the champagne gang is being replicated by other criminal groups across the country. The NBCS says it is tracking 63 organised criminal groups across the UK who have stolen at least £2.4m of goods in five years. Of these, 26 groups originate from the UK and Ireland and the rest predominantly from Eastern European countries. The champagne gang originates from Romania and is responsible for 60 shoplifting incidents across the UK - from Gateshead to Bournemouth - according to NBCS data. They came onto the NBCS’s radar in early 2023, but have since started swiping other types of alcohol and meat to serve a new demand. The group changes tactics when new technology comes into the market that might impact their operation. “They were originally using trolleys to take goods out the stores,” says Mrs Bird. “However retailers invested in trolley wheel technology to stop the trolleys at certain points in the stores. “So they’ve started to now use baskets and bags to remove the goods.” While the gang typically operates in a group of three, during one theft in Harrogate, North Yorkshire, there were at least seven members in the shop. “We believe they took the opportunity in the Harrogate store as a training day for the new recruits - showing them the ropes and then effectively putting them to work,” says Mrs Bird. “If they’re caught, they’re disposable. Generally speaking if they’re arrested and charged they’ll be bailed and quite often they’ll move back to their country - in this case to Romania.” Only two members of the group have been prosecuted so far, according to the NBCS. It is not only the thieves who end up back in Romania - it is believed the stolen goods end up there too, she says. Intelligence, including from ANPR cameras - Automatic Number Plate Recognition - suggests the gang’s vehicles drive to Europe with the goods inside. “This acts as an effective supply chain. The goods are moved from the UK to the continent to be sold in the likes of Romania.” Retailers have repeatedly warned that shoplifting gangs are helping to fuel the rise in retail crime - and it is hitting shoppers in their pockets. Shoplifting added £133 to the cost of an average UK household's annual shopping bill, according to the Centre for Retail Research. Browns department store in Beverley, East Yorkshire, is being targeted by gangs who are getting smarter - its manager, Sarah Walker, says. In March, one gang stole perfume from her store and within 90 minutes had targeted another Browns shop, 30 miles away in York. “They’ve done research on the market where they’re going, they’ve looked at shops that have got the products that they need. It’s calculated,” Mrs Walker says. Staff watch as gangs of four to six people of both sexes enter the shop, knowing exactly what to target. “These gangs are intimidating, they can be young, and to put my staff under that vulnerability it’s hard,” says Mrs Walker. “You don’t expect to come to work and be pushed and shoved out the way for someone who has got a shopping list - it’s organised crime and it’s a hit to our business.” Mrs Walker says she reports shoplifting incidents to the police but it often “falls on deaf ears” and no-one gets arrested. She wants to see more information sharing between UK police forces. Humberside Police said it had liaised with North Yorkshire Police and the forces believed the two incidents in Beverley and York were linked. However, it said the suspects could not be identified from CCTV footage and therefore no arrests could be carried out. The past year has seen more information sharing between forces, in the form of Project Pegasus, in the National Police Chief Council (NPCC), which is focused on serious organised shoplifting. Shoplifting gangs are “very good at adapting” their methods, Steph Coombes, of the NPCC, tells the BBC. A total of 60 arrests have been made under the operation in four months - impacting organised crime groups and individuals which account for £3.4bn of loss, she added. ",BBC,16/10/2024,"['The tactics of an increasingly professional shoplifting gang which has stolen at least £73,000 of goods from supermarkets across the UK have been revealed to the BBC.', 'Usually operating in groups of three, the gang members wear bluetooth headsets to communicate and warn each other if security guards are watching them.', 'Wheeling a trolley or carrying a supermarket basket, they blend in with shoppers as they walk down the alcohol aisle, casually taking champagne bottles off the shelves.', 'Then, one gang member will deliberately set off the security alarm to distract staff, while another simply walks out of the store with their stolen goods. “', 'It’s like a mafia-style operation.', 'It’s run like a business,” says Sarah Bird from the National Business Crime Solution (NBCS) - an organisation which works with 100 businesses to tackle retail crime.', 'The criminals have been dubbed “the champagne gang” by the organisation, as it is the main item they have focused on stealing.', 'The gang “took full advantage” of a champagne shortage in mainland Europe 18 months ago, says Mrs Bird, caused by a post-Covid surge in demand and the failure of some crops.', 'It meant a stronger black market, she says.', 'The group has a clear hierarchy with people at the top who instruct, she says, and a stream of employees who get paid. “', 'They travel to a specific place, they have a shopping list of things they need to steal.', 'They steal the goods and get a day rate,” says Mrs Bird, head of local services at the NBCS.', 'The sophisticated shoplifting operation carried out by the champagne gang is being replicated by other criminal groups across the country.', 'The NBCS says it is tracking 63 organised criminal groups across the UK who have stolen at least £2.4m of goods in five years.', 'Of these, 26 groups originate from the UK and Ireland and the rest predominantly from Eastern European countries.', 'The champagne gang originates from Romania and is responsible for 60 shoplifting incidents across the UK - from Gateshead to Bournemouth - according to NBCS data.', 'They came onto the NBCS’s radar in early 2023, but have since started swiping other types of alcohol and meat to serve a new demand.', 'The group changes tactics when new technology comes into the market that might impact their operation. “', 'They were originally using trolleys to take goods out the stores,” says Mrs Bird. “', 'However retailers invested in trolley wheel technology to stop the trolleys at certain points in the stores. “', 'So they’ve started to now use baskets and bags to remove the goods.”', 'While the gang typically operates in a group of three, during one theft in Harrogate, North Yorkshire, there were at least seven members in the shop. “', 'We believe they took the opportunity in the Harrogate store as a training day for the new recruits - showing them the ropes and then effectively putting them to work,” says Mrs Bird. “', 'If they’re caught, they’re disposable.', 'Generally speaking if they’re arrested and charged they’ll be bailed and quite often they’ll move back to their country - in this case to Romania.”', 'Only two members of the group have been prosecuted so far, according to the NBCS.', 'It is not only the thieves who end up back in Romania - it is believed the stolen goods end up there too, she says.', 'Intelligence, including from ANPR cameras - Automatic Number Plate Recognition - suggests the gang’s vehicles drive to Europe with the goods inside. “', 'This acts as an effective supply chain.', 'The goods are moved from the UK to the continent to be sold in the likes of Romania.”', 'Retailers have repeatedly warned that shoplifting gangs are helping to fuel the rise in retail crime - and it is hitting shoppers in their pockets.', ""Shoplifting added £133 to the cost of an average UK household's annual shopping bill, according to the Centre for Retail Research."", 'Browns department store in Beverley, East Yorkshire, is being targeted by gangs who are getting smarter - its manager, Sarah Walker, says.', 'In March, one gang stole perfume from her store and within 90 minutes had targeted another Browns shop, 30 miles away in York. “', 'They’ve done research on the market where they’re going, they’ve looked at shops that have got the products that they need.', 'It’s calculated,” Mrs Walker says.', 'Staff watch as gangs of four to six people of both sexes enter the shop, knowing exactly what to target. “', 'These gangs are intimidating, they can be young, and to put my staff under that vulnerability it’s hard,” says Mrs Walker. “', 'You don’t expect to come to work and be pushed and shoved out the way for someone who has got a shopping list - it’s organised crime and it’s a hit to our business.”', 'Mrs Walker says she reports shoplifting incidents to the police but it often “falls on deaf ears” and no-one gets arrested.', 'She wants to see more information sharing between UK police forces.', 'Humberside Police said it had liaised with North Yorkshire Police and the forces believed the two incidents in Beverley and York were linked.', 'However, it said the suspects could not be identified from CCTV footage and therefore no arrests could be carried out.', 'The past year has seen more information sharing between forces, in the form of Project Pegasus, in the National Police Chief Council (NPCC), which is focused on serious organised shoplifting.', 'Shoplifting gangs are “very good at adapting” their methods, Steph Coombes, of the NPCC, tells the BBC.', 'A total of 60 arrests have been made under the operation in four months - impacting organised crime groups and individuals which account for £3.4bn of loss, she added.']",-0.0590125817479264,"We believe they took the opportunity in the Harrogate store as a training day for the new recruits - showing them the ropes and then effectively putting them to work,” says Mrs Bird. “","A total of 60 arrests have been made under the operation in four months - impacting organised crime groups and individuals which account for £3.4bn of loss, she added.",0.3254779080549876,"It meant a stronger black market, she says.",Retailers have repeatedly warned that shoplifting gangs are helping to fuel the rise in retail crime - and it is hitting shoppers in their pockets.,2024-10-16
+"Robert Kraft, professional sports leagues join forces with campaign against antisemitism",https://www.cnbc.com/2024/10/10/pro-sports-leagues-join-forces-with-campaign-against-antisemitism.html,2024-10-10T15:50:32+0000,"The biggest names in sports are joining forces in a new campaign to combat antisemitism.New England Patriots owner Robert Kraft and his foundation unveiled a star-studded ad titled ""Time Out Against Hate"" on Thursday in collaboration with Major League Baseball, Major League Soccer, the National Basketball Association, the Women's National Basketball Association, the National Football League, the National Women's Soccer League and NASCAR.The campaign follows a new report out Sunday by the Anti-Defamation League that revealed there have been more than 10,000 antisemitic incidents in the U.S. in the year since the Oct. 7, 2023, Hamas terrorist attack in Israel. The Foundation to Combat Antisemitism, founded by Kraft, says 10% of U.S. adult males are blatantly prejudiced against Jewish people and tend to be outspoken about it.""What's going on now in the country — I've never seen anything like it,"" Kraft told CNBC's ""Squawk Box"" on Thursday. ""And I'm concerned what will happen after the election.""The ad spot, which includes names such as Billie Jean King, Shaquille O'Neal, Jim Harbaugh, Doc Rivers, Joe Torre, Ryan Blaney and Candace Parker, will premiere Thursday as part of Amazon's Thursday Night Football programming featuring the NFL's San Francisco 49ers and Seattle Seahawks. The campaign will also be seen on digital platforms and on billboards across the country.""By uniting under a common cause, we amplify our message and demonstrate that the power of sports extends beyond stadiums, arenas and fields, and into our communities,"" Kraft said in a statement announcing the campaign. ""This initiative is a call to action for everyone to join us in creating a world where hate is met with a unified stand for empathy, understanding, and respect.""Last year, Kraft organized a meeting of sports commissioners from nearly ever league to try and address the hateful dialogue taking place. The leaders discussed ideas and opportunities to work together.The campaign has since expanded to include all hate, whether it is gender, religion or race.""We wanted to make sure it included anti-Black, anti-LGBTQ, anti-Muslim,"" said NBA Commissioner Adam Silver in the CNBC interview, alongside Kraft and NWSL Commissioner Jessica Berman. ""Because hate is corrosive to our society and the underpinnings of our democracy,"" Silver said.Berman said Kraft asked the commissioners to lean in and change the narrative when it comes to hate.""I think we have a responsibility as professional sports league leaders in that we have an outsized impact,"" said Berman. ""We know throughout history that sport has the power to change the world.""Kraft founded the Foundation to Combat Antisemitism in 2019 to help address the rising hate against Jews in the U.S. His organization has been working with companies such as Bank of America and shoemaker Adidas as well as with colleges to raise awareness of on-campus incidents of antisemitism.""We're able to tell college campuses what's going on in their campuses before their security people see it,"" Kraft said.In April, Kraft said he was no longer comfortable financially supporting his alma mater, Columbia University, over the administration's handling of anti-Israel protesters on campus. In June, he announced a $1 million donation to Yeshiva University to cover tuition for Jewish students who wish to transfer.",CNBC,10/10/2024,"['The biggest names in sports are joining forces in a new campaign to combat antisemitism.', 'New England Patriots owner Robert Kraft and his foundation unveiled a star-studded ad titled ""Time Out Against Hate"" on Thursday in collaboration with Major League Baseball, Major League Soccer, the National Basketball Association, the Women\'s National Basketball Association, the National Football League, the National Women\'s Soccer League and NASCAR.The campaign follows a new report out Sunday by the Anti-Defamation League that revealed there have been more than 10,000 antisemitic incidents in the U.S. in the year since the Oct. 7, 2023, Hamas terrorist attack in Israel.', 'The Foundation to Combat Antisemitism, founded by Kraft, says 10% of U.S. adult males are blatantly prejudiced against Jewish people and tend to be outspoken about it.', '""What\'s going on now in the country — I\'ve never seen anything like it,"" Kraft told CNBC\'s ""Squawk Box"" on Thursday. ""', ""And I'm concerned what will happen after the election."", '""The ad spot, which includes names such as Billie Jean King, Shaquille O\'Neal, Jim Harbaugh, Doc Rivers, Joe Torre, Ryan Blaney and Candace Parker, will premiere Thursday as part of Amazon\'s Thursday Night Football programming featuring the NFL\'s San Francisco 49ers and Seattle Seahawks.', 'The campaign will also be seen on digital platforms and on billboards across the country.', '""By uniting under a common cause, we amplify our message and demonstrate that the power of sports extends beyond stadiums, arenas and fields, and into our communities,"" Kraft said in a statement announcing the campaign. ""', 'This initiative is a call to action for everyone to join us in creating a world where hate is met with a unified stand for empathy, understanding, and respect.', '""Last year, Kraft organized a meeting of sports commissioners from nearly ever league to try and address the hateful dialogue taking place.', 'The leaders discussed ideas and opportunities to work together.', 'The campaign has since expanded to include all hate, whether it is gender, religion or race.', '""We wanted to make sure it included anti-Black, anti-LGBTQ, anti-Muslim,"" said NBA Commissioner Adam Silver in the CNBC interview, alongside Kraft and NWSL Commissioner Jessica Berman. ""', 'Because hate is corrosive to our society and the underpinnings of our democracy,"" Silver said.', 'Berman said Kraft asked the commissioners to lean in and change the narrative when it comes to hate.', '""I think we have a responsibility as professional sports league leaders in that we have an outsized impact,"" said Berman. ""', 'We know throughout history that sport has the power to change the world.', '""Kraft founded the Foundation to Combat Antisemitism in 2019 to help address the rising hate against Jews in the U.S. His organization has been working with companies such as Bank of America and shoemaker Adidas as well as with colleges to raise awareness of on-campus incidents of antisemitism.', '""We\'re able to tell college campuses what\'s going on in their campuses before their security people see it,"" Kraft said.', ""In April, Kraft said he was no longer comfortable financially supporting his alma mater, Columbia University, over the administration's handling of anti-Israel protesters on campus."", 'In June, he announced a $1 million donation to Yeshiva University to cover tuition for Jewish students who wish to transfer.']",-0.1422652296769332,"This initiative is a call to action for everyone to join us in creating a world where hate is met with a unified stand for empathy, understanding, and respect.","New England Patriots owner Robert Kraft and his foundation unveiled a star-studded ad titled ""Time Out Against Hate"" on Thursday in collaboration with Major League Baseball, Major League Soccer, the National Basketball Association, the Women's National Basketball Association, the National Football League, the National Women's Soccer League and NASCAR.The campaign follows a new report out Sunday by the Anti-Defamation League that revealed there have been more than 10,000 antisemitic incidents in the U.S. in the year since the Oct. 7, 2023, Hamas terrorist attack in Israel.",0.0011019706726074,"""By uniting under a common cause, we amplify our message and demonstrate that the power of sports extends beyond stadiums, arenas and fields, and into our communities,"" Kraft said in a statement announcing the campaign. ""","In April, Kraft said he was no longer comfortable financially supporting his alma mater, Columbia University, over the administration's handling of anti-Israel protesters on campus.",2024-10-16
+Rachel Reeves signals hike in National Insurance for firms,https://www.bbc.co.uk/news/articles/c3e9yk24w3eo,2024-10-14T06:43:47.558Z,"The chancellor has given the clearest signal yet that businesses will face an increase in National Insurance on the day the government announced billions of pounds in overseas investment had been secured. Rachel Reeves said Labour's election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by employers. Her comments come as businesses await the new government's economic plans in the Budget later this month.  The government claimed its international investment summit on Monday secured £63bn of private funding for UK projects. However, many of the commitments had already been announced in advance. While the investment pledges signal a boost for the government, many business leaders are closely watching what taxes will be hiked on 30 October. Reeves reiterated her Budget would be ""tough"", but stressed difficult decisions would not put off business investment in the UK because she would offer firms long-term certainty about the levels of taxation they will face. The government has ruled out increasing VAT, National Insurance or income tax, speculation has grown around the rate of National Insurance paid by employers. Reeves repeated the pledge not to raise taxes on ""working people"" - echoing comments from Business Secretary Jonathan Reynolds - but only pledged to cap corporation tax, the levy paid by businesses on profits, at 25% for the next five years. There is also speculation over a potential rise in Capital Gains Tax, which is charged on profits made from the sale of an asset that has increased in value, such as second homes. However, Prime Minister Sir Keir Starmer told Bloomberg reports suggesting a rise as high as 39% were ""wide of the mark"", although he did not elaborate further. The chancellor did hint that she might change the government's borrowing rules to free up billions of pounds more in spending for big projects. ""We do want to free up investment in those long-term responsible investments that we need to make, to unlock the private investment into our economy,"" she said. Some of the new investment pledges from firms on Monday include: Separately on Monday, Sir Keir defended the government's plans to overhaul and increase workers' rights as ""pro-growth"".  He told the summit he would scrap regulation that ""holds back investment"" and would ask regulators to prioritise economic growth. The government's Employment Rights Bill includes proposals that would see people being able to get sick pay from the first day they are ill and claim unpaid parental leave as soon as they start a job. Most of the planned changes will not take effect for two years, but some business groups are concerned about how they would work in practice and impact hiring. But Sir Keir said greater security for workers would lead to better growth in the economy. Former Tory donor John Caudwell, the founder of Phones 4U who came out in favour of Labour ahead of the general election, told the BBC he was ""not very keen"" on Labour's plans to increase workers' rights, calling them ""a real burden on business"". But he said businesses and potential investors, would ""swallow the difficulties that come as a result of that extra regulation on employee rights"" if the wider goal of growing the economy was met. Sir Keir also said he wanted to ""rip out"" bureaucracy obstructing investment in the UK. Eric Schmidt, the former chief executive of internet giant Google, told Sir Keir at the event that delays to regulation were ""killing you"". ""I think the business community would much rather have a single person who can say yes or no... and then they can move on,"" he said. The head of insurance giant Aviva, Amanda Blanc, said simplifying planning procedures was key. ""We can commit to doing projects but if you can’t get the planning permission you could be sitting with a project for two to three years where you’ve got money ready to go,"" she said. The boss of Eli Lilly, David Ricks, who also attended the event, said the UK had to take a ""different"" approach to attract multinationals given it was no longer part of the EU. Earlier this month it emerged that the world's richest person, Elon Musk, had not been invited to the investment summit. But Technology Secretary Peter Kyle said the billionaire would have been ""very, very welcome"". ""We would love to engage with Elon Musk,"" Kyle said. ""If he opens up an investment programme and there is global competition for it, believe me we will be first in line."" ",BBC,14/10/2024,"['The chancellor has given the clearest signal yet that businesses will face an increase in National Insurance on the day the government announced billions of pounds in overseas investment had been secured.', 'Rachel Reeves said Labour\'s election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by employers.', ""Her comments come as businesses await the new government's economic plans in the Budget later this month."", 'The government claimed its international investment summit on Monday secured £63bn of private funding for UK projects.', 'However, many of the commitments had already been announced in advance.', 'While the investment pledges signal a boost for the government, many business leaders are closely watching what taxes will be hiked on 30 October.', 'Reeves reiterated her Budget would be ""tough"", but stressed difficult decisions would not put off business investment in the UK because she would offer firms long-term certainty about the levels of taxation they will face.', 'The government has ruled out increasing VAT, National Insurance or income tax, speculation has grown around the rate of National Insurance paid by employers.', 'Reeves repeated the pledge not to raise taxes on ""working people"" - echoing comments from Business Secretary Jonathan Reynolds - but only pledged to cap corporation tax, the levy paid by businesses on profits, at 25% for the next five years.', 'There is also speculation over a potential rise in Capital Gains Tax, which is charged on profits made from the sale of an asset that has increased in value, such as second homes.', 'However, Prime Minister Sir Keir Starmer told Bloomberg reports suggesting a rise as high as 39% were ""wide of the mark"", although he did not elaborate further.', 'The chancellor did hint that she might change the government\'s borrowing rules to free up billions of pounds more in spending for big projects. ""', 'We do want to free up investment in those long-term responsible investments that we need to make, to unlock the private investment into our economy,"" she said.', 'Some of the new investment pledges from firms on Monday include: Separately on Monday, Sir Keir defended the government\'s plans to overhaul and increase workers\' rights as ""pro-growth"".', 'He told the summit he would scrap regulation that ""holds back investment"" and would ask regulators to prioritise economic growth.', ""The government's Employment Rights Bill includes proposals that would see people being able to get sick pay from the first day they are ill and claim unpaid parental leave as soon as they start a job."", 'Most of the planned changes will not take effect for two years, but some business groups are concerned about how they would work in practice and impact hiring.', 'But Sir Keir said greater security for workers would lead to better growth in the economy.', 'Former Tory donor John Caudwell, the founder of Phones 4U who came out in favour of Labour ahead of the general election, told the BBC he was ""not very keen"" on Labour\'s plans to increase workers\' rights, calling them ""a real burden on business"".', 'But he said businesses and potential investors, would ""swallow the difficulties that come as a result of that extra regulation on employee rights"" if the wider goal of growing the economy was met.', 'Sir Keir also said he wanted to ""rip out"" bureaucracy obstructing investment in the UK.', 'Eric Schmidt, the former chief executive of internet giant Google, told Sir Keir at the event that delays to regulation were ""killing you"". ""', 'I think the business community would much rather have a single person who can say yes or no... and then they can move on,"" he said.', 'The head of insurance giant Aviva, Amanda Blanc, said simplifying planning procedures was key. ""', 'We can commit to doing projects but if you can’t get the planning permission you could be sitting with a project for two to three years where you’ve got money ready to go,"" she said.', 'The boss of Eli Lilly, David Ricks, who also attended the event, said the UK had to take a ""different"" approach to attract multinationals given it was no longer part of the EU.', ""Earlier this month it emerged that the world's richest person, Elon Musk, had not been invited to the investment summit."", 'But Technology Secretary Peter Kyle said the billionaire would have been ""very, very welcome"". ""', 'We would love to engage with Elon Musk,"" Kyle said. ""', 'If he opens up an investment programme and there is global competition for it, believe me we will be first in line.""']",0.2175432785711086,But Sir Keir said greater security for workers would lead to better growth in the economy.,The government's Employment Rights Bill includes proposals that would see people being able to get sick pay from the first day they are ill and claim unpaid parental leave as soon as they start a job.,0.3109968337747786,But Sir Keir said greater security for workers would lead to better growth in the economy.,"Eric Schmidt, the former chief executive of internet giant Google, told Sir Keir at the event that delays to regulation were ""killing you"". """,2024-10-16
+Google turns to nuclear to power AI data centres,https://www.bbc.co.uk/news/articles/c748gn94k95o,2024-10-15T01:14:27.247Z,"Google has signed a deal to use small nuclear reactors to generate the vast amounts of energy needed to power its artificial intelligence (AI) data centres. The company says the agreement with Kairos Power will see it start using the first reactor this decade and bring more online by 2035.  The companies did not give any details about how much the deal is worth or where the plants will be built. Technology firms are increasingly turning to nuclear sources of energy to supply the electricity used by the huge data centres that drive AI. ""The grid needs new electricity sources to support AI technologies,"" said Michael Terrell, senior director for energy and climate at Google. ""This agreement helps accelerate a new technology to meet energy needs cleanly and reliably, and unlock the full potential of AI for everyone."" The deal with Google ""is important to accelerate the commercialisation of advanced nuclear energy by demonstrating the technical and market viability of a solution critical to decarbonising power grids,” said Kairos executive Jeff Olson. The plans still have to be approved by the US Nuclear Regulatory Commission as well as local agencies before they are allowed to proceed. Last year, US regulators gave California-based Kairos Power the first permit in 50 years to build a new type of nuclear reactor. In July, the company started construction of a demonstration reactor in Tennessee. The startup specialises in the development of smaller reactors that use molten fluoride salt as a coolant instead of water, which is used by traditional nuclear plants. Nuclear power, which is virtually carbon free and provides electricity 24 hours a day, has become increasingly attractive to the tech industry as it attempts to cut emissions even as it uses more energy. Global energy consumption by data centres is expected to more than double by the end of the decade, according to Wall Street banking giant Goldman Sachs. John Moore, Industry Editor for the TechTarget website told the BBC that AI data centres need large amounts of electricity to both power them and and keep equipment cool. ""These data centres are equipped with specialised hardware... that require lots of power, that generate lots of heat"". At a United Nations Climate Change Conference last year, the US joined a group of countries that want to triple their nuclear energy capacity by 2050 as part of efforts to move away from fossil fuels. However, critics say nuclear power is not risk-free and produces long-lasting radioactive waste. Last month, Microsoft reached a deal to restart operations at the Three Mile Island energy plant, the site of America's worst nuclear accident in 1979. In March, Amazon said it would buy a nuclear-powered data centre in the state of Pennsylvania. ""Google’s partnership with Kairos Power signals another major step in tech’s embrace of nuclear energy,"" said Somnath Kansabanik from research firm Rystad Energy. ",BBC,15/10/2024,"['Google has signed a deal to use small nuclear reactors to generate the vast amounts of energy needed to power its artificial intelligence (AI) data centres.', 'The company says the agreement with Kairos Power will see it start using the first reactor this decade and bring more online by 2035.', 'The companies did not give any details about how much the deal is worth or where the plants will be built.', 'Technology firms are increasingly turning to nuclear sources of energy to supply the electricity used by the huge data centres that drive AI. ""', 'The grid needs new electricity sources to support AI technologies,"" said Michael Terrell, senior director for energy and climate at Google. ""', 'This agreement helps accelerate a new technology to meet energy needs cleanly and reliably, and unlock the full potential of AI for everyone.""', 'The deal with Google ""is important to accelerate the commercialisation of advanced nuclear energy by demonstrating the technical and market viability of a solution critical to decarbonising power grids,” said Kairos executive Jeff Olson.', 'The plans still have to be approved by the US Nuclear Regulatory Commission as well as local agencies before they are allowed to proceed.', 'Last year, US regulators gave California-based Kairos Power the first permit in 50 years to build a new type of nuclear reactor.', 'In July, the company started construction of a demonstration reactor in Tennessee.', 'The startup specialises in the development of smaller reactors that use molten fluoride salt as a coolant instead of water, which is used by traditional nuclear plants.', 'Nuclear power, which is virtually carbon free and provides electricity 24 hours a day, has become increasingly attractive to the tech industry as it attempts to cut emissions even as it uses more energy.', 'Global energy consumption by data centres is expected to more than double by the end of the decade, according to Wall Street banking giant Goldman Sachs.', 'John Moore, Industry Editor for the TechTarget website told the BBC that AI data centres need large amounts of electricity to both power them and and keep equipment cool. ""', 'These data centres are equipped with specialised hardware... that require lots of power, that generate lots of heat"".', 'At a United Nations Climate Change Conference last year, the US joined a group of countries that want to triple their nuclear energy capacity by 2050 as part of efforts to move away from fossil fuels.', 'However, critics say nuclear power is not risk-free and produces long-lasting radioactive waste.', ""Last month, Microsoft reached a deal to restart operations at the Three Mile Island energy plant, the site of America's worst nuclear accident in 1979."", 'In March, Amazon said it would buy a nuclear-powered data centre in the state of Pennsylvania. ""', 'Google’s partnership with Kairos Power signals another major step in tech’s embrace of nuclear energy,"" said Somnath Kansabanik from research firm Rystad Energy.']",0.2995369170354108,"This agreement helps accelerate a new technology to meet energy needs cleanly and reliably, and unlock the full potential of AI for everyone.""","However, critics say nuclear power is not risk-free and produces long-lasting radioactive waste.",0.9994852989912032,"Nuclear power, which is virtually carbon free and provides electricity 24 hours a day, has become increasingly attractive to the tech industry as it attempts to cut emissions even as it uses more energy.",,2024-10-16
+"The Fed is finally cutting rates, but banks aren't in the clear just yet",https://www.cnbc.com/2024/10/10/fed-rate-cuts-boost-to-banks.html,2024-10-10T18:57:42+0000,"In this articleFalling interest rates are usually good news for banks, especially when the cuts aren't a harbinger of recession.That's because lower rates will slow the migration of money that's happened over the past two years as customers shifted cash out of checking accounts and into higher-yielding options like CDs and money market funds.When the Federal Reserve cut its benchmark rate by half a percentage point last month, it signaled a turning point in its stewardship of the economy and telegraphed its intention to reduce rates by another 2 full percentage points, according to the Fed's projections, boosting prospects for banks.But the ride probably won't be a smooth one: Persistent concerns over inflation could mean the Fed doesn't cut rates as much as expected and Wall Street's projections for improvements in net interest income — the difference in what a bank earns by lending money or investing in securities and what it pays depositors — may need to be dialed back.""The market is bouncing around based on the fact that inflation seems to be reaccelerating, and you wonder if we will see the Fed pause,"" said Chris Marinac, research director at Janney Montgomery Scott, in an interview. ""That's my struggle.""So when JPMorgan Chase kicks off bank earnings on Friday, analysts will be seeking any guidance that managers can give on net interest income in the fourth quarter and beyond. The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.While all banks are expected to ultimately benefit from the Fed's easing cycle, the timing and magnitude of that shift is unknown, based on both the rate environment and the interplay between how sensitive a bank's assets and liabilities are to falling rates.Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.But for some banks, their assets will actually reprice down faster than their deposits in the early innings of the easing cycle, which means their margins will take a hit in the coming quarters, analysts say.For large banks, NII will fall by 4% on average in the third quarter because of tepid loan growth and a lag in deposit repricing, Goldman Sachs banking analysts led by Richard Ramsden said in an Oct. 1 note. Deposit costs for large banks will still rise into the fourth quarter, the note said.Last month, JPMorgan alarmed investors when its president said that expectations for NII next year were too high, without giving further details. It's a warning that other banks may be forced to give, according to analysts.""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" JPMorgan President Daniel Pinto told investors. ""But as you know, we are quite asset sensitive.""There are offsets, however. Lower rates are expected to help the Wall Street operations of big banks because they tend to see greater deal volumes when rates are falling. Morgan Stanley analysts recommend owning Goldman Sachs, Bank of America and Citigroup for that reason, according to a Sept. 30 research note.Regional banks, which bore the brunt of the pressure from higher funding costs when rates were climbing, are seen as bigger beneficiaries of falling rates, at least initially.That's why Morgan Stanley analysts upgraded their ratings on US Bank and Zions last month, while cutting their recommendation on JPMorgan to neutral from overweight.  Bank of America and Wells Fargo have been dialing back expectations for NII throughout this year, according to Portales Partners analyst Charles Peabody. That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.""I've been questioning the pace of the ramp up in NII that people have built into their models,"" Peabody said. ""These are dynamics that are difficult to predict, even if you are the management team.""",CNBC,10/10/2024,"[""In this articleFalling interest rates are usually good news for banks, especially when the cuts aren't a harbinger of recession."", ""That's because lower rates will slow the migration of money that's happened over the past two years as customers shifted cash out of checking accounts and into higher-yielding options like CDs and money market funds."", ""When the Federal Reserve cut its benchmark rate by half a percentage point last month, it signaled a turning point in its stewardship of the economy and telegraphed its intention to reduce rates by another 2 full percentage points, according to the Fed's projections, boosting prospects for banks."", ""But the ride probably won't be a smooth one: Persistent concerns over inflation could mean the Fed doesn't cut rates as much as expected and Wall Street's projections for improvements in net interest income — the difference in what a bank earns by lending money or investing in securities and what it pays depositors — may need to be dialed back."", '""The market is bouncing around based on the fact that inflation seems to be reaccelerating, and you wonder if we will see the Fed pause,"" said Chris Marinac, research director at Janney Montgomery Scott, in an interview. ""', ""That's my struggle."", '""So when JPMorgan Chase kicks off bank earnings on Friday, analysts will be seeking any guidance that managers can give on net interest income in the fourth quarter and beyond.', 'The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.', ""While all banks are expected to ultimately benefit from the Fed's easing cycle, the timing and magnitude of that shift is unknown, based on both the rate environment and the interplay between how sensitive a bank's assets and liabilities are to falling rates."", 'Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.', 'But for some banks, their assets will actually reprice down faster than their deposits in the early innings of the easing cycle, which means their margins will take a hit in the coming quarters, analysts say.', 'For large banks, NII will fall by 4% on average in the third quarter because of tepid loan growth and a lag in deposit repricing, Goldman Sachs banking analysts led by Richard Ramsden said in an Oct. 1 note.', 'Deposit costs for large banks will still rise into the fourth quarter, the note said.', 'Last month, JPMorgan alarmed investors when its president said that expectations for NII next year were too high, without giving further details.', ""It's a warning that other banks may be forced to give, according to analysts."", '""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" JPMorgan President Daniel Pinto told investors. ""', 'But as you know, we are quite asset sensitive.', '""There are offsets, however.', 'Lower rates are expected to help the Wall Street operations of big banks because they tend to see greater deal volumes when rates are falling.', 'Morgan Stanley analysts recommend owning Goldman Sachs, Bank of America and Citigroup for that reason, according to a Sept. 30 research note.', 'Regional banks, which bore the brunt of the pressure from higher funding costs when rates were climbing, are seen as bigger beneficiaries of falling rates, at least initially.', ""That's why Morgan Stanley analysts upgraded their ratings on US Bank and Zions last month, while cutting their recommendation on JPMorgan to neutral from overweight."", 'Bank of America and Wells Fargo have been dialing back expectations for NII throughout this year, according to Portales Partners analyst Charles Peabody.', 'That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.', '""I\'ve been questioning the pace of the ramp up in NII that people have built into their models,"" Peabody said. ""', 'These are dynamics that are difficult to predict, even if you are the management team.""']",0.0806755732553106,"Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.","That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.",0.0134602338075637,"Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.","The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.",2024-10-16
+GM to invest $625 million in joint venture to mine EV battery raw materials in U.S.,https://www.cnbc.com/2024/10/16/gm-lithium-americas-joint-venture.html,2024-10-16T16:55:42+0000,"In this articleDETROIT — General Motors has agreed to establish a joint venture with Lithium Americas Corp. that includes the automaker supplying $625 million in cash and credit to the Canadian mining business, the companies announced Wednesday.The deal is centered on the development, construction and operation of a lithium carbonate mining operation called Thacker Pass in Humboldt County, Nevada. Lithium is a key component for batteries that power electric vehicles.Securing raw materials such as lithium from the U.S. is crucial to GM's plans to profitably grow its all-electric vehicle business and meet tightening federal requirements for incentives to produce and sell the vehicles and the large batteries needed to power them.""We're pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,"" Jeff Morrison, GM senior vice president of global purchasing and supply chain, said in a release. ""Sourcing critical EV raw materials, like lithium, from suppliers in the U.S., is expected to help us manage battery cell costs, deliver value to our customers and investors, and create jobs.""The announcement sent shares of Lithium Americas roughly 10% higher in early trading Wednesday to around $3. The stock had jumped more than 20% during premarket trading on the agreement, which had previously been announced as an equity deal.GM will have a 38% interest in Thacker Pass, according to the release. The joint venture investment is expected to include $330 million cash to be contributed on the date of its closing; $100 million cash to be contributed at a ""final investment decision"" for a phase of the project; and a $195 million letter of credit facility prior to first draw on the $2.3 billion Department of Energy Loan.""Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass,"" Lithium Americas CEO Jonathan Evans said in a release.The joint venture is in addition to GM's $320 million investment into Lithium Americas in February 2023. The investment included GM acquiring approximately 15 million common shares of Lithium Americas.In August, GM and Lithium Americas agreed to delay a second tranche investment worth $330 million in the miner to explore alternative structures for the investment.",CNBC,16/10/2024,"['In this articleDETROIT — General Motors has agreed to establish a joint venture with Lithium Americas Corp. that includes the automaker supplying $625 million in cash and credit to the Canadian mining business, the companies announced Wednesday.', 'The deal is centered on the development, construction and operation of a lithium carbonate mining operation called Thacker Pass in Humboldt County, Nevada.', 'Lithium is a key component for batteries that power electric vehicles.', ""Securing raw materials such as lithium from the U.S. is crucial to GM's plans to profitably grow its all-electric vehicle business and meet tightening federal requirements for incentives to produce and sell the vehicles and the large batteries needed to power them."", '""We\'re pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,"" Jeff Morrison, GM senior vice president of global purchasing and supply chain, said in a release. ""', 'Sourcing critical EV raw materials, like lithium, from suppliers in the U.S., is expected to help us manage battery cell costs, deliver value to our customers and investors, and create jobs.', '""The announcement sent shares of Lithium Americas roughly 10% higher in early trading Wednesday to around $3.', 'The stock had jumped more than 20% during premarket trading on the agreement, which had previously been announced as an equity deal.', 'GM will have a 38% interest in Thacker Pass, according to the release.', 'The joint venture investment is expected to include $330 million cash to be contributed on the date of its closing; $100 million cash to be contributed at a ""final investment decision"" for a phase of the project; and a $195 million letter of credit facility prior to first draw on the $2.3 billion Department of Energy Loan.', '""Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass,"" Lithium Americas CEO Jonathan Evans said in a release.', ""The joint venture is in addition to GM's $320 million investment into Lithium Americas in February 2023."", 'The investment included GM acquiring approximately 15 million common shares of Lithium Americas.', 'In August, GM and Lithium Americas agreed to delay a second tranche investment worth $330 million in the miner to explore alternative structures for the investment.']",0.4169385419423989,"""We're pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,"" Jeff Morrison, GM senior vice president of global purchasing and supply chain, said in a release. """,,0.998701237142086,"""Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass,"" Lithium Americas CEO Jonathan Evans said in a release.",,2024-10-16
+Obesity: Unemployed could get weight loss jabs to return to work,https://www.bbc.co.uk/news/articles/cjd54zd0ezjo,2024-10-15T04:23:54.468Z,"Proposals to give weight loss jabs to unemployed people living with obesity could be ""very important"" for our economy and health, the prime minister has told the BBC. Sir Keir Starmer said he acknowledged that more money was needed for the NHS, and the government also needed to ""think differently"" to ease pressure on the health system. His comments came after Health Secretary Wes Streeting said the jabs could be given to help people get back into work. Some injections are already prescribed on the NHS for the treatment of obesity, and  also for people with diabetes. Sir Keir told the BBC the jabs would be ""very helpful"" to people who want and need to lose weight. ""[The drug is] very important for our NHS, because, yes we need more money for the NHS, but we've also got to think differently"". Streeting suggested the medicines could be ""life changing"" for individuals.  In an opinion piece for the Telegraph, the health secretary wrote: ""Widening waistbands are also placing significant burden on our health service."" ""The long-term benefits of these drugs could be monumental in our approach to tackling obesity."" The NHS's latest Health Survey for England shows in 2022, 29% of adults in England were obese and 64% were deemed to be overweight.  Illnesses relating to obesity cost the NHS £11bn a year, Streeting said.   Obesity has also been linked to the development of type 2 diabetes, with the NHS spending around £10bn a year - 9% of its budget - to care for people with diabetes.  His words came as the government announced a five-year trial in Greater Manchester of the weight loss drug Mounjaro. Mounjaro's maker, Lilly - the world's largest pharmaceutical company - is investing £279m as part of the trial, which will look at whether using the drug will reduce worklessness and NHS use. NHS officials have suggested the roll-out of the drug across England will need to be staggered due to anticipated high levels of demand. Nearly 250,000 people are expected to receive the Mounjaro jab over the next three years, officials said. The health secretary added the weight-loss injections could benefit the economy too, reducing the number of sick days caused by obesity. ""Illness caused by obesity causes people to take an extra four sick days a year on average, while many others are forced out of work altogether,"" he said. However, individuals will still need to remain responsible for taking ""healthy living more seriously"", as the ""NHS can't be expected to always pick up the tab for unhealthy lifestyles"", he said.  ""As a country, we’re eating more, eating less healthily and exercising less. The costs to the individual are clear – a less healthy and shorter life."" Obesity policy specialist Dr Dolly van Tulleken said the idea was unrealistic as the eligible population for this plan was ""in the millions"" with specialist weight management services only able to treat 49,000 per year. She said the policy idea of incentivising unemployed people who are obese, was not new, and had previously gone down ""very badly"".  Speaking to the Today programme, she said the plans look at people based on ""their potential economic value"" rather than their needs. Some weight loss medicines are already prescribed by the NHS. The medication which supresses appetite is sold under the brand names Wegovy - used to treat obesity - and Ozempic, for diabetes. It comes in the form of an injection and mimics the hormone GLP-1, making people feel fuller and less hungry. Experts have warned in the past that the drug is not a quick fix or a replacement for eating well and exercising, and should only be offered under medical supervision. Former health minister Lord Bethell said the NHS would have to make ""concrete steps to pivot to prevention so that we’re not simply medicalising the national obesity problem."" Amanda Pritchard, the chief executive of the NHS, said the drugs would be a ""game-changer"" for public health and could reduce the risk of diabetes, heart attacks and strokes.  David A Ricks, the chairman and chief executive of Lilly, said: “We welcome this opportunity to partner with the UK Government on tackling and preventing disease, and accelerating innovation to advance care delivery models.”  ",BBC,15/10/2024,"['Proposals to give weight loss jabs to unemployed people living with obesity could be ""very important"" for our economy and health, the prime minister has told the BBC.', 'Sir Keir Starmer said he acknowledged that more money was needed for the NHS, and the government also needed to ""think differently"" to ease pressure on the health system.', 'His comments came after Health Secretary Wes Streeting said the jabs could be given to help people get back into work.', 'Some injections are already prescribed on the NHS for the treatment of obesity, and also for people with diabetes.', 'Sir Keir told the BBC the jabs would be ""very helpful"" to people who want and need to lose weight. ""[', 'The drug is] very important for our NHS, because, yes we need more money for the NHS, but we\'ve also got to think differently"".', 'Streeting suggested the medicines could be ""life changing"" for individuals.', 'In an opinion piece for the Telegraph, the health secretary wrote: ""Widening waistbands are also placing significant burden on our health service."" ""', 'The long-term benefits of these drugs could be monumental in our approach to tackling obesity.""', ""The NHS's latest Health Survey for England shows in 2022, 29% of adults in England were obese and 64% were deemed to be overweight."", 'Illnesses relating to obesity cost the NHS £11bn a year, Streeting said.', 'Obesity has also been linked to the development of type 2 diabetes, with the NHS spending around £10bn a year - 9% of its budget - to care for people with diabetes.', 'His words came as the government announced a five-year trial in Greater Manchester of the weight loss drug Mounjaro.', ""Mounjaro's maker, Lilly - the world's largest pharmaceutical company - is investing £279m as part of the trial, which will look at whether using the drug will reduce worklessness and NHS use."", 'NHS officials have suggested the roll-out of the drug across England will need to be staggered due to anticipated high levels of demand.', 'Nearly 250,000 people are expected to receive the Mounjaro jab over the next three years, officials said.', 'The health secretary added the weight-loss injections could benefit the economy too, reducing the number of sick days caused by obesity. ""', 'Illness caused by obesity causes people to take an extra four sick days a year on average, while many others are forced out of work altogether,"" he said.', 'However, individuals will still need to remain responsible for taking ""healthy living more seriously"", as the ""NHS can\'t be expected to always pick up the tab for unhealthy lifestyles"", he said. ""', 'As a country, we’re eating more, eating less healthily and exercising less.', 'The costs to the individual are clear – a less healthy and shorter life.""', 'Obesity policy specialist Dr Dolly van Tulleken said the idea was unrealistic as the eligible population for this plan was ""in the millions"" with specialist weight management services only able to treat 49,000 per year.', 'She said the policy idea of incentivising unemployed people who are obese, was not new, and had previously gone down ""very badly"".', 'Speaking to the Today programme, she said the plans look at people based on ""their potential economic value"" rather than their needs.', 'Some weight loss medicines are already prescribed by the NHS.', 'The medication which supresses appetite is sold under the brand names Wegovy - used to treat obesity - and Ozempic, for diabetes.', 'It comes in the form of an injection and mimics the hormone GLP-1, making people feel fuller and less hungry.', 'Experts have warned in the past that the drug is not a quick fix or a replacement for eating well and exercising, and should only be offered under medical supervision.', 'Former health minister Lord Bethell said the NHS would have to make ""concrete steps to pivot to prevention so that we’re not simply medicalising the national obesity problem.""', 'Amanda Pritchard, the chief executive of the NHS, said the drugs would be a ""game-changer"" for public health and could reduce the risk of diabetes, heart attacks and strokes.', 'David A Ricks, the chairman and chief executive of Lilly, said: “We welcome this opportunity to partner with the UK Government on tackling and preventing disease, and accelerating innovation to advance care delivery models.”']",0.0045229582831337,"David A Ricks, the chairman and chief executive of Lilly, said: “We welcome this opportunity to partner with the UK Government on tackling and preventing disease, and accelerating innovation to advance care delivery models.”","Illness caused by obesity causes people to take an extra four sick days a year on average, while many others are forced out of work altogether,"" he said.",0.0099537457738603,"The health secretary added the weight-loss injections could benefit the economy too, reducing the number of sick days caused by obesity. ""","She said the policy idea of incentivising unemployed people who are obese, was not new, and had previously gone down ""very badly"".",2024-10-16
+UK inflation: Surprise fall in paves way for interest rate cuts,https://www.bbc.co.uk/news/articles/czxde3779lxo,2024-10-16T06:00:33.982Z,"UK inflation fell unexpectedly to 1.7% in the year to September, the lowest rate in three-and-a-half years. It means the annual rate prices are rising at is now below the Bank of England's 2% target, paving the way for further interest rate cuts. Lower airfares and petrol prices were the main drivers behind the surprise slowdown, official figures showed. Separately, September's inflation figure is also normally used to set how much many benefits will rise by next April. UK interest rates are currently at 5%. The Bank made a first cut in August but decided to hold them last month.  It is already widely expected that they will be cut in November. But the lower-than-expected inflation rate has also opened the door for a December cut too, according to Susannah Streeter, of investment firm Hargreaves Lansdown. Danni Hewson, head of financial analysis at AJ Bell, said a 0.25 percentage point cut was ""pretty much nailed on"" for November and expectations of a second cut in December had ""jumped up"". Yael Selfin, chief economist at KPMG UK, warned that although the Bank would be likely to drop rates next month, inflation is likely to rise again with household energy bills increasing this month by around 10%. The Bank's base interest rate heavily influences the rates High Street banks and other money lenders charge customers for loans, as well as credit cards. The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns. Increased mortgage repayments for landlords can also result higher rents. The cost of living has surged in recent years, with inflation peaking at 11% in 2022 - way above the Bank of England's 2% target, partly due to the increase in energy prices following Russia's invasion of Ukraine. To try to slow price rises, the Bank increased rates to encourage people to spend less, and bring inflation down. While the rate has dropped, falling inflation does not mean the goods and services are coming down in price overall, it is just that they are rising at a slower pace. Maria is a helper at a St Andrew’s Community Network food pantry in Liverpool where people pay £3.50 a week to get fresh groceries and tinned goods worth about £25. She also uses the food pantry, and says life would be ""really difficult"" without it. Maria is able to take her kids out ""once in a blue moon"" when she has money left over, ""but I’ve got to prioritise food, heating, gas, lecky"". ""I’ve noticed the prices in Asda and Aldi’s gone right up,"" she said. ""You don’t get enough money to cover it."" The surprise fall in inflation last month to 1.7, down from 2.2% in August, was mainly driven by airfares and fuel. Petrol and diesel prices were significantly lower, dropping by 10.4% in September compared with the same month a year earlier. Airfare prices for domestic, European and long-haul flights normally fall after the summer rush, but they fell more than normal last month. However, food and non-alcoholic drink prices rose, with costs jumping for milk, cheese, eggs, soft drinks and fruit. This was the first time food price inflation has risen March last year. Chief secretary to the Treasury, Darren Jones, said the drop in the pace of price rises overall would be ""welcome news for millions of families"". He added that the government is ""focused on bringing back growth and restoring economic stability to deliver on the promise of change"". The surprise fall in the UK's inflation rate comes ahead of this month's Budget, with Chancellor Rachel Reeves looking to make tax rises and spending cuts to the value of £40bn. Reeves, who is finalising details of her first Budget on 30 October, warned ministers there would be ""difficult decisions on spending, welfare, and tax"". She is drawing up plans to find £40bn to avoid real-terms cuts to government departments, sources have said. September's inflation data is normally used to calculate how much many benefits go up in April. This includes the biggest: universal credit, which goes up at the government's discretion. All the main disability benefits - personal independence payment, attendance allowance and disability living allowance - as well as carer’s allowance, go up by at least September's inflation rate by law. The government has said it wants to shrink the UK's annual disability and incapacity benefits bill. A rise of 1.7% for benefits would be less than April's expected rise in the state pension of 4.1%, which is determined by the so-called triple lock. ",BBC,16/10/2024,"['UK inflation fell unexpectedly to 1.7% in the year to September, the lowest rate in three-and-a-half years.', ""It means the annual rate prices are rising at is now below the Bank of England's 2% target, paving the way for further interest rate cuts."", 'Lower airfares and petrol prices were the main drivers behind the surprise slowdown, official figures showed.', ""Separately, September's inflation figure is also normally used to set how much many benefits will rise by next April."", 'UK interest rates are currently at 5%.', 'The Bank made a first cut in August but decided to hold them last month.', 'It is already widely expected that they will be cut in November.', 'But the lower-than-expected inflation rate has also opened the door for a December cut too, according to Susannah Streeter, of investment firm Hargreaves Lansdown.', 'Danni Hewson, head of financial analysis at AJ Bell, said a 0.25 percentage point cut was ""pretty much nailed on"" for November and expectations of a second cut in December had ""jumped up"".', 'Yael Selfin, chief economist at KPMG UK, warned that although the Bank would be likely to drop rates next month, inflation is likely to rise again with household energy bills increasing this month by around 10%.', ""The Bank's base interest rate heavily influences the rates High Street banks and other money lenders charge customers for loans, as well as credit cards."", 'The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns.', 'Increased mortgage repayments for landlords can also result higher rents.', ""The cost of living has surged in recent years, with inflation peaking at 11% in 2022 - way above the Bank of England's 2% target, partly due to the increase in energy prices following Russia's invasion of Ukraine."", 'To try to slow price rises, the Bank increased rates to encourage people to spend less, and bring inflation down.', 'While the rate has dropped, falling inflation does not mean the goods and services are coming down in price overall, it is just that they are rising at a slower pace.', 'Maria is a helper at a St Andrew’s Community Network food pantry in Liverpool where people pay £3.50 a week to get fresh groceries and tinned goods worth about £25.', 'She also uses the food pantry, and says life would be ""really difficult"" without it.', 'Maria is able to take her kids out ""once in a blue moon"" when she has money left over, ""but I’ve got to prioritise food, heating, gas, lecky"". ""', 'I’ve noticed the prices in Asda and Aldi’s gone right up,"" she said. ""', 'You don’t get enough money to cover it.""', 'The surprise fall in inflation last month to 1.7, down from 2.2% in August, was mainly driven by airfares and fuel.', 'Petrol and diesel prices were significantly lower, dropping by 10.4% in September compared with the same month a year earlier.', 'Airfare prices for domestic, European and long-haul flights normally fall after the summer rush, but they fell more than normal last month.', 'However, food and non-alcoholic drink prices rose, with costs jumping for milk, cheese, eggs, soft drinks and fruit.', 'This was the first time food price inflation has risen March last year.', 'Chief secretary to the Treasury, Darren Jones, said the drop in the pace of price rises overall would be ""welcome news for millions of families"".', 'He added that the government is ""focused on bringing back growth and restoring economic stability to deliver on the promise of change"".', ""The surprise fall in the UK's inflation rate comes ahead of this month's Budget, with Chancellor Rachel Reeves looking to make tax rises and spending cuts to the value of £40bn."", 'Reeves, who is finalising details of her first Budget on 30 October, warned ministers there would be ""difficult decisions on spending, welfare, and tax"".', 'She is drawing up plans to find £40bn to avoid real-terms cuts to government departments, sources have said.', ""September's inflation data is normally used to calculate how much many benefits go up in April."", ""This includes the biggest: universal credit, which goes up at the government's discretion."", ""All the main disability benefits - personal independence payment, attendance allowance and disability living allowance - as well as carer’s allowance, go up by at least September's inflation rate by law."", ""The government has said it wants to shrink the UK's annual disability and incapacity benefits bill."", ""A rise of 1.7% for benefits would be less than April's expected rise in the state pension of 4.1%, which is determined by the so-called triple lock.""]",0.1397010178082414,"He added that the government is ""focused on bringing back growth and restoring economic stability to deliver on the promise of change"".","But the lower-than-expected inflation rate has also opened the door for a December cut too, according to Susannah Streeter, of investment firm Hargreaves Lansdown.",0.1262616467475891,"The higher level has meant people are paying more to borrow money for things like mortgages, but savers have also received better returns.","UK inflation fell unexpectedly to 1.7% in the year to September, the lowest rate in three-and-a-half years.",2024-10-16
+"Delta sales guidance disappoints, CEO says airline expects lower demand around the election",https://www.cnbc.com/2024/10/10/delta-air-lines-dal-3q-2024-earnings.html,2024-10-10T14:13:43+0000,"In this articleDelta Air Lines expects to grow earnings in the fourth quarter, thanks to resilient travel demand and strong bookings for year-end holidays.The Atlanta-based carrier on Thursday forecast fourth-quarter adjusted earnings of $1.60 to $1.85 per share, compared with Wall Street estimates of $1.71, according to LSEG, and above the adjusted $1.28 per share it reported a year earlier.Revenue will likely rise between 2% and 4% from a a year earlier, compared with estimates of a 4.1% increase. The carrier warned it expects a 1-point revenue hit from lower demand before and after the Nov. 5 U.S. presidential election.""We do anticipate seeing a little choppiness around the election, which we've seen in past national elections,"" CEO Ed Bastian said in an interview. ""Consumers will, I think, take a little bit of pause in making investment decisions, whether its discretionary or other things. I think you're going to hear other industries talking about that as well.""He added that holiday bookings are very strong.Here's how Delta performed in the third quarter, compared with Wall Street expectations based on consensus estimates from LSEG:Delta reiterated that the CrowdStrike outage in July amounted to a 45-cent hit to adjusted earnings, which came in at $1.50 per share, slightly below analyst estimates. Delta struggled to recover after the outage, which took thousands of Microsoft Windows machines offline, and prompted the airline to cancel thousands of flights. The incident was a $380 million hit to revenue, Delta said.Bastian has said Delta is seeking compensation from CrowdStrike and Microsoft from the outage.""The havoc that was created deserves, in my opinion, to be fully compensated for,"" he told CNBC. ""This matter is now in the hands of our attorneys. We hope that we'll see a resolution but we keep all of our options open.""Still, Delta's net income rose 15% from a year earlier to $1.27 billion in the three months ended Sept. 30, with total revenue up 1% to $15.68 billion. Passenger revenue was steady from last year, but sales from premium offerings like first class continued to outpace the main cabin.An oversupplied domestic market had kept a lid on airfare but Delta's president, Glen Hauenstein, said the airline ""industry supply growth continues to rationalize, positioning Delta well in the final quarter of the year and as we move into 2025."" The carrier plans to expand capacity 3% to 4% in the fourth quarter.Delta said it still expects its full-year adjusted earnings to come in between $6 and $7 a share, excluding the CrowdStrike impact.",CNBC,10/10/2024,"['In this articleDelta Air Lines expects to grow earnings in the fourth quarter, thanks to resilient travel demand and strong bookings for year-end holidays.', 'The Atlanta-based carrier on Thursday forecast fourth-quarter adjusted earnings of $1.60 to $1.85 per share, compared with Wall Street estimates of $1.71, according to LSEG, and above the adjusted $1.28 per share it reported a year earlier.', 'Revenue will likely rise between 2% and 4% from a a year earlier, compared with estimates of a 4.1% increase.', 'The carrier warned it expects a 1-point revenue hit from lower demand before and after the Nov. 5 U.S. presidential election.', '""We do anticipate seeing a little choppiness around the election, which we\'ve seen in past national elections,"" CEO Ed Bastian said in an interview. ""', 'Consumers will, I think, take a little bit of pause in making investment decisions, whether its discretionary or other things.', ""I think you're going to hear other industries talking about that as well."", '""He added that holiday bookings are very strong.', ""Here's how Delta performed in the third quarter,compared with Wall Street expectations based on consensus estimates from LSEG:Delta reiterated that the CrowdStrike outage in July amounted to a 45-cent hit to adjusted earnings, which came in at $1.50 per share, slightly below analyst estimates."", 'Delta struggled to recover after the outage, which took thousands of Microsoft Windows machines offline, and prompted the airline to cancel thousands of flights.', 'The incident was a $380 million hit to revenue, Delta said.', 'Bastian has said Delta is seeking compensation from CrowdStrike and Microsoft from the outage.', '""The havoc that was created deserves, in my opinion, to be fully compensated for,"" he told CNBC. ""', 'This matter is now in the hands of our attorneys.', ""We hope that we'll see a resolution but we keep all of our options open."", '""Still, Delta\'s net income rose 15% from a year earlier to $1.27 billion in the three months ended Sept. 30, with total revenue up 1% to $15.68 billion.', 'Passenger revenue was steady from last year, but sales from premium offerings like first class continued to outpace the main cabin.', 'An oversupplied domestic market had kept a lid on airfare but Delta\'s president, Glen Hauenstein, said the airline ""industry supply growth continues to rationalize, positioning Delta well in the final quarter of the year and as we move into 2025.""', 'The carrier plans to expand capacity 3% to 4% in the fourth quarter.', 'Delta said it still expects its full-year adjusted earnings to come in between $6 and $7 a share, excluding the CrowdStrike impact.']",0.1720795707729175,"In this articleDelta Air Lines expects to grow earnings in the fourth quarter, thanks to resilient travel demand and strong bookings for year-end holidays.","Delta struggled to recover after the outage, which took thousands of Microsoft Windows machines offline, and prompted the airline to cancel thousands of flights.",0.1456515959330967,"""Still, Delta's net income rose 15% from a year earlier to $1.27 billion in the three months ended Sept. 30, with total revenue up 1% to $15.68 billion.","Here's how Delta performed in the third quarter,compared with Wall Street expectations based on consensus estimates from LSEG:Delta reiterated that the CrowdStrike outage in July amounted to a 45-cent hit to adjusted earnings, which came in at $1.50 per share, slightly below analyst estimates.",2024-10-16
+When is the Budget and what might be in it?,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. She has already warned that it will involve ""difficult decisions"" on tax, spending and benefits.  Prime Minister Sir Keir Starmer told the BBC the ""tough"" Budget will ""focus on rebuilding our country"". Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The speech outlines the government's plans for raising or lowering taxes.  It also includes big decisions about spending on health, schools, police and other public services. The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget in March 2024, before the general election. But after a change of government, the new chancellor holds another Budget to set out their financial priorities. The 2024 autumn Budget is on Wednesday 30 October. The Budget speech usually starts at about 12:30 UK time and lasts about an hour. It will be broadcast live on the BBC iPlayer and on the BBC News website. The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down. The government has repeatedly said that boosting growth in the economy is its key  priority. Reeves has talked about the ""long-term prize"" that would follow if Labour can restore stability, while Sir Keir has said he will “do everything in my power"" to galvanise growth. A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises. Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries. However, the UK economy stalled in June and July before returning to modest growth in August. When Labour took power in July, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny. She said she was facing a £22bn ""black hole"", and warned that the government would have to raise taxes as a result. This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years. Influential think tank the Institute for Fiscal Studies (IFS) suggested that - in order for the government to meet its pre-election promises - Reeves would have to raise £16bn more on top of the £9bn in tax rises set out in the Labour manifesto. In October, government sources told the BBC the Budget would include tax rises and spending cuts to the value of £40bn.   At the election Labour promised not to increase taxes on ""working people"", and said it would not raise VAT (value added tax), income tax or National Insurance (NI). But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises:  National Insurance contributions by employers The prime minister and the chancellor have both refused to rule out an increase in employer NI payments. Reeves has said Labour's election pledge related to the employee element. Employers currently pay NI on their workers' earnings at a rate of 13.8%. At the moment companies do not pay NI on pension contributions they make for staff, but reports have suggested this could change. Businesses have argued that raising NI for employers will make it harder to hire staff and create jobs. Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments. It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay. For higher earners, the levy is currently 24% on gains from selling additional property, or 20% on profits from other assets like shares. There has been speculation that rate could be increased in the Budget, although the prime minister appeared to dismiss suggestions that it could rise as high as 39%. Some argue CGT rates should rise as they are lower than income tax and therefore benefit the wealthy. Others say that raising the rates will hit Labour's plans to grow the economy. Pension taxation There are various ways the chancellor could raise more money by changing the way private pensions are taxed.  That could include reducing the cap on tax-free lump sums from pension pots, cutting the tax break for employers putting money into employees' pensions, or changing the system of tax relief on pension contributions. At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%. The government could introduce a single flat rate of relief which would make the system less generous for higher earners, although reports have suggested this is now an unlikely move. Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. As a result, they do not pay UK tax on money they make elsewhere. In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions. Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they could bring in less money than expected. Gambling tax Reports suggest the government is considering extra taxes on gambling companies - a rumour that led the shares of UK-based bookmakers to fall. It is not clear how likely this is, with other commentary suggesting the Treasury is distancing itself from such a move. Fuel duty Fuel duty has not risen in more than a decade. It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine. However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities. State pension The state pension is set to rise by 4% in April 2025. The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget. VAT on private schools The government has said VAT will be added to private school fees from 1 January. Some private schools will lose business rates relief. Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK. The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030. The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech. It gives more details about the measures announced and what they will cost. The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.  MPs will spend several days debating the plans. They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law. ",BBC,18/09/2024,"[""Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October."", 'She has already warned that it will involve ""difficult decisions"" on tax, spending and benefits.', 'Prime Minister Sir Keir Starmer told the BBC the ""tough"" Budget will ""focus on rebuilding our country"".', ""Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons."", ""The speech outlines the government's plans for raising or lowering taxes."", 'It also includes big decisions about spending on health, schools, police and other public services.', 'The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget in March 2024, before the general election.', 'But after a change of government, the new chancellor holds another Budget to set out their financial priorities.', 'The 2024 autumn Budget is on Wednesday 30 October.', 'The Budget speech usually starts at about 12:30 UK time and lasts about an hour.', 'It will be broadcast live on the BBC iPlayer and on the BBC News website.', 'The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down.', 'The government has repeatedly said that boosting growth in the economy is its key priority.', 'Reeves has talked about the ""long-term prize"" that would follow if Labour can restore stability, while Sir Keir has said he will “do everything in my power"" to galvanise growth.', 'A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises.', 'Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.', 'However, the UK economy stalled in June and July before returning to modest growth in August.', 'When Labour took power in July, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.', 'She said she was facing a £22bn ""black hole"", and warned that the government would have to raise taxes as a result.', 'This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years.', 'Influential think tank the Institute for Fiscal Studies (IFS) suggested that - in order for the government to meet its pre-election promises - Reeves would have to raise £16bn more on top of the £9bn in tax rises set out in the Labour manifesto.', 'In October, government sources told the BBC the Budget would include tax rises and spending cuts to the value of £40bn.', 'At the election Labour promised not to increase taxes on ""working people"", and said it would not raise VAT (value added tax), income tax or National Insurance (NI).', 'But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises: National Insurance contributions by employers The prime minister and the chancellor have both refused to rule out an increase in employer NI payments.', ""Reeves has said Labour's election pledge related to the employee element."", ""Employers currently pay NI on their workers' earnings at a rate of 13.8%."", 'At the moment companies do not pay NI on pension contributions they make for staff, but reports have suggested this could change.', 'Businesses have argued that raising NI for employers will make it harder to hire staff and create jobs.', 'Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments.', 'It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay.', 'For higher earners, the levy is currently 24% on gains from selling additional property, or 20% on profits from other assets like shares.', 'There has been speculation that rate could be increased in the Budget, although the prime minister appeared to dismiss suggestions that it could rise as high as 39%.', 'Some argue CGT rates should rise as they are lower than income tax and therefore benefit the wealthy.', ""Others say that raising the rates will hit Labour's plans to grow the economy."", 'Pension taxation There are various ways the chancellor could raise more money by changing the way private pensions are taxed.', ""That could include reducing the cap on tax-free lump sums from pension pots, cutting the tax break for employers putting money into employees' pensions, or changing the system of tax relief on pension contributions."", 'At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%.', 'The government could introduce a single flat rate of relief which would make the system less generous for higher earners, although reports have suggested this is now an unlikely move.', 'Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'As a result, they do not pay UK tax on money they make elsewhere.', 'In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions.', 'Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they could bring in less money than expected.', 'Gambling tax Reports suggest the government is considering extra taxes on gambling companies - a rumour that led the shares of UK-based bookmakers to fall.', 'It is not clear how likely this is, with other commentary suggesting the Treasury is distancing itself from such a move.', 'Fuel duty Fuel duty has not risen in more than a decade.', ""It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine."", 'However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'State pension The state pension is set to rise by 4% in April 2025.', 'The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget.', 'VAT on private schools The government has said VAT will be added to private school fees from 1 January.', 'Some private schools will lose business rates relief.', 'Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK.', 'The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030.', 'The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech.', 'It gives more details about the measures announced and what they will cost.', 'The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.', 'MPs will spend several days debating the plans.', 'They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law.']",0.1217717757997723,"For higher earners, the levy is currently 24% on gains from selling additional property, or 20% on profits from other assets like shares.","When Labour took power in July, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.",0.0946753566915338,"Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.","However, the UK economy stalled in June and July before returning to modest growth in August.",2024-10-16
+"WNBA to expand Finals to 7 games, add to regular season next year",https://www.cnbc.com/2024/10/11/wnba-finals-to-be-7-games-in-2025-season.html,2024-10-11T17:57:21+0000,"Basketball fans will have even more chances to see their favorite stars play in the Women's National Basketball Association in the 2025 season.WNBA Commissioner Cathy Engelbert announced that the league will expand its regular season from 40 games to 44 games, and its Finals series from five games to seven games, both beginning next year. The Finals round will be a 2-2-1-1-1 format for home games, with the higher seed hosting first.The three-game first round of the playoffs will alternate hosts, instead of the higher seed hosting the first two games before switching, like it did this season.Engelbert said the league has considered the playoff changes since the Covid-19 pandemic, but the surge in its popularity and introduction of charter flights for teams was the final push needed to implement the new playoff format.""The league's growth and increased demand for WNBA basketball made this the ideal time to expand the schedule, lengthen the Finals and provide fans more opportunities to see the best players in the world compete at the highest level,"" Engelbert said during a Thursday press conference.The schedule is not the only thing expanding in next year's season. The Golden State Valkyries will debut in 2025 as the league's 13th team. Two more expansion teams have been announced, one in Toronto and one in Portland, and there are discussions in the works to lock in a city for the 16th team, Engelbert said Thursday. The Toronto and Portland teams, which are both unnamed, will start play in 2026.The additions come as the WNBA is rapidly increasing in popularity, which led to the league's most-recent media rights deal being worth $2.2 billion for 11 seasons, CNBC previously reported. The league's media contract is negotiated within the National Basketball Association's deal.Viewership, attendance and engagement numbers all increased for the 2024 season, and in some cases set new records. The influx of exciting rookies such as Caitlin Clark and Angel Reese, in combination with established stars such as Breanna Stewart and A'ja Wilson, who are the respective 2023 and 2024 MVPs, contributed to the surge.As the league has grown in popularity, more players have said they experienced racism or online harassment. When Engelbert appeared on CNBC last month, she did not outright condemn either when asked about the issue, sparking criticism. Engelbert later clarified and condemned ""hate or racism.""The WNBA is not the only women's sports league growing in popularity, and media executives and investors are taking notice. Both RedBird IMI's Jeff Zucker and Endeavor executive chairman Patrick Whitesell spoke to CNBC about the enticing opportunities across women's sports.This year's Finals are currently underway between the Minnesota Lynx and the New York Liberty. The Lynx are up 1-0 in the best-of-five series after winning in an overtime thriller Thursday night.",CNBC,11/10/2024,"[""Basketball fans will have even more chances to see their favorite stars play in the Women's National Basketball Association in the 2025 season."", 'WNBA Commissioner Cathy Engelbert announced that the league will expand its regular season from 40 games to 44 games, and its Finals series from five games to seven games, both beginning next year.', 'The Finals round will be a 2-2-1-1-1 format for home games, with the higher seed hosting first.', 'The three-game first round of the playoffs will alternate hosts, instead of the higher seed hosting the first two games before switching, like it did this season.', 'Engelbert said the league has considered the playoff changes since the Covid-19 pandemic, but the surge in its popularity and introduction of charter flights for teams was the final push needed to implement the new playoff format.', '""The league\'s growth and increased demand for WNBA basketball made this the ideal time to expand the schedule, lengthen the Finals and provide fans more opportunities to see the best players in the world compete at the highest level,"" Engelbert said during a Thursday press conference.', ""The schedule is not the only thing expanding in next year's season."", ""The Golden State Valkyries will debut in 2025 as the league's 13th team."", 'Two more expansion teams have been announced, one in Toronto and one in Portland, and there are discussions in the works to lock in a city for the 16th team, Engelbert said Thursday.', ""The Toronto and Portland teams, which are both unnamed, will start play in 2026.The additions come as the WNBA is rapidly increasing in popularity, which led to the league's most-recent media rights deal being worth $2.2 billion for 11 seasons, CNBC previously reported."", ""The league's media contract is negotiated within the National Basketball Association's deal."", 'Viewership, attendance and engagement numbers all increased for the 2024 season, and in some cases set new records.', ""The influx of exciting rookies such as Caitlin Clark and Angel Reese, in combination with established stars such as Breanna Stewart and A'ja Wilson, who are the respective 2023 and 2024 MVPs, contributed to the surge."", 'As the league has grown in popularity, more players have said they experienced racism or online harassment.', 'When Engelbert appeared on CNBC last month, she did not outright condemn either when asked about the issue, sparking criticism.', 'Engelbert later clarified and condemned ""hate or racism.', '""The WNBA is not the only women\'s sports league growing in popularity, and media executives and investors are taking notice.', ""Both RedBird IMI's Jeff Zucker and Endeavor executive chairman Patrick Whitesell spoke to CNBC about the enticing opportunities across women's sports."", ""This year's Finals are currently underway between the Minnesota Lynx and the New York Liberty."", 'The Lynx are up 1-0 in the best-of-five series after winning in an overtime thriller Thursday night.']",0.2846943299107008,"""The league's growth and increased demand for WNBA basketball made this the ideal time to expand the schedule, lengthen the Finals and provide fans more opportunities to see the best players in the world compete at the highest level,"" Engelbert said during a Thursday press conference.","Engelbert later clarified and condemned ""hate or racism.",0.965391673825004,"Viewership, attendance and engagement numbers all increased for the 2024 season, and in some cases set new records.",,2024-10-16
+Here's what investors need to know after GM's capital markets day,https://www.cnbc.com/2024/10/09/gm-investor-day-highlights-ev-profits-guidance-shareholder-returns-.html,2024-10-09T14:58:54+0000,"DETROIT — Wall Street reacted to General Motors' investor day on Tuesday with a shrug.Executives used the Detroit automaker's event to focus on broad, near-term updates to the company's operations in an attempt to separate itself from its competitors amid more challenging market and economic conditions. But it did little to move the company's stock.GM believes it is in a unique position to outperform the industry and Wall Street's expectations with its all-electric vehicles and traditional internal combustion engine vehicles. The company expects to improve profits for both types of vehicles as it targets adjusted earnings next year to be similar to 2024.""It all starts there: scale, capital efficiency and cost discipline. These will differentiate us from others in our industry, and frankly, from our own past performance,"" GM CEO Mary Barra said during the roughly three-hour event from its manufacturing operations in Spring Hill, Tennessee.GM President Mark Reuss even took jabs at its traditional crosstown rivals Ford Motor and Stellantis. Without naming them, he said GM doesn't need a ""skunkworks"" team to develop affordable EVs like Ford and that cutting to profitability, like Stellantis appears to be doing, doesn't work.Nonetheless, investors have largely failed to reward GM for being ahead of the curve for domestic EV production as well as outperforming many automakers in the profitability of its traditional gas- and diesel-powered vehicles.Several Wall Street analysts were unchanged in their opinion and ratings of the automaker after the event, citing continued optimism but a lack of details in its overall strategy.""A missed opportunity — no strategy, just tactics. GM's investor day showcased many of the company's current achievements, but did not provide much insight on strategy,"" Bernstein analyst Daniel Roeska wrote Wednesday in an investor note.Others such as Barclays' Dan Levy and BofA Securities' John Murphy said while the event lacked some details, it fortified GM's positioning compared to competitors.""GM's Investor Day yesterday didn't provide much in the way of sharp shifts in strategy. However, we believe it served as a strong reminder of GM's balanced and pragmatic approach — a thoughtful combination of ramping on EVs alongside a keen focus on execution and cost while continuing to generate robust shareholder returns,"" Levy wrote in a Wednesday investor note.Shares of GM closed Tuesday essentially unchanged at $46.01. The stock remains up nearly 30% this year, but it has been under pressure of late due to several downgrades and price target adjustments by Wall Street analysts.Here are several topics investors should know from the event:GM expects its 2025 adjusted earnings to be in a ""similar range"" to the company's results this year, CFO Paul Jacobson said.Its targeted adjusted earnings before interest and taxes for 2024 were between $13 billion and $15 billion, or $9.50 and $10.50 per share, up from previous guidance of $12.5 billion to $14.5 billion, or $9 to $10 per share, earlier this year.Through the first half of 2024, GM earned $8.3 billion in EBIT-adjusted and generated $6.4 billion in adjusted automotive free cash flow.Jacobson said GM's capital spend also is expected to be consistent in 2025 with this year. GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion.Jacobson said GM's earnings next year are also expected show narrower losses for electric vehicles — projecting they'll decline by $2 billion to $4 billion.The EV tailwinds next year for GM are split between savings from increases in volume and emissions and EV production credits, as well as lower costs, including for raw materials and battery production.""We believe our EV losses peaked this year, and we're focused on significantly improving profitability next year,"" Barra said.GM said it has lowered its battery costs by $60 per kilowatt hour this year from 2023. It expects to cut another $30 per kilowatt hour next year.Barra said the automaker is on pace to produce and wholesale about 200,000 EVs for North America in 2024, achieving profitability on a production, or contribution-margin basis, by the end of this year. That guidance is down from a prior target of 200,00 to 250,000 EVs, which had been lowered from as high as 300,000 units.Ultium, which GM once touted as the ultimate solution for EVs, is ultimately dead.GM will drop the ""Ultium"" name for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations.The company said the batteries and the technologies will remain, but the name will be gone, except in production operations such as its ""Ultium Cells"" joint venture plants with LG Energy Solution.Instead, GM plans to use a variety of battery chemistries and cell designs, said Kurt Kelty, a former Tesla executive who joined GM as vice president of battery earlier this year.""GM is evolving to a multifaceted approach,"" he said. ""This should only help GM strengthen our position of producing more EV models than any other automaker.""GM also expects to continue growing its sales and profits of traditional vehicles with internal combustion engines, or ICE, in the years to come.""We expect the ICE industry is going to have a long tail and it's going to be a significant part of our future,"" Jacobson said.The profit increases are expected to be assisted by some cost cutting, including consolidation of parts and options.On average, GM is experiencing about a 10% reduction in total part numbers per vehicle, Reuss said.Jacobson said GM will remain ""active"" in share buybacks following the conclusion this quarter of a previously announced initiative that's expected to retire roughly 250 million shares of the automaker.From 2022 through the end of 2024, GM will have returned about $20 billion to shareholders through share repurchases and dividends, Barra said.The automaker is targeting to get below 1 billion outstanding shares by early 2025, Jacobson said. It has more than 1.1 billion outstanding shares as of Wednesday morning, according to FactSet.Wall Street was underwhelmed with GM's updates regarding its embattled Cruise autonomous vehicle unit and operations in China.GM's operations in China have experienced a decade-long slide in earnings, and executives said they are discussing restructuring options with their China-based partners.""In China, you'll begin to see evidence of a turnaround this year, with a significant reduction in dealer inventory and modest improvements in sales and share,"" Barra said.Regarding Cruise, GM said its spending next year is not expected to top this year's. It did not provide updates on its long-term plans for the troubled robotaxi business.With GM's investor day being two days ahead of Tesla's highly anticipated robotaxi day, Wall Street analysts expected some sort of update on the venture, especially regarding future financing or capital spend for the company.— CNBC's Michael Bloom contributed to this report.",CNBC,09/10/2024,"[""DETROIT — Wall Street reacted to General Motors' investor day on Tuesday with a shrug."", ""Executives used the Detroit automaker's event to focus on broad, near-term updates to the company's operations in an attempt to separate itself from its competitors amid more challenging market and economic conditions."", ""But it did little to move the company's stock."", ""GM believes it is in a unique position to outperform the industry and Wall Street's expectations with its all-electric vehicles and traditional internal combustion engine vehicles."", 'The company expects to improve profits for both types of vehicles as it targets adjusted earnings next year to be similar to 2024.""It all starts there: scale, capital efficiency and cost discipline.', 'These will differentiate us from others in our industry, and frankly, from our own past performance,"" GM CEO Mary Barra said during the roughly three-hour event from its manufacturing operations in Spring Hill, Tennessee.', 'GM President Mark Reuss even took jabs at its traditional crosstown rivals Ford Motor and Stellantis.', 'Without naming them, he said GM doesn\'t need a ""skunkworks"" team to develop affordable EVs like Ford and that cutting to profitability, like Stellantis appears to be doing, doesn\'t work.', 'Nonetheless, investors have largely failed to reward GM for being ahead of the curve for domestic EV production as well as outperforming many automakers in the profitability of its traditional gas- and diesel-powered vehicles.', 'Several Wall Street analysts were unchanged in their opinion and ratings of the automaker after the event, citing continued optimism but a lack of details in its overall strategy.', '""A missed opportunity — no strategy, just tactics.', 'GM\'s investor day showcased many of the company\'s current achievements, but did not provide much insight on strategy,"" Bernstein analyst Daniel Roeska wrote Wednesday in an investor note.', ""Others such as Barclays' Dan Levy and BofA Securities' John Murphy said while the event lacked some details, it fortified GM's positioning compared to competitors."", '""GM\'s Investor Day yesterday didn\'t provide much in the way of sharp shifts in strategy.', 'However, we believe it served as a strong reminder of GM\'s balanced and pragmatic approach — a thoughtful combination of ramping on EVs alongside a keen focus on execution and cost while continuing to generate robust shareholder returns,"" Levy wrote in a Wednesday investor note.', 'Shares of GM closed Tuesday essentially unchanged at $46.01.', 'The stock remains up nearly 30% this year, but it hasbeen under pressureof late due to several downgrades and price target adjustments by Wall Street analysts.', 'Here are several topics investors should know from the event:GM expects its 2025 adjusted earnings to be in a ""similar range"" to the company\'s results this year, CFO Paul Jacobson said.', 'Its targeted adjusted earnings before interest and taxes for 2024 were between $13 billion and $15 billion, or $9.50 and $10.50 per share, up from previous guidance of $12.5 billion to $14.5 billion, or $9 to $10 per share, earlier this year.', 'Through the first half of 2024, GM earned $8.3 billion in EBIT-adjusted and generated $6.4billion in adjusted automotive free cash flow.', ""Jacobson said GM's capital spend also is expected to be consistent in 2025 with this year."", ""GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion."", ""Jacobson said GM's earnings next year are also expected show narrower losses for electric vehicles — projecting they'll decline by $2 billion to $4 billion."", 'The EV tailwinds next year for GM are split between savings from increases in volume and emissions and EV production credits, as well as lower costs, including for raw materials and battery production.', '""We believe our EV losses peaked this year, and we\'re focused on significantly improving profitability next year,"" Barra said.', 'GM said it has lowered its battery costs by $60 per kilowatt hour this year from 2023.', 'It expects to cut another $30 per kilowatt hour next year.', 'Barra said the automaker is on pace to produce and wholesale about 200,000 EVs for North America in 2024, achieving profitability on a production, or contribution-margin basis, by the end of this year.', 'That guidance is down from a prior target of 200,00 to 250,000 EVs, which had been lowered from as high as 300,000 units.', 'Ultium, which GM once touted as the ultimate solution for EVs, is ultimately dead.', 'GM will drop the ""Ultium"" name for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations.', 'The company said the batteries and the technologies will remain, but the name will be gone, except in production operations such as its ""Ultium Cells"" joint venture plants with LG Energy Solution.', 'Instead, GM plans to use a variety of battery chemistries and cell designs, said Kurt Kelty, a former Tesla executive who joined GM as vice president of battery earlier this year.', '""GM is evolving to a multifaceted approach,"" he said. ""', 'This should only help GM strengthen our position of producing more EV models than any other automaker.', '""GM also expects to continue growing its sales and profits of traditional vehicles with internal combustion engines, or ICE, in the years to come.', '""We expect the ICE industry is going to have alongtailand it\'s going to be a significant part of our future,"" Jacobson said.', 'The profit increases are expected to be assisted by some cost cutting, including consolidation of parts and options.', 'On average, GM is experiencing about a 10% reduction in total part numbers per vehicle, Reuss said.', 'Jacobson said GM will remain ""active"" in share buybacks following the conclusion this quarter of a previously announced initiative that\'s expected to retire roughly 250 million shares of the automaker.', 'From 2022 through the end of 2024, GM will have returned about $20 billion to shareholders through share repurchases and dividends, Barra said.', 'The automaker is targeting to get below 1 billion outstanding shares by early 2025, Jacobson said.', 'It has more than 1.1 billion outstanding shares as of Wednesday morning, according to FactSet.', ""Wall Street was underwhelmed with GM's updates regarding its embattled Cruise autonomous vehicle unit and operations in China."", ""GM's operations in China have experienced a decade-long slide in earnings, and executives said they are discussing restructuring options with their China-based partners."", '""In China, you\'ll begin to see evidence of a turnaround this year, with a significant reduction in dealer inventory and modest improvements in sales and share,"" Barra said.', ""Regarding Cruise, GM said its spending next year is not expected to top this year's."", 'It did not provide updates on its long-term plans for the troubled robotaxi business.', ""With GM's investor day being two days ahead of Tesla's highly anticipated robotaxi day, Wall Street analysts expected some sort of update on the venture, especially regarding future financing or capital spend for the company.—"", ""CNBC's Michael Bloom contributed to this report.""]",0.1974113778533896,"However, we believe it served as a strong reminder of GM's balanced and pragmatic approach — a thoughtful combination of ramping on EVs alongside a keen focus on execution and cost while continuing to generate robust shareholder returns,"" Levy wrote in a Wednesday investor note.","Ultium, which GM once touted as the ultimate solution for EVs, is ultimately dead.",0.2003388096546304,"""GM also expects to continue growing its sales and profits of traditional vehicles with internal combustion engines, or ICE, in the years to come.","GM's operations in China have experienced a decade-long slide in earnings, and executives said they are discussing restructuring options with their China-based partners.",2024-10-16
+Delta says travelers are trading scorching summer Europe trips for fall getaways,https://www.cnbc.com/2024/10/10/delta-summer-europe-trips-fall-getaways.html,2024-10-10T16:50:07+0000,"In this articleSummer trips to Europe are getting too hot for thousands of tourists.Delta Air Lines President Glen Hauenstein said travelers are opting out of flying to Europe during the traditional summer peak travel season. Instead, they are shifting trips to cooler months, a trend that airline officials have been noticing over the past couple of years as consumers look to escape crowds and record heat of popular destinations.""The weather in Europe in August is really hot, and that people who have choices when they can take their vacations are moving into let's call it more temperate months,"" Hauenstein said Thursday on an earnings call. Corporate [travel] we haven't seen much change year over year but it's continuing to shift travel to Europe in particular from July and August peak to a September and October peak.""Summer this year in the Northern Hemisphere was the hottest on record, according to the European Union's climate monitor.Airlines have been extending robust trans-Atlantic schedules through much of the fall to cater to the shifting patterns.""What we're doing at United is we're extending the season,"" Patrick Quayle, United Airlines' senior vice president of global network planning and alliances, said in an interview earlier this year.He said the carrier opted to begin some European routes in March and April this year and will fly some of them through late October and early November. ""What we're seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather's a bit better,"" he added.",CNBC,10/10/2024,"['In this articleSummer trips to Europe are getting too hot for thousands of tourists.', 'Delta Air Lines President Glen Hauenstein said travelers are opting out of flying to Europe during the traditional summer peak travel season.', 'Instead, they are shifting trips to cooler months, a trend that airline officials have been noticing over the past couple of years as consumers look to escape crowds and record heat of popular destinations.', '""The weather in Europe in August is really hot, and that people who have choices when they can take their vacations are moving into let\'s call it more temperate months,"" Hauenstein said Thursday on an earnings call.', ""Corporate [travel] we haven't seen much change year over year but it's continuing to shift travel to Europe in particular from July and August peak to a September and October peak."", '""Summerthis year in the Northern Hemisphere was the hottest on record, according to the European Union\'s climate monitor.', 'Airlines have been extending robust trans-Atlantic schedules through much of the fall to cater to the shifting patterns.', '""What we\'re doing at United is we\'re extending the season,"" Patrick Quayle, United Airlines\' senior vice president of global network planning and alliances, said in an interview earlier this year.', 'He said the carrier opted to begin some European routes in March and April this year and will fly some of them through late October and early November. ""', 'What we\'re seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather\'s a bit better,"" he added.']",0.2243210084743093,"""What we're doing at United is we're extending the season,"" Patrick Quayle, United Airlines' senior vice president of global network planning and alliances, said in an interview earlier this year.",,0.5153995037078858,"What we're seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather's a bit better,"" he added.",In this articleSummer trips to Europe are getting too hot for thousands of tourists.,2024-10-16
+"Bridgit Mendler's space startup Northwood passes first test, connecting prototype antenna to Planet satellites",https://www.cnbc.com/2024/10/09/bridgit-mendlers-northwood-passes-first-satellite-antenna-test.html,2024-10-09T15:22:35+0000,"Northwood Space, the startup led by former television star and singer Bridgit Mendler, passed its first major development test last week by connecting with Planet Labs imagery satellites in orbit.""We're building this global network to send data for satellites, built off of phased array technology that we have now successfully validated, both in the lab and in the field,"" Mendler, Northwood's CEO, told CNBC.El Segundo, California-based Northwood, unveiled earlier this year, is focused on the ground side of the space connectivity equation. Ground stations are the vital link for transmitting data to and from orbit and are especially crucial for operating and controlling satellites.The startup is developing ground stations to be mass-produced and betting that its phased array-based system, called Portal, can outperform the parabolic dish antennas traditionally used by ground station companies. It's projecting Portal will be able to connect to as many as 10 satellites at once versus the typical one to three for parabolic dish antennas.""For Northwood, what we're wanting to do is introduce a new standard for connectivity for companies,"" Mendler said.The ground station as a service, or GSaaS, market has companies going after the opportunity in managing the Earth-based side of space infrastructure. Along those lines, Amazon has launched its AWS Ground Station service, and satellite communications giant Eutelsat has proposed a nearly $1 billion deal in the sector.Mendler's Northwood wants to take GSaaS a step further, eliminating what she sees as ""connectivity very much stuck in a different era"" of blackouts and ""super expensive networks.""""Analogizing to the cellular industry — where we draw parallels to how cell towers and shared assets like that ultimately have super vertically integrated players — wound up offloading and selling their assets to the tower companies. We expected that the shared model is going to be an efficiency,"" Mendler said.In her view, ground stations are ""the third leg of the stool"" of space technology, with the other two being rockets, or the cargo vehicles, and satellites, or the orbital infrastructure.""The industry is really at a point where there's a lot of appetite for growth, and this is something that we can really interject into the industry and accelerate progress,"" Mendler said.Last week the Northwood team was out in remote Maddock, North Dakota, to test its prototype antenna — ""fondly dubbed Frankie,"" Mendler noted — by connecting to a Planet satellite in orbit. The effort is known as a TT&C — telemetry, tracking and control — test, with Northwood aiming to make contact with Planet's satellite in both S-band and X-band frequencies. ""We were able to achieve bi-directional communications for the full duration of a pass with Planet's satellites and achieved nominal communications for them. They were able to perform their operations as they would on their own system,"" Mendler said.Northwood designed and built Frankie in four months, the company said, and was able to deploy the antenna ""from off the truck to live sky testing"" in six hours. Planet, with more than 150 imagery satellites in orbit, heralded Northwood's test as a ""major milestone.""""Northwood is not only solving for historical issues like cost and scale, but has built and successfully field-tested their phased array antenna faster than previously thought possible. We're proud to be a part of this breakthrough in ground station technology,"" Joseph Breu, Planet's senior director of global ground networks, said in a statement to CNBC.Northwood has designed two antennas for its Portal system, with a larger 5-by-5-feet S-band frequency antenna and a smaller 18-by-18-inch X-band antenna.The company plans to deploy Portal sites that can support as many as 10 simultaneous satellite connections, with data rates over 1 gigabit per second per beam, beginning next year. Northwood is currently assessing locations in the U.S., Europe, Australia and New Zealand for its first Portal sites.""Performance-wise, we achieved everything we were hoping to achieve,"" Mendler said, adding that Northwood is ""really grateful for [Planet's] participation and support throughout the test.""""It just unlocks a lot of things about the next chapter,"" Mendler said.",CNBC,09/10/2024,"['Northwood Space, the startup led by former television star and singer Bridgit Mendler, passed its first major development test last week by connecting with Planet Labs imagery satellites in orbit.', '""We\'re building this global network to send data for satellites, built off of phased array technology that we have now successfully validated, both in the lab and in the field,"" Mendler, Northwood\'s CEO, told CNBC.El Segundo, California-based Northwood, unveiled earlier this year, is focused on the ground side of the space connectivity equation.', 'Ground stations are the vital link for transmitting data to and from orbit and are especially crucial for operating and controlling satellites.', 'The startup is developing ground stations to be mass-produced and betting that its phased array-based system, called Portal, can outperform the parabolic dish antennas traditionally used by ground station companies.', ""It's projecting Portal will be able to connect to as many as 10 satellites at once versus the typical one to three for parabolic dish antennas."", '""For Northwood, what we\'re wanting to do is introduce a new standard for connectivity for companies,"" Mendler said.', 'The ground station as a service, or GSaaS, market has companies going after the opportunity in managing the Earth-based side of space infrastructure.', 'Along those lines, Amazon has launched its AWS Ground Station service, and satellite communications giant Eutelsat has proposed a nearly $1 billion deal in the sector.', 'Mendler\'s Northwood wants to take GSaaS a step further, eliminating what she sees as ""connectivity very much stuck in a different era"" of blackouts and ""super expensive networks.', '""""Analogizing to the cellular industry — where we draw parallels to how cell towers and shared assets like that ultimately have super vertically integrated players — wound up offloading and selling their assets to the tower companies.', 'We expected that the shared model is going to be an efficiency,"" Mendler said.', 'In her view, ground stations are ""the third leg of the stool"" of space technology, with the other two being rockets, or the cargo vehicles, and satellites, or the orbital infrastructure.', '""The industry is really at a point where there\'s a lot of appetite for growth, and this is something that we can really interject into the industry and accelerate progress,"" Mendler said.', 'Last week the Northwood team was out in remote Maddock, North Dakota, to test its prototype antenna — ""fondly dubbed Frankie,"" Mendler noted — by connecting to a Planet satellite in orbit.', ""The effort is known as a TT&C — telemetry, tracking and control — test, with Northwood aiming to make contact with Planet's satellite in both S-band and X-band frequencies."", '""We were able to achieve bi-directional communications for the full duration of a pass with Planet\'s satellites and achieved nominal communications for them.', 'They were able to perform their operations as they would on their own system,"" Mendler said.', 'Northwood designed and built Frankie in four months, the company said, and was able to deploy the antenna ""from off the truck to live sky testing"" in six hours.', 'Planet, with more than 150 imagery satellites in orbit, heralded Northwood\'s test as a ""major milestone.', '""""Northwood is not only solving for historical issues like cost and scale, but has built and successfully field-tested their phased array antenna faster than previously thought possible.', 'We\'re proud to be a part of this breakthrough in ground station technology,"" Joseph Breu, Planet\'s senior director of global ground networks, said in a statement to CNBC.Northwood has designed two antennas for its Portal system, with a larger 5-by-5-feet S-band frequency antenna and a smaller 18-by-18-inch X-band antenna.', 'The company plans to deploy Portal sites that can support as many as 10 simultaneous satellite connections, with data rates over 1 gigabit per second per beam, beginning next year.', 'Northwood is currently assessing locations in the U.S., Europe, Australia and New Zealand for its first Portal sites.', '""Performance-wise, we achieved everything we were hoping to achieve,"" Mendler said, adding that Northwood is ""really grateful for [Planet\'s] participation and support throughout the test.', '""""It just unlocks a lot of things about the next chapter,"" Mendler said.']",0.2880681502559589,"""Performance-wise, we achieved everything we were hoping to achieve,"" Mendler said, adding that Northwood is ""really grateful for [Planet's] participation and support throughout the test.",,0.9904456064105034,"""""Northwood is not only solving for historical issues like cost and scale, but has built and successfully field-tested their phased array antenna faster than previously thought possible.",,2024-10-16
+Boba tea company apologises over Canada Dragon's Den row,https://www.bbc.co.uk/news/articles/c3wp0175w9xo,2024-10-15T00:40:33.177Z,"A Canadian boba tea company has apologised after Marvel actor Simu Liu accused them of cultural appropriation on an episode of the Dragons' Den reality TV series.  On an episode of CBC's Dragons' Den, the Canadian equivalent of the US show Shark Tank, the owners of a Quebec bubble tea brand called Bobba pitched their drink to potential investors, including Liu, arguing that they were ""disturbing"" the popular bubble tea market by using only three simple ingredients to ""transform"" the beverage into a ""convenient and healthier"" experience. Liu pushed back against the entrepreneurs, accusing them of appropriating the Taiwanese drink, known as boba or bubble tea, which has became popular around the world. ""I'm concerned about this idea of disrupting or disturbing bubble tea"", Liu said as a guest on the star show. “There’s an issue of taking something that’s very distinctly Asian in its identity and ‘making it better,’ which I have an issue with,” he added. The Canadian-Chinese actor also pressed the business owners, Sebastien Fiset and Jess Frenette, about whether they had members of staff who understood the cultural significance of the ""very Asian drink"", which is made with tapioca balls.  Mr Fiset responded that their ""best partner"" was in Taiwan - ""they make all the recipes, all the boba"". The episode quickly blew up on social media, where users attacked the Bobba owners.  The owners responded by issuing an apology on social media on Monday, saying they were sorry for the harm they caused ""with our words and actions on the show"".  ""Simu Liu raised very valid points regarding cultural appropriation and we welcome this learning opportunity,"" the business owners said.  They added that they would be re-evaluating their branding, packaging and marketing strategies to ""ensure that they reflect a respectful and accurate representation of our Taiwanese partnership and bubble tea’s cultural roots"".  Earlier Liu took to social media as well to try to de-escalate the conflict, arguing that the pair came on the show ""in good faith"".  He said he ultimately decided not to contribute to the $1m (£765,000) investment Mr Fiset and Ms Frenette were seeking for an 18% stake in their company because of the issues he pointed out with their product.  ""That doesn't mean that I believe that they deserve harassment,"" Liu said in the social media video.  Another judge on the show, Manjit Minhas, had agreed to invest in Bobba, arguing that ""there can be new takes on things... Not everything has to be traditional,"" when first hearing Liu's criticism of the Canadian duo's pitch on the show.  But following the social media storm the show created, she changed her mind, saying on Sunday: ""After more reflection, due diligence and listening to many of your opinions, I will not be investing in Bobba Tea."" In a video posted to her Instagram account, she added that she'd had to turn off comments on her social media platforms due to abuse received since the show. ""It is never OK to send hate and threatening messages to the entrepreneurs,"" she said. ",BBC,15/10/2024,"[""A Canadian boba tea company has apologised after Marvel actor Simu Liu accused them of cultural appropriation on an episode of the Dragons' Den reality TV series."", 'On an episode of CBC\'s Dragons\' Den, the Canadian equivalent of the US show Shark Tank, the owners of a Quebec bubble tea brand called Bobba pitched their drink to potential investors, including Liu, arguing that they were ""disturbing"" the popular bubble tea market by using only three simple ingredients to ""transform"" the beverage into a ""convenient and healthier"" experience.', 'Liu pushed back against the entrepreneurs, accusing them of appropriating the Taiwanese drink, known as boba or bubble tea, which has became popular around the world. ""', 'I\'m concerned about this idea of disrupting or disturbing bubble tea"", Liu said as a guest on the star show. “', 'There’s an issue of taking something that’s very distinctly Asian in its identity and ‘making it better,’ which I have an issue with,” he added.', 'The Canadian-Chinese actor also pressed the business owners, Sebastien Fiset and Jess Frenette, about whether they had members of staff who understood the cultural significance of the ""very Asian drink"", which is made with tapioca balls.', 'Mr Fiset responded that their ""best partner"" was in Taiwan - ""they make all the recipes, all the boba"".', 'The episode quickly blew up on social media, where users attacked the Bobba owners.', 'The owners responded by issuing an apology on social media on Monday, saying they were sorry for the harm they caused ""with our words and actions on the show"". ""', 'Simu Liu raised very valid points regarding cultural appropriation and we welcome this learning opportunity,"" the business owners said.', 'They added that they would be re-evaluating their branding, packaging and marketing strategies to ""ensure that they reflect a respectful and accurate representation of our Taiwanese partnership and bubble tea’s cultural roots"".', 'Earlier Liu took to social media as well to try to de-escalate the conflict, arguing that the pair came on the show ""in good faith"".', 'He said he ultimately decided not to contribute to the $1m (£765,000) investment Mr Fiset and Ms Frenette were seeking for an 18% stake in their company because of the issues he pointed out with their product. ""', 'That doesn\'t mean that I believe that they deserve harassment,"" Liu said in the social media video.', 'Another judge on the show, Manjit Minhas, had agreed to invest in Bobba, arguing that ""there can be new takes on things... Not everything has to be traditional,"" when first hearing Liu\'s criticism of the Canadian duo\'s pitch on the show.', 'But following the social media storm the show created, she changed her mind, saying on Sunday: ""After more reflection, due diligence and listening to many of your opinions, I will not be investing in Bobba Tea.""', 'In a video posted to her Instagram account, she added that she\'d had to turn off comments on her social media platforms due to abuse received since the show. ""', 'It is never OK to send hate and threatening messages to the entrepreneurs,"" she said.']",-0.0398393796331771,"Simu Liu raised very valid points regarding cultural appropriation and we welcome this learning opportunity,"" the business owners said.","It is never OK to send hate and threatening messages to the entrepreneurs,"" she said.",-0.1183930516242981,"Simu Liu raised very valid points regarding cultural appropriation and we welcome this learning opportunity,"" the business owners said.",A Canadian boba tea company has apologised after Marvel actor Simu Liu accused them of cultural appropriation on an episode of the Dragons' Den reality TV series.,2024-10-16
+Why this month's inflation figure matters for you,https://www.bbc.co.uk/news/articles/czrmzm3113po,2024-10-16T09:12:06.927Z,"The cost of living is always important to our finances but this month's has a particular extra impact for millions of people. The September inflation figure, showing the rates at which prices increase, will  affect how much benefits and the state pension will rise as well as influencing interest rates and the prices in shops. It also comes just two weeks before this government's first Budget, with the chancellor warning there will be “difficult decisions” on welfare as well as tax and spending. Here are some of the ways in which it will directly affect you and your money.  Typically, September's Consumer Prices Index (CPI) measure of inflation, which this time is 1.7%, is the benchmark for raising benefits the following April. The amount paid in some benefits should, by law, rise at least at the same rate as prices. That includes all the main disability benefits, such as personal independence payment, attendance allowance and disability living allowance, as well as carer’s allowance. Universal credit, the most common benefit which is claimed by seven million people, is among other benefits also expected to rise in line with inflation, but that is a decision for ministers. It means that the standard allowance of universal credit, for a single person aged under 25, is expected go up by £5.30 a month to about £317. For a couple aged over 25, the rise is likely to be £10.50 to £628 a month, according to investment platform AJ Bell. The total amount received in universal credit depends significantly on your circumstances, such as earnings, children, or disabilities. Adding 1.7% to your current benefit amount should give a fairly accurate estimate of what you will receive in April. About 58% of universal credit claimants are women, and 38% of the total are working. Someone receiving attendance allowance, or the highest rate of personal independence payment, will see an increase of about £1.85 a week in April. The increase in benefits is less than the 6.7% rise last April, which reflected the higher cost of living then. September's inflation figure was lower than expected, which means the increase in benefits is set to be relatively small. Next month, a rise in energy bills, which took effect at the start of this month, is expected to push the inflation rate back up again - too late for the link to benefits. The government, specifically the work and pensions secretary (no doubt working very closely with the chancellor), can decide to set a higher rate of increase for benefits. Charities would welcome such a move, but it would be extremely unlikely.  The rise in the state pension in April is governed not only by inflation, but by what is known as the triple lock. Under that arrangement, the state pension goes up each year by either 2.5%, inflation, or earnings growth - whichever is the highest figure. This time around, the latest data has confirmed the highest is earnings growth - at 4.1%. This is expected to mean: It is worth noting that millions of pensioners will lose their winter fuel payment, worth up to £300, as a result of a government cut. As inflation is now below the Bank of England's 2% target, it paves the way for further interest rate cuts. That would make borrowing money less expensive, but could mean lower returns for savers. Analysts say there is now a greater likelihood of an interest rate cut by the Bank in December, after a widely expected reduction from the current level of 5% in November. That could give mortgage lenders more confidence to reduce the interest they charge on new fixed-rate home loans. Many people face higher monthly repayments, as rates are higher than many were accustomed to for a decade. Separate official figures show that people who are renting a home are paying 8.4% more than a year ago - displaying the continued financial squeeze on tenants. It would be hoped that lower mortgage rates could ease some pressure on landlords and, in turn, limit rent rises for tenants. There remains some nervousness among borrowers and consumers in general about what will happen in the Budget, announced by Chancellor Rachel Reeves on 30 October. Government sources have told the BBC that she is looking to make tax rises and spending cuts to the value of £40bn. Lower inflation can help or hinder the government. It means that the Treasury may be left with a slightly lower than expected benefits bill. However, lower inflation and wage rises could drag fewer people into higher rates of tax, even though the thresholds have been frozen. This means the government could also gather less in tax as a result. ",BBC,16/10/2024,"[""The cost of living is always important to our finances but this month's has a particular extra impact for millions of people."", 'The September inflation figure, showing the rates at which prices increase, will affect how much benefits and the state pension will rise as well as influencing interest rates and the prices in shops.', ""It also comes just two weeks before this government's first Budget, with the chancellor warning there will be “difficult decisions” on welfare as well as tax and spending."", 'Here are some of the ways in which it will directly affect you and your money.', ""Typically, September's Consumer Prices Index (CPI) measure of inflation, which this time is 1.7%, is the benchmark for raising benefits the following April."", 'The amount paid in some benefits should, by law, rise at least at the same rate as prices.', 'That includes all the main disability benefits, such as personal independence payment, attendance allowance and disability living allowance, as well as carer’s allowance.', 'Universal credit, the most common benefit which is claimed by seven million people, is among other benefits also expected to rise in line with inflation, but that is a decision for ministers.', 'It means that the standard allowance of universal credit, for a single person aged under 25, is expected go up by £5.30 a month to about £317.', 'For a couple aged over 25, the rise is likely to be £10.50 to £628 a month, according to investment platform AJ Bell.', 'The total amount received in universal credit depends significantly on your circumstances, such as earnings, children, or disabilities.', 'Adding 1.7% to your current benefit amount should give a fairly accurate estimate of what you will receive in April.', 'About 58% of universal credit claimants are women, and 38% of the total are working.', 'Someone receiving attendance allowance, or the highest rate of personal independence payment, will see an increase of about £1.85 a week in April.', 'The increase in benefits is less than the 6.7% rise last April, which reflected the higher cost of living then.', ""September's inflation figure was lower than expected, which means the increase in benefits is set to be relatively small."", 'Next month, a rise in energy bills, which took effect at the start of this month, is expected to push the inflation rate back up again - too late for the link to benefits.', 'The government, specifically the work and pensions secretary (no doubt working very closely with the chancellor), can decide to set a higher rate of increase for benefits.', 'Charities would welcome such a move, but it would be extremely unlikely.', 'The rise in the state pension in April is governed not only by inflation, but by what is known as the triple lock.', 'Under that arrangement, the state pension goes up each year by either 2.5%, inflation, or earnings growth - whichever is the highest figure.', 'This time around, the latest data has confirmed the highest is earnings growth - at 4.1%.', 'This is expected to mean: It is worth noting that millions of pensioners will lose their winter fuel payment, worth up to £300, as a result of a government cut.', ""As inflation is now below the Bank of England's 2% target, it paves the way for further interest rate cuts."", 'That would make borrowing money less expensive, but could mean lower returns for savers.', 'Analysts say there is now a greater likelihood of an interest rate cut by the Bank in December, after a widely expected reduction from the current level of 5% in November.', 'That could give mortgage lenders more confidence to reduce the interest they charge on new fixed-rate home loans.', 'Many people face higher monthly repayments, as rates are higher than many were accustomed to for a decade.', 'Separate official figures show that people who are renting a home are paying 8.4% more than a year ago - displaying the continued financial squeeze on tenants.', 'It would be hoped that lower mortgage rates could ease some pressure on landlords and, in turn, limit rent rises for tenants.', 'There remains some nervousness among borrowers and consumers in general about what will happen in the Budget, announced by Chancellor Rachel Reeves on 30 October.', 'Government sources have told the BBC that she is looking to make tax rises and spending cuts to the value of £40bn.', 'Lower inflation can help or hinder the government.', 'It means that the Treasury may be left with a slightly lower than expected benefits bill.', 'However, lower inflation and wage rises could drag fewer people into higher rates of tax, even though the thresholds have been frozen.', 'This means the government could also gather less in tax as a result.']",0.2219036458738378,"The September inflation figure, showing the rates at which prices increase, will affect how much benefits and the state pension will rise as well as influencing interest rates and the prices in shops.","However, lower inflation and wage rises could drag fewer people into higher rates of tax, even though the thresholds have been frozen.",0.3458582426492984,"This time around, the latest data has confirmed the highest is earnings growth - at 4.1%.",It means that the Treasury may be left with a slightly lower than expected benefits bill.,2024-10-16
+Boeing raising up to $35bn as costly strike enters second month,https://www.bbc.co.uk/news/articles/cwy9l7k40kgo,2024-10-16T02:16:59.910Z,"Boeing says it aims to secure up to $35bn (£26.8bn) in new funding from investors and banks as a costly strike by thousands of its workers enters its second month. Also on Tuesday, the union representing more than 30,000 of the aviation giant's workers held a rally in the city of Seattle. The company is moving ahead with plans to lay off around 17,000 workers, with the first redundancy notices expected to be issued in mid-November. Talks to end the walkout collapsed last week as the firm withdrew an offer that included a 30% pay rise over four years. Boeing plans to raise up to $25bn in stock and debt offerings and said it had reached a deal with major banks to borrow as much much as $10bn.  ""These are two prudent steps to support the company’s access to liquidity,"" Boeing said in a statement. The company's shares rose by 2.2% after the announcements. The moves to raise new funding came just days after Boeing announced it would cut its workforce by 10% and said it expected to record a loss for the last three months. BBC News understands that the layoffs will, for now, not affect striking workers. The redundancies will be compulsory and workers will be offered severance payments. The company also said deliveries of its 777X planes would be delayed by a year. Boeing is due to release its quarterly results on 23 October. Major credit ratings agencies had previously warned that the strike could lead to downgrades, which would make it more expensive for the company to borrow money. S&P Global estimated the strike is costing Boeing around $1bn a month. The walkout, at a company of major importance to the US economy, has become a source of concern for the Biden administration. On Monday, acting US Labor Secretary, Julie Su, met representatives of the International Association of Machinists and Aerospace Workers union (IAM) and Boeing executives in Seattle.  Meanwhile, top Washington state Congressional Democrats have called on Boeing and IAM to ""redouble... efforts to reach a mutually beneficial resolution."" ",BBC,16/10/2024,"['Boeing says it aims to secure up to $35bn (£26.8bn) in new funding from investors and banks as a costly strike by thousands of its workers enters its second month.', ""Also on Tuesday, the union representing more than 30,000 of the aviation giant's workers held a rally in the city of Seattle."", 'The company is moving ahead with plans to lay off around 17,000 workers, with the first redundancy notices expected to be issued in mid-November.', 'Talks to end the walkout collapsed last week as the firm withdrew an offer that included a 30% pay rise over four years.', 'Boeing plans to raise up to $25bn in stock and debt offerings and said it had reached a deal with major banks to borrow as much much as $10bn. ""', 'These are two prudent steps to support the company’s access to liquidity,"" Boeing said in a statement.', ""The company's shares rose by 2.2% after the announcements."", 'The moves to raise new funding came just days after Boeing announced it would cut its workforce by 10% and said it expected to record a loss for the last three months.', 'BBC News understands that the layoffs will, for now, not affect striking workers.', 'The redundancies will be compulsory and workers will be offered severance payments.', 'The company also said deliveries of its 777X planes would be delayed by a year.', 'Boeing is due to release its quarterly results on 23 October.', 'Major credit ratings agencies had previously warned that the strike could lead to downgrades, which would make it more expensive for the company to borrow money.', 'S&P Global estimated the strike is costing Boeing around $1bn a month.', 'The walkout, at a company of major importance to the US economy, has become a source of concern for the Biden administration.', 'On Monday, acting US Labor Secretary, Julie Su, met representatives of the International Association of Machinists and Aerospace Workers union (IAM) and Boeing executives in Seattle.', 'Meanwhile, top Washington state Congressional Democrats have called on Boeing and IAM to ""redouble... efforts to reach a mutually beneficial resolution.""']",-0.011891013724369,"Meanwhile, top Washington state Congressional Democrats have called on Boeing and IAM to ""redouble... efforts to reach a mutually beneficial resolution.""",Talks to end the walkout collapsed last week as the firm withdrew an offer that included a 30% pay rise over four years.,-0.0728295553814281,The company's shares rose by 2.2% after the announcements.,"Major credit ratings agencies had previously warned that the strike could lead to downgrades, which would make it more expensive for the company to borrow money.",2024-10-16
+Tamil Nadu: Samsung India workers end protest after more than a month,https://www.bbc.co.uk/news/articles/cy4dk4gny8mo,2024-10-16T09:23:05.057Z,"Workers at Samsung Electronics' factory in the southern Indian state of Tamil Nadu have called off a labour strike that went on for more than a month. Around 1,500 workers in Chennai city had participated in the strike to demand better pay, working facilities and recognition of a newly-formed union. A labour activist who supported the workers told the BBC that while Samsung hadn't recognised the union yet, it had agreed to engage with the other demands. The strike was one of the largest the South Korean technology giant had seen in recent years. It also threatened to cast a shadow over Prime Minister Narendra Modi's bid to position India as a viable alternative to China for manufacturing activities. On Wednesday, the Centre of Indian Trade Unions (Citu), a politically-backed national labour union which led the protests, announced the workers' decision to call off the strike after a meeting. ""During the meeting it was decided that the workers would return to their jobs on Thursday,"" E Muthukumar told the BBC. He added that the issue of registration of the new union - called the Samsung India Labour Welfare Union (SILWU) - will be decided by a court. ""We have decided to call off the protest as the Samsung management has decided to engage with workers on all key demands like higher wages, medical insurance and better facilities. So those discussions will continue,"" he said. On Tuesday, representatives of the protesting workers met with officials from the Tamil Nadu labour department.  After the meeting, the state's Minister for Industries TRB Rajaa said that the striking workers had decided to return to work immediately and that Samsung had agreed to ""not to victimise the workers only for having participated in the strike"". He also said that the workers had agreed to cooperate with the management fully and that Samsung would file a written reply to the charter of demands filed by them. Later, Samsung released a statement saying that it welcomed Citu's decision to call off the strike. ""We will not take action against workers who merely participated in the illegal strike. We are committed to work closely with our workers to make the Chennai factory a great place to work,” the statement said. The workers had begun their protest on 9 September near the factory in Chennai city, which employs nearly 2,000 workers and is one of its two plants in India. The factory produces home appliances, contributing about a third to the company's annual $12bn (£9bn) revenue in India. One of the workers' key demands was for Samsung to recognise their union, as they said that only that could help them negotiate better wages and working hours with the management. Akriti Bhatia, a labour rights activist, told the BBC that multinational companies which set up factories in India often don't follow Indian labour laws, which allow workers the right to association and collective bargaining. These firms, she said, often side-step this by setting up internal unions, which are led by workers only on paper as the management continues to exert control over their decisions. They stridently oppose external, politically-backed unions. A source in Samsung had told the BBC earlier that the organisation ""fully supports unions but not ones backed by a third-party"". Earlier this year, hundreds of workers at a manufacturing plant of an Apple supplier in Tamil Nadu also went on a one-day strike, demanding recognition of their union. Follow BBC News India on Instagram, YouTube, Twitter and Facebook. ",BBC,16/10/2024,"[""Workers at Samsung Electronics' factory in the southern Indian state of Tamil Nadu have called off a labour strike that went on for more than a month."", 'Around 1,500 workers in Chennai city had participated in the strike to demand better pay, working facilities and recognition of a newly-formed union.', ""A labour activist who supported the workers told the BBC that while Samsung hadn't recognised the union yet, it had agreed to engage with the other demands."", 'The strike was one of the largest the South Korean technology giant had seen in recent years.', ""It also threatened to cast a shadow over Prime Minister Narendra Modi's bid to position India as a viable alternative to China for manufacturing activities."", 'On Wednesday, the Centre of Indian Trade Unions (Citu), a politically-backed national labour union which led the protests, announced the workers\' decision to call off the strike after a meeting. ""', 'During the meeting it was decided that the workers would return to their jobs on Thursday,"" E Muthukumar told the BBC.', 'He added that the issue of registration of the new union - called the Samsung India Labour Welfare Union (SILWU) - will be decided by a court. ""', 'We have decided to call off the protest as the Samsung management has decided to engage with workers on all key demands like higher wages, medical insurance and better facilities.', 'So those discussions will continue,"" he said.', 'On Tuesday, representatives of the protesting workers met with officials from the Tamil Nadu labour department.', 'After the meeting, the state\'s Minister for Industries TRB Rajaa said that the striking workers had decided to return to work immediately and that Samsung had agreed to ""not to victimise the workers only for having participated in the strike"".', 'He also said that the workers had agreed to cooperate with the management fully and that Samsung would file a written reply to the charter of demands filed by them.', 'Later, Samsung released a statement saying that it welcomed Citu\'s decision to call off the strike. ""', 'We will not take action against workers who merely participated in the illegal strike.', 'We are committed to work closely with our workers to make the Chennai factory a great place to work,” the statement said.', 'The workers had begun their protest on 9 September near the factory in Chennai city, which employs nearly 2,000 workers and is one of its two plants in India.', ""The factory produces home appliances, contributing about a third to the company's annual $12bn (£9bn) revenue in India."", ""One of the workers' key demands was for Samsung to recognise their union, as they said that only that could help them negotiate better wages and working hours with the management."", ""Akriti Bhatia, a labour rights activist, told the BBC that multinational companies which set up factories in India often don't follow Indian labour laws, which allow workers the right to association and collective bargaining."", 'These firms, she said, often side-step this by setting up internal unions, which are led by workers only on paper as the management continues to exert control over their decisions.', 'They stridently oppose external, politically-backed unions.', 'A source in Samsung had told the BBC earlier that the organisation ""fully supports unions but not ones backed by a third-party"".', 'Earlier this year, hundreds of workers at a manufacturing plant of an Apple supplier in Tamil Nadu also went on a one-day strike, demanding recognition of their union.', 'Follow BBC News India on Instagram, YouTube, Twitter and Facebook.']",0.0809009967143601,"We are committed to work closely with our workers to make the Chennai factory a great place to work,” the statement said.",We will not take action against workers who merely participated in the illegal strike.,0.0436122715473175,"We are committed to work closely with our workers to make the Chennai factory a great place to work,” the statement said.",It also threatened to cast a shadow over Prime Minister Narendra Modi's bid to position India as a viable alternative to China for manufacturing activities.,2024-10-16
+Would Donald Trump’s taxes on trade hurt US consumers?,https://www.bbc.co.uk/news/articles/c20myx1erl6o,2024-10-14T23:34:32.778Z,"Donald Trump has pledged to drastically increase tariffs on foreign goods entering the US if he is elected president again. He has promised tariffs - a form of tax - of up to 20% on goods from other countries and 60% on all imports from China. He has even talked about a 200% tax on some imported cars.  Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US economy, protecting jobs and raising tax revenue.   He has claimed on the campaign trail that these taxes are ""not going to be a cost to you, it’s a cost to another country"". This is almost universally regarded by economists as misleading. In practical terms, a tariff is a domestic tax levied on goods as they enter the country, proportional to the value of the import. So a car imported to the US with a value of $50,000 (£38,000) subject to a 10% tariff, would face a $5,000 charge. The charge is physically paid by the domestic company that imports the goods, not the foreign company that exports them.  So, in that sense, it is a straightforward tax paid by domestic US firms to the US government. Over the course of 2023, the US imported around $3,100bn of goods, equivalent to around 11% of US GDP. And tariffs imposed on those imports brought in $80bn in that year, around 2% of total US tax revenues. The question of where the final “economic” burden of tariffs falls, as opposed to the upfront bill, is more complicated. If the US importing firm passes on the cost of the tariff to the person buying the product in the US in the form of higher retail prices, it would be the US consumer that bears the economic burden. If the US importing firm absorbs the cost of the tariff itself and doesn’t pass it on, then that firm is said to bear the economic burden in the form of lower profits than it would otherwise have enjoyed. Alternatively, it is possible that foreign exporters might have to lower their wholesale prices by the value of the tariff in order to retain their US customers. In that scenario, the exporting firm would bear the economic burden of the tariff in the form of lower profits. All three scenarios are theoretically possible. But economic studies of the impact of the new tariffs that Trump imposed in his first term of office between 2017 and 2020 suggest most of the economic burden was ultimately borne by US consumers. A survey by the University of Chicago in September 2024 asked a group of respected economists whether they agreed with the statement that ""imposing tariffs results in a substantial portion of the tariffs being borne by consumers of the country that enacts the tariffs, through price increases"". Only 2% disagreed. Let’s use a concrete example. Trump imposed a 50% tariff on imports of washing machines in 2018. Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products. There is no reason to believe the results of even higher import tariffs from a future Trump administration would be any different in terms of where the economic burden would fall. The non-partisan Peterson Institute for International Economics has estimated Trump’s new proposed tariffs would lower the incomes of Americans, with the impact ranging from around 4% for the poorest fifth to around 2% for the wealthiest fifth. A typical household in the middle of the US income distribution, the think tank estimates, would lose around $1,700 each year. The left-of-centre think tank Centre for American Progress, using a different methodology, has an estimate of a $2,500 to $3,900 loss for a middle-income family. Various researchers have also warned that another major round of tariffs from the US would risk another spike in domestic inflation. Yet Trump has used another economic justification for his tariffs: that they protect and create US domestic jobs. “Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,"" he said on the campaign trail. The political context for Trump’s tariffs was longstanding concern about the loss of US manufacturing jobs to countries with lower labour costs, particularly after the signing of the North American Free Trade Agreement (Nafta) with Mexico in 1994 and the entry of China into the World Trade Organisation in 2001. In January 1994, when Nafta came into effect, the US had just under 17 million manufacturing jobs. By 2016, this had declined to around 12 million. Yet economists say it is misleading to attribute this decline to trade, arguing that growing levels of automation are also an important factor. And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected. Trump imposed 25% tariffs on imported steel in 2018 to protect US producers. By 2020, total employment in the US steel sector was 80,000, still lower than the 84,000 it had been in 2018. It is theoretically possible that employment might have dropped even further without the Trump steel tariffs but detailed economic studies of their impact on US steel still showed no positive employment impact. And economists have also found evidence suggesting that, because the domestic price of steel rose after the tariffs were imposed, employment in some other US manufacturing sectors, which relied on steel as an input - including the agricultural machinery manufacturer Deere & Co - was lower than it otherwise would have been. Trump has criticised America's trade deficit, which is the difference between the value of all the things the country imports and the value of its exports in a given year. “Trade deficits hurt the economy very badly,” he has said. In 2016, just before Trump took office, the total goods and services deficit was $480bn, around 2.5% of US GDP. By 2020, it had grown to $653bn, around 3% of GDP, despite his tariffs. Part of the explanation, according to economists, is that Trump’s tariffs increased the international relative value of the US dollar (by automatically reducing demand for foreign currencies in international trade) and that this made the products of US exporters less competitive globally. Another factor behind this failure to close the trade deficit is the fact that tariffs, in a globalised economy with multinational companies, can sometimes be bypassed. For example, the Trump administration imposed 30% tariffs on Chinese imported solar panels in 2018. The US Commerce Department presented evidence in 2023 that Chinese solar panel manufacturers had shifted their assembly operations to countries such as Malaysia, Thailand, Cambodia and Vietnam and then sent the finished products to the US from those countries, effectively evading the tariffs. There are some economists who support Trump’s tariff plans as a way to boost US industry, such as Jeff Ferry of the Coalition for A Prosperous America, a domestic lobby group, but they are a small minority of the profession. Oren Cass, the director of the conservative think tank American Compass, has argued tariffs can incentivise firms to keep more of their manufacturing operations in America, which he argues has national defence and supply chain security benefits. And the Biden/Harris administration, while sharply criticising Trump’s proposed extension of tariffs, has kept in place many of the ones he implemented after 2018. It has also imposed new tariffs on imports of things like electric vehicles from China, justifying them on the grounds of national security, US industrial policy and unfair domestic subsidies from Beijing. What do you want BBC Verify to investigate? ",BBC,14/10/2024,"['Donald Trump has pledged to drastically increase tariffs on foreign goods entering the US if he is elected president again.', 'He has promised tariffs - a form of tax - of up to 20% on goods from other countries and 60% on all imports from China.', 'He has even talked about a 200% tax on some imported cars.', ""Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US economy, protecting jobs and raising tax revenue."", 'He has claimed on the campaign trail that these taxes are ""not going to be a cost to you, it’s a cost to another country"".', 'This is almost universally regarded by economists as misleading.', 'In practical terms, a tariff is a domestic tax levied on goods as they enter the country, proportional to the value of the import.', 'So a car imported to the US with a value of $50,000 (£38,000) subject to a 10% tariff, would face a $5,000 charge.', 'The charge is physically paid by the domestic company that imports the goods, not the foreign company that exports them.', 'So, in that sense, it is a straightforward tax paid by domestic US firms to the US government.', 'Over the course of 2023, the US imported around $3,100bn of goods, equivalent to around 11% of US GDP.', 'And tariffs imposed on those imports brought in $80bn in that year, around 2% of total US tax revenues.', 'The question of where the final “economic” burden of tariffs falls, as opposed to the upfront bill, is more complicated.', 'If the US importing firm passes on the cost of the tariff to the person buying the product in the US in the form of higher retail prices, it would be the US consumer that bears the economic burden.', 'If the US importing firm absorbs the cost of the tariff itself and doesn’t pass it on, then that firm is said to bear the economic burden in the form of lower profits than it would otherwise have enjoyed.', 'Alternatively, it is possible that foreign exporters might have to lower their wholesale prices by the value of the tariff in order to retain their US customers.', 'In that scenario, the exporting firm would bear the economic burden of the tariff in the form of lower profits.', 'All three scenarios are theoretically possible.', 'But economic studies of the impact of the new tariffs that Trump imposed in his first term of office between 2017 and 2020 suggest most of the economic burden was ultimately borne by US consumers.', 'A survey by the University of Chicago in September 2024 asked a group of respected economists whether they agreed with the statement that ""imposing tariffs results in a substantial portion of the tariffs being borne by consumers of the country that enacts the tariffs, through price increases"".', 'Only 2% disagreed.', 'Let’s use a concrete example.', 'Trump imposed a 50% tariff on imports of washing machines in 2018.', 'Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products.', 'There is no reason to believe the results of even higher import tariffs from a future Trump administration would be any different in terms of where the economic burden would fall.', 'The non-partisan Peterson Institute for International Economics has estimated Trump’s new proposed tariffs would lower the incomes of Americans, with the impact ranging from around 4% for the poorest fifth to around 2% for the wealthiest fifth.', 'A typical household in the middle of the US income distribution, the think tank estimates, would lose around $1,700 each year.', 'The left-of-centre think tank Centre for American Progress, using a different methodology, has an estimate of a $2,500 to $3,900 loss for a middle-income family.', 'Various researchers have also warned that another major round of tariffs from the US would risk another spike in domestic inflation.', 'Yet Trump has used another economic justification for his tariffs: that they protect and create US domestic jobs. “', 'Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,"" he said on the campaign trail.', 'The political context for Trump’s tariffs was longstanding concern about the loss of US manufacturing jobs to countries with lower labour costs, particularly after the signing of the North American Free Trade Agreement (Nafta) with Mexico in 1994 and the entry of China into the World Trade Organisation in 2001.', 'In January 1994, when Nafta came into effect, the US had just under 17 million manufacturing jobs.', 'By 2016, this had declined to around 12 million.', 'Yet economists say it is misleading to attribute this decline to trade, arguing that growing levels of automation are also an important factor.', 'And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected.', 'Trump imposed 25% tariffs on imported steel in 2018 to protect US producers.', 'By 2020, total employment in the US steel sector was 80,000, still lower than the 84,000 it had been in 2018.', 'It is theoretically possible that employment might have dropped even further without the Trump steel tariffs but detailed economic studies of their impact on US steel still showed no positive employment impact.', 'And economists have also found evidence suggesting that, because the domestic price of steel rose after the tariffs were imposed, employment in some other US manufacturing sectors, which relied on steel as an input - including the agricultural machinery manufacturer Deere & Co - was lower than it otherwise would have been.', ""Trump has criticised America's trade deficit, which is the difference between the value of all the things the country imports and the value of its exports in a given year. “"", 'Trade deficits hurt the economy very badly,” he has said.', 'In 2016, just before Trump took office, the total goods and services deficit was $480bn, around 2.5% of US GDP.', 'By 2020, it had grown to $653bn, around 3% of GDP, despite his tariffs.', 'Part of the explanation, according to economists, is that Trump’s tariffs increased the international relative value of the US dollar (by automatically reducing demand for foreign currencies in international trade) and that this made the products of US exporters less competitive globally.', 'Another factor behind this failure to close the trade deficit is the fact that tariffs, in a globalised economy with multinational companies, can sometimes be bypassed.', 'For example, the Trump administration imposed 30% tariffs on Chinese imported solar panels in 2018.', 'The US Commerce Department presented evidence in 2023 that Chinese solar panel manufacturers had shifted their assembly operations to countries such as Malaysia, Thailand, Cambodia and Vietnam and then sent the finished products to the US from those countries, effectively evading the tariffs.', 'There are some economists who support Trump’s tariff plans as a way to boost US industry, such as Jeff Ferry of the Coalition for A Prosperous America, a domestic lobby group, but they are a small minority of the profession.', 'Oren Cass, the director of the conservative think tank American Compass, has argued tariffs can incentivise firms to keep more of their manufacturing operations in America, which he argues has national defence and supply chain security benefits.', 'And the Biden/Harris administration, while sharply criticising Trump’s proposed extension of tariffs, has kept in place many of the ones he implemented after 2018.', 'It has also imposed new tariffs on imports of things like electric vehicles from China, justifying them on the grounds of national security, US industrial policy and unfair domestic subsidies from Beijing.', 'What do you want BBC Verify to investigate?']",-0.0363120992630813,And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected.,"Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,"" he said on the campaign trail.",-0.3885574713349342,"Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products.",It is theoretically possible that employment might have dropped even further without the Trump steel tariffs but detailed economic studies of their impact on US steel still showed no positive employment impact.,2024-10-16
+National Insurance: What are NI and income tax and what do I pay?,https://www.bbc.co.uk/news/explainers-63635185,2022-11-15T17:40:23.000Z,"Ahead of the Budget on 30 October, the government has confirmed it will not increase the main rates of the two biggest personal taxes - income tax and National Insurance (NI). However, the chancellor Rachel Reeves and prime minister Sir Keir Starmer have both hinted that they may put up the rate of NI paid by employers, as they look to fill what they say is a £22bn ""black hole"" in the public finances. The rate of NI paid by workers and the self-employed has been cut in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen. The government uses National Insurance contributions (NICs) to pay for benefits and to help fund the NHS.  It is paid by employees, employers and the self-employed across the UK. Those over the state pension age do not pay it, even if they are working.  Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life. Businesses pay a rate of 13.8% on employees' earnings above a threshold of £9,100 a year. Employers also pay Class 1A and 1B National Insurance contributions on expenses and benefits they give to their employees, also at a rate of 13.8%. Neither employers nor employees pay currently NI on pension contributions, but there is widespread speculation that the Budget will set out plans for employers to start doing so.  Workers start paying NI when they turn 16 and earn more than £242 a week, or have self-employed profits of more than £12,570 a year.  The starting rate for National Insurance for 27 million employees fell twice in 2024: from 12% to 10%, and then again to 8%. The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.  For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%.  At the time, the previous government said this was worth £350 to a self-employed person earning £28,200.  Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.  The NI rate on income and profits above £50,270 remains at 2% for all workers.  Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year. It is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.  The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.  The higher rate is 40%, and is paid on earnings between £50,271 and £125,140. Once you earn more than £100,000, you also start losing the £12,570 tax-free personal allowance.  You lose £1 of your personal allowance for every £2 that your income goes above £100,000.  Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.  The additional rate of income tax of 45% is paid on all earnings above £125,140 a year.  These rates apply in England, Wales and Northern Ireland. Some income tax rates are different in Scotland, where a new 45% band took effect in April. The top rate also rose from 47% to 48%. For most families, income tax is the single biggest tax they pay.  But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.  For the poorest fifth of households, VAT is the biggest single tax paid. Despite the NI cuts in 2024, millions will still pay more tax overall because of changes to the tax thresholds.  These are the income levels at which people start paying NI or income tax, or have to pay higher rates.  These used to rise every year in line with inflation. However, the NI threshold and tax-free personal allowance have been frozen at £12,570 until 2028. Higher-rate tax continues to kick in for earnings above £50,270.  Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.  According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers. In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.  But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit. You can look at the amount of tax raised as a proportion of the size of the economy, or GDP. In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%. That puts the UK right in the middle of the G7 group of big economies.  France, Italy and Germany tax more; Canada, Japan and the US tax less. However, overall taxation in the UK is high compared with historical rates.  In its assessment of the 2024 March Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.  That would be the highest level in 80 years.  ",BBC,15/11/2022,"['Ahead of the Budget on 30 October, the government has confirmed it will not increase the main rates of the two biggest personal taxes - income tax and National Insurance (NI).', 'However, the chancellor Rachel Reeves and prime minister Sir Keir Starmer have both hinted that they may put up the rate of NI paid by employers, as they look to fill what they say is a £22bn ""black hole"" in the public finances.', 'The rate of NI paid by workers and the self-employed has been cut in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen.', 'The government uses National Insurance contributions (NICs) to pay for benefits and to help fund the NHS.', 'It is paid by employees, employers and the self-employed across the UK.', 'Those over the state pension age do not pay it, even if they are working.', 'Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life.', ""Businesses pay a rate of 13.8% on employees' earnings above a threshold of £9,100 a year."", 'Employers also pay Class 1A and 1B National Insurance contributions on expenses and benefits they give to their employees, also at a rate of 13.8%.', 'Neither employers nor employees pay currently NI on pension contributions, but there is widespread speculation that the Budget will set out plans for employers to start doing so.', 'Workers start paying NI when they turn 16 and earn more than £242 a week, or have self-employed profits of more than £12,570 a year.', 'The starting rate for National Insurance for 27 million employees fell twice in 2024: from 12% to 10%, and then again to 8%.', 'The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.', 'For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%.', 'At the time, the previous government said this was worth £350 to a self-employed person earning £28,200.', 'Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.', 'The NI rate on income and profits above £50,270 remains at 2% for all workers.', 'Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year.', 'It is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.', 'The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.', 'The higher rate is 40%, and is paid on earnings between £50,271 and £125,140.', 'Once you earn more than £100,000, you also start losing the £12,570 tax-free personal allowance.', 'You lose £1 of your personal allowance for every £2 that your income goes above £100,000.', 'Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.', 'The additional rate of income tax of 45% is paid on all earnings above £125,140 a year.', 'These rates apply in England, Wales and Northern Ireland.', 'Some income tax rates are different in Scotland, where a new 45% band took effect in April.', 'The top rate also rose from 47% to 48%.', 'For most families, income tax is the single biggest tax they pay.', 'But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.', 'For the poorest fifth of households, VAT is the biggest single tax paid.', 'Despite the NI cuts in 2024, millions will still pay more tax overall because of changes to the tax thresholds.', 'These are the income levels at which people start paying NI or income tax, or have to pay higher rates.', 'These used to rise every year in line with inflation.', 'However, the NI threshold and tax-free personal allowance have been frozen at £12,570 until 2028.', 'Higher-rate tax continues to kick in for earnings above £50,270.', 'Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.', 'According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers.', 'In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.', 'But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.', 'You can look at the amount of tax raised as a proportion of the size of the economy, or GDP.', 'In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%.', 'That puts the UK right in the middle of the G7 group of big economies.', 'France, Italy and Germany tax more; Canada, Japan and the US tax less.', 'However, overall taxation in the UK is high compared with historical rates.', 'In its assessment of the 2024 March Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.', 'That would be the highest level in 80 years.']",0.1012200604847519,"But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.","For the poorest fifth of households, VAT is the biggest single tax paid.",0.0403769740036555,The top rate also rose from 47% to 48%.,"For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%.",2024-10-16
+Why Pennsylvania could hold the keys to the White House,https://www.bbc.co.uk/news/articles/c8705wv99ryo,2024-10-09T22:39:15.088Z,"The White House’s address may be 1600 Pennsylvania Avenue, but the real road to the presidency runs through the state of Pennsylvania, the biggest prize among the electoral battleground map. According to calculations by elections analyst Nate Silver, the candidate who wins Pennsylvania has more than a 90% chance of winning the White House. “It’s the granddaddy of all the swing states,” said former congressman Patrick Murphy, who represented north-eastern Pennsylvania as a Democrat from 2007-11. With its 19 electoral votes, Pennsylvania – the fifth most populous US state - is the lynchpin of the swing-state electoral firewalls for both Kamala Harris and Donald Trump. If the Democrats win Pennsylvania, Wisconsin and Michigan, along with one congressional district in Nebraska, she’s the next president. If the Republicans carry Pennsylvania, North Carolina and Georgia, Trump is back in the White House next year. Without Pennsylvania, there is no way Trump can win without flipping at least three of the states Joe Biden won in 2020. Nicknamed the Keystone State, Pennsylvania could in fact be the key to the White House. It is also where BBC Question Time will broadcast a US election special on Thursday 10 October, diving into the issues and voter concerns behind the presidential contest. Pennsylvania is not only the most valuable swing state, it also can be seen as a microcosm of the US as a whole – demographically, economically and politically. It is a former manufacturing state that has been transitioning to newer industries and businesses, but it has a large energy sector because of its abundant oil shale deposits. Agriculture is still the second-largest industry in the state. The majority of the population is white, but there are growing immigrant communities. Some areas, like Allentown – the working-class factory city made famous by a Billy Joel song – are now majority Hispanic. The state’s black population, at 12%, is just under the US total of 13%. As for the politics, the state’s two large urban areas, Philadelphia and Pittsburgh, heavily favour the Democrats. Between the two are vast stretches of rural territory where Republicans dominate. And the suburbs that once were reliably conservative are now tilting to the left. That gives rise to the old quip that Pennsylvania is Philadelphia and Pittsburgh with (deeply Republican) Alabama in the middle. Somehow, all these political cross-currents and shifting dynamics have kept Pennsylvania at a near dead-even balance when it comes to presidential elections. President Joe Biden won the state by about 80,000 votes in 2020. Donald Trump carried it by about 40,000 in his surprise 2016 win over Hillary Clinton. Only once in the last 40 years has a candidate won Pennsylvania by double-digits - Barack Obama in his 2008 electoral landslide. Current polling puts the race between Harris and Trump in the state at a virtual dead heat. According to the 538/ABC News poll tracker, Harris holds a lead by less than a percent – a margin that has hardly shifted over the course of this tumultuous political year. Both the Harris and Trump campaigns have been pouring enormous resources into Pennsylvania. They are spending more on television advertising there than any other swing state. Both candidates make regular visits. Harris introduced her running mate pick, Tim Walz, at a rally in Philadelphia. She spent days preparing for her presidential debate in Pittsburgh. She made a tentpole economic speech there two weeks ago. Last Saturday, Trump held a massive rally in Butler, where in July he was nearly assassinated. On Wednesday he was in Biden's hometown of Scranton and Reading. And when the principals aren’t around, both campaigns have other politicians and officials to drum up support. “A candidate can't go into a county to talk to 1,200 people,” says former Democratic Pennsylvania Governor Ed Rendell. “The state is too big. There’s just not time. That’s what surrogates are for.” Rendell notes that the current governor, Democrat Josh Shapiro, is a big help for Democrats here, as he is very popular in the state and a dynamic speaker – qualities that had made him the odds-on favourite to be Harris’s vice-presidential pick. For Harris, her keys to victory are to post dominating numbers in Philadelphia and Pittsburgh and win the suburbs by enough to offset Trump’s margins in the rest of the state. An essential part of this strategy is to win over moderate voters and some Republicans – including the more than 160,000 who turned out to vote for former South Carolina Governor Nikki Haley in the state’s Republican primary, held earlier this year, well after Trump had already locked up the party’s nomination. “What these people need to hear is ways in which both the past record of Kamala Harris and the future plans of Kamala Harris are basically centrist positions – that she is not this crazy, wild-eyed radical leftist,” said Craig Snyder, former Republican Senate staffer who is running Pennsylvania's “Haley Voters for Harris” effort. He added that the Harris campaign is making the most extensive effort to reach Republican voters that he’s seen in a generation. Trump’s strategy is to squeeze all the support he can out of the conservative parts of the state, including by registering and mobilising those who may not have participated in past elections – a move Trump’s campaign officials say is a central focus of their grass-roots effort. There are signs their work may be paying off, too. Registered Democrats still outnumber Republicans in the state, but the margin is just a few hundred thousand - the smallest its been since the state first began releasing figures in 1998. While the college-educated voters in the suburbs may be difficult to convince, the Trump team thinks it can also chip away at traditionally Democratic support among blue-collar union voters and young black men. “We've seen nationally that Trump has made some real inroads with African American men,” said Farah Jimenez, a conservative education activist. “They're here in Philadelphia, and if you can convince them that he speaks more clearly to the things that concern them, it can at least start to provide a base for Republicans in Philadelphia.” Four years ago, the results in Pennsylvania took days to come in – due, in large part, to the more than two million mail-in ballots cast because of the Covid pandemic. Major media outlets didn’t project Biden as the winner until four days after the election. Mail-in voting is expected to be lower this year, but the state reports that it has already received 217,000 completed ballots that, by Pennsylvania law, cannot be opened and tabulated until election night. Another wildcard is the more than 27,000 military and overseas voter ballots that have been distributed by Pennsylvania state officials so far. If the race is as close as polls indicate, those votes could make a difference – even if they take longer to arrive and be recorded. “I can't imagine that it's not going to take several days after to get a count,” said Snyder. “And if the count is very close, we're going to get into lawsuits and recounts and all the rest of it. So everybody needs to buckle up.” North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,09/10/2024,"['The White House’s address may be 1600 Pennsylvania Avenue, but the real road to the presidency runs through the state of Pennsylvania, the biggest prize among the electoral battleground map.', 'According to calculations by elections analyst Nate Silver, the candidate who wins Pennsylvania has more than a 90% chance of winning the White House. “', 'It’s the granddaddy of all the swing states,” said former congressman Patrick Murphy, who represented north-eastern Pennsylvania as a Democrat from 2007-11.', 'With its 19 electoral votes, Pennsylvania – the fifth most populous US state - is the lynchpin of the swing-state electoral firewalls for both Kamala Harris and Donald Trump.', 'If the Democrats win Pennsylvania, Wisconsin and Michigan, along with one congressional district in Nebraska, she’s the next president.', 'If the Republicans carry Pennsylvania, North Carolina and Georgia, Trump is back in the White House next year.', 'Without Pennsylvania, there is no way Trump can win without flipping at least three of the states Joe Biden won in 2020.', 'Nicknamed the Keystone State, Pennsylvania could in fact be the key to the White House.', 'It is also where BBC Question Time will broadcast a US election special on Thursday 10 October, diving into the issues and voter concerns behind the presidential contest.', 'Pennsylvania is not only the most valuable swing state, it also can be seen as a microcosm of the US as a whole – demographically, economically and politically.', 'It is a former manufacturing state that has been transitioning to newer industries and businesses, but it has a large energy sector because of its abundant oil shale deposits.', 'Agriculture is still the second-largest industry in the state.', 'The majority of the population is white, but there are growing immigrant communities.', 'Some areas, like Allentown – the working-class factory city made famous by a Billy Joel song – are now majority Hispanic.', 'The state’s black population, at 12%, is just under the US total of 13%.', 'As for the politics, the state’s two large urban areas, Philadelphia and Pittsburgh, heavily favour the Democrats.', 'Between the two are vast stretches of rural territory where Republicans dominate.', 'And the suburbs that once were reliably conservative are now tilting to the left.', 'That gives rise to the old quip that Pennsylvania is Philadelphia and Pittsburgh with (deeply Republican) Alabama in the middle.', 'Somehow, all these political cross-currents and shifting dynamics have kept Pennsylvania at a near dead-even balance when it comes to presidential elections.', 'President Joe Biden won the state by about 80,000 votes in 2020.', 'Donald Trump carried it by about 40,000 in his surprise 2016 win over Hillary Clinton.', 'Only once in the last 40 years has a candidate won Pennsylvania by double-digits - Barack Obama in his 2008 electoral landslide.', 'Current polling puts the race between Harris and Trump in the state at a virtual dead heat.', 'According to the 538/ABC News poll tracker, Harris holds a lead by less than a percent – a margin that has hardly shifted over the course of this tumultuous political year.', 'Both the Harris and Trump campaigns have been pouring enormous resources into Pennsylvania.', 'They are spending more on television advertising there than any other swing state.', 'Both candidates make regular visits.', 'Harris introduced her running mate pick, Tim Walz, at a rally in Philadelphia.', 'She spent days preparing for her presidential debate in Pittsburgh.', 'She made a tentpole economic speech there two weeks ago.', 'Last Saturday, Trump held a massive rally in Butler, where in July he was nearly assassinated.', ""On Wednesday he was in Biden's hometown of Scranton and Reading."", 'And when the principals aren’t around, both campaigns have other politicians and officials to drum up support. “', ""A candidate can't go into a county to talk to 1,200 people,” says former Democratic Pennsylvania Governor Ed Rendell. “"", 'The state is too big.', 'There’s just not time.', 'That’s what surrogates are for.”', 'Rendell notes that the current governor, Democrat Josh Shapiro, is a big help for Democrats here, as he is very popular in the state and a dynamic speaker – qualities that had made him the odds-on favourite to be Harris’s vice-presidential pick.', 'For Harris, her keys to victory are to post dominating numbers in Philadelphia and Pittsburgh and win the suburbs by enough to offset Trump’s margins in the rest of the state.', 'An essential part of this strategy is to win over moderate voters and some Republicans – including the more than 160,000 who turned out to vote for former South Carolina Governor Nikki Haley in the state’s Republican primary, held earlier this year, well after Trump had already locked up the party’s nomination. “', ""What these people need to hear is ways in which both the past record of Kamala Harris and the future plans of Kamala Harris are basically centrist positions – that she is not this crazy, wild-eyed radical leftist,” said Craig Snyder, former Republican Senate staffer who is running Pennsylvania's “Haley Voters for Harris” effort."", 'He added that the Harris campaign is making the most extensive effort to reach Republican voters that he’s seen in a generation.', 'Trump’s strategy is to squeeze all the support he can out of the conservative parts of the state, including by registering and mobilising those who may not have participated in past elections – a move Trump’s campaign officials say is a central focus of their grass-roots effort.', 'There are signs their work may be paying off, too.', 'Registered Democrats still outnumber Republicans in the state, but the margin is just a few hundred thousand - the smallest its been since the state first began releasing figures in 1998.', 'While the college-educated voters in the suburbs may be difficult to convince, the Trump team thinks it can also chip away at traditionally Democratic support among blue-collar union voters and young black men. “', ""We've seen nationally that Trump has made some real inroads with African American men,” said Farah Jimenez, a conservative education activist. “"", ""They're here in Philadelphia, and if you can convince them that he speaks more clearly to the things that concern them, it can at least start to provide a base for Republicans in Philadelphia.”"", 'Four years ago, the results in Pennsylvania took days to come in – due, in large part, to the more than two million mail-in ballots cast because of the Covid pandemic.', 'Major media outlets didn’t project Biden as the winner until four days after the election.', 'Mail-in voting is expected to be lower this year, but the state reports that it has already received 217,000 completed ballots that, by Pennsylvania law, cannot be opened and tabulated until election night.', 'Another wildcard is the more than 27,000 military and overseas voter ballots that have been distributed by Pennsylvania state officials so far.', 'If the race is as close as polls indicate, those votes could make a difference – even if they take longer to arrive and be recorded. “', ""I can't imagine that it's not going to take several days after to get a count,” said Snyder. “"", ""And if the count is very close, we're going to get into lawsuits and recounts and all the rest of it."", 'So everybody needs to buckle up.”', 'North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.1618948342866507,"According to calculations by elections analyst Nate Silver, the candidate who wins Pennsylvania has more than a 90% chance of winning the White House. “",Current polling puts the race between Harris and Trump in the state at a virtual dead heat.,0.2327553996672997,"Rendell notes that the current governor, Democrat Josh Shapiro, is a big help for Democrats here, as he is very popular in the state and a dynamic speaker – qualities that had made him the odds-on favourite to be Harris’s vice-presidential pick.","While the college-educated voters in the suburbs may be difficult to convince, the Trump team thinks it can also chip away at traditionally Democratic support among blue-collar union voters and young black men. “",2024-10-16
+Would Donald Trump’s taxes on trade hurt US consumers?,https://www.bbc.co.uk/news/articles/c20myx1erl6o,2024-10-14T23:34:32.778Z,"Donald Trump has pledged to drastically increase tariffs on foreign goods entering the US if he is elected president again. He has promised tariffs - a form of tax - of up to 20% on goods from other countries and 60% on all imports from China. He has even talked about a 200% tax on some imported cars.  Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US economy, protecting jobs and raising tax revenue.   He has claimed on the campaign trail that these taxes are ""not going to be a cost to you, it’s a cost to another country"". This is almost universally regarded by economists as misleading. In practical terms, a tariff is a domestic tax levied on goods as they enter the country, proportional to the value of the import. So a car imported to the US with a value of $50,000 (£38,000) subject to a 10% tariff, would face a $5,000 charge. The charge is physically paid by the domestic company that imports the goods, not the foreign company that exports them.  So, in that sense, it is a straightforward tax paid by domestic US firms to the US government. Over the course of 2023, the US imported around $3,100bn of goods, equivalent to around 11% of US GDP. And tariffs imposed on those imports brought in $80bn in that year, around 2% of total US tax revenues. The question of where the final “economic” burden of tariffs falls, as opposed to the upfront bill, is more complicated. If the US importing firm passes on the cost of the tariff to the person buying the product in the US in the form of higher retail prices, it would be the US consumer that bears the economic burden. If the US importing firm absorbs the cost of the tariff itself and doesn’t pass it on, then that firm is said to bear the economic burden in the form of lower profits than it would otherwise have enjoyed. Alternatively, it is possible that foreign exporters might have to lower their wholesale prices by the value of the tariff in order to retain their US customers. In that scenario, the exporting firm would bear the economic burden of the tariff in the form of lower profits. All three scenarios are theoretically possible. But economic studies of the impact of the new tariffs that Trump imposed in his first term of office between 2017 and 2020 suggest most of the economic burden was ultimately borne by US consumers. A survey by the University of Chicago in September 2024 asked a group of respected economists whether they agreed with the statement that ""imposing tariffs results in a substantial portion of the tariffs being borne by consumers of the country that enacts the tariffs, through price increases"". Only 2% disagreed. Let’s use a concrete example. Trump imposed a 50% tariff on imports of washing machines in 2018. Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products. There is no reason to believe the results of even higher import tariffs from a future Trump administration would be any different in terms of where the economic burden would fall. The non-partisan Peterson Institute for International Economics has estimated Trump’s new proposed tariffs would lower the incomes of Americans, with the impact ranging from around 4% for the poorest fifth to around 2% for the wealthiest fifth. A typical household in the middle of the US income distribution, the think tank estimates, would lose around $1,700 each year. The left-of-centre think tank Centre for American Progress, using a different methodology, has an estimate of a $2,500 to $3,900 loss for a middle-income family. Various researchers have also warned that another major round of tariffs from the US would risk another spike in domestic inflation. Yet Trump has used another economic justification for his tariffs: that they protect and create US domestic jobs. “Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,"" he said on the campaign trail. The political context for Trump’s tariffs was longstanding concern about the loss of US manufacturing jobs to countries with lower labour costs, particularly after the signing of the North American Free Trade Agreement (Nafta) with Mexico in 1994 and the entry of China into the World Trade Organisation in 2001. In January 1994, when Nafta came into effect, the US had just under 17 million manufacturing jobs. By 2016, this had declined to around 12 million. Yet economists say it is misleading to attribute this decline to trade, arguing that growing levels of automation are also an important factor. And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected. Trump imposed 25% tariffs on imported steel in 2018 to protect US producers. By 2020, total employment in the US steel sector was 80,000, still lower than the 84,000 it had been in 2018. It is theoretically possible that employment might have dropped even further without the Trump steel tariffs but detailed economic studies of their impact on US steel still showed no positive employment impact. And economists have also found evidence suggesting that, because the domestic price of steel rose after the tariffs were imposed, employment in some other US manufacturing sectors, which relied on steel as an input - including the agricultural machinery manufacturer Deere & Co - was lower than it otherwise would have been. Trump has criticised America's trade deficit, which is the difference between the value of all the things the country imports and the value of its exports in a given year. “Trade deficits hurt the economy very badly,” he has said. In 2016, just before Trump took office, the total goods and services deficit was $480bn, around 2.5% of US GDP. By 2020, it had grown to $653bn, around 3% of GDP, despite his tariffs. Part of the explanation, according to economists, is that Trump’s tariffs increased the international relative value of the US dollar (by automatically reducing demand for foreign currencies in international trade) and that this made the products of US exporters less competitive globally. Another factor behind this failure to close the trade deficit is the fact that tariffs, in a globalised economy with multinational companies, can sometimes be bypassed. For example, the Trump administration imposed 30% tariffs on Chinese imported solar panels in 2018. The US Commerce Department presented evidence in 2023 that Chinese solar panel manufacturers had shifted their assembly operations to countries such as Malaysia, Thailand, Cambodia and Vietnam and then sent the finished products to the US from those countries, effectively evading the tariffs. There are some economists who support Trump’s tariff plans as a way to boost US industry, such as Jeff Ferry of the Coalition for A Prosperous America, a domestic lobby group, but they are a small minority of the profession. Oren Cass, the director of the conservative think tank American Compass, has argued tariffs can incentivise firms to keep more of their manufacturing operations in America, which he argues has national defence and supply chain security benefits. And the Biden/Harris administration, while sharply criticising Trump’s proposed extension of tariffs, has kept in place many of the ones he implemented after 2018. It has also imposed new tariffs on imports of things like electric vehicles from China, justifying them on the grounds of national security, US industrial policy and unfair domestic subsidies from Beijing. What do you want BBC Verify to investigate? ",BBC,14/10/2024,"['Donald Trump has pledged to drastically increase tariffs on foreign goods entering the US if he is elected president again.', 'He has promised tariffs - a form of tax - of up to 20% on goods from other countries and 60% on all imports from China.', 'He has even talked about a 200% tax on some imported cars.', ""Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US economy, protecting jobs and raising tax revenue."", 'He has claimed on the campaign trail that these taxes are ""not going to be a cost to you, it’s a cost to another country"".', 'This is almost universally regarded by economists as misleading.', 'In practical terms, a tariff is a domestic tax levied on goods as they enter the country, proportional to the value of the import.', 'So a car imported to the US with a value of $50,000 (£38,000) subject to a 10% tariff, would face a $5,000 charge.', 'The charge is physically paid by the domestic company that imports the goods, not the foreign company that exports them.', 'So, in that sense, it is a straightforward tax paid by domestic US firms to the US government.', 'Over the course of 2023, the US imported around $3,100bn of goods, equivalent to around 11% of US GDP.', 'And tariffs imposed on those imports brought in $80bn in that year, around 2% of total US tax revenues.', 'The question of where the final “economic” burden of tariffs falls, as opposed to the upfront bill, is more complicated.', 'If the US importing firm passes on the cost of the tariff to the person buying the product in the US in the form of higher retail prices, it would be the US consumer that bears the economic burden.', 'If the US importing firm absorbs the cost of the tariff itself and doesn’t pass it on, then that firm is said to bear the economic burden in the form of lower profits than it would otherwise have enjoyed.', 'Alternatively, it is possible that foreign exporters might have to lower their wholesale prices by the value of the tariff in order to retain their US customers.', 'In that scenario, the exporting firm would bear the economic burden of the tariff in the form of lower profits.', 'All three scenarios are theoretically possible.', 'But economic studies of the impact of the new tariffs that Trump imposed in his first term of office between 2017 and 2020 suggest most of the economic burden was ultimately borne by US consumers.', 'A survey by the University of Chicago in September 2024 asked a group of respected economists whether they agreed with the statement that ""imposing tariffs results in a substantial portion of the tariffs being borne by consumers of the country that enacts the tariffs, through price increases"".', 'Only 2% disagreed.', 'Let’s use a concrete example.', 'Trump imposed a 50% tariff on imports of washing machines in 2018.', 'Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products.', 'There is no reason to believe the results of even higher import tariffs from a future Trump administration would be any different in terms of where the economic burden would fall.', 'The non-partisan Peterson Institute for International Economics has estimated Trump’s new proposed tariffs would lower the incomes of Americans, with the impact ranging from around 4% for the poorest fifth to around 2% for the wealthiest fifth.', 'A typical household in the middle of the US income distribution, the think tank estimates, would lose around $1,700 each year.', 'The left-of-centre think tank Centre for American Progress, using a different methodology, has an estimate of a $2,500 to $3,900 loss for a middle-income family.', 'Various researchers have also warned that another major round of tariffs from the US would risk another spike in domestic inflation.', 'Yet Trump has used another economic justification for his tariffs: that they protect and create US domestic jobs. “', 'Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,"" he said on the campaign trail.', 'The political context for Trump’s tariffs was longstanding concern about the loss of US manufacturing jobs to countries with lower labour costs, particularly after the signing of the North American Free Trade Agreement (Nafta) with Mexico in 1994 and the entry of China into the World Trade Organisation in 2001.', 'In January 1994, when Nafta came into effect, the US had just under 17 million manufacturing jobs.', 'By 2016, this had declined to around 12 million.', 'Yet economists say it is misleading to attribute this decline to trade, arguing that growing levels of automation are also an important factor.', 'And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected.', 'Trump imposed 25% tariffs on imported steel in 2018 to protect US producers.', 'By 2020, total employment in the US steel sector was 80,000, still lower than the 84,000 it had been in 2018.', 'It is theoretically possible that employment might have dropped even further without the Trump steel tariffs but detailed economic studies of their impact on US steel still showed no positive employment impact.', 'And economists have also found evidence suggesting that, because the domestic price of steel rose after the tariffs were imposed, employment in some other US manufacturing sectors, which relied on steel as an input - including the agricultural machinery manufacturer Deere & Co - was lower than it otherwise would have been.', ""Trump has criticised America's trade deficit, which is the difference between the value of all the things the country imports and the value of its exports in a given year. “"", 'Trade deficits hurt the economy very badly,” he has said.', 'In 2016, just before Trump took office, the total goods and services deficit was $480bn, around 2.5% of US GDP.', 'By 2020, it had grown to $653bn, around 3% of GDP, despite his tariffs.', 'Part of the explanation, according to economists, is that Trump’s tariffs increased the international relative value of the US dollar (by automatically reducing demand for foreign currencies in international trade) and that this made the products of US exporters less competitive globally.', 'Another factor behind this failure to close the trade deficit is the fact that tariffs, in a globalised economy with multinational companies, can sometimes be bypassed.', 'For example, the Trump administration imposed 30% tariffs on Chinese imported solar panels in 2018.', 'The US Commerce Department presented evidence in 2023 that Chinese solar panel manufacturers had shifted their assembly operations to countries such as Malaysia, Thailand, Cambodia and Vietnam and then sent the finished products to the US from those countries, effectively evading the tariffs.', 'There are some economists who support Trump’s tariff plans as a way to boost US industry, such as Jeff Ferry of the Coalition for A Prosperous America, a domestic lobby group, but they are a small minority of the profession.', 'Oren Cass, the director of the conservative think tank American Compass, has argued tariffs can incentivise firms to keep more of their manufacturing operations in America, which he argues has national defence and supply chain security benefits.', 'And the Biden/Harris administration, while sharply criticising Trump’s proposed extension of tariffs, has kept in place many of the ones he implemented after 2018.', 'It has also imposed new tariffs on imports of things like electric vehicles from China, justifying them on the grounds of national security, US industrial policy and unfair domestic subsidies from Beijing.', 'What do you want BBC Verify to investigate?']",-0.0363120992630813,And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected.,"Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,"" he said on the campaign trail.",-0.3885574713349342,"Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products.",It is theoretically possible that employment might have dropped even further without the Trump steel tariffs but detailed economic studies of their impact on US steel still showed no positive employment impact.,2024-10-15
+Revolut customers say e-money firm failed them after being scammed,https://www.bbc.co.uk/news/articles/cj6epzxdd77o,2024-10-14T06:22:40.128Z,"A man who had £165,000 stolen from his Revolut business account by fraudsters has told BBC Panorama he believes the company’s security measures failed to prevent the theft. He says criminals managed to bypass the ID verification process to gain access to his account. So far, Revolut has refused to refund this money. The BBC has found that Revolut was named in more reports of fraud in the last financial year than any of the major High Street banks. The e-money firm - which has not yet been granted full status as a bank - says it takes fraud incredibly seriously and that it has “robust controls” to meet its legal and regulatory obligations. Revolut is among a number of new digital-only financial institutions that offer all their services online or through an app - there are no branches to go to. The firm has grown rapidly and amassed more than 45 million customers worldwide, of which nine million are in the UK. It almost tripled its revenue to £1.8bn in 2023. Its accounts are quick to open and offer competitive foreign exchange rates in an easy-to-use app. These were the features that attracted Jack - who runs an international business and needs to hold multiple different currencies - to Revolut. Jack, who asked us not to use his surname, told us he was also reassured by the security features Revolut promote in their advertising. In February, Jack was in a co-working space when he received a phone call from a scammer pretending to be from Revolut. He was told he was being called because his account might have been compromised through being on shared Wi-Fi. Jack was tricked into handing over enough information to allow the scammers to put his Revolut account onto their device. This meant they could see all his previous transactions, including a purchase at the online retailer Etsy that morning. While Jack was still on the phone to the scammers, a text message from Revolut arrived, asking him to confirm the exact same amount he had spent - £21.98 - by typing in a six-digit security code. He said, “Yes, that was me,” and read out the code to the scammers. What Jack didn’t realise was that they had set up their own account - also called Etsy  - and by sharing the code Revolut had sent him, he was authorising a new payment to their fake account instead. Two similar texts followed to authorise payments of small amounts to two further fake accounts, called “Revolut fees” and “Revolut fees care”. Jack also approved these – which meant he had been tricked into setting up three new payees. This opened the floodgates and thousands of pounds began to fly out. As soon as Jack realised he was being scammed, he contacted Revolut - but there was no dedicated helpline, just a chat function deep within the app. ""I messaged them saying, ‘I’ve been scammed, please freeze my account,’” he told the BBC. It took 23 minutes to reach the right department that could freeze the account, during which time another £67,000 had been taken. Jack is now out of pocket by £165,000. He thinks Revolut’s systems failed him in several ways. He believes criminals managed to bypass facial-recognition software to gain access to his account on their device. If an account is set up on a new device, Revolut asks for a selfie, which Jack says he did not provide. Jack says he asked Revolut to show him the image used to authorised the new device. They eventually told him that it wasn't stored in their system, so there was no way of proving what the fraudsters had done, or what photo was used. Panorama investigated this apparent vulnerability and found that it appeared to have been fixed. Jack also believes the fact that 137 individual payments were being made to three new payees in the space of an hour, should have raised concerns with Revolut. Most banks and financial institutions monitor customers’ accounts for unusual activity. “If somebody is suddenly processing a vast amount of transactions and a ton of payments to a new account, it is something that is a red flag - and banks should typically start to investigate some of that behaviour,” says Nina Kerkez, a fraud specialist at data analytics company LexisNexis Risk Solutions. “[They should] call their customer, send them a text message, engage in some way to ensure those transactions are legitimate.” Last year, the UK’s national reporting centre for fraud and cyber-crime Action Fraud, received almost 10,000 reports of fraud in which Revolut was named, according to a Freedom of Information (FOI) request submitted by Panorama. That is 2,000 more than Barclays, one of the biggest banks in the UK, and double that of Monzo, a competitor of similar size to Revolut. Panorama spoke to eight former employees to try to understand Revolut’s work culture, and two issues came up again and again - Revolut’s insatiable appetite for growth, and a high-pressure environment. “Protecting Revolut from being used for financial crime always played second fiddle to the desire to launch new products and to get existing customers to use products more,” an insider, who wished to remain anonymous, told us. Fraud is a problem for all banks and scams continue to net hundreds of millions even while the technology to defeat them improves.  In order to protect customers, financial companies do extra checks but sometimes these security steps can get in the way of a smooth customer experience. Revolut says it has a “high performance culture” with an “expectation to deliver good customer outcomes” and that all new product launches involve comprehensive risk assessment and governance approval processes. It also says it has “invested heavily” in its financial crime prevention team, which now makes up more than a third of its total global workforce.  Britain’s Newest Bank: How Safe Is Your Money? Reporter Catrin Nye investigates the stories of Revolut customers who say scammers took tens of thousands of pounds from their accounts, and that Revolut failed to protect them. Watch on BBC iPlayer or on BBC One on Monday 14 October at 20:00 (20:30 in Wales and Northern Ireland) Revolut says it cannot comment on Jack’s case as it is being looked at by the Financial Ombudsman Service. In 2023 the ombudsman received about 3,500 complaints about Revolut, more than any other bank or e-money firm. “[This] shows that actually Revolut aren't doing enough to act in this area,” says Rob Lilley-Jones, from consumer group Which? He says that Which? does not recommend banking large sums of money with the firm. “They have a track record of not reimbursing people who fall victim to fraud or find themselves in this incredibly difficult situation, [and] of money being taken from accounts even after scam activity has been reported.” Revolut says that each potential fraud case is carefully investigated so it can evaluate the full circumstances and make the most informed decision. Earlier this month new rules came in to make all banks and electronic money institutions reimburse victims of APP (authorised push payment) fraud. The majority of scam victims will now be reimbursed their money automatically up to the value of £85,000, with refunds split 50-50 between sending and receiving firms.  This could prove costly for Revolut. “We hear from customers consistently that they're told to set up Revolut accounts when they are becoming the victim of a scam,” says Will Ayles from Refundee, a company specialising in fraud recovery. “It might be safe to draw the conclusion from that, that fraud victims are told to set up Revolut accounts because fraudsters find it easier to move money through Revolut than any other bank.” When someone is tricked into transferring money to a fraudster it is known as an authorised push payment (APP) fraud. It's the most common type of financial scam in the UK. Last year, figures from the Payment Systems Regulator show that for every million pounds paid into Revolut accounts, £756 was from APP fraud. That is more than 10 times the amount for Barclays and four times more than Monzo. Revolut says it takes fraud incredibly seriously, and has approaches to tackle it, including delaying payments, “to allow customers to stop, think and complete additional checks”.  It also says it has recently announced “a new biometric identification feature” and “an advanced AI-scam detection feature that protects customers against card scams”. In July this year, the UK banking regulator granted Revolut a provisional banking licence, and it is now on its way to becoming a fully-fledged bank. This means that if Revolut were to go bust, customers’ deposits would be guaranteed up to £85,000 per person. Until then, it will continue to operate as an electronic money institution or e-money firm. However, becoming a bank means it will be able to extend credit to customers via credit cards, overdrafts and mortgages. “This means the stakes are higher for their customers if they’re targeted by a scammer,” says Rob Lilley-Jones. “I think there might be a political element to Revolut’s licensing, because it's becoming of a size to challenge High Street banks,” says Frances Coppola, a financial journalist and expert on banking risks and regulations. “I think no government would want to have something of that size playing fast and loose with the rules.” However, she adds: “I suppose you could question, given there are so many complaints, whether Revolut should have a licence.” The Treasury says the decision on whether to grant Revolut a banking license lies with the independent regulators. The regulators declined to comment to Panorama. Revolut says that it abides by the same regulatory standards as any High Street bank, and it is sorry to hear of any instance where customers have been targeted by criminals. It says it cut fraud by 20% last year but acknowledges “there is always more to do”. Reporting by Talia Franco, Sam Goss, India Latham and Catrin Nye ",BBC,14/10/2024,"['A man who had £165,000 stolen from his Revolut business account by fraudsters has told BBC Panorama he believes the company’s security measures failed to prevent the theft.', 'He says criminals managed to bypass the ID verification process to gain access to his account.', 'So far, Revolut has refused to refund this money.', 'The BBC has found that Revolut was named in more reports of fraud in the last financial year than any of the major High Street banks.', 'The e-money firm - which has not yet been granted full status as a bank - says it takes fraud incredibly seriously and that it has “robust controls” to meet its legal and regulatory obligations.', 'Revolut is among a number of new digital-only financial institutions that offer all their services online or through an app - there are no branches to go to.', 'The firm has grown rapidly and amassed more than 45 million customers worldwide, of which nine million are in the UK.', 'It almost tripled its revenue to £1.8bn in 2023.', 'Its accounts are quick to open and offer competitive foreign exchange rates in an easy-to-use app.', 'These were the features that attracted Jack - who runs an international business and needs to hold multiple different currencies - to Revolut.', 'Jack, who asked us not to use his surname, told us he was also reassured by the security features Revolut promote in their advertising.', 'In February, Jack was in a co-working space when he received a phone call from a scammer pretending to be from Revolut.', 'He was told he was being called because his account might have been compromised through being on shared Wi-Fi.', 'Jack was tricked into handing over enough information to allow the scammers to put his Revolut account onto their device.', 'This meant they could see all his previous transactions, including a purchase at the online retailer Etsy that morning.', 'While Jack was still on the phone to the scammers, a text message from Revolut arrived, asking him to confirm the exact same amount he had spent - £21.98 - by typing in a six-digit security code.', 'He said, “Yes, that was me,” and read out the code to the scammers.', 'What Jack didn’t realise was that they had set up their own account - also called Etsy - and by sharing the code Revolut had sent him, he was authorising a new payment to their fake account instead.', 'Two similar texts followed to authorise payments of small amounts to two further fake accounts, called “Revolut fees” and “Revolut fees care”.', 'Jack also approved these – which meant he had been tricked into setting up three new payees.', 'This opened the floodgates and thousands of pounds began to fly out.', 'As soon as Jack realised he was being scammed, he contacted Revolut - but there was no dedicated helpline, just a chat function deep within the app. ""', 'I messaged them saying, ‘I’ve been scammed, please freeze my account,’” he told the BBC.', 'It took 23 minutes to reach the right department that could freeze the account, during which time another £67,000 had been taken.', 'Jack is now out of pocket by £165,000.', 'He thinks Revolut’s systems failed him in several ways.', 'He believes criminals managed to bypass facial-recognition software to gain access to his account on their device.', 'If an account is set up on a new device, Revolut asks for a selfie, which Jack says he did not provide.', 'Jack says he asked Revolut to show him the image used to authorised the new device.', ""They eventually told him that it wasn't stored in their system, so there was no way of proving what the fraudsters had done, or what photo was used."", 'Panorama investigated this apparent vulnerability and found that it appeared to have been fixed.', 'Jack also believes the fact that 137 individual payments were being made to three new payees in the space of an hour, should have raised concerns with Revolut.', 'Most banks and financial institutions monitor customers’ accounts for unusual activity. “', 'If somebody is suddenly processing a vast amount of transactions and a ton of payments to a new account, it is something that is a red flag - and banks should typically start to investigate some of that behaviour,” says Nina Kerkez, a fraud specialist at data analytics company LexisNexis Risk Solutions. “[', 'They should] call their customer, send them a text message, engage in some way to ensure those transactions are legitimate.”', 'Last year, the UK’s national reporting centre for fraud and cyber-crime Action Fraud, received almost 10,000 reports of fraud in which Revolut was named, according to a Freedom of Information (FOI) request submitted by Panorama.', 'That is 2,000 more than Barclays, one of the biggest banks in the UK, and double that of Monzo, a competitor of similar size to Revolut.', 'Panorama spoke to eight former employees to try to understand Revolut’s work culture, and two issues came up again and again - Revolut’s insatiable appetite for growth, and a high-pressure environment. “', 'Protecting Revolut from being used for financial crime always played second fiddle to the desire to launch new products and to get existing customers to use products more,” an insider, who wished to remain anonymous, told us.', 'Fraud is a problem for all banks and scams continue to net hundreds of millions even while the technology to defeat them improves.', 'In order to protect customers, financial companies do extra checks but sometimes these security steps can get in the way of a smooth customer experience.', 'Revolut says it has a “high performance culture” with an “expectation to deliver good customer outcomes” and that all new product launches involve comprehensive risk assessment and governance approval processes.', 'It also says it has “invested heavily” in its financial crime prevention team, which now makes up more than a third of its total global workforce.', 'Britain’s Newest Bank: How Safe Is Your Money?', 'Reporter Catrin Nye investigates the stories of Revolut customers who say scammers took tens of thousands of pounds from their accounts, and that Revolut failed to protect them.', 'Watch on BBC iPlayer or on BBC One on Monday 14 October at 20:00 (20:30 in Wales and Northern Ireland) Revolut says it cannot comment on Jack’s case as it is being looked at by the Financial Ombudsman Service.', 'In 2023 the ombudsman received about 3,500 complaints about Revolut, more than any other bank or e-money firm. “[', ""This] shows that actually Revolut aren't doing enough to act in this area,” says Rob Lilley-Jones, from consumer group Which?"", 'He says that Which?', 'does not recommend banking large sums of money with the firm. “', 'They have a track record of not reimbursing people who fall victim to fraud or find themselves in this incredibly difficult situation, [and] of money being taken from accounts even after scam activity has been reported.”', 'Revolut says that each potential fraud case is carefully investigated so it can evaluate the full circumstances and make the most informed decision.', 'Earlier this month new rules came in to make all banks and electronic money institutions reimburse victims of APP (authorised push payment) fraud.', 'The majority of scam victims will now be reimbursed their money automatically up to the value of £85,000, with refunds split 50-50 between sending and receiving firms.', 'This could prove costly for Revolut. “', ""We hear from customers consistently that they're told to set up Revolut accounts when they are becoming the victim of a scam,” says Will Ayles from Refundee, a company specialising in fraud recovery. “"", 'It might be safe to draw the conclusion from that, that fraud victims are told to set up Revolut accounts because fraudsters find it easier to move money through Revolut than any other bank.”', 'When someone is tricked into transferring money to a fraudster it is known as an authorised push payment (APP) fraud.', ""It's the most common type of financial scam in the UK."", 'Last year, figures from the Payment Systems Regulator show that for every million pounds paid into Revolut accounts, £756 was from APP fraud.', 'That is more than 10 times the amount for Barclays and four times more than Monzo.', 'Revolut says it takes fraud incredibly seriously, and has approaches to tackle it, including delaying payments, “to allow customers to stop, think and complete additional checks”.', 'It also says it has recently announced “a new biometric identification feature” and “an advanced AI-scam detection feature that protects customers against card scams”.', 'In July this year, the UK banking regulator granted Revolut a provisional banking licence, and it is now on its way to becoming a fully-fledged bank.', 'This means that if Revolut were to go bust, customers’ deposits would be guaranteed up to £85,000 per person.', 'Until then, it will continue to operate as an electronic money institution or e-money firm.', 'However, becoming a bank means it will be able to extend credit to customers via credit cards, overdrafts and mortgages. “', 'This means the stakes are higher for their customers if they’re targeted by a scammer,” says Rob Lilley-Jones. “', ""I think there might be a political element to Revolut’s licensing, because it's becoming of a size to challenge High Street banks,” says Frances Coppola, a financial journalist and expert on banking risks and regulations. “"", 'I think no government would want to have something of that size playing fast and loose with the rules.”', 'However, she adds: “I suppose you could question, given there are so many complaints, whether Revolut should have a licence.”', 'The Treasury says the decision on whether to grant Revolut a banking license lies with the independent regulators.', 'The regulators declined to comment to Panorama.', 'Revolut says that it abides by the same regulatory standards as any High Street bank, and it is sorry to hear of any instance where customers have been targeted by criminals.', 'It says it cut fraud by 20% last year but acknowledges “there is always more to do”.', 'Reporting by Talia Franco, Sam Goss, India Latham and Catrin Nye']",-0.1450032242683276,"Jack, who asked us not to use his surname, told us he was also reassured by the security features Revolut promote in their advertising.","They have a track record of not reimbursing people who fall victim to fraud or find themselves in this incredibly difficult situation, [and] of money being taken from accounts even after scam activity has been reported.”",0.0823877776662508,It almost tripled its revenue to £1.8bn in 2023.,This could prove costly for Revolut. “,2024-10-15
+Prague to ban organised night pub crawls in bid for 'refined' visitors,https://www.bbc.co.uk/news/articles/cdxr8yywlgjo,2024-10-15T10:20:56.311Z,"Prague is to ban night-time pub crawls organised by travel agencies, in a bid to deter rowdy tourists from visiting and attracting more ""refined"" visitors instead.  The Czech capital's authorities say organised pub crawls - often aimed at foreign stag and hen dos - will be banned between 22:00 and 06:00 local time (21:00-05:00 BST). Deputy mayor Jiri Pospisil said he wanted the city to become a place where ""refinement and respect for shared public space are a priority"". Prague is not alone in its bid to deter rowdy tourists - many from the UK. Last year, Amsterdam launched a campaign to discourage young British men from travelling to the Dutch capital to use drugs and drink heavily. Prague City Council said councillors had approved an amendment limiting ""organised movements of tourists from pub to pub, disrupting the night peace especially in the centre"". The change was made on noise, safety and cleanliness grounds. Crowds of drunk tourists also negatively affect the reputation of the city, councillors claimed.  Officials in the central Prague One district, most of which is a Unesco World Heritage Site and where many bars are located, welcomed the move.  Prague One mayor Terezie Radomerska said it was a ""welcome change"" which would ""reduce the negative effects caused by excessive noise in the streets"".  Police will be charged with enforcing the ban. Councillors said disorderly behaviour had led to ""an excessive deployment"" of cleaning and police services, stretching the city's resources.  Prague resident Stepan Kuchta told the Times newspaper his health had been ""ruined by chronic noise"". But Prague Pub Crawl, which organises the drunken excursions, panned the city's decision as ""merely a populist move to cover up the city management's inability to address real issues, such as the lack of municipal police officers to enforce night-time peace"". The city of 1.3 million welcomed around 7.4 million tourists last year, according to the Czech Statistical Office. Historically, many tourists have been enticed by the Czech capital's beautiful historic features and cheap beers - which in some restaurants and pubs can be cheaper than bottled water. Vaclav Starek of the Czech Association of Hotels and Restaurants welcomed the city council's decision. Mr Starek told the AFP news agency that he didn't think business would be affected.  ""I don't think this will hurt our sales. Nobody will be banned from going to a pub but these nightly organised pub crawls ... are nothing we would need."" ",BBC,15/10/2024,"['Prague is to ban night-time pub crawls organised by travel agencies, in a bid to deter rowdy tourists from visiting and attracting more ""refined"" visitors instead.', ""The Czech capital's authorities say organised pub crawls - often aimed at foreign stag and hen dos - will be banned between 22:00 and 06:00 local time (21:00-05:00 BST)."", 'Deputy mayor Jiri Pospisil said he wanted the city to become a place where ""refinement and respect for shared public space are a priority"".', 'Prague is not alone in its bid to deter rowdy tourists - many from the UK.', 'Last year, Amsterdam launched a campaign to discourage young British men from travelling to the Dutch capital to use drugs and drink heavily.', 'Prague City Council said councillors had approved an amendment limiting ""organised movements of tourists from pub to pub, disrupting the night peace especially in the centre"".', 'The change was made on noise, safety and cleanliness grounds.', 'Crowds of drunk tourists also negatively affect the reputation of the city, councillors claimed.', 'Officials in the central Prague One district, most of which is a Unesco World Heritage Site and where many bars are located, welcomed the move.', 'Prague One mayor Terezie Radomerska said it was a ""welcome change"" which would ""reduce the negative effects caused by excessive noise in the streets"".', 'Police will be charged with enforcing the ban.', 'Councillors said disorderly behaviour had led to ""an excessive deployment"" of cleaning and police services, stretching the city\'s resources.', 'Prague resident Stepan Kuchta told the Times newspaper his health had been ""ruined by chronic noise"".', 'But Prague Pub Crawl, which organises the drunken excursions, panned the city\'s decision as ""merely a populist move to cover up the city management\'s inability to address real issues, such as the lack of municipal police officers to enforce night-time peace"".', 'The city of 1.3 million welcomed around 7.4 million tourists last year, according to the Czech Statistical Office.', ""Historically, many tourists have been enticed by the Czech capital's beautiful historic features and cheap beers - which in some restaurants and pubs can be cheaper than bottled water."", ""Vaclav Starek of the Czech Association of Hotels and Restaurants welcomed the city council's decision."", 'Mr Starek told the AFP news agency that he didn\'t think business would be affected. ""', ""I don't think this will hurt our sales."", 'Nobody will be banned from going to a pub but these nightly organised pub crawls ... are nothing we would need.""']",-0.0018674552098748,"Prague City Council said councillors had approved an amendment limiting ""organised movements of tourists from pub to pub, disrupting the night peace especially in the centre"".",Police will be charged with enforcing the ban.,-0.3255369994375441,"Prague One mayor Terezie Radomerska said it was a ""welcome change"" which would ""reduce the negative effects caused by excessive noise in the streets"".","Crowds of drunk tourists also negatively affect the reputation of the city, councillors claimed.",2024-10-15
+Obesity: Unemployed could get weight loss jabs to return to work,https://www.bbc.co.uk/news/articles/cjd54zd0ezjo,2024-10-15T04:23:54.468Z,"Proposals to give weight loss jabs to unemployed people living with obesity could be ""very important"" for our economy and health, the prime minister has told the BBC. Sir Keir Starmer said he acknowledged that more money was needed for the NHS, and the government also needed to ""think differently"" to ease pressure on the health system. His comments came after Health Secretary Wes Streeting said the jabs could be given to help people get back into work. Some injections are already prescribed on the NHS for the treatment of obesity, and  also for people with diabetes. Sir Keir told the BBC the jabs would be ""very helpful"" to people who want and need to lose weight. ""[The drug is] very important for our NHS, because, yes we need more money for the NHS, but we've also got to think differently"". Streeting suggested the medicines could be ""life changing"" for individuals.  In an opinion piece for the Telegraph, the health secretary wrote: ""Widening waistbands are also placing significant burden on our health service."" ""The long-term benefits of these drugs could be monumental in our approach to tackling obesity."" The NHS's latest Health Survey for England shows in 2022, 29% of adults in England were obese and 64% were deemed to be overweight.  Illnesses relating to obesity cost the NHS £11bn a year, Streeting said.   Obesity has also been linked to the development of type 2 diabetes, with the NHS spending around £10bn a year - 9% of its budget - to care for people with diabetes.  His words came as the government announced a five-year trial in Greater Manchester of the weight loss drug Mounjaro. Mounjaro's maker, Lilly - the world's largest pharmaceutical company - is investing £279m as part of the trial, which will look at whether using the drug will reduce worklessness and NHS use. NHS officials have suggested the roll-out of the drug across England will need to be staggered due to anticipated high levels of demand. Nearly 250,000 people are expected to receive the Mounjaro jab over the next three years, officials said. The health secretary added the weight-loss injections could benefit the economy too, reducing the number of sick days caused by obesity. ""Illness caused by obesity causes people to take an extra four sick days a year on average, while many others are forced out of work altogether,"" he said. However, individuals will still need to remain responsible for taking ""healthy living more seriously"", as the ""NHS can't be expected to always pick up the tab for unhealthy lifestyles"", he said.  ""As a country, we’re eating more, eating less healthily and exercising less. The costs to the individual are clear – a less healthy and shorter life."" Obesity policy specialist Dr Dolly van Tulleken said the idea was unrealistic as the eligible population for this plan was ""in the millions"" with specialist weight management services only able to treat 49,000 per year. She said the policy idea of incentivising unemployed people who are obese, was not new, and had previously gone down ""very badly"".  Speaking to the Today programme, she said the plans look at people based on ""their potential economic value"" rather than their needs. Some weight loss medicines are already prescribed by the NHS. The medication which supresses appetite is sold under the brand names Wegovy - used to treat obesity - and Ozempic, for diabetes. It comes in the form of an injection and mimics the hormone GLP-1, making people feel fuller and less hungry. Experts have warned in the past that the drug is not a quick fix or a replacement for eating well and exercising, and should only be offered under medical supervision. Former health minister Lord Bethell said the NHS would have to make ""concrete steps to pivot to prevention so that we’re not simply medicalising the national obesity problem."" Amanda Pritchard, the chief executive of the NHS, said the drugs would be a ""game-changer"" for public health and could reduce the risk of diabetes, heart attacks and strokes.  David A Ricks, the chairman and chief executive of Lilly, said: “We welcome this opportunity to partner with the UK Government on tackling and preventing disease, and accelerating innovation to advance care delivery models.”  ",BBC,15/10/2024,"['Proposals to give weight loss jabs to unemployed people living with obesity could be ""very important"" for our economy and health, the prime minister has told the BBC.', 'Sir Keir Starmer said he acknowledged that more money was needed for the NHS, and the government also needed to ""think differently"" to ease pressure on the health system.', 'His comments came after Health Secretary Wes Streeting said the jabs could be given to help people get back into work.', 'Some injections are already prescribed on the NHS for the treatment of obesity, and also for people with diabetes.', 'Sir Keir told the BBC the jabs would be ""very helpful"" to people who want and need to lose weight. ""[', 'The drug is] very important for our NHS, because, yes we need more money for the NHS, but we\'ve also got to think differently"".', 'Streeting suggested the medicines could be ""life changing"" for individuals.', 'In an opinion piece for the Telegraph, the health secretary wrote: ""Widening waistbands are also placing significant burden on our health service."" ""', 'The long-term benefits of these drugs could be monumental in our approach to tackling obesity.""', ""The NHS's latest Health Survey for England shows in 2022, 29% of adults in England were obese and 64% were deemed to be overweight."", 'Illnesses relating to obesity cost the NHS £11bn a year, Streeting said.', 'Obesity has also been linked to the development of type 2 diabetes, with the NHS spending around £10bn a year - 9% of its budget - to care for people with diabetes.', 'His words came as the government announced a five-year trial in Greater Manchester of the weight loss drug Mounjaro.', ""Mounjaro's maker, Lilly - the world's largest pharmaceutical company - is investing £279m as part of the trial, which will look at whether using the drug will reduce worklessness and NHS use."", 'NHS officials have suggested the roll-out of the drug across England will need to be staggered due to anticipated high levels of demand.', 'Nearly 250,000 people are expected to receive the Mounjaro jab over the next three years, officials said.', 'The health secretary added the weight-loss injections could benefit the economy too, reducing the number of sick days caused by obesity. ""', 'Illness caused by obesity causes people to take an extra four sick days a year on average, while many others are forced out of work altogether,"" he said.', 'However, individuals will still need to remain responsible for taking ""healthy living more seriously"", as the ""NHS can\'t be expected to always pick up the tab for unhealthy lifestyles"", he said. ""', 'As a country, we’re eating more, eating less healthily and exercising less.', 'The costs to the individual are clear – a less healthy and shorter life.""', 'Obesity policy specialist Dr Dolly van Tulleken said the idea was unrealistic as the eligible population for this plan was ""in the millions"" with specialist weight management services only able to treat 49,000 per year.', 'She said the policy idea of incentivising unemployed people who are obese, was not new, and had previously gone down ""very badly"".', 'Speaking to the Today programme, she said the plans look at people based on ""their potential economic value"" rather than their needs.', 'Some weight loss medicines are already prescribed by the NHS.', 'The medication which supresses appetite is sold under the brand names Wegovy - used to treat obesity - and Ozempic, for diabetes.', 'It comes in the form of an injection and mimics the hormone GLP-1, making people feel fuller and less hungry.', 'Experts have warned in the past that the drug is not a quick fix or a replacement for eating well and exercising, and should only be offered under medical supervision.', 'Former health minister Lord Bethell said the NHS would have to make ""concrete steps to pivot to prevention so that we’re not simply medicalising the national obesity problem.""', 'Amanda Pritchard, the chief executive of the NHS, said the drugs would be a ""game-changer"" for public health and could reduce the risk of diabetes, heart attacks and strokes.', 'David A Ricks, the chairman and chief executive of Lilly, said: “We welcome this opportunity to partner with the UK Government on tackling and preventing disease, and accelerating innovation to advance care delivery models.”']",0.0045229582831337,"David A Ricks, the chairman and chief executive of Lilly, said: “We welcome this opportunity to partner with the UK Government on tackling and preventing disease, and accelerating innovation to advance care delivery models.”","Illness caused by obesity causes people to take an extra four sick days a year on average, while many others are forced out of work altogether,"" he said.",0.0099537457738603,"The health secretary added the weight-loss injections could benefit the economy too, reducing the number of sick days caused by obesity. ""","She said the policy idea of incentivising unemployed people who are obese, was not new, and had previously gone down ""very badly"".",2024-10-15
+"Mental health patients to get job coach visits, says minister",https://www.bbc.co.uk/news/articles/c98y09n8201o,2024-10-15T23:01:36.204Z,"Job coaches will visit seriously ill patients on mental health wards to try to get them back to work, the government has said. Trials of employment advisers giving CV and interview advice in hospitals produced ""dramatic results"", Work and Pensions Secretary Liz Kendall told the BBC. She said a wider roll out would form part of her drive to shrink the UK's annual disability and incapacity benefits bill. But disability rights campaigners have expressed concerns about the proposals. The cost of these benefits is projected to surge almost a third in the next four to five years, according to the Institute for Fiscal Studies. It predicted the Department for Work and Pensions (DWP) would spend £63bn by 2028-29, a jump from £48bn for 2023-24. “I want to see those costs coming down, because I want to have people able to work, to get on in their work, which is good for them,"" Kendall told BBC News in an exclusive interview. She indicated some people will lose their benefits, saying the “benefit system can have a real impact on whether you incentivise or disincentivise work”. Kendall praised projects in Leicester and at the Maudsley Hospital in Camberwell, in south-east London, which offered employment support - such as training on CV writing and interviews - to seriously mentally ill people, including on hospital wards. ""This is for people with serious mental health problems,"" she said. ""And the results of getting people into work have been dramatic, and the evidence clearly shows that it is better for their mental health."" She added: ""We really need to focus on putting those employment advisers into our mental health services. It is better for people. It is better for the economy. We just have to think in a different way."" The DWP is preparing a new employment white paper, for release around the time of the Budget and spending review later this month, which will outline its plans for reform. However, Disability Rights UK has raised some concerns with the proposed policies. It criticised the DWP's initial July report on the proposals for making no reference to the Equality Act, flexible working or the access to work scheme and only one reference to reasonable adjustments. Kendall said she believed British society had become “sicker” and the UK was “the only G7 country whose employment rate has not gone back to pre-pandemic levels”. According to official figures released yesterday for the period from June to August, 21.8% of people are considered ""economically inactive"", meaning they are aged between 16 to 64 years old, not in work or looking for a job. The figure has fallen marginally from the May to July period, but it remains at close to a decade-high after rising during the pandemic. ""There is clear evidence we are really struggling with health problems,"" Kendall added.  ""I don't think £30bn extra spending on sickness and disability benefits is because people are feeling ‘a little bit bluesy’,” a reference to the words of her predecessor Mel Stride. She also urged employers to “think differently” about workers with mental health conditions to offer flexibility to support and retain workers with health problems. Kendall also told the BBC job centres would be transformed by merging them with the national careers service and using AI.  She suggested the face-to-face work would remain for the people “who really need it”, but “more personalised support using AI” for others, expanding on an idea introduced by her predecessor Stride. She also suggested that giving powers to regional mayors would help match unemployed people more closely with local vacancies. This echoes calls from Manchester Mayor Andy Burnham to hand control of job centres over to his regional government. ",BBC,15/10/2024,"['Job coaches will visit seriously ill patients on mental health wards to try to get them back to work, the government has said.', 'Trials of employment advisers giving CV and interview advice in hospitals produced ""dramatic results"", Work and Pensions Secretary Liz Kendall told the BBC.', ""She said a wider roll out would form part of her drive to shrink the UK's annual disability and incapacity benefits bill."", 'But disability rights campaigners have expressed concerns about the proposals.', 'The cost of these benefits is projected to surge almost a third in the next four to five years, according to the Institute for Fiscal Studies.', 'It predicted the Department for Work and Pensions (DWP) would spend £63bn by 2028-29, a jump from £48bn for 2023-24. “', 'I want to see those costs coming down, because I want to have people able to work, to get on in their work, which is good for them,"" Kendall told BBC News in an exclusive interview.', 'She indicated some people will lose their benefits, saying the “benefit system can have a real impact on whether you incentivise or disincentivise work”.', 'Kendall praised projects in Leicester and at the Maudsley Hospital in Camberwell, in south-east London, which offered employment support - such as training on CV writing and interviews - to seriously mentally ill people, including on hospital wards. ""', 'This is for people with serious mental health problems,"" she said. ""', 'And the results of getting people into work have been dramatic, and the evidence clearly shows that it is better for their mental health.""', 'She added: ""We really need to focus on putting those employment advisers into our mental health services.', 'It is better for people.', 'It is better for the economy.', 'We just have to think in a different way.""', 'The DWP is preparing a new employment white paper, for release around the time of the Budget and spending review later this month, which will outline its plans for reform.', 'However, Disability Rights UK has raised some concerns with the proposed policies.', ""It criticised the DWP's initial July report on the proposals for making no reference to the Equality Act, flexible working or the access to work scheme and only one reference to reasonable adjustments."", 'Kendall said she believed British society had become “sicker” and the UK was “the only G7 country whose employment rate has not gone back to pre-pandemic levels”.', 'According to official figures released yesterday for the period from June to August, 21.8% of people are considered ""economically inactive"", meaning they are aged between 16 to 64 years old, not in work or looking for a job.', 'The figure has fallen marginally from the May to July period, but it remains at close to a decade-high after rising during the pandemic. ""', 'There is clear evidence we are really struggling with health problems,"" Kendall added. ""', ""I don't think £30bn extra spending on sickness and disability benefits is because people are feeling ‘a little bit bluesy’,” a reference to the words of her predecessor Mel Stride."", 'She also urged employers to “think differently” about workers with mental health conditions to offer flexibility to support and retain workers with health problems.', 'Kendall also told the BBC job centres would be transformed by merging them with the national careers service and using AI.', 'She suggested the face-to-face work would remain for the people “who really need it”, but “more personalised support using AI” for others, expanding on an idea introduced by her predecessor Stride.', 'She also suggested that giving powers to regional mayors would help match unemployed people more closely with local vacancies.', 'This echoes calls from Manchester Mayor Andy Burnham to hand control of job centres over to his regional government.']",0.1586070071830322,"And the results of getting people into work have been dramatic, and the evidence clearly shows that it is better for their mental health.""","Job coaches will visit seriously ill patients on mental health wards to try to get them back to work, the government has said.",0.0220778547227382,"It predicted the Department for Work and Pensions (DWP) would spend £63bn by 2028-29, a jump from £48bn for 2023-24. “","The figure has fallen marginally from the May to July period, but it remains at close to a decade-high after rising during the pandemic. """,2024-10-15
+"United Airlines plans $1.5 billion share buyback, forecasts fourth-quarter earnings above estimates",https://www.cnbc.com/2024/10/15/united-airlines-ual-3q-2024-earnings.html,2024-10-15T22:41:07+0000,"In this articleUnited Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast strong results for the last three months of the year.United expects to earn an adjusted $2.50 to $3.00 a share in the fourth quarter, compared to $2.00 a share a year earlier and the $2.68 analysts polled by LSEG estimated.Here is what United reported for the third quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:The share buyback would be United's first since before the Covid-19 pandemic. U.S. airlines received more than $50 billion in government aid during the pandemic travel slump that prohibited share repurchases and dividends, though airlines were still fighting for financial stability.Southwest Airlines announced a $2.5 billion share repurchase program last month.""Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program,"" United CEO Scott Kirby said in a note to staff on Tuesday. ""Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program.""For the third quarter, United posted revenue of $14.84 billion, up 2.5% from a year earlier and above analysts' estimates. It reported net income of $965 million, down 15% from a year ago.United said domestic unit revenue was positive in August and September compared to last year as airlines trimmed a glut of flights that were pushing down fares. United expanded capacity by 4.1% in the third quarter. The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.The airline last week unveiled a far-flung expansion for next year that included new flights to Mongolia, Senegal, Spain and Greenland in a chase for international travel demand.Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United's estimate in July of $2.75 to $3.25 a share.Airline executives will hold a call with analysts at 10:30 a.m. ET on Wednesday and will likely face questions about demand for the end of the year and into 2025, as well as production problems at Boeing, where most factories have been idled during a more than monthlong machinist strike.United's flight attendants' union, which hasn't yet reached a new labor agreement with the company slammed the airline's decision to resume buybacks.In a statement, Sara Nelson, president of the Association of Flight Attendants-CWA, which represents crews at United, Spirit, Alaska and other carriers, said: ""That money United just promised Wall Street belongs to Flight Attendants who worked throughout the pandemic and during this taxing recovery for all of us on the frontlines.""",CNBC,15/10/2024,"['In this articleUnited Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast strong results for the last three months of the year.', 'United expects to earn an adjusted $2.50 to $3.00 a share in the fourth quarter, compared to $2.00 a share a year earlier and the $2.68 analysts polled by LSEG estimated.', ""Here is whatUnited reported for the third quartercompared with what Wall Street expected, based on average estimates compiled by LSEG:The share buyback would be United's first since before the Covid-19 pandemic."", 'U.S. airlines received more than $50 billion in government aid during the pandemic travel slump that prohibited share repurchases and dividends, though airlines were still fighting for financial stability.', 'Southwest Airlines announced a $2.5 billion share repurchase program last month.', '""Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program,"" United CEO Scott Kirby said in a note to staff on Tuesday. ""', 'Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program.', '""For the third quarter, United posted revenue of $14.84 billion, up 2.5% from a year earlier and above analysts\' estimates.', 'It reported net income of $965 million, down 15% from a year ago.', 'United said domestic unit revenue was positive in August and September compared to last year as airlines trimmed a glut of flights that were pushing down fares.', 'United expanded capacity by 4.1% in the third quarter.', 'The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.The airline last week unveiled a far-flung expansion for next year that included new flights to Mongolia, Senegal, Spain and Greenland in a chase for international travel demand.', ""Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United's estimate in July of $2.75 to $3.25 a share."", 'Airline executives will hold a call with analysts at 10:30 a.m. ET on Wednesday and will likely face questions about demand for the end of the year and into 2025, as well as production problems at Boeing, where most factories have been idled during a more than monthlong machinist strike.', ""United's flight attendants' union, which hasn't yet reached a new labor agreement with the company slammed the airline's decision to resume buybacks."", 'In a statement, Sara Nelson, president of the Association of Flight Attendants-CWA, which represents crews at United, Spirit, Alaska and other carriers, said: ""That money United just promised Wall Street belongs to Flight Attendants who worked throughout the pandemic and during this taxing recovery for all of us on the frontlines.""']",0.4382147989651195,"Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United's estimate in July of $2.75 to $3.25 a share.","The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.The airline last week unveiled a far-flung expansion for next year that included new flights to Mongolia, Senegal, Spain and Greenland in a chase for international travel demand.",0.7994873404502869,"The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.The airline last week unveiled a far-flung expansion for next year that included new flights to Mongolia, Senegal, Spain and Greenland in a chase for international travel demand.","It reported net income of $965 million, down 15% from a year ago.",2024-10-15
+Tom Brady and partner Tom Wagner to pay over $200 million for stake in Las Vegas Raiders,https://www.cnbc.com/2024/10/15/tom-brady-to-be-part-owner-of-nfls-las-vegas-raiders.html,2024-10-16T00:13:33+0000,"National Football League owners approved Tom Brady as a minority owner of the Las Vegas Raiders on Tuesday.The seven-time Super Bowl champ bought about a 10% stake in the Raiders with his business partner, Knighthead Capital founder Tom Wagner.Brady and Wagner are buying into the Raiders at about a $3.5 billion valuation, with an equity investment of about $220 million as part of the partnership, according to people familiar with the negotiations. On top of that amount, Brady and Wagner also had to pay a 10% ""flip tax,"" the proceeds of which will be divided among the league's 31 other owners.Separately, former NFL player Richard Seymour purchased a less than 1% stake in the Raiders, also at a $3.5 billion valuation, the people said.The NFL's 32 team owners signed off on the deal unanimously at the league meeting in Atlanta, the person told CNBC. Brady and Wagner did not attend the meeting, according to a person familiar with the matter.""I am eager to contribute to the organization in any way I can, honoring the Raiders' rich tradition while finding every possible opportunity to improve our offering to fans...and most importantly, WIN football games,"" Brady said in a statement.CNBC's Official 2024 NFL Team Valuations pegged the Raiders as the NFL's fifth-most valuable franchise, worth $7.8 billion, meaning Brady and Wagner got over a 50% discount. The typical discount for a limited partner with no say in how the team is run and no path to control ownership is 20% to 25%, according to sports bankers.The value of the Raiders has climbed since the team relocated from Oakland in 2020. Prior to the move, the team was valued among the bottom half of the league's 32 teams.Since the team moved to Las Vegas and its new stadium, its revenue has increased significantly. The Raiders earned $780 million in revenue in 2023, the third highest in the league, and generated EBITDA of $115 million, according to CNBC's valuations.While Allegiant Stadium is among the smallest in the NFL at 65,000 seats, the Raiders compensated by charging the highest ticket price in the league, CNBC previously reported. The average general ticket price last season was $169.Allegiant Stadium, which is operated by the Raiders, also hosts numerous non-NFL events throughout the year, which brings in additional revenue for the franchise. In 2023, the Raiders took in over $50 million from concerts and other events like college football.Brady's bid for a piece of the team began in May 2023 but has been held up because some owners felt the initial offer was too discounted.After he first retired from the NFL, Brady signed a 10-year, $375 million broadcasting deal with Fox Sports in 2022. Brady's new ownership will come with restrictions on how he covers the team.For example, Brady would be allowed to broadcast Raiders games, but he would not be permitted to attend in-person or online production meetings. He also may not have access to team facilities, players and coaches.Brady will also be subject to the league rules that prohibit public criticism of officials and other clubs.The five-time Super Bowl MVP is not new to the Las Vegas sports scene. He is also a minority owner of the Women's National Basketball Association's Las Vegas Aces, which, like the Raiders, is owned by Mark Davis.Brady will be just the third former NFL player to become a team owner.",CNBC,16/10/2024,"['National Football League owners approved Tom Brady as a minority owner of the Las Vegas Raiders on Tuesday.', 'The seven-time Super Bowl champ bought about a 10% stake in the Raiders with his business partner, Knighthead Capital founder Tom Wagner.', 'Brady and Wagner are buying into the Raiders at about a $3.5 billion valuation, with an equity investment of about $220 million as part of the partnership, according to people familiar with the negotiations.', 'On top of that amount, Brady and Wagner also had to pay a 10% ""flip tax,"" the proceeds of which will be divided among the league\'s 31 other owners.', 'Separately, former NFL player Richard Seymour purchased a less than 1% stake in the Raiders, also at a $3.5 billion valuation, the people said.', ""The NFL's 32 team owners signed off on the deal unanimously at the league meeting in Atlanta, the person told CNBC."", 'Brady and Wagner did not attend the meeting, according to a person familiar with the matter.', '""I am eager to contribute to the organization in any way I can, honoring the Raiders\' rich tradition while finding every possible opportunity to improve our offering to fans...and most importantly, WIN football games,"" Brady said in a statement.', ""CNBC's Official 2024 NFL Team Valuations pegged the Raiders as the NFL's fifth-most valuable franchise, worth $7.8 billion, meaning Brady and Wagner got over a 50% discount."", 'The typical discount for a limited partner with no say in how the team is run and no path to control ownership is 20% to 25%, according to sports bankers.', 'The value of the Raiders has climbed since the team relocated from Oakland in 2020.', ""Prior to the move, the team was valued among the bottom half of the league's 32 teams."", 'Since the team moved to Las Vegas and its new stadium, its revenue has increased significantly.', ""The Raiders earned $780 million in revenue in 2023, the third highest in the league, and generated EBITDA of $115 million, according to CNBC's valuations."", 'While Allegiant Stadium is among the smallest in the NFL at 65,000 seats, the Raiders compensated by charging the highest ticket price in the league, CNBC previously reported.', 'The average general ticket price last season was $169.Allegiant Stadium, which is operated by the Raiders, also hosts numerous non-NFL events throughout the year, which brings in additional revenue for the franchise.', 'In 2023, the Raiders took in over $50 million from concerts and other events like college football.', ""Brady's bid for a piece of the team began in May 2023 but has been held up because some owners felt the initial offer was too discounted."", 'After he first retired from the NFL, Brady signed a 10-year, $375 million broadcasting deal with Fox Sports in 2022.', ""Brady's new ownership will come with restrictions on how he covers the team."", 'For example, Brady would be allowed to broadcast Raiders games, but he would not be permitted to attend in-person or online production meetings.', 'He also may not have access to team facilities, players and coaches.', 'Brady will also be subject to the league rules that prohibit public criticism of officials and other clubs.', 'The five-time Super Bowl MVP is not new to the Las Vegas sports scene.', ""He is also a minority owner of the Women's National Basketball Association's Las Vegas Aces, which, like the Raiders, is owned by Mark Davis."", 'Brady will be just the third former NFL player to become a team owner.']",0.1662305039796471,"""I am eager to contribute to the organization in any way I can, honoring the Raiders' rich tradition while finding every possible opportunity to improve our offering to fans...and most importantly, WIN football games,"" Brady said in a statement.","The typical discount for a limited partner with no say in how the team is run and no path to control ownership is 20% to 25%, according to sports bankers.",0.6040683488051096,"Since the team moved to Las Vegas and its new stadium, its revenue has increased significantly.",Brady's bid for a piece of the team began in May 2023 but has been held up because some owners felt the initial offer was too discounted.,2024-10-15
+"Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more",https://www.cnbc.com/2024/10/13/trump-or-harris-2024-stakes-for-business.html,2024-10-13T13:36:31+0000,"With the U.S. election less than a month away, the country and its corporations are staring down two drastically different options.For airlines, banks, electric vehicle makers, health-care companies, media firms, restaurants and tech giants, the outcome of the presidential contest could result in stark differences in the rules they'll face, the mergers they'll be allowed to pursue, and the taxes they'll pay.During his last time in power, former President Donald Trump slashed the corporate tax rate, imposed tariffs on Chinese goods, and sought to cut regulation and red tape and discourage immigration, ideas he's expected to push again if he wins a second term.In contrast, Vice President Kamala Harris has endorsed hiking the tax rate on corporations to 28% from the 21% rate enacted under Trump, a move that would require congressional approval. Most business executives expect Harris to broadly continue President Joe Biden's policies, including his war on so-called junk fees across industries.Personnel is policy, as the saying goes, so the ramifications of the presidential race won't become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau.CNBC examined the stakes of the 2024 presidential election for some of corporate America's biggest sectors. Here's what a Harris or Trump administration could mean for business:The result of the presidential election could affect everything from what airlines owe consumers for flight disruptions to how much it costs to build an aircraft in the United States.The Biden Department of Transportation, led by Secretary Pete Buttigieg, has taken a hard line on filling what it considers to be holes in air traveler protections. It has established or proposed new rules on issues including refunds for cancellations, family seating and service fee disclosures, a measure airlines have challenged in court.""Who's in that DOT seat matters,"" said Jonathan Kletzel, who heads the travel, transportation and logistics practice at PwC.The current Democratic administration has also fought industry consolidation, winning two antitrust lawsuits that blocked a partnership between American Airlines and JetBlue Airways in the Northeast and JetBlue's now-scuttled plan to buy budget carrier Spirit Airlines.The previous Trump administration didn't pursue those types of consumer protections. Industry members say that under Trump, they would expect a more favorable environment for mergers, though four airlines already control more than three-quarters of the U.S. market.On the aerospace side, Boeing and the hundreds of suppliers that support it are seeking stability more than anything else.Trump has said on the campaign trail that he supports additional tariffs of 10% or 20% and higher duties on goods from China. That could drive up the cost of producing aircraft and other components for aerospace companies, just as a labor and skills shortage after the pandemic drives up expenses.Tariffs could also challenge the industry, if they spark retaliatory taxes or trade barriers to China and other countries, which are major buyers of aircraft from Boeing, a top U.S. exporter.— Leslie JosephsBig banks such as JPMorgan Chase faced an onslaught of new rules this year as Biden appointees pursued the most significant slate of regulations since the aftermath of the 2008 financial crisis.Those efforts threaten tens of billions of dollars in industry revenue by slashing fees that banks impose on credit cards and overdrafts and radically revising the capital and risk framework they operate in. The fate of all of those measures is at risk if Trump is elected.Trump is expected to nominate appointees for key financial regulators, including the CFPB, the Securities and Exchange Commission, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation that could result in a weakening or killing off completely of the myriad rules in play.""The Biden administration's regulatory agenda across sectors has been very ambitious, especially in finance, and large swaths of it stand to be rolled back by Trump appointees if he wins,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.Bank CEOs and consultants say it would be a relief if aspects of the Biden era — an aggressive CFPB, regulators who discouraged most mergers and elongated times for deal approvals — were dialed back.""It certainly helps if the president is Republican, and the odds tilt more favorably for the industry if it's a Republican sweep"" in Congress, said the CEO of a bank with nearly $100 billion in assets who declined to be identified speaking about regulators.Still, some observers point out that Trump 2.0 might not be as friendly to the industry as his first time in office.Trump's vice presidential pick, Sen. JD Vance, of Ohio, has often criticized Wall Street banks, and Trump last month began pushing an idea to cap credit card interest rates at 10%, a move that if enacted would have seismic implications for the industry.Bankers also say that Harris won't necessarily cater to traditional Democratic Party ideas that have made life tougher for banks. Unless Democrats seize both chambers of Congress as well as the presidency, it may be difficult to get agency heads approved if they're considered partisan picks, experts note.""I would not write off the vice president as someone who's automatically going to go more progressive,"" said Lindsey Johnson, head of the Consumer Bankers Association, a trade group for big U.S. retail banks.— Hugh SonElectric vehicles have become a polarizing issue between Democrats and Republicans, especially in swing states such as Michigan that rely on the auto industry. There could be major changes in regulations and incentives for EVs if Trump regains power, a fact that's placed the industry in a temporary limbo.""Depending on the election in the U.S., we may have mandates; we may not,"" Volkswagen Group of America CEO Pablo Di Si said Sept. 24 during an Automotive News conference. ""Am I going to make any decisions on future investments right now? Obviously not. We're waiting to see.""Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry. Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency and incentives to promote production and adoption of the vehicles.If elected, he's also expected to renew a battle with California and other states who set their own vehicle emissions standards.""In a Republican win ... We see higher variance and more potential for change,"" UBS analyst Joseph Spak said in a Sept. 18 investor note.In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act.Harris hasn't been as vocal a supporter of EVs lately amid slower-than-expected consumer adoption of the vehicles and consumer pushback. She has said she does not support an EV mandate such as the Zero-Emission Vehicles Act of 2019, which she cosponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040. Still, auto industry executives and officials expect a Harris presidency would be largely a continuation, though not a copy, of the past four years of Biden's EV policy.They expect some potential leniency on federal fuel economy regulations but minimal changes to the billions of dollars in incentives under the IRA.— Mike WaylandBoth Harris and Trump have called for sweeping changes to the costly, complicated and entrenched U.S. health-care system of doctors, insurers, drug manufacturers and middlemen, which costs the nation more than $4 trillion a year.Despite spending more on health care than any other wealthy country, the U.S. has the lowest life expectancy at birth, the highest rate of people with multiple chronic diseases and the highest maternal and infant death rates, according to the Commonwealth Fund, an independent research group.Meanwhile, roughly half of American adults say it is difficult to afford health-care costs, which can drive some into debt or lead them to put off necessary care, according to a May poll conducted by health policy research organization KFF. Both Harris and Trump have taken aim at the pharmaceutical industry and proposed efforts to lower prescription drug prices in the U.S., which are nearly three times higher than those seen in other countries. But many of Trump's efforts to lower costs have been temporary or not immediately effective, health policy experts said. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said.Harris specifically plans to expand certain provisions of the IRA, part of which aims to lower health-care costs for seniors enrolled in Medicare. Harris cast the tie-breaking Senate vote to pass the law in 2022. Her campaign says she plans to extend two provisions to all Americans, not just seniors: a $2,000 annual cap on out-of-pocket drug spending and a $35 limit on monthly insulin costs. Harris also intends to accelerate and expand a provision allowing Medicare to directly negotiate drug prices with manufacturers for the first time. Drugmakers fiercely oppose those price talks, with some challenging the effort's constitutionality in court. Trump hasn't publicly indicated what he intends to do about IRA provisions.Some of Trump's prior efforts to lower drug prices ""didn't really come into fruition"" during his presidency, according to Dr. Mariana Socal, a professor of health policy and management at the Johns Hopkins Bloomberg School of Public Health.For example, he planned to use executive action to have Medicare pay no more than the lowest price that select other developed countries pay for drugs, a proposal that was blocked by court action and later rescinded. Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults. In a campaign video in April, Trump said he was not running on terminating the ACA and would rather make it ""much, much better and far less money,"" though he has provided no specific plans. He reiterated his belief that the ACA was ""lousy health care"" during his Sept. 10 debate with Harris. But when asked he did not offer a replacement proposal, saying only that he has ""concepts of a plan.""— Annika Kim ConstantinoTop of mind for media executives is mergers and the path, or lack thereof, to push them through.The media industry's state of turmoil — shrinking audiences for traditional pay TV, the slowdown in advertising, and the rise of streaming and challenges in making it profitable — means its companies are often mentioned in discussions of acquisitions and consolidation.While a merger between Paramount Global and Skydance Media is set to move forward, with plans to close in the first half of 2025, many in media have said the Biden administration has broadly chilled deal-making.""We just need an opportunity for deregulation, so companies can consolidate and do what we need to do even better,"" Warner Bros. Discovery CEO David Zaslav said in July at Allen & Co.'s annual Sun Valley conference.Media mogul John Malone recently told MoffettNathanson analysts that some deals are a nonstarter with this current Justice Department, including mergers between companies in the telecommunications and cable broadband space.Still, it's unclear how the regulatory environment could or would change depending on which party is in office. Disney was allowed to acquire Fox Corp.'s assets when Trump was in office, but his administration sued to block AT&T's merger with Time Warner. Meanwhile, under Biden's presidency, a federal judge blocked the sale of Simon & Schuster to Penguin Random House, but Amazon's acquisition of MGM was approved. ""My sense is, regardless of the election outcome, we are likely to remain in a similar tighter regulatory environment when looking at media industry dealmaking,"" said Marc DeBevoise, CEO and board director of Brightcove, a streaming technology company.When major media, and even tech, assets change hands, it could also mean increased scrutiny on those in control and whether it creates bias on the platforms.""Overall, the government and FCC have always been most concerned with having a diversity of voices,"" said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investment.""But then [Elon Musk's purchase of Twitter] happened, and it's clearly showing you can skew a platform to not just what the business needs, but to maybe your personal approach and whims,"" he said.Since Musk acquired the social media platform in 2022, changing its name to X, he has implemented sweeping changes including cutting staff and giving ""amnesty"" to previously suspended accounts, including Trump's, which had been suspended following the Jan. 6, 2021, Capitol insurrection. Musk has also faced widespread criticism from civil rights groups for the amplification of bigotry on the platform.Musk has publicly endorsed Trump, and was recently on the campaign trail with the former president. ""As you can see, I'm not just MAGA, I'm Dark MAGA,"" Musk said at a recent event. The billionaire has raised funds for Republican causes, and Trump has suggested Musk could eventually play a role in his administration if the Republican candidate were to be reelected.During his first term, Trump took a particularly hard stance against journalists, and pursued investigations into leaks from his administration to news organizations. Under Biden, the White House has been notably more amenable to journalists. Also top of mind for media executives — and government officials — is TikTok.Lawmakers have argued that TikTok's Chinese ownership could be a national security risk.Earlier this year, Biden signed legislation that gives Chinese parent ByteDance until January to find a new owner for the platform or face a U.S. ban. TikTok has said the bill, the Protecting Americans From Foreign Adversary Controlled Applications Act, which passed with bipartisan support, violates the First Amendment. The platform has sued the government to stop a potential ban.While Trump was in office, he attempted to ban TikTok through an executive order, but the effort failed. However, he has more recently switched to supporting the platform, arguing that without it there's less competition against Meta's Facebook and other social media.— Lillian Rizzo and Alex ShermanBoth Trump and Harris have endorsed plans to end taxes on restaurant workers' tips, although how they would do so is likely to differ.The food service and restaurant industry is the nation's second-largest private-sector employer, with 15.5 million jobs, according to the National Restaurant Association. Roughly 2.2 million of those employees are tipped servers and bartenders, who could end up with more money in their pockets if their tips are no longer taxed.Trump's campaign hasn't given much detail on how his administration would eliminate taxes on tips, but tax experts have warned that it could turn into a loophole for high earners. Claims from the Trump campaign that the Republican candidate is pro-labor have clashed with his record of appointing leaders to the National Labor Relations Board who have rolled back worker protections.Meanwhile, Harris has said she'd only exempt workers who make $75,000 or less from paying income tax on their tips, but the money would still be subject to taxes toward Social Security and Medicare, the Washington Post previously reported.In keeping with the campaign's more labor-friendly approach, Harris is also pledging to eliminate the tip credit: In 37 states, employers only have to pay tipped workers the minimum wage as long as that hourly wage and tips add up to the area's pay floor. Since 1991, the federal pay floor for tipped wages has been stuck at $2.13.""In the short term, if [restaurants] have to pay higher wages to their waiters, they're going to have to raise menu prices, which is going to lower demand,"" said Michael Lynn, a tipping expert and Cornell University professor.— Amelia LucasWhichever candidate comes out ahead in November will have to grapple with the rapidly evolving artificial intelligence sector.Generative AI is the biggest story in tech since the launch of OpenAI's ChatGPT in late 2022. It presents a conundrum for regulators, because it allows consumers to easily create text and images from simple queries, creating privacy and safety concerns.Harris has said she and Biden ""reject the false choice that suggests we can either protect the public or advance innovation."" Last year, the White House issued an executive order that led to the formation of the Commerce Department's U.S. AI Safety Institute, which is evaluating AI models from OpenAI and Anthropic.Trump has committed to repealing the executive order.A second Trump administration might also attempt to challenge a Securities and Exchange Commission rule that requires companies to disclose cybersecurity incidents. The White House said in January that more transparency ""will incentivize corporate executives to invest in cybersecurity and cyber risk management.""Trump's running mate, Vance, co-sponsored a bill designed to end the rule. Andrew Garbarino, the House Republican who introduced an identical bill, has said the SEC rule increases cybersecurity risk and overlaps with existing law on incident reporting.Also at stake in the election is the fate of dealmaking for tech investors and executives.With Lina Khan helming the FTC, the top tech companies have been largely thwarted from making big acquisitions, though the Justice Department and European regulators have also created hurdles.Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.Many in the tech industry are critical of Khan and want her to be replaced should Harris win in November. Meanwhile, Vance, who worked in venture capital before entering politics, said as recently as February — before he was chosen as Trump's running mate — that Khan was ""doing a pretty good job.""Khan, whom Biden nominated in 2021, has challenged Amazon and Meta on antitrust grounds and has said the FTC will investigate AI investments at Alphabet, Amazon and Microsoft.— Jordan Novet",CNBC,13/10/2024,"['With the U.S. election less than a month away, the country and its corporations are staring down two drastically different options.', ""For airlines, banks, electric vehicle makers, health-care companies, media firms, restaurants and tech giants, the outcome of the presidential contest could result in stark differences in the rules they'll face, the mergers they'll be allowed to pursue, and the taxes they'll pay."", ""During his last time in power, former President Donald Trump slashed the corporate tax rate, imposed tariffs on Chinese goods, and sought to cut regulation and red tape and discourage immigration, ideas he's expected to push again if he wins a second term."", 'In contrast, Vice President Kamala Harris has endorsed hiking the tax rate on corporations to 28% from the 21% rate enacted under Trump, a move that would require congressional approval.', ""Most business executives expect Harris to broadly continue President Joe Biden's policies, including his war on so-called junk fees across industries."", ""Personnel is policy, as the saying goes, so the ramifications of the presidential race won't become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau."", ""CNBC examined the stakes of the 2024 presidential election for some of corporate America's biggest sectors."", ""Here's what a Harris or Trump administration could mean for business:The result of the presidential election could affect everything from what airlines owe consumers for flight disruptions to how much it costs to build an aircraft in the United States."", 'The Biden Department of Transportation, led by Secretary Pete Buttigieg, has taken a hard lineon filling whatit considers to be holes in air traveler protections.', 'It has established or proposed new ruleson issues including refunds for cancellations, family seating andservice fee disclosures, a measure airlines have challenged in court.', '""Who\'s in that DOT seat matters,"" said Jonathan Kletzel, who heads the travel, transportation and logistics practice at PwC.The current Democratic administration has also fought industry consolidation, winning two antitrust lawsuits that blocked a partnership between American Airlines and JetBlue Airways in the Northeast and JetBlue\'s now-scuttled plan to buy budget carrier Spirit Airlines.', ""The previous Trump administration didn't pursue those types of consumer protections."", 'Industry members say that under Trump, they would expect a more favorable environment for mergers, though four airlines already control more than three-quarters of the U.S. market.', 'On the aerospace side, Boeing and the hundreds of suppliers that support it are seeking stability more than anything else.', 'Trump has said on the campaign trail that he supports additional tariffs of 10% or 20% and higher duties on goods from China.', 'That could drive up the cost of producing aircraft and other components for aerospace companies, just as a labor and skills shortage after the pandemic drives up expenses.', 'Tariffs could also challenge the industry, if they spark retaliatory taxes or trade barriers to China and other countries, which are major buyers of aircraft from Boeing, a top U.S. exporter.—', 'Leslie JosephsBig banks such as JPMorgan Chase faced an onslaught of new rules this year as Biden appointees pursued the most significant slate of regulations since the aftermath of the 2008 financial crisis.', 'Those efforts threaten tens of billions of dollars in industry revenue by slashing fees that banks impose on credit cards and overdrafts and radically revising the capital and risk framework they operate in.', 'The fate of all of those measures is at risk if Trump is elected.', 'Trump is expected to nominate appointees for key financial regulators, including the CFPB, the Securities and Exchange Commission, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation that could result in a weakening or killing off completely of the myriad rules in play.', '""The Biden administration\'s regulatory agenda across sectors has been very ambitious, especially in finance, and large swaths of it stand to be rolled back by Trump appointees if he wins,"" saidTobin Marcus, head of U.S. policy at Wolfe Research.', 'Bank CEOs and consultants say it would be a relief if aspects of the Biden era — an aggressive CFPB, regulators who discouraged most mergers and elongated times for deal approvals — were dialed back.', '""It certainly helps if the president is Republican, and the odds tilt more favorably for the industry if it\'s a Republican sweep"" in Congress, said the CEO of a bank with nearly $100 billion in assets who declined to be identified speaking about regulators.', 'Still, some observers point out that Trump 2.0 might not be as friendly to the industry as his first time in office.', ""Trump's vice presidential pick, Sen. JD Vance, of Ohio, has often criticized Wall Street banks, and Trump last month began pushing an idea to cap credit card interest rates at 10%, a move that if enacted would have seismic implications for the industry."", ""Bankers also say that Harris won't necessarily cater to traditional Democratic Party ideas that have made life tougher for banks."", ""Unless Democrats seize both chambers of Congress as well as the presidency, it may be difficult to get agency heads approved if they're considered partisan picks, experts note."", '""I would not write off the vice president as someone who\'s automatically going to go more progressive,"" said Lindsey Johnson, head of the Consumer Bankers Association, a trade group for big U.S. retail banks.—', 'Hugh SonElectric vehicles have become a polarizing issue between Democrats and Republicans, especially in swing states such as Michigan that rely on the auto industry.', ""There could be major changes in regulations and incentives for EVs if Trump regains power, a fact that's placed the industry in a temporary limbo."", '""Depending on the election in the U.S., we may have mandates; we may not,"" Volkswagen Group of America CEO Pablo Di Si said Sept. 24 during an Automotive News conference. ""', 'Am I going to make any decisions on future investments right now?', 'Obviously not.', ""We're waiting to see."", '""Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry.', 'Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency and incentives to promote production and adoption of the vehicles.', ""If elected, he's also expected to renew a battle with California and other states who set their own vehicle emissions standards."", '""In a Republican win ... We see higher variance and more potential for change,"" UBS analyst Joseph Spak said in a Sept. 18 investor note.', ""In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act."", ""Harris hasn't been as vocal a supporter of EVs lately amid slower-than-expected consumer adoption of the vehiclesand consumer pushback."", 'She has said she does not support an EV mandate such as theZero-Emission Vehicles Act of 2019, which she cosponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040.', ""Still,auto industry executives and officials expect a Harris presidency would be largely a continuation, though not a copy, of the past four years of Biden's EV policy."", 'They expect some potential leniency on federal fuel economy regulations but minimal changes to the billions of dollars in incentives under the IRA.—', 'Mike WaylandBoth Harris and Trump have called for sweeping changes to the costly, complicated and entrenched U.S. health-care system of doctors, insurers, drug manufacturers and middlemen, which costs the nation more than $4 trillion a year.', 'Despite spending more on health care than any other wealthy country, the U.S. has the lowest life expectancy at birth, the highest rate of people with multiple chronic diseases and the highest maternal and infant death rates, according to the Commonwealth Fund, an independent research group.', 'Meanwhile, roughly half of American adults say it is difficult to afford health-care costs, which can drive some into debt or lead them to put off necessary care, according to a May poll conducted by health policy research organization KFF.Both Harris and Trump have taken aim at the pharmaceutical industry and proposed efforts to lower prescription drug prices in the U.S., which are nearly three times higher than those seen in other countries.', ""But many of Trump's efforts to lower costs have been temporary or not immediately effective, health policy experts said."", 'Meanwhile, Harris, if elected, can build on existing efforts of theBiden administration to deliver savings to more patients, they said.', 'Harris specifically plans to expand certain provisions of the IRA, part of which aims to lower health-care costs for seniors enrolled in Medicare.', 'Harris cast the tie-breaking Senate vote to pass the law in 2022.Her campaign says she plans to extend two provisions to all Americans, not just seniors: a $2,000 annual cap on out-of-pocket drug spending and a $35 limit on monthly insulin costs.', 'Harris also intends to accelerate and expand a provision allowing Medicare to directly negotiate drug prices with manufacturers for the first time.', ""Drugmakers fiercely oppose those price talks, with some challenging the effort's constitutionality in court."", ""Trump hasn't publicly indicated what he intends to do about IRA provisions."", 'Some of Trump\'s prior efforts to lower drug prices ""didn\'t really come into fruition"" during his presidency, according to Dr. Mariana Socal, a professor of health policy and management at the Johns Hopkins Bloomberg School of Public Health.', 'For example, he planned to use executive action to have Medicare pay no more than the lowest price that select other developed countries pay for drugs, a proposal that was blocked by court action and later rescinded.', 'Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults.', 'In a campaign video in April, Trump said he was not running on terminating the ACA and would rather make it ""much, much better and far less money,"" though he has provided no specific plans.', 'He reiterated his belief that the ACA was ""lousy health care"" during his Sept. 10 debate with Harris.', 'But when asked he did not offer a replacement proposal, saying only that he has ""concepts of a plan.""—', 'Annika Kim ConstantinoTop of mind for media executives is mergers and the path, or lack thereof, to push them through.', ""The media industry's state of turmoil — shrinking audiences for traditional pay TV, the slowdown in advertising, and the rise of streaming and challenges in making it profitable — means its companies are often mentioned in discussions of acquisitions and consolidation."", 'While a merger between Paramount Global and Skydance Media is set to move forward, with plans to close in the first half of 2025, many in media have said the Biden administration has broadly chilled deal-making.', '""We just need an opportunity for deregulation, so companies can consolidate and do what we need to do even better,"" Warner Bros. Discovery CEO David Zaslav said in July at Allen & Co.\'s annual Sun Valley conference.', 'Media mogul John Malone recently told MoffettNathanson analysts that some deals are a nonstarter with this current Justice Department, including mergers between companies in the telecommunications and cable broadband space.', ""Still, it's unclear how the regulatory environment could or would change depending on which party is in office."", ""Disney was allowed to acquire Fox Corp.'s assets when Trump was in office, but his administration sued to block AT&T's merger with Time Warner."", ""Meanwhile, under Biden's presidency, a federal judge blocked the sale of Simon & Schuster to Penguin Random House, but Amazon's acquisition of MGM was approved."", '""My sense is, regardless of the election outcome, we are likely to remain in a similar tighter regulatory environment when looking at media industry dealmaking,"" said Marc DeBevoise, CEO and board director of Brightcove, a streaming technology company.', 'When major media, and even tech, assets change hands, it could also mean increased scrutiny on those in control and whether it creates bias on the platforms.', '""Overall, the government and FCC have always been most concerned with having a diversity of voices,"" said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investment.', '""But then [Elon Musk\'s purchase of Twitter]happened, and it\'s clearly showing you can skew a platform to not just what the business needs, but to maybe your personal approach and whims,"" he said.', 'Since Musk acquired the social media platform in 2022, changing its name to X, he has implemented sweeping changes including cutting staff and giving ""amnesty"" to previously suspended accounts, including Trump\'s, which had been suspended following the Jan. 6, 2021, Capitol insurrection.', 'Musk has also faced widespread criticism from civil rights groups for the amplification of bigotry on the platform.', 'Musk has publicly endorsed Trump, and was recently on the campaign trail with the former president. ""', 'As you can see, I\'m not just MAGA, I\'m Dark MAGA,"" Musk said at a recent event.', 'The billionaire has raised funds for Republican causes, and Trump has suggested Musk could eventually play a role in his administration if the Republican candidate were to be reelected.', 'During his first term, Trump took a particularly hard stance against journalists, and pursued investigations into leaks from his administration to news organizations.', 'Under Biden, the White House has been notably more amenable to journalists.', 'Also top of mind for media executives — and government officials — is TikTok.', ""Lawmakers have argued that TikTok's Chinese ownership could be a national security risk."", 'Earlier this year, Biden signed legislation that gives Chinese parent ByteDance until January to find a new owner for the platform or face a U.S. ban.', 'TikTok has said the bill, the Protecting Americans From Foreign Adversary Controlled Applications Act, which passed with bipartisan support, violates the First Amendment.', 'The platform has sued the government to stop a potential ban.', 'While Trump was in office, he attempted to ban TikTok through an executive order, but the effort failed.', ""However, he has more recently switched to supporting the platform, arguing that without it there's less competition against Meta's Facebook and other social media.—"", ""Lillian Rizzo and Alex ShermanBoth Trump and Harris have endorsed plans to end taxes on restaurant workers' tips, although how they would do so is likely to differ."", ""The food service and restaurant industry is the nation's second-largest private-sector employer, with 15.5 million jobs, according to the National Restaurant Association."", 'Roughly 2.2 million of those employees are tipped servers and bartenders, who could end up with more money in their pockets if their tips are no longer taxed.', ""Trump's campaign hasn't given much detail on how his administration would eliminate taxes on tips, but tax experts have warned that it could turn into a loophole for high earners."", 'Claims from the Trump campaign that the Republican candidate is pro-labor have clashed with his record of appointing leaders to the National Labor Relations Board who have rolled back worker protections.', ""Meanwhile, Harris has said she'd only exempt workers who make $75,000 or less from paying income tax on their tips, but the money would still be subject to taxes toward Social Security and Medicare, the Washington Post previously reported."", ""In keeping with the campaign's more labor-friendly approach, Harris is also pledging to eliminate the tip credit: In 37 states, employers only have to pay tipped workers the minimum wage as long as that hourly wage and tips add up to the area's pay floor."", 'Since 1991, the federal pay floor for tipped wages has been stuck at $2.13.""In the short term, if [restaurants] have to pay higher wages to their waiters, they\'re going to have to raise menu prices, which is going to lower demand,"" said Michael Lynn, a tipping expert and Cornell University professor.—', 'Amelia LucasWhichever candidate comes out ahead in November will have to grapple with the rapidly evolving artificial intelligence sector.', ""Generative AI is the biggest story in tech since the launch of OpenAI's ChatGPT in late 2022."", 'It presents a conundrum for regulators, because it allows consumers to easily create text and images from simple queries, creating privacy and safety concerns.', 'Harris has said she and Biden ""reject the false choice that suggests we can either protect the public or advance innovation.""', ""Last year, the White House issued an executive order that led to the formation of the Commerce Department's U.S. AI Safety Institute, which is evaluating AI models from OpenAI and Anthropic."", 'Trump has committed to repealing the executive order.', 'A second Trump administration might also attempt to challenge a Securities and Exchange Commission rule that requires companies to disclose cybersecurity incidents.', 'The White House said in January that more transparency ""will incentivize corporate executives to invest in cybersecurity and cyber risk management.', '""Trump\'s running mate, Vance, co-sponsored a bill designed to end the rule.', 'Andrew Garbarino, the House Republican who introduced an identical bill, has said the SEC rule increases cybersecurity risk and overlaps with existing law on incident reporting.', 'Also at stake in the election is the fate of dealmaking for tech investors and executives.', 'With Lina Khan helming the FTC, the top tech companies have been largely thwarted from making big acquisitions, though the Justice Department and European regulators have also created hurdles.', 'Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.', 'Many in the tech industry are critical of Khan and want her to be replaced should Harris win in November.', 'Meanwhile, Vance, who worked in venture capital before entering politics, said as recently as February — before he was chosen as Trump\'s running mate — that Khan was ""doing a pretty good job.', '""Khan, whom Biden nominated in 2021, has challenged Amazon and Meta on antitrust grounds and has said the FTC will investigate AI investments at Alphabet, Amazon and Microsoft.—', 'Jordan Novet']",0.0724305148354726,"Personnel is policy, as the saying goes, so the ramifications of the presidential race won't become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau.","""Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry.",-0.1908012104034424,"Meanwhile, Harris, if elected, can build on existing efforts of theBiden administration to deliver savings to more patients, they said.","Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.",2024-10-15
+Panna: Hunt for treasure in India's diamond town in Madhya Pradesh,https://www.bbc.co.uk/news/articles/ckg211yy9r6o,2024-10-13T23:49:30.535Z,"“I feel sick if I don’t search for diamonds. It’s like a drug.” Prakash Sharma, 67, speaks about diamonds with a passion that has defined his life for the past five decades. A diamond hunter in India’s central state of Madhya Pradesh, he spends most of his day in the mines of Panna district. Panna is among the country’s most backward regions - its residents face poverty, water scarcity, and unemployment. But it's also home to most of India’s diamond reserves and remains a prime destination for diamond hunters. While most mines are managed by the federal government, state officials lease out small parts of land to prospective miners every year at nominal prices. The district has the country’s only mechanised diamond mine. However, once known for its large and rare finds, diamond mines of Panna are rundown now. Its reserves have depleted due to over-mining over the years. Despite this decline, hopeful miners continue their quest. They have to hand over their finds to the government diamond office, which evaluates the stones and sells them in an auction.  After deducting royalties and taxes, the proceeds are sent back to the miners, a bittersweet reward for their tireless digging. Mr Sharma says he began digging for diamonds in 1974, right after he finished school, following in the footsteps of his father who was once a famous diamond hunter in his village. He soon hit the jackpot after he found a six-carat diamond, which was worth a fortune 50 years ago. That, he says, fuelled a passion in him to keep searching for more. ""I wanted to continue doing this instead of getting a low-paying government job,"" he says. Mr Sharma is among thousands of men - young and old - who spend their days in the mines, hoping to strike rich and escape the cycle of poverty. The miners start digging through gravel in the early hours of the morning. They then wash, dry and sift through it looking for diamonds until sunset. Their families help them in their work. It's a physically demanding task - but for the people of Panna, it's an intrinsic part of their lives, conversations and hopes for a better future. For many, diamond hunting is a family tradition passed down through generations. Shyamlal Jatav, 58, comes from one such family. His grandfather started the work and now his son continues it, balancing his studies while working part-time in the mines. Mr Jatav says his grandfather found many diamonds, but in those days, they did not sell for much. But things are different now, with some of these stones selling for tens of millions of rupees. Raja Gound is among the few who got lucky. A labourer by profession, he was neck-deep in debt when he found a massive 19.22-carat diamond in July. He sold the diamond at a government auction for about 8m rupees ($95,178; £72,909). Mr Gound said he had been leasing mines for more than 10 years in the hope of finding a diamond. India has always played a key role in the diamond industry. For more than 3,000 years, it was the world's sole diamond source. This changed in the 18th Century with discoveries in Brazil and South Africa. But Panna's legacy as a hub for diamonds has endured.  The district's Majhgawan mine, operated by the state-controlled National Mineral Development Corporation (NMDC), is the country’s only organised source of diamond production. NMDC began mining in 1968 and by 2024, it had extracted over 1.3 million carats of diamonds. Though anyone can mine diamonds in Panna - that too at a cheap price - most hunters avoid taking the official route to sell their treasure. Several residents told BBC Hindi that there was a big market for illegally mined diamonds - but the exact figures of the trade are unknown. A black-market dealer, who did not want to be named, said people sell their finds illegally to avoid taxes and to ensure quick payments. “If they go through official channels, they only get paid after the diamond is sold at auction, which can sometimes take years,” he said. Ravi Patel, Panna’s mining officer, says authorities have taken measures to curb illegal sales but it's difficult to track them because most of the diamonds mined are relatively small and do not fetch high prices. Officials admit that there has been a decline in the number of diamonds deposited for government auctions. In 2016, the office received 1,133 diamonds, but the numbers shrank to just 23 in 2023. Anupam Singh, a government diamond evaluator in Panna, says restrictions on mining are behind this decline. ""The forest department has marked off significant zones, turning them into no-go areas for diamond hunters,” Mr Singh said. There are more than 50 tigers living in the Panna Tiger Reserve and recent government efforts to preserve their population has presented many challenges to the miners. Diamond miners who once operated within forested areas, including the buffer zone of the reserve, are prohibited from mining there and risk facing severe penalties if caught. But despite the hardships and challenges, thousands of men continue to work in the shallow mines, hoping to overturn their fate. Prakash Majumdar started digging for diamonds in 2020 after the Covid-19 lockdown took away all the labour and farming jobs in his hometown. Desperate and struggling to feed his family, Mr Majumdar found his first diamond worth 2.9m rupees within a month of mining. A lot has changed since - his family has now moved to a concrete home and he has become the elected village head. Yet, his relentless quest for more continues. “Diamond hunting will remain a part of my life and I am not going anywhere until I strike it rich,” he said. ",BBC,13/10/2024,"['“I feel sick if I don’t search for diamonds.', 'It’s like a drug.”', 'Prakash Sharma, 67, speaks about diamonds with a passion that has defined his life for the past five decades.', 'A diamond hunter in India’s central state of Madhya Pradesh, he spends most of his day in the mines of Panna district.', 'Panna is among the country’s most backward regions - its residents face poverty, water scarcity, and unemployment.', ""But it's also home to most of India’s diamond reserves and remains a prime destination for diamond hunters."", 'While most mines are managed by the federal government, state officials lease out small parts of land to prospective miners every year at nominal prices.', 'The district has the country’s only mechanised diamond mine.', 'However, once known for its large and rare finds, diamond mines of Panna are rundown now.', 'Its reserves have depleted due to over-mining over the years.', 'Despite this decline, hopeful miners continue their quest.', 'They have to hand over their finds to the government diamond office, which evaluates the stones and sells them in an auction.', 'After deducting royalties and taxes, the proceeds are sent back to the miners, a bittersweet reward for their tireless digging.', 'Mr Sharma says he began digging for diamonds in 1974, right after he finished school, following in the footsteps of his father who was once a famous diamond hunter in his village.', 'He soon hit the jackpot after he found a six-carat diamond, which was worth a fortune 50 years ago.', 'That, he says, fuelled a passion in him to keep searching for more. ""', 'I wanted to continue doing this instead of getting a low-paying government job,"" he says.', 'Mr Sharma is among thousands of men - young and old - who spend their days in the mines, hoping to strike rich and escape the cycle of poverty.', 'The miners start digging through gravel in the early hours of the morning.', 'They then wash, dry and sift through it looking for diamonds until sunset.', 'Their families help them in their work.', ""It's a physically demanding task - but for the people of Panna, it's an intrinsic part of their lives, conversations and hopes for a better future."", 'For many, diamond hunting is a family tradition passed down through generations.', 'Shyamlal Jatav, 58, comes from one such family.', 'His grandfather started the work and now his son continues it, balancing his studies while working part-time in the mines.', 'Mr Jatav says his grandfather found many diamonds, but in those days, they did not sell for much.', 'But things are different now, with some of these stones selling for tens of millions of rupees.', 'Raja Gound is among the few who got lucky.', 'A labourer by profession, he was neck-deep in debt when he found a massive 19.22-carat diamond in July.', 'He sold the diamond at a government auction for about 8m rupees ($95,178; £72,909).', 'Mr Gound said he had been leasing mines for more than 10 years in the hope of finding a diamond.', 'India has always played a key role in the diamond industry.', ""For more than 3,000 years, it was the world's sole diamond source."", 'This changed in the 18th Century with discoveries in Brazil and South Africa.', ""But Panna's legacy as a hub for diamonds has endured."", ""The district's Majhgawan mine, operated by the state-controlled National Mineral Development Corporation (NMDC), is the country’s only organised source of diamond production."", 'NMDC began mining in 1968 and by 2024, it had extracted over 1.3 million carats of diamonds.', 'Though anyone can mine diamonds in Panna - that too at a cheap price - most hunters avoid taking the official route to sell their treasure.', 'Several residents told BBC Hindi that there was a big market for illegally mined diamonds - but the exact figures of the trade are unknown.', 'A black-market dealer, who did not want to be named, said people sell their finds illegally to avoid taxes and to ensure quick payments. “', 'If they go through official channels, they only get paid after the diamond is sold at auction, which can sometimes take years,” he said.', ""Ravi Patel, Panna’s mining officer, says authorities have taken measures to curb illegal sales but it's difficult to track them because most of the diamonds mined are relatively small and do not fetch high prices."", 'Officials admit that there has been a decline in the number of diamonds deposited for government auctions.', 'In 2016, the office received 1,133 diamonds, but the numbers shrank to just 23 in 2023.', 'Anupam Singh, a government diamond evaluator in Panna, says restrictions on mining are behind this decline. ""', 'The forest department has marked off significant zones, turning them into no-go areas for diamond hunters,” Mr Singh said.', 'There are more than 50 tigers living in the Panna Tiger Reserve and recent government efforts to preserve their population has presented many challenges to the miners.', 'Diamond miners who once operated within forested areas, including the buffer zone of the reserve, are prohibited from mining there and risk facing severe penalties if caught.', 'But despite the hardships and challenges, thousands of men continue to work in the shallow mines, hoping to overturn their fate.', 'Prakash Majumdar started digging for diamonds in 2020 after the Covid-19 lockdown took away all the labour and farming jobs in his hometown.', 'Desperate and struggling to feed his family, Mr Majumdar found his first diamond worth 2.9m rupees within a month of mining.', 'A lot has changed since - his family has now moved to a concrete home and he has become the elected village head.', 'Yet, his relentless quest for more continues. “', 'Diamond hunting will remain a part of my life and I am not going anywhere until I strike it rich,” he said.']",0.186402752747214,"It's a physically demanding task - but for the people of Panna, it's an intrinsic part of their lives, conversations and hopes for a better future.","Panna is among the country’s most backward regions - its residents face poverty, water scarcity, and unemployment.",-0.4551433758302168,"Despite this decline, hopeful miners continue their quest.",Officials admit that there has been a decline in the number of diamonds deposited for government auctions.,2024-10-15
+Jeff Shell is about to lead Paramount. He may have runway to make bold changes he couldn't at NBC,https://www.cnbc.com/2024/10/11/jeff-shell-paramount-president-nbc-tenure.html,2024-10-11T13:00:42+0000,"In this articleLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.The longtime media executive is primed to help run the day-to-day media operations of Paramount Global as president of the company when its merger with Skydance Media closes in the first half of 2025, assuming regulatory approval. He'll report to current Skydance CEO David Ellison, who will take the top job as the combined company's CEO.While neither Shell nor Ellison has publicly declared specific intentions for Paramount Global due to regulations banning ""gun-jumping"" in pending mergers, Shell's recent tenure as the CEO of Comcast's NBCUniversal, the parent company of CNBC, offers clues to what may be in store for Paramount.CNBC spoke with a dozen people who worked closely with Shell during his tenure as CEO from 2019 to 2023. They described Shell as a person with big ideas and a willingness to make bold moves but with a style that depends on those around him to talk him out of decisions that may not make sense. Some of Shell's boldest ideas — such as giving NBC's 10 p.m. hour over to affiliates, merging with a rival, and turning CNBC primetime into a Fox News facsimile — never played out.Comcast CEO Brian Roberts chose Shell to replace Steve Burke as NBCUniversal CEO in 2019. Shell had consistent success running a variety of different divisions within Comcast and NBCUniversal, including NBCU International and Universal Filmed Entertainment Group.Colleagues told CNBC they found Shell to be a good listener and a collaborative decision-maker with a predilection for sometimes saying too much. His departure from NBCUniversal was sudden. In April 2023, a Comcast investigation corroborated allegations from a former CNBC reporter of sexual harassment. Shell joined private equity firm RedBird Capital Partners in February. RedBird backed the Skydance-Paramount merger and will assume a minority equity stake.Soon, Shell, 59, will be at the helm of Paramount and paired with Ellison, who has already expressed his desire to transition Paramount into a more modern media company. That may set up a dynamic where Paramount's CEO and president both want bold change.RedBird executives praised Shell during a conference call in July announcing the merger, with RedBird Partner Andrew Brandon-Gordon saying Shell's ""long-term, results-oriented, proven track record at NBCUniversal"" coupled with Ellison's creativity and tech savvy make for the perfect leadership dynamic for the future of Paramount.Still, it's possible the pairing could lead to rash decision-making, warned one executive who worked closely with Shell at NBCUniversal. Even the consideration of dramatic ideas can destabilize an organization if discussed openly without follow through, and Shell developed a reputation at NBCUniversal for what one former coworker described as a ""shoot first and aim later"" mentality — a sentiment shared by at least six others who spoke with CNBC.""What Paramount needs is blocking and tackling — mature leadership,"" said the executive who worked closely with Shell. ""Ellison is a blow-everything-up guy, and Shell needs someone who can minimize his mistakes.""Shell and Ellison both declined to comment for this story.At Paramount, Shell will be given an asset mix similar to what he oversaw at NBCUniversal — save the theme parks. He'll have a major broadcast network with NFL rights (CBS), a movie studio (Paramount Pictures), a streaming service with tens of millions of subscribers (Paramount+), a large library of TV shows and films, and a slew of cable networks with dwindling audiences.It will be Shell's mission to cut costs — Skydance has already identified $2 billion in cost efficiencies and synergies, the company said during a July conference call with investors about the merger — and transform Paramount Global into a modern media company. That likely means making bold changes to declining businesses while investing in technology.Shell may try to resurrect the idea of giving up the 10 p.m. hour — as he contemplated at NBC — for CBS, Paramount Global's national broadcast network, people who spoke to CNBC suggested. Bailing on the hour would save CBS millions on content costs. Local affiliates would welcome gaining the hour as a way to boost advertising revenue.During a 2022 CNBC interview, Shell confirmed a Wall Street Journal report that he was considering ceding the hour to local affiliates to shift resources from linear broadcast TV toward streaming.""If we're being prudent operators, which we try to be, if you're allocating a bunch of resources to one side of the business, you have to look at the allocation of resources to another,"" Shell told CNBC's David Faber at the time. ""We make a lot of money at 10 o'clock. We still have a lot of viewers at 10 o'clock. There's no question throughout the day as linear declines, you're going to have to make some tradeoffs, and we'll be looking at that as our investors would want us to look at.""The 10 p.m. hour on broadcast networks still serves as a time slot for scripted dramas — a genre that's largely gone to streaming and, in turn, has seen ratings struggle on traditional TV. CBS' 10 p.m. programming includes ""NCIS: Origins,"" ""FBI: Most Wanted,"" ""Elsbeth,"" and ""Blue Bloods,"" which is in its 14th season.Paramount Global co-CEO George Cheeks, who runs CBS, told Deadline in late 2022 that he was ""committed to 10 p.m. and continuing our ratings success in that time period.""Shell ultimately backed off giving up 10 p.m. for NBC after weighing the potential fallout with Hollywood creatives and agents, according to people familiar with the matter. Such a move at NBCUniversal would risk ruining relationships with TV titans such as ""Law & Order"" creator Dick Wolf, whose shows have occupied the 10 p.m. hour on NBC for years and have created a deep library for NBCUniversal's flagship streaming service, Peacock. Irritating Hollywood would have run counter to Shell's strategy to increase Peacock's content catalog, as NBCUniversal needed strong relationships to fuel the service with new programming.Wolf's shows were also significant moneymakers for NBCUniversal, according to a person familiar with the matter.Ceding the 10 p.m. hour would also have negatively affected the ratings of NBC's storied late night show, ""The Tonight Show."" CBS' late night show, ""The Late Show With Stephen Colbert,"" is consistently the top-rated late night show, which could naturally give Shell pause on moving away from 10 p.m. once he's overseeing Paramount assets.Still, all of the late night shows are losing audience, and a downsizing has already begun across the genre. Shell may feel it's finally time to pull the rip cord.He is clearly aware that the status quo of linear TV needs to change.""Obviously a big chunk of the company is in the linear world, and we know that linear is challenged and declining,"" Shell said during the July conference call. ""I think a lot of us in the business know, we have got to run these businesses in a different way as they decline. And so, we've spent a lot of the last few months really building a bottom-up plan, and our goal is to manage the businesses, particularly the linear businesses, for cash flow generation.""Shell is also likely to examine the content windowing strategy at Paramount, he said in July. That could mean Shell has a desire to tier Paramount+ differently, with some popular content available on more expensive tiers, perhaps ad-free, that shift to less expensive tiers, including free ad-supported Pluto, over time.""I'm a big believer in windowing strategy, and I think there's maybe a more efficient way to maximize the value of our content, and we'll continue to be in the DTC [direct-to-consumer] business,"" Shell said during the July conference call.Some media analysts, such as LightShed Partners' Rich Greenfield, have argued Paramount Global should shut down Paramount+ and instead license Paramount content to other streamers with more scale. Paramount+ has consistently lost money since its inception and won't be profitable until 2025, the company has previously said.That doesn't appear to be in Ellison and Shell's playbook for Paramount. The two have expressed their desire to partner Paramount+ with another streamer to add scale and content to the service, either through a merger or a bundle. Paramount Global has already held talks with a number of media companies about partnering on streaming, including NBCUniversal and Warner Bros. Discovery.""To be a winner in [streaming] really means being in the ultimate bundle that's coming,"" Shell said during the July conference call. ""We've had a bunch of inbound calls from a number of people about partnerships that could involve a partnership with another player or players.""At NBCUniversal, according to people familiar with his thinking, Shell privately pushed the benefits of merging with another content company — again, something that never happened.He spoke up in meetings about the benefits of merging with Viacom, WarnerMedia and even Netflix to ensure Peacock would have staying power against larger streaming services, according to people who heard him speak.Ultimately, Comcast CEO Brian Roberts decided the moves weren't in the best interest of shareholders or that it was too difficult to gain regulatory approval for them, though Roberts nearly approved a deal in 2022 for NBCUniversal to merge with video game developer Electronic Arts — a deal that, according to people familiar with the matter, would have seen Shell lose his job as NBCUniversal CEO. That role would have gone to EA CEO Andrew Wilson, the people said.Without a big merger, Shell pushed for NBCUniversal to flood Peacock with content, especially during the height of pandemic lockdowns, when Wall Street appeared to be heavily valuing media companies on their streaming subscriber numbers. He argued NBCUniversal should put most of its cable programming on Peacock, including regional sports networks, or RSNs, according to people familiar with the matter.Again, other executives talked him out of being too aggressive, arguing the company's existing pay TV distribution relationships would be harmed if NBCUniversal made that content available outside the cable bundle, according to the people. Geolocation technology issues around regional sports also would have made the inclusion of RSNs difficult, the people said.While NBCUniversal has moved toward including more cable programming on Peacock, including hit Bravo franchises such as ""The Real Housewives"" and ""Below Deck,"" it has kept RSNs and news networks MSNBC and CNBC separate.One of Shell's big decisions at Paramount will be what to do with a handful of cable channels that have effectively turned into zombie networks, largely airing reruns of the same shows to avoid spending on new content. This includes MTV, VH1 and Comedy Central.Shell wanted to combine some NBCUniversal cable networks to cut costs and push back on dwindling revenue, people familiar with the matter said, but ultimately decided not to.Shell also had ideas that didn't come to fruition about changing programming on some of NBC's cable networks. He initially wanted CNBC to adopt what he described to others as a center-right primetime lineup, according to people familiar with the discussions at the time. Then-CNBC chief Mark Hoffman argued the idea didn't make sense for the network's brand and likely wouldn't have much of an audience, and Shell backed down, the people said. CNBC did hire former Fox News anchor Shepard Smith in 2020 to anchor a prime-time show that was canceled in 2022 just months after Hoffman retired. Hoffman declined to comment for this story.One of Shell's first accomplishments upon taking the NBCUniversal job was to renew the network's ""Sunday Night Football"" deal with the NFL, and one of the last things he did was support NBC Sports moving forward with a bid for NBA rights if it got an opportunity, according to people familiar with the matter. NBC did get the chance to bid, and it's bringing back NBA games beginning in 2025 after agreeing to pay about $2.45 billion per season to the league.Both Shell and Ellison touted the importance of CBS Sports during their July conference call. When Paramount laid off hundreds of employees in September, none of them were part of CBS Sports, according to a person familiar with the matter.CBS owns a Sunday afternoon package of NFL games, part of NCAA March Madness, Big Ten football, UEFA Champions League, and The Masters, among other sports. It wouldn't be surprising if Shell migrates away from CBS entertainment programming toward sports, even in prime time, if those opportunities present themselves.Disclosure: Comcast's NBCUniversal is the parent company of CNBC.WATCH: Skydance has to prove over time it can change the future trajectory of Paramount",CNBC,11/10/2024,"['In this articleLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.', 'The longtime media executive is primed to help run the day-to-day media operations of Paramount Global as president of the company when its merger with Skydance Media closes in the first half of 2025, assuming regulatory approval.', 'He\'ll report to current Skydance CEO David Ellison, who will take the top job as the combined company\'s CEO.While neither Shell nor Ellison has publicly declared specific intentions for Paramount Global due to regulations banning ""gun-jumping"" in pending mergers, Shell\'s recent tenure as the CEO of Comcast\'s NBCUniversal, the parent company of CNBC, offers clues to what may be in store for Paramount.', 'CNBC spoke with a dozen people who worked closely with Shell during his tenure as CEO from 2019 to 2023.', 'They described Shell as a person with big ideas and a willingness to make bold moves but with a style that depends on those around him to talk him out of decisions that may not make sense.', ""Some of Shell's boldest ideas — such as giving NBC's 10 p.m. hour over to affiliates, merging with a rival, and turning CNBC primetime into a Fox News facsimile — never played out."", 'Comcast CEO Brian Roberts chose Shell to replace Steve Burke as NBCUniversal CEO in 2019.', 'Shell had consistent success running a variety of different divisions within Comcast and NBCUniversal, including NBCU International and Universal Filmed Entertainment Group.', 'Colleagues told CNBC they found Shell to be a good listener and a collaborative decision-maker with a predilection for sometimes saying too much.', 'His departure from NBCUniversal was sudden.', 'In April 2023, a Comcast investigation corroborated allegations from a former CNBC reporter of sexual harassment.', 'Shell joined private equity firm RedBird Capital Partners in February.', 'RedBird backed the Skydance-Paramount merger and will assume a minority equity stake.', 'Soon, Shell, 59, will be at the helm of Paramount and paired with Ellison, who has already expressed his desire to transition Paramount into a more modern media company.', ""That may set up a dynamic where Paramount's CEO and president both want bold change."", 'RedBird executives praised Shell during a conference call in July announcing the merger, with RedBird Partner Andrew Brandon-Gordon saying Shell\'s ""long-term, results-oriented, proven track record at NBCUniversal"" coupled with Ellison\'s creativity and tech savvy make for the perfect leadership dynamic for the future of Paramount.', ""Still, it's possible the pairing could lead to rash decision-making, warned one executive who worked closely with Shell at NBCUniversal."", 'Even the consideration of dramatic ideas can destabilize an organization if discussed openly without follow through, and Shell developed a reputation at NBCUniversal for what one former coworker described as a ""shoot first and aim later"" mentality — a sentiment shared by at least six others who spoke with CNBC.""What Paramount needs is blocking and tackling — mature leadership,"" said the executive who worked closely with Shell. ""', 'Ellison is a blow-everything-up guy, and Shell needs someone who can minimize his mistakes.', '""Shell and Ellison both declined to comment for this story.', 'At Paramount, Shell will be given an asset mix similar to what he oversaw at NBCUniversal — save the theme parks.', ""He'll have a major broadcast network with NFL rights (CBS), a movie studio (Paramount Pictures), a streaming service with tens of millions of subscribers (Paramount+), a large library of TV shows and films, and a slew of cable networks with dwindling audiences."", ""It will be Shell's mission to cut costs — Skydance has already identified $2 billion in cost efficiencies and synergies, the company said during a July conference callwith investors about the merger — and transform Paramount Global into a modern media company."", 'That likely means making bold changes to declining businesses while investing in technology.', ""Shell may try to resurrect the idea of giving up the 10 p.m. hour — as he contemplated at NBC — for CBS, Paramount Global's national broadcast network, people who spoke to CNBC suggested."", 'Bailing on the hour would save CBS millions on content costs.', 'Local affiliates would welcome gaining the hour as a way to boost advertising revenue.', 'During a 2022 CNBC interview, Shell confirmed a Wall Street Journal report that he was considering ceding the hour to local affiliates to shift resources from linear broadcast TV toward streaming.', '""If we\'re being prudent operators, which we try to be, if you\'re allocating a bunch of resources to one side of the business, you have to look at the allocation of resources to another,"" Shell told CNBC\'s David Faber at the time. ""', ""We make a lot of money at 10 o'clock."", ""We still have a lot of viewers at 10 o'clock."", ""There's no question throughout the day as linear declines, you're going to have to make some tradeoffs, and we'll be looking at that as our investors would want us to look at."", '""The 10 p.m. hour on broadcast networks still serves as a time slot for scripted dramas — a genre that\'s largely gone to streaming and, in turn, has seen ratings struggle on traditional TV.', 'CBS\' 10 p.m. programming includes ""NCIS: Origins,"" ""FBI: Most Wanted,"" ""Elsbeth,"" and ""Blue Bloods,"" which is in its 14th season.', 'Paramount Global co-CEO George Cheeks, who runs CBS, told Deadline in late 2022 that he was ""committed to 10 p.m. and continuing our ratings success in that time period.', '""Shell ultimately backed off giving up 10 p.m. for NBC after weighing the potential fallout with Hollywood creatives and agents, according to people familiar with the matter.', 'Such a move at NBCUniversal would risk ruining relationships with TV titans such as ""Law & Order"" creator Dick Wolf, whose shows have occupied the 10 p.m. hour on NBC for years and have created a deep library for NBCUniversal\'s flagship streaming service, Peacock.', ""Irritating Hollywood would have run counter to Shell's strategy to increase Peacock's content catalog, as NBCUniversal needed strong relationships to fuel the service with new programming."", ""Wolf's shows were also significant moneymakers for NBCUniversal, according to a person familiar with the matter."", 'Ceding the 10 p.m. hour would also have negatively affected the ratings of NBC\'s storied late night show, ""The Tonight Show.""', 'CBS\' late night show, ""The Late Show With Stephen Colbert,"" is consistently the top-rated late night show, which could naturally give Shell pause on moving away from 10 p.m. once he\'s overseeing Paramount assets.', 'Still, all of the late night shows are losing audience, and a downsizing has already begun across the genre.', ""Shell may feel it's finally time to pull the rip cord."", 'He is clearly aware that the status quo of linear TV needs to change.', '""Obviously a big chunk of the company is in the linear world, and we know that linear is challenged and declining,"" Shell said during the July conference call. ""', 'I think a lot of us in the business know, we have got to run these businesses in a different way as they decline.', ""And so, we've spent a lot of the last few months really building a bottom-up plan, and our goal is to manage the businesses, particularly the linear businesses, for cash flow generation."", '""Shell is also likely to examine the content windowing strategy at Paramount, he said in July.', 'That could mean Shell has a desire to tier Paramount+ differently, with some popular content available on more expensive tiers, perhaps ad-free, that shift to less expensive tiers, including free ad-supported Pluto, over time.', '""I\'m a big believer in windowing strategy, and I think there\'s maybe a more efficient way to maximize the value of our content, and we\'ll continue to be in the DTC [direct-to-consumer] business,"" Shell said during the July conference call.', ""Some media analysts, such as LightShed Partners' Rich Greenfield, have argued Paramount Global should shut down Paramount+ and instead license Paramount content to other streamers with more scale."", ""Paramount+ has consistently lost money since its inception and won't be profitable until 2025, the company has previously said."", ""That doesn't appear to be in Ellison and Shell's playbook for Paramount."", 'The two have expressed their desire to partner Paramount+ with another streamer to add scale and content to the service, either through a merger or a bundle.', 'Paramount Global has already held talks with a number of media companies about partnering on streaming, including NBCUniversal and Warner Bros. Discovery.', '""To be a winner in [streaming] really means being in the ultimate bundle that\'s coming,"" Shell said during the July conference call. ""', ""We've had a bunch of inbound calls from a number of people about partnerships that could involve a partnership with another player or players."", '""At NBCUniversal, according to people familiar with his thinking, Shell privately pushed the benefits of merging with another content company — again, something that never happened.', 'He spoke up in meetings about the benefits of merging with Viacom, WarnerMedia and even Netflix to ensure Peacock would have staying power against larger streaming services, according to people who heard him speak.', ""Ultimately, Comcast CEO Brian Roberts decided the moves weren't in the best interest of shareholders or that it was too difficult to gain regulatory approval for them, though Roberts nearly approved a deal in 2022 for NBCUniversal to merge with video game developer Electronic Arts — a deal that, according to people familiar with the matter, would have seen Shell lose his job as NBCUniversal CEO."", 'That role would have gone to EA CEO Andrew Wilson, the people said.', 'Without a big merger, Shell pushed for NBCUniversal to flood Peacock with content, especially during the height of pandemic lockdowns, when Wall Street appeared to be heavily valuing media companies on their streaming subscriber numbers.', 'He argued NBCUniversal should put most of its cable programming on Peacock, including regional sports networks, or RSNs, according to people familiar with the matter.', ""Again, other executives talked him out of being too aggressive, arguing the company's existing pay TV distribution relationships would be harmed if NBCUniversal made that content available outside the cable bundle, according to the people."", 'Geolocation technology issues around regional sports also would have made the inclusion of RSNs difficult, the people said.', 'While NBCUniversal has moved toward including more cable programming on Peacock, including hit Bravo franchises such as ""The Real Housewives"" and ""Below Deck,"" it has kept RSNs and news networks MSNBC and CNBC separate.', ""One of Shell's big decisions at Paramount will be what to do with a handful of cable channels that have effectively turned into zombie networks, largely airing reruns of the same shows to avoid spending on new content."", 'This includes MTV, VH1 and Comedy Central.', 'Shell wanted to combine some NBCUniversal cable networks to cut costs and push back on dwindling revenue, people familiar with the matter said, but ultimately decided not to.', ""Shell also had ideas that didn't come to fruition about changing programming on some of NBC's cable networks."", 'He initially wanted CNBC to adopt what he described to others as a center-right primetime lineup, according to people familiar with the discussions at the time.', ""Then-CNBC chief Mark Hoffman argued the idea didn't make sense for the network's brand and likely wouldn't have much of an audience, and Shell backed down, the people said."", 'CNBC did hire former Fox News anchor Shepard Smith in 2020 to anchor a prime-time show that was canceled in 2022 just months after Hoffman retired.', 'Hoffman declined to comment for this story.', 'One of Shell\'s first accomplishments upon taking the NBCUniversal job was to renew the network\'s ""Sunday Night Football"" deal with the NFL, and one of the last things he did was support NBC Sports moving forward with a bid for NBA rights if it got an opportunity, according to people familiar with the matter.', ""NBC did get the chance to bid, and it's bringing back NBA games beginning in 2025 after agreeing to pay about $2.45 billion per season to the league."", 'Both Shell and Ellison touted the importance of CBS Sports during their July conference call.', 'When Paramount laid off hundreds of employees in September, none of them were part of CBS Sports, according to a person familiar with the matter.', 'CBS owns a Sunday afternoon package of NFL games, part of NCAA March Madness, Big Ten football, UEFA Champions League, and The Masters, among other sports.', ""It wouldn't be surprising if Shell migrates away from CBS entertainment programming toward sports, even in prime time, if those opportunities present themselves."", ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC.WATCH: Skydance has to prove over time it can change the future trajectory of Paramount""]",0.1525307710050343,"That could mean Shell has a desire to tier Paramount+ differently, with some popular content available on more expensive tiers, perhaps ad-free, that shift to less expensive tiers, including free ad-supported Pluto, over time.","In this articleLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.",-0.0786813189243448,Local affiliates would welcome gaining the hour as a way to boost advertising revenue.,"Paramount+ has consistently lost money since its inception and won't be profitable until 2025, the company has previously said.",2024-10-15
+Mull-based Rural Housing Scotland to shut after 23 years,https://www.bbc.co.uk/news/articles/c0kjm1m6748o,2024-10-15T22:03:33.608Z,"A housing charity says it is closing after more than 20 years because it has been unable to secure sufficient funding. Rural Housing Scotland (RHS) was set up in 2001 to help communities across Scotland tackle homelessness and improve the availability of affordable housing. The Mull-based organisation said the lack of core funding had forced it into the difficult decision to close. The Scottish government said it had helped build thousands of affordable homes over recent years, and was committed to building more.  RHS chairwoman Wendy Reid said: ""It is with heavy hearts that we are announcing the closure of Rural Housing Scotland.  ""However, we are proud of the role RHS has played in shining a light on these critical issues and raising awareness among policymakers and the public."" Other organisations have been warning about housing challenges in rural communities. Community Land Scotland has recently called for young people to have a legal right to live in the communities where they grew up. It said there was an ""acute"" shortage of affordable properties in rural areas. The organisation said ""Right to Live"" should be written into legislation and sit alongside people's rights to food and education. The Scottish government said it had delivered more than 10,000 affordable rural homes between April 2016 to March 2023, and had committed to building thousands more throughout Scotland. ",BBC,15/10/2024,"['A housing charity says it is closing after more than 20 years because it has been unable to secure sufficient funding.', 'Rural Housing Scotland (RHS) was set up in 2001 to help communities across Scotland tackle homelessness and improve the availability of affordable housing.', 'The Mull-based organisation said the lack of core funding had forced it into the difficult decision to close.', 'The Scottish government said it had helped build thousands of affordable homes over recent years, and was committed to building more.', 'RHS chairwoman Wendy Reid said: ""It is with heavy hearts that we are announcing the closure of Rural Housing Scotland. ""', 'However, we are proud of the role RHS has played in shining a light on these critical issues and raising awareness among policymakers and the public.""', 'Other organisations have been warning about housing challenges in rural communities.', 'Community Land Scotland has recently called for young people to have a legal right to live in the communities where they grew up.', 'It said there was an ""acute"" shortage of affordable properties in rural areas.', 'The organisation said ""Right to Live"" should be written into legislation and sit alongside people\'s rights to food and education.', 'The Scottish government said it had delivered more than 10,000 affordable rural homes between April 2016 to March 2023, and had committed to building thousands more throughout Scotland.']",0.1076984994183465,Rural Housing Scotland (RHS) was set up in 2001 to help communities across Scotland tackle homelessness and improve the availability of affordable housing.,The Mull-based organisation said the lack of core funding had forced it into the difficult decision to close.,-0.0328439027070999,"The Scottish government said it had helped build thousands of affordable homes over recent years, and was committed to building more.",A housing charity says it is closing after more than 20 years because it has been unable to secure sufficient funding.,2024-10-15
+"Fake vintage wine gang busted in France and Italy, police say",https://www.bbc.co.uk/news/articles/cvg3jzzjg3po,2024-10-15T20:40:35.449Z,"French and Italian police say they have broken up an international fraud ring that was passing poor quality bottles of wine off as vintages worth up to €15,000 (£12,500) each.  Six people - including a Russian national who is the suspected ringleader - have been arrested in Paris, Turin and Milan.  They are alleged to have fabricated fake labels representing famous French vineyards, which were then sold at full market value through wine traders around the world.  The group earned €2m from the fraud, French prosecutors said. A French national has been charged with organised fraud and money laundering. The suspected ringleader, a 40-year-old Russian national, would also be charged, prosecutors said.  In a press release, Europol said items recovered during seizures included a “large amount of wine bottles from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods”, as well as electronic equipment valued at 1.4m euros and over 100,000 euros in cash. Wine fraud has existed since wine was invented. Until a few years ago, in France, it was at a fairly manageable level – a few dedicated experts counterfeiting labels and wax seals in order to pass basic wine off as something fancier. But over the last decade, things have changed.  The prices fetched by the best grand crus on the world market are now so high – thousands of pounds a bottle – that it has become profitable to conduct the fraud in a much more organised way. The centre of this kind of fraud is said to be Italy. That is because they have the wine know-how there: artisans who understand labelling and old bottles and corks;  and also a criminal underworld that is prepared to invest. Today, one wine auctioneer told me, the counterfeiting of old bottles and labels is so skilful that even the vineyards themselves are often unable to spot a fake. And with some buyers then storing the wine for years, they may never find out it is a fake.  With international buyers, especially in China, willing to spend £20,000 or more on a top-quality bottle, the criminal temptation to create the perfect bottle - then fill it with rubbish - is for some too big to resist. ",BBC,15/10/2024,"['French and Italian police say they have broken up an international fraud ring that was passing poor quality bottles of wine off as vintages worth up to €15,000 (£12,500) each.', 'Six people - including a Russian national who is the suspected ringleader - have been arrested in Paris, Turin and Milan.', 'They are alleged to have fabricated fake labels representing famous French vineyards, which were then sold at full market value through wine traders around the world.', 'The group earned €2m from the fraud, French prosecutors said.', 'A French national has been charged with organised fraud and money laundering.', 'The suspected ringleader, a 40-year-old Russian national, would also be charged, prosecutors said.', 'In a press release, Europol said items recovered during seizures included a “large amount of wine bottles from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods”, as well as electronic equipment valued at 1.4m euros and over 100,000 euros in cash.', 'Wine fraud has existed since wine was invented.', 'Until a few years ago, in France, it was at a fairly manageable level – a few dedicated experts counterfeiting labels and wax seals in order to pass basic wine off as something fancier.', 'But over the last decade, things have changed.', 'The prices fetched by the best grand crus on the world market are now so high – thousands of pounds a bottle – that it has become profitable to conduct the fraud in a much more organised way.', 'The centre of this kind of fraud is said to be Italy.', 'That is because they have the wine know-how there: artisans who understand labelling and old bottles and corks; and also a criminal underworld that is prepared to invest.', 'Today, one wine auctioneer told me, the counterfeiting of old bottles and labels is so skilful that even the vineyards themselves are often unable to spot a fake.', 'And with some buyers then storing the wine for years, they may never find out it is a fake.', 'With international buyers, especially in China, willing to spend £20,000 or more on a top-quality bottle, the criminal temptation to create the perfect bottle - then fill it with rubbish - is for some too big to resist.']",-0.1735618768777305,"In a press release, Europol said items recovered during seizures included a “large amount of wine bottles from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods”, as well as electronic equipment valued at 1.4m euros and over 100,000 euros in cash.","French and Italian police say they have broken up an international fraud ring that was passing poor quality bottles of wine off as vintages worth up to €15,000 (£12,500) each.",0.0307954847812652,The prices fetched by the best grand crus on the world market are now so high – thousands of pounds a bottle – that it has become profitable to conduct the fraud in a much more organised way.,"Today, one wine auctioneer told me, the counterfeiting of old bottles and labels is so skilful that even the vineyards themselves are often unable to spot a fake.",2024-10-15
+Google turns to nuclear to power AI data centres,https://www.bbc.co.uk/news/articles/c748gn94k95o,2024-10-15T01:14:27.247Z,"Google has signed a deal to use small nuclear reactors to generate the vast amounts of energy needed to power its artificial intelligence (AI) data centres. The company says the agreement with Kairos Power will see it start using the first reactor this decade and bring more online by 2035.  The companies did not give any details about how much the deal is worth or where the plants will be built. Technology firms are increasingly turning to nuclear sources of energy to supply the electricity used by the huge data centres that drive AI. ""The grid needs new electricity sources to support AI technologies,"" said Michael Terrell, senior director for energy and climate at Google. ""This agreement helps accelerate a new technology to meet energy needs cleanly and reliably, and unlock the full potential of AI for everyone."" The deal with Google ""is important to accelerate the commercialisation of advanced nuclear energy by demonstrating the technical and market viability of a solution critical to decarbonising power grids,” said Kairos executive Jeff Olson. The plans still have to be approved by the US Nuclear Regulatory Commission as well as local agencies before they are allowed to proceed. Last year, US regulators gave California-based Kairos Power the first permit in 50 years to build a new type of nuclear reactor. In July, the company started construction of a demonstration reactor in Tennessee. The startup specialises in the development of smaller reactors that use molten fluoride salt as a coolant instead of water, which is used by traditional nuclear plants. Nuclear power, which is virtually carbon free and provides electricity 24 hours a day, has become increasingly attractive to the tech industry as it attempts to cut emissions even as it uses more energy. Global energy consumption by data centres is expected to more than double by the end of the decade, according to Wall Street banking giant Goldman Sachs. John Moore, Industry Editor for the TechTarget website told the BBC that AI data centres need large amounts of electricity to both power them and and keep equipment cool. ""These data centres are equipped with specialised hardware... that require lots of power, that generate lots of heat"". At a United Nations Climate Change Conference last year, the US joined a group of countries that want to triple their nuclear energy capacity by 2050 as part of efforts to move away from fossil fuels. However, critics say nuclear power is not risk-free and produces long-lasting radioactive waste. Last month, Microsoft reached a deal to restart operations at the Three Mile Island energy plant, the site of America's worst nuclear accident in 1979. In March, Amazon said it would buy a nuclear-powered data centre in the state of Pennsylvania. ""Google’s partnership with Kairos Power signals another major step in tech’s embrace of nuclear energy,"" said Somnath Kansabanik from research firm Rystad Energy. ",BBC,15/10/2024,"['Google has signed a deal to use small nuclear reactors to generate the vast amounts of energy needed to power its artificial intelligence (AI) data centres.', 'The company says the agreement with Kairos Power will see it start using the first reactor this decade and bring more online by 2035.', 'The companies did not give any details about how much the deal is worth or where the plants will be built.', 'Technology firms are increasingly turning to nuclear sources of energy to supply the electricity used by the huge data centres that drive AI. ""', 'The grid needs new electricity sources to support AI technologies,"" said Michael Terrell, senior director for energy and climate at Google. ""', 'This agreement helps accelerate a new technology to meet energy needs cleanly and reliably, and unlock the full potential of AI for everyone.""', 'The deal with Google ""is important to accelerate the commercialisation of advanced nuclear energy by demonstrating the technical and market viability of a solution critical to decarbonising power grids,” said Kairos executive Jeff Olson.', 'The plans still have to be approved by the US Nuclear Regulatory Commission as well as local agencies before they are allowed to proceed.', 'Last year, US regulators gave California-based Kairos Power the first permit in 50 years to build a new type of nuclear reactor.', 'In July, the company started construction of a demonstration reactor in Tennessee.', 'The startup specialises in the development of smaller reactors that use molten fluoride salt as a coolant instead of water, which is used by traditional nuclear plants.', 'Nuclear power, which is virtually carbon free and provides electricity 24 hours a day, has become increasingly attractive to the tech industry as it attempts to cut emissions even as it uses more energy.', 'Global energy consumption by data centres is expected to more than double by the end of the decade, according to Wall Street banking giant Goldman Sachs.', 'John Moore, Industry Editor for the TechTarget website told the BBC that AI data centres need large amounts of electricity to both power them and and keep equipment cool. ""', 'These data centres are equipped with specialised hardware... that require lots of power, that generate lots of heat"".', 'At a United Nations Climate Change Conference last year, the US joined a group of countries that want to triple their nuclear energy capacity by 2050 as part of efforts to move away from fossil fuels.', 'However, critics say nuclear power is not risk-free and produces long-lasting radioactive waste.', ""Last month, Microsoft reached a deal to restart operations at the Three Mile Island energy plant, the site of America's worst nuclear accident in 1979."", 'In March, Amazon said it would buy a nuclear-powered data centre in the state of Pennsylvania. ""', 'Google’s partnership with Kairos Power signals another major step in tech’s embrace of nuclear energy,"" said Somnath Kansabanik from research firm Rystad Energy.']",0.2995369170354108,"This agreement helps accelerate a new technology to meet energy needs cleanly and reliably, and unlock the full potential of AI for everyone.""","However, critics say nuclear power is not risk-free and produces long-lasting radioactive waste.",0.9994852989912032,"Nuclear power, which is virtually carbon free and provides electricity 24 hours a day, has become increasingly attractive to the tech industry as it attempts to cut emissions even as it uses more energy.",,2024-10-15
+Thousands of cars that crash in US are ending up in Russia,https://www.bbc.co.uk/news/articles/crl8187l920o,2024-10-13T23:28:01.956Z,"The small South Caucasus nation of Georgia has become a multi-billion dollar hub for the international used car market. The vehicles are mostly sourced from the US, and many appear to be ending up in Russia. On the dusty outskirts of Rustavi, an industrial town 20km (12 miles) southeast of Georgia’s capital Tbilisi, is a vast area of open-air carparks. Equivalent in size to more than 40 football pitches, it hosts thousands of vehicles up for sale. You can find pretty much any automobile your heart desires - Mercedes, Porsches, Jaguars, Toyotas and, more recently, Teslas. They are all here.  One of the largest carparks is owned by Caucasus Auto Import (CAI), a company that buys used cars from auctions in the US. The vehicles have often been so badly damaged in accidents that they have been written-off by American insurance firms. CAI says that its “team of experts” in the States will pick up the cars in person, and then arrange their export by container ship, 10,000km (6,000 miles) to a port on Georgia’s Black Sea coastline. The damaged cars will then be fixed by Georgian mechanics. “Our company has contributed a lot to the renewal of the Georgian fleet of cars,” says David Gulashvili, CAI’s deputy chief executive.  “When we started our business in 2004, Georgian automotive infrastructure was totally Soviet Union produced, like [Soviet brands] Lada and Vaz.” He says that his company has responded to “a lot of demand for Western-produced vehicles”. Today the firm has 600 employees. Last year, Georgia imported $3.1bn (£2.4bn) worth of cars, according to official figures. It then exported vehicles to a value of $2.1bn, mainly to former Soviet republics in the Caucasus and Central Asia. Cars are in fact Georgia’s second-largest export by value, after copper ore. Across the huge car market in Rustavi, curious customers are on the lookout for a deal. Each car has a card on the inside of its windscreen indicating price, engine size, and date of manufacture. Alisher Tezikbayev has travelled here from Kazakhstan. He and a group of his friends are exploring the Toyota section. “We've been re-exporting cars from Georgia for about 3.5 years. We send cars to Kazakhstan and organise auto tours, when clients come to Georgia to pick their own car,” says Mr Tezikbayev, who is posting videos to his 100k followers on Tik Tok. Georgia used to export second-hand US and European cars to its northern neighbour Russia, with whom it shares a border. But that has officially stopped as a result of Russia’s invasion of Ukraine in 2022. In September 2023, the Georgian Revenue Service announced that, in line with the then latest Western sanctions against Russia, it was restricting the re-export and transit of automobiles imported from the US or Europe to Russia and Belarus. And Georgian officials have long denied that the country has been complicit in aiding Russia’s evasion of the trade embargoes. Yet a recent investigation by Georgian media publication Ifacti showed numerous loopholes exploited by an army of car dealers on both sides of the Russian-Georgian border. David Gulashvili says that his company no longer has any trade with Russia. “From day one of the war we have restricted any kind of transactions from Russia, any kind of exports to Russia. You will not see a single car exported by Caucasus Auto Import to Russia.” However, he adds that there is no existing mechanism to monitor the final destination for re-exported cars going to other countries. And since Russia's invasion of Ukraine there has been a steep rise in exports of used cars to Kazakhstan, Kyrgyzstan and Armenia – all of which are members of the Russia-led customs union. It means that a vehicle registered in any of those countries can be driven to Russia with minimal tariffs. Figures from Georgia’s national statistics agency suggest that cars are indeed going on to Russia. It says that in 2022 Georgia exported 7,352 used cars to Kazakhstan, while in 2023 the number was 39,896, a more than five-fold increase. While the geopolitical machinations rumble on, the underling success of Georgia’s second-hand car industry can be explained by its geography. It has access to Europe via its Black Sea ports, and to Central Asia via Baku, on neighbouring Azerbaijan’s Caspian coast. Another key component is the affordable cost of labour when it comes to fixing salvaged cars. “These cars that have been damaged in the US, most of the time it does not make economical sense to rebuild them in the US,” says Mr Gulashvili. “This is because of the cost of human resources, service costs are much higher, and the legal costs to get those cars back on the road, is time consuming and very expensive process. “In the US rebuilding of a car, and making it legal again, takes six months and let's say $5,000. It takes $1,000 and one month in Georgia to fix the same car.” In a sprawling warehouse on the outskirts of Tbilisi, Zaza Andreashvili leans over a car engine fixed to a specialised stand. The mechanic points to the cylinders, which he has just cleaned. “The engine is the heart of the vehicle. Just like humans, if your heart stop working, you die. The same with the cars, if engine stops working, car dies.” Mr Andreashvili has been repairing car engines for nearly 30 years. “We used to learn through books, there was no internet at the time,” he says. Next door to Mr Andreashvili’s workshop, there is a banging noise. Roma and his apprentice Boris specialise in body work repairs. With a panel-beater, Boris is reshaping the near side wing of a mangled automobile. Roma, in his brown t-shirt with USA written in the front, says he's been repairing cars for 50 years. “Mercedes has the best metal, Volvo and Toyotas are also good, but with some cars the body work is so thin it's like a piece of paper,” he says. While most cars imported into Georgia are petrol and diesel-powered, Mr Gulashvili says there is a fast-growing demand for electric, and particularly hybrid vehicles. “About 30% of the cars we are bringing right now, is hybrid. It is not fully electric, but it's hybrid like Toyota Prius. The growth rate is off the charts, it's like 300 – 400% rate quarter over quarter.” The biggest re-sale market for Teslas, adds Mr Gulashvili, is Ukraine, where he has 100 members of staff based. “It's very expensive and it's very risky, but still we're trying to get traction there. We are also importing a lot of pickup trucks into Ukraine, which are used to fight against Russia.” ",BBC,13/10/2024,"['The small South Caucasus nation of Georgia has become a multi-billion dollar hub for the international used car market.', 'The vehicles are mostly sourced from the US, and many appear to be ending up in Russia.', 'On the dusty outskirts of Rustavi, an industrial town 20km (12 miles) southeast of Georgia’s capital Tbilisi, is a vast area of open-air carparks.', 'Equivalent in size to more than 40 football pitches, it hosts thousands of vehicles up for sale.', 'You can find pretty much any automobile your heart desires - Mercedes, Porsches, Jaguars, Toyotas and, more recently, Teslas.', 'They are all here.', 'One of the largest carparks is owned by Caucasus Auto Import (CAI), a company that buys used cars from auctions in the US.', 'The vehicles have often been so badly damaged in accidents that they have been written-off by American insurance firms.', 'CAI says that its “team of experts” in the States will pick up the cars in person, and then arrange their export by container ship, 10,000km (6,000 miles) to a port on Georgia’s Black Sea coastline.', 'The damaged cars will then be fixed by Georgian mechanics. “', 'Our company has contributed a lot to the renewal of the Georgian fleet of cars,” says David Gulashvili, CAI’s deputy chief executive. “', 'When we started our business in 2004, Georgian automotive infrastructure was totally Soviet Union produced, like [Soviet brands] Lada and Vaz.”', 'He says that his company has responded to “a lot of demand for Western-produced vehicles”.', 'Today the firm has 600 employees.', 'Last year, Georgia imported $3.1bn (£2.4bn) worth of cars, according to official figures.', 'It then exported vehicles to a value of $2.1bn, mainly to former Soviet republics in the Caucasus and Central Asia.', 'Cars are in fact Georgia’s second-largest export by value, after copper ore.', 'Across the huge car market in Rustavi, curious customers are on the lookout for a deal.', 'Each car has a card on the inside of its windscreen indicating price, engine size, and date of manufacture.', 'Alisher Tezikbayev has travelled here from Kazakhstan.', 'He and a group of his friends are exploring the Toyota section. “', ""We've been re-exporting cars from Georgia for about 3.5 years."", 'We send cars to Kazakhstan and organise auto tours, when clients come to Georgia to pick their own car,” says Mr Tezikbayev, who is posting videos to his 100k followers on Tik Tok.', 'Georgia used to export second-hand US and European cars to its northern neighbour Russia, with whom it shares a border.', 'But that has officially stopped as a result of Russia’s invasion of Ukraine in 2022.', 'In September 2023, the Georgian Revenue Service announced that, in line with the then latest Western sanctions against Russia, it was restricting the re-export and transit of automobiles imported from the US or Europe to Russia and Belarus.', 'And Georgian officials have long denied that the country has been complicit in aiding Russia’s evasion of the trade embargoes.', 'Yet a recent investigation by Georgian media publication Ifacti showed numerous loopholes exploited by an army of car dealers on both sides of the Russian-Georgian border.', 'David Gulashvili says that his company no longer has any trade with Russia. “', 'From day one of the war we have restricted any kind of transactions from Russia, any kind of exports to Russia.', 'You will not see a single car exported by Caucasus Auto Import to Russia.”', 'However, he adds that there is no existing mechanism to monitor the final destination for re-exported cars going to other countries.', ""And since Russia's invasion of Ukraine there has been a steep rise in exports of used cars to Kazakhstan, Kyrgyzstan and Armenia – all of which are members of the Russia-led customs union."", 'It means that a vehicle registered in any of those countries can be driven to Russia with minimal tariffs.', 'Figures from Georgia’s national statistics agency suggest that cars are indeed going on to Russia.', 'It says that in 2022 Georgia exported 7,352 used cars to Kazakhstan, while in 2023 the number was 39,896, a more than five-fold increase.', 'While the geopolitical machinations rumble on, the underling success of Georgia’s second-hand car industry can be explained by its geography.', 'It has access to Europe via its Black Sea ports, and to Central Asia via Baku, on neighbouring Azerbaijan’s Caspian coast.', 'Another key component is the affordable cost of labour when it comes to fixing salvaged cars. “', 'These cars that have been damaged in the US, most of the time it does not make economical sense to rebuild them in the US,” says Mr Gulashvili. “', 'This is because of the cost of human resources, service costs are much higher, and the legal costs to get those cars back on the road, is time consuming and very expensive process. “', ""In the US rebuilding of a car, and making it legal again, takes six months and let's say $5,000."", 'It takes $1,000 and one month in Georgia to fix the same car.”', 'In a sprawling warehouse on the outskirts of Tbilisi, Zaza Andreashvili leans over a car engine fixed to a specialised stand.', 'The mechanic points to the cylinders, which he has just cleaned. “', 'The engine is the heart of the vehicle.', 'Just like humans, if your heart stop working, you die.', 'The same with the cars, if engine stops working, car dies.”', 'Mr Andreashvili has been repairing car engines for nearly 30 years. “', 'We used to learn through books, there was no internet at the time,” he says.', 'Next door to Mr Andreashvili’s workshop, there is a banging noise.', 'Roma and his apprentice Boris specialise in body work repairs.', 'With a panel-beater, Boris is reshaping the near side wing of a mangled automobile.', ""Roma, in his brown t-shirt with USA written in the front, says he's been repairing cars for 50 years. “"", ""Mercedes has the best metal, Volvo and Toyotas are also good, but with some cars the body work is so thin it's like a piece of paper,” he says."", 'While most cars imported into Georgia are petrol and diesel-powered, Mr Gulashvili says there is a fast-growing demand for electric, and particularly hybrid vehicles. “', 'About 30% of the cars we are bringing right now, is hybrid.', ""It is not fully electric, but it's hybrid like Toyota Prius."", ""The growth rate is off the charts, it's like 300 – 400% rate quarter over quarter.”"", 'The biggest re-sale market for Teslas, adds Mr Gulashvili, is Ukraine, where he has 100 members of staff based. “', ""It's very expensive and it's very risky, but still we're trying to get traction there."", 'We are also importing a lot of pickup trucks into Ukraine, which are used to fight against Russia.”']",0.0215808619661269,"While the geopolitical machinations rumble on, the underling success of Georgia’s second-hand car industry can be explained by its geography.",The vehicles have often been so badly damaged in accidents that they have been written-off by American insurance firms.,0.5911706252531572,"It says that in 2022 Georgia exported 7,352 used cars to Kazakhstan, while in 2023 the number was 39,896, a more than five-fold increase.","In September 2023, the Georgian Revenue Service announced that, in line with the then latest Western sanctions against Russia, it was restricting the re-export and transit of automobiles imported from the US or Europe to Russia and Belarus.",2024-10-15
+Boeing to raise as much as $25 billion to shore up balance sheet,https://www.cnbc.com/2024/10/15/boeing-equity-debt-raise.html,2024-10-16T00:15:45+0000,"In this articleBoeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs.""This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company's balance sheet over a three year period,"" Boeing said in a statement.Boeing shares are down nearly 42% this year as of Tuesday.Bank of America aerospace analysts have estimated that Boeing will raise between $10 billion and $15 billion in equity.""We expect Boeing to offer equity first, which should shore up the company's balance sheet in the near term while maintaining the option to later issue equity debt with a lower risk of a credit downgrade,"" BoFA analyst Ron Epstein wrote Tuesday.Fitch Ratings said Boeing's announcement Tuesday will ""increase financial flexibility and moderate near-term liquidity concerns.""Boeing is trying to shore up its balance sheet as it faces warnings from credit ratings agencies that it could lose its investment-grade rating.S&P Global Ratings, one of the agencies that warned about a downgrade, last week estimated that the machinist strike is costing Boeing more than $1 billion a month.The two sides have been at an impasse. On Tuesday, four U.S. lawmakers representing Washington state wrote to Boeing's new CEO, Kelly Ortberg, Jon Holden, president of IAM District 751, and Brandon Bryant, president president of IAM District W24, urging the parties to come to a solution.The lawmakers said they hoped they will ""will expeditiously work out a fair and durable deal that recognizes the importance of the machinist workforce to Boeing's future, the aerospace economy of the Pacific Northwest, and the nation,"" in the letter, signed by Washington state Democrats, Sens. Maria Cantwell, Patty Murray and U.S. Rep. Adam Smith and Rep. Rick Larsen.Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement.""The credit facility provides additional short term access to liquidity as we navigate through a challenging environment,"" the company said in a statement. ""The company has not drawn on this facility or its existing credit revolver.""On Friday, Ortberg, warned that the company plans to lay off about 17,000 employees, or 10% of its global workforce to cut costs.""We need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones on the path to recovery,"" he said, adding that Boeing needs to focus resources on ""areas that are core to who we are.""The announcement came alongside preliminary financial results, showing mounting losses and $5 billion in charges in Boeing's defense and commercial airplane units.On Oct. 23, Ortberg will hold his first quarterly investor call since becoming Boeing's CEO in August.",CNBC,16/10/2024,"['In this articleBoeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs.', '""This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company\'s balance sheet over a three year period,"" Boeing said in a statement.', 'Boeing shares are down nearly 42% this year as of Tuesday.', 'Bank of America aerospace analysts have estimated that Boeing will raise between $10 billion and $15 billion in equity.', '""We expect Boeing to offer equity first, which should shore up the company\'s balance sheet in the near term while maintaining the option to later issue equity debt with a lower risk of a credit downgrade,"" BoFA analyst Ron Epstein wrote Tuesday.', 'Fitch Ratings said Boeing\'s announcement Tuesday will ""increase financial flexibility and moderate near-term liquidity concerns.', '""Boeing is trying to shore up its balance sheet as it faces warnings from credit ratings agencies that it could lose its investment-grade rating.', 'S&P Global Ratings, one of the agencies that warned about a downgrade, last week estimated that the machinist strike is costing Boeing more than $1 billion a month.', 'The two sides have been at an impasse.', ""On Tuesday, four U.S. lawmakers representing Washington state wrote to Boeing's new CEO, Kelly Ortberg, Jon Holden, president of IAM District 751, and Brandon Bryant, president president of IAM District W24, urging the parties to come to a solution."", 'The lawmakers said they hoped they will ""will expeditiously work out a fair and durable deal that recognizes the importance of the machinist workforce to Boeing\'s future, the aerospace economy of the Pacific Northwest, and the nation,"" in the letter, signed by Washington state Democrats, Sens.', 'Maria Cantwell, Patty Murray and U.S. Rep. Adam Smith and Rep. Rick Larsen.', 'Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement.', '""The credit facility provides additional short term access to liquidity as we navigate through a challenging environment,"" the company said in a statement. ""', 'The company has not drawn on this facility or its existing credit revolver.', '""On Friday, Ortberg, warned that the company plans to lay off about 17,000 employees, or 10% of its global workforce to cut costs.', '""We need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones on the path to recovery,"" he said, adding that Boeing needs to focus resources on ""areas that are core to who we are.', '""The announcement came alongside preliminary financial results, showing mounting losses and $5 billion in charges in Boeing\'s defense and commercial airplane units.', ""On Oct. 23, Ortberg will hold his first quarterly investor call since becoming Boeing's CEO in August.""]",0.1114759959822811,"Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement.","In this articleBoeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs.",0.0818098508394681,"""We expect Boeing to offer equity first, which should shore up the company's balance sheet in the near term while maintaining the option to later issue equity debt with a lower risk of a credit downgrade,"" BoFA analyst Ron Epstein wrote Tuesday.","""The announcement came alongside preliminary financial results, showing mounting losses and $5 billion in charges in Boeing's defense and commercial airplane units.",2024-10-15
+Rachel Reeves signals hike in National Insurance for firms,https://www.bbc.co.uk/news/articles/c3e9yk24w3eo,2024-10-14T06:43:47.558Z,"The chancellor has given the clearest signal yet that businesses will face an increase in National Insurance on the day the government announced billions of pounds in overseas investment had been secured. Rachel Reeves said Labour's election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by employers. Her comments come as businesses await the new government's economic plans in the Budget later this month.  The government claimed its international investment summit on Monday secured £63bn of private funding for UK projects. However, many of the commitments had already been announced in advance. While the investment pledges signal a boost for the government, many business leaders are closely watching what taxes will be hiked on 30 October. Reeves reiterated her Budget would be ""tough"", but stressed difficult decisions would not put off business investment in the UK because she would offer firms long-term certainty about the levels of taxation they will face. The government has ruled out increasing VAT, National Insurance or income tax, speculation has grown around the rate of National Insurance paid by employers. Reeves repeated the pledge not to raise taxes on ""working people"" - echoing comments from Business Secretary Jonathan Reynolds - but only pledged to cap corporation tax, the levy paid by businesses on profits, at 25% for the next five years. There is also speculation over a potential rise in Capital Gains Tax, which is charged on profits made from the sale of an asset that has increased in value, such as second homes. However, Prime Minister Sir Keir Starmer told Bloomberg reports suggesting a rise as high as 39% were ""wide of the mark"", although he did not elaborate further. The chancellor did hint that she might change the government's borrowing rules to free up billions of pounds more in spending for big projects. ""We do want to free up investment in those long-term responsible investments that we need to make, to unlock the private investment into our economy,"" she said. Some of the new investment pledges from firms on Monday include: Separately on Monday, Sir Keir defended the government's plans to overhaul and increase workers' rights as ""pro-growth"".  He told the summit he would scrap regulation that ""holds back investment"" and would ask regulators to prioritise economic growth. The government's Employment Rights Bill includes proposals that would see people being able to get sick pay from the first day they are ill and claim unpaid parental leave as soon as they start a job. Most of the planned changes will not take effect for two years, but some business groups are concerned about how they would work in practice and impact hiring. But Sir Keir said greater security for workers would lead to better growth in the economy. Former Tory donor John Caudwell, the founder of Phones 4U who came out in favour of Labour ahead of the general election, told the BBC he was ""not very keen"" on Labour's plans to increase workers' rights, calling them ""a real burden on business"". But he said businesses and potential investors, would ""swallow the difficulties that come as a result of that extra regulation on employee rights"" if the wider goal of growing the economy was met. Sir Keir also said he wanted to ""rip out"" bureaucracy obstructing investment in the UK. Eric Schmidt, the former chief executive of internet giant Google, told Sir Keir at the event that delays to regulation were ""killing you"". ""I think the business community would much rather have a single person who can say yes or no... and then they can move on,"" he said. The head of insurance giant Aviva, Amanda Blanc, said simplifying planning procedures was key. ""We can commit to doing projects but if you can’t get the planning permission you could be sitting with a project for two to three years where you’ve got money ready to go,"" she said. The boss of Eli Lilly, David Ricks, who also attended the event, said the UK had to take a ""different"" approach to attract multinationals given it was no longer part of the EU. Earlier this month it emerged that the world's richest person, Elon Musk, had not been invited to the investment summit. But Technology Secretary Peter Kyle said the billionaire would have been ""very, very welcome"". ""We would love to engage with Elon Musk,"" Kyle said. ""If he opens up an investment programme and there is global competition for it, believe me we will be first in line."" ",BBC,14/10/2024,"['The chancellor has given the clearest signal yet that businesses will face an increase in National Insurance on the day the government announced billions of pounds in overseas investment had been secured.', 'Rachel Reeves said Labour\'s election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by employers.', ""Her comments come as businesses await the new government's economic plans in the Budget later this month."", 'The government claimed its international investment summit on Monday secured £63bn of private funding for UK projects.', 'However, many of the commitments had already been announced in advance.', 'While the investment pledges signal a boost for the government, many business leaders are closely watching what taxes will be hiked on 30 October.', 'Reeves reiterated her Budget would be ""tough"", but stressed difficult decisions would not put off business investment in the UK because she would offer firms long-term certainty about the levels of taxation they will face.', 'The government has ruled out increasing VAT, National Insurance or income tax, speculation has grown around the rate of National Insurance paid by employers.', 'Reeves repeated the pledge not to raise taxes on ""working people"" - echoing comments from Business Secretary Jonathan Reynolds - but only pledged to cap corporation tax, the levy paid by businesses on profits, at 25% for the next five years.', 'There is also speculation over a potential rise in Capital Gains Tax, which is charged on profits made from the sale of an asset that has increased in value, such as second homes.', 'However, Prime Minister Sir Keir Starmer told Bloomberg reports suggesting a rise as high as 39% were ""wide of the mark"", although he did not elaborate further.', 'The chancellor did hint that she might change the government\'s borrowing rules to free up billions of pounds more in spending for big projects. ""', 'We do want to free up investment in those long-term responsible investments that we need to make, to unlock the private investment into our economy,"" she said.', 'Some of the new investment pledges from firms on Monday include: Separately on Monday, Sir Keir defended the government\'s plans to overhaul and increase workers\' rights as ""pro-growth"".', 'He told the summit he would scrap regulation that ""holds back investment"" and would ask regulators to prioritise economic growth.', ""The government's Employment Rights Bill includes proposals that would see people being able to get sick pay from the first day they are ill and claim unpaid parental leave as soon as they start a job."", 'Most of the planned changes will not take effect for two years, but some business groups are concerned about how they would work in practice and impact hiring.', 'But Sir Keir said greater security for workers would lead to better growth in the economy.', 'Former Tory donor John Caudwell, the founder of Phones 4U who came out in favour of Labour ahead of the general election, told the BBC he was ""not very keen"" on Labour\'s plans to increase workers\' rights, calling them ""a real burden on business"".', 'But he said businesses and potential investors, would ""swallow the difficulties that come as a result of that extra regulation on employee rights"" if the wider goal of growing the economy was met.', 'Sir Keir also said he wanted to ""rip out"" bureaucracy obstructing investment in the UK.', 'Eric Schmidt, the former chief executive of internet giant Google, told Sir Keir at the event that delays to regulation were ""killing you"". ""', 'I think the business community would much rather have a single person who can say yes or no... and then they can move on,"" he said.', 'The head of insurance giant Aviva, Amanda Blanc, said simplifying planning procedures was key. ""', 'We can commit to doing projects but if you can’t get the planning permission you could be sitting with a project for two to three years where you’ve got money ready to go,"" she said.', 'The boss of Eli Lilly, David Ricks, who also attended the event, said the UK had to take a ""different"" approach to attract multinationals given it was no longer part of the EU.', ""Earlier this month it emerged that the world's richest person, Elon Musk, had not been invited to the investment summit."", 'But Technology Secretary Peter Kyle said the billionaire would have been ""very, very welcome"". ""', 'We would love to engage with Elon Musk,"" Kyle said. ""', 'If he opens up an investment programme and there is global competition for it, believe me we will be first in line.""']",0.2175432785711086,But Sir Keir said greater security for workers would lead to better growth in the economy.,The government's Employment Rights Bill includes proposals that would see people being able to get sick pay from the first day they are ill and claim unpaid parental leave as soon as they start a job.,0.3109968337747786,But Sir Keir said greater security for workers would lead to better growth in the economy.,"Eric Schmidt, the former chief executive of internet giant Google, told Sir Keir at the event that delays to regulation were ""killing you"". """,2024-10-15
+"WNBA to expand Finals to 7 games, add to regular season next year",https://www.cnbc.com/2024/10/11/wnba-finals-to-be-7-games-in-2025-season.html,2024-10-11T17:57:21+0000,"Basketball fans will have even more chances to see their favorite stars play in the Women's National Basketball Association in the 2025 season.WNBA Commissioner Cathy Engelbert announced that the league will expand its regular season from 40 games to 44 games, and its Finals series from five games to seven games, both beginning next year. The Finals round will be a 2-2-1-1-1 format for home games, with the higher seed hosting first.The three-game first round of the playoffs will alternate hosts, instead of the higher seed hosting the first two games before switching, like it did this season.Engelbert said the league has considered the playoff changes since the Covid-19 pandemic, but the surge in its popularity and introduction of charter flights for teams was the final push needed to implement the new playoff format.""The league's growth and increased demand for WNBA basketball made this the ideal time to expand the schedule, lengthen the Finals and provide fans more opportunities to see the best players in the world compete at the highest level,"" Engelbert said during a Thursday press conference.The schedule is not the only thing expanding in next year's season. The Golden State Valkyries will debut in 2025 as the league's 13th team. Two more expansion teams have been announced, one in Toronto and one in Portland, and there are discussions in the works to lock in a city for the 16th team, Engelbert said Thursday. The Toronto and Portland teams, which are both unnamed, will start play in 2026.The additions come as the WNBA is rapidly increasing in popularity, which led to the league's most-recent media rights deal being worth $2.2 billion for 11 seasons, CNBC previously reported. The league's media contract is negotiated within the National Basketball Association's deal.Viewership, attendance and engagement numbers all increased for the 2024 season, and in some cases set new records. The influx of exciting rookies such as Caitlin Clark and Angel Reese, in combination with established stars such as Breanna Stewart and A'ja Wilson, who are the respective 2023 and 2024 MVPs, contributed to the surge.As the league has grown in popularity, more players have said they experienced racism or online harassment. When Engelbert appeared on CNBC last month, she did not outright condemn either when asked about the issue, sparking criticism. Engelbert later clarified and condemned ""hate or racism.""The WNBA is not the only women's sports league growing in popularity, and media executives and investors are taking notice. Both RedBird IMI's Jeff Zucker and Endeavor executive chairman Patrick Whitesell spoke to CNBC about the enticing opportunities across women's sports.This year's Finals are currently underway between the Minnesota Lynx and the New York Liberty. The Lynx are up 1-0 in the best-of-five series after winning in an overtime thriller Thursday night.",CNBC,11/10/2024,"[""Basketball fans will have even more chances to see their favorite stars play in the Women's National Basketball Association in the 2025 season."", 'WNBA Commissioner Cathy Engelbert announced that the league will expand its regular season from 40 games to 44 games, and its Finals series from five games to seven games, both beginning next year.', 'The Finals round will be a 2-2-1-1-1 format for home games, with the higher seed hosting first.', 'The three-game first round of the playoffs will alternate hosts, instead of the higher seed hosting the first two games before switching, like it did this season.', 'Engelbert said the league has considered the playoff changes since the Covid-19 pandemic, but the surge in its popularity and introduction of charter flights for teams was the final push needed to implement the new playoff format.', '""The league\'s growth and increased demand for WNBA basketball made this the ideal time to expand the schedule, lengthen the Finals and provide fans more opportunities to see the best players in the world compete at the highest level,"" Engelbert said during a Thursday press conference.', ""The schedule is not the only thing expanding in next year's season."", ""The Golden State Valkyries will debut in 2025 as the league's 13th team."", 'Two more expansion teams have been announced, one in Toronto and one in Portland, and there are discussions in the works to lock in a city for the 16th team, Engelbert said Thursday.', ""The Toronto and Portland teams, which are both unnamed, will start play in 2026.The additions come as the WNBA is rapidly increasing in popularity, which led to the league's most-recent media rights deal being worth $2.2 billion for 11 seasons, CNBC previously reported."", ""The league's media contract is negotiated within the National Basketball Association's deal."", 'Viewership, attendance and engagement numbers all increased for the 2024 season, and in some cases set new records.', ""The influx of exciting rookies such as Caitlin Clark and Angel Reese, in combination with established stars such as Breanna Stewart and A'ja Wilson, who are the respective 2023 and 2024 MVPs, contributed to the surge."", 'As the league has grown in popularity, more players have said they experienced racism or online harassment.', 'When Engelbert appeared on CNBC last month, she did not outright condemn either when asked about the issue, sparking criticism.', 'Engelbert later clarified and condemned ""hate or racism.', '""The WNBA is not the only women\'s sports league growing in popularity, and media executives and investors are taking notice.', ""Both RedBird IMI's Jeff Zucker and Endeavor executive chairman Patrick Whitesell spoke to CNBC about the enticing opportunities across women's sports."", ""This year's Finals are currently underway between the Minnesota Lynx and the New York Liberty."", 'The Lynx are up 1-0 in the best-of-five series after winning in an overtime thriller Thursday night.']",0.2846943299107008,"""The league's growth and increased demand for WNBA basketball made this the ideal time to expand the schedule, lengthen the Finals and provide fans more opportunities to see the best players in the world compete at the highest level,"" Engelbert said during a Thursday press conference.","Engelbert later clarified and condemned ""hate or racism.",0.965391673825004,"Viewership, attendance and engagement numbers all increased for the 2024 season, and in some cases set new records.",,2024-10-15
+"The Fed is finally cutting rates, but banks aren't in the clear just yet",https://www.cnbc.com/2024/10/10/fed-rate-cuts-boost-to-banks.html,2024-10-10T18:57:42+0000,"In this articleFalling interest rates are usually good news for banks, especially when the cuts aren't a harbinger of recession.That's because lower rates will slow the migration of money that's happened over the past two years as customers shifted cash out of checking accounts and into higher-yielding options like CDs and money market funds.When the Federal Reserve cut its benchmark rate by half a percentage point last month, it signaled a turning point in its stewardship of the economy and telegraphed its intention to reduce rates by another 2 full percentage points, according to the Fed's projections, boosting prospects for banks.But the ride probably won't be a smooth one: Persistent concerns over inflation could mean the Fed doesn't cut rates as much as expected and Wall Street's projections for improvements in net interest income — the difference in what a bank earns by lending money or investing in securities and what it pays depositors — may need to be dialed back.""The market is bouncing around based on the fact that inflation seems to be reaccelerating, and you wonder if we will see the Fed pause,"" said Chris Marinac, research director at Janney Montgomery Scott, in an interview. ""That's my struggle.""So when JPMorgan Chase kicks off bank earnings on Friday, analysts will be seeking any guidance that managers can give on net interest income in the fourth quarter and beyond. The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.While all banks are expected to ultimately benefit from the Fed's easing cycle, the timing and magnitude of that shift is unknown, based on both the rate environment and the interplay between how sensitive a bank's assets and liabilities are to falling rates.Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.But for some banks, their assets will actually reprice down faster than their deposits in the early innings of the easing cycle, which means their margins will take a hit in the coming quarters, analysts say.For large banks, NII will fall by 4% on average in the third quarter because of tepid loan growth and a lag in deposit repricing, Goldman Sachs banking analysts led by Richard Ramsden said in an Oct. 1 note. Deposit costs for large banks will still rise into the fourth quarter, the note said.Last month, JPMorgan alarmed investors when its president said that expectations for NII next year were too high, without giving further details. It's a warning that other banks may be forced to give, according to analysts.""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" JPMorgan President Daniel Pinto told investors. ""But as you know, we are quite asset sensitive.""There are offsets, however. Lower rates are expected to help the Wall Street operations of big banks because they tend to see greater deal volumes when rates are falling. Morgan Stanley analysts recommend owning Goldman Sachs, Bank of America and Citigroup for that reason, according to a Sept. 30 research note.Regional banks, which bore the brunt of the pressure from higher funding costs when rates were climbing, are seen as bigger beneficiaries of falling rates, at least initially.That's why Morgan Stanley analysts upgraded their ratings on US Bank and Zions last month, while cutting their recommendation on JPMorgan to neutral from overweight.  Bank of America and Wells Fargo have been dialing back expectations for NII throughout this year, according to Portales Partners analyst Charles Peabody. That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.""I've been questioning the pace of the ramp up in NII that people have built into their models,"" Peabody said. ""These are dynamics that are difficult to predict, even if you are the management team.""",CNBC,10/10/2024,"[""In this articleFalling interest rates are usually good news for banks, especially when the cuts aren't a harbinger of recession."", ""That's because lower rates will slow the migration of money that's happened over the past two years as customers shifted cash out of checking accounts and into higher-yielding options like CDs and money market funds."", ""When the Federal Reserve cut its benchmark rate by half a percentage point last month, it signaled a turning point in its stewardship of the economy and telegraphed its intention to reduce rates by another 2 full percentage points, according to the Fed's projections, boosting prospects for banks."", ""But the ride probably won't be a smooth one: Persistent concerns over inflation could mean the Fed doesn't cut rates as much as expected and Wall Street's projections for improvements in net interest income — the difference in what a bank earns by lending money or investing in securities and what it pays depositors — may need to be dialed back."", '""The market is bouncing around based on the fact that inflation seems to be reaccelerating, and you wonder if we will see the Fed pause,"" said Chris Marinac, research director at Janney Montgomery Scott, in an interview. ""', ""That's my struggle."", '""So when JPMorgan Chase kicks off bank earnings on Friday, analysts will be seeking any guidance that managers can give on net interest income in the fourth quarter and beyond.', 'The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.', ""While all banks are expected to ultimately benefit from the Fed's easing cycle, the timing and magnitude of that shift is unknown, based on both the rate environment and the interplay between how sensitive a bank's assets and liabilities are to falling rates."", 'Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.', 'But for some banks, their assets will actually reprice down faster than their deposits in the early innings of the easing cycle, which means their margins will take a hit in the coming quarters, analysts say.', 'For large banks, NII will fall by 4% on average in the third quarter because of tepid loan growth and a lag in deposit repricing, Goldman Sachs banking analysts led by Richard Ramsden said in an Oct. 1 note.', 'Deposit costs for large banks will still rise into the fourth quarter, the note said.', 'Last month, JPMorgan alarmed investors when its president said that expectations for NII next year were too high, without giving further details.', ""It's a warning that other banks may be forced to give, according to analysts."", '""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" JPMorgan President Daniel Pinto told investors. ""', 'But as you know, we are quite asset sensitive.', '""There are offsets, however.', 'Lower rates are expected to help the Wall Street operations of big banks because they tend to see greater deal volumes when rates are falling.', 'Morgan Stanley analysts recommend owning Goldman Sachs, Bank of America and Citigroup for that reason, according to a Sept. 30 research note.', 'Regional banks, which bore the brunt of the pressure from higher funding costs when rates were climbing, are seen as bigger beneficiaries of falling rates, at least initially.', ""That's why Morgan Stanley analysts upgraded their ratings on US Bank and Zions last month, while cutting their recommendation on JPMorgan to neutral from overweight."", 'Bank of America and Wells Fargo have been dialing back expectations for NII throughout this year, according to Portales Partners analyst Charles Peabody.', 'That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.', '""I\'ve been questioning the pace of the ramp up in NII that people have built into their models,"" Peabody said. ""', 'These are dynamics that are difficult to predict, even if you are the management team.""']",0.0806755732553106,"Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.","That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.",0.0134602338075637,"Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.","The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.",2024-10-15
+"Mortgage rates unlikely to return to low levels, says Lloyds boss",https://www.bbc.co.uk/news/articles/cy0g6kxg12do,2024-10-13T10:31:29.457Z,"The cost of borrowing money to buy a home is ""unlikely"" to return to the low levels seen over the past decade, the boss of the UK's largest mortgage lender has said. Charlie Nunn, chief executive of Lloyds bank, said the bank expected mortgage rates to come down, but not to the near-zero rates they were during the 2010s. The rate charged on new fixed mortgage deals has risen in recent years as a result of an increase in interest rates to try to slow soaring price rises, sparked by the Covid pandemic and Russia's invasion of Ukraine.  And while they have fallen recently after a cut in interest rates, brokers have warned the trend  could come to ""an abrupt halt"". On Friday, the average two-year fixed mortgage rate was 5.36%, according to financial information company Moneyfacts. A five-year deal was 5.05%. Asked on the BBC’s Sunday with Laura Kuenssberg programme if ""cheap"" mortgage deals were ever going to come back, Mr Nunn said: ""We do think they [mortgage rates] are going to continue to come down, but getting back to the level we saw in the last decade where interest rates were down at zero I think is unlikely."" Mr Nunn said the increase in borrowing costs had been ""really challenging"" for homeowners, but pointed out only about 40% of UK properties have a mortgage. He added that the average income of a family with a mortgage was £75,000, and so ""many of those families have been able to absorb"" higher repayments. ""Mortgage arrears, people struggling with their mortgages, have actually been declining again since December,"" he told the BBC. High interest rates can affect people in different ways. Mortgage holders with variable or tracker mortgages, or those who are looking to secure new fixed-rate deals, have faced higher monthly payments. But first-time home buyers looking to get on the market have found it more difficult to get onto the ladder, being priced out as it's become harder to secure an affordable deal. An estimated 1.6 million existing borrowers have relatively cheap fixed-rate deals expiring this year. The UK's base interest rate, which dictates the borrowing costs charged by banks and building societies on loans, is currently 5%. The rate was held at its current level last month, with decision makers arguing they needed to be sure inflation, which measures the rate consumer prices are rising at over time, was remaining at normal levels. Mr Nunn said while there were many parts of the UK ""continuing to struggle"" due to the cost of living, 2024 had marked ""the turn that we have seen in terms of most people in the country feeling more financially secure"". ""For most people it has got a lot better,"" he said. ""There is more savings in deposit accounts, there's less people struggling with loans and actually business confidence is at a nine-year high."" Separately, Mr Nunn accused Meta, the tech giant which owns social media platforms Facebook and Instagram, of ""enabling"" people to be contacted by fraudsters running online scams. He said: ""80% of financial fraud in the UK is occurring through the big tech companies - almost 70% through one company, Meta, through its Facebook marketplace, the Facebook platform and the Instagram platform."" ""They're ones that are enabling customers to be contacted by fraudsters and to be able to be messaged so they are encouraged to send payments, which aren’t safe,"" he added.  ""I listen to calls and hear what people are going through when they experience fraud and we need to do more to protect customers, not just compensate them."" Meta said in response that its ""pilot Fraud Intelligence Reciprocal Exchange programme (FIRE)"" was designed to enable banks to ""share information so we can work together to protect people using our respective services"". “Fraud is a multi-sector spanning issue that can only be addressed by working collaboratively. We encourage banks including Lloyd’s Bank to join in this effort,"" a statement said. Read more here. ",BBC,13/10/2024,"['The cost of borrowing money to buy a home is ""unlikely"" to return to the low levels seen over the past decade, the boss of the UK\'s largest mortgage lender has said.', 'Charlie Nunn, chief executive of Lloyds bank, said the bank expected mortgage rates to come down, but not to the near-zero rates they were during the 2010s.', ""The rate charged on new fixed mortgage deals has risen in recent years as a result of an increase in interest rates to try to slow soaring price rises, sparked by the Covid pandemic and Russia's invasion of Ukraine."", 'And while they have fallen recently after a cut in interest rates, brokers have warned the trend could come to ""an abrupt halt"".', 'On Friday, the average two-year fixed mortgage rate was 5.36%, according to financial information company Moneyfacts.', 'A five-year deal was 5.05%.', 'Asked on the BBC’s Sunday with Laura Kuenssberg programme if ""cheap"" mortgage deals were ever going to come back, Mr Nunn said: ""We do think they [mortgage rates] are going to continue to come down, but getting back to the level we saw in the last decade where interest rates were down at zero I think is unlikely.""', 'Mr Nunn said the increase in borrowing costs had been ""really challenging"" for homeowners, but pointed out only about 40% of UK properties have a mortgage.', 'He added that the average income of a family with a mortgage was £75,000, and so ""many of those families have been able to absorb"" higher repayments. ""', 'Mortgage arrears, people struggling with their mortgages, have actually been declining again since December,"" he told the BBC.', 'High interest rates can affect people in different ways.', 'Mortgage holders with variable or tracker mortgages, or those who are looking to secure new fixed-rate deals, have faced higher monthly payments.', ""But first-time home buyers looking to get on the market have found it more difficult to get onto the ladder, being priced out as it's become harder to secure an affordable deal."", 'An estimated 1.6 million existing borrowers have relatively cheap fixed-rate deals expiring this year.', ""The UK's base interest rate, which dictates the borrowing costs charged by banks and building societies on loans, is currently 5%."", 'The rate was held at its current level last month, with decision makers arguing they needed to be sure inflation, which measures the rate consumer prices are rising at over time, was remaining at normal levels.', 'Mr Nunn said while there were many parts of the UK ""continuing to struggle"" due to the cost of living, 2024 had marked ""the turn that we have seen in terms of most people in the country feeling more financially secure"". ""', 'For most people it has got a lot better,"" he said. ""', 'There is more savings in deposit accounts, there\'s less people struggling with loans and actually business confidence is at a nine-year high.""', 'Separately, Mr Nunn accused Meta, the tech giant which owns social media platforms Facebook and Instagram, of ""enabling"" people to be contacted by fraudsters running online scams.', 'He said: ""80% of financial fraud in the UK is occurring through the big tech companies - almost 70% through one company, Meta, through its Facebook marketplace, the Facebook platform and the Instagram platform."" ""', 'They\'re ones that are enabling customers to be contacted by fraudsters and to be able to be messaged so they are encouraged to send payments, which aren’t safe,"" he added. ""', 'I listen to calls and hear what people are going through when they experience fraud and we need to do more to protect customers, not just compensate them.""', 'Meta said in response that its ""pilot Fraud Intelligence Reciprocal Exchange programme (FIRE)"" was designed to enable banks to ""share information so we can work together to protect people using our respective services"". “', 'Fraud is a multi-sector spanning issue that can only be addressed by working collaboratively.', 'We encourage banks including Lloyd’s Bank to join in this effort,"" a statement said.', 'Read more here.']",0.0404625159059086,"We encourage banks including Lloyd’s Bank to join in this effort,"" a statement said.","Separately, Mr Nunn accused Meta, the tech giant which owns social media platforms Facebook and Instagram, of ""enabling"" people to be contacted by fraudsters running online scams.",0.123088674885886,"There is more savings in deposit accounts, there's less people struggling with loans and actually business confidence is at a nine-year high.""","And while they have fallen recently after a cut in interest rates, brokers have warned the trend could come to ""an abrupt halt"".",2024-10-15
+National Insurance: What are NI and income tax and what do I pay?,https://www.bbc.co.uk/news/explainers-63635185,2022-11-15T17:40:23.000Z,"Ahead of the Budget on 30 October, the government has confirmed it will not increase the main rates of the two biggest personal taxes - income tax and National Insurance (NI). However, the chancellor Rachel Reeves and prime minister Sir Keir Starmer have both hinted that they may put up the rate of NI paid by employers, as they look to fill what they say is a £22bn ""black hole"" in the public finances. The rate of NI paid by workers and the self-employed has been cut in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen. The government uses National Insurance contributions (NICs) to pay for benefits and to help fund the NHS.  It is paid by employees, employers and the self-employed across the UK. Those over the state pension age do not pay it, even if they are working.  Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life. Businesses pay a rate of 13.8% on employees' earnings above a threshold of £9,100 a year. Employers also pay Class 1A and 1B National Insurance contributions on expenses and benefits they give to their employees, also at a rate of 13.8%. Neither employers nor employees pay currently NI on pension contributions, but there is widespread speculation that the Budget will set out plans for employers to start doing so.  Workers start paying NI when they turn 16 and earn more than £242 a week, or have self-employed profits of more than £12,570 a year.  The starting rate for National Insurance for 27 million employees fell twice in 2024: from 12% to 10%, and then again to 8%. The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.  For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%.  At the time, the previous government said this was worth £350 to a self-employed person earning £28,200.  Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.  The NI rate on income and profits above £50,270 remains at 2% for all workers.  Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year. It is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.  The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.  The higher rate is 40%, and is paid on earnings between £50,271 and £125,140. Once you earn more than £100,000, you also start losing the £12,570 tax-free personal allowance.  You lose £1 of your personal allowance for every £2 that your income goes above £100,000.  Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.  The additional rate of income tax of 45% is paid on all earnings above £125,140 a year.  These rates apply in England, Wales and Northern Ireland. Some income tax rates are different in Scotland, where a new 45% band took effect in April. The top rate also rose from 47% to 48%. For most families, income tax is the single biggest tax they pay.  But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.  For the poorest fifth of households, VAT is the biggest single tax paid. Despite the NI cuts in 2024, millions will still pay more tax overall because of changes to the tax thresholds.  These are the income levels at which people start paying NI or income tax, or have to pay higher rates.  These used to rise every year in line with inflation. However, the NI threshold and tax-free personal allowance have been frozen at £12,570 until 2028. Higher-rate tax continues to kick in for earnings above £50,270.  Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.  According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers. In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.  But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit. You can look at the amount of tax raised as a proportion of the size of the economy, or GDP. In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%. That puts the UK right in the middle of the G7 group of big economies.  France, Italy and Germany tax more; Canada, Japan and the US tax less. However, overall taxation in the UK is high compared with historical rates.  In its assessment of the 2024 March Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.  That would be the highest level in 80 years.  ",BBC,15/11/2022,"['Ahead of the Budget on 30 October, the government has confirmed it will not increase the main rates of the two biggest personal taxes - income tax and National Insurance (NI).', 'However, the chancellor Rachel Reeves and prime minister Sir Keir Starmer have both hinted that they may put up the rate of NI paid by employers, as they look to fill what they say is a £22bn ""black hole"" in the public finances.', 'The rate of NI paid by workers and the self-employed has been cut in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen.', 'The government uses National Insurance contributions (NICs) to pay for benefits and to help fund the NHS.', 'It is paid by employees, employers and the self-employed across the UK.', 'Those over the state pension age do not pay it, even if they are working.', 'Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life.', ""Businesses pay a rate of 13.8% on employees' earnings above a threshold of £9,100 a year."", 'Employers also pay Class 1A and 1B National Insurance contributions on expenses and benefits they give to their employees, also at a rate of 13.8%.', 'Neither employers nor employees pay currently NI on pension contributions, but there is widespread speculation that the Budget will set out plans for employers to start doing so.', 'Workers start paying NI when they turn 16 and earn more than £242 a week, or have self-employed profits of more than £12,570 a year.', 'The starting rate for National Insurance for 27 million employees fell twice in 2024: from 12% to 10%, and then again to 8%.', 'The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.', 'For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%.', 'At the time, the previous government said this was worth £350 to a self-employed person earning £28,200.', 'Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.', 'The NI rate on income and profits above £50,270 remains at 2% for all workers.', 'Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year.', 'It is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.', 'The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.', 'The higher rate is 40%, and is paid on earnings between £50,271 and £125,140.', 'Once you earn more than £100,000, you also start losing the £12,570 tax-free personal allowance.', 'You lose £1 of your personal allowance for every £2 that your income goes above £100,000.', 'Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.', 'The additional rate of income tax of 45% is paid on all earnings above £125,140 a year.', 'These rates apply in England, Wales and Northern Ireland.', 'Some income tax rates are different in Scotland, where a new 45% band took effect in April.', 'The top rate also rose from 47% to 48%.', 'For most families, income tax is the single biggest tax they pay.', 'But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.', 'For the poorest fifth of households, VAT is the biggest single tax paid.', 'Despite the NI cuts in 2024, millions will still pay more tax overall because of changes to the tax thresholds.', 'These are the income levels at which people start paying NI or income tax, or have to pay higher rates.', 'These used to rise every year in line with inflation.', 'However, the NI threshold and tax-free personal allowance have been frozen at £12,570 until 2028.', 'Higher-rate tax continues to kick in for earnings above £50,270.', 'Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.', 'According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers.', 'In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.', 'But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.', 'You can look at the amount of tax raised as a proportion of the size of the economy, or GDP.', 'In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%.', 'That puts the UK right in the middle of the G7 group of big economies.', 'France, Italy and Germany tax more; Canada, Japan and the US tax less.', 'However, overall taxation in the UK is high compared with historical rates.', 'In its assessment of the 2024 March Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.', 'That would be the highest level in 80 years.']",0.1012200604847519,"But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.","For the poorest fifth of households, VAT is the biggest single tax paid.",0.0403769740036555,The top rate also rose from 47% to 48%.,"For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 fell from 9% to 6%.",2024-10-15
+Why Pennsylvania could hold the keys to the White House,https://www.bbc.co.uk/news/articles/c8705wv99ryo,2024-10-09T22:39:15.088Z,"The White House’s address may be 1600 Pennsylvania Avenue, but the real road to the presidency runs through the state of Pennsylvania, the biggest prize among the electoral battleground map. According to calculations by elections analyst Nate Silver, the candidate who wins Pennsylvania has more than a 90% chance of winning the White House. “It’s the granddaddy of all the swing states,” said former congressman Patrick Murphy, who represented north-eastern Pennsylvania as a Democrat from 2007-11. With its 19 electoral votes, Pennsylvania – the fifth most populous US state - is the lynchpin of the swing-state electoral firewalls for both Kamala Harris and Donald Trump. If the Democrats win Pennsylvania, Wisconsin and Michigan, along with one congressional district in Nebraska, she’s the next president. If the Republicans carry Pennsylvania, North Carolina and Georgia, Trump is back in the White House next year. Without Pennsylvania, there is no way Trump can win without flipping at least three of the states Joe Biden won in 2020. Nicknamed the Keystone State, Pennsylvania could in fact be the key to the White House. It is also where BBC Question Time will broadcast a US election special on Thursday 10 October, diving into the issues and voter concerns behind the presidential contest. Pennsylvania is not only the most valuable swing state, it also can be seen as a microcosm of the US as a whole – demographically, economically and politically. It is a former manufacturing state that has been transitioning to newer industries and businesses, but it has a large energy sector because of its abundant oil shale deposits. Agriculture is still the second-largest industry in the state. The majority of the population is white, but there are growing immigrant communities. Some areas, like Allentown – the working-class factory city made famous by a Billy Joel song – are now majority Hispanic. The state’s black population, at 12%, is just under the US total of 13%. As for the politics, the state’s two large urban areas, Philadelphia and Pittsburgh, heavily favour the Democrats. Between the two are vast stretches of rural territory where Republicans dominate. And the suburbs that once were reliably conservative are now tilting to the left. That gives rise to the old quip that Pennsylvania is Philadelphia and Pittsburgh with (deeply Republican) Alabama in the middle. Somehow, all these political cross-currents and shifting dynamics have kept Pennsylvania at a near dead-even balance when it comes to presidential elections. President Joe Biden won the state by about 80,000 votes in 2020. Donald Trump carried it by about 40,000 in his surprise 2016 win over Hillary Clinton. Only once in the last 40 years has a candidate won Pennsylvania by double-digits - Barack Obama in his 2008 electoral landslide. Current polling puts the race between Harris and Trump in the state at a virtual dead heat. According to the 538/ABC News poll tracker, Harris holds a lead by less than a percent – a margin that has hardly shifted over the course of this tumultuous political year. Both the Harris and Trump campaigns have been pouring enormous resources into Pennsylvania. They are spending more on television advertising there than any other swing state. Both candidates make regular visits. Harris introduced her running mate pick, Tim Walz, at a rally in Philadelphia. She spent days preparing for her presidential debate in Pittsburgh. She made a tentpole economic speech there two weeks ago. Last Saturday, Trump held a massive rally in Butler, where in July he was nearly assassinated. On Wednesday he was in Biden's hometown of Scranton and Reading. And when the principals aren’t around, both campaigns have other politicians and officials to drum up support. “A candidate can't go into a county to talk to 1,200 people,” says former Democratic Pennsylvania Governor Ed Rendell. “The state is too big. There’s just not time. That’s what surrogates are for.” Rendell notes that the current governor, Democrat Josh Shapiro, is a big help for Democrats here, as he is very popular in the state and a dynamic speaker – qualities that had made him the odds-on favourite to be Harris’s vice-presidential pick. For Harris, her keys to victory are to post dominating numbers in Philadelphia and Pittsburgh and win the suburbs by enough to offset Trump’s margins in the rest of the state. An essential part of this strategy is to win over moderate voters and some Republicans – including the more than 160,000 who turned out to vote for former South Carolina Governor Nikki Haley in the state’s Republican primary, held earlier this year, well after Trump had already locked up the party’s nomination. “What these people need to hear is ways in which both the past record of Kamala Harris and the future plans of Kamala Harris are basically centrist positions – that she is not this crazy, wild-eyed radical leftist,” said Craig Snyder, former Republican Senate staffer who is running Pennsylvania's “Haley Voters for Harris” effort. He added that the Harris campaign is making the most extensive effort to reach Republican voters that he’s seen in a generation. Trump’s strategy is to squeeze all the support he can out of the conservative parts of the state, including by registering and mobilising those who may not have participated in past elections – a move Trump’s campaign officials say is a central focus of their grass-roots effort. There are signs their work may be paying off, too. Registered Democrats still outnumber Republicans in the state, but the margin is just a few hundred thousand - the smallest its been since the state first began releasing figures in 1998. While the college-educated voters in the suburbs may be difficult to convince, the Trump team thinks it can also chip away at traditionally Democratic support among blue-collar union voters and young black men. “We've seen nationally that Trump has made some real inroads with African American men,” said Farah Jimenez, a conservative education activist. “They're here in Philadelphia, and if you can convince them that he speaks more clearly to the things that concern them, it can at least start to provide a base for Republicans in Philadelphia.” Four years ago, the results in Pennsylvania took days to come in – due, in large part, to the more than two million mail-in ballots cast because of the Covid pandemic. Major media outlets didn’t project Biden as the winner until four days after the election. Mail-in voting is expected to be lower this year, but the state reports that it has already received 217,000 completed ballots that, by Pennsylvania law, cannot be opened and tabulated until election night. Another wildcard is the more than 27,000 military and overseas voter ballots that have been distributed by Pennsylvania state officials so far. If the race is as close as polls indicate, those votes could make a difference – even if they take longer to arrive and be recorded. “I can't imagine that it's not going to take several days after to get a count,” said Snyder. “And if the count is very close, we're going to get into lawsuits and recounts and all the rest of it. So everybody needs to buckle up.” North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,09/10/2024,"['The White House’s address may be 1600 Pennsylvania Avenue, but the real road to the presidency runs through the state of Pennsylvania, the biggest prize among the electoral battleground map.', 'According to calculations by elections analyst Nate Silver, the candidate who wins Pennsylvania has more than a 90% chance of winning the White House. “', 'It’s the granddaddy of all the swing states,” said former congressman Patrick Murphy, who represented north-eastern Pennsylvania as a Democrat from 2007-11.', 'With its 19 electoral votes, Pennsylvania – the fifth most populous US state - is the lynchpin of the swing-state electoral firewalls for both Kamala Harris and Donald Trump.', 'If the Democrats win Pennsylvania, Wisconsin and Michigan, along with one congressional district in Nebraska, she’s the next president.', 'If the Republicans carry Pennsylvania, North Carolina and Georgia, Trump is back in the White House next year.', 'Without Pennsylvania, there is no way Trump can win without flipping at least three of the states Joe Biden won in 2020.', 'Nicknamed the Keystone State, Pennsylvania could in fact be the key to the White House.', 'It is also where BBC Question Time will broadcast a US election special on Thursday 10 October, diving into the issues and voter concerns behind the presidential contest.', 'Pennsylvania is not only the most valuable swing state, it also can be seen as a microcosm of the US as a whole – demographically, economically and politically.', 'It is a former manufacturing state that has been transitioning to newer industries and businesses, but it has a large energy sector because of its abundant oil shale deposits.', 'Agriculture is still the second-largest industry in the state.', 'The majority of the population is white, but there are growing immigrant communities.', 'Some areas, like Allentown – the working-class factory city made famous by a Billy Joel song – are now majority Hispanic.', 'The state’s black population, at 12%, is just under the US total of 13%.', 'As for the politics, the state’s two large urban areas, Philadelphia and Pittsburgh, heavily favour the Democrats.', 'Between the two are vast stretches of rural territory where Republicans dominate.', 'And the suburbs that once were reliably conservative are now tilting to the left.', 'That gives rise to the old quip that Pennsylvania is Philadelphia and Pittsburgh with (deeply Republican) Alabama in the middle.', 'Somehow, all these political cross-currents and shifting dynamics have kept Pennsylvania at a near dead-even balance when it comes to presidential elections.', 'President Joe Biden won the state by about 80,000 votes in 2020.', 'Donald Trump carried it by about 40,000 in his surprise 2016 win over Hillary Clinton.', 'Only once in the last 40 years has a candidate won Pennsylvania by double-digits - Barack Obama in his 2008 electoral landslide.', 'Current polling puts the race between Harris and Trump in the state at a virtual dead heat.', 'According to the 538/ABC News poll tracker, Harris holds a lead by less than a percent – a margin that has hardly shifted over the course of this tumultuous political year.', 'Both the Harris and Trump campaigns have been pouring enormous resources into Pennsylvania.', 'They are spending more on television advertising there than any other swing state.', 'Both candidates make regular visits.', 'Harris introduced her running mate pick, Tim Walz, at a rally in Philadelphia.', 'She spent days preparing for her presidential debate in Pittsburgh.', 'She made a tentpole economic speech there two weeks ago.', 'Last Saturday, Trump held a massive rally in Butler, where in July he was nearly assassinated.', ""On Wednesday he was in Biden's hometown of Scranton and Reading."", 'And when the principals aren’t around, both campaigns have other politicians and officials to drum up support. “', ""A candidate can't go into a county to talk to 1,200 people,” says former Democratic Pennsylvania Governor Ed Rendell. “"", 'The state is too big.', 'There’s just not time.', 'That’s what surrogates are for.”', 'Rendell notes that the current governor, Democrat Josh Shapiro, is a big help for Democrats here, as he is very popular in the state and a dynamic speaker – qualities that had made him the odds-on favourite to be Harris’s vice-presidential pick.', 'For Harris, her keys to victory are to post dominating numbers in Philadelphia and Pittsburgh and win the suburbs by enough to offset Trump’s margins in the rest of the state.', 'An essential part of this strategy is to win over moderate voters and some Republicans – including the more than 160,000 who turned out to vote for former South Carolina Governor Nikki Haley in the state’s Republican primary, held earlier this year, well after Trump had already locked up the party’s nomination. “', ""What these people need to hear is ways in which both the past record of Kamala Harris and the future plans of Kamala Harris are basically centrist positions – that she is not this crazy, wild-eyed radical leftist,” said Craig Snyder, former Republican Senate staffer who is running Pennsylvania's “Haley Voters for Harris” effort."", 'He added that the Harris campaign is making the most extensive effort to reach Republican voters that he’s seen in a generation.', 'Trump’s strategy is to squeeze all the support he can out of the conservative parts of the state, including by registering and mobilising those who may not have participated in past elections – a move Trump’s campaign officials say is a central focus of their grass-roots effort.', 'There are signs their work may be paying off, too.', 'Registered Democrats still outnumber Republicans in the state, but the margin is just a few hundred thousand - the smallest its been since the state first began releasing figures in 1998.', 'While the college-educated voters in the suburbs may be difficult to convince, the Trump team thinks it can also chip away at traditionally Democratic support among blue-collar union voters and young black men. “', ""We've seen nationally that Trump has made some real inroads with African American men,” said Farah Jimenez, a conservative education activist. “"", ""They're here in Philadelphia, and if you can convince them that he speaks more clearly to the things that concern them, it can at least start to provide a base for Republicans in Philadelphia.”"", 'Four years ago, the results in Pennsylvania took days to come in – due, in large part, to the more than two million mail-in ballots cast because of the Covid pandemic.', 'Major media outlets didn’t project Biden as the winner until four days after the election.', 'Mail-in voting is expected to be lower this year, but the state reports that it has already received 217,000 completed ballots that, by Pennsylvania law, cannot be opened and tabulated until election night.', 'Another wildcard is the more than 27,000 military and overseas voter ballots that have been distributed by Pennsylvania state officials so far.', 'If the race is as close as polls indicate, those votes could make a difference – even if they take longer to arrive and be recorded. “', ""I can't imagine that it's not going to take several days after to get a count,” said Snyder. “"", ""And if the count is very close, we're going to get into lawsuits and recounts and all the rest of it."", 'So everybody needs to buckle up.”', 'North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.1618948342866507,"According to calculations by elections analyst Nate Silver, the candidate who wins Pennsylvania has more than a 90% chance of winning the White House. “",Current polling puts the race between Harris and Trump in the state at a virtual dead heat.,0.2327553996672997,"Rendell notes that the current governor, Democrat Josh Shapiro, is a big help for Democrats here, as he is very popular in the state and a dynamic speaker – qualities that had made him the odds-on favourite to be Harris’s vice-presidential pick.","While the college-educated voters in the suburbs may be difficult to convince, the Trump team thinks it can also chip away at traditionally Democratic support among blue-collar union voters and young black men. “",2024-10-15
+SpaceX may receive FAA license for next Starship launch in time for Sunday attempt,https://www.cnbc.com/2024/10/08/spacex-starship-faa-license-sunday-launch.html,2024-10-08T22:48:53+0000,"The Federal Aviation Administration may issue SpaceX its next Starship license in time for a Sunday launch attempt, CNBC has learned.SpaceX and its CEO Elon Musk have been vocally critical of the FAA in recent weeks, urging the federal regulator to speed up its license review for Starship's fifth test flight. As recently as last week, the FAA said it did not expect to issue the license before ""late November.""Despite the ongoing review, SpaceX issued a statement Monday saying that the fifth Starship spaceflight ""could launch as soon as October 13, pending regulatory approval."" The company did not indicate whether it expected to receive its license by Sunday.But a person familiar with the matter said Tuesday that SpaceX's seemingly aggressive target is possible because the FAA's review process has sped up.The regulator and partner agencies involved in the process conducted assessments more quickly than anticipated, the person told CNBC, with the U.S. Fish and Wildlife Service in the final stages of completing a review for the FAA. The person, who asked to remain anonymous to discuss the ongoing federal review, noted that it's also possible any snags this week could take a Sunday attempt off the table and push approval to later this month. In an updated statement to CNBC on Tuesday, the FAA removed its prior November estimate.""In mid-August, SpaceX submitted new information for its proposed Starship/ Super Heavy Flight 5 mission. The FAA is continuing to review this information. The FAA will make a licensing determination once SpaceX has met all licensing requirements,"" the FAA said.The Fish and Wildlife Service referred CNBC to the FAA in response to a request for comment.On Sept. 10, SpaceX issued a lengthy blog post saying the FAA was delaying Starship's fifth launch over ""superfluous environmental analysis,"" alleging that the extended review was ""for unreasonable and exasperating reasons"" that represent difficulties in ""the current regulatory environment"" for companies seeking launch licenses.The post in part criticized reports that SpaceX violated environmental regulations by using the Starship launchpad's water deluge system in Texas without authorization. However, SpaceX settled fines levied by the Texas Commission on Environmental Quality and the federal Environmental Protection Agency regarding unauthorized water discharge.Reuters first reported the FAA may approve a license as soon as this month but did not specify whether that could come as soon as Sunday.SpaceX aims to push development of its mammoth Starship rocket further with its fifth flight. It's seeking to build on the progress of June's fourth Starship test flight — which traveled halfway around the world for an intentional splashdown in the Indian Ocean.As part of SpaceX's effort to make Starship fully reusable, the company plans to attempt to return and catch the rocket's 232-foot-tall booster.After launching and separating from the upper Starship section of the rocket, the Super Heavy booster is expected to fly back to the launch site and land between a pair of so-called ""chopsticks"" on the tower. SpaceX emphasized that the catch attempt requires ""thousands"" of criteria to be met, or else the booster will divert from the return trajectory to instead splashdown off the coast in the Gulf of Mexico.""We accept no compromises when it comes to ensuring the safety of the public and our team, and the return will only be attempted if conditions are right,"" SpaceX said in a statement describing the flight.The window on Sunday opens at 8 a.m. ET for the fifth Starship launch from the company's facility near Brownsville, Texas.Starship is both the tallest and most powerful rocket ever launched. Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth. The rocket is also critical to NASA's plan to return astronauts to the moon. SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program.",CNBC,08/10/2024,"['The Federal Aviation Administration may issue SpaceX its next Starship license in time for a Sunday launch attempt, CNBC has learned.', ""SpaceX and its CEO Elon Musk have been vocally critical of the FAA in recent weeks, urging the federal regulator to speed up its license review for Starship's fifth test flight."", 'As recently as last week, the FAA said it did not expect to issue the license before ""late November.', '""Despite the ongoing review, SpaceX issued a statement Monday saying that the fifth Starship spaceflight ""could launch as soon as October 13, pending regulatory approval.""', 'The company did not indicate whether it expected to receive its license by Sunday.', ""But a person familiar with the matter said Tuesday that SpaceX's seemingly aggressive target is possible because the FAA's review process has sped up."", 'The regulatorand partner agencies involved in the processconductedassessmentsmore quickly than anticipated, the person told CNBC, with the U.S. Fish and Wildlife Service in the final stages of completing a review for the FAA.', ""The person, who asked to remain anonymous to discuss the ongoing federal review, noted that it's also possible any snags this week could take a Sunday attempt off the table andpush approval to later this month."", 'In an updated statement to CNBC on Tuesday, the FAA removed its prior November estimate.', '""In mid-August, SpaceX submitted new information for its proposed Starship/ Super Heavy Flight 5 mission.', 'The FAA is continuing to review this information.', 'The FAA will make a licensing determination once SpaceX has met all licensing requirements,"" the FAA said.', 'The Fish and Wildlife Service referred CNBC to the FAA in response to a request for comment.', 'On Sept. 10, SpaceX issued a lengthy blog post saying the FAA was delaying Starship\'s fifth launch over ""superfluous environmental analysis,"" alleging that the extended review was ""for unreasonable and exasperating reasons"" that represent difficulties in ""the current regulatory environment"" for companies seeking launch licenses.', ""The post in part criticized reports that SpaceX violated environmental regulations by using the Starship launchpad's water deluge system in Texas without authorization."", 'However, SpaceX settled fines levied by the Texas Commission on Environmental Quality and the federal Environmental Protection Agency regarding unauthorized water discharge.', 'Reuters first reported the FAA may approve a license as soon as this month but did not specify whether that could come as soon as Sunday.', 'SpaceX aims to push development of its mammoth Starship rocket further with its fifth flight.', ""It's seeking to build on the progress of June's fourth Starship test flight — which traveled halfway around the world for an intentional splashdown in the Indian Ocean."", ""As part of SpaceX's effort to make Starship fully reusable, the company plans to attempt to return and catch the rocket's 232-foot-tall booster."", 'After launching and separating from the upper Starship section of the rocket, the Super Heavy booster is expected to fly back to the launch site and land between a pair of so-called ""chopsticks"" on the tower.', 'SpaceX emphasized that the catch attempt requires ""thousands"" of criteria to be met, or else the booster will divert from the return trajectory to instead splashdown off the coast in the Gulf of Mexico.', '""We accept no compromises when it comes to ensuring the safety of the public and our team, and the return will only be attempted if conditions are right,"" SpaceX said in a statement describing the flight.', ""The window on Sunday opens at 8 a.m. ET for the fifth Starship launch from the company's facility near Brownsville, Texas."", 'Starship is both the tallest and most powerful rocket ever launched.', 'Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.', 'The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth.', ""The rocket is also critical to NASA's plan to return astronauts to the moon."", ""SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program.""]",0.121363477425587,"""We accept no compromises when it comes to ensuring the safety of the public and our team, and the return will only be attempted if conditions are right,"" SpaceX said in a statement describing the flight.",The post in part criticized reports that SpaceX violated environmental regulations by using the Starship launchpad's water deluge system in Texas without authorization.,0.3207375556230545,SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program.,"On Sept. 10, SpaceX issued a lengthy blog post saying the FAA was delaying Starship's fifth launch over ""superfluous environmental analysis,"" alleging that the extended review was ""for unreasonable and exasperating reasons"" that represent difficulties in ""the current regulatory environment"" for companies seeking launch licenses.",2024-10-15
+"SpaceX’s Starship rocket completes fifth test flight, lands booster in dramatic catch",https://www.cnbc.com/2024/10/13/spacex-starship-rocket-launch-flight-5-booster-catch-attempt.html,2024-10-13T14:18:49+0000,"SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster.The achievement marks a major milestone toward SpaceX's goal of making Starship a fully reusable rocket system.Elon Musk's company launched Starship at 8:25 a.m. ET from its Starbase facility near Brownsville, Texas. The rocket's ""Super Heavy"" booster returned to land on the arms of the company's launch tower nearly seven minutes after launch.""Are you kidding me?"" SpaceX communications manager Dan Huot said on the company's webcast.""What we just saw, that looked like magic,"" Huot added.NASA Administrator Bill Nelson congratulated SpaceX in a post on social media.""As we prepare to go back to the Moon under Artemis, continued testing will prepare us for the bold missions that lie ahead,"" Nelson wrote.Starship separated and continued on to space, traveling halfway around the Earth before reentering the atmosphere and splashing down in the Indian Ocean as intended to complete the test.There were no people on board the fifth Starship flight. The company's leadership has said SpaceX expects to fly hundreds of Starship missions before the rocket launches with any crew.The full Starship system has flown four spaceflight tests previously, with launches in April and November of last year, as well as this March and June. Each of the test flights have achieved more milestones than the last.SpaceX emphasizes that it tries to build ""on what we've learned from previous flights"" in its approach to developing the massive rocket.The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth. The rocket is also critical to NASA's plan to return astronauts to the moon. SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program.The Federal Aviation Administration issued SpaceX with a license to launch Starship's fifth flight on Saturday, sooner than the regulator previously estimated. But the company wanted to launch the fifth flight earlier than October, leading both SpaceX and Musk to be vocally critical of the FAA, saying that ""superfluous environmental analysis"" was holding up the process.While the FAA and partner agencies at the U.S. Fish and Wildlife Service and the Commerce Department's National Marine Fisheries Service conducted assessments more quickly than anticipated, SpaceX has also had to pay fines to environmental regulators regarding unauthorized water discharges at its Texas launch site.With the booster catch, SpaceX has surpassed the fourth test flight's milestones.The company completed its goal of returning the booster back to the launch site and used the ""chopstick"" arms on the tower to catch the vehicle. The company sees the ambitious catch approach as critical to its goal of making the rocket fully reusable.""SpaceX engineers have spent years preparing and months testing for the booster catch attempt, with technicians pouring tens of thousands of hours into building the infrastructure to maximize our chances for success,"" the company wrote on its website.The catch requires thousands of criteria to be met, the company said. If it hadn't been ready, the booster would have diverted from the return trajectory to instead splash down off the coast in the Gulf of Mexico.""We accept no compromises when it comes to ensuring the safety of the public and our team, and the return will only be attempted if conditions are right,"" SpaceX said.Starship is both the tallest and most powerful rocket ever launched. Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.The Super Heavy booster, which stands 232 feet tall, is what begins the rocket's journey to space. At its base are 33 Raptor engines, which together produce 16.7 million pounds of thrust — about double the 8.8 million pounds of thrust of NASA's Space Launch System rocket, which launched for the first time in 2022.Starship itself, at 165 feet tall, has six Raptor engines — three for use while in the Earth's atmosphere and three for operating in the vacuum of space.The rocket is powered by liquid oxygen and liquid methane. The full system requires more than 10 million pounds of propellant for launch.",CNBC,13/10/2024,"[""SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster."", ""The achievement marks a major milestone toward SpaceX's goal of making Starship a fully reusable rocket system."", ""Elon Musk's company launched Starship at 8:25 a.m. ET from its Starbase facility near Brownsville, Texas."", 'The rocket\'s ""Super Heavy"" booster returned to land on the arms of the company\'s launch tower nearly seven minutes after launch.', '""Are you kidding me?""', ""SpaceX communications manager Dan Huot said on the company's webcast."", '""What we just saw, that looked like magic,"" Huot added.', 'NASA Administrator Bill Nelson congratulated SpaceX in a post on social media.', '""As we prepare to go back to the Moon under Artemis, continued testing will prepare us for the bold missions that lie ahead,"" Nelson wrote.', 'Starship separated and continued on to space, traveling halfway around the Earth before reentering the atmosphere and splashing down in the Indian Ocean as intended to complete the test.', 'There were no people on board the fifth Starship flight.', ""The company's leadership has said SpaceX expects to fly hundreds of Starship missions before the rocket launches with any crew."", 'The full Starship system has flown four spaceflight tests previously, with launches in April and November of last year, as well as this March and June.', 'Each of the test flights have achieved more milestones than the last.', 'SpaceX emphasizes that it tries to build ""on what we\'ve learned from previous flights"" in its approach to developing the massive rocket.', 'The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth.', ""The rocket is also critical to NASA's plan to return astronauts to the moon."", ""SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program."", ""The Federal Aviation Administration issued SpaceX with a license to launch Starship's fifth flight on Saturday, sooner than the regulator previously estimated."", 'But the company wanted to launch the fifth flight earlier than October, leading both SpaceX and Musk to be vocally critical of the FAA, saying that ""superfluous environmental analysis"" was holding up the process.', ""While the FAA and partner agencies at the U.S. Fish and Wildlife Service and the Commerce Department's National Marine Fisheries Service conducted assessments more quickly than anticipated, SpaceX has also had to pay fines to environmental regulators regarding unauthorized water discharges at its Texas launch site."", ""With the booster catch, SpaceX has surpassed the fourth test flight's milestones."", 'The company completed its goal of returning the booster back to the launch site and used the ""chopstick"" arms on the tower to catch the vehicle.', 'The company sees the ambitious catch approach as critical to its goal of making the rocket fully reusable.', '""SpaceX engineers have spent years preparing and months testing for the booster catch attempt, with technicians pouring tens of thousands of hours into building the infrastructure to maximize our chances for success,"" the company wrote on its website.', 'The catch requires thousands of criteria to be met, the company said.', ""If it hadn't been ready, the booster would have diverted from the return trajectory to instead splash down off the coast in the Gulf of Mexico."", '""We accept no compromises when it comes to ensuring the safety of the public and our team, and the return will only be attempted if conditions are right,"" SpaceX said.', 'Starship is both the tallest and most powerful rocket ever launched.', 'Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.', ""The Super Heavy booster, which stands 232 feet tall, is what begins the rocket's journey to space."", ""At its base are 33 Raptor engines, which together produce 16.7 million pounds of thrust — about double the 8.8 million pounds of thrust of NASA's Space Launch System rocket, which launched for the first time in 2022.Starship itself, at 165 feet tall, has six Raptor engines — three for use while in the Earth's atmosphere and three for operating in the vacuum of space."", 'The rocket is powered by liquid oxygen and liquid methane.', 'The full system requires more than 10 million pounds of propellant for launch.']",0.1513308088943789,"""SpaceX engineers have spent years preparing and months testing for the booster catch attempt, with technicians pouring tens of thousands of hours into building the infrastructure to maximize our chances for success,"" the company wrote on its website.","But the company wanted to launch the fifth flight earlier than October, leading both SpaceX and Musk to be vocally critical of the FAA, saying that ""superfluous environmental analysis"" was holding up the process.",0.432083785533905,SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA's Artemis moon program.,"While the FAA and partner agencies at the U.S. Fish and Wildlife Service and the Commerce Department's National Marine Fisheries Service conducted assessments more quickly than anticipated, SpaceX has also had to pay fines to environmental regulators regarding unauthorized water discharges at its Texas launch site.",2024-10-15
+Boeing factory strike crosses 1-month mark as pressure mounts on new CEO,https://www.cnbc.com/2024/10/14/boeing-factory-strike-1-month.html,2024-10-14T20:28:57+0000,"In this articleIt's been just over a month since more than 30,000 Boeing machinists walked off the job after overwhelmingly voting down a tentative contract. Costs and tensions have only risen since then.The strike is adding to pressure on Boeing's new CEO, Kelly Ortberg, who was brought in over the summer to solve the plane maker's various troubles. The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug and comes six years after the first of two fatal Max crashes put the storied manufacturer in constant crisis mode.The union and company remain at an impasse, and airplane production at factories in the Seattle area and other locations has been idled, depriving Boeing of cash. Boeing last week pulled a sweetened contract offer that the union had rejected, saying it wasn't negotiated.Boeing officials had been upbeat to airline customers about getting to a deal in the weeks before the original vote, according to people familiar with the matter who spoke on the condition of anonymity because the conversations were private.But that optimism didn't pan out, as workers on Sept. 13 voted 95% against an initial tentative labor deal.""They'll have to increase their offer. There's no doubt about that,"" said Harry Katz, a professor who studies collective bargaining at Cornell University's School of Industrial and Labor Relations. He said one of the union's demands, a return to a pension plan, is unlikely, however, and estimated the strike could last two to five more weeks.Acting Labor Secretary Julie Su on Monday was set to meet with the two sides ""to assess the situation and encourage both parties to move forward in the bargaining process,"" a spokeswoman for the Labor Department said.The process of ending strike has turned more fraught, with federally mediated talks breaking down midweek.Boeing on Thursday said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers union of negotiating in bad faith and misrepresenting the plane makers' proposals.Late Friday, Jon Holden, president of the striking workers' union, IAM District 751, pushed for a return to negotiations.""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted. They want a resolution that is negotiated and addresses their needs.""Boeing's unionized machinists are not receiving paychecks and lost their company-backed health insurance at the end of September. However, unlike during the last Boeing factory strike in 2008, there is more contract work in the Seattle area to help workers fill the gaps. A union message board posts job opportunities like driving for food delivery services and warehouse work.After the stock market closed Friday, Ortberg said the company plans to cut its global workforce by about 10% ""over coming months,"" including layoffs of executives, managers and employees.He also told staff that Boeing will stop producing commercial 767 freighters when it fulfills its backlog in 2027 and that the delivery of its 777X will be delayed yet another year, to 2026.The surprise cuts came alongside preliminary financial results that showed deepening losses: Boeing said it expects to lose nearly $10 a share for the third quarter and that it will incur charges of about $5 billion in its commercial and defense units. The manufacturer hasn't had an annual profit since 2018. Ortberg faces investors in his first full earnings call as CEO on Oct. 23.""The thing is once they get 737 production on track all their money problems are gone but they're not willing to settle to make that happen,"" said Richard Aboulafia, managing director at AeroDynamic Advisory. ""They're firing a lot of people who could make that [stable production] happen. It seems like they're kind of burning down their own house.""Aboulafia estimated labor in final assembly of an aircraft accounts for about 5% of the airplane's cost.Ortberg is now tasked with drumming up cash and stopping the bleeding as the company's losses mount. Boeing's shares are down almost 43% this year through Monday's close, the steepest drop since 2008.""We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment,"" Ortberg said in a note to staff on Friday.S&P Global Ratings last week warned the company that it was at risk of a downgrade to junk status, as halted production of Boeing's bestselling 737 Max and its 767s and 777s costs the company more than $1 billion per month. The estimate includes previously announced cost cuts like temporary furloughs, a hiring freeze and a halt of most purchase orders for affected aircraft.Boeing is ""facing issues on quality, labor relations, program execution and cash burn, which seem to have created a continuous doom loop cycle,"" said Bank of America aerospace analyst Ron Epstein in a note Friday. He said Boeing's early financial release on Friday likely points to an equity raise in the works of as much as $15 billion.The announced job cuts come after Boeing and the rest of the aerospace supply chain worked to hire and train new machinists and other specialists after pandemic-era buyouts and layoffs of thousands of employees.Instability at Boeing could fan out to its suppliers. Boeing's 737 fuselage maker, Spirit AeroSystems, is considering furloughing workers in its cost-cutting contingency plans, a spokesman said, adding it hasn't made any decisions. Boeing is in the process of acquiring that company.""They're probably telling us a story about cost savings carrying them through,"" Aboulafia said of Boeing's latest cost cuts. ""When has stuff not working stopped them from trying it again?""",CNBC,14/10/2024,"[""In this articleIt's been just over a month since more than 30,000 Boeing machinists walked off the job after overwhelmingly voting down a tentative contract."", 'Costs and tensions have only risen since then.', ""The strike is adding to pressure on Boeing's new CEO, Kelly Ortberg, who was brought in over the summer to solve the plane maker's various troubles."", 'The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug and comes six years after the first of two fatal Max crashes put the storied manufacturer in constant crisis mode.', 'The union and company remain at an impasse, and airplane production at factories in the Seattle area and other locations has been idled, depriving Boeing of cash.', ""Boeing last week pulled a sweetened contract offer that the union had rejected, saying it wasn't negotiated."", 'Boeing officials had been upbeat to airline customers about getting to a deal in the weeks before the original vote, according to people familiar with the matter who spoke on the condition of anonymity because the conversations were private.', ""But that optimism didn't pan out, as workers on Sept. 13 voted 95% against an initial tentative labor deal."", '""They\'ll have to increase their offer.', 'There\'s no doubt about that,"" said Harry Katz, a professor who studies collective bargaining at Cornell University\'s School of Industrial and Labor Relations.', ""He said one of the union's demands, a return to a pension plan, is unlikely, however, and estimated the strike could last two to five more weeks."", 'Acting Labor Secretary Julie Su on Monday was set to meet with the two sides ""to assess the situation and encourage both parties to move forward in the bargaining process,"" a spokeswoman for the Labor Department said.', 'The process of ending strike has turned more fraught, with federally mediated talks breaking down midweek.', ""Boeing on Thursday said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers union of negotiating in bad faith and misrepresenting the plane makers' proposals."", ""Late Friday, Jon Holden, president of the striking workers' union, IAM District 751, pushed for a return to negotiations."", '""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""', 'Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted.', 'They want a resolution that is negotiated and addresses their needs.', '""Boeing\'s unionized machinists are not receiving paychecks and lost their company-backed health insurance at the end of September.', 'However, unlike during the last Boeing factory strike in 2008, there is more contract work in the Seattle area to help workers fill the gaps.', 'A union message board posts job opportunities like driving for food delivery services and warehouse work.', 'After the stock market closed Friday, Ortberg said the company plans to cut its global workforce by about 10% ""over coming months,"" including layoffs of executives, managers and employees.', 'He also told staff that Boeing will stop producing commercial 767 freighters when it fulfills its backlog in 2027 and that the delivery of its 777X will be delayed yet another year, to 2026.The surprise cuts came alongside preliminary financial results that showed deepening losses: Boeing said it expects to lose nearly $10 a share for the third quarter and that it will incur charges of about $5 billion in its commercial and defense units.', ""The manufacturer hasn't had an annual profit since 2018."", 'Ortberg faces investors in his first full earnings call as CEO on Oct. 23.""The thing is once they get 737 production on track all their money problems are gone but they\'re not willing to settle to make that happen,"" said Richard Aboulafia, managing director at AeroDynamic Advisory.', '""They\'re firing a lot of people who could make that [stable production] happen.', ""It seems like they're kind of burning down their own house."", '""Aboulafia estimated labor in final assembly of an aircraft accounts for about 5% of the airplane\'s cost.', ""Ortberg is now tasked with drumming up cash and stopping the bleeding as the company's losses mount."", 'Boeing\'s shares are down almost 43% this year through Monday\'s close, the steepest drop since 2008.""We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment,"" Ortberg said in a note to staff on Friday.', ""S&P Global Ratings last week warned the company that it was at risk of a downgrade to junk status, as halted production of Boeing's bestselling 737 Max and its 767s and 777s costs the company more than $1 billion per month."", 'The estimate includes previously announced cost cuts like temporary furloughs, a hiring freeze and a halt of most purchase orders for affected aircraft.', 'Boeing is ""facing issues on quality, labor relations, program execution and cash burn, which seem to have created a continuous doom loop cycle,"" said Bank of America aerospace analyst Ron Epstein in a note Friday.', ""He said Boeing's early financial release on Friday likely points to an equity raise in the works of as much as $15 billion."", 'The announced job cuts come after Boeing and the rest of the aerospace supply chain worked to hire and train new machinists and other specialists after pandemic-era buyouts and layoffs of thousands of employees.', 'Instability at Boeing could fan out to its suppliers.', ""Boeing's 737 fuselage maker, Spirit AeroSystems, is considering furloughing workers in its cost-cutting contingency plans, a spokesman said, adding it hasn't made any decisions."", 'Boeing is in the process of acquiring that company.', '""They\'re probably telling us a story about cost savings carrying them through,"" Aboulafia said of Boeing\'s latest cost cuts. ""', 'When has stuff not working stopped them from trying it again?""']",-0.0879702531790984,"Acting Labor Secretary Julie Su on Monday was set to meet with the two sides ""to assess the situation and encourage both parties to move forward in the bargaining process,"" a spokeswoman for the Labor Department said.","The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug and comes six years after the first of two fatal Max crashes put the storied manufacturer in constant crisis mode.",-0.6041010589826674,"Boeing officials had been upbeat to airline customers about getting to a deal in the weeks before the original vote, according to people familiar with the matter who spoke on the condition of anonymity because the conversations were private.","Boeing's shares are down almost 43% this year through Monday's close, the steepest drop since 2008.""We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment,"" Ortberg said in a note to staff on Friday.",2024-10-15
+Budget rule change could mean more money to build hospitals,https://www.bbc.co.uk/news/articles/c981me1qn43o,2024-10-13T06:57:15.171Z,"Warnings of a “painful” Budget tend to mean hefty tax rises are looming. Chancellor Rachel Reeves claims she needs to find £22bn to mend a ""black hole"" in the public purse. At the same time, she is pledging to end austerity and spend money on things like hospitals and roads, which are crucial to boosting growth. So how can she pull off both without big tax hikes?  Reeves is expected to have a trick up her sleeve.  It's centred on the government's self-imposed borrowing limits. This hack won’t do away with tax rises – but could limit their scale. In the UK, the government has decided to stick to the current so-called fiscal rule that debt – the total amount the government owes – must fall in five years’ time. Almost all rich countries have some form of these rules, to maintain credibility with financial markets and taxpayers. That’s crucial. In nine out of 10 years, the UK has run a deficit - the difference between money coming in and going out - with the shortfall usually matched by borrowing on those markets. The less credible the rules or the plans to meet them, the higher the borrowing costs.  Liz Truss’s 2022 mini-Budget was a prime example of the price of lost credibility. Her failure to provide plans for how her government would fund the biggest tax cuts in half a century, and a lack of independent vetting of those plans, caused borrowing costs to soar. And so too did the cost of new fixed-rate mortgage deals – which are also linked to those markets. The chancellor sets his or her own rules. However, it’s up to the independent Office for Budget Responsibility (OBR) to mark their homework and assess the impact on the public finances. Ahead of the general election, Reeves said she’d broadly replicate the rules set by her predecessor Jeremy Hunt. At the time of his March Budget, the OBR forecast he’d meet the rules with very little cash to spare. Reeves is expected to dodge some of that squeeze by changing the definition of debt. There are many options. One is to change how the operations of the Bank of England are treated. In the pandemic,  the Bank put funds into the system by buying long term investments known as bonds to boost the economy. As it sells those again, it’s incurring losses due to higher interest rates. A different definition of debt, which treats those losses differently or omits them altogether, could allow the chancellor to say debt is falling more rapidly in five years' time than on the current measure – giving her at least £16bn more to spend. Or she could adopt a different approach to the public accounts, to make more of the value of what the UK owns rather than just count money going in and out.  Public sector net financial liabilities is a broader measure, including, for instance, the money the government gets from people repaying their student loans, which could give Reeves £50bn more to spend.  An even wider measure, public sector net worth, incorporates estimates of the value of infrastructure such as buildings and transport. This could mean a bit more wiggle room still – but is particularly difficult to measure. Smoke and mirrors, a fiscal fudge and a masterclass in creative public accounting? The Conservatives have already expressed some concerns. All these debt measures have various pros and cons. And the one which gives the most favourable answer today may not next year. But all are already published and economists are fairly relaxed about which one is used. But what of those borrowing costs? £1 of every £12 the government spends goes on interest payments on existing debt. As expectations grow that it will look to borrow billions more from the financial markets, the cost of new borrowing is already rising affecting fixed-rate mortgage deals. However, analysts say the rises are likely to be limited, as there’s good appetite among investors to put more money into the system.  And Reeves won’t spend all the available money. Credibility relies on appearing prudent, and she has said she’s not in a “race to get money out of the door”. Moreover, the vast bulk of any extra spending allowed by a tweak in the rules will go towards investment, or capital spending – in the likes of school buildings and roads.  For Reeves has a second crucial rule she has committed to - the government will fund all day-to-day spending with tax receipts. Investment projects, if done wisely, create value for future generations, and are recognised by economists and investors as instrumental to boosting growth.  As it stands, investment spending is set to decline relative to the size of the economy. Restoring that would need roughly an extra £20bn.  In an attempt to keep the markets calm, Reeves has promised limits on the speed and extent of investment spending. Yet that leaves a multi-billion pound problem to solve. On current plans, many public services are facing squeezed budgets for day-to-day spending.  Alleviating that and fulfilling the government’s other manifesto priorities is still likely to mean tax rises, of up to £25bn, according to the Institute for Fiscal Studies. The Labour government hopes to raise £9bn from measures included in its manifesto, but the rest has yet to be spelled out. Even with a Budget rules hack, there will be winners and losers, determined by the chancellor. The rest of us may have to wait until 30 October to discover which camp we’re in. Do you have any questions about the upcoming Budget? Email us at: yourquestions@bbc.co.uk ",BBC,13/10/2024,"['Warnings of a “painful” Budget tend to mean hefty tax rises are looming.', 'Chancellor Rachel Reeves claims she needs to find £22bn to mend a ""black hole"" in the public purse.', 'At the same time, she is pledging to end austerity and spend money on things like hospitals and roads, which are crucial to boosting growth.', 'So how can she pull off both without big tax hikes?', 'Reeves is expected to have a trick up her sleeve.', ""It's centred on the government's self-imposed borrowing limits."", 'This hack won’t do away with tax rises – but could limit their scale.', 'In the UK, the government has decided to stick to the current so-called fiscal rule that debt – the total amount the government owes – must fall in five years’ time.', 'Almost all rich countries have some form of these rules, to maintain credibility with financial markets and taxpayers.', 'That’s crucial.', 'In nine out of 10 years, the UK has run a deficit - the difference between money coming in and going out - with the shortfall usually matched by borrowing on those markets.', 'The less credible the rules or the plans to meet them, the higher the borrowing costs.', 'Liz Truss’s 2022 mini-Budget was a prime example of the price of lost credibility.', 'Her failure to provide plans for how her government would fund the biggest tax cuts in half a century, and a lack of independent vetting of those plans, caused borrowing costs to soar.', 'And so too did the cost of new fixed-rate mortgage deals – which are also linked to those markets.', 'The chancellor sets his or her own rules.', 'However, it’s up to the independent Office for Budget Responsibility (OBR) to mark their homework and assess the impact on the public finances.', 'Ahead of the general election, Reeves said she’d broadly replicate the rules set by her predecessor Jeremy Hunt.', 'At the time of his March Budget, the OBR forecast he’d meet the rules with very little cash to spare.', 'Reeves is expected to dodge some of that squeeze by changing the definition of debt.', 'There are many options.', 'One is to change how the operations of the Bank of England are treated.', 'In the pandemic, the Bank put funds into the system by buying long term investments known as bonds to boost the economy.', 'As it sells those again, it’s incurring losses due to higher interest rates.', ""A different definition of debt, which treats those losses differently or omits them altogether, could allow the chancellor to say debt is falling more rapidly in five years' time than on the current measure – giving her at least £16bn more to spend."", 'Or she could adopt a different approach to the public accounts, to make more of the value of what the UK owns rather than just count money going in and out.', 'Public sector net financial liabilities is a broader measure, including, for instance, the money the government gets from people repaying their student loans, which could give Reeves £50bn more to spend.', 'An even wider measure, public sector net worth, incorporates estimates of the value of infrastructure such as buildings and transport.', 'This could mean a bit more wiggle room still – but is particularly difficult to measure.', 'Smoke and mirrors, a fiscal fudge and a masterclass in creative public accounting?', 'The Conservatives have already expressed some concerns.', 'All these debt measures have various pros and cons.', 'And the one which gives the most favourable answer today may not next year.', 'But all are already published and economists are fairly relaxed about which one is used.', 'But what of those borrowing costs?', '£1 of every £12 the government spends goes on interest payments on existing debt.', 'As expectations grow that it will look to borrow billions more from the financial markets, the cost of new borrowing is already rising affecting fixed-rate mortgage deals.', 'However, analysts say the rises are likely to be limited, as there’s good appetite among investors to put more money into the system.', 'And Reeves won’t spend all the available money.', 'Credibility relies on appearing prudent, and she has said she’s not in a “race to get money out of the door”.', 'Moreover, the vast bulk of any extra spending allowed by a tweak in the rules will go towards investment, or capital spending – in the likes of school buildings and roads.', 'For Reeves has a second crucial rule she has committed to - the government will fund all day-to-day spending with tax receipts.', 'Investment projects, if done wisely, create value for future generations, and are recognised by economists and investors as instrumental to boosting growth.', 'As it stands, investment spending is set to decline relative to the size of the economy.', 'Restoring that would need roughly an extra £20bn.', 'In an attempt to keep the markets calm, Reeves has promised limits on the speed and extent of investment spending.', 'Yet that leaves a multi-billion pound problem to solve.', 'On current plans, many public services are facing squeezed budgets for day-to-day spending.', 'Alleviating that and fulfilling the government’s other manifesto priorities is still likely to mean tax rises, of up to £25bn, according to the Institute for Fiscal Studies.', 'The Labour government hopes to raise £9bn from measures included in its manifesto, but the rest has yet to be spelled out.', 'Even with a Budget rules hack, there will be winners and losers, determined by the chancellor.', 'The rest of us may have to wait until 30 October to discover which camp we’re in.', 'Do you have any questions about the upcoming Budget?', 'Email us at: yourquestions@bbc.co.uk']",0.0416595458912761,"Investment projects, if done wisely, create value for future generations, and are recognised by economists and investors as instrumental to boosting growth.","Her failure to provide plans for how her government would fund the biggest tax cuts in half a century, and a lack of independent vetting of those plans, caused borrowing costs to soar.",-0.3771638414439033,"A different definition of debt, which treats those losses differently or omits them altogether, could allow the chancellor to say debt is falling more rapidly in five years' time than on the current measure – giving her at least £16bn more to spend.","As it stands, investment spending is set to decline relative to the size of the economy.",2024-10-15
+"Lilly Ledbetter, icon of equal pay in US, dies aged 86",https://www.bbc.co.uk/news/articles/cwyv0ydp96po,2024-10-14T13:31:01.778Z,"Lilly Ledbetter, whose name graces an equal pay law in the US, has died aged 86. CBS, the BBC's news partner in the US, quoted her children as saying she died peacefully on Saturday surrounded by family and loved ones.  ""Our mother lived an extraordinary life,"" added a family statement.  Ms Ledbetter's activism led to the first bill signed into law by Barack Obama after he became US president in 2009. The Lilly Ledbetter Fair Pay Restoration Act made it easier for workers to sue after discovering they were being discriminated through pay. Mr Obama said that the law sent the message ""that there are no second-class citizens in our workplaces"". President Biden, who was vice-president during the Obama administration, described Ms Ledbetter as a ""fearless leader and advocate for equal pay"". He paid tribute, saying ""her fight began on the factory floor and reached the Supreme Court and Congress"" and she ""never stopped fighting for all Americans to be paid what they deserve"".  ""Before she was a household name, Lilly was like so many other women in the workforce: she worked hard, with dignity, only to find out she was being paid less than a man for the same work."" Biden added it was ""an honour to stand with Lilly as the bill that bears her name was made law"", describing the Fair Pay Restoration Act as a ""critical step forward in the fight to close the gender and racial wage gaps"".   Ms Ledbetter worked as a supervisor for Goodyear, the tyre manufacturer, in Alabama for nearly 20 years before discovering she was being paid less than men doing the same job. The Supreme Court ruled in 2007 that she had no grounds to sue because her complaint had not been lodged within six months of the discrimination first taking place. Her law overturned that ruling. The former president paid tribute on Twitter/X, saying Ms Ledbetter ""never set out to be a trailblazer or a household name. She just wanted to be paid the same as a man for her hard work"". ""Lilly did what so many Americans before her have done: setting her sights high for herself and even higher for her children and grandchildren,"" Mr Obama said. Ms Ledbetter continued her advocacy after the law was signed. She received the Future Is Female Lifetime Achievement Award from Advertising Week last week, according to the Alabama news site AL.com. A new film about her life, called Lilly and starring Patricia Clarkson, has recently been shown at the Hamptons International Film Festival. ",BBC,14/10/2024,"['Lilly Ledbetter, whose name graces an equal pay law in the US, has died aged 86.', 'CBS, the BBC\'s news partner in the US, quoted her children as saying she died peacefully on Saturday surrounded by family and loved ones. ""', 'Our mother lived an extraordinary life,"" added a family statement.', ""Ms Ledbetter's activism led to the first bill signed into law by Barack Obama after he became US president in 2009."", 'The Lilly Ledbetter Fair Pay Restoration Act made it easier for workers to sue after discovering they were being discriminated through pay.', 'Mr Obama said that the law sent the message ""that there are no second-class citizens in our workplaces"".', 'President Biden, who was vice-president during the Obama administration, described Ms Ledbetter as a ""fearless leader and advocate for equal pay"".', 'He paid tribute, saying ""her fight began on the factory floor and reached the Supreme Court and Congress"" and she ""never stopped fighting for all Americans to be paid what they deserve"". ""', 'Before she was a household name, Lilly was like so many other women in the workforce: she worked hard, with dignity, only to find out she was being paid less than a man for the same work.""', 'Biden added it was ""an honour to stand with Lilly as the bill that bears her name was made law"", describing the Fair Pay Restoration Act as a ""critical step forward in the fight to close the gender and racial wage gaps"".', 'Ms Ledbetter worked as a supervisor for Goodyear, the tyre manufacturer, in Alabama for nearly 20 years before discovering she was being paid less than men doing the same job.', 'The Supreme Court ruled in 2007 that she had no grounds to sue because her complaint had not been lodged within six months of the discrimination first taking place.', 'Her law overturned that ruling.', 'The former president paid tribute on Twitter/X, saying Ms Ledbetter ""never set out to be a trailblazer or a household name.', 'She just wanted to be paid the same as a man for her hard work"". ""', 'Lilly did what so many Americans before her have done: setting her sights high for herself and even higher for her children and grandchildren,"" Mr Obama said.', 'Ms Ledbetter continued her advocacy after the law was signed.', 'She received the Future Is Female Lifetime Achievement Award from Advertising Week last week, according to the Alabama news site AL.com.', 'A new film about her life, called Lilly and starring Patricia Clarkson, has recently been shown at the Hamptons International Film Festival.']",0.1535913149312517,"He paid tribute, saying ""her fight began on the factory floor and reached the Supreme Court and Congress"" and she ""never stopped fighting for all Americans to be paid what they deserve"". ""","Lilly Ledbetter, whose name graces an equal pay law in the US, has died aged 86.",0.4563588102658589,"Biden added it was ""an honour to stand with Lilly as the bill that bears her name was made law"", describing the Fair Pay Restoration Act as a ""critical step forward in the fight to close the gender and racial wage gaps"".","Ms Ledbetter worked as a supervisor for Goodyear, the tyre manufacturer, in Alabama for nearly 20 years before discovering she was being paid less than men doing the same job.",2024-10-15
+Goldman Sachs beats on profit and revenue as stock trading and investment banking boost results,https://www.cnbc.com/2024/10/15/goldman-sachs-gs-earnings-q3-2024.html,2024-10-15T16:09:52+0000,"In this articleGoldman Sachs topped estimates for third-quarter profit and revenue on strong results from its stock trading and investment banking operations.Here's what the company reported:The bank said profit surged 45% from a year earlier to $2.99 billion, or $8.40 per share, as revenue climbed 7% to $12.7 billion.Goldman shares were roughly flat after rising 2% earlier in the session.Over the past two years, the Federal Reserve's tightening campaign has made for a less-than-ideal environment for investment banks like Goldman. Now that the Fed is easing its benchmark rate, Goldman is positioned to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action, and rising values bolsters its asset and wealth management business.CEO David Solomon cited an ""improving operating environment"" as he touted his firm's results on Tuesday.Equities trading was the outlier this quarter, posting an 18% revenue increase to $3.5 billion, more than half a billion dollars higher than the $2.96 billion estimate from StreetAccount. The company cited strong results in both derivatives and cash trading.Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion StreetAccount estimate, on a slowdown in interest rate products and commodities.Investment banking revenue jumped 20% to $1.87 billion, topping the $1.62 billion estimate, on strength in debt and equity underwriting, and the bank said its backlog for pending deals increased from both a year earlier and the second quarter.The firm's asset and wealth management division also helped it top expectations; revenue there jumped 16% to $3.75 billion, exceeding the $3.58 billion estimate from StreetAccount on rising management fees and gains in investments.Last week, rival JPMorgan Chase set expectations high with better-than-anticipated results from trading and investment banking, factors that helped the bank top earnings estimates.Wells Fargo also exceeded estimates on Friday on the back of its investment banking division.",CNBC,15/10/2024,"['In this articleGoldman Sachs topped estimates for third-quarter profit and revenue on strong results from its stock trading and investment banking operations.', ""Here's what the company reported:The bank said profit surged 45% from a year earlier to $2.99 billion, or $8.40 per share, as revenue climbed 7% to $12.7 billion."", 'Goldman shares were roughly flat after rising 2% earlier in the session.', ""Over the past two years, the Federal Reserve's tightening campaign has made for a less-than-ideal environment for investment banks like Goldman."", 'Now that the Fed is easing its benchmark rate, Goldman is positioned to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action, and rising values bolsters its asset and wealth management business.', 'CEO David Solomon cited an ""improving operating environment"" as he touted his firm\'s results on Tuesday.', 'Equities trading was the outlier this quarter, posting an 18% revenue increase to $3.5 billion, more than half a billion dollars higher than the $2.96 billion estimate from StreetAccount.', 'The company cited strong results in both derivatives and cash trading.', 'Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion StreetAccount estimate, on a slowdown in interest rate products and commodities.', 'Investment banking revenue jumped 20% to $1.87 billion, topping the $1.62 billion estimate, on strength in debt and equity underwriting, and the bank said its backlog for pending deals increased from both a year earlier and the second quarter.', ""The firm's asset and wealth management division also helped it top expectations; revenue there jumped 16% to $3.75 billion, exceeding the $3.58 billion estimate from StreetAccount on rising management fees and gains in investments."", 'Last week, rival JPMorgan Chase set expectations high with better-than-anticipated results from trading and investment banking, factors that helped the bank top earnings estimates.', 'Wells Fargo also exceeded estimates on Friday on the back of its investment banking division.']",0.540190255345298,"Now that the Fed is easing its benchmark rate, Goldman is positioned to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action, and rising values bolsters its asset and wealth management business.",,0.6921450128922095,"Investment banking revenue jumped 20% to $1.87 billion, topping the $1.62 billion estimate, on strength in debt and equity underwriting, and the bank said its backlog for pending deals increased from both a year earlier and the second quarter.","Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion StreetAccount estimate, on a slowdown in interest rate products and commodities.",2024-10-15
+Lufthansa hit with record penalty after barring Jewish passengers,https://www.bbc.co.uk/news/articles/c3dv3l5pvy3o,2024-10-15T17:44:58.323Z,"The US has hit Lufthansa with a record $4m (3m) penalty after the airline barred Jewish passengers from a 2022 flight because some allegedly refused to follow rules requiring face masks.  The Department of Transportation said Lufthansa discriminated against the passengers, treating them ""as if they were all a single group"", though many were not travelling together and did not know one another. It said the penalty was the largest it had ever issued against an airline for civil rights violations.  Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". ""Lufthansa is dedicated to being an ambassador of goodwill, tolerance, diversity, and acceptance,"" the company said in a statement, adding that it had cooperated with the investigation and remained focused on training for its staff. The episode involved passengers who were travelling from New York to Budapest, with a connection in Frankfurt, in May 2022.  Many of the passengers were male, wearing ""distinctive garb typically worn by Orthodox Jewish men"" and had used the same handful of travel agencies to book their tickets, according to the DOT.   During the first flight, the captain alerted Lufthansa security that some passengers had failed to follow crew instructions requiring masks, and barring gathering in aisles and other places on board.  The alert led to holds on tickets of more than 100 passengers, all of them Jewish, which led to them being blocked from their connecting flight.  The DOT said Lufthansa recognised that the action also would hurt people who had complied with the instructions but ""concluded it was not practical to address each passenger individually"". The majority were rebooked on other flights the same day.  “No one should face discrimination when they travel, and today’s action sends a clear message to the airline industry that we are prepared to investigate and take action whenever passengers’ civil rights are violated,” US Transportation Secretary Pete Buttigieg said.  The DOT said passengers interviewed for the investigation said they had not witnessed misbehaviour and Lufthansa later failed to identify any one passenger who had not followed the rules. But in the consent order, Lufthansa said its staff was unable to single out passengers because ""the infractions were so numerous, the misconduct continued for substantial portions of the flight and at different intervals and the passengers changed seats during the flight"". The DOT said it was requiring Lufthansa to pay $2m and would give the airline credit for $2m it has already paid to passengers as part of a legal settlement.  ",BBC,15/10/2024,"['The US has hit Lufthansa with a record $4m (3m) penalty after the airline barred Jewish passengers from a 2022 flight because some allegedly refused to follow rules requiring face masks.', 'The Department of Transportation said Lufthansa discriminated against the passengers, treating them ""as if they were all a single group"", though many were not travelling together and did not know one another.', 'It said the penalty was the largest it had ever issued against an airline for civil rights violations.', 'Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". ""', 'Lufthansa is dedicated to being an ambassador of goodwill, tolerance, diversity, and acceptance,"" the company said in a statement, adding that it had cooperated with the investigation and remained focused on training for its staff.', 'The episode involved passengers who were travelling from New York to Budapest, with a connection in Frankfurt, in May 2022.', 'Many of the passengers were male, wearing ""distinctive garb typically worn by Orthodox Jewish men"" and had used the same handful of travel agencies to book their tickets, according to the DOT.', 'During the first flight, the captain alerted Lufthansa security that some passengers had failed to follow crew instructions requiring masks, and barring gathering in aisles and other places on board.', 'The alert led to holds on tickets of more than 100 passengers, all of them Jewish, which led to them being blocked from their connecting flight.', 'The DOT said Lufthansa recognised that the action also would hurt people who had complied with the instructions but ""concluded it was not practical to address each passenger individually"".', 'The majority were rebooked on other flights the same day. “', 'No one should face discrimination when they travel, and today’s action sends a clear message to the airline industry that we are prepared to investigate and take action whenever passengers’ civil rights are violated,” US Transportation Secretary Pete Buttigieg said.', 'The DOT said passengers interviewed for the investigation said they had not witnessed misbehaviour and Lufthansa later failed to identify any one passenger who had not followed the rules.', 'But in the consent order, Lufthansa said its staff was unable to single out passengers because ""the infractions were so numerous, the misconduct continued for substantial portions of the flight and at different intervals and the passengers changed seats during the flight"".', 'The DOT said it was requiring Lufthansa to pay $2m and would give the airline credit for $2m it has already paid to passengers as part of a legal settlement.']",-0.1374419870007407,"Lufthansa is dedicated to being an ambassador of goodwill, tolerance, diversity, and acceptance,"" the company said in a statement, adding that it had cooperated with the investigation and remained focused on training for its staff.","Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". """,-0.6062263607978821,"Lufthansa said in the consent order that it was agreeing to the payment to avoid litigation but denied discrimination, blaming the incident on ""an unfortunate series of inaccurate communications"". """,The US has hit Lufthansa with a record $4m (3m) penalty after the airline barred Jewish passengers from a 2022 flight because some allegedly refused to follow rules requiring face masks.,2024-10-15
+"GM ditching 'Ultium' name for batteries, tech amid EV changes",https://www.cnbc.com/2024/10/08/gm-ditching-ultium-name-for-batteries-tech-amid-ev-changes.html,2024-10-08T19:26:07+0000,"In this articleDETROIT — General Motors will drop the name ""Ultium"" for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations.The Detroit automaker confirmed the switch Tuesday ahead of an investor event. Executives used the day to discuss lowering battery costs and tout efforts to diversify battery chemistries.GM also confirmed it is on pace to produce and wholesale about 200,000 EVs for North America this year, achieving profitability on a production, or contribution-margin basis, by the end of this year.Aside from EVs, GM touted its lowering capital costs and the company's flexibility to produce both traditional vehicles with internal combustion engines and EVs. Its commitment to EVs comes amid slower-than-expected adoption of electric vehicles.Shares of GM were roughly level aside from a roughly 3% increase during the beginning of the event.The change to Ultium comes after GM spent billions of dollars to develop in-house ""Ultium"" batteries and technologies that the automaker previously touted as ""revolutionary"" and the ultimate technologies to be able to build a profitable EV business.The company said the batteries and the technologies will remain, but the name ""Ultium"" will not, other than production operations such as its ""Ultium Cells"" joint venture plants with LG Energy Solution.""As GM continues to expand its EV business, the company is no longer branding its electric vehicle architecture, battery and cells, or EV components with the Ultium name, starting in North America,"" the company said in a statement.GM has been rethinking its EV battery strategy amid changing market conditions and an influx of new, outside executives, including Tesla veterans JP Clausen, who now leads GM manufacturing, and Kurt Kelty, GM's vice president of battery.The automaker's EV sales are growing, but not at the pace the company wanted. It reported a roughly 60% year-over-year increase in EVs during the third quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.The 200,00 EV target reconfirmed by GM CEO Mary Barra on Tuesday is down from a previous guidance of 200,00 to 250,000 EVs, which had been trimmed from as high as 300,000 units.GM has already started moving away from its original Ultium pouch cells, produced with LG with nickel manganese cobalt, to other battery types and chemistries.GM earlier this year announced a more than $3 billion deal to manufacture hard-can batteries, known as prismatic cells, with South Korea's Samsung SDI, a rival of LG.""We're moving from a single-source, single-form factor, single-chemistry to a multi-chemistry, multi-form factor, multi-supplier strategy,"" Kelty told The Information in a report published Monday. ""What we're going to do going forward is really optimize for each vehicle.""The automaker is turning to that optimization strategy after spending millions of dollars in marketing and advertising, including back-to-back years of star-studded Super Bowl ads in 2021 and 2022 for Ultium in vehicles that weren't available yet for customers to purchase.GM is rethinking other areas as well. Rory Harvey, GM president of global markets, including North America, in September confirmed to CNBC that the company was completely rethinking its plans for a second all-electric vehicle plant in Orion Township, Michigan — from production down through the entire supply chain.""We always get lessons. We always get learning,"" he said in September. ""The reason that we're doing what we're doing with Orion is the fact that, you know, if you looked at the original gradient of EV adoption, there's no doubt that, both in the industry and from ours, it was slightly more aggressive than it is.""""This gives us the ability to do a stop breath and refocus and say what is appropriate for the customer demands that are out there today?"" he said.GM currently has one plant in the U.S. that exclusively produces EVs, called Factory Zero in Detroit. The Orion plant was expected to be the second by the end of 2024 before the company delayed those plans by at least a year.",CNBC,08/10/2024,"['In this articleDETROIT — General Motors will drop the name ""Ultium"" for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations.', 'The Detroit automaker confirmed the switch Tuesday ahead of an investor event.', 'Executives used the day to discuss lowering battery costs and tout efforts to diversify battery chemistries.', 'GM also confirmed it is on pace to produce and wholesale about 200,000 EVs for North America this year, achievingprofitability on a production,or contribution-margin basis, by the end of this year.', ""Aside from EVs, GM touted its lowering capital costs and the company's flexibility to produce both traditional vehicles with internal combustion engines and EVs."", 'Its commitment to EVs comes amid slower-than-expected adoption of electric vehicles.', 'Shares of GM were roughly level aside from a roughly 3% increase during the beginning of the event.', 'The change to Ultium comes after GM spent billions of dollars to develop in-house ""Ultium"" batteries and technologies that the automaker previously touted as ""revolutionary"" and the ultimate technologies to be able to build a profitable EV business.', 'The company said the batteries and the technologies will remain, but the name ""Ultium"" will not, other than production operations such as its ""Ultium Cells"" joint venture plants with LG Energy Solution.', '""As GM continues to expand its EV business, the company is no longer branding its electric vehicle architecture, battery and cells, or EV components with the Ultium name, starting in North America,"" the company said in a statement.', ""GM has been rethinking its EV battery strategy amid changing market conditions and an influx of new, outside executives, including Tesla veterans JP Clausen, who now leads GM manufacturing, and Kurt Kelty, GM's vice president of battery."", ""The automaker's EV sales are growing, but not at the pace the company wanted."", 'It reported a roughly 60% year-over-year increase in EVs during the third quarter, to roughly 32,100 units sold.', ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'The 200,00 EV target reconfirmed by GM CEO Mary Barra on Tuesday is down from a previous guidance of 200,00 to 250,000 EVs, which had been trimmed from as high as 300,000 units.', 'GM has already started moving away from its original Ultium pouch cells, produced with LG with nickel manganese cobalt, to other battery types and chemistries.', 'GM earlier this year announced a more than $3 billion deal to manufacture hard-can batteries, known as prismatic cells, with South Korea\'s Samsung SDI, a rival of LG.""We\'re moving from a single-source, single-form factor, single-chemistry to a multi-chemistry, multi-form factor, multi-supplier strategy,"" Kelty told The Information in a report published Monday. ""', ""What we're going to do going forward is really optimize for each vehicle."", '""The automaker is turning to that optimization strategy after spending millions of dollars in marketing and advertising, including back-to-back years of star-studded Super Bowl ads in 2021 and 2022 for Ultium in vehicles that weren\'t available yet for customers to purchase.', 'GM is rethinking other areas as well.', 'Rory Harvey, GM president of global markets, including North America, in September confirmed to CNBC that the company was completely rethinking its plans for a second all-electric vehicle plant in Orion Township, Michigan — from production down through the entire supply chain.', '""We always get lessons.', 'We always get learning,"" he said in September. ""', ""The reason that we're doing what we're doing with Orion is the fact that, you know, if you looked at the original gradient of EV adoption, there's no doubt that, both in the industry and from ours, it was slightly more aggressive than it is."", '""""This gives us the ability to do a stop breath and refocus and say what is appropriate for the customer demands that are out there today?""', 'he said.', 'GM currently has one plant in the U.S. that exclusively produces EVs, called Factory Zero in Detroit.', 'The Orion plant was expected to be the second by the end of 2024 before the company delayed those plans by at least a year.']",0.147708545312796,"""The automaker is turning to that optimization strategy after spending millions of dollars in marketing and advertising, including back-to-back years of star-studded Super Bowl ads in 2021 and 2022 for Ultium in vehicles that weren't available yet for customers to purchase.","The reason that we're doing what we're doing with Orion is the fact that, you know, if you looked at the original gradient of EV adoption, there's no doubt that, both in the industry and from ours, it was slightly more aggressive than it is.",0.6586592644453049,"It reported a roughly 60% year-over-year increase in EVs during the third quarter, to roughly 32,100 units sold.","The 200,00 EV target reconfirmed by GM CEO Mary Barra on Tuesday is down from a previous guidance of 200,00 to 250,000 EVs, which had been trimmed from as high as 300,000 units.",2024-10-15
+JPMorgan Chase shares pop 5% after topping estimates on better-than-expected interest income,https://www.cnbc.com/2024/10/11/jpmorgan-chase-jpm-earnings-q3-2024.html,2024-10-11T15:27:04+0000,"In this articleJPMorgan Chase posted third-quarter results that topped estimates for profit and revenue as the company generated more interest income than expected.Here's what the company reported:JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion. Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.CEO Jamie Dimon touted the firm's quarterly results in a statement, while also addressing regulators' sweeping efforts to force banks to hold more capital and expressing concern about rising geopolitical risks, saying that conditions are ""treacherous and getting worse.""""We believe rules can be written that promote a strong financial system without causing undue consequences for the economy,"" Dimon said, addressing the pending regulatory changes. ""Now is an excellent time to step back and review the extensive set of existing rules – which were put in place for a good reason – to understand their impact on economic growth"" and the health of markets, he said.The bank's results were also helped by its Wall Street division. Investment banking fees climbed 31% to $2.27 billion in the quarter, exceeding the $2.02 billion estimate.Fixed income trading generated $4.5 billion in revenue, unchanged from a year earlier but topping the $4.38 billion StreetAccount estimate. Equities trading jumped 27% to $2.6 billion, edging out the $2.41 billion estimate, according to StreetAccount.The company also raised its full-year 2024 guidance for net interest income from the previous quarter, saying that NII would hit roughly $92.5 billion this year, up from the previous $91 billion guidance. Annual expenses are projected at about $91.5 billion, down from the earlier $92 billion guidance.Shares rose 5% in midday trading. JPMorgan's provision for credit losses in the quarter was $3.1 billion, worse than the $2.91 billion estimate, as the company had $2.1 billion in charge-offs and built reserves for future losses by $1 billion.Consumers are ""fine and on strong footing"" and the increase in reserves was because the bank is growing its book of credit card loans, not because the consumer is weakening, CFO Jeremy Barnum told reporters Friday.The biggest American bank has thrived in a rising rate environment, posting record net income figures since the Fed started hiking rates in 2022.Now, with the Fed cutting rates, there are questions as to how JPMorgan will navigate the change. Like other big banks, its margins may be squeezed as yields on interest-generating assets like loans fall faster than its funding costs.Last month, JPMorgan dialed back expectations for 2025 net interest income and expenses. On Friday, Barnum reiterated the bank's view that NII was headed lower before rebounding ""in the future.""The third-quarter outperformance in NII was ""a bit of a blip"" that was the result of ""intersecting trends that happen to net out"" to an increase, not a sustainable trend, he said.Shares of JPMorgan have climbed about 25% this year before Friday, exceeding the 20% gain of the KBW Bank Index.Wells Fargo also released quarterly results Friday, while Bank of America, Goldman Sachs, Citigroup and Morgan Stanley report next week.",CNBC,11/10/2024,"['In this articleJPMorgan Chase posted third-quarter results that topped estimates for profit and revenue as the company generated more interest income than expected.', ""Here's what the company reported:JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion."", 'Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.', 'CEO Jamie Dimon touted the firm\'s quarterly results in a statement, while also addressing regulators\' sweeping efforts to force banks to hold more capital and expressing concern about rising geopolitical risks, saying that conditions are ""treacherous and getting worse.', '""""We believe rules can be written that promote a strong financial system without causing undue consequences for the economy,"" Dimon said, addressing the pending regulatory changes. ""', 'Now is an excellent time to step back and review the extensive set of existing rules – which were put in place for a good reason – to understand their impact on economic growth"" and the health of markets, he said.', ""The bank's results were also helped by its Wall Street division."", 'Investment banking fees climbed 31% to $2.27 billion in the quarter, exceeding the $2.02 billion estimate.', 'Fixed income trading generated $4.5 billion in revenue, unchanged from a year earlier but topping the $4.38 billion StreetAccount estimate.', 'Equities trading jumped 27% to $2.6 billion, edging out the $2.41 billion estimate, according to StreetAccount.', 'The company also raised its full-year 2024 guidance for net interest income from the previous quarter, saying that NII would hit roughly $92.5 billion this year, up from the previous $91 billion guidance.', 'Annual expenses are projected at about $91.5 billion, down from the earlier $92 billion guidance.', 'Shares rose 5% in midday trading.', ""JPMorgan's provision for credit losses in the quarter was $3.1 billion, worse than the $2.91 billion estimate, as the company had $2.1 billion in charge-offs and built reserves for future losses by $1 billion."", 'Consumers are ""fine and on strong footing"" and the increase in reserves was because the bank is growing its book of credit card loans, not because the consumer is weakening, CFO Jeremy Barnum told reporters Friday.', 'The biggest American bank has thrived in a rising rate environment, posting record net income figures since the Fed started hiking rates in 2022.Now, with the Fed cutting rates, there are questions as to how JPMorgan will navigate the change.', 'Like other big banks, its margins may be squeezed as yields on interest-generating assets like loans fall faster than its funding costs.', 'Last month, JPMorgan dialed back expectations for 2025 net interest income and expenses.', 'On Friday, Barnum reiterated the bank\'s view that NII was headed lower before rebounding ""in the future.', '""The third-quarter outperformance in NII was ""a bit of a blip"" that was the result of ""intersecting trends that happen to net out"" to an increase, not a sustainable trend, he said.', 'Shares of JPMorgan have climbed about 25% this year before Friday, exceeding the 20% gain of the KBW Bank Index.', 'Wells Fargo also released quarterly results Friday, while Bank of America, Goldman Sachs, Citigroup and Morgan Stanley report next week.']",0.2698849930588884,"Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.","JPMorgan's provision for credit losses in the quarter was $3.1 billion, worse than the $2.91 billion estimate, as the company had $2.1 billion in charge-offs and built reserves for future losses by $1 billion.",0.1900264143943786,"Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.","Here's what the company reported:JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion.",2024-10-15
+Bank of America tops estimates on better-than-expected trading revenue,https://www.cnbc.com/2024/10/15/bank-of-america-bac-earnings-q3-2024.html,2024-10-15T20:24:29+0000,"In this articleBank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results.Here's what the company reported:The bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses.Revenue rose less than 1% to $25.49 billion as gains in trading revenue, asset management and investment banking fees offset a decline in net interest income.Shares of the bank ended the session up less than 1%. Bank of America, run by CEO Brian Moynihan since 2010, demonstrated the advantages of having a massive and diversified financial institution. Analysts have focused on the bank's core activity of taking in deposits and lending to consumers and corporations as rising rates have squeezed the firm's haul from interest income.But the quarter showed that the bank also benefits from surging activity on Wall Street through its trading and advisory operations, just as rivals JPMorgan Chase and Goldman Sachs did.Fixed income trading revenue rose 8% to $2.9 billion, topping the $2.74 billion StreetAccount estimate, on strength in currencies and interest rate activity. Equities trading jumped 18% to $2 billion, topping the $1.81 billion StreetAccount estimate, on higher cash and derivative volumes.Investment banking fees also surged 18% to $1.40 billion, topping the $1.27 billion estimate from StreetAccount.While net interest income fell 2.9% from a year earlier to $14.1 billion, that edged out the $14.06 billion StreetAccount estimate.That NII figure in the third quarter was higher than in the second quarter, a sign that the trajectory for this key metric is improving. The lender said in July that a rebound in net interest income was coming in the second half of the year.Bank of America ""seems to be turning the corner on NII inflection,"" though the degree is dependent on interest rates from here on out, Wells Fargo analyst Mike Mayo said Tuesday in a note.NII, which is one of the key ways that banks make money, is the difference between what a bank earns on loans and investments and what it pays depositors for their savings.The bank's provision for credit losses in the quarter of $1.5 billion was slightly under the $1.57 billion estimate.JPMorgan Chase and Wells Fargo on Friday posted earnings that topped estimates, helped by their investment banking operations. Goldman Sachs and Citigroup also reported results Tuesday, while Morgan Stanley will disclose earnings Wednesday.",CNBC,15/10/2024,"['In this articleBank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results.', ""Here's what the company reported:The bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses."", 'Revenue rose less than 1% to $25.49 billion as gains in trading revenue, asset management and investment banking fees offset a decline in net interest income.', 'Shares of the bank ended the session up less than 1%.', 'Bank of America, run by CEO Brian Moynihan since 2010, demonstrated the advantages of having a massive and diversified financial institution.', ""Analysts have focused on the bank's core activity of taking in deposits and lending to consumers and corporations as rising rates have squeezed the firm's haul from interest income."", 'But the quarter showed that the bank also benefits from surging activity on Wall Street through its trading and advisory operations, just as rivals JPMorgan Chase and Goldman Sachs did.', 'Fixed income trading revenue rose 8% to $2.9 billion, topping the $2.74 billion StreetAccount estimate, on strength in currencies and interest rate activity.', 'Equities trading jumped 18% to $2 billion, topping the $1.81 billion StreetAccount estimate, on higher cash and derivative volumes.', 'Investment banking fees also surged 18% to $1.40 billion, topping the $1.27 billion estimate from StreetAccount.', 'While net interest income fell 2.9% from a year earlier to $14.1 billion, that edged out the $14.06 billion StreetAccount estimate.', 'That NII figure in the third quarter was higher than in the second quarter, a sign that the trajectory for this key metric is improving.', 'The lender said in July that a rebound in net interest income was coming in the second half of the year.', 'Bank of America ""seems to be turning the corner on NII inflection,"" though the degree is dependent on interest rates from here on out, Wells Fargo analyst Mike Mayo said Tuesday in a note.', 'NII, which is one of the key ways that banks make money, is the difference between what a bank earns on loans and investments and what it pays depositors for their savings.', ""The bank's provision for credit losses in the quarter of $1.5 billion was slightly under the $1.57 billion estimate."", 'JPMorgan Chase andWells Fargoon Friday posted earnings that topped estimates, helped by their investment banking operations.', 'Goldman Sachs and Citigroup also reported results Tuesday, while Morgan Stanley will disclose earnings Wednesday.']",0.3267974629649752,"Revenue rose less than 1% to $25.49 billion as gains in trading revenue, asset management and investment banking fees offset a decline in net interest income.",,0.5013505294919014,"Fixed income trading revenue rose 8% to $2.9 billion, topping the $2.74 billion StreetAccount estimate, on strength in currencies and interest rate activity.","Here's what the company reported:The bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share, on higher provisions for loan losses and rising expenses.",2024-10-15
+Was Starmer's investment summit a success?,https://www.bbc.co.uk/news/articles/cvg3j30mly4o,2024-10-14T17:04:57.543Z,"If there was a word of the day, it was ""stability"". At the UK's International Investment Summit on Monday, Sir Keir Starmer said his party's large majority would draw a line under an eight-year period in which the UK saw four prime ministers and six chancellors. That is valued by international investors like Anders Opedal, boss of Norwegian Energy giant Equinor, which has invested billions in UK renewables as well as oil and gas. Mr Opedal said: ""I think the government are putting forward a very good strategy for how to improve, working together with the private sector, now it is about execution and getting execution right."" Domestic chiefs were also upbeat. Amanda Blanc who runs pension and insurance firm Aviva told the BBC ""the mood was very positive."" The other word that came out of minsters' mouths a lot was ""regulation"". Not the sexiest of words or concepts, but it mattered a lot to the decision makers in the Guildhall on Monday.  Sir Keir said that, while not all regulation was bad, he wanted to sweep away the kind that requires energy companies to complete 4,000 documents to start building infrastructure. Just last week, though, the government introduced the biggest increase in employment regulation in a generation.  Higher minimum wages, a plethora of rights, including protection from unfair dismissal from day one and a right for employees to insist on flexible working unless the employer can prove its not practical. Even a new convert to Labour, the billionaire former Conservative donor John Caudwell said he had reservations about that. He told the BBC he was ""not very keen"" on Labour's plans to increase workers' rights, calling them ""a real burden on business"".  Yet, he said businesses and potential investors, would ""swallow the difficulties that come as a result of that extra regulation on employee rights"" if the wider goal of growing the economy was met. Sir Keir was clearly aware that was a source of disquiet for some firms and leaned into the subject, saying that more secure, better paying jobs increased disposable income and the tendency to spend it. However, the elephant in the room was the Budget at the end of this month. Speaking to reporters at the conference, Chancellor Rachel Reeves once again refused to rule out imposing National Insurance contributions on employer pension contributions - a potential £10bn to £20bn hit to employers. Meanwhile, the chancellor gave her clearest indication yet she is prepared to ditch traditional methods of measuring national debt to invest in UK infrastructure, by referencing three former policy makers who support the idea. Current rules require government debt to be falling as a percentage of national income by the end of the parliament.  Excluding borrowing to fund investment would give her tens of billions of pounds worth of extra wiggle room but could raise government borrowing costs as lenders to the government feel they are taking more risk. The government also resurrected the idea of an Industrial Strategy, publishing a green paper that promised to enshrine it in law so it can't be easily binned as it was by the previous government.  It said it would not try and pick winners but focus on the UK's strengths across eight sectors: advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services. With a nod to the former England manager Gareth Southgate, who was a panel member to discuss the UK's creative and cultural strengths, Sir Keir said he wanted to make sure the pitch was mown and the changing rooms were nice for the teams playing. Was the summit a success? Labour certainly think so and were keen to point out that last years Sunak led investment summit only raised £39bn. By contrast, the government pointed to the £63bn in private sector investment as proof of that its plan was already working and said it was prepared to spend its own money to unlock even more investment. Some of this investment had already been announced previously. These numbers are hard to judge. You never know how many of these investment would have been made anyway but are held back or accelerated to coincide with these events. Its also hard to know how much is being held back the Budget, which many think will determine the government approach to tax, spending and borrowing for the rest of this parliament. The kind of time frame these investors prefer. ",BBC,14/10/2024,"['If there was a word of the day, it was ""stability"".', ""At the UK's International Investment Summit on Monday, Sir Keir Starmer said his party's large majority would draw a line under an eight-year period in which the UK saw four prime ministers and six chancellors."", 'That is valued by international investors like Anders Opedal, boss of Norwegian Energy giant Equinor, which has invested billions in UK renewables as well as oil and gas.', 'Mr Opedal said: ""I think the government are putting forward a very good strategy for how to improve, working together with the private sector, now it is about execution and getting execution right.""', 'Domestic chiefs were also upbeat.', 'Amanda Blanc who runs pension and insurance firm Aviva told the BBC ""the mood was very positive.""', 'The other word that came out of minsters\' mouths a lot was ""regulation"".', 'Not the sexiest of words or concepts, but it mattered a lot to the decision makers in the Guildhall on Monday.', 'Sir Keir said that, while not all regulation was bad, he wanted to sweep away the kind that requires energy companies to complete 4,000 documents to start building infrastructure.', 'Just last week, though, the government introduced the biggest increase in employment regulation in a generation.', 'Higher minimum wages, a plethora of rights, including protection from unfair dismissal from day one and a right for employees to insist on flexible working unless the employer can prove its not practical.', 'Even a new convert to Labour, the billionaire former Conservative donor John Caudwell said he had reservations about that.', 'He told the BBC he was ""not very keen"" on Labour\'s plans to increase workers\' rights, calling them ""a real burden on business"".', 'Yet, he said businesses and potential investors, would ""swallow the difficulties that come as a result of that extra regulation on employee rights"" if the wider goal of growing the economy was met.', 'Sir Keir was clearly aware that was a source of disquiet for some firms and leaned into the subject, saying that more secure, better paying jobs increased disposable income and the tendency to spend it.', 'However, the elephant in the room was the Budget at the end of this month.', 'Speaking to reporters at the conference, Chancellor Rachel Reeves once again refused to rule out imposing National Insurance contributions on employer pension contributions - a potential £10bn to £20bn hit to employers.', 'Meanwhile, the chancellor gave her clearest indication yet she is prepared to ditch traditional methods of measuring national debt to invest in UK infrastructure, by referencing three former policy makers who support the idea.', 'Current rules require government debt to be falling as a percentage of national income by the end of the parliament.', 'Excluding borrowing to fund investment would give her tens of billions of pounds worth of extra wiggle room but could raise government borrowing costs as lenders to the government feel they are taking more risk.', ""The government also resurrected the idea of an Industrial Strategy, publishing a green paper that promised to enshrine it in law so it can't be easily binned as it was by the previous government."", ""It said it would not try and pick winners but focus on the UK's strengths across eight sectors: advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services."", ""With a nod to the former England manager Gareth Southgate, who was a panel member to discuss the UK's creative and cultural strengths, Sir Keir said he wanted to make sure the pitch was mown and the changing rooms were nice for the teams playing."", 'Was the summit a success?', 'Labour certainly think so and were keen to point out that last years Sunak led investment summit only raised £39bn.', 'By contrast, the government pointed to the £63bn in private sector investment as proof of that its plan was already working and said it was prepared to spend its own money to unlock even more investment.', 'Some of this investment had already been announced previously.', 'These numbers are hard to judge.', 'You never know how many of these investment would have been made anyway but are held back or accelerated to coincide with these events.', 'Its also hard to know how much is being held back the Budget, which many think will determine the government approach to tax, spending and borrowing for the rest of this parliament.', 'The kind of time frame these investors prefer.']",0.2025847047685754,"It said it would not try and pick winners but focus on the UK's strengths across eight sectors: advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.",Current rules require government debt to be falling as a percentage of national income by the end of the parliament.,0.2406622400650611,"Just last week, though, the government introduced the biggest increase in employment regulation in a generation.","Speaking to reporters at the conference, Chancellor Rachel Reeves once again refused to rule out imposing National Insurance contributions on employer pension contributions - a potential £10bn to £20bn hit to employers.",2024-10-15
+GM expects 2025 earnings to be similar to this year's despite industry headwinds,https://www.cnbc.com/2024/10/08/gm-investor-day-2025-earnings.html,2024-10-09T13:00:05+0000,"In this articleDETROIT — General Motors expects its 2025 adjusted earnings to be in a ""similar range"" to the company's results this year, CFO Paul Jacobson said Tuesday during the company's investor day.The Detroit automaker's targeted adjusted earnings before interest and taxes for 2024 were between $13 billion and $15 billion, or $9.50 and $10.50 per share, up from previous guidance of $12.5 billion to $14.5 billion, or $9 to $10 per share, earlier this year.Achieving its 2024 targets as well as similar earnings next year would be quite an accomplishment. Auto industry sales and consumer spending have been slowing and many on Wall Street expect that 2025 will be a significantly more challenging year for automakers.Jacobson declined to provide specific financial targets until the company formally releases its 2025 financial guidance early next year.He said the earnings, which many expect to be down for most automakers, will be assisted by $2 billion to $4 billion in better earnings for electric vehicles, as well as growing sales and profits of traditional gas-powered vehicles.Jacobson said based on current assumptions, GM will have eight vehicles in the market that, on average, will be approximately nine points higher in EBIT margin than previous comparable models.""We expect to see the benefits grow in the coming years as the organization continues to embrace more efficient ways to engineer, produce and sell our vehicles,"" Jacobson said.He said GM's capital spend also is expected to be consistent in 2025 with this year. GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion.The EV tailwinds are split between savings from increases in volume and lower costs, including for raw materials and battery production.GM has improved its EV variable profit by more than 30 points year over year through the third quarter, Jacobson said.GM CEO Mary Barra said Tuesday the automaker is on pace to produce and wholesale about 200,000 EVs for North America in 2024, achieving profitability on a production, or contribution-margin basis, by the end of this year. That guidance is down from a prior target of 200,00 to 250,000 EVs, which had been lowered from as high as 300,000 units.Also assisting GM's earnings in 2025 are expected reductions to fixed costs, which have come down by $2 billion over the past two years net of depreciation and amortization, as well as relatively stable demand and incentive spend by the automaker.Other than the financial targets for 2025, the automaker provided few significant updates at its investor day.Shares of GM closed Tuesday essentially unchanged at $46.01. The stock remains up about 28% this year, but it has been under pressure of late due to several downgrades and price target adjustments by Wall Street analysts.Correction: GM has improved its EV variable profit by more than 30 points year over year through the third quarter. A previous version misstated that figure.",CNBC,09/10/2024,"['In this articleDETROIT — General Motors expects its 2025 adjusted earnings to be in a ""similar range"" to the company\'s results this year, CFO Paul Jacobson said Tuesday during the company\'s investor day.', ""The Detroit automaker's targeted adjusted earnings before interest and taxes for 2024 were between $13 billion and $15 billion, or $9.50 and $10.50 per share, up from previous guidance of $12.5 billion to $14.5 billion, or $9 to $10 per share, earlier this year."", 'Achieving its 2024 targets as well as similar earnings next year would be quite an accomplishment.', 'Auto industry sales and consumer spending have been slowing and many on Wall Street expect that 2025 will be a significantly more challenging year for automakers.', 'Jacobson declined to provide specific financial targets until the company formally releases its 2025 financial guidance early next year.', 'He said the earnings, which many expect to be down for most automakers, will be assisted by $2 billion to $4 billion in better earnings for electric vehicles, as well as growing sales and profits of traditional gas-powered vehicles.', 'Jacobson said based on current assumptions, GM will have eight vehicles in the market that, on average, will be approximately nine points higher in EBIT margin than previous comparable models.', '""We expect to see the benefits grow in the coming years as the organization continues to embrace more efficient ways to engineer, produce and sell our vehicles,"" Jacobson said.', ""He said GM's capital spend also is expected to be consistent in 2025 with this year."", ""GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion."", 'The EV tailwinds are split between savings from increases in volume and lower costs, including for raw materials and battery production.', 'GM has improved its EV variable profit by more than 30 points year over year through the third quarter, Jacobson said.', 'GM CEO Mary Barra said Tuesday the automaker is on pace to produce and wholesale about 200,000 EVs for North America in 2024, achieving profitability on a production, or contribution-margin basis, by the end of this year.', 'That guidance is down from a prior target of 200,00 to 250,000 EVs, which had been lowered from as high as 300,000 units.', ""Also assisting GM's earnings in 2025 are expected reductions to fixed costs, which have come down by $2 billion over the past two years net of depreciation and amortization, as well as relatively stable demand and incentive spend by the automaker."", 'Other than the financial targets for 2025, the automaker provided few significant updates at its investor day.', 'Shares of GM closed Tuesday essentially unchanged at $46.01.', 'The stock remains up about 28% this year, but it has been under pressure of late due to several downgrades and price target adjustments by Wall Street analysts.', 'Correction: GM has improved its EV variable profit by more than 30 points year over year through the third quarter.', 'A previous version misstated that figure.']",0.2466770139546317,"He said the earnings, which many expect to be down for most automakers, will be assisted by $2 billion to $4 billion in better earnings for electric vehicles, as well as growing sales and profits of traditional gas-powered vehicles.","The stock remains up about 28% this year, but it has been under pressure of late due to several downgrades and price target adjustments by Wall Street analysts.",0.4647013107935587,Correction: GM has improved its EV variable profit by more than 30 points year over year through the third quarter.,Auto industry sales and consumer spending have been slowing and many on Wall Street expect that 2025 will be a significantly more challenging year for automakers.,2024-10-15
+National Insurance fears spark business backlash,https://www.bbc.co.uk/news/articles/crm2remkekdo,2024-10-15T09:51:19.009Z,"Businesses have hit out over a potential rise in National Insurance paid by employers, arguing it will make hiring staff and creating jobs harder. Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister Sir Keir Starmer failed to rule out in an interview with the BBC on Tuesday. Some have warned that a hike in National Insurance on employers would ""hobble"" economic growth, while one lobby group claimed it would ""hammer"" the hospitality sector. Labour has said that it is ""pro-business"" and wants to boost economic growth but Sir Keir has cautioned that the Budget on 30 October is ""going to be tough"". The CBI, one of the UK's leading lobby groups which claims it speaks for 170,000 firms, has suggested companies have stalled taking on new workers and investing as they await the government's tax and spending plans. Rain Newton-Smith, chief executive of the CBI, told the BBC's Today programme that employers would see a National Insurance rise as a ""difficult move"" which would ""increase the cost of taking someone on"".  This is on top of increases in the National Living Wage and in energy bills in recent years, she said. Kate Nicholls, chief executive of UK Hospitality, said any rise in National Insurance would ""particularly hammer sectors like hospitality, where staffing costs are the biggest business expense"". Alex Veitch, director of policy at the British Chambers of Commerce, conceded that the government had to make ""difficult decisions"" in the Budget, but he warned that raising employer National Insurance contributions would ""simply hobble growth and lead to businesses having less money to invest in their staff"". At this stage, it remains unclear exactly what aspect of National Insurance the government could increase in relation to employers. Firms pay the levy on the earnings of people on their payroll, but there is also speculation the government could introduce National Insurance on employer's contributions to pensions. Some questioned whether Labour will renege on its manifesto promise not to raise taxes including National Insurance. On Monday, Chancellor Rachel Reeves said Labour's election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by companies. But Mr Veitch said: ""Firms are run by working people.  ""Nearly all UK companies are small, with many family-owned, and they are the anchors in our local economies."" Craig Beaumont, executive director at the Federation of Small Businesses, said: ""You don't get to a pro-small business Budget without the government honouring its cast-iron manifesto commitment to not increase National Insurance contributions, including on small employers."" He added a rise in National Insurance would ""make every job in all our local communities more expensive to maintain"". Speculation is gathering about what Labour will announce in its first Budget in almost 15 years at the end of this month. The chancellor claims there is a £22bn ""hole"" in the public finances and that some taxes will be raised.  National Insurance contributions are the UK’s second-largest revenue raiser behind income tax. It is paid by workers and the self-employed on earnings and profits, and by employers on top of the wages they pay out. Changes to the tax can be introduced - and generate cash - quickly, within weeks of a Budget through digitalised payroll systems. Employers pay National Insurance of 13.8% on a worker's earnings above £175 per week.  The Institute for Fiscal Studies (IFS) think tank told the BBC that HMRC has estimated that increasing the rate of National Insurance paid by employers by one percentage point to 14.8%, for example, could raise as much £8.5bn per year in the short term. Isaac Delestre, an economist at the IFS, said the forecast does not take into account the impact increasing National Insurance could have on the amount the government generates from other taxes, such as income tax.  For example, employers could restrict wage rises, meaning employees would pay less on their individual National Insurance contributions and income tax. If businesses decided to absorb the extra cost, their profits might be lower and therefore, the amount they pay in corporation tax could be less. Mr Delestre said the situation for the government around potentially raising National Insurance was ""quite delicate"". The government could also decide to introduce a National Insurance levy on the contributions employers pay into workers' pensions. Currently, this is tax-free. The IFS said the creation of a subsidy for employer pension contributions of 10% could raise around £4.5bn per year. But Alice Haine, personal finance analyst at Evelyn Partners, said such a tax hike could have ""unintended consequences"" as businesses might then ""choose to reduce headcount or stick to the auto-enrolment minimum for pensions to cut costs"". ",BBC,15/10/2024,"['Businesses have hit out over a potential rise in National Insurance paid by employers, arguing it will make hiring staff and creating jobs harder.', 'Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister Sir Keir Starmer failed to rule out in an interview with the BBC on Tuesday.', 'Some have warned that a hike in National Insurance on employers would ""hobble"" economic growth, while one lobby group claimed it would ""hammer"" the hospitality sector.', 'Labour has said that it is ""pro-business"" and wants to boost economic growth but Sir Keir has cautioned that the Budget on 30 October is ""going to be tough"".', ""The CBI, one of the UK's leading lobby groups which claims it speaks for 170,000 firms, has suggested companies have stalled taking on new workers and investing as they await the government's tax and spending plans."", 'Rain Newton-Smith, chief executive of the CBI, told the BBC\'s Today programme that employers would see a National Insurance rise as a ""difficult move"" which would ""increase the cost of taking someone on"".', 'This is on top of increases in the National Living Wage and in energy bills in recent years, she said.', 'Kate Nicholls, chief executive of UK Hospitality, said any rise in National Insurance would ""particularly hammer sectors like hospitality, where staffing costs are the biggest business expense"".', 'Alex Veitch, director of policy at the British Chambers of Commerce, conceded that the government had to make ""difficult decisions"" in the Budget, but he warned that raising employer National Insurance contributions would ""simply hobble growth and lead to businesses having less money to invest in their staff"".', 'At this stage, it remains unclear exactly what aspect of National Insurance the government could increase in relation to employers.', ""Firms pay the levy on the earnings of people on their payroll, but there is also speculation the government could introduce National Insurance on employer's contributions to pensions."", 'Some questioned whether Labour will renege on its manifesto promise not to raise taxes including National Insurance.', 'On Monday, Chancellor Rachel Reeves said Labour\'s election pledge not to increase National Insurance on ""working people"" related to the employee element, as opposed to the sum paid by companies.', 'But Mr Veitch said: ""Firms are run by working people. ""', 'Nearly all UK companies are small, with many family-owned, and they are the anchors in our local economies.""', 'Craig Beaumont, executive director at the Federation of Small Businesses, said: ""You don\'t get to a pro-small business Budget without the government honouring its cast-iron manifesto commitment to not increase National Insurance contributions, including on small employers.""', 'He added a rise in National Insurance would ""make every job in all our local communities more expensive to maintain"".', 'Speculation is gathering about what Labour will announce in its first Budget in almost 15 years at the end of this month.', 'The chancellor claims there is a £22bn ""hole"" in the public finances and that some taxes will be raised.', 'National Insurance contributions are the UK’s second-largest revenue raiser behind income tax.', 'It is paid by workers and the self-employed on earnings and profits, and by employers on top of the wages they pay out.', 'Changes to the tax can be introduced - and generate cash - quickly, within weeks of a Budget through digitalised payroll systems.', ""Employers pay National Insurance of 13.8% on a worker's earnings above £175 per week."", 'The Institute for Fiscal Studies (IFS) think tank told the BBC that HMRC has estimated that increasing the rate of National Insurance paid by employers by one percentage point to 14.8%, for example, could raise as much £8.5bn per year in the short term.', 'Isaac Delestre, an economist at the IFS, said the forecast does not take into account the impact increasing National Insurance could have on the amount the government generates from other taxes, such as income tax.', 'For example, employers could restrict wage rises, meaning employees would pay less on their individual National Insurance contributions and income tax.', 'If businesses decided to absorb the extra cost, their profits might be lower and therefore, the amount they pay in corporation tax could be less.', 'Mr Delestre said the situation for the government around potentially raising National Insurance was ""quite delicate"".', ""The government could also decide to introduce a National Insurance levy on the contributions employers pay into workers' pensions."", 'Currently, this is tax-free.', 'The IFS said the creation of a subsidy for employer pension contributions of 10% could raise around £4.5bn per year.', 'But Alice Haine, personal finance analyst at Evelyn Partners, said such a tax hike could have ""unintended consequences"" as businesses might then ""choose to reduce headcount or stick to the auto-enrolment minimum for pensions to cut costs"".']",0.0192214803362412,"It is paid by workers and the self-employed on earnings and profits, and by employers on top of the wages they pay out.",Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister Sir Keir Starmer failed to rule out in an interview with the BBC on Tuesday.,-0.2350605502724647,"The Institute for Fiscal Studies (IFS) think tank told the BBC that HMRC has estimated that increasing the rate of National Insurance paid by employers by one percentage point to 14.8%, for example, could raise as much £8.5bn per year in the short term.","Alex Veitch, director of policy at the British Chambers of Commerce, conceded that the government had to make ""difficult decisions"" in the Budget, but he warned that raising employer National Insurance contributions would ""simply hobble growth and lead to businesses having less money to invest in their staff"".",2024-10-15
+Boba tea company apologises over Canada Dragon's Den row,https://www.bbc.co.uk/news/articles/c3wp0175w9xo,2024-10-15T00:40:33.177Z,"A Canadian boba tea company has apologised after Marvel actor Simu Liu accused them of cultural appropriation on an episode of the Dragons' Den reality TV series.  On an episode of CBC's Dragons' Den, the Canadian equivalent of the US show Shark Tank, the owners of a Quebec bubble tea brand called Bobba pitched their drink to potential investors, including Liu, arguing that they were ""disturbing"" the popular bubble tea market by using only three simple ingredients to ""transform"" the beverage into a ""convenient and healthier"" experience. Liu pushed back against the entrepreneurs, accusing them of appropriating the Taiwanese drink, known as boba or bubble tea, which has became popular around the world. ""I'm concerned about this idea of disrupting or disturbing bubble tea"", Liu said as a guest on the star show. “There’s an issue of taking something that’s very distinctly Asian in its identity and ‘making it better,’ which I have an issue with,” he added. The Canadian-Chinese actor also pressed the business owners, Sebastien Fiset and Jess Frenette, about whether they had members of staff who understood the cultural significance of the ""very Asian drink"", which is made with tapioca balls.  Mr Fiset responded that their ""best partner"" was in Taiwan - ""they make all the recipes, all the boba"". The episode quickly blew up on social media, where users attacked the Bobba owners.  The owners responded by issuing an apology on social media on Monday, saying they were sorry for the harm they caused ""with our words and actions on the show"".  ""Simu Liu raised very valid points regarding cultural appropriation and we welcome this learning opportunity,"" the business owners said.  They added that they would be re-evaluating their branding, packaging and marketing strategies to ""ensure that they reflect a respectful and accurate representation of our Taiwanese partnership and bubble tea’s cultural roots"".  Earlier Liu took to social media as well to try to de-escalate the conflict, arguing that the pair came on the show ""in good faith"".  He said he ultimately decided not to contribute to the $1m (£765,000) investment Mr Fiset and Ms Frenette were seeking for an 18% stake in their company because of the issues he pointed out with their product.  ""That doesn't mean that I believe that they deserve harassment,"" Liu said in the social media video.  Another judge on the show, Manjit Minhas, had agreed to invest in Bobba, arguing that ""there can be new takes on things... Not everything has to be traditional,"" when first hearing Liu's criticism of the Canadian duo's pitch on the show.  But following the social media storm the show created, she changed her mind, saying on Sunday: ""After more reflection, due diligence and listening to many of your opinions, I will not be investing in Bobba Tea."" In a video posted to her Instagram account, she added that she'd had to turn off comments on her social media platforms due to abuse received since the show. ""It is never OK to send hate and threatening messages to the entrepreneurs,"" she said. ",BBC,15/10/2024,"[""A Canadian boba tea company has apologised after Marvel actor Simu Liu accused them of cultural appropriation on an episode of the Dragons' Den reality TV series."", 'On an episode of CBC\'s Dragons\' Den, the Canadian equivalent of the US show Shark Tank, the owners of a Quebec bubble tea brand called Bobba pitched their drink to potential investors, including Liu, arguing that they were ""disturbing"" the popular bubble tea market by using only three simple ingredients to ""transform"" the beverage into a ""convenient and healthier"" experience.', 'Liu pushed back against the entrepreneurs, accusing them of appropriating the Taiwanese drink, known as boba or bubble tea, which has became popular around the world. ""', 'I\'m concerned about this idea of disrupting or disturbing bubble tea"", Liu said as a guest on the star show. “', 'There’s an issue of taking something that’s very distinctly Asian in its identity and ‘making it better,’ which I have an issue with,” he added.', 'The Canadian-Chinese actor also pressed the business owners, Sebastien Fiset and Jess Frenette, about whether they had members of staff who understood the cultural significance of the ""very Asian drink"", which is made with tapioca balls.', 'Mr Fiset responded that their ""best partner"" was in Taiwan - ""they make all the recipes, all the boba"".', 'The episode quickly blew up on social media, where users attacked the Bobba owners.', 'The owners responded by issuing an apology on social media on Monday, saying they were sorry for the harm they caused ""with our words and actions on the show"". ""', 'Simu Liu raised very valid points regarding cultural appropriation and we welcome this learning opportunity,"" the business owners said.', 'They added that they would be re-evaluating their branding, packaging and marketing strategies to ""ensure that they reflect a respectful and accurate representation of our Taiwanese partnership and bubble tea’s cultural roots"".', 'Earlier Liu took to social media as well to try to de-escalate the conflict, arguing that the pair came on the show ""in good faith"".', 'He said he ultimately decided not to contribute to the $1m (£765,000) investment Mr Fiset and Ms Frenette were seeking for an 18% stake in their company because of the issues he pointed out with their product. ""', 'That doesn\'t mean that I believe that they deserve harassment,"" Liu said in the social media video.', 'Another judge on the show, Manjit Minhas, had agreed to invest in Bobba, arguing that ""there can be new takes on things... Not everything has to be traditional,"" when first hearing Liu\'s criticism of the Canadian duo\'s pitch on the show.', 'But following the social media storm the show created, she changed her mind, saying on Sunday: ""After more reflection, due diligence and listening to many of your opinions, I will not be investing in Bobba Tea.""', 'In a video posted to her Instagram account, she added that she\'d had to turn off comments on her social media platforms due to abuse received since the show. ""', 'It is never OK to send hate and threatening messages to the entrepreneurs,"" she said.']",-0.0398393796331771,"Simu Liu raised very valid points regarding cultural appropriation and we welcome this learning opportunity,"" the business owners said.","It is never OK to send hate and threatening messages to the entrepreneurs,"" she said.",-0.1183930516242981,"Simu Liu raised very valid points regarding cultural appropriation and we welcome this learning opportunity,"" the business owners said.",A Canadian boba tea company has apologised after Marvel actor Simu Liu accused them of cultural appropriation on an episode of the Dragons' Den reality TV series.,2024-10-15
+Trump electric vehicle attacks hit home for some Michigan voters,https://www.bbc.co.uk/news/articles/c99vlpkzk4no,2024-10-11T16:30:26.129Z,"A longtime resident of the north Detroit suburb of Warren, Michigan, Doug spends part of his days building electric vehicles for Ford as a machine repairman. But he would never buy one. A former Democrat and unionised auto worker, Doug - who declined to share his name for fear of pushback from his union - is exactly the type of Michigan voter Donald Trump is working to recruit and Kamala Harris is eager to win back. With 15 electoral votes, the state is a hefty prize. Biden won it in 2020, by about a three-point lead, or 150,000 votes. But polls show another Democratic victory is far from certain.  With less than a month before election day, the former president has been stoking fears in the state that Harris wants to ban gas-powered vehicles and that auto workers could lose their jobs in the push to electrify cars. The message is resonating with Doug and some other Michigan voters who spoke to the BBC. “It could definitely cost us our jobs, and it already has cost a lot of people their jobs,” Doug told the BBC on a sunny October day outside a Meijer supermarket in Warren. Harris has pushed back on Trump’s rhetoric, telling voters at a rally in Flint, Michigan, last week that her administration would not put a stop to vehicles that use petrol. The vice-president endorsed phasing out petrol cars when she ran for president in 2019, but has since reversed her support for the policy. “Michigan, let us be clear,” she said in Flint, “Contrary to what my opponent is suggesting, I will never tell you what kind of car you have to drive.” Experts say Trump’s electric vehicle criticism is his Michigan spin on a broader economic message as he tries to appeal to voters in the key midwestern swing state. Speaking to a crowd of hundreds at a Detroit Economic Club event on Thursday, the former president doubled down on the message, saying that United Automobile Workers president Shawn Fain wanted “all electric cars”, a move Trump said was costing the auto industry their “whole business”. “That has just become a front message of Republicans: that these plans or hopes to electrify the vehicles are going to destroy the auto industry and take away jobs,” said Jonathan Hanson, a lecturer at University of Michigan’s Gerald R Ford School of Public Policy. And Harris’s challenges to that message haven’t broken through to some Michigan voters, who still believe Trump’s claim that Harris wants a country of entirely electric vehicles. “I don’t trust them,” 82-year-old Warren resident Ruth Zimmer said of electric cars. “I want it to be the way it always was, with a good, old-fashioned car.” On Friday in Michigan, Harris’s running mate Minnesota Governor Tim Walz tried to appeal to those sceptical of electric vehicles and took aim at Trump’s comments about mandates. “It should just be your choice. We need to make those choices affordable and available to people,” he said. “Nobody’s mandating anything to you. If you want to drive, like I do, a ‘79 International Harvester Scout that is sweet as hell … knock yourself out.” Walz and Trump's visits to the state comes as recent polls suggest Harris’s support may be slipping slightly in the key battleground state. A September poll from Quinnipiac University found Trump ahead by three points in Michigan, after other polls suggested Harris had been leading by a slim margin for the past month. Trump’s attacks on electric vehicles are also complicated by one of his biggest supporters, billionaire Elon Musk, the founder of Tesla, an electric car company. Musk has endorsed Trump and appeared at his rally in Butler, Pennsylvania, last week, cheering him on from behind the podium. Appealing to the state’s automobile and union worker population - once a staunchly Democratic voting bloc - will prove key for Harris and Trump to close the gap in Michigan, experts say. Trump picked up a number of these voters in the state in his 2016 race against Hillary Clinton, though President Joe Biden won some of their votes back in 2020. Nationally, Clinton ended up winning 51% of union households, compared to Trump’s 42%, in a race she lost in Michigan by some 10,000 votes. Biden won union households 56% to 40%, according to 2020 exit polls. Some former Democratic union workers in Michigan have grown disillusioned with the party as the cost of living has risen. Doug, the Warren resident, said adding that pressure from his union leadership to stay in line with Democrats had turned him off.  “You must be a Democrat, or you're totally exiled,” Doug said. Harris, he added, was just President Joe Biden “in a nutshell”.  The vice-president is struggling to win over the labour vote more than Biden, who had cast himself as the most pro-union president in history. Though Harris and Walz have key labour endorsements, they’ve struggled to earn support from rank-and-file union members. For the first time in three decades, the International Brotherhood of Teamsters - the largest union in the country - declined to endorse a presidential candidate, finding a majority of its rank-and-file members supported Trump. In Michigan, where the automotive and transportation industry employ 20% of the workforce, Democrats are not getting as much credit as they had hoped for their electric vehicle investments in the state, said Matt Grossmann, a politics professor at Michigan State University. This year, the Biden-Harris Administration announced a $1.7b (£1.3b) investment to convert shuttered and struggling auto plants in Michigan and several other mid-western states to manufacture electric vehicles and parts of their supply chain. “Many in the auto industry and surrounding it don't necessarily think that that would benefit Michigan,” Mr Grossmann said. Automakers broadly seem to be on board with shifting their fleets over to more electric vehicles, Mr Hanson said, but the transition is expensive and requires complementary investments in factories for special materials such as batteries. As a part of the nearly $2b federal investment, a General Motors factory in Lansing, Michigan, has received $500m to shift production from petrol to electric vehicles. In Detroit just two days before Trump arrived, his Republican running mate JD Vance said the Lansing investment was “table scraps” compared to the job losses that would be on the horizon from the shift to electric vehicles. Kevin Moore, the president of the Teamsters union in Michigan, called Trump and Vance’s electric vehicle claims a “bold-faced lie”. “They’re not going to get rid of combustible, gas vehicles,” he told the BBC. “They can coincide together.” His group - and several Teamsters unions in swing states - have endorsed Harris for president. Moore said he believed Michigan workers would not buy into Trump’s statement that electrification would cost auto workers their jobs. “They’re astute,” he said of auto workers. “Donald Trump was a gold spoon-fed billionaire. [Harris] lived her life in middle-class America.” EXPLAINER: What Harris or Trump would do in power ANALYSIS: What could be the 'October Surprise'? FACT-CHECK: Debunking Trump claim about hurricane funds ",BBC,11/10/2024,"['A longtime resident of the north Detroit suburb of Warren, Michigan, Doug spends part of his days building electric vehicles for Ford as a machine repairman.', 'But he would never buy one.', 'A former Democrat and unionised auto worker, Doug - who declined to share his name for fear of pushback from his union - is exactly the type of Michigan voter Donald Trump is working to recruit and Kamala Harris is eager to win back.', 'With 15 electoral votes, the state is a hefty prize.', 'Biden won it in 2020, by about a three-point lead, or 150,000 votes.', 'But polls show another Democratic victory is far from certain.', 'With less than a month before election day, the former president has been stoking fears in the state that Harris wants to ban gas-powered vehicles and that auto workers could lose their jobs in the push to electrify cars.', 'The message is resonating with Doug and some other Michigan voters who spoke to the BBC. “', 'It could definitely cost us our jobs, and it already has cost a lot of people their jobs,” Doug told the BBC on a sunny October day outside a Meijer supermarket in Warren.', 'Harris has pushed back on Trump’s rhetoric, telling voters at a rally in Flint, Michigan, last week that her administration would not put a stop to vehicles that use petrol.', 'The vice-president endorsed phasing out petrol cars when she ran for president in 2019, but has since reversed her support for the policy. “', 'Michigan, let us be clear,” she said in Flint, “Contrary to what my opponent is suggesting, I will never tell you what kind of car you have to drive.”', 'Experts say Trump’s electric vehicle criticism is his Michigan spin on a broader economic message as he tries to appeal to voters in the key midwestern swing state.', 'Speaking to a crowd of hundreds at a Detroit Economic Club event on Thursday, the former president doubled down on the message, saying that United Automobile Workers president Shawn Fain wanted “all electric cars”, a move Trump said was costing the auto industry their “whole business”. “', 'That has just become a front message of Republicans: that these plans or hopes to electrify the vehicles are going to destroy the auto industry and take away jobs,” said Jonathan Hanson, a lecturer at University of Michigan’s Gerald R Ford School of Public Policy.', 'And Harris’s challenges to that message haven’t broken through to some Michigan voters, who still believe Trump’s claim that Harris wants a country of entirely electric vehicles. “', 'I don’t trust them,” 82-year-old Warren resident Ruth Zimmer said of electric cars. “', 'I want it to be the way it always was, with a good, old-fashioned car.”', 'On Friday in Michigan, Harris’s running mate Minnesota Governor Tim Walz tried to appeal to those sceptical of electric vehicles and took aim at Trump’s comments about mandates. “', 'It should just be your choice.', 'We need to make those choices affordable and available to people,” he said. “', 'Nobody’s mandating anything to you.', 'If you want to drive, like I do, a ‘79 International Harvester Scout that is sweet as hell … knock yourself out.”', ""Walz and Trump's visits to the state comes as recent polls suggest Harris’s support may be slipping slightly in the key battleground state."", 'A September poll from Quinnipiac University found Trump ahead by three points in Michigan, after other polls suggested Harris had been leading by a slim margin for the past month.', 'Trump’s attacks on electric vehicles are also complicated by one of his biggest supporters, billionaire Elon Musk, the founder of Tesla, an electric car company.', 'Musk has endorsed Trump and appeared at his rally in Butler, Pennsylvania, last week, cheering him on from behind the podium.', 'Appealing to the state’s automobile and union worker population - once a staunchly Democratic voting bloc - will prove key for Harris and Trump to close the gap in Michigan, experts say.', 'Trump picked up a number of these voters in the state in his 2016 race against Hillary Clinton, though President Joe Biden won some of their votes back in 2020.', 'Nationally, Clinton ended up winning 51% of union households, compared to Trump’s 42%, in a race she lost in Michigan by some 10,000 votes.', 'Biden won union households 56% to 40%, according to 2020 exit polls.', 'Some former Democratic union workers in Michigan have grown disillusioned with the party as the cost of living has risen.', 'Doug, the Warren resident, said adding that pressure from his union leadership to stay in line with Democrats had turned him off. “', ""You must be a Democrat, or you're totally exiled,” Doug said."", 'Harris, he added, was just President Joe Biden “in a nutshell”.', 'The vice-president is struggling to win over the labour vote more than Biden, who had cast himself as the most pro-union president in history.', 'Though Harris and Walz have key labour endorsements, they’ve struggled to earn support from rank-and-file union members.', 'For the first time in three decades, the International Brotherhood of Teamsters - the largest union in the country - declined to endorse a presidential candidate, finding a majority of its rank-and-file members supported Trump.', 'In Michigan, where the automotive and transportation industry employ 20% of the workforce, Democrats are not getting as much credit as they had hoped for their electric vehicle investments in the state, said Matt Grossmann, a politics professor at Michigan State University.', 'This year, the Biden-Harris Administration announced a $1.7b (£1.3b) investment to convert shuttered and struggling auto plants in Michigan and several other mid-western states to manufacture electric vehicles and parts of their supply chain. “', ""Many in the auto industry and surrounding it don't necessarily think that that would benefit Michigan,” Mr Grossmann said."", 'Automakers broadly seem to be on board with shifting their fleets over to more electric vehicles, Mr Hanson said, but the transition is expensive and requires complementary investments in factories for special materials such as batteries.', 'As a part of the nearly $2b federal investment, a General Motors factory in Lansing, Michigan, has received $500m to shift production from petrol to electric vehicles.', 'In Detroit just two days before Trump arrived, his Republican running mate JD Vance said the Lansing investment was “table scraps” compared to the job losses that would be on the horizon from the shift to electric vehicles.', 'Kevin Moore, the president of the Teamsters union in Michigan, called Trump and Vance’s electric vehicle claims a “bold-faced lie”. “', 'They’re not going to get rid of combustible, gas vehicles,” he told the BBC. “', 'They can coincide together.”', 'His group - and several Teamsters unions in swing states - have endorsed Harris for president.', 'Moore said he believed Michigan workers would not buy into Trump’s statement that electrification would cost auto workers their jobs. “', 'They’re astute,” he said of auto workers. “', 'Donald Trump was a gold spoon-fed billionaire. [', 'Harris] lived her life in middle-class America.”', ""EXPLAINER: What Harris or Trump would do in power ANALYSIS: What could be the 'October Surprise'?"", 'FACT-CHECK: Debunking Trump claim about hurricane funds']",0.1485579581465158,"Michigan, let us be clear,” she said in Flint, “Contrary to what my opponent is suggesting, I will never tell you what kind of car you have to drive.”","With less than a month before election day, the former president has been stoking fears in the state that Harris wants to ban gas-powered vehicles and that auto workers could lose their jobs in the push to electrify cars.",-0.0618310545881589,"Nationally, Clinton ended up winning 51% of union households, compared to Trump’s 42%, in a race she lost in Michigan by some 10,000 votes.",Walz and Trump's visits to the state comes as recent polls suggest Harris’s support may be slipping slightly in the key battleground state.,2024-10-15
+When is the Budget and what might be in it?,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.  However, her speech at the Labour Party conference was more optimistic about the future of the economy. Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The speech outlines the government's plans for raising or lowering taxes.  It also includes big decisions about spending on health, schools, police and other public services. The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget in March 2024, before the general election. But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities. The 2024 autumn Budget is on Wednesday 30 October. The Budget speech usually starts at about 12:30 UK time and lasts about an hour. It will be broadcast live on the BBC iPlayer and on the BBC News website. The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down. The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech. It gives more details about the measures announced and what they will cost. The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.  After the statement, MPs spend several days debating the plans. They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law. The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities. Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability. A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises. Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries. However, the UK economy stalled in June and July. When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny. She said she was facing  a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result. This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years. At the election Labour promised not to increase taxes on ""working people"", and said it would not raise VAT (value added tax), income tax or National Insurance. But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments. It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay. Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000. Fuel duty Fuel duty has not risen in more than a decade. It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine. However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed. Pension taxation Various options exist for the chancellor to bring more money into the Treasury from taxation on pensions. That could include reducing the cap on tax-free lump sums from pension pots, reducing a tax break for employers putting money into employees' pensions, or changing the system of tax relief on pension contributions. At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%. The government could introduce a single flat rate of relief which would make the system less generous for higher earners, although reports have suggested this is now an unlikely move. Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. As a result, they do not pay UK tax on money they make elsewhere. In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions. Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected. National Insurance contributions by employers The government's phrase that it would not raise taxes on ""working people"" has led to speculation that it could still increase National Insurance (NI) rates for employers. NI is paid by both workers and companies. Employers pay NI on their workers' earnings at a rate of 13.8%. At the moment companies do not pay NI on pension contributions they make to employees, but reports have suggested this could change in the Budget.  Gambling tax Reports suggest the government is considering extra taxes on gambling companies - a rumour that led the shares of UK-based bookmakers to fall. It is not clear how likely this is to happen with other commentary suggesting the Treasury is distancing itself from such a move. Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities. State pension The state pension is set to rise by 4% in April 2025. The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget. VAT on private schools The government has said VAT will be added to private school fees from 1 January. Some private schools will lose business rates relief. Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK. The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030. ",BBC,18/09/2024,"[""Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October."", 'At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.', 'However, her speech at the Labour Party conference was more optimistic about the future of the economy.', ""Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons."", ""The speech outlines the government's plans for raising or lowering taxes."", 'It also includes big decisions about spending on health, schools, police and other public services.', 'The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget in March 2024, before the general election.', 'But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities.', 'The 2024 autumn Budget is on Wednesday 30 October.', 'The Budget speech usually starts at about 12:30 UK time and lasts about an hour.', 'It will be broadcast live on the BBC iPlayer and on the BBC News website.', 'The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down.', 'The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech.', 'It gives more details about the measures announced and what they will cost.', 'The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.', 'After the statement, MPs spend several days debating the plans.', 'They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law.', ""The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities."", 'Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability.', 'A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises.', 'Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.', 'However, the UK economy stalled in June and July.', 'When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.', 'She said she was facing a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result.', 'This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years.', 'At the election Labour promised not to increase taxes on ""working people"", and said it would not raise VAT (value added tax), income tax or National Insurance.', 'But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments.', 'It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay.', ""Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000."", 'Fuel duty Fuel duty has not risen in more than a decade.', ""It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine."", 'However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed.', 'Pension taxation Various options exist for the chancellor to bring more money into the Treasury from taxation on pensions.', ""That could include reducing the cap on tax-free lump sums from pension pots, reducing a tax break for employers putting money into employees' pensions, or changing the system of tax relief on pension contributions."", 'At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%.', 'The government could introduce a single flat rate of relief which would make the system less generous for higher earners, although reports have suggested this is now an unlikely move.', 'Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'As a result, they do not pay UK tax on money they make elsewhere.', 'In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions.', 'Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.', 'National Insurance contributions by employers The government\'s phrase that it would not raise taxes on ""working people"" has led to speculation that it could still increase National Insurance (NI) rates for employers.', 'NI is paid by both workers and companies.', ""Employers pay NI on their workers' earnings at a rate of 13.8%."", 'At the moment companies do not pay NI on pension contributions they make to employees, but reports have suggested this could change in the Budget.', 'Gambling tax Reports suggest the government is considering extra taxes on gambling companies - a rumour that led the shares of UK-based bookmakers to fall.', 'It is not clear how likely this is to happen with other commentary suggesting the Treasury is distancing itself from such a move.', 'Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'State pension The state pension is set to rise by 4% in April 2025.', 'The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget.', 'VAT on private schools The government has said VAT will be added to private school fees from 1 January.', 'Some private schools will lose business rates relief.', 'Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK.', 'The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030.']",0.1338125854421831,"That could include reducing the cap on tax-free lump sums from pension pots, reducing a tax break for employers putting money into employees' pensions, or changing the system of tax relief on pension contributions.","When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.",-0.1049515141381157,"Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.",Gambling tax Reports suggest the government is considering extra taxes on gambling companies - a rumour that led the shares of UK-based bookmakers to fall.,2024-10-15
+"Robert Kraft, professional sports leagues join forces with campaign against antisemitism",https://www.cnbc.com/2024/10/10/pro-sports-leagues-join-forces-with-campaign-against-antisemitism.html,2024-10-10T15:50:32+0000,"The biggest names in sports are joining forces in a new campaign to combat antisemitism.New England Patriots owner Robert Kraft and his foundation unveiled a star-studded ad titled ""Time Out Against Hate"" on Thursday in collaboration with Major League Baseball, Major League Soccer, the National Basketball Association, the Women's National Basketball Association, the National Football League, the National Women's Soccer League and NASCAR.The campaign follows a new report out Sunday by the Anti-Defamation League that revealed there have been more than 10,000 antisemitic incidents in the U.S. in the year since the Oct. 7, 2023, Hamas terrorist attack in Israel. The Foundation to Combat Antisemitism, founded by Kraft, says 10% of U.S. adult males are blatantly prejudiced against Jewish people and tend to be outspoken about it.""What's going on now in the country — I've never seen anything like it,"" Kraft told CNBC's ""Squawk Box"" on Thursday. ""And I'm concerned what will happen after the election.""The ad spot, which includes names such as Billie Jean King, Shaquille O'Neal, Jim Harbaugh, Doc Rivers, Joe Torre, Ryan Blaney and Candace Parker, will premiere Thursday as part of Amazon's Thursday Night Football programming featuring the NFL's San Francisco 49ers and Seattle Seahawks. The campaign will also be seen on digital platforms and on billboards across the country.""By uniting under a common cause, we amplify our message and demonstrate that the power of sports extends beyond stadiums, arenas and fields, and into our communities,"" Kraft said in a statement announcing the campaign. ""This initiative is a call to action for everyone to join us in creating a world where hate is met with a unified stand for empathy, understanding, and respect.""Last year, Kraft organized a meeting of sports commissioners from nearly ever league to try and address the hateful dialogue taking place. The leaders discussed ideas and opportunities to work together.The campaign has since expanded to include all hate, whether it is gender, religion or race.""We wanted to make sure it included anti-Black, anti-LGBTQ, anti-Muslim,"" said NBA Commissioner Adam Silver in the CNBC interview, alongside Kraft and NWSL Commissioner Jessica Berman. ""Because hate is corrosive to our society and the underpinnings of our democracy,"" Silver said.Berman said Kraft asked the commissioners to lean in and change the narrative when it comes to hate.""I think we have a responsibility as professional sports league leaders in that we have an outsized impact,"" said Berman. ""We know throughout history that sport has the power to change the world.""Kraft founded the Foundation to Combat Antisemitism in 2019 to help address the rising hate against Jews in the U.S. His organization has been working with companies such as Bank of America and shoemaker Adidas as well as with colleges to raise awareness of on-campus incidents of antisemitism.""We're able to tell college campuses what's going on in their campuses before their security people see it,"" Kraft said.In April, Kraft said he was no longer comfortable financially supporting his alma mater, Columbia University, over the administration's handling of anti-Israel protesters on campus. In June, he announced a $1 million donation to Yeshiva University to cover tuition for Jewish students who wish to transfer.",CNBC,10/10/2024,"['The biggest names in sports are joining forces in a new campaign to combat antisemitism.', 'New England Patriots owner Robert Kraft and his foundation unveiled a star-studded ad titled ""Time Out Against Hate"" on Thursday in collaboration with Major League Baseball, Major League Soccer, the National Basketball Association, the Women\'s National Basketball Association, the National Football League, the National Women\'s Soccer League and NASCAR.The campaign follows a new report out Sunday by the Anti-Defamation League that revealed there have been more than 10,000 antisemitic incidents in the U.S. in the year since the Oct. 7, 2023, Hamas terrorist attack in Israel.', 'The Foundation to Combat Antisemitism, founded by Kraft, says 10% of U.S. adult males are blatantly prejudiced against Jewish people and tend to be outspoken about it.', '""What\'s going on now in the country — I\'ve never seen anything like it,"" Kraft told CNBC\'s ""Squawk Box"" on Thursday. ""', ""And I'm concerned what will happen after the election."", '""The ad spot, which includes names such as Billie Jean King, Shaquille O\'Neal, Jim Harbaugh, Doc Rivers, Joe Torre, Ryan Blaney and Candace Parker, will premiere Thursday as part of Amazon\'s Thursday Night Football programming featuring the NFL\'s San Francisco 49ers and Seattle Seahawks.', 'The campaign will also be seen on digital platforms and on billboards across the country.', '""By uniting under a common cause, we amplify our message and demonstrate that the power of sports extends beyond stadiums, arenas and fields, and into our communities,"" Kraft said in a statement announcing the campaign. ""', 'This initiative is a call to action for everyone to join us in creating a world where hate is met with a unified stand for empathy, understanding, and respect.', '""Last year, Kraft organized a meeting of sports commissioners from nearly ever league to try and address the hateful dialogue taking place.', 'The leaders discussed ideas and opportunities to work together.', 'The campaign has since expanded to include all hate, whether it is gender, religion or race.', '""We wanted to make sure it included anti-Black, anti-LGBTQ, anti-Muslim,"" said NBA Commissioner Adam Silver in the CNBC interview, alongside Kraft and NWSL Commissioner Jessica Berman. ""', 'Because hate is corrosive to our society and the underpinnings of our democracy,"" Silver said.', 'Berman said Kraft asked the commissioners to lean in and change the narrative when it comes to hate.', '""I think we have a responsibility as professional sports league leaders in that we have an outsized impact,"" said Berman. ""', 'We know throughout history that sport has the power to change the world.', '""Kraft founded the Foundation to Combat Antisemitism in 2019 to help address the rising hate against Jews in the U.S. His organization has been working with companies such as Bank of America and shoemaker Adidas as well as with colleges to raise awareness of on-campus incidents of antisemitism.', '""We\'re able to tell college campuses what\'s going on in their campuses before their security people see it,"" Kraft said.', ""In April, Kraft said he was no longer comfortable financially supporting his alma mater, Columbia University, over the administration's handling of anti-Israel protesters on campus."", 'In June, he announced a $1 million donation to Yeshiva University to cover tuition for Jewish students who wish to transfer.']",-0.1422652296769332,"This initiative is a call to action for everyone to join us in creating a world where hate is met with a unified stand for empathy, understanding, and respect.","New England Patriots owner Robert Kraft and his foundation unveiled a star-studded ad titled ""Time Out Against Hate"" on Thursday in collaboration with Major League Baseball, Major League Soccer, the National Basketball Association, the Women's National Basketball Association, the National Football League, the National Women's Soccer League and NASCAR.The campaign follows a new report out Sunday by the Anti-Defamation League that revealed there have been more than 10,000 antisemitic incidents in the U.S. in the year since the Oct. 7, 2023, Hamas terrorist attack in Israel.",0.0011019706726074,"""By uniting under a common cause, we amplify our message and demonstrate that the power of sports extends beyond stadiums, arenas and fields, and into our communities,"" Kraft said in a statement announcing the campaign. ""","In April, Kraft said he was no longer comfortable financially supporting his alma mater, Columbia University, over the administration's handling of anti-Israel protesters on campus.",2024-10-15
+Here's what investors need to know after GM's capital markets day,https://www.cnbc.com/2024/10/09/gm-investor-day-highlights-ev-profits-guidance-shareholder-returns-.html,2024-10-09T14:58:54+0000,"DETROIT — Wall Street reacted to General Motors' investor day on Tuesday with a shrug.Executives used the Detroit automaker's event to focus on broad, near-term updates to the company's operations in an attempt to separate itself from its competitors amid more challenging market and economic conditions. But it did little to move the company's stock.GM believes it is in a unique position to outperform the industry and Wall Street's expectations with its all-electric vehicles and traditional internal combustion engine vehicles. The company expects to improve profits for both types of vehicles as it targets adjusted earnings next year to be similar to 2024.""It all starts there: scale, capital efficiency and cost discipline. These will differentiate us from others in our industry, and frankly, from our own past performance,"" GM CEO Mary Barra said during the roughly three-hour event from its manufacturing operations in Spring Hill, Tennessee.GM President Mark Reuss even took jabs at its traditional crosstown rivals Ford Motor and Stellantis. Without naming them, he said GM doesn't need a ""skunkworks"" team to develop affordable EVs like Ford and that cutting to profitability, like Stellantis appears to be doing, doesn't work.Nonetheless, investors have largely failed to reward GM for being ahead of the curve for domestic EV production as well as outperforming many automakers in the profitability of its traditional gas- and diesel-powered vehicles.Several Wall Street analysts were unchanged in their opinion and ratings of the automaker after the event, citing continued optimism but a lack of details in its overall strategy.""A missed opportunity — no strategy, just tactics. GM's investor day showcased many of the company's current achievements, but did not provide much insight on strategy,"" Bernstein analyst Daniel Roeska wrote Wednesday in an investor note.Others such as Barclays' Dan Levy and BofA Securities' John Murphy said while the event lacked some details, it fortified GM's positioning compared to competitors.""GM's Investor Day yesterday didn't provide much in the way of sharp shifts in strategy. However, we believe it served as a strong reminder of GM's balanced and pragmatic approach — a thoughtful combination of ramping on EVs alongside a keen focus on execution and cost while continuing to generate robust shareholder returns,"" Levy wrote in a Wednesday investor note.Shares of GM closed Tuesday essentially unchanged at $46.01. The stock remains up nearly 30% this year, but it has been under pressure of late due to several downgrades and price target adjustments by Wall Street analysts.Here are several topics investors should know from the event:GM expects its 2025 adjusted earnings to be in a ""similar range"" to the company's results this year, CFO Paul Jacobson said.Its targeted adjusted earnings before interest and taxes for 2024 were between $13 billion and $15 billion, or $9.50 and $10.50 per share, up from previous guidance of $12.5 billion to $14.5 billion, or $9 to $10 per share, earlier this year.Through the first half of 2024, GM earned $8.3 billion in EBIT-adjusted and generated $6.4 billion in adjusted automotive free cash flow.Jacobson said GM's capital spend also is expected to be consistent in 2025 with this year. GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion.Jacobson said GM's earnings next year are also expected show narrower losses for electric vehicles — projecting they'll decline by $2 billion to $4 billion.The EV tailwinds next year for GM are split between savings from increases in volume and emissions and EV production credits, as well as lower costs, including for raw materials and battery production.""We believe our EV losses peaked this year, and we're focused on significantly improving profitability next year,"" Barra said.GM said it has lowered its battery costs by $60 per kilowatt hour this year from 2023. It expects to cut another $30 per kilowatt hour next year.Barra said the automaker is on pace to produce and wholesale about 200,000 EVs for North America in 2024, achieving profitability on a production, or contribution-margin basis, by the end of this year. That guidance is down from a prior target of 200,00 to 250,000 EVs, which had been lowered from as high as 300,000 units.Ultium, which GM once touted as the ultimate solution for EVs, is ultimately dead.GM will drop the ""Ultium"" name for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations.The company said the batteries and the technologies will remain, but the name will be gone, except in production operations such as its ""Ultium Cells"" joint venture plants with LG Energy Solution.Instead, GM plans to use a variety of battery chemistries and cell designs, said Kurt Kelty, a former Tesla executive who joined GM as vice president of battery earlier this year.""GM is evolving to a multifaceted approach,"" he said. ""This should only help GM strengthen our position of producing more EV models than any other automaker.""GM also expects to continue growing its sales and profits of traditional vehicles with internal combustion engines, or ICE, in the years to come.""We expect the ICE industry is going to have a long tail and it's going to be a significant part of our future,"" Jacobson said.The profit increases are expected to be assisted by some cost cutting, including consolidation of parts and options.On average, GM is experiencing about a 10% reduction in total part numbers per vehicle, Reuss said.Jacobson said GM will remain ""active"" in share buybacks following the conclusion this quarter of a previously announced initiative that's expected to retire roughly 250 million shares of the automaker.From 2022 through the end of 2024, GM will have returned about $20 billion to shareholders through share repurchases and dividends, Barra said.The automaker is targeting to get below 1 billion outstanding shares by early 2025, Jacobson said. It has more than 1.1 billion outstanding shares as of Wednesday morning, according to FactSet.Wall Street was underwhelmed with GM's updates regarding its embattled Cruise autonomous vehicle unit and operations in China.GM's operations in China have experienced a decade-long slide in earnings, and executives said they are discussing restructuring options with their China-based partners.""In China, you'll begin to see evidence of a turnaround this year, with a significant reduction in dealer inventory and modest improvements in sales and share,"" Barra said.Regarding Cruise, GM said its spending next year is not expected to top this year's. It did not provide updates on its long-term plans for the troubled robotaxi business.With GM's investor day being two days ahead of Tesla's highly anticipated robotaxi day, Wall Street analysts expected some sort of update on the venture, especially regarding future financing or capital spend for the company.— CNBC's Michael Bloom contributed to this report.",CNBC,09/10/2024,"[""DETROIT — Wall Street reacted to General Motors' investor day on Tuesday with a shrug."", ""Executives used the Detroit automaker's event to focus on broad, near-term updates to the company's operations in an attempt to separate itself from its competitors amid more challenging market and economic conditions."", ""But it did little to move the company's stock."", ""GM believes it is in a unique position to outperform the industry and Wall Street's expectations with its all-electric vehicles and traditional internal combustion engine vehicles."", 'The company expects to improve profits for both types of vehicles as it targets adjusted earnings next year to be similar to 2024.""It all starts there: scale, capital efficiency and cost discipline.', 'These will differentiate us from others in our industry, and frankly, from our own past performance,"" GM CEO Mary Barra said during the roughly three-hour event from its manufacturing operations in Spring Hill, Tennessee.', 'GM President Mark Reuss even took jabs at its traditional crosstown rivals Ford Motor and Stellantis.', 'Without naming them, he said GM doesn\'t need a ""skunkworks"" team to develop affordable EVs like Ford and that cutting to profitability, like Stellantis appears to be doing, doesn\'t work.', 'Nonetheless, investors have largely failed to reward GM for being ahead of the curve for domestic EV production as well as outperforming many automakers in the profitability of its traditional gas- and diesel-powered vehicles.', 'Several Wall Street analysts were unchanged in their opinion and ratings of the automaker after the event, citing continued optimism but a lack of details in its overall strategy.', '""A missed opportunity — no strategy, just tactics.', 'GM\'s investor day showcased many of the company\'s current achievements, but did not provide much insight on strategy,"" Bernstein analyst Daniel Roeska wrote Wednesday in an investor note.', ""Others such as Barclays' Dan Levy and BofA Securities' John Murphy said while the event lacked some details, it fortified GM's positioning compared to competitors."", '""GM\'s Investor Day yesterday didn\'t provide much in the way of sharp shifts in strategy.', 'However, we believe it served as a strong reminder of GM\'s balanced and pragmatic approach — a thoughtful combination of ramping on EVs alongside a keen focus on execution and cost while continuing to generate robust shareholder returns,"" Levy wrote in a Wednesday investor note.', 'Shares of GM closed Tuesday essentially unchanged at $46.01.', 'The stock remains up nearly 30% this year, but it hasbeen under pressureof late due to several downgrades and price target adjustments by Wall Street analysts.', 'Here are several topics investors should know from the event:GM expects its 2025 adjusted earnings to be in a ""similar range"" to the company\'s results this year, CFO Paul Jacobson said.', 'Its targeted adjusted earnings before interest and taxes for 2024 were between $13 billion and $15 billion, or $9.50 and $10.50 per share, up from previous guidance of $12.5 billion to $14.5 billion, or $9 to $10 per share, earlier this year.', 'Through the first half of 2024, GM earned $8.3 billion in EBIT-adjusted and generated $6.4billion in adjusted automotive free cash flow.', ""Jacobson said GM's capital spend also is expected to be consistent in 2025 with this year."", ""GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion."", ""Jacobson said GM's earnings next year are also expected show narrower losses for electric vehicles — projecting they'll decline by $2 billion to $4 billion."", 'The EV tailwinds next year for GM are split between savings from increases in volume and emissions and EV production credits, as well as lower costs, including for raw materials and battery production.', '""We believe our EV losses peaked this year, and we\'re focused on significantly improving profitability next year,"" Barra said.', 'GM said it has lowered its battery costs by $60 per kilowatt hour this year from 2023.', 'It expects to cut another $30 per kilowatt hour next year.', 'Barra said the automaker is on pace to produce and wholesale about 200,000 EVs for North America in 2024, achieving profitability on a production, or contribution-margin basis, by the end of this year.', 'That guidance is down from a prior target of 200,00 to 250,000 EVs, which had been lowered from as high as 300,000 units.', 'Ultium, which GM once touted as the ultimate solution for EVs, is ultimately dead.', 'GM will drop the ""Ultium"" name for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations.', 'The company said the batteries and the technologies will remain, but the name will be gone, except in production operations such as its ""Ultium Cells"" joint venture plants with LG Energy Solution.', 'Instead, GM plans to use a variety of battery chemistries and cell designs, said Kurt Kelty, a former Tesla executive who joined GM as vice president of battery earlier this year.', '""GM is evolving to a multifaceted approach,"" he said. ""', 'This should only help GM strengthen our position of producing more EV models than any other automaker.', '""GM also expects to continue growing its sales and profits of traditional vehicles with internal combustion engines, or ICE, in the years to come.', '""We expect the ICE industry is going to have alongtailand it\'s going to be a significant part of our future,"" Jacobson said.', 'The profit increases are expected to be assisted by some cost cutting, including consolidation of parts and options.', 'On average, GM is experiencing about a 10% reduction in total part numbers per vehicle, Reuss said.', 'Jacobson said GM will remain ""active"" in share buybacks following the conclusion this quarter of a previously announced initiative that\'s expected to retire roughly 250 million shares of the automaker.', 'From 2022 through the end of 2024, GM will have returned about $20 billion to shareholders through share repurchases and dividends, Barra said.', 'The automaker is targeting to get below 1 billion outstanding shares by early 2025, Jacobson said.', 'It has more than 1.1 billion outstanding shares as of Wednesday morning, according to FactSet.', ""Wall Street was underwhelmed with GM's updates regarding its embattled Cruise autonomous vehicle unit and operations in China."", ""GM's operations in China have experienced a decade-long slide in earnings, and executives said they are discussing restructuring options with their China-based partners."", '""In China, you\'ll begin to see evidence of a turnaround this year, with a significant reduction in dealer inventory and modest improvements in sales and share,"" Barra said.', ""Regarding Cruise, GM said its spending next year is not expected to top this year's."", 'It did not provide updates on its long-term plans for the troubled robotaxi business.', ""With GM's investor day being two days ahead of Tesla's highly anticipated robotaxi day, Wall Street analysts expected some sort of update on the venture, especially regarding future financing or capital spend for the company.—"", ""CNBC's Michael Bloom contributed to this report.""]",0.1974113778533896,"However, we believe it served as a strong reminder of GM's balanced and pragmatic approach — a thoughtful combination of ramping on EVs alongside a keen focus on execution and cost while continuing to generate robust shareholder returns,"" Levy wrote in a Wednesday investor note.","Ultium, which GM once touted as the ultimate solution for EVs, is ultimately dead.",0.2003388096546304,"""GM also expects to continue growing its sales and profits of traditional vehicles with internal combustion engines, or ICE, in the years to come.","GM's operations in China have experienced a decade-long slide in earnings, and executives said they are discussing restructuring options with their China-based partners.",2024-10-15
+"Walgreens says it will close 1,200 stores by 2027, as earnings top estimates",https://www.cnbc.com/2024/10/15/walgreens-wba-earnings-q4-2024.html,2024-10-15T20:10:50+0000,"In this articleWalgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street's expectations, as the company slashes costs in an attempt to steer itself out of a rough spot.The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The company said those closures will be ""immediately accretive"" to its adjusted earnings and free cash flow.Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable. Those closures will give Walgreens a ""healthier store base"" and ""will enable us to respond to shifts in consumer behavior and buying preferences,"" the company's CEO Tim Wentworth said during an earnings call on Tuesday. He added that Walgreens aims to employ the majority of the workforce affected by the closures, though it is unclear how many employees stand to lose their jobs.The company's shares closed more than 15% higher on Tuesday. The results cap a rocky fiscal 2024 for Walgreens, which is grappling with pharmacy reimbursement pressure, softer consumer spending and challenges related to its push into primary care, among other issues. The company on Tuesday said it surpassed its target of cutting $1 billion in costs during fiscal 2024, which included shuttering underperforming stores, laying off employees and using artificial intelligence to make its supply chain more efficient, among other efforts. Most of the benefits of the cost cuts came in the company's U.S. retail pharmacy segment, Walgreens CFO Manmohan Mahajan said during the call.In June, Walgreens said it intends to close a ""significant"" number of its underperforming stores by 2027. Tuesday's announcement appears to be the company's first exact estimate of how many locations it will shutter.Here's what Walgreens reported for the three-month period ended Aug. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Walgreens booked sales of $37.55 billion for the quarter, up 6% from the same period a year ago. The company reported a net loss of $3 billion, or $3.48 per share, for the fiscal fourth quarter. That reflects a so-called valuation allowance meant to reduce the company's deferred tax assets mainly related to opioid settlements. It compares with a net loss of $180 million, or 21 cents per share, for the year-earlier period.Excluding certain items, adjusted earnings were 39 cents per share for the quarter. The fourth-quarter and full fiscal-year results ""reflected our disciplined execution on cost management, working capital initiatives and capex reduction,"" Wentworth, who stepped into the role nearly a year ago, said in a release.The company's guidance for fiscal 2025 was in line with analysts' expectations. Walgreens expects growth in its U.S. health-care and international segments, which will be offset by a decline in its retail pharmacy segment. The company is engaged in a ""multi-year process of reframing our relationship"" with pharmacy benefit managers, which negotiate drug rebates on behalf of health plans and reimburse pharmacies for prescription drugs, Wentworth said during the call. Walgreens hopes that will help improve margins in its pharmacy business. Walgreens anticipates adjusted earnings per share of $1.40 to $1.80 in the coming fiscal year. Analysts project an adjusted profit of $1.75 per share, according to LSEG. The company also sees revenue for the year at $147 billion to $151 billion. Wall Street analysts estimate sales of $147.3 billion. Walgreens reported growth across its three business divisions in the fiscal fourth quarter. Sales from the company's U.S. health-care unit jumped to $2.11 billion, up 7.1% compared with the same period a year ago. Analysts had expected sales of $2.10 billion, according to estimates compiled by StreetAccount.That partly reflects growth in primary-care provider VillageMD and specialty pharmacy company Shields Health Solutions. Shields sales jumped 27.8% during the period, which the company attributed to growth within existing partnerships.Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.Notably, Walgreens posted a steep net loss in the fiscal second quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD. In August, the company said in a securities filing it is considering a sale of the provider.Walgreens' U.S. retail pharmacy segment generated $29.47 billion in sales in the fiscal fourth quarter, an increase of 6.5% from the same period last year. Analysts had expected sales of $28.09 billion, according to estimates compiled by StreetAccount.That segment operates the company's drugstores, which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.  Walgreens said pharmacy sales for the quarter rose 9.6% and comparable pharmacy sales increased 11.7% compared with the year-earlier period due to price inflation in brand medications, among other factors. Total prescriptions filled in the quarter including vaccines came to 302 million, a 1.7% increase from the same period a year ago. Notably, falling reimbursement rates for prescription drugs cut into pharmacy margins, the company said. Retail sales fell 3.5% from the prior-year quarter, and comparable retail sales declined 1.7%. The company cited a ""challenging"" retail environment, among other factors. Walgreens' international unit, which operates more than 3,000 retail stores abroad, posted $5.97 billion in sales in the fiscal fourth quarter. That's an increase of 3.2% from the year-ago period.Analysts expected revenue of $5.81 billion for the period, according to StreetAccount. The company said sales from its U.K.-based drugstore chain, Boots, increased 2.3%.",CNBC,15/10/2024,"[""In this articleWalgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street's expectations, as the company slashes costs in an attempt to steer itself out of a rough spot."", 'The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone.', 'The company said those closures will be ""immediately accretive"" to its adjusted earnings and free cash flow.', 'Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.', 'Those closures will give Walgreens a ""healthier store base"" and ""will enable us to respond to shifts in consumer behavior and buying preferences,"" the company\'s CEO Tim Wentworth said during an earnings call on Tuesday.', 'He added that Walgreens aims to employ the majority of the workforce affected by the closures, though it is unclear how many employees stand to lose their jobs.', ""The company's shares closed more than 15% higher on Tuesday."", 'The results cap a rocky fiscal 2024 for Walgreens, which is grappling with pharmacy reimbursement pressure, softer consumer spending and challenges related to its push into primary care, among other issues.', 'The company on Tuesday said it surpassed its target of cutting $1 billion in costs during fiscal 2024, which included shuttering underperforming stores, laying off employees and using artificial intelligence to make its supply chain more efficient, among other efforts.', ""Most of the benefits of the cost cuts came in the company's U.S. retail pharmacy segment, Walgreens CFO Manmohan Mahajan said during the call."", 'In June, Walgreens said it intends to close a ""significant"" number of its underperforming stores by 2027.', ""Tuesday's announcement appears to be the company's first exact estimate of how many locations it will shutter."", ""Here's what Walgreens reported for the three-month period ended Aug. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Walgreens booked sales of $37.55 billion for the quarter, up 6% from the same period a year ago."", 'The company reported a net loss of $3 billion, or $3.48 per share, for the fiscal fourth quarter.', ""That reflects a so-called valuation allowance meant to reduce the company's deferred tax assets mainly related to opioid settlements."", 'It compares with a net loss of $180 million, or 21 cents per share, for the year-earlier period.', 'Excluding certain items, adjusted earnings were 39 cents per share for the quarter.', 'The fourth-quarter and full fiscal-year results ""reflected our disciplined execution on cost management, working capital initiatives and capex reduction,"" Wentworth, who stepped into the role nearly a year ago, said in a release.', ""The company's guidance for fiscal 2025 was in line with analysts' expectations."", 'Walgreens expects growth in its U.S. health-care and international segments, which will be offset by a decline in its retail pharmacy segment.', 'The company is engaged in a ""multi-year process of reframing our relationship"" with pharmacy benefit managers, which negotiate drug rebates on behalf of health plans and reimburse pharmacies for prescription drugs, Wentworth said during the call.', 'Walgreens hopes that will help improve margins in its pharmacy business.', 'Walgreens anticipates adjusted earnings per share of $1.40 to $1.80 in the coming fiscal year.', 'Analysts project an adjusted profit of $1.75 per share, according to LSEG.The company also sees revenue for the year at $147 billion to $151 billion.', 'Wall Street analysts estimate sales of $147.3 billion.', 'Walgreens reported growth across its three business divisions in the fiscal fourth quarter.', ""Sales from the company's U.S. health-care unit jumped to $2.11 billion, up 7.1% compared with the same period a year ago."", 'Analysts had expected sales of $2.10 billion, according to estimates compiled by StreetAccount.', 'That partly reflects growth in primary-care provider VillageMD and specialty pharmacy company Shields Health Solutions.', 'Shields sales jumped 27.8% during the period, which the company attributed to growth within existing partnerships.', 'Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.', 'Notably, Walgreens posted a steep net loss in the fiscal second quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD.', 'In August, the company said in a securities filing it is considering a sale of the provider.', ""Walgreens' U.S. retail pharmacy segment generated $29.47 billion in sales in the fiscal fourth quarter, an increase of 6.5% from the same period last year."", 'Analysts had expected sales of $28.09 billion, according to estimates compiled by StreetAccount.', ""That segment operates the company's drugstores, which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products."", 'Walgreens said pharmacy sales for the quarter rose 9.6% and comparable pharmacy sales increased 11.7% compared with the year-earlier period due to price inflation in brand medications, among other factors.', 'Total prescriptions filled in the quarter including vaccines came to 302 million, a 1.7% increase from the same period a year ago.', 'Notably, falling reimbursement rates for prescription drugs cut into pharmacy margins, the company said.', 'Retail sales fell 3.5% from the prior-year quarter, and comparable retail sales declined 1.7%.', 'The company cited a ""challenging"" retail environment, among other factors.', ""Walgreens' international unit, which operates more than 3,000 retail stores abroad, posted $5.97 billion in sales in the fiscal fourth quarter."", ""That's an increase of 3.2% from the year-ago period."", 'Analysts expected revenue of $5.81 billion for the period, according to StreetAccount.', 'The company said sales from its U.K.-based drugstore chain, Boots, increased 2.3%.']",0.203014781543495,"That segment operates the company's drugstores, which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.","Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.",0.3073082510381937,"Walgreens said pharmacy sales for the quarter rose 9.6% and comparable pharmacy sales increased 11.7% compared with the year-earlier period due to price inflation in brand medications, among other factors.","Retail sales fell 3.5% from the prior-year quarter, and comparable retail sales declined 1.7%.",2024-10-15
+American consumers are increasingly underwater on their car loans,https://www.cnbc.com/2024/10/15/american-consumers-are-increasingly-underwater-on-their-car-loans.html,2024-10-15T17:31:33+0000,"DETROIT — A growing number of Americans with auto loans owe more than their vehicles are worth, according to a report Tuesday from Edmunds.com.The auto data and consumer research company reports the average amount owed on so-called upside-down loans climbed to an all-time high of $6,458 during the third quarter. That compares to $6,255 in the prior quarter and $5,808 a year earlier.Upside-down car loans are not necessarily dire on their own, but a growing number of consumers being underwater is another indication of pressure on American consumers.A sign of that strain came last month, when the Federal Reserve reported delinquency rates on auto loans rose substantially above pre-Covid pandemic levels to end 2023. They had fallen to historical lows during the global health crisis.""Consumers owing a grand or two more than their cars are worth isn't the end of the world, but seeing such a notable share of individuals affected at the $10,000 or even $15,000 level is nothing short of alarming,"" Jessica Caldwell, Edmunds' head of insights, said in a release.Edmunds reports more than 1 in 5 consumers with negative equity owe more than $10,000 on their auto loans. That includes 22% of vehicle owners with negative equity who owed $10,000 or more, while 7.5% have negative equity of more than $15,000.Consumers can counter upside-down car loans by holding onto the vehicles for longer periods. They also should ensure regular maintenance is done to avoid additional drops in value and costs, according to Edmunds.""With prices and interest rates being as high as they are, it's critical for consumers to think beyond the monthly payment and be honest with themselves about their ownership habits,"" Ivan Drury, Edmunds' director of insights, said. ""A seven-year auto loan is a one-way ticket to negative equity if you know you're not the type of person to keep a vehicle for that long.""The current situation with upside-down loans is largely a result of consumers who purchased new vehicles in 2021 and 2022 amid a lack of inventory due to the Covid-19 pandemic and parts shortages. Many then paid full price or more, with their vehicles depreciating faster than expected as the auto industry and inventories normalized.",CNBC,15/10/2024,"['DETROIT — A growing number of Americans with auto loans owe more than their vehicles are worth, according to a report Tuesday from Edmunds.com.', 'The auto data and consumer research company reports the average amount owed on so-called upside-down loans climbed to an all-time high of $6,458 during the third quarter.', 'That compares to $6,255 in the prior quarter and $5,808 a year earlier.', 'Upside-down car loans are not necessarily dire on their own, but a growing number of consumers being underwater is another indication of pressure on American consumers.', 'A sign of that strain came last month, when the Federal Reserve reported delinquency rates on auto loans rose substantially above pre-Covid pandemic levels to end 2023.', 'They had fallen to historical lows during the global health crisis.', '""Consumers owing a grand or two more than their cars are worth isn\'t the end of the world, but seeing such a notable share of individuals affected at the $10,000 or even $15,000 level is nothing short of alarming,"" Jessica Caldwell, Edmunds\' head of insights, said in a release.', 'Edmunds reports more than 1 in 5 consumers with negative equity owe more than $10,000 on their auto loans.', 'That includes 22% of vehicle owners with negative equity who owed $10,000 or more, while 7.5% have negative equity of more than $15,000.Consumers can counter upside-down car loans by holding onto the vehicles for longer periods.', 'They also should ensure regular maintenance is done to avoid additional drops in value and costs, according to Edmunds.', '""With prices and interest rates being as high as they are, it\'s critical for consumers to think beyond the monthly payment and be honest with themselves about their ownership habits,"" Ivan Drury, Edmunds\' director of insights, said. ""', ""A seven-year auto loan is a one-way ticket to negative equity if you know you're not the type of person to keep a vehicle for that long."", '""The current situation with upside-down loans is largely a result of consumers who purchased new vehicles in 2021 and 2022 amid a lack of inventory due to the Covid-19 pandemic and parts shortages.', 'Many then paid full price or more, with their vehicles depreciating faster than expected as the auto industry and inventories normalized.']",-0.0766998576791905,"""With prices and interest rates being as high as they are, it's critical for consumers to think beyond the monthly payment and be honest with themselves about their ownership habits,"" Ivan Drury, Edmunds' director of insights, said. """,They had fallen to historical lows during the global health crisis.,-0.0610722682692787,"The auto data and consumer research company reports the average amount owed on so-called upside-down loans climbed to an all-time high of $6,458 during the third quarter.",They had fallen to historical lows during the global health crisis.,2024-10-15
+Delta says travelers are trading scorching summer Europe trips for fall getaways,https://www.cnbc.com/2024/10/10/delta-summer-europe-trips-fall-getaways.html,2024-10-10T16:50:07+0000,"In this articleSummer trips to Europe are getting too hot for thousands of tourists.Delta Air Lines President Glen Hauenstein said travelers are opting out of flying to Europe during the traditional summer peak travel season. Instead, they are shifting trips to cooler months, a trend that airline officials have been noticing over the past couple of years as consumers look to escape crowds and record heat of popular destinations.""The weather in Europe in August is really hot, and that people who have choices when they can take their vacations are moving into let's call it more temperate months,"" Hauenstein said Thursday on an earnings call. Corporate [travel] we haven't seen much change year over year but it's continuing to shift travel to Europe in particular from July and August peak to a September and October peak.""Summer this year in the Northern Hemisphere was the hottest on record, according to the European Union's climate monitor.Airlines have been extending robust trans-Atlantic schedules through much of the fall to cater to the shifting patterns.""What we're doing at United is we're extending the season,"" Patrick Quayle, United Airlines' senior vice president of global network planning and alliances, said in an interview earlier this year.He said the carrier opted to begin some European routes in March and April this year and will fly some of them through late October and early November. ""What we're seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather's a bit better,"" he added.",CNBC,10/10/2024,"['In this articleSummer trips to Europe are getting too hot for thousands of tourists.', 'Delta Air Lines President Glen Hauenstein said travelers are opting out of flying to Europe during the traditional summer peak travel season.', 'Instead, they are shifting trips to cooler months, a trend that airline officials have been noticing over the past couple of years as consumers look to escape crowds and record heat of popular destinations.', '""The weather in Europe in August is really hot, and that people who have choices when they can take their vacations are moving into let\'s call it more temperate months,"" Hauenstein said Thursday on an earnings call.', ""Corporate [travel] we haven't seen much change year over year but it's continuing to shift travel to Europe in particular from July and August peak to a September and October peak."", '""Summerthis year in the Northern Hemisphere was the hottest on record, according to the European Union\'s climate monitor.', 'Airlines have been extending robust trans-Atlantic schedules through much of the fall to cater to the shifting patterns.', '""What we\'re doing at United is we\'re extending the season,"" Patrick Quayle, United Airlines\' senior vice president of global network planning and alliances, said in an interview earlier this year.', 'He said the carrier opted to begin some European routes in March and April this year and will fly some of them through late October and early November. ""', 'What we\'re seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather\'s a bit better,"" he added.']",0.2243210084743093,"""What we're doing at United is we're extending the season,"" Patrick Quayle, United Airlines' senior vice president of global network planning and alliances, said in an interview earlier this year.",,0.5153995037078858,"What we're seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather's a bit better,"" he added.",In this articleSummer trips to Europe are getting too hot for thousands of tourists.,2024-10-15
+"Airlines, theme parks, cruise lines warn travelers about Hurricane Milton disruptions",https://www.cnbc.com/2024/10/08/hurricane-milton-airlines-theme-parks-cruise-lines-prepare.html,2024-10-08T20:14:54+0000,"Airlines canceled hundreds of flights, theme parks prepared to close and cruise lines shifted routes as Floridians braced for Hurricane Milton's landfall.The Category 4 storm has top sustained winds near 145 mph and is expected to strike Florida's west coast on Wednesday, according to the National Oceanic and Atmospheric Administration. More than 50 Florida counties are under a state of emergency.Tampa International Airport suspended operations at 9 a.m. ET on Tuesday and said it would ""repoen when safe to do so.""Orlando International Airport will close at 8 a.m. on Wednesday. Southwest Airlines, which has about a fifth of the market share in Orlando, has struck 402 flights from its total Wednesday schedule, according to FlightAware data.More than 750 Orlando flights, over 85% of the Wednesday schedule, were canceled, according to FlightAware. Most of the flights in and out of Tampa and Southwest Florida International Airport, which serves Fort Myers, were also canceled for Wednesday.Carriers waived change fees and fare differences for affected customers. American Airlines and United Airlines added extra flights out of Florida ahead of Milton's expected landfall.Disney said Tuesday that it will close its Orlando-area theme parks on Wednesday starting at 1 p.m. ET and they will likely remain closed on Thursday.""We will consider opening Disney Springs on Thursday in the late afternoon, with limited offerings,"" the company said.Universal Orlando Resort said Tuesday that Universal Studios Florida, Islands of Adventure and Universal CityWalk will close at 2 p.m. ET Wednesday and remain closed on Thursday.Busch Gardens Tampa will be closed Tuesday through Thursday, while SeaWorld Orlando will close Wednesday and Thursday, United Parks said. Carnival warned customers that ports in Jacksonville, Tampa and Miami were likely to close and that it would change some routes and destinations to avoid the storm.Disclosure: Comcast owns NBCUniversal, the parent company of Universal Studios and CNBC.",CNBC,08/10/2024,"[""Airlines canceled hundreds of flights, theme parks prepared to close and cruise lines shifted routes as Floridians braced for Hurricane Milton's landfall."", ""The Category 4 storm has top sustained winds near 145 mph and is expected to strike Florida's west coast on Wednesday, according to the National Oceanic and Atmospheric Administration."", 'More than 50 Florida counties are under a state of emergency.', 'Tampa International Airport suspended operations at 9 a.m. ET on Tuesday and said it would ""repoen when safe to do so.', '""Orlando International Airport will close at 8 a.m. on Wednesday.', 'Southwest Airlines, which has about a fifth of the market share in Orlando, has struck 402 flights from its total Wednesday schedule, according to FlightAware data.', 'More than 750 Orlando flights, over 85% of the Wednesday schedule, were canceled, according to FlightAware.', 'Most of the flights in and out of Tampa and Southwest Florida InternationalAirport, which serves Fort Myers, were also canceled for Wednesday.', 'Carriers waived change fees and fare differences for affected customers.', ""American Airlines and United Airlines added extra flights out of Florida ahead of Milton's expected landfall."", 'Disney said Tuesday that it will close its Orlando-area theme parks on Wednesday starting at 1 p.m. ET and they will likely remain closed on Thursday.', '""We will consider opening Disney Springs on Thursday in the late afternoon, with limited offerings,"" the company said.', 'Universal Orlando Resort said Tuesday that Universal Studios Florida, Islands of Adventure and Universal CityWalk will close at 2 p.m. ET Wednesday and remain closed on Thursday.', 'Busch Gardens Tampa will be closed Tuesday through Thursday, while SeaWorld Orlando will close Wednesday and Thursday, United Parks said.', 'Carnival warned customers that ports in Jacksonville, Tampa and Miami were likely to close and that it would change some routes and destinations to avoid the storm.', 'Disclosure: Comcast owns NBCUniversal, the parent company of Universal Studios and CNBC.']",0.0120529513835943,American Airlines and United Airlines added extra flights out of Florida ahead of Milton's expected landfall.,"Carnival warned customers that ports in Jacksonville, Tampa and Miami were likely to close and that it would change some routes and destinations to avoid the storm.",-0.9827871719996134,,"Southwest Airlines, which has about a fifth of the market share in Orlando, has struck 402 flights from its total Wednesday schedule, according to FlightAware data.",2024-10-15
+Boeing delivers 33 jets in September but strike impact looms,https://www.cnbc.com/2024/10/08/boeing-aircraft-deliveries-september.html,2024-10-08T15:38:25+0000,"In this articleBoeing delivered 33 airplanes in September, six more than during the same period a year earlier, as the company and its customers keep an eye on the impact of a machinist strike, now in its fourth week.Through September, Boeing has handed over 291 aircraft, well below the 371 it had delivered in the first nine months of 2023. Rival Airbus has delivered 447 airplanes this year through August,Last month's deliveries were led by 27 of Boeing's bestselling 737 Max aircraft to customers including United Airlines, which received five, and Ryanair and Southwest Airlines, which each each took three. Deliveries are key to Boeing. It's already burned through more than $8 billion this year since customers pay the bulk of the price when they receive the airplane.The aircraft are produced in Renton, Washington, one of the factories where machinists walked off the job on Sept. 13 after workers overwhelmingly voted down a tentative agreement the company had reached with their union. The two sides are back at the negotiating table this week, though the union dismissed a sweetened offer from Boeing last month.All but 10 of the 27 Maxes were handed over before the strike began, according to Jefferies aerospace analyst Sheila Kahyaoglu. In a note Monday, she forecast that Boeing will be producing 25 Max aircraft per month if the strike ends in October but the company's planned ramp-up to 38 Maxes a month will be delayed by a year.Boeing is scheduled to report quarterly results on Oct. 23, when it will detail the financial impact of the strike.September deliveries also included four 787 Dreamliner planes, which are made in Boeing's nonunion factory in South Carolina. For the month, Boeing logged 66 gross orders for new aircraft.Boeing has spent much of this year dealing with fallout after a near catastrophe on one of its new 737 Max 9s in January, when a door plug that was missing key bolts blew out.The company's backlog is 5,456 aircraft.",CNBC,08/10/2024,"['In this articleBoeing delivered 33 airplanes in September, six more than during the same period a year earlier, as the company and its customers keep an eye on the impact of a machinist strike, now in its fourth week.', 'Through September, Boeing has handed over 291 aircraft, well below the 371 it had delivered in the first nine months of 2023.', ""Rival Airbus has delivered 447 airplanes this year through August,Last month's deliveries were led by 27 of Boeing's bestselling 737 Max aircraft to customers including United Airlines, which received five, and Ryanair and Southwest Airlines, which each each took three."", 'Deliveries are key to Boeing.', ""It's already burned through more than $8 billion this year since customers pay the bulk of the price when they receive the airplane."", 'The aircraft are produced in Renton, Washington, one of the factories where machinists walked off the job on Sept. 13 after workers overwhelmingly voted down a tentative agreement the company had reached with their union.', 'The two sides are back at the negotiating table this week, though the union dismissed a sweetened offer from Boeing last month.', 'All but 10 of the 27 Maxes were handed over before the strike began, according to Jefferies aerospace analyst Sheila Kahyaoglu.', ""In a note Monday, she forecast that Boeing will be producing 25 Max aircraft per month if the strike ends in October but the company's planned ramp-up to 38 Maxes a month will be delayed by a year."", 'Boeing is scheduled to report quarterly results on Oct. 23, when it will detail the financial impact of the strike.', ""September deliveries also included four 787 Dreamliner planes, which are made in Boeing's nonunion factory in South Carolina."", 'For the month, Boeing logged 66 gross orders for new aircraft.', 'Boeing has spent much of this year dealing with fallout after a near catastrophe on one of its new 737 Max 9s in January, when a door plug that was missing key bolts blew out.', ""The company's backlog is 5,456 aircraft.""]",-0.0715025302036057,"The aircraft are produced in Renton, Washington, one of the factories where machinists walked off the job on Sept. 13 after workers overwhelmingly voted down a tentative agreement the company had reached with their union.","Boeing has spent much of this year dealing with fallout after a near catastrophe on one of its new 737 Max 9s in January, when a door plug that was missing key bolts blew out.",-0.3475866715113322,"In this articleBoeing delivered 33 airplanes in September, six more than during the same period a year earlier, as the company and its customers keep an eye on the impact of a machinist strike, now in its fourth week.","Boeing has spent much of this year dealing with fallout after a near catastrophe on one of its new 737 Max 9s in January, when a door plug that was missing key bolts blew out.",2024-10-15
+"United plans flights to Greenland, Mongolia and northern Spain in search for next 'it' destination",https://www.cnbc.com/2024/10/10/united-airlines-flights-greenland-mongolia-bilbao.html,2024-10-10T15:55:17+0000,"In this articleUnited Airlines is plotting a 2025 international expansion that spans Senegal to Mongolia and Greenland to Palau, a bid to win over travelers who have already had their fill of the well-trodden streets of Paris, Rome and Tokyo.Starting May 21, United will fly three times a week between its Newark, New Jersey, hub to Palermo, Sicily; on May 16, it will launch nonstops four days a week to Faro in Portugal's Algarve region; on June 7 it plans three-days-a-week-service to Portugal's Madeira Island; and on May 31 it's starting nonstop flights to Bilbao in northern Spain, destinations that will beef up existing service to Italy, Spain and Portugal.Its inaugural flight between Newark and Nuuk, Greenland, will begin June 14, United said Thursday.""The savvy traveler has been to Paris, Rome and Madrid so many times that they're looking for something different,"" Patrick Quayle, United's senior vice president of global network planning and alliances, told reporters.The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions. The expansion is part of United's strategy to ""skate where the puck is going,"" Quayle said, as the company wants to make sure it can be all things to all travelers, offering destinations from U.S. cities like Corpus Christi, Texas, to Cape Town, South Africa.United is planning to launch daily, nonstop service to Dakar, Senegal, from Washington Dulles International Airport on May 23. Service from Tokyo's Narita airport to Ulaanbaatar, Mongolia, is set to begin May 1. United has been beefing up service from Tokyo and will offer year-round nonstop flights to Koror, Palau, from there.Not all destinations work. United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.""The more unique content, the more we differentiate ourselves from our competitors and the more people are going to spend on United,"" Quayle said.United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any ""significant safety issues.""United is also planning to expand flying from the West Coast, but it didn't disclose any details on Thursday.",CNBC,10/10/2024,"['In this articleUnited Airlines is plotting a 2025 international expansion that spans Senegal to Mongolia and Greenland to Palau, a bid to win over travelers who have already had their fill of the well-trodden streets of Paris, Rome and Tokyo.', ""Starting May 21, United will fly three times a week between its Newark, New Jersey, hub to Palermo, Sicily; on May 16, it will launch nonstops four days a week to Faro in Portugal's Algarve region; on June 7 it plans three-days-a-week-service to Portugal's Madeira Island; and on May 31 it's starting nonstop flights to Bilbao in northern Spain, destinations that will beef up existing service to Italy, Spain and Portugal."", 'Its inaugural flight between Newark and Nuuk, Greenland, will begin June 14, United said Thursday.', '""The savvy traveler has been to Paris, Rome and Madrid so many times that they\'re looking for something different,"" Patrick Quayle, United\'s senior vice president of global network planning and alliances, told reporters.', 'The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions.', 'The expansion is part of United\'s strategy to ""skate where the puck is going,"" Quayle said, as the company wants to make sure it can be all things to all travelers, offering destinations from U.S. cities like Corpus Christi, Texas, to Cape Town, South Africa.', 'United is planning to launch daily, nonstop service to Dakar, Senegal, from Washington Dulles International Airport on May 23.', ""Service from Tokyo's Narita airport to Ulaanbaatar, Mongolia, is set to begin May 1."", 'United has been beefing up service from Tokyo and will offer year-round nonstop flights to Koror, Palau, from there.', 'Not all destinations work.', 'United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.', '""The more unique content, the more we differentiate ourselves from our competitors and the more people are going to spend on United,"" Quayle said.', 'United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any ""significant safety issues.', '""United is also planning to expand flying from the West Coast, but it didn\'t disclose any details on Thursday.']",0.430660447445744,"United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.",,0.6330381532510122,The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions.,"United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any ""significant safety issues.",2024-10-15
+"Bridgit Mendler's space startup Northwood passes first test, connecting prototype antenna to Planet satellites",https://www.cnbc.com/2024/10/09/bridgit-mendlers-northwood-passes-first-satellite-antenna-test.html,2024-10-09T15:22:35+0000,"Northwood Space, the startup led by former television star and singer Bridgit Mendler, passed its first major development test last week by connecting with Planet Labs imagery satellites in orbit.""We're building this global network to send data for satellites, built off of phased array technology that we have now successfully validated, both in the lab and in the field,"" Mendler, Northwood's CEO, told CNBC.El Segundo, California-based Northwood, unveiled earlier this year, is focused on the ground side of the space connectivity equation. Ground stations are the vital link for transmitting data to and from orbit and are especially crucial for operating and controlling satellites.The startup is developing ground stations to be mass-produced and betting that its phased array-based system, called Portal, can outperform the parabolic dish antennas traditionally used by ground station companies. It's projecting Portal will be able to connect to as many as 10 satellites at once versus the typical one to three for parabolic dish antennas.""For Northwood, what we're wanting to do is introduce a new standard for connectivity for companies,"" Mendler said.The ground station as a service, or GSaaS, market has companies going after the opportunity in managing the Earth-based side of space infrastructure. Along those lines, Amazon has launched its AWS Ground Station service, and satellite communications giant Eutelsat has proposed a nearly $1 billion deal in the sector.Mendler's Northwood wants to take GSaaS a step further, eliminating what she sees as ""connectivity very much stuck in a different era"" of blackouts and ""super expensive networks.""""Analogizing to the cellular industry — where we draw parallels to how cell towers and shared assets like that ultimately have super vertically integrated players — wound up offloading and selling their assets to the tower companies. We expected that the shared model is going to be an efficiency,"" Mendler said.In her view, ground stations are ""the third leg of the stool"" of space technology, with the other two being rockets, or the cargo vehicles, and satellites, or the orbital infrastructure.""The industry is really at a point where there's a lot of appetite for growth, and this is something that we can really interject into the industry and accelerate progress,"" Mendler said.Last week the Northwood team was out in remote Maddock, North Dakota, to test its prototype antenna — ""fondly dubbed Frankie,"" Mendler noted — by connecting to a Planet satellite in orbit. The effort is known as a TT&C — telemetry, tracking and control — test, with Northwood aiming to make contact with Planet's satellite in both S-band and X-band frequencies. ""We were able to achieve bi-directional communications for the full duration of a pass with Planet's satellites and achieved nominal communications for them. They were able to perform their operations as they would on their own system,"" Mendler said.Northwood designed and built Frankie in four months, the company said, and was able to deploy the antenna ""from off the truck to live sky testing"" in six hours. Planet, with more than 150 imagery satellites in orbit, heralded Northwood's test as a ""major milestone.""""Northwood is not only solving for historical issues like cost and scale, but has built and successfully field-tested their phased array antenna faster than previously thought possible. We're proud to be a part of this breakthrough in ground station technology,"" Joseph Breu, Planet's senior director of global ground networks, said in a statement to CNBC.Northwood has designed two antennas for its Portal system, with a larger 5-by-5-feet S-band frequency antenna and a smaller 18-by-18-inch X-band antenna.The company plans to deploy Portal sites that can support as many as 10 simultaneous satellite connections, with data rates over 1 gigabit per second per beam, beginning next year. Northwood is currently assessing locations in the U.S., Europe, Australia and New Zealand for its first Portal sites.""Performance-wise, we achieved everything we were hoping to achieve,"" Mendler said, adding that Northwood is ""really grateful for [Planet's] participation and support throughout the test.""""It just unlocks a lot of things about the next chapter,"" Mendler said.",CNBC,09/10/2024,"['Northwood Space, the startup led by former television star and singer Bridgit Mendler, passed its first major development test last week by connecting with Planet Labs imagery satellites in orbit.', '""We\'re building this global network to send data for satellites, built off of phased array technology that we have now successfully validated, both in the lab and in the field,"" Mendler, Northwood\'s CEO, told CNBC.El Segundo, California-based Northwood, unveiled earlier this year, is focused on the ground side of the space connectivity equation.', 'Ground stations are the vital link for transmitting data to and from orbit and are especially crucial for operating and controlling satellites.', 'The startup is developing ground stations to be mass-produced and betting that its phased array-based system, called Portal, can outperform the parabolic dish antennas traditionally used by ground station companies.', ""It's projecting Portal will be able to connect to as many as 10 satellites at once versus the typical one to three for parabolic dish antennas."", '""For Northwood, what we\'re wanting to do is introduce a new standard for connectivity for companies,"" Mendler said.', 'The ground station as a service, or GSaaS, market has companies going after the opportunity in managing the Earth-based side of space infrastructure.', 'Along those lines, Amazon has launched its AWS Ground Station service, and satellite communications giant Eutelsat has proposed a nearly $1 billion deal in the sector.', 'Mendler\'s Northwood wants to take GSaaS a step further, eliminating what she sees as ""connectivity very much stuck in a different era"" of blackouts and ""super expensive networks.', '""""Analogizing to the cellular industry — where we draw parallels to how cell towers and shared assets like that ultimately have super vertically integrated players — wound up offloading and selling their assets to the tower companies.', 'We expected that the shared model is going to be an efficiency,"" Mendler said.', 'In her view, ground stations are ""the third leg of the stool"" of space technology, with the other two being rockets, or the cargo vehicles, and satellites, or the orbital infrastructure.', '""The industry is really at a point where there\'s a lot of appetite for growth, and this is something that we can really interject into the industry and accelerate progress,"" Mendler said.', 'Last week the Northwood team was out in remote Maddock, North Dakota, to test its prototype antenna — ""fondly dubbed Frankie,"" Mendler noted — by connecting to a Planet satellite in orbit.', ""The effort is known as a TT&C — telemetry, tracking and control — test, with Northwood aiming to make contact with Planet's satellite in both S-band and X-band frequencies."", '""We were able to achieve bi-directional communications for the full duration of a pass with Planet\'s satellites and achieved nominal communications for them.', 'They were able to perform their operations as they would on their own system,"" Mendler said.', 'Northwood designed and built Frankie in four months, the company said, and was able to deploy the antenna ""from off the truck to live sky testing"" in six hours.', 'Planet, with more than 150 imagery satellites in orbit, heralded Northwood\'s test as a ""major milestone.', '""""Northwood is not only solving for historical issues like cost and scale, but has built and successfully field-tested their phased array antenna faster than previously thought possible.', 'We\'re proud to be a part of this breakthrough in ground station technology,"" Joseph Breu, Planet\'s senior director of global ground networks, said in a statement to CNBC.Northwood has designed two antennas for its Portal system, with a larger 5-by-5-feet S-band frequency antenna and a smaller 18-by-18-inch X-band antenna.', 'The company plans to deploy Portal sites that can support as many as 10 simultaneous satellite connections, with data rates over 1 gigabit per second per beam, beginning next year.', 'Northwood is currently assessing locations in the U.S., Europe, Australia and New Zealand for its first Portal sites.', '""Performance-wise, we achieved everything we were hoping to achieve,"" Mendler said, adding that Northwood is ""really grateful for [Planet\'s] participation and support throughout the test.', '""""It just unlocks a lot of things about the next chapter,"" Mendler said.']",0.2880681502559589,"""Performance-wise, we achieved everything we were hoping to achieve,"" Mendler said, adding that Northwood is ""really grateful for [Planet's] participation and support throughout the test.",,0.9904456064105034,"""""Northwood is not only solving for historical issues like cost and scale, but has built and successfully field-tested their phased array antenna faster than previously thought possible.",,2024-10-15
+Jamie Dimon says geopolitical risks are surging: 'Conditions are treacherous and getting worse',https://www.cnbc.com/2024/10/11/jpms-dimon-says-geopolitical-risks-treacherous-and-getting-worse.html,2024-10-11T18:19:23+0000,"In this articleJPMorgan Chase CEO Jamie Dimon sees risks climbing around the world amid widening conflicts in the Middle East and with Russia's invasion of Ukraine showing no signs of abating.""We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,"" Dimon said Friday in the bank's third-quarter earnings release.""There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,"" he said.The international order in place since the end of World War II is unraveling in light of conflicts in the Middle East and Ukraine, rising U.S.-China tensions, and the risk of ""nuclear blackmail"" from Iran, North Korea and Russia, Dimon said last month during a fireside chat held at Georgetown University.""It's ratcheting up, folks, and it takes really strong American leadership and Western world leaders to do something about that,"" Dimon said at Georgetown. ""That's my No. 1 concern, and it dwarves any I've had since I've been working.""The ongoing conflict between Israel and Hamas recently hit the one-year mark since Hamas' attack on Oct. 7, 2023, sparked war, and there have been few signs of it slowing down. Tens of thousands of people have been killed as the conflict has broadened into fighting on multiple fronts, including with Hezbollah and Iran.At least 22 people were killed and more than 100 injured in Beirut from Israeli airstrikes on Thursday. Iran launched more than 180 missiles against Israel on Oct. 1, and worries have risen that an Israeli retaliation could target Iranian oil facilities.Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.Dimon also said Friday that he remained wary about the future of the economy, despite signs that the Federal Reserve has engineered a soft landing.""While inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,"" Dimon said. ""While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.""",CNBC,11/10/2024,"[""In this articleJPMorgan Chase CEO Jamie Dimon sees risks climbing around the world amid widening conflicts in the Middle East and with Russia's invasion of Ukraine showing no signs of abating."", '""We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,"" Dimon said Friday in the bank\'s third-quarter earnings release.', '""There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,"" he said.', 'The international order in place since the end of World War II is unraveling in light of conflicts in the Middle East and Ukraine, rising U.S.-China tensions, and the risk of ""nuclear blackmail"" from Iran, North Korea and Russia, Dimon said last month during a fireside chat held at Georgetown University.', '""It\'s ratcheting up, folks, and it takes really strong American leadership and Western world leaders to do something about that,"" Dimon said at Georgetown. ""', ""That's my No."", ""1 concern, and it dwarves any I've had since I've been working."", '""The ongoing conflict between Israel and Hamas recently hit the one-year mark since Hamas\' attack on Oct. 7, 2023, sparked war, and there have been few signs of it slowing down.', 'Tens of thousands of peoplehave been killedas the conflict has broadened into fighting on multiple fronts, including with Hezbollah and Iran.', 'At least22 people were killedand more than 100 injured in Beirut from Israeli airstrikes on Thursday.', 'Iran launched more than 180 missiles against Israel on Oct. 1, and worries have risen that an Israeli retaliation could target Iranian oil facilities.', 'Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.', 'Dimon also said Friday that he remained wary about the future of the economy, despite signs that the Federal Reserve has engineered a soft landing.', '""While inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,"" Dimon said. ""', 'While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.""']",-0.1664711019472122,"Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.","The international order in place since the end of World War II is unraveling in light of conflicts in the Middle East and Ukraine, rising U.S.-China tensions, and the risk of ""nuclear blackmail"" from Iran, North Korea and Russia, Dimon said last month during a fireside chat held at Georgetown University.",-0.1308410829967922,"Meanwhile, the Russian government approved a draft budget last week that boosted defense spending by 25% from 2024 levels, a sign that Russia is determined to continue its invasion of Ukraine, analysts say.","Dimon also said Friday that he remained wary about the future of the economy, despite signs that the Federal Reserve has engineered a soft landing.",2024-10-15
+"CVS, UnitedHealth, Cigna say FTC should take Lina Khan and two commissioners off drug middlemen case",https://www.cnbc.com/2024/10/09/cvs-says-ftc-should-take-lina-khan-two-commissioners-off-pbm-case.html,2024-10-09T20:21:18+0000,"In this articleCVS Health, UnitedHealth Group and Cigna are demanding Federal Trade Commission Chair Lina Khan and two other commissioners recuse themselves from a suit accusing the companies and other drug middlemen of boosting their profits while inflating insulin costs for Americans. In separate motions filed Tuesday night with the FTC, the companies argued that all three commissioners have an extensive track record of making public statements that indicate allegedly serious bias against the companies' so-called pharmacy benefit managers. The companies accused Khan, as well as Commissioners Alvaro Bedoya and Rebecca Kelly Slaughter, of incorrectly asserting that PBMs are ""price gougers"" that hold significant control over the pricing and access to drugs like insulin. CVS said those statements demonstrate that the commissioners have ""prejudged this matter,"" so their participation in the case ""violates due process."" ""If the opposite of 'complete fairness' is 'blatant bias,' the Three Commissioners would easily satisfy even that standard,"" CVS wrote in a 23-page motion.Meanwhile, UnitedHealth's 17-page motion said, ""Any judge who made these remarks about a litigant at the outset of a lawsuit would immediately need to recuse for blatant bias.""Cigna, in one of three motions filed, said Khan has ""prejudged the facts and law relating to this action.""""She has repeatedly and wrongly asserted that PBMs 'control' drug pricing and patient access to drugs,"" Cigna said.The FTC filed its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge at the agency who would hear the case and issue an opinion. FTC commissioners then vote on that opinion.The FTC on Wednesday declined CNBC's request for comment on the motion. Other corporate giants, including Amazon and Meta, have unsuccessfully pushed for Khan to be disqualified from previous cases or investigations, citing concerns about her objectivity. Khan has resisted those calls, saying she has never prejudged any case or set of facts. The FTC filed the suit last month against the three largest PBMs, CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts. All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC. PBMs sit at the center of the drug supply chain in the U.S., negotiating medication rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions. The FTC has been investigating PBMs and their role in insulin prices since 2022.The agency's lawsuit argues that the three PBMs have created a ""perverse"" system that prioritizes high rebates from manufacturers, which leads to ""artificially inflated insulin list prices."" The suit also alleges that PBMs favor high-list-price insulins even when insulins with lower list prices become available. The lawsuit also includes each PBM's affiliated group purchasing organization, or GPO, which brokers drug purchases for hospitals and other health-care providers. Zinc Health Services operates as the GPO for Caremark, while Emisar Pharma acts as the GPO for OptumRx. Ascent Health Services is the GPO for Cigna.The lawsuit is just one of several headwinds CVS is facing. Shares of the company are down more than 20% this year as it grapples with runaway medical costs in its insurance segment and pharmacy reimbursement pressure. CVS has engaged advisors in a strategic review of its business, which could potentially involve splitting the company's insurer from its retail pharmacies. It's unclear where Caremark would fall in the case of a breakup. In the motion Tuesday, CVS alleged that Khan has vilified PBMs during her entire professional career. For example, the company cited a 2022 statement in which Khan said PBMs ""practically determine which medicines are prescribed, which pharmacies patients can use, and the amount patients will pay at the pharmacy counter.""CVS similarly pointed to Slaughter's previous comments about the allegedly ""disturbing,"" ""unacceptable"" and ""rotten"" rebating practices of PBMs, and how she believes they create ""competitive distortions in pharmaceutical markets."" Meanwhile, the company cited Bedoya's suggestions that ""a significant part of the blame"" for insulin price increases rests on rebates demanded by PBMs. CVS called the prior statements of the three commissioners ""incorrect assertions"" about Caremark and other PBMs. The health-care giant also alleged that during the FTC probe, the three commissioners attended closed events to help fundraise for anti-PBM lobbying groups. Organizers of those events vilified PBMs as ""bloodsuckers"" and ""vampires,"" CVS argued in the motion.The Biden administration and lawmakers on both sides of the aisle have escalated pressure on PBMs, seeking to increase transparency into their business practices as many patients struggle to afford prescription drugs. Americans pay two to three times more than patients in other developed nations for prescription drugs on average, according to a fact sheet from the White House.",CNBC,09/10/2024,"['In this articleCVS Health, UnitedHealth Group and Cigna are demanding Federal Trade Commission Chair Lina Khan and two other commissioners recuse themselves from a suit accusing the companies and other drug middlemen of boosting their profits while inflating insulin costs for Americans.', ""In separate motions filed Tuesday night with the FTC, the companies argued that all three commissioners have an extensive track record of making public statements that indicate allegedly serious bias against the companies' so-called pharmacy benefit managers."", 'The companies accused Khan, as well as Commissioners Alvaro Bedoya and Rebecca Kelly Slaughter, of incorrectly asserting that PBMs are ""price gougers"" that hold significant control over the pricing and access to drugs like insulin.', 'CVS said those statements demonstrate that the commissioners have ""prejudged this matter,"" so their participation in the case ""violates due process.', '""""If the opposite of \'complete fairness\' is \'blatant bias,\' the Three Commissioners would easily satisfy even that standard,"" CVS wrote in a 23-page motion.', 'Meanwhile, UnitedHealth\'s 17-page motion said, ""Any judge who made these remarks about a litigant at the outset of a lawsuit would immediately need to recuse for blatant bias.', '""Cigna, in one of three motions filed, said Khan has ""prejudged the facts and law relating to this action.', '""""She has repeatedly and wrongly asserted that PBMs \'control\' drug pricing and patient access to drugs,"" Cigna said.', 'The FTC filed its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge at the agency who would hear the case and issue an opinion.', 'FTC commissioners then vote on that opinion.', ""The FTC on Wednesday declined CNBC's request for comment on the motion."", 'Other corporate giants, including Amazon and Meta, have unsuccessfully pushed for Khan to be disqualified from previous cases or investigations, citing concerns about her objectivity.', 'Khan has resisted those calls, saying she has never prejudged any case or set of facts.', ""The FTC filed the suit last month against the three largest PBMs, CVS Health's Caremark,UnitedHealth Group's Optum Rx andCigna's Express Scripts."", ""All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC.PBMs sit at the center of the drug supply chain in the U.S., negotiating medication rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions."", 'The FTC has been investigating PBMs and their role in insulin prices since 2022.The agency\'s lawsuit argues that the three PBMs have created a ""perverse"" system that prioritizes high rebates from manufacturers, which leads to ""artificially inflated insulin list prices.""', 'The suit also alleges that PBMs favor high-list-price insulins even when insulins with lower list prices become available.', ""The lawsuit also includes each PBM's affiliated group purchasing organization, or GPO, which brokers drug purchases for hospitals and other health-care providers."", 'Zinc Health Services operates as the GPO for Caremark, while Emisar Pharma acts as the GPO for OptumRx.', 'Ascent Health Services is the GPO for Cigna.', 'The lawsuit is just one of several headwinds CVS is facing.', 'Shares of the company are down more than 20% this year as it grapples with runaway medical costs in its insurance segment and pharmacy reimbursement pressure.', ""CVS has engaged advisors in a strategic review of its business, which could potentially involve splitting the company's insurer from its retail pharmacies."", ""It's unclear where Caremark would fall in the case of a breakup."", 'In the motion Tuesday, CVS alleged that Khan has vilified PBMs during her entire professional career.', 'For example, the company cited a 2022 statement in which Khan said PBMs ""practically determine which medicines are prescribed, which pharmacies patients can use, and the amount patients will pay at the pharmacy counter.', '""CVS similarly pointed to Slaughter\'s previous comments about the allegedly ""disturbing,"" ""unacceptable"" and ""rotten"" rebating practices of PBMs, and how she believes they create ""competitive distortions in pharmaceutical markets.""', 'Meanwhile, the company cited Bedoya\'s suggestions that ""a significant part of the blame"" for insulin price increases rests on rebates demanded by PBMs.', 'CVS called the prior statements of the three commissioners ""incorrect assertions"" about Caremark and other PBMs.', 'The health-care giant also alleged that during the FTC probe, the three commissioners attended closed events to help fundraise for anti-PBM lobbying groups.', 'Organizers of those events vilified PBMs as ""bloodsuckers"" and ""vampires,"" CVS argued in the motion.', 'The Biden administration and lawmakers on both sides of the aisle have escalated pressure on PBMs, seeking to increase transparency into their business practices as many patients struggle to afford prescription drugs.', 'Americans pay two to three times more than patients in other developed nations for prescription drugs on average, according to afact sheetfrom the White House.']",-0.0518026127318384,"""""If the opposite of 'complete fairness' is 'blatant bias,' the Three Commissioners would easily satisfy even that standard,"" CVS wrote in a 23-page motion.","""CVS similarly pointed to Slaughter's previous comments about the allegedly ""disturbing,"" ""unacceptable"" and ""rotten"" rebating practices of PBMs, and how she believes they create ""competitive distortions in pharmaceutical markets.""",-0.2337614042418343,"""""If the opposite of 'complete fairness' is 'blatant bias,' the Three Commissioners would easily satisfy even that standard,"" CVS wrote in a 23-page motion.",Shares of the company are down more than 20% this year as it grapples with runaway medical costs in its insurance segment and pharmacy reimbursement pressure.,2024-10-15
+"Boeing to cut 17,000 jobs as losses deepen during factory strike",https://www.cnbc.com/2024/10/11/boeing-layoffs-factory-strike.html,2024-10-14T12:48:03+0000,"In this articleBoeing will cut 10% of its workforce, or about 17,000 people, as the company's losses mount and a machinist strike that has idled its aircraft factories enters its fifth week. It will also push back the long-delayed launch of its new wide-body airplane.The manufacturer will not deliver its still-uncertified 777X wide-body plane, which has customers that include Lufthansa and Emirates, until 2026, putting it some six years behind schedule. The company in August paused flight tests of the aircraft when it discovered structural damage in one of them. It will stop making commercial 767 freighters in 2027 after it fulfills remaining orders, CEO Kelly Ortberg said in a staff memo Friday afternoon.""Our business is in a difficult position, and it is hard to overstate the challenges we face together,"" Ortberg said. ""Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.""Boeing expects to report a loss of $9.97 a share in the third quarter, the company said in a surprise release Friday. It expects to report a pretax charge of $3 billion in the commercial airplane unit and $2 billion for its defense business.In preliminary financial results, Boeing said it expects to have an operating cash outflow of $1.3 billion for the third quarter.The union late Friday called Boeing's announcement to cease 767 freighter production ""very troubling"" and said it would review the implications.The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.The machinist strike is yet another challenge for Ortberg. Credit ratings agencies have warned the company is at risk of losing its investment-grade rating, and Boeing has been burning through cash in what company leaders hoped would be a turnaround year.S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union. Tensions have been rising between the manufacturer and the International Association of Machinists and Aerospace Workers, and Boeing withdrew a newer contract offer earlier this week.On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers' proposals. The union had blasted Boeing for a sweetened offer that it argued was not negotiated with the union and said workers would not vote on it.After talks broke down earlier this week, Boeing said further negotiations didn't make sense at that point. Jon Holden, president of the striking workers' union, IAM District 751, on Friday urged a return to the bargaining table.""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted. They want a resolution that is negotiated and addresses their needs.""The job cuts, which Ortberg said would occur ""over the coming months,"" would hit just after Boeing and its hundreds of suppliers have been scrambling to staff up in the wake of the Covid-19 pandemic, when demand cratered.",CNBC,14/10/2024,"[""In this articleBoeing will cut 10% of its workforce, or about 17,000 people, as the company's losses mount and a machinist strike that has idled its aircraft factories enters its fifth week."", 'It will also push back the long-delayed launch of its new wide-body airplane.', 'The manufacturer will not deliver its still-uncertified 777X wide-body plane,which has customers that include Lufthansa and Emirates, until 2026, putting it some six years behind schedule.', 'The company in August paused flight tests of the aircraft when it discovered structural damage in one of them.', 'It will stop making commercial 767 freighters in 2027 after it fulfills remaining orders, CEO Kelly Ortberg said in a staff memo Friday afternoon.', '""Our business is in a difficult position, and it is hard to overstate the challenges we face together,"" Ortberg said. ""', 'Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.', '""Boeing expects to report a loss of $9.97 a share in the third quarter, the company said in a surprise release Friday.', 'It expects to report a pretax charge of $3 billion in the commercial airplane unit and $2 billion for its defense business.', 'In preliminary financial results, Boeing said it expects to havean operating cash outflowof $1.3 billion for the third quarter.', 'The union late Friday called Boeing\'s announcement to cease 767 freighter production ""very troubling"" and said it would review the implications.', 'The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.', 'The machinist strike is yet another challenge for Ortberg.', 'Credit ratings agencies have warned the company is at risk of losing its investment-grade rating, and Boeing has been burning through cash in what company leaders hoped would be a turnaround year.', 'S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union.', 'Tensions have been rising between the manufacturer and the International Association of Machinists and Aerospace Workers, and Boeing withdrew a newer contract offer earlier this week.', ""On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers' proposals."", 'The union had blasted Boeing for a sweetened offer that it argued was not negotiated with the union and said workers would not vote on it.', ""After talks broke down earlier this week, Boeing said further negotiations didn't make sense at that point."", ""Jon Holden, president of the striking workers' union, IAM District 751, on Friday urged a return to the bargaining table."", '""CEO Ortberg has an opportunity to do things differently instead of the same old tired labor relations threats used to intimidate and crush anyone that stands up to them,"" he said in a statement. ""', 'Ultimately, it will be our membership that determines whether any negotiated contract offer is accepted.', 'They want a resolution that is negotiated and addresses their needs.', '""The job cuts, which Ortberg said would occur ""over the coming months,"" would hit just after Boeing and its hundreds of suppliers have been scrambling to staff up in the wake of the Covid-19 pandemic, when demand cratered.']",-0.1836115425829668,"Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.","On Thursday, Boeing said it filed an unfair labor practice charge with the National Labor Relations Board that accused the International Association of Machinists and Aerospace Workers of negotiating in bad faith and misrepresenting the plane makers' proposals.",-0.8773493731723112,"The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job, tasked with returning Boeing to stability after safety and manufacturing crises, including a near-catastrophic midair door-plug blow out earlier this year.","S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike of more than 30,000 machinists, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union.",2024-10-15
+"Delta sales guidance disappoints, CEO says airline expects lower demand around the election",https://www.cnbc.com/2024/10/10/delta-air-lines-dal-3q-2024-earnings.html,2024-10-10T14:13:43+0000,"In this articleDelta Air Lines expects to grow earnings in the fourth quarter, thanks to resilient travel demand and strong bookings for year-end holidays.The Atlanta-based carrier on Thursday forecast fourth-quarter adjusted earnings of $1.60 to $1.85 per share, compared with Wall Street estimates of $1.71, according to LSEG, and above the adjusted $1.28 per share it reported a year earlier.Revenue will likely rise between 2% and 4% from a a year earlier, compared with estimates of a 4.1% increase. The carrier warned it expects a 1-point revenue hit from lower demand before and after the Nov. 5 U.S. presidential election.""We do anticipate seeing a little choppiness around the election, which we've seen in past national elections,"" CEO Ed Bastian said in an interview. ""Consumers will, I think, take a little bit of pause in making investment decisions, whether its discretionary or other things. I think you're going to hear other industries talking about that as well.""He added that holiday bookings are very strong.Here's how Delta performed in the third quarter, compared with Wall Street expectations based on consensus estimates from LSEG:Delta reiterated that the CrowdStrike outage in July amounted to a 45-cent hit to adjusted earnings, which came in at $1.50 per share, slightly below analyst estimates. Delta struggled to recover after the outage, which took thousands of Microsoft Windows machines offline, and prompted the airline to cancel thousands of flights. The incident was a $380 million hit to revenue, Delta said.Bastian has said Delta is seeking compensation from CrowdStrike and Microsoft from the outage.""The havoc that was created deserves, in my opinion, to be fully compensated for,"" he told CNBC. ""This matter is now in the hands of our attorneys. We hope that we'll see a resolution but we keep all of our options open.""Still, Delta's net income rose 15% from a year earlier to $1.27 billion in the three months ended Sept. 30, with total revenue up 1% to $15.68 billion. Passenger revenue was steady from last year, but sales from premium offerings like first class continued to outpace the main cabin.An oversupplied domestic market had kept a lid on airfare but Delta's president, Glen Hauenstein, said the airline ""industry supply growth continues to rationalize, positioning Delta well in the final quarter of the year and as we move into 2025."" The carrier plans to expand capacity 3% to 4% in the fourth quarter.Delta said it still expects its full-year adjusted earnings to come in between $6 and $7 a share, excluding the CrowdStrike impact.",CNBC,10/10/2024,"['In this articleDelta Air Lines expects to grow earnings in the fourth quarter, thanks to resilient travel demand and strong bookings for year-end holidays.', 'The Atlanta-based carrier on Thursday forecast fourth-quarter adjusted earnings of $1.60 to $1.85 per share, compared with Wall Street estimates of $1.71, according to LSEG, and above the adjusted $1.28 per share it reported a year earlier.', 'Revenue will likely rise between 2% and 4% from a a year earlier, compared with estimates of a 4.1% increase.', 'The carrier warned it expects a 1-point revenue hit from lower demand before and after the Nov. 5 U.S. presidential election.', '""We do anticipate seeing a little choppiness around the election, which we\'ve seen in past national elections,"" CEO Ed Bastian said in an interview. ""', 'Consumers will, I think, take a little bit of pause in making investment decisions, whether its discretionary or other things.', ""I think you're going to hear other industries talking about that as well."", '""He added that holiday bookings are very strong.', ""Here's how Delta performed in the third quarter,compared with Wall Street expectations based on consensus estimates from LSEG:Delta reiterated that the CrowdStrike outage in July amounted to a 45-cent hit to adjusted earnings, which came in at $1.50 per share, slightly below analyst estimates."", 'Delta struggled to recover after the outage, which took thousands of Microsoft Windows machines offline, and prompted the airline to cancel thousands of flights.', 'The incident was a $380 million hit to revenue, Delta said.', 'Bastian has said Delta is seeking compensation from CrowdStrike and Microsoft from the outage.', '""The havoc that was created deserves, in my opinion, to be fully compensated for,"" he told CNBC. ""', 'This matter is now in the hands of our attorneys.', ""We hope that we'll see a resolution but we keep all of our options open."", '""Still, Delta\'s net income rose 15% from a year earlier to $1.27 billion in the three months ended Sept. 30, with total revenue up 1% to $15.68 billion.', 'Passenger revenue was steady from last year, but sales from premium offerings like first class continued to outpace the main cabin.', 'An oversupplied domestic market had kept a lid on airfare but Delta\'s president, Glen Hauenstein, said the airline ""industry supply growth continues to rationalize, positioning Delta well in the final quarter of the year and as we move into 2025.""', 'The carrier plans to expand capacity 3% to 4% in the fourth quarter.', 'Delta said it still expects its full-year adjusted earnings to come in between $6 and $7 a share, excluding the CrowdStrike impact.']",0.1720795707729175,"In this articleDelta Air Lines expects to grow earnings in the fourth quarter, thanks to resilient travel demand and strong bookings for year-end holidays.","Delta struggled to recover after the outage, which took thousands of Microsoft Windows machines offline, and prompted the airline to cancel thousands of flights.",0.1456515959330967,"""Still, Delta's net income rose 15% from a year earlier to $1.27 billion in the three months ended Sept. 30, with total revenue up 1% to $15.68 billion.","Here's how Delta performed in the third quarter,compared with Wall Street expectations based on consensus estimates from LSEG:Delta reiterated that the CrowdStrike outage in July amounted to a 45-cent hit to adjusted earnings, which came in at $1.50 per share, slightly below analyst estimates.",2024-10-15