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+Elon Musk row: PM would welcome Tesla investment,https://www.bbc.co.uk/news/articles/c9wk15xlr2po,2024-09-27T19:08:38.611Z,"Tesla, run by Elon Musk, would be welcome to invest in the UK, the prime minister has said. Sir Keir Starmer said he didn’t want to be misunderstood after the BBC reported that the tech tycoon had not been invited to the UK’s International Investment Summit due to his social media posts during last month’s riots. “Obviously, I encourage investment from anywhere,” he told the BBC. He added: ""Good investment into the UK is what I'm very, very keen to promote."" Sir Keir made his comments while speaking to journalists on his recent visit to New York, where he addressed the United Nations and met with Donald Trump and US business leaders.  ""Every time I'm abroad, every time on an international trip, we do these investment breakfasts, because I'm absolutely determined to get the investment that we needed into the economy.  ""And I do think we've got a real opportunity with a new chapter now,"" he said. The summit next month is the key moment that the prime minister hopes will drive tens of billions of pounds in inward funding for business from the world’s biggest investors. Mr Musk was invited to last year's event but did not attend. However, he took a starring role in November's artificial intelligence (AI) Summit, including a fireside chat with then-prime minister Rishi Sunak. Jeremy Hunt, the former Conservative chancellor and now the shadow chancellor, told the BBC it was a ""big loss"" not to have Mr Musk at the summit. ""He told me last year he was planning a new car plant in Europe and had not decided where but the UK was a candidate,"" Mr Hunt claimed. Mr Musk lashed out on social media after reports that he had not been invited to the UK government's International Investment Summit. ""I don’t think anyone should go to the UK when they’re releasing convicted pedophiles in order to imprison people for social media posts,"" Mr Musk claimed on X. Following disorder and rioting across the UK in August, some people were jailed for encouraging unrest on social media. During the August riots, Mr Musk posted on X, formerly Twitter, predicting civil war in the UK and repeatedly attacking the prime minister. He also shared, and later deleted, a conspiracy theory about the UK building ""detainment camps"" on the Falkland Islands for rioters. At the time, ministers said his comments were ""totally unjustifiable"" and ""pretty deplorable"". ",BBC,27/09/2024,"['Tesla, run by Elon Musk, would be welcome to invest in the UK, the prime minister has said.', 'Sir Keir Starmer said he didn’t want to be misunderstood after the BBC reported that the tech tycoon had not been invited to the UK’s International Investment Summit due to his social media posts during last month’s riots. “', 'Obviously, I encourage investment from anywhere,” he told the BBC.', 'He added: ""Good investment into the UK is what I\'m very, very keen to promote.""', 'Sir Keir made his comments while speaking to journalists on his recent visit to New York, where he addressed the United Nations and met with Donald Trump and US business leaders. ""', 'Every time I\'m abroad, every time on an international trip, we do these investment breakfasts, because I\'m absolutely determined to get the investment that we needed into the economy. ""', 'And I do think we\'ve got a real opportunity with a new chapter now,"" he said.', 'The summit next month is the key moment that the prime minister hopes will drive tens of billions of pounds in inward funding for business from the world’s biggest investors.', ""Mr Musk was invited to last year's event but did not attend."", ""However, he took a starring role in November's artificial intelligence (AI) Summit, including a fireside chat with then-prime minister Rishi Sunak."", 'Jeremy Hunt, the former Conservative chancellor and now the shadow chancellor, told the BBC it was a ""big loss"" not to have Mr Musk at the summit. ""', 'He told me last year he was planning a new car plant in Europe and had not decided where but the UK was a candidate,"" Mr Hunt claimed.', 'Mr Musk lashed out on social media after reports that he had not been invited to the UK government\'s International Investment Summit. ""', 'I don’t think anyone should go to the UK when they’re releasing convicted pedophiles in order to imprison people for social media posts,"" Mr Musk claimed on X. Following disorder and rioting across the UK in August, some people were jailed for encouraging unrest on social media.', 'During the August riots, Mr Musk posted on X, formerly Twitter, predicting civil war in the UK and repeatedly attacking the prime minister.', 'He also shared, and later deleted, a conspiracy theory about the UK building ""detainment camps"" on the Falkland Islands for rioters.', 'At the time, ministers said his comments were ""totally unjustifiable"" and ""pretty deplorable"".']",0.115746970090662,"He added: ""Good investment into the UK is what I'm very, very keen to promote.""","During the August riots, Mr Musk posted on X, formerly Twitter, predicting civil war in the UK and repeatedly attacking the prime minister.",0.1533940008708409,"He added: ""Good investment into the UK is what I'm very, very keen to promote.""","Jeremy Hunt, the former Conservative chancellor and now the shadow chancellor, told the BBC it was a ""big loss"" not to have Mr Musk at the summit. """,2024-09-27
+Boeing staff report pressure to lower standards,https://www.bbc.co.uk/news/articles/ce9jvj83zkvo,2024-09-25T20:22:19.794Z,"Fixing Boeing, the troubled US aerospace giant, is a ""very long-term project"", the company's top regulator said on Wednesday. The head of the Federal Aviation Administration (FAA) made the comments to Congress, as lawmakers urged the agency to be tougher on the firm and force it to fix its problems.  Ahead of the hearing, Democratic lawmakers released the results of a damaging internal staff survey that Boeing conducted in May, which found more than half of Boeing workers felt that ""schedule pressures"" had caused their team to lower its standards. Less than two-thirds felt they had the training or tools and materials to do their job properly. Boeing said it knew it had work to do.  “We’ve taken important steps to foster a safety culture that empowers and encourages all employees to share their voice, but it will require continuous focus,"" Boeing said in a statement. ""Under the FAA’s oversight, we are continuing to implement our comprehensive plan to strengthen Boeing's safety management, quality assurance and safety culture.” The safety and quality of the company's planes have been in the spotlight since a piece of a new passenger plane broke off in mid-air in January. The incident raised concern that the company had not done enough to improve its manufacturing processes and safety controls, despite promises made after two its planes were involved in fatal crashes five years earlier.  On Wednesday Senator Richard Blumenthal said that regulators needed to push the company more aggressively to make changes. He said he was sceptical that the current plan for improvement adopted by the FAA and the company would make a difference, saying they looked like the company was ""recycling"" safety commitments it had made years earlier. His concerns about lax oversight were shared by some Republicans on the panel, who noted that whistleblowers from within Boeing were still reaching out to lawmakers with concerns about retaliation and efforts by the company to choose its inspectors. ""We need tough oversight,"" Senator Josh Hawley said. ""I want to make sure your agency is holding their feet to the fire."" FAA Administrator Mike Whitaker said he felt the right rules were now in place to improve the company, pointing to an FAA order that limits Boeing to producing 38 aircraft a month and the agency's demand that Boeing use better technology to track tools and materials.  ""It's a much more intensive level of engagement and we plan to maintain that indefinitely,"" he said. ""The goal here is a culture change at Boeing and that is a very long-term project."" But Mr Blumenthal said that the production cap was part of a series of ""half measures"", noting that Boeing was currently making far fewer aircraft than it could. He criticised the 11 inspectors the FAA has sent to Boeing's factory in Renton, Washington as ""inadequate"" and raised concerns that FAA was giving Boeing too much heads-up about regulator audits. Mr Blumenthal said he thought there would be more effective ways to pressure the company to change, such as capping executive pay. The hearing occurred as more than 30,000 factory workers in the Pacific northwest remain on strike over pay and other benefits.  ",BBC,25/09/2024,"['Fixing Boeing, the troubled US aerospace giant, is a ""very long-term project"", the company\'s top regulator said on Wednesday.', 'The head of the Federal Aviation Administration (FAA) made the comments to Congress, as lawmakers urged the agency to be tougher on the firm and force it to fix its problems.', 'Ahead of the hearing, Democratic lawmakers released the results of a damaging internal staff survey that Boeing conducted in May, which found more than half of Boeing workers felt that ""schedule pressures"" had caused their team to lower its standards.', 'Less than two-thirds felt they had the training or tools and materials to do their job properly.', 'Boeing said it knew it had work to do. “', 'We’ve taken important steps to foster a safety culture that empowers and encourages all employees to share their voice, but it will require continuous focus,"" Boeing said in a statement. ""', ""Under the FAA’s oversight, we are continuing to implement our comprehensive plan to strengthen Boeing's safety management, quality assurance and safety culture.”"", ""The safety and quality of the company's planes have been in the spotlight since a piece of a new passenger plane broke off in mid-air in January."", 'The incident raised concern that the company had not done enough to improve its manufacturing processes and safety controls, despite promises made after two its planes were involved in fatal crashes five years earlier.', 'On Wednesday Senator Richard Blumenthal said that regulators needed to push the company more aggressively to make changes.', 'He said he was sceptical that the current plan for improvement adopted by the FAA and the company would make a difference, saying they looked like the company was ""recycling"" safety commitments it had made years earlier.', 'His concerns about lax oversight were shared by some Republicans on the panel, who noted that whistleblowers from within Boeing were still reaching out to lawmakers with concerns about retaliation and efforts by the company to choose its inspectors. ""', 'We need tough oversight,"" Senator Josh Hawley said. ""', 'I want to make sure your agency is holding their feet to the fire.""', 'FAA Administrator Mike Whitaker said he felt the right rules were now in place to improve the company, pointing to an FAA order that limits Boeing to producing 38 aircraft a month and the agency\'s demand that Boeing use better technology to track tools and materials. ""', 'It\'s a much more intensive level of engagement and we plan to maintain that indefinitely,"" he said. ""', 'The goal here is a culture change at Boeing and that is a very long-term project.""', 'But Mr Blumenthal said that the production cap was part of a series of ""half measures"", noting that Boeing was currently making far fewer aircraft than it could.', 'He criticised the 11 inspectors the FAA has sent to Boeing\'s factory in Renton, Washington as ""inadequate"" and raised concerns that FAA was giving Boeing too much heads-up about regulator audits.', 'Mr Blumenthal said he thought there would be more effective ways to pressure the company to change, such as capping executive pay.', 'The hearing occurred as more than 30,000 factory workers in the Pacific northwest remain on strike over pay and other benefits.']",0.0936756004449354,"Under the FAA’s oversight, we are continuing to implement our comprehensive plan to strengthen Boeing's safety management, quality assurance and safety culture.”","Ahead of the hearing, Democratic lawmakers released the results of a damaging internal staff survey that Boeing conducted in May, which found more than half of Boeing workers felt that ""schedule pressures"" had caused their team to lower its standards.",0.0813269681400722,"FAA Administrator Mike Whitaker said he felt the right rules were now in place to improve the company, pointing to an FAA order that limits Boeing to producing 38 aircraft a month and the agency's demand that Boeing use better technology to track tools and materials. ""","Ahead of the hearing, Democratic lawmakers released the results of a damaging internal staff survey that Boeing conducted in May, which found more than half of Boeing workers felt that ""schedule pressures"" had caused their team to lower its standards.",2024-09-27
+China is part of the US election - but only from one candidate,https://www.bbc.co.uk/news/articles/ckgvr9kgkqyo,2024-09-27T00:02:39.560Z,"The US and China are the two largest economies in the world. They have the two most powerful militaries in the world. The US-China rivalry, in the view of many international analysts, will be the defining global theme of the 21st Century. But at the moment, only one of the two major party presidential candidates is regularly talking about US-China policy - as he has done consistently for years. According to a review by BBC Verify, Republican presidential nominee Donald Trump has mentioned China 40 times in his five rallies since the presidential debate earlier this month. In just one hour at a town hall forum last week in Michigan, he brought up the country 27 times. And when he talks about China, Trump focuses on matters of tension between the two global powers, painting the country and the world’s second-largest economy, as a kind of economic predator. He has talked about the new tariffs he plans to impose on imports from Chinese companies – and those from other nations -  should he return to the White House.  He has said he wants to prevent Chinese-made cars from being sold because he believes they will destroy the American auto industry. He has warned China not to attempt to replace the US dollar as the world’s reserve currency. And he has blamed the Chinese government for the Covid pandemic. Many economists question the effectiveness of Trump’s tariff plans and warn that they would ultimately be harmful to US consumers. The Biden-Harris administration, however, has maintained, and even at times increased, the more narrowly focused tariffs that Trump imposed on China during his first term in office. Trump’s protectionist message is tailored to blue-collar voters in the key industrial Midwest battleground states who have felt the impact of increased competition from Chinese manufacturers.  Meanwhile, BBC Verify finds, Democratic presidential nominee Kamala Harris did not mention China at all in her six rallies since the 10 September debate. Although, in a speech on the economy in Pittsburgh, Pennsylvania, on Wednesday afternoon, she made a handful of references to the country. “I will never hesitate to take swift and strong measures when China undermines the rules of the road at the expense of our workers, communities, and companies,” she said at that event. Asked for comment, an aide to the vice-president told the BBC that even if Harris does not talk about China regularly, she has a record of working to counter what they described as China’s efforts to undermine global stability and prosperity. But when it comes to discussing China, the contrast between Trump and Harris on the campaign trail is unmistakable. On Monday afternoon, at a barn in Smithton, a small town in rural western Pennsylvania, Trump sat down with a group of local farmers and ranchers for a roundtable discussion specifically about China. The town may be just an hour outside of Pittsburgh, a Democratic Party urban stronghold, but this was decidedly Republican territory. Cows grazed peacefully on grasslands lined with dozens of “Trump for President signs”, while Trump supporters decorated two donkeys in “Make America Great Again” gear. The topic of the event, hosted by the Protecting America Initiative, a conservative think-tank, was “the Chinese Communist Party's growing threat to the US food supply”. The forum ended up being a more open-ended conversation about the threat of China, full stop. The farmers, ranchers and business executives on the panel complained about having to compete with heavily subsidised Chinese imports and about the low quality of Chinese goods. While the former president didn’t spend much time discussing the perceived dangers of Chinese ownership of US farmland – he instead promised that he would convince Chinese President Xi Jinping to buy more US agriculture exports – he again emphasised that he would use tariffs to shield the American economy from China. At one point, he spoke of the need to protect the US steel industry - in order to prepare for a hypothetical war with China. “If we’re in a war, and we need army tanks and we need ships and we need other things that happen to be made of steel, what are we going to do, go to China and get the steel?” he asked. “We’re fighting China, but would you mind selling us some steel?” Some of the heavier lifting on China during the forum was left to Richard Grenell, a roundtable panelist and senior advisor for the Protecting America Initiative. He warned the country has “quietly but strategically” worked against the US – particularly when Americans were distracted by other global issues. “They go after our local and state politicians; they go after our manufacturing,” he said. “There is no question they are looking to, at some point, leverage that investment and activity.” Grenell, who served as US ambassador to Germany and acting director of national intelligence while Trump was in office, is considered a possible secretary of state - America’s top diplomat - if Trump wins another term in November. If Harris wins, on the other hand, there may not be a significant change from the current Biden administration, even if the current president has frequently deployed sharper rhetoric to describe the US-China rivalry. Since the start of his presidency, Joe Biden has identified China as one of the autocracies competing with the world’s leading democracies in what he describes as a historic global inflection point. According to public opinion surveys, China ranks low on the list of issues American voters care about – dwarfed by the economy, immigration and healthcare.  In a recent National Security Action survey of voters in key electoral battleground states, only 14% listed China as the top national security priority for the next president. Immigration led the list at 38%, followed by the wars in Ukraine and Gaza, both at 28%. That could in part explain Harris’s seeming lack of interest in talking about China. In this abbreviated presidential campaign for her, she has a shorter timeframe to define herself in the eyes of voters, so focusing on America's main economic competitor may be less of a priority for the Democrat.  After the Trump event in Smithton, Bill Bretz, chair of the local county Republican Party committee, said that while China may not be at the top of voter concerns in Pennsylvania, it was important for Trump to talk about it. As the largest up-for-grabs electoral prize, Pennsylvania is perhaps the pivotal state in the 2024 presidential election. Both Trump and Harris will be hard-pressed to win the White House without it in their column. Polls currently show the two candidates in a dead heat there. “The majority of people have already picked the camp that they're in, but there are those group of people that are undecided,” he said. “If China is a straw that sways the scale one way or another, I think it's a great thing to bring up.” Additional reporting by Jake Horton and BBC Verify North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,27/09/2024,"['The US and China are the two largest economies in the world.', 'They have the two most powerful militaries in the world.', 'The US-China rivalry, in the view of many international analysts, will be the defining global theme of the 21st Century.', 'But at the moment, only one of the two major party presidential candidates is regularly talking about US-China policy - as he has done consistently for years.', 'According to a review by BBC Verify, Republican presidential nominee Donald Trump has mentioned China 40 times in his five rallies since the presidential debate earlier this month.', 'In just one hour at a town hall forum last week in Michigan, he brought up the country 27 times.', 'And when he talks about China, Trump focuses on matters of tension between the two global powers, painting the country and the world’s second-largest economy, as a kind of economic predator.', 'He has talked about the new tariffs he plans to impose on imports from Chinese companies – and those from other nations - should he return to the White House.', 'He has said he wants to prevent Chinese-made cars from being sold because he believes they will destroy the American auto industry.', 'He has warned China not to attempt to replace the US dollar as the world’s reserve currency.', 'And he has blamed the Chinese government for the Covid pandemic.', 'Many economists question the effectiveness of Trump’s tariff plans and warn that they would ultimately be harmful to US consumers.', 'The Biden-Harris administration, however, has maintained, and even at times increased, the more narrowly focused tariffs that Trump imposed on China during his first term in office.', 'Trump’s protectionist message is tailored to blue-collar voters in the key industrial Midwest battleground states who have felt the impact of increased competition from Chinese manufacturers.', 'Meanwhile, BBC Verify finds, Democratic presidential nominee Kamala Harris did not mention China at all in her six rallies since the 10 September debate.', 'Although, in a speech on the economy in Pittsburgh, Pennsylvania, on Wednesday afternoon, she made a handful of references to the country. “', 'I will never hesitate to take swift and strong measures when China undermines the rules of the road at the expense of our workers, communities, and companies,” she said at that event.', 'Asked for comment, an aide to the vice-president told the BBC that even if Harris does not talk about China regularly, she has a record of working to counter what they described as China’s efforts to undermine global stability and prosperity.', 'But when it comes to discussing China, the contrast between Trump and Harris on the campaign trail is unmistakable.', 'On Monday afternoon, at a barn in Smithton, a small town in rural western Pennsylvania, Trump sat down with a group of local farmers and ranchers for a roundtable discussion specifically about China.', 'The town may be just an hour outside of Pittsburgh, a Democratic Party urban stronghold, but this was decidedly Republican territory.', 'Cows grazed peacefully on grasslands lined with dozens of “Trump for President signs”, while Trump supporters decorated two donkeys in “Make America Great Again” gear.', ""The topic of the event, hosted by the Protecting America Initiative, a conservative think-tank, was “the Chinese Communist Party's growing threat to the US food supply”."", 'The forum ended up being a more open-ended conversation about the threat of China, full stop.', 'The farmers, ranchers and business executives on the panel complained about having to compete with heavily subsidised Chinese imports and about the low quality of Chinese goods.', 'While the former president didn’t spend much time discussing the perceived dangers of Chinese ownership of US farmland – he instead promised that he would convince Chinese President Xi Jinping to buy more US agriculture exports – he again emphasised that he would use tariffs to shield the American economy from China.', 'At one point, he spoke of the need to protect the US steel industry - in order to prepare for a hypothetical war with China. “', 'If we’re in a war, and we need army tanks and we need ships and we need other things that happen to be made of steel, what are we going to do, go to China and get the steel?”', 'he asked. “', 'We’re fighting China, but would you mind selling us some steel?”', 'Some of the heavier lifting on China during the forum was left to Richard Grenell, a roundtable panelist and senior advisor for the Protecting America Initiative.', 'He warned the country has “quietly but strategically” worked against the US – particularly when Americans were distracted by other global issues. “', 'They go after our local and state politicians; they go after our manufacturing,” he said. “', 'There is no question they are looking to, at some point, leverage that investment and activity.”', 'Grenell, who served as US ambassador to Germany and acting director of national intelligence while Trump was in office, is considered a possible secretary of state - America’s top diplomat - if Trump wins another term in November.', 'If Harris wins, on the other hand, there may not be a significant change from the current Biden administration, even if the current president has frequently deployed sharper rhetoric to describe the US-China rivalry.', 'Since the start of his presidency, Joe Biden has identified China as one of the autocracies competing with the world’s leading democracies in what he describes as a historic global inflection point.', 'According to public opinion surveys, China ranks low on the list of issues American voters care about – dwarfed by the economy, immigration and healthcare.', 'In a recent National Security Action survey of voters in key electoral battleground states, only 14% listed China as the top national security priority for the next president.', 'Immigration led the list at 38%, followed by the wars in Ukraine and Gaza, both at 28%.', 'That could in part explain Harris’s seeming lack of interest in talking about China.', ""In this abbreviated presidential campaign for her, she has a shorter timeframe to define herself in the eyes of voters, so focusing on America's main economic competitor may be less of a priority for the Democrat."", 'After the Trump event in Smithton, Bill Bretz, chair of the local county Republican Party committee, said that while China may not be at the top of voter concerns in Pennsylvania, it was important for Trump to talk about it.', 'As the largest up-for-grabs electoral prize, Pennsylvania is perhaps the pivotal state in the 2024 presidential election.', 'Both Trump and Harris will be hard-pressed to win the White House without it in their column.', 'Polls currently show the two candidates in a dead heat there. “', ""The majority of people have already picked the camp that they're in, but there are those group of people that are undecided,” he said. “"", ""If China is a straw that sways the scale one way or another, I think it's a great thing to bring up.”"", 'Additional reporting by Jake Horton and BBC Verify North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.0314908949034017,"Cows grazed peacefully on grasslands lined with dozens of “Trump for President signs”, while Trump supporters decorated two donkeys in “Make America Great Again” gear.","The forum ended up being a more open-ended conversation about the threat of China, full stop.",-0.3562305450439453,"The Biden-Harris administration, however, has maintained, and even at times increased, the more narrowly focused tariffs that Trump imposed on China during his first term in office.",Both Trump and Harris will be hard-pressed to win the White House without it in their column.,2024-09-27
+FTC sues drug middlemen for allegedly inflating insulin prices,https://www.cnbc.com/2024/09/20/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices.html,2024-09-21T13:58:35+0000,"In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients. The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark 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. The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers. The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July report that claimed that the PBM industry is hiking drug prices.PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans. They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions. The FTC has been investigating PBMs since 2022. The agency's suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices."" It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC's Bureau of Competition, said in a statement. ""The FTC's administrative action seeks to put an end to the Big Three PBMs' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued. Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC's suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. That policy currently does not extend to patients with private insurance.The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates. Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.""An Eli Lilly spokesperson said the FTC's suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform."" They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance. Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin. Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs. But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin."" Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company's insulin savings card programs.Correction: This story has been updated to correct a quote from the FTC.",CNBC,21/09/2024,"['In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients.', ""The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark 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.The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers."", 'The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.', 'A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.', 'A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.', '""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.', 'It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July reportthat claimed that the PBM industry is hiking drug prices.', 'PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans.', 'They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions.', 'The FTC has been investigating PBMs since 2022.The agency\'s suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices.""', 'It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available.', 'The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.', '""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC\'s Bureau of Competition, said in a statement.', '""The FTC\'s administrative action seeks to put an end to the Big Three PBMs\' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued.', 'Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC\'s suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.', ""President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month."", 'That policy currently does not extend to patients with private insurance.', 'The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to afact sheetfrom the White House.', 'The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs\' demands for higher rebates.', 'Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.', 'For example, Eli Lilly\'s Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.', '""An Eli Lilly spokesperson said the FTC\'s suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform.""', 'They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance.', 'Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin.', ""Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs."", 'But the French drugmaker agrees with the FTC\'s claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.', '""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin.""', 'Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company\'s insulin savings card programs.', 'Correction: This story has been updated to correct a quote from the FTC.']",0.0147564345555198,"But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.","""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.",0.3033737738927205,"For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.","The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates.",2024-09-27
+Elon Musk hits back after being shunned from UK summit,https://www.bbc.co.uk/news/articles/c756d56d2dro,2024-09-25T23:01:17.262Z,"The world's richest person, Elon Musk, has hit back after not being invited to the UK government's International Investment Summit. He was not invited due to his social media posts during last month’s riots, the BBC understands. ""I don’t think anyone should go to the UK when they’re releasing convicted pedophiles in order to imprison people for social media posts,"" Mr Musk claimed on X. Earlier this month, the government released some prisoners to reduce prison overcrowding, but no-one serving sentences for sex offences were included. Following disorder and rioting across the UK in August, some people were jailed for encouraging unrest on social media. During the August riots, Mr Musk posted on X, formerly Twitter, predicting civil war in the UK and repeatedly attacking the prime minister.  He also shared, and later deleted, a conspiracy theory about the UK building ""detainment camps"" on the Falkland Islands for rioters. At the time, ministers said his comments were ""totally unjustifiable"" and ""pretty deplorable"". The BBC understands this is why he has not been invited to join hundreds of the world’s biggest investors at the event on 14 October. The government declined to comment. The summit is the key moment that PM Sir Keir Starmer hopes will attract tens of billions of pounds in inward funding for business from the world’s biggest investors.  Mr Musk was invited to last year's event but did not attend. However, he took a starring role in November's AI Summit, including a fireside chat with then-PM Rishi Sunak.  Jeremy Hunt, the former Conservative chancellor and now the shadow chancellor, told the BBC it was a ""big loss"" not to have Mr Musk at the summit. ""He told me last year he was planning a new car plant in Europe and had not decided where but the UK was a candidate,"" Mr Hunt claimed. David Yelland, a public relations specialist and former editor of the Sun newspaper, told the BBC that if Mr Musk were to attend the summit, it would be ""reputationally disastrous for the whole event"". ""He’s a fan of free speech but he behaves like a child and he posts things that are deeply inaccurate and extremely damaging,"" he said. ""This is not just a guy that is saying stuff in the pub. This is a guy that is encouraging untruths around the world."" The government’s decision not to invite Mr Musk to the summit suggests it thinks the potential investment is not worth the reputational risk and opens up uncomfortable questions about the background of other investors it has actively encouraged. Attracting international investment routinely involves charm offensives with investors or nations with questionable human rights records.  The government has actively pursued trade links in the Gulf. Sir Keir, for example, publicly boycotted the 2022 World Cup in Qatar as leader of the opposition, but now he and his team routinely visit these nations to drum up trade and investment. A number of top sovereign wealth fund executives are expected at the summit. Mr Musk is said to be turning his attention to a second European gigafactory in addition to his plant in Berlin, Germany, after completing his Mexican plant.  Under the Conservatives, the Tesla boss was quietly shown around various UK sites with potential for a gigafactory for cars and batteries.  He has previously told journalists he opened the site in Berlin and not the UK partly because of Brexit.  Bloomberg estimates Mr Musk's net worth to be around $228bn. That's based largely on the value of his shares in Tesla, of which he owns more than 13%. The company's stock began to soar in value in 2020 as the firm's production increased and it started to deliver regular profits.  ",BBC,25/09/2024,"[""The world's richest person, Elon Musk, has hit back after not being invited to the UK government's International Investment Summit."", 'He was not invited due to his social media posts during last month’s riots, the BBC understands. ""', 'I don’t think anyone should go to the UK when they’re releasing convicted pedophiles in order to imprison people for social media posts,"" Mr Musk claimed on X. Earlier this month, the government released some prisoners to reduce prison overcrowding, but no-one serving sentences for sex offences were included.', 'Following disorder and rioting across the UK in August, some people were jailed for encouraging unrest on social media.', 'During the August riots, Mr Musk posted on X, formerly Twitter, predicting civil war in the UK and repeatedly attacking the prime minister.', 'He also shared, and later deleted, a conspiracy theory about the UK building ""detainment camps"" on the Falkland Islands for rioters.', 'At the time, ministers said his comments were ""totally unjustifiable"" and ""pretty deplorable"".', 'The BBC understands this is why he has not been invited to join hundreds of the world’s biggest investors at the event on 14 October.', 'The government declined to comment.', 'The summit is the key moment that PM Sir Keir Starmer hopes will attract tens of billions of pounds in inward funding for business from the world’s biggest investors.', ""Mr Musk was invited to last year's event but did not attend."", ""However, he took a starring role in November's AI Summit, including a fireside chat with then-PM Rishi Sunak."", 'Jeremy Hunt, the former Conservative chancellor and now the shadow chancellor, told the BBC it was a ""big loss"" not to have Mr Musk at the summit. ""', 'He told me last year he was planning a new car plant in Europe and had not decided where but the UK was a candidate,"" Mr Hunt claimed.', 'David Yelland, a public relations specialist and former editor of the Sun newspaper, told the BBC that if Mr Musk were to attend the summit, it would be ""reputationally disastrous for the whole event"". ""', 'He’s a fan of free speech but he behaves like a child and he posts things that are deeply inaccurate and extremely damaging,"" he said. ""', 'This is not just a guy that is saying stuff in the pub.', 'This is a guy that is encouraging untruths around the world.""', 'The government’s decision not to invite Mr Musk to the summit suggests it thinks the potential investment is not worth the reputational risk and opens up uncomfortable questions about the background of other investors it has actively encouraged.', 'Attracting international investment routinely involves charm offensives with investors or nations with questionable human rights records.', 'The government has actively pursued trade links in the Gulf.', 'Sir Keir, for example, publicly boycotted the 2022 World Cup in Qatar as leader of the opposition, but now he and his team routinely visit these nations to drum up trade and investment.', 'A number of top sovereign wealth fund executives are expected at the summit.', 'Mr Musk is said to be turning his attention to a second European gigafactory in addition to his plant in Berlin, Germany, after completing his Mexican plant.', 'Under the Conservatives, the Tesla boss was quietly shown around various UK sites with potential for a gigafactory for cars and batteries.', 'He has previously told journalists he opened the site in Berlin and not the UK partly because of Brexit.', ""Bloomberg estimates Mr Musk's net worth to be around $228bn."", ""That's based largely on the value of his shares in Tesla, of which he owns more than 13%."", ""The company's stock began to soar in value in 2020 as the firm's production increased and it started to deliver regular profits.""]",0.0425238733930339,The company's stock began to soar in value in 2020 as the firm's production increased and it started to deliver regular profits.,"During the August riots, Mr Musk posted on X, formerly Twitter, predicting civil war in the UK and repeatedly attacking the prime minister.",-0.4505128934979439,The company's stock began to soar in value in 2020 as the firm's production increased and it started to deliver regular profits.,"David Yelland, a public relations specialist and former editor of the Sun newspaper, told the BBC that if Mr Musk were to attend the summit, it would be ""reputationally disastrous for the whole event"". """,2024-09-27
+Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams,https://www.cnbc.com/2024/09/27/jpmorgan-chase-prepared-to-sue-us-government.html,2024-09-27T16:52:03+0000,"In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become.The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims, according to people who declined to be identified speaking about an ongoing investigation.In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.""The prospect of a bank suing its regulator would've been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers. That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies. Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.""If you go back 15 or 20 years, the view was it's not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet's nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.""The disparity between how ambitious [President Joe] Biden's regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""That's created so many opportunities for successful industry litigation against regulatory proposals.""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry's lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals. The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending.""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan's consumer bank, warned investors in May.JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform. Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act.A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions.Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won't likely be refunded for bogus transactions.JPMorgan declined to comment for this article.The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators. That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them.The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers.While all of these battles are ongoing, the financial industry has racked up several victories so far.Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections.If Republican candidate Donald Trump wins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May.A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""The financial industry has been particularly active this year in suing regulators.""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""It's what happens when you can't adopt new regulations because you're terrified that you'll get sued.""— With data visualizations by CNBC's Gabriel Cortes.",CNBC,27/09/2024,"[""In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become."", 'The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network.', 'The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.', 'In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.', '""The prospect of a bank suing its regulator would\'ve been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers.', 'That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.', 'But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.', 'Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies.', 'Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.', '""If you go back 15 or 20 years, the view was it\'s not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet\'s nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.', '""The disparity between how ambitious [President Joe] Biden\'s regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""', ""That's created so many opportunities for successful industry litigation against regulatory proposals."", '""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry\'s lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals.', ""The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending."", '""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan\'s consumer bank, warned investors in May.', ""JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform."", 'Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.', 'The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.', 'But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.', ""Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act."", ""A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions."", 'Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won\'t likely be refunded for bogus transactions.', 'JPMorgan declined to comment for this article.', 'The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.', ""Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators."", 'That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.', ""In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them."", 'The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.', ""The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers."", 'While all of these battles are ongoing, the financial industry has racked up several victories so far.', 'Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.', ""It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections."", 'If Republican candidateDonald Trumpwins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.', ""That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May."", 'A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.', 'A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.', 'The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.', '""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""', 'The financial industry has been particularly active this year in suing regulators.', '""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.', 'The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.', '""It\'s really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""', 'It\'s what happens when you can\'t adopt new regulations because you\'re terrified that you\'ll get sued.""—', ""With data visualizations by CNBC's Gabriel Cortes.""]",-0.2029519066307472,That's created so many opportunities for successful industry litigation against regulatory proposals.,"The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.",0.0150526336261204,"While all of these battles are ongoing, the financial industry has racked up several victories so far.","""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. """,2024-09-27
+Justice Department accuses Visa of debit network monopoly that affects price of 'nearly everything’,https://www.cnbc.com/2024/09/24/doj-accuses-visa-of-debit-network-monopoly-that-impacts-price-of-nearly-everything.html,2024-09-24T22:26:54+0000,"In this articleThe U.S. Justice Department on Tuesday sued Visa, the world's biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.Visa's moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything.""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money. They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.Visa called the DOJ suit ""meritless.""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.""Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers.In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid. The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade. A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa's network moat. The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said.""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system.""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.The moves also tamped down innovation, according to the DOJ. Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa's monopoly profits,"" according to the complaint.Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails.A Visa manager was quoted as saying ""we've got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such as creating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.The move comes in the waning months of President Joe Biden's administration, in which regulators including the Federal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees.In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No. 4 behind Visa, Mastercard and American Express.Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.",CNBC,24/09/2024,"['In this articleThe U.S. Justice Department on Tuesday sued Visa, the world\'s biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.', 'Visa\'s moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.', '""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.', '""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""', ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."", '""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.', 'They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.', 'Visa called the DOJ suit ""meritless.', '""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.', '""Today\'s lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""', 'We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.', '""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.', ""The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers."", 'In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid.', 'The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.', 'In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade.', 'A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.', 'In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa\'s network moat.', ""The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said."", '""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""', ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system."", '""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.', 'The moves also tamped down innovation, according to the DOJ.', 'Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa\'s monopoly profits,"" according to the complaint.', 'Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.', ""For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails."", 'A Visa manager was quoted as saying ""we\'ve got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.', 'Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such ascreating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.', 'The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.', ""The move comes in the waning months of President Joe Biden's administration, in which regulators including theFederal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees."", ""In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No."", '4 behind Visa, Mastercard and American Express.', 'Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.']",0.0758717486273494,"We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.","The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.",0.0686103820800781,"""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.","The moves also tamped down innovation, according to the DOJ.",2024-09-27
+"EchoStar nears deal to sell Dish to DirecTV with $2 billion debt payment looming, sources say",https://www.cnbc.com/2024/09/27/echostar-nears-deal-to-sell-dish-to-directv-with-debt-payment-looming.html,2024-09-27T21:40:49+0000,"In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter. While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure. This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process. EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated. Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.The company said in public filings it remains in discussions with other debtholders.A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter. All in, the transaction may be worth more than $9 billion, according to one of the people.A spokesperson for DirecTV declined to comment. A spokesperson for Dish couldn't immediately be reached for comment.""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson's Craig Moffett said in a note to clients in August. ""They will need to raise new capital.""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion. There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video. Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks.DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt. AT&T spun it out in 2021 and sold a portion of the company to TPG. At that time, DirecTV had approximately 15.4 million subscribers. It has about 11 million today, CNBC previously reported.The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish. MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year. The bulk of its customers still use satellite dishes.Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers. The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.— CNBC's Lillian Rizzo contributed to this report.",CNBC,27/09/2024,"['In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.', 'EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter.', 'While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.', 'The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure.', ""This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process."", 'EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.', 'The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.', 'Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.', 'The company said in public filings it remains in discussions with other debtholders.', 'A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter.', 'All in, the transaction may be worth more than $9 billion, according to one of the people.', 'A spokesperson for DirecTV declined to comment.', ""A spokesperson for Dish couldn't immediately be reached for comment."", '""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson\'s Craig Moffett said in a note to clients in August. ""', 'They will need to raise new capital.', '""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion.', 'There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.', 'Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.', ""Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks."", 'DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.', 'AT&T spun it out in 2021 and sold a portion of the company to TPG.', 'At that time, DirecTV had approximately 15.4 million subscribers.', 'It has about 11 million today, CNBC previously reported.', 'The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish.', 'MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.', 'The bulk of its customers still use satellite dishes.', ""Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers."", 'The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—', ""CNBC's Lillian Rizzo contributed to this report.""]",-0.0145112409353961,The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.,"DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.",-0.2773966193199157,"The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—","Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.",2024-09-27
+"WNBA viewership soars to new record, while attendance hits more than two-decade high",https://www.cnbc.com/2024/09/27/wnba-playoffs-viewership-attendance-soar-during-2024-season.html,2024-09-27T21:52:22+0000,"The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese.The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday.In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league. There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship. The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.As attention on the league increased, more players said they experienced online harassment or racism. Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.She later clarified that she opposes ""hate or racism.""Clark's impact also showed in the Fever's attendance numbers. Every WNBA team had a double-digit year-over-year increase in attendance. However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season. WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported. WNBA media rights were negotiated within the broader NBA agreement earlier this year.During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league. The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers.The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN. Clark's Fever were eliminated in two games in the first round.The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.",CNBC,27/09/2024,"[""The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese."", ""The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday."", 'In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league.', 'There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.', 'The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.', 'As attention on the league increased, more players said they experienced online harassment or racism.', 'Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.', 'She later clarified that she opposes ""hate or racism.', '""Clark\'s impact also showed in the Fever\'s attendance numbers.', 'Every WNBA team had a double-digit year-over-year increase in attendance.', ""However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season."", 'WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.', 'The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.', 'WNBA media rights were negotiated within the broader NBA agreement earlier this year.', 'During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.', 'During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.', 'Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.', ""The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers."", 'The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN.', ""Clark's Fever were eliminated in two games in the first round."", ""The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.""]",0.1761649396970775,"There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.","She later clarified that she opposes ""hate or racism.",0.8656991918881735,"Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.","The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.",2024-09-27
+How pen and paper comes to the rescue in an IT crisis,https://www.bbc.co.uk/news/articles/ce9zx22ley8o,2024-09-26T23:04:07.870Z,"When the CrowdStrike software bug bricked 8.5 million computers around the world on 19 July, some of the first people to notice the effects were air travellers. Anthony Bosman, an academic at Andrews University in Michigan was trying to board his flight from Michigan to Florida when he realised he couldn’t download a mobile boarding pass to his smartphone. So he went to check in at the airport, in person, and watched in amazement as an airline employee looked up his name on a paper list and then wrote out his boarding pass  – by hand. “It felt like a blast from the past,” he recalls. “The ticket agent, I remember how she commented that her hand was tired from having to write so many of them.” His flight took off as planned. Multiple other passengers, including many in India, reported having the same experience that day. The CrowdStrike bug also hit banks, telecoms firms, health services and online retailers. This week a senior executive at the firm appeared before a US congressional committee and said he was ""deeply sorry"" for the chaos caused. For a brief moment in July, some organisations had to forget about their computer-based processes and do things the old-fashioned way. If you look through articles about past cyber-attacks and IT failures on the BBC News website, you’ll find countless examples of organisations that have had to “go back to pen and paper” in the face of disruption. British GPs, staff at foreign exchange firm Travelex, medics at Rouen hospital in France and employees of Lincolnshire County Council have all experienced this. It sounds an almost pitiful predicament. And yet, while it certainly isn’t desirable, some cyber-experts are now advising companies to plan for switching to paper-based processes in the event of IT failure.  Rather than an ad hoc workaround, pen and paper systems could be something staff practise using from time to time so that they can switch away from their computers seamlessly if required. One company that knows the value of paper is Norsk Hydro, a Norwegian aluminium and renewable energy firm. In 2019, hackers targeted Hydro with ransomware that locked staff out of more than 20,000 computers. Bosses at Hydro decided they would not pay a ransom fee to restore access, meaning that 35,000 staff working across 40 countries had to find other ways of doing their jobs, temporarily. They dug old binders out of basements with instructions on how to produce particular aluminium products, for instance, recalls Halvor Molland, a spokesman for Hydro. At some locations, by sheer chance, staff had printed out order requests just before the cyber-attack hit. “Their creativity… was tremendous,” says Mr Molland. While computers with customer information and company data were locked out, factory equipment was mercifully unaffected by the ransomware. At some facilities, staff bought computers and printers from local retailers so they could print off information for factory workers. And vintage office kit came in handy. “We actually had to dust off some old telefaxes,” remembers Mr Molland. Although production fell by up to 50% at certain plants, these workarounds kept the business going. “You need to do what you need to do,” as Mr Molland puts it. Reflecting, he suggests that companies might want to keep printed copies of key information such as internal telephone numbers or checklists so that some work can continue even in the event of a massive cyber-attack. “People have realised the importance of having these manual methods because of the severity of some of the recent cyber-attacks and IT outages,” says Chris Butler, resilience director at disaster recovery and business continuity firm Databarracks. He mentions one customer his company works with – an industrial distribution firm – that has put together ""disaster recovery packs” and sent them to all of its branches. The packs include paper forms and a fax machine – a contingency in case their digital ordering system becomes unavailable. “If that goes down, their only alternative, they realised, was to have these forms.” Mr Butler suggests that companies have a training day where employees practise using flipcharts and whiteboards instead of computers, to see if they can still do their jobs effectively that way. Some organisations recommend using paper for security reasons. Parts of the US court system require certain documents to be filed on either paper, for example, or a secure device such as an encrypted USB drive. Obviously there are limits to paper-based processes. Mr Butler notes that if bankers, for example, lose access to their trading terminals during an IT incident, they can’t easily switch to paper-based alternatives. The biggest problem with pen and paper systems is that they don’t scale well, says Gareth Mott, from the Royal United Services Institute. It’s slower than using a computer for many tasks ,and it’s hard or perhaps impossible to coordinate thousands of employees using such methods across multiple office locations. But practising workarounds really can help, adds Dr Mott. He and colleagues have researched how “war-gaming” and IT failure roleplay exercises can impact employees’ responses to real-life cyber-attacks. “We found that the companies that had done that, sometimes a few weeks before they had a live incident, really benefitted,” he says. It’s not just pen and paper that could come in handy. Dr Mott is aware of one firm that bought “crates worth of Chromebooks” for staff in the wake of a cyber-incident, so that they could work without needing access to the company network.  Some companies might have dormant WhatsApp or Signal messaging groups that they can ask employees to use for internal communications, if access to the company email servers goes down, for instance. Both Dr Mott and Mr Butler stress the importance of off-site or otherwise segregated data backups so that, in the event of a ransomware attack, all that vital information is not necessarily lost. Cathy Miron is chief executive of eSilo, a data backup firm based in Florida. There are hundreds of such companies around the world, including Databarracks, that provide secure data backup services. Ms Miron’s company offers off-site, cloud-based data storage on a separate network to that of their customers; and on-site, custom-built servers as well. “We have had a 100% ransomware recovery rate thus far,” she says. For all the sophistication of contemporary computer systems, it’s the simple, improvised workarounds that can save companies when a crisis hits. Mrs Miron mentions one customer who, at the time of writing, was using a Verizon mi-fi, or mobile broadband wireless router, system to access backup data because their main computer network had been completely shut down following a cyber-incident. “You should expect it, at some point in time, to be a victim of a cyber-attack,” emphasises Mr Molland. “What do you do in the meantime? How do you keep the wheels turning?” ",BBC,26/09/2024,"['When the CrowdStrike software bug bricked 8.5 million computers around the world on 19 July, some of the first people to notice the effects were air travellers.', 'Anthony Bosman, an academic at Andrews University in Michigan was trying to board his flight from Michigan to Florida when he realised he couldn’t download a mobile boarding pass to his smartphone.', 'So he went to check in at the airport, in person, and watched in amazement as an airline employee looked up his name on a paper list and then wrote out his boarding pass – by hand. “', 'It felt like a blast from the past,” he recalls. “', 'The ticket agent, I remember how she commented that her hand was tired from having to write so many of them.”', 'His flight took off as planned.', 'Multiple other passengers, including many in India, reported having the same experience that day.', 'The CrowdStrike bug also hit banks, telecoms firms, health services and online retailers.', 'This week a senior executive at the firm appeared before a US congressional committee and said he was ""deeply sorry"" for the chaos caused.', 'For a brief moment in July, some organisations had to forget about their computer-based processes and do things the old-fashioned way.', 'If you look through articles about past cyber-attacks and IT failures on the BBC News website, you’ll find countless examples of organisations that have had to “go back to pen and paper” in the face of disruption.', 'British GPs, staff at foreign exchange firm Travelex, medics at Rouen hospital in France and employees of Lincolnshire County Council have all experienced this.', 'It sounds an almost pitiful predicament.', 'And yet, while it certainly isn’t desirable, some cyber-experts are now advising companies to plan for switching to paper-based processes in the event of IT failure.', 'Rather than an ad hoc workaround, pen and paper systems could be something staff practise using from time to time so that they can switch away from their computers seamlessly if required.', 'One company that knows the value of paper is Norsk Hydro, a Norwegian aluminium and renewable energy firm.', 'In 2019, hackers targeted Hydro with ransomware that locked staff out of more than 20,000 computers.', 'Bosses at Hydro decided they would not pay a ransom fee to restore access, meaning that 35,000 staff working across 40 countries had to find other ways of doing their jobs, temporarily.', 'They dug old binders out of basements with instructions on how to produce particular aluminium products, for instance, recalls Halvor Molland, a spokesman for Hydro.', 'At some locations, by sheer chance, staff had printed out order requests just before the cyber-attack hit. “', 'Their creativity… was tremendous,” says Mr Molland.', 'While computers with customer information and company data were locked out, factory equipment was mercifully unaffected by the ransomware.', 'At some facilities, staff bought computers and printers from local retailers so they could print off information for factory workers.', 'And vintage office kit came in handy. “', 'We actually had to dust off some old telefaxes,” remembers Mr Molland.', 'Although production fell by up to 50% at certain plants, these workarounds kept the business going. “', 'You need to do what you need to do,” as Mr Molland puts it.', 'Reflecting, he suggests that companies might want to keep printed copies of key information such as internal telephone numbers or checklists so that some work can continue even in the event of a massive cyber-attack. “', 'People have realised the importance of having these manual methods because of the severity of some of the recent cyber-attacks and IT outages,” says Chris Butler, resilience director at disaster recovery and business continuity firm Databarracks.', 'He mentions one customer his company works with – an industrial distribution firm – that has put together ""disaster recovery packs” and sent them to all of its branches.', 'The packs include paper forms and a fax machine – a contingency in case their digital ordering system becomes unavailable. “', 'If that goes down, their only alternative, they realised, was to have these forms.”', 'Mr Butler suggests that companies have a training day where employees practise using flipcharts and whiteboards instead of computers, to see if they can still do their jobs effectively that way.', 'Some organisations recommend using paper for security reasons.', 'Parts of the US court system require certain documents to be filed on either paper, for example, or a secure device such as an encrypted USB drive.', 'Obviously there are limits to paper-based processes.', 'Mr Butler notes that if bankers, for example, lose access to their trading terminals during an IT incident, they can’t easily switch to paper-based alternatives.', 'The biggest problem with pen and paper systems is that they don’t scale well, says Gareth Mott, from the Royal United Services Institute.', 'It’s slower than using a computer for many tasks ,and it’s hard or perhaps impossible to coordinate thousands of employees using such methods across multiple office locations.', 'But practising workarounds really can help, adds Dr Mott.', 'He and colleagues have researched how “war-gaming” and IT failure roleplay exercises can impact employees’ responses to real-life cyber-attacks. “', 'We found that the companies that had done that, sometimes a few weeks before they had a live incident, really benefitted,” he says.', 'It’s not just pen and paper that could come in handy.', 'Dr Mott is aware of one firm that bought “crates worth of Chromebooks” for staff in the wake of a cyber-incident, so that they could work without needing access to the company network.', 'Some companies might have dormant WhatsApp or Signal messaging groups that they can ask employees to use for internal communications, if access to the company email servers goes down, for instance.', 'Both Dr Mott and Mr Butler stress the importance of off-site or otherwise segregated data backups so that, in the event of a ransomware attack, all that vital information is not necessarily lost.', 'Cathy Miron is chief executive of eSilo, a data backup firm based in Florida.', 'There are hundreds of such companies around the world, including Databarracks, that provide secure data backup services.', 'Ms Miron’s company offers off-site, cloud-based data storage on a separate network to that of their customers; and on-site, custom-built servers as well. “', 'We have had a 100% ransomware recovery rate thus far,” she says.', 'For all the sophistication of contemporary computer systems, it’s the simple, improvised workarounds that can save companies when a crisis hits.', 'Mrs Miron mentions one customer who, at the time of writing, was using a Verizon mi-fi, or mobile broadband wireless router, system to access backup data because their main computer network had been completely shut down following a cyber-incident. “', 'You should expect it, at some point in time, to be a victim of a cyber-attack,” emphasises Mr Molland. “', 'What do you do in the meantime?', 'How do you keep the wheels turning?”']",0.0100531962846049,"So he went to check in at the airport, in person, and watched in amazement as an airline employee looked up his name on a paper list and then wrote out his boarding pass – by hand. “",He and colleagues have researched how “war-gaming” and IT failure roleplay exercises can impact employees’ responses to real-life cyber-attacks. “,-0.3316446952521801,"We found that the companies that had done that, sometimes a few weeks before they had a live incident, really benefitted,” he says.","Although production fell by up to 50% at certain plants, these workarounds kept the business going. “",2024-09-27
+Boeing sweetens labor proposal in 'best and final' offer as strike enters second week,https://www.cnbc.com/2024/09/23/boeing-labor-proposal-best-and-final-offer-strike.html,2024-09-24T19:56:43+0000,"In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week.The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union.Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.The International Association of Machinists and Aerospace Workers District 751, the workers' union, said the new offer ""was thrown at us without any discussion.""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch. The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.""However, it said that it will survey members about Boeing's new offer.""We will gather your opinion on whether this offer meets your demands,"" it said.After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March.  The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal.Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.Both Boeing and the union said they were disappointed with negotiations last week.""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""We first presented the offer to the union and then transparently shared the details with our employees.""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.",CNBC,24/09/2024,"['In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant\'s aircraft production, entered its second week.', ""The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union."", ""Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%."", ""It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match."", 'The International Association of Machinists and Aerospace Workers District 751, the workers\' union, said the new offer ""was thrown at us without any discussion.', '""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch.', 'The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.', '""However, it said that it will survey members about Boeing\'s new offer.', '""We will gather your opinion on whether this offer meets your demands,"" it said.', ""After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March."", ""The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal."", 'Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.', 'In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.', 'Both Boeing and the union said they were disappointed with negotiations last week.', '""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""', 'We first presented the offer to the union and then transparently shared the details with our employees.', '""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.', 'Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.', 'Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.']",0.0772554422396689,"It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",0.2298987090587615,"Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",2024-09-27
+Treasury reconsidering Labour's plan for non-dom tax status,https://www.bbc.co.uk/news/articles/c04pe3653k7o,2024-09-26T20:06:01.489Z,"The Treasury is reconsidering parts of Labour’s manifesto plan for non-domicile tax status over worries that the reforms will bring in less money than expected. There is concern that planned changes, which aimed to raise extra money to spend on public services like the NHS, could prompt wealthy foreigners to simply leave the UK. ""Non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. A Treasury spokesperson said: ""These reports are speculation, not government policy. The independent Office for Budget Responsibility (OBR) will certify the costings of all measures announced at the Budget in the usual way."" In March 2024, the-then Conservative chancellor Jeremy Hunt announced that the non-dom tax regime would be phased out. However, he also introduced concessions which were designed to reduce the incentive for wealthy foreigners with a permanent home abroad to emigrate.  While no specific policy has been put to the OBR as part of the process for next month's Budget, Treasury officials acknowledge that plans by Labour to scrap two concessions made by the previous government might not raise the £1bn they thought it would, or indeed any money at all. The £1bn is earmarked in the Labour manifesto for extra hospital and dental appointments and school breakfast clubs. About half the money raised from the wider abolition plan was already forecast to be lost in changes of behaviour. Nimesh Shah, chief executive of Blick Rothenberg, a tax advisory and accountancy firm which acts for wealthy individuals, told the BBC's Today programme, that some non-doms had begun leaving the UK after Hunt's spring Budget. “But I think the bigger majority, from my experience, has been that a number of people are planning to leave over the next 12 to 18 months,"" he said. ""Practically, it is difficult to leave a country. There’s schooling for children, there’s jobs, there’s businesses, housing – these things do take time so people are taking them time about where to go.” Meanwhile, Nadhim Zahawi, who was chancellor in the previous Conservative government, claimed: ""I was told over the summer that in July alone British applications for residency in places like Monaco was 5,000 people."" At the time of the spring Budget in March, the OBR assessed that the revenue raised from non-doms was ""highly uncertain"". It said that many non-doms ""opt in and out on a year-by-year basis, making it difficult to project future trends"". Small changes to assumptions about emigration, for example, could mean the planned additional tightening of the plan could raise very little. While no final decisions have been made, some watering down or phasing in of the decision to apply inheritance tax to trusts, and a discount on bringing in foreign income next year, is being considered.  The Treasury is adamant that any further changes to the regime should be shown to raise money, and that non-dom status in general will still be scrapped. The Treasury spokesperson added: ""We are committed to addressing unfairness in the tax system so we can raise the revenue to rebuild our public services.  ""That is why we are removing the outdated non-dom tax regime and replacing it with a new internationally competitive residence-based regime focused on attracting the best talent and investment to the UK.” Non-dom refers to a person's tax status, and has nothing to do with their nationality, citizenship, or resident status - although it can be affected by these factors. A non-dom only pays UK tax on the money they earn in the UK. They do not have to pay tax to the UK government on money made elsewhere in the world (unless they pay that money into a UK bank account). For wealthy individuals, this presents the opportunity for significant - and entirely legal - savings, if they state a lower-tax country as their domicile. One of the most well-known non-doms is former Prime Minister Rishi Sunak's wife, Akshata Murty. After details of her status emerged, she said she would start paying UK tax on her earnings generated outside the UK. 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,26/09/2024,"['The Treasury is reconsidering parts of Labour’s manifesto plan for non-domicile tax status over worries that the reforms will bring in less money than expected.', 'There is concern that planned changes, which aimed to raise extra money to spend on public services like the NHS, could prompt wealthy foreigners to simply leave the UK. ""', 'Non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'A Treasury spokesperson said: ""These reports are speculation, not government policy.', 'The independent Office for Budget Responsibility (OBR) will certify the costings of all measures announced at the Budget in the usual way.""', 'In March 2024, the-then Conservative chancellor Jeremy Hunt announced that the non-dom tax regime would be phased out.', 'However, he also introduced concessions which were designed to reduce the incentive for wealthy foreigners with a permanent home abroad to emigrate.', ""While no specific policy has been put to the OBR as part of the process for next month's Budget, Treasury officials acknowledge that plans by Labour to scrap two concessions made by the previous government might not raise the £1bn they thought it would, or indeed any money at all."", 'The £1bn is earmarked in the Labour manifesto for extra hospital and dental appointments and school breakfast clubs.', 'About half the money raised from the wider abolition plan was already forecast to be lost in changes of behaviour.', ""Nimesh Shah, chief executive of Blick Rothenberg, a tax advisory and accountancy firm which acts for wealthy individuals, told the BBC's Today programme, that some non-doms had begun leaving the UK after Hunt's spring Budget. “"", 'But I think the bigger majority, from my experience, has been that a number of people are planning to leave over the next 12 to 18 months,"" he said. ""', 'Practically, it is difficult to leave a country.', 'There’s schooling for children, there’s jobs, there’s businesses, housing – these things do take time so people are taking them time about where to go.”', 'Meanwhile, Nadhim Zahawi, who was chancellor in the previous Conservative government, claimed: ""I was told over the summer that in July alone British applications for residency in places like Monaco was 5,000 people.""', 'At the time of the spring Budget in March, the OBR assessed that the revenue raised from non-doms was ""highly uncertain"".', 'It said that many non-doms ""opt in and out on a year-by-year basis, making it difficult to project future trends"".', 'Small changes to assumptions about emigration, for example, could mean the planned additional tightening of the plan could raise very little.', 'While no final decisions have been made, some watering down or phasing in of the decision to apply inheritance tax to trusts, and a discount on bringing in foreign income next year, is being considered.', 'The Treasury is adamant that any further changes to the regime should be shown to raise money, and that non-dom status in general will still be scrapped.', 'The Treasury spokesperson added: ""We are committed to addressing unfairness in the tax system so we can raise the revenue to rebuild our public services. ""', 'That is why we are removing the outdated non-dom tax regime and replacing it with a new internationally competitive residence-based regime focused on attracting the best talent and investment to the UK.”', ""Non-dom refers to a person's tax status, and has nothing to do with their nationality, citizenship, or resident status - although it can be affected by these factors."", 'A non-dom only pays UK tax on the money they earn in the UK.', 'They do not have to pay tax to the UK government on money made elsewhere in the world (unless they pay that money into a UK bank account).', 'For wealthy individuals, this presents the opportunity for significant - and entirely legal - savings, if they state a lower-tax country as their domicile.', ""One of the most well-known non-doms is former Prime Minister Rishi Sunak's wife, Akshata Murty."", 'After details of her status emerged, she said she would start paying UK tax on her earnings generated outside the UK.', '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.']",0.1213428376871403,That is why we are removing the outdated non-dom tax regime and replacing it with a new internationally competitive residence-based regime focused on attracting the best talent and investment to the UK.”,"Practically, it is difficult to leave a country.",-0.3691548585891723,"For wealthy individuals, this presents the opportunity for significant - and entirely legal - savings, if they state a lower-tax country as their domicile.",The Treasury is reconsidering parts of Labour’s manifesto plan for non-domicile tax status over worries that the reforms will bring in less money than expected.,2024-09-27
+"American Airlines in talks to pick Citigroup over rival bank Barclays for crucial credit card deal, sources say",https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html,2024-09-20T13:15:26+0000,"In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations.American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry. While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example. Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards. Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards. Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process.If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays.American renewed both relationships in 2016, giving each bank specific channels to market their cards. Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said. Banks tend to earn most of the money from these arrangements in the back half of the deals.With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar.  ""We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.Barclays declined to comment for this article.",CNBC,20/09/2024,"[""In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations."", 'American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.', 'Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.', ""Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry."", 'While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.', 'Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example.', 'Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.', 'Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards.', 'Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards.', 'Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.', 'While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.', '""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.', ""It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process."", 'If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.', ""Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays."", 'American renewed both relationships in 2016, giving each bank specific channels to market their cards.', 'Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.', 'When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.', 'Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.', 'Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said.', 'Banks tend to earn most of the money from these arrangements in the back half of the deals.', 'With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar. ""', 'We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.', 'Barclays declined to comment for this article.']",0.312092882581134,"While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.","Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",0.5356634381939384,Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.,"Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",2024-09-27
+Zimbabwe currency: Bank knocks 40% off value of gold-backed Zig,https://www.bbc.co.uk/news/articles/c8el4kgk98eo,2024-09-27T15:49:46.976Z,"Zimbabwe's central bank has devalued its gold-backed currency by over 40% against the US dollar, indicating that the last ditch effort to stabilise the country's volatile economy, is in trouble. The Reserve Bank of Zimbabwe (RBZ) made the decision to slash the local exchange rate to 24 Zig to $1 (£0.75) on Friday.  This slump is due to an increase in demand for the US dollar, which is also legal tender. It comes after warnings from by large retailers of store closures if the rate remained fixed at the previous level. The Zig, which stands for Zimbabwe Gold, was launched over six months ago and is the country's sixth currency in 25 years.  According to the Reuters new agency, RBZ said in a statement that its Monetary Policy Committee made the move to allow greater exchange rate flexibility. RBZ explained that the measures would address “emerging exchange rate risks, anchor the inflation expectations and stabilise prices in the near to short term”. On paper the Zig had largely maintained it value since its launch, but on the black market, where most businesses secure the US dollars, it has more than halved in value. The government has struggled to wean the population off the US dollar, as there has been no stable alternative for citizens.  Zimbabweans have a historic mistrust of the central bank, dating back to 2008, when it was printing 10tn Zimbabwe dollar notes while inflation had run out of control. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,27/09/2024,"[""Zimbabwe's central bank has devalued its gold-backed currency by over 40% against the US dollar, indicating that the last ditch effort to stabilise the country's volatile economy, is in trouble."", 'The Reserve Bank of Zimbabwe (RBZ) made the decision to slash the local exchange rate to 24 Zig to $1 (£0.75) on Friday.', 'This slump is due to an increase in demand for the US dollar, which is also legal tender.', 'It comes after warnings from by large retailers of store closures if the rate remained fixed at the previous level.', ""The Zig, which stands for Zimbabwe Gold, was launched over six months ago and is the country's sixth currency in 25 years."", 'According to the Reuters new agency, RBZ said in a statement that its Monetary Policy Committee made the move to allow greater exchange rate flexibility.', 'RBZ explained that the measures would address “emerging exchange rate risks, anchor the inflation expectations and stabilise prices in the near to short term”.', 'On paper the Zig had largely maintained it value since its launch, but on the black market, where most businesses secure the US dollars, it has more than halved in value.', 'The government has struggled to wean the population off the US dollar, as there has been no stable alternative for citizens.', 'Zimbabweans have a historic mistrust of the central bank, dating back to 2008, when it was printing 10tn Zimbabwe dollar notes while inflation had run out of control.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",0.0325640233990315,"On paper the Zig had largely maintained it value since its launch, but on the black market, where most businesses secure the US dollars, it has more than halved in value.","Zimbabwe's central bank has devalued its gold-backed currency by over 40% against the US dollar, indicating that the last ditch effort to stabilise the country's volatile economy, is in trouble.",-0.2945481538772583,"RBZ explained that the measures would address “emerging exchange rate risks, anchor the inflation expectations and stabilise prices in the near to short term”.","Zimbabwe's central bank has devalued its gold-backed currency by over 40% against the US dollar, indicating that the last ditch effort to stabilise the country's volatile economy, is in trouble.",2024-09-27
+Civil rights groups call on Fortune 1000 companies to stop 'abandoning DEI',https://www.cnbc.com/2024/09/19/corporate-dei-civil-rights-groups-urge-fortune-1000-to-protect-dei.html,2024-09-19T20:31:07+0000,"Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd. Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity. While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories.Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit. They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community.HRC President Kelley Robinson told CNBC's ""Squawk Box"" on Sept. 12 that there's a strong business case for diversity in the workplace.""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce. Robinson called moving away from DEI the ""wrong decision for business.""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75. Tractor Supply & John Deere fall from 95 to 70. And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment.In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.""The full text of the letter and list of signatories is below.Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees. But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs. Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts.  These capitulations weaken businesses and the American economy more broadly. And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans. Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.  Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall. A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies. There is also a penalty for lagging on diversity which has only gotten larger with time. Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report) Critically, these decisions are not supported by your employees. According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.  In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community. Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion. Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.Future-proofing businesses also means recognizing the increasing diversity of consumers and employees. One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified. Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew,  from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%). This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business,  unpopular and unwise.  As business leaders who helped to build DEI programs, you know it's good business, and we have the receipts that show it.  At this moment, we call on business leaders and corporate board members to lead.  When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally. To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment. By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company.We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all. Backing down from long-standing commitments only serves to empower those who threaten your workers and customers. We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion. Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.",CNBC,19/09/2024,"['Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.', 'The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.', '""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""', 'Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', '""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.', 'A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.', ""Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity."", 'While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.', ""Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories."", ""Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit."", ""They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community."", 'HRC President Kelley Robinson told CNBC\'s ""Squawk Box"" on Sept. 12 that there\'s a strong business case for diversity in the workplace.', '""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""', ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions."", '""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce.', 'Robinson called moving away from DEI the ""wrong decision for business.', '""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.', ""On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75."", 'Tractor Supply & John Deere fall from 95 to 70.', ""And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment."", 'In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.', '""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.', '""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', '""The full text of the letter and list of signatories is below.', ""Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees."", 'But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs.', ""Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts."", 'These capitulations weaken businesses and the American economy more broadly.', 'And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans.', 'Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.', 'Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', ""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall."", 'A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies.', 'There is also a penalty for lagging on diversity which has only gotten larger with time.', 'Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (', 'Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report)Critically, these decisions are not supported by your employees.', ""According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022."", 'In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.', '""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community.', 'Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion.', 'Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.', 'Future-proofing businesses also means recognizing the increasing diversity of consumers and employees.', 'One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified.', ""Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew, from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%)."", 'This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.', 'Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business, unpopular and unwise.', ""As business leaders who helped to build DEI programs, you know it's good business,and we have the receipts that show it."", 'At this moment, we call on business leaders and corporate board members to lead.', 'When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally.', ""To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment."", ""By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company."", 'We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all.', 'Backing down from long-standing commitments only serves to empower those who threaten your workers and customers.', 'We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', 'Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.']",0.1168112373655638,"This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.","A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.",-0.3417430231648107,"According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.",These capitulations weaken businesses and the American economy more broadly.,2024-09-27
+Levi's teases Beyoncé collaboration as denim trend takes hold,https://www.cnbc.com/2024/09/23/levis-teases-beyonc-collaboration-as-denim-trend-takes-hold.html,2024-09-23T19:26:42+0000,"In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.The brand's shares briefly popped after the update and were last up about 1% Monday.The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter."" Aside from the allusions to Beyoncé's latest album, ""Cowboy Carter,"" Levi's also tagged the superstar's account in the post, fueling buzz from her fanbase, known as the Beyhive.Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright. CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.",CNBC,23/09/2024,"['In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.', ""The brand's shares briefly popped after the update and were last up about 1% Monday."", 'The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter.""', 'Aside from the allusions to Beyoncé\'s latest album, ""Cowboy Carter,"" Levi\'s also tagged the superstar\'s account in the post, fueling buzz from her fanbase, known as the Beyhive.', 'Beyoncé\'s country album, released earlier this year, features a song titled ""LEVII\'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.', ""Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright."", ""CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses."", ""Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.""]",0.2514010954256501,"CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.",,0.995657280087471,"Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.",,2024-09-27
+Trademark dispute emerges over Tiger Woods' new logo,https://www.cnbc.com/2024/09/26/trademark-dispute-emerges-over-tiger-woods-new-logo-.html,2024-09-26T20:11:28+0000,"Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute.Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire's long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create. SDR's application should be denied,"" the court filing said.TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.""Sun Day Red was launched in May, following Woods' 27-year partnership with Nike.The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously.""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""Our products have been extremely well received.""A spokesman for Woods declined to comment on the matter.Woods and the Sun Day Red team will have 40 days to file an answer on the notice.The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC. It is unlikely to affect future production of the line, though, he said.""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there's a resolution that might be had,"" Gerben said.He expects the case to settle before it gets close to a trial.""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""",CNBC,26/09/2024,"[""Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute."", 'Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire\'s design into their own branding.', '""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire\'s long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create.', 'SDR\'s application should be denied,"" the court filing said.', 'TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.', '""Sun Day Red was launched in May, following Woods\' 27-year partnership with Nike.', ""The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously."", '""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""', 'Our products have been extremely well received.', '""A spokesman for Woods declined to comment on the matter.', 'Woods and the Sun Day Red team will have 40 days to file an answer on the notice.', 'The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC.', 'It is unlikely to affect future production of the line, though, he said.', '""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there\'s a resolution that might be had,"" Gerben said.', 'He expects the case to settle before it gets close to a trial.', '""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""', 'Because in order for Tiger and TaylorMade to get this trademark registered there, you\'re gonna have to win this case.""']",0.1124615410016196,"Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""","SDR's application should be denied,"" the court filing said.",0.2565224170684814,"""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""","Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.",2024-09-27
+One of a kind: Niall Farrell is Scottish poker king of Las Vegas,https://www.bbc.co.uk/news/articles/czxd197lqe5o,2024-09-27T21:55:32.636Z,"A quiet town in southern Scotland is a long way from the bright lights of Las Vegas. And yet Niall Farrell is happy moving between those two worlds as Scotland's top professional poker player. His exploits recently featured in the documentary The Four Rules of the Poker Kings. How did the 36-year-old make his journey from growing up in Dumfries to winning - and losing - fortunes around the world? Poker takes him to tournaments in the likes of Monte Carlo, Prague and the United States but he is happy to have his base in the small Scottish town he calls home. ""I think it's nice to know everything about the town that you're in - its good points and its bad points,"" he explained. ""It's my town, you know?"" Niall was first drawn to poker - like many in the UK - by the Channel 4 programme Late Night Poker. ""I think I stayed up to watch the wrestling when I was 14 or something and this late night poker was on,"" he said. ""When you're watching poker, just without any information, it's quite boring. ""It was the first show that had the little glass squares in the tables so you had the whole card camera so you could see what people had."" It wasn't until he started studying business law in Stirling that he began playing the game with house mates and then online. Over time, he started to develop his game. ""I don't know if it's maybe a little bit of arrogance or just confidence or something,"" he says. ""But I think if I spend time at something and I enjoy it - which is really crucial for me - that I will get quite good at it."" However, he freely admits he was ""very bad"" at the outset. ""I thought I was quite good quite quickly - but I was wrong and I was soon humbled when I started,"" he said. ""But then you kind of get humbled and then you can start building up again. ""Roughly by the time I graduated, I was at the point where I was like, OK, I'm going to try and do this professionally and give it a go."" He said he was lucky his parents were happy to give him the freedom to make his own mistakes. Not that it went smoothly. ""I was very close to quitting - I was having a bad spell,"" he explained. ""I'd borrowed money off my girlfriend at the time as well."" He had given himself about two weeks more before he packed it in when he entered an online tournament about 10 days later. By ""cosmic force"" or ""sheer blind randomness"" he won - picking up $33,000 in the process. ""I could pay my girlfriend back and kind of went from strength to strength,"" he said. That is something of an understatement for a man whose career winnings now run to millions and is one of only a small number of players to have won the game's ""triple crown"". The BBC documentary charts the ups and downs of his return to poker after taking a break for the birth of his son. It captures both the delight of winning and the pain of losing, despite his skills. ""You are just completely numb,"" he admitted. ""I try to keep myself away from people for like, 30 minutes because I know you just say and do stupid things at that point.""  And what does he think makes him good at the game? ""I've always been quite good with numbers in general,"" he said. ""A lot of it's just quite deep maths, which is kind of less glamorous than James Bond makes it look. ""There's also an element of psychology too, especially when you're playing live."" Next in line could be a trip to Cyprus in a couple of weeks or a big World Poker Tour event in Las Vegas. In the meantime, though, he's happy to be in Dumfries with his partner Edita and son Ruairi, without feeling the need to buy a ""massive house"". ""We'd lose the wee man in one of the 18 bedrooms,"" he joked. ""It just it wouldn't feel like a home to me."" Instead, he is happy with a nice house and a play park within view of the front door and the ""peace of mind"" that not having to worry about money can bring. Niall reckons his upbringing in Dumfries has played a part in that attitude. ""It helps keep you down to earth for a start,"" he explained. ""You don't get above your station, so to speak. ""And, I don't know if it's a Scottish thing, but you just roll with the punches if bad things are happening."" It has helped him rise towards the top of a game he still enjoys. Even if, when he is in Las Vegas, he is sometimes wishing he could be back pushing a swing in his Scottish home town. ",BBC,27/09/2024,"['A quiet town in southern Scotland is a long way from the bright lights of Las Vegas.', ""And yet Niall Farrell is happy moving between those two worlds as Scotland's top professional poker player."", 'His exploits recently featured in the documentary The Four Rules of the Poker Kings.', 'How did the 36-year-old make his journey from growing up in Dumfries to winning - and losing - fortunes around the world?', 'Poker takes him to tournaments in the likes of Monte Carlo, Prague and the United States but he is happy to have his base in the small Scottish town he calls home. ""', 'I think it\'s nice to know everything about the town that you\'re in - its good points and its bad points,"" he explained. ""', 'It\'s my town, you know?""', 'Niall was first drawn to poker - like many in the UK - by the Channel 4 programme Late Night Poker. ""', 'I think I stayed up to watch the wrestling when I was 14 or something and this late night poker was on,"" he said. ""', 'When you\'re watching poker, just without any information, it\'s quite boring. ""', 'It was the first show that had the little glass squares in the tables so you had the whole card camera so you could see what people had.""', ""It wasn't until he started studying business law in Stirling that he began playing the game with house mates and then online."", 'Over time, he started to develop his game. ""', 'I don\'t know if it\'s maybe a little bit of arrogance or just confidence or something,"" he says. ""', 'But I think if I spend time at something and I enjoy it - which is really crucial for me - that I will get quite good at it.""', 'However, he freely admits he was ""very bad"" at the outset. ""', 'I thought I was quite good quite quickly - but I was wrong and I was soon humbled when I started,"" he said. ""', 'But then you kind of get humbled and then you can start building up again. ""', 'Roughly by the time I graduated, I was at the point where I was like, OK, I\'m going to try and do this professionally and give it a go.""', 'He said he was lucky his parents were happy to give him the freedom to make his own mistakes.', 'Not that it went smoothly. ""', 'I was very close to quitting - I was having a bad spell,"" he explained. ""', 'I\'d borrowed money off my girlfriend at the time as well.""', 'He had given himself about two weeks more before he packed it in when he entered an online tournament about 10 days later.', 'By ""cosmic force"" or ""sheer blind randomness"" he won - picking up $33,000 in the process. ""', 'I could pay my girlfriend back and kind of went from strength to strength,"" he said.', 'That is something of an understatement for a man whose career winnings now run to millions and is one of only a small number of players to have won the game\'s ""triple crown"".', 'The BBC documentary charts the ups and downs of his return to poker after taking a break for the birth of his son.', 'It captures both the delight of winning and the pain of losing, despite his skills. ""', 'You are just completely numb,"" he admitted. ""', 'I try to keep myself away from people for like, 30 minutes because I know you just say and do stupid things at that point.""', 'And what does he think makes him good at the game? ""', 'I\'ve always been quite good with numbers in general,"" he said. ""', 'A lot of it\'s just quite deep maths, which is kind of less glamorous than James Bond makes it look. ""', 'There\'s also an element of psychology too, especially when you\'re playing live.""', 'Next in line could be a trip to Cyprus in a couple of weeks or a big World Poker Tour event in Las Vegas.', 'In the meantime, though, he\'s happy to be in Dumfries with his partner Edita and son Ruairi, without feeling the need to buy a ""massive house"". ""', 'We\'d lose the wee man in one of the 18 bedrooms,"" he joked. ""', 'It just it wouldn\'t feel like a home to me.""', 'Instead, he is happy with a nice house and a play park within view of the front door and the ""peace of mind"" that not having to worry about money can bring.', 'Niall reckons his upbringing in Dumfries has played a part in that attitude. ""', 'It helps keep you down to earth for a start,"" he explained. ""', 'You don\'t get above your station, so to speak. ""', 'And, I don\'t know if it\'s a Scottish thing, but you just roll with the punches if bad things are happening.""', 'It has helped him rise towards the top of a game he still enjoys.', 'Even if, when he is in Las Vegas, he is sometimes wishing he could be back pushing a swing in his Scottish home town.']",0.2406771150752023,"Instead, he is happy with a nice house and a play park within view of the front door and the ""peace of mind"" that not having to worry about money can bring.","And, I don't know if it's a Scottish thing, but you just roll with the punches if bad things are happening.""",0.5821525078070792,It has helped him rise towards the top of a game he still enjoys.,"I was very close to quitting - I was having a bad spell,"" he explained. """,2024-09-27
+"SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits",https://www.cnbc.com/2024/09/25/sec-charges-merrill-lynch-harvest.html,2024-09-25T16:10:35+0000,"In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period.Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns. Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders.The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management. Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said. Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits.""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""",CNBC,25/09/2024,"[""In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period."", 'Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.', 'Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns.', ""Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders."", ""The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management."", ""Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency."", 'Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said.', 'Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.', '""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC\'s enforcement division. ""', ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits."", '""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""']",0.0318129597764039,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. """,-0.3356851083891732,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.",2024-09-27
+"Wealthy investors support Harris over Trump, new survey says",https://www.cnbc.com/2024/09/26/wealthy-investors-support-harris.html,2024-09-26T19:36:38+0000,"A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents. Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.Like many voters, millionaire investors rated the economy as their No. 1 issue. Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes. When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris. Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harris wants them to apply only to those making less than $400,000. She has also proposed higher taxes on the wealthy and corporations.Millionaire investors give Harris better grades on Social Security and health care.Whoever wins, however, millionaire investors are bullish on the economy and markets. A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic). Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results. If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.",CNBC,26/09/2024,"['A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.', 'According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.', 'Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents.', 'Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.', 'Like many voters, millionaire investors rated the economy as their No.', '1 issue.', 'Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.', 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', 'While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes.', 'When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris.', 'Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.', 'She has also proposed higher taxes on the wealthy and corporations.', 'Millionaire investors give Harris better grades on Social Security and health care.', 'Whoever wins, however, millionaire investors are bullish on the economy and markets.', 'A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).', 'Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.', 'More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results.', 'If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.', 'The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.']",0.3842526494714203,"If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",0.7497458904981613,"A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",2024-09-27
+Southwest Airlines to cut service and staffing in Atlanta to slash costs,https://www.cnbc.com/2024/09/25/southwest-airlines-cut-service-staffing-atlanta.html,2024-09-25T19:12:47+0000,"In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.Southwest told staff it isn't closing its crew base in Atlanta. Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.The airline also isn't laying the crews off, but they will likely have to bid to work from other cities.Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union.It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""This decision in no way reflects our Employees' performance, and we're proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest's pilot and flight attendants railed against the airline for the staffing and service cuts.""Southwest Airlines management is failing Employees while impacting Customers. Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants' union president.A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline. In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4. In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee. It will also start offering overnight flights from Hawaii, beginning April 8. Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.",CNBC,25/09/2024,"[""In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management."", ""Southwest told staff it isn't closing its crew base in Atlanta."", 'Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.', ""The airline also isn't laying the crews off, but they will likely have to bid to work from other cities."", ""Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union."", 'It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.', '""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""', 'This decision in no way reflects our Employees\' performance, and we\'re proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest\'s pilot and flight attendants railed against the airline for the staffing and service cuts.', '""Southwest Airlines management is failing Employees while impacting Customers.', 'Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants\' union president.', 'A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.', '""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.', 'Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline\'s COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.', ""The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline."", 'In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.', 'Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4.', 'In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.', 'It will also start offering overnight flights from Hawaii, beginning April 8.', 'Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.']",0.072191807674439,"A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.","In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.",-0.41736900806427,"In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.","Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.",2024-09-27
+Trump vows to 'take other countries' jobs' in economic speech,https://www.bbc.co.uk/news/articles/cly3qnrpvg9o,2024-09-24T23:54:12.633Z,"Donald Trump pledged the US would “take other countries’ jobs” if he returned to the White House, as he laid out his plans to slash taxes and lower energy costs and regulations for manufacturers that made goods on US soil.  At a campaign rally in Savannah, Georgia, Trump promised a ""manufacturing renaissance"", reiterating his pledge to punish American companies that manufactured outside the US, and slap large tariffs on foreign-made goods to protect US industries. Trump and Vice-President Kamala Harris have stepped up efforts to outline their competing visions for the economy in the final stretch of the campaign, highlighting what voters say is a top concern in the 2024 election.  Harris is expected to unveil a new set of economic proposals in a major speech in Pittsburgh, Pennsylvania, on Wednesday. Speaking to a crowd in Savannah, Trump moved beyond his usual protectionist policies to raise the prospect of more trade battles. Trump said he would offer special federal zones with ""ultra low taxes and regulations"" to companies that relocate to the US, cut through regulation and appoint a ""manufacturing ambassador"" to convince international companies to move to the United States.  “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. Trump has also previously proposed a 60% tariff or higher on Chinese goods and a blanket 20% tariff on imports from other countries, an aggressive policy that could increase prices for Americans, according to some economists. During his presidency, Trump imposed tariffs on some goods imported from China. The Biden administration has left some of these policies in place and announced new restrictions in some areas such as electric vehicles. The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries. The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture. Polls have indicated that American voters are most concerned about the economy, and more voters see Trump as equipped to handle it. Harris, however has made some gains. Voters for whom the economy was a major factor preferred Trump over Harris by 53-47%, according to CBS News/YouGov poll of likely voters published this week. But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her. Trump’s visit to Georgia came on the heels of a New York Times/Siena College poll that found him slightly ahead in the state, as well as the battlegrounds Arizona, and North Carolina. Both candidates have devoted significant time and resources to campaigning in Georgia, as it may prove critical to their paths to the White House. Though the Georgia speech was billed as an economic event, Trump dedicated a significant portion of his speech to other subjects. He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month. He praised the US Secret Service, which has faced scrutiny over their ability to protect Trump. He also attacked Harris, calling her ""grossly incompetent"" and said she would ""deindustrialise the United States and destroy our country"". An hour before Trump spoke in Georgia, the Harris campaign held a press call with American investor Mark Cuban, who has long supported Democratic candidates. Mr Cuban assailed Mr Trump’s proposals to place tariffs on American companies which manufactured in countries like Mexico, saying it would harm American businesses. “It just goes to show that he doesn't think these things through,” Mr Cuban said. Harris will return to the another critical swing state, Pennsylvania, on Wednesday to lay out her own economic agenda.  The vice-president has already released a set of economic proposals aimed at first-time home buyers, tax breaks for families and a ban on grocery ""price-gouging"". She has called for a ""first-ever"" tax credit for builders of homes sold to first-time buyers, as well as up to $25,000 in down-payment assistance for ""eligible"" first-time buyers.  She told reporters on Sunday the plan would focus on investing ""in the aspirations and ambitions of the American people while addressing the challenges that they face"". ",BBC,24/09/2024,"['Donald Trump pledged the US would “take other countries’ jobs” if he returned to the White House, as he laid out his plans to slash taxes and lower energy costs and regulations for manufacturers that made goods on US soil.', 'At a campaign rally in Savannah, Georgia, Trump promised a ""manufacturing renaissance"", reiterating his pledge to punish American companies that manufactured outside the US, and slap large tariffs on foreign-made goods to protect US industries.', 'Trump and Vice-President Kamala Harris have stepped up efforts to outline their competing visions for the economy in the final stretch of the campaign, highlighting what voters say is a top concern in the 2024 election.', 'Harris is expected to unveil a new set of economic proposals in a major speech in Pittsburgh, Pennsylvania, on Wednesday.', 'Speaking to a crowd in Savannah, Trump moved beyond his usual protectionist policies to raise the prospect of more trade battles.', 'Trump said he would offer special federal zones with ""ultra low taxes and regulations"" to companies that relocate to the US, cut through regulation and appoint a ""manufacturing ambassador"" to convince international companies to move to the United States. “', '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.', 'Trump has also previously proposed a 60% tariff or higher on Chinese goods and a blanket 20% tariff on imports from other countries, an aggressive policy that could increase prices for Americans, according to some economists.', 'During his presidency, Trump imposed tariffs on some goods imported from China.', 'The Biden administration has left some of these policies in place and announced new restrictions in some areas such as electric vehicles.', 'The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries.', 'The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture.', 'Polls have indicated that American voters are most concerned about the economy, and more voters see Trump as equipped to handle it.', 'Harris, however has made some gains.', 'Voters for whom the economy was a major factor preferred Trump over Harris by 53-47%, according to CBS News/YouGov poll of likely voters published this week.', 'But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her.', 'Trump’s visit to Georgia came on the heels of a New York Times/Siena College poll that found him slightly ahead in the state, as well as the battlegrounds Arizona, and North Carolina.', 'Both candidates have devoted significant time and resources to campaigning in Georgia, as it may prove critical to their paths to the White House.', 'Though the Georgia speech was billed as an economic event, Trump dedicated a significant portion of his speech to other subjects.', 'He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month.', 'He praised the US Secret Service, which has faced scrutiny over their ability to protect Trump.', 'He also attacked Harris, calling her ""grossly incompetent"" and said she would ""deindustrialise the United States and destroy our country"".', 'An hour before Trump spoke in Georgia, the Harris campaign held a press call with American investor Mark Cuban, who has long supported Democratic candidates.', 'Mr Cuban assailed Mr Trump’s proposals to place tariffs on American companies which manufactured in countries like Mexico, saying it would harm American businesses. “', ""It just goes to show that he doesn't think these things through,” Mr Cuban said."", 'Harris will return to the another critical swing state, Pennsylvania, on Wednesday to lay out her own economic agenda.', 'The vice-president has already released a set of economic proposals aimed at first-time home buyers, tax breaks for families and a ban on grocery ""price-gouging"".', 'She has called for a ""first-ever"" tax credit for builders of homes sold to first-time buyers, as well as up to $25,000 in down-payment assistance for ""eligible"" first-time buyers.', 'She told reporters on Sunday the plan would focus on investing ""in the aspirations and ambitions of the American people while addressing the challenges that they face"".']",0.0210598685399325,"But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her.",He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month.,0.1921659891421978,"The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture.","The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries.",2024-09-27
+"UAW warns of potential strikes at Ford, Stellantis a year after unprecedented work stoppages",https://www.cnbc.com/2024/09/19/uaw-warns-of-potential-strikes-at-ford-stellantis.html,2024-09-19T16:56:36+0000,"In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck.The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities. The union has not announced similar actions against General Motors.UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.Local contracts have historically taken months, if not years, to settle after a national agreement is reached. Sometimes they are not settled at all during the terms of the national deal.Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once. The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts. The plant employs fewer than 500 workers.Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving. Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting. Strike authorization votes are procedural. They are votes by workers to authorize UAW leaders to call a strike, if warranted. Such votes for the national contract negotiations typically pass with more than 90% of worker approval.The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.Stellantis has contended such a strike would be illegal.Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining. However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.  Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments.""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims. Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.""In addition to Monday's NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker. Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union.""Once we've authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.The union this week also began contract negotiations with Volkswagen. VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.",CNBC,19/09/2024,"['In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.', ""The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck."", 'The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities.', 'The union has not announced similar actions against General Motors.', 'UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.', 'Local contracts have historically taken months, if not years, to settle after a national agreement is reached.', 'Sometimes they are not settled at all during the terms of the national deal.', ""Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once."", 'The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.', 'The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.', 'A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts.', 'The plant employs fewer than 500 workers.', 'Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving.', 'Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.', '""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting.', 'Strike authorization votes are procedural.', 'They are votes by workers to authorize UAW leaders to call a strike, if warranted.', 'Such votes for the national contract negotiations typically pass with more than 90% of worker approval.', 'The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.', '""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.', 'Stellantis has contended such a strike would be illegal.', ""Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining."", 'However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.', ""Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments."", '""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims.', 'Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.', 'Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.', '""In addition to Monday\'s NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker.', ""Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union."", '""Once we\'ve authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.', 'As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.', 'The union this week also began contract negotiations with Volkswagen.', 'VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.']",-0.0612021813540973,"UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.","The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.",-0.3007441163063049,"The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.","Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.",2024-09-27
+Uber terms mean couple can't sue after 'life-changing' crash,https://www.bbc.co.uk/news/articles/cwy9j8ldp0lo,2024-09-28T00:49:07.952Z,"A couple who were left with life-changing injuries after their Uber crashed have been told they cannot sue the company because of the terms they accepted when using the app. Georgia and John McGinty, from New Jersey, in the US, are bound by a clause saying they could not take the case to a jury in a court of law. State judges ruled they had clicked a ""confirm"" button on the app on more than one occasion when asked if they agreed with Uber's terms of use. The McGintys argue they had not understood they were forfeiting their right to sue the company. They told the BBC the most recent time the terms were agreed to was when their daughter, then 12, had accepted them prior to ordering a pizza on Uber Eats. ""How would I ever remotely think that my ability to protect my constitutional rights to a trial would be waived by me ordering food?"" said Mrs McGinty. Uber told BBC News: ""Our Terms of Use are clear that these types of claims should be resolved in arbitration. It’s important to highlight that the court concluded the plaintiff herself, not her daughter, agreed to Uber's Terms of Use on multiple occasions."" Arbitration means the dispute is settled through a third party rather than in court - in this case a lawyer appointed by Uber. Legal experts say it tends to result in smaller financial settlements. The case has parallels with Disney's attempt to avoid being sued over a death at Disney World - in its case over the terms of a Disney+ membership - before the company changed its mind. In March 2022, Georgia and John McGinty were riding in an Uber in New Jersey when it crashed, and they suffered extensive injuries. Mrs McGinty's injuries included spine fractures and traumatic injuries to her abdominal wall. ""I was in the critical care unit for a week,"" she told the BBC. ""I had a horrible post-operative infection and almost died during this time, I wasn't able to care for my child who was suffering from unrelated injury,"" she said. John fractured his sternum and sustained injuries to his hand. ""I shattered my wrist, broke my hand, and I have a steel rod with about nine pins in it. I don't have full function of my left hand,"" he said.  ""I am in pain every day."" He added that they ""accumulated a tremendous amount of medical debt"" and still need further medical treatment in the future, including a possible third operation for Georgia. The couple attempted to sue Uber over the crash, citing the seventh amendment of the US Constitution, which grants people the right to a trial by jury.  But the tech firm argued that the couple could not take the case in front of a jury because of a clause in Uber's US Terms of Use. New Jersey's Supreme Court agreed. ""We hold that the arbitration provision contained in the agreement under review, which Georgia or her minor daughter, while using her cell phone agreed to, is valid and enforceable,"" its judgement says. The judgment found the child had clicked the button to say she was 18 despite not being. Referring to her daughter's use of Uber Eats, Mrs McGinty says she does not know how it can be right that she is considered to have ""authorised my child to waive our rights to go to a trial if we're injured in a car accident.""  ""I don't know how anybody makes that leap,"" she said. Arbitration clauses are ""very common,"" especially when dealing with large corporations, said Ted Spaulding, a personal injury lawyer based in the state of Georgia. An arbitrator is ""most often a lawyer who does this for a living,"" he said, who can ""act like a judge and a jury"". They decide on an outcome after weighing up arguments from both sides, and their fee is often split between both parties.  In the US, the enforceability of arbitration clauses differs state by state. In its case, Disney used the arbitration clause in their terms to argue that a man whose wife died at Disney World could not sue them in a court of law.  Jeffrey Piccolo filed a wrongful death lawsuit against Disney after his wife, Dr Kanokporn Tangsuan, died following an allergic reaction at a restaurant, run by a third party, at Disney World Florida in 2023. Disney said Mr Piccolo had waived his right to a jury trial when he signed up to a free trial of Disney+ in 2019. Disney later withdrew its claim to arbitration and opted to proceed with a jury trial after media coverage of the lawsuit. ""We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney executive Josh D'Amaro told the BBC in a statement in August. Mr Spaulding says: ""The law understandably says, 'Look, you have the duty to know what you're signing',"" referring to the terms and conditions people often accept when using a product or a service.  However, he says ""the scope should be within the transaction that you're agreeing to"". Georgia and John McGinty say the Uber case has been ""absolutely devastating"" to their family.  Georgia says their daughter, now 14, ""suffered a lot of trauma as a result"". She had a separate physical health issue which she was going through at the time, which her parents found difficult to help with while going through their own injuries.  ""Years of her life with her parents... were taken away,"" she says. ""Luckily, she's a fighter, like her parents are,"" says John.  ""We are inadvertently teaching her adversity and strength and family and prayer and resilience."" Uber told BBC News: ""The court concluded that on multiple occasions the plaintiff herself agreed to Uber's Terms of Use, including the arbitration agreement."" The company added: ""We are dedicated to road safety."" ",BBC,28/09/2024,"['A couple who were left with life-changing injuries after their Uber crashed have been told they cannot sue the company because of the terms they accepted when using the app.', 'Georgia and John McGinty, from New Jersey, in the US, are bound by a clause saying they could not take the case to a jury in a court of law.', 'State judges ruled they had clicked a ""confirm"" button on the app on more than one occasion when asked if they agreed with Uber\'s terms of use.', 'The McGintys argue they had not understood they were forfeiting their right to sue the company.', 'They told the BBC the most recent time the terms were agreed to was when their daughter, then 12, had accepted them prior to ordering a pizza on Uber Eats. ""', 'How would I ever remotely think that my ability to protect my constitutional rights to a trial would be waived by me ordering food?""', 'said Mrs McGinty.', 'Uber told BBC News: ""Our Terms of Use are clear that these types of claims should be resolved in arbitration.', 'It’s important to highlight that the court concluded the plaintiff herself, not her daughter, agreed to Uber\'s Terms of Use on multiple occasions.""', 'Arbitration means the dispute is settled through a third party rather than in court - in this case a lawyer appointed by Uber.', 'Legal experts say it tends to result in smaller financial settlements.', ""The case has parallels with Disney's attempt to avoid being sued over a death at Disney World - in its case over the terms of a Disney+ membership - before the company changed its mind."", 'In March 2022, Georgia and John McGinty were riding in an Uber in New Jersey when it crashed, and they suffered extensive injuries.', 'Mrs McGinty\'s injuries included spine fractures and traumatic injuries to her abdominal wall. ""', 'I was in the critical care unit for a week,"" she told the BBC. ""', 'I had a horrible post-operative infection and almost died during this time, I wasn\'t able to care for my child who was suffering from unrelated injury,"" she said.', 'John fractured his sternum and sustained injuries to his hand. ""', 'I shattered my wrist, broke my hand, and I have a steel rod with about nine pins in it.', 'I don\'t have full function of my left hand,"" he said. ""', 'I am in pain every day.""', 'He added that they ""accumulated a tremendous amount of medical debt"" and still need further medical treatment in the future, including a possible third operation for Georgia.', 'The couple attempted to sue Uber over the crash, citing the seventh amendment of the US Constitution, which grants people the right to a trial by jury.', ""But the tech firm argued that the couple could not take the case in front of a jury because of a clause in Uber's US Terms of Use."", 'New Jersey\'s Supreme Court agreed. ""', 'We hold that the arbitration provision contained in the agreement under review, which Georgia or her minor daughter, while using her cell phone agreed to, is valid and enforceable,"" its judgement says.', 'The judgment found the child had clicked the button to say she was 18 despite not being.', 'Referring to her daughter\'s use of Uber Eats, Mrs McGinty says she does not know how it can be right that she is considered to have ""authorised my child to waive our rights to go to a trial if we\'re injured in a car accident."" ""', 'I don\'t know how anybody makes that leap,"" she said.', 'Arbitration clauses are ""very common,"" especially when dealing with large corporations, said Ted Spaulding, a personal injury lawyer based in the state of Georgia.', 'An arbitrator is ""most often a lawyer who does this for a living,"" he said, who can ""act like a judge and a jury"".', 'They decide on an outcome after weighing up arguments from both sides, and their fee is often split between both parties.', 'In the US, the enforceability of arbitration clauses differs state by state.', 'In its case, Disney used the arbitration clause in their terms to argue that a man whose wife died at Disney World could not sue them in a court of law.', 'Jeffrey Piccolo filed a wrongful death lawsuit against Disney after his wife, Dr Kanokporn Tangsuan, died following an allergic reaction at a restaurant, run by a third party, at Disney World Florida in 2023.', 'Disney said Mr Piccolo had waived his right to a jury trial when he signed up to a free trial of Disney+ in 2019.', 'Disney later withdrew its claim to arbitration and opted to proceed with a jury trial after media coverage of the lawsuit. ""', 'We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney executive Josh D\'Amaro told the BBC in a statement in August.', 'Mr Spaulding says: ""The law understandably says, \'Look, you have the duty to know what you\'re signing\',"" referring to the terms and conditions people often accept when using a product or a service.', 'However, he says ""the scope should be within the transaction that you\'re agreeing to"".', 'Georgia and John McGinty say the Uber case has been ""absolutely devastating"" to their family.', 'Georgia says their daughter, now 14, ""suffered a lot of trauma as a result"".', 'She had a separate physical health issue which she was going through at the time, which her parents found difficult to help with while going through their own injuries. ""', 'Years of her life with her parents... were taken away,"" she says. ""', 'Luckily, she\'s a fighter, like her parents are,"" says John. ""', 'We are inadvertently teaching her adversity and strength and family and prayer and resilience.""', 'Uber told BBC News: ""The court concluded that on multiple occasions the plaintiff herself agreed to Uber\'s Terms of Use, including the arbitration agreement.""', 'The company added: ""We are dedicated to road safety.""']",-0.0136830647959011,"Luckily, she's a fighter, like her parents are,"" says John. ""","I had a horrible post-operative infection and almost died during this time, I wasn't able to care for my child who was suffering from unrelated injury,"" she said.",-0.4339696509497506,"We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney executive Josh D'Amaro told the BBC in a statement in August.","He added that they ""accumulated a tremendous amount of medical debt"" and still need further medical treatment in the future, including a possible third operation for Georgia.",2024-09-27
+"Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill",https://www.cnbc.com/2024/09/19/nike-ceo-john-donahoe-is-out-replaced-by-elliott-hill.html,2024-09-20T11:56:42+0000,"In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.The company's shares climbed 8% in extended trading Thursday. As of the close, the stock is down more than 25% this year.""I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth,"" said Mark Parker, Nike's executive chairman.Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers. Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.The outlook was far worse than the 3.2% decline that analysts had expected. Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO. At the time, Nike co-founder Phil Knight said the company was standing by Donahoe's side and the executive had his ""unwavering confidence and full support.""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""Looking forward, I couldn't be more excited to welcome Elliott back to the team. His experience, understanding of Nike and leadership is exactly what's needed at this moment. We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace.""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.""""Elliott is the right person. I look forward to seeing Nike and Elliott's future successes,"" he said.Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand. He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I'm ready to help lead it to an even brighter future,"" Hill said in a statement. ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.""As Nike goes through its current rough patch, it's trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel. In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts.Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024. During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end. As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it. In December, it also announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand.Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump.""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""He does have quite some work to do across various teams but I think that's what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""",CNBC,20/09/2024,"['In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.', ""Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13."", 'Hill is slated to take over on the following day.', 'Donahoe will stay on as an advisor through the end of January.', ""The company's shares climbed 8% in extended trading Thursday."", 'As of the close, the stock is down more than 25% this year.', '""I am excited to welcome Elliott back to Nike.', 'Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott\'s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike\'s next stage of growth,"" said Mark Parker, Nike\'s executive chairman.', 'Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers.', ""Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for."", 'In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.', 'The outlook was far worse than the 3.2% decline that analysts had expected.', 'Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO.', 'At the time, Nike co-founder Phil Knight said the company was standing by Donahoe\'s side and the executive had his ""unwavering confidence and full support.', '""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.', '""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""', ""Looking forward, I couldn't be more excited to welcome Elliott back to the team."", ""His experience, understanding of Nike and leadership is exactly what's needed at this moment."", ""We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace."", '""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.', '""""Elliott is the right person.', 'I look forward to seeing Nike and Elliott\'s future successes,"" he said.', ""Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand."", 'He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I\'m ready to help lead it to an even brighter future,"" Hill said in a statement. ""', ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead."", 'Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.', '""As Nike goes through its current rough patch, it\'s trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel.', ""In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts."", ""Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024."", 'During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end.', 'As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.', 'Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it.', 'In December, it also announced abroad restructuring planto reduce costs by about $2 billion over the next three years.', ""It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand."", ""Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump."", '""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""', 'He does have quite some work to do across various teams but I think that\'s what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""']",0.2372571841440179,"""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""","Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.",0.3689597867153309,"Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024.","In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.",2024-09-27
+"Nuggets, Avalanche launch streaming service, with some games aired on local broadcast stations",https://www.cnbc.com/2024/09/26/nuggets-avalanche-launch-streaming-service-altitude.html,2024-09-26T19:01:59+0000,"In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season.Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season. It's also launching a direct-to-consumer streaming service.The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October. The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague. The season in North America begins on Oct. 8. The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV. It's also available on Charter Communications' Spectrum in some parts of its nine-state territory.However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market. The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market.""It certainly played a role. But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. ""And we think this deal really gives people the opportunity to do it however they want.""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast's customers. The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year. However, the two sides reached an agreement in July.In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services.Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports. Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast. The streaming option for both is free.Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season. This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna. Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations.Regional sports networks are also increasingly offering streaming options.The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall.The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors. These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,26/09/2024,"[""In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season."", ""Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season."", ""It's also launching a direct-to-consumer streaming service."", 'The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.', ""Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October."", 'The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.', 'The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.', 'The season in North America begins on Oct. 8.', ""The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV."", ""It's also available on Charter Communications' Spectrum in some parts of its nine-state territory."", ""However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market."", ""The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market."", '""It certainly played a role.', 'But what we\'re really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment\'s KSE Media Ventures, said in an interview with CNBC. ""', 'And we think this deal really gives people the opportunity to do it however they want.', '""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast\'s customers.', 'The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.', 'The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year.', 'However, the two sides reached an agreement in July.', ""In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services."", ""Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports."", 'Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast.', 'The streaming option for both is free.', ""Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season."", ""This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna."", ""Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations."", 'Regional sports networks are also increasingly offering streaming options.', ""The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall."", ""The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors."", 'These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.206001141852912,"But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. """,The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.,-0.3712466028001573,"The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.","However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market.",2024-09-27
+U.S. new vehicle sales expected to have struggled during third quarter,https://www.cnbc.com/2024/09/26/us-new-vehicle-sales-third-quarter.html,2024-09-26T18:18:47+0000,"In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com. That would be a roughly 5% decrease compared with the second quarter of this year.Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year.""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024. Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle.""Who can afford new cars seems to be the big issue. People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""The new market is quite limiting for a lot of buyers.""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts. Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year. CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands.Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated. Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports. Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.EV sales are being heavily assisted by incentives. While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles. That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines.The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle. Not all new EVs qualify for the incentive, unless they're leased.",CNBC,26/09/2024,"['In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.', 'Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com.', 'That would be a roughly 5% decrease compared with the second quarter of this year.', ""Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year."", '""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""', 'Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.', '""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024.', 'Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.', ""Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle."", '""Who can afford new cars seems to be the big issue.', 'People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""', 'The new market is quite limiting for a lot of buyers.', '""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.', 'Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts.', ""Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year."", ""CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands."", 'Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated.', 'Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.', 'The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports.', 'Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.', 'EV sales are being heavily assisted by incentives.', 'While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles.', ""That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines."", 'The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle.', ""Not all new EVs qualify for the incentive, unless they're leased.""]",0.1553405144073951,"Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",-0.1700656037581594,"Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",2024-09-27
+New Starbucks CEO Brian Niccol commits to working with union as talks move forward,https://www.cnbc.com/2024/09/25/new-starbucks-ceo-brian-niccol-commits-to-working-with-union.html,2024-09-25T14:38:53+0000,"In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union. The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company. The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union. For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions. In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized. Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize. Chipotle denied any wrongdoing.Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees. The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.",CNBC,25/09/2024,"['In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.', '""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""', 'If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.', '""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union.', 'The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company.', 'The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.', '""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.', 'Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union.', 'For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.', ""But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media."", 'Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions.', 'In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized.', 'Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize.', 'Chipotle denied any wrongdoing.', ""Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees."", 'The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.']",0.3833215389811322,"""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.",Chipotle denied any wrongdoing.,0.5860569973786672,But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.,"For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.",2024-09-27
+"Extra legroom, assigned seats, overnight flights: Inside Southwest Airlines' plan for its future",https://www.cnbc.com/2024/09/26/southwest-investor-day-proxy-battle-elliott.html,2024-09-27T16:09:35+0000,"In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights. Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes.Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage.Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight. Southwest has to train staff, update technology and inform customers about the changes.Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation. It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.Southwest was under pressure to ditch its open seating model and often chaotic boarding process. Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system. More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday.""Looking at lapsed customers, the seating and boarding process is the No. 1 reason they haven't returned to Southwest,"" said Southwest's chief commercial officer, Ryan Green. ""We were struck by how clear the message was. There is an absolute need for us to evolve our model to better meet customer preferences.""Southwest also announced its first international partnership, with Icelandair.Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees."" Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.The carrier is also trying to cut costs. On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors. Southwest and Fornaro go back more than a decade. He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts. It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs. It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders. Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said.Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.Elliott said in a statement that Thursday's announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster. Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins. Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier. On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said. He called Southwest's plan intentional and detailed.""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family. Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.""We've taken dramatic steps to mitigate the operational risk from future Boeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline's growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""— CNBC's Rohan Goswami contributed to this report.",CNBC,27/09/2024,"['In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights.', ""Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes."", 'Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.', ""Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage."", ""Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight."", 'Southwest has to train staff, update technology and inform customers about the changes.', ""Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation."", 'It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.', 'Southwest was under pressure to ditch its open seating model and often chaotic boarding process.', 'Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system.', ""More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday."", '""Looking at lapsed customers, the seating and boarding process is the No.', '1 reason they haven\'t returned to Southwest,"" said Southwest\'s chief commercial officer, Ryan Green. ""', 'We were struck by how clear the message was.', 'There is an absolute need for us to evolve our model to better meet customer preferences.', '""Southwest also announced its first international partnership, with Icelandair.', 'Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""', 'Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.', 'The carrier is also trying to cut costs.', 'On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.', 'The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors.', 'Southwest and Fornaro go back more than a decade.', 'He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.', ""The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts."", 'It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs.', ""It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago."", ""But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders."", 'Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.', ""Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said."", 'Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.', 'Elliott said in a statement that Thursday\'s announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster.', 'Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins.', 'Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier.', 'On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.', '""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said.', ""He called Southwest's plan intentional and detailed."", '""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.', 'The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family.', 'Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.', '""We\'ve taken dramatic steps to mitigate the operational risk fromfutureBoeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline\'s growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.', 'He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""—', ""CNBC's Rohan Goswami contributed to this report.""]",0.1959702577132852,It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.,Southwest was under pressure to ditch its open seating model and often chaotic boarding process.,0.1942006860460554,"Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""","Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.",2024-09-27
+Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes',https://www.cnbc.com/2024/09/21/boeing-strike-machinists-prepare-for-lengthy-stoppage.html,2024-09-23T13:12:29+0000,"In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive.In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.That would add to the borrowing costs of the company, already $60 billion in debt. Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers. Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty. Burn barrels provided heat for chilly overnight pickets.Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made.The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management. That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.""We can't afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture. Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes.""I take pride in my work,"" he said.Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike. They received their last paychecks Thursday, and health benefits are set to end on Sept. 30. A strike fund from the union will soon give them $250 a week.The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein. The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments. Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago.Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns. No meaningful progress was made during today's talks.""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.""While we are disappointed the discussions didn't lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote. The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.The Biden administration has encouraged Boeing and the union to reach a deal.""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for the workers and it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC's ""Squawk Box"" on Thursday.Boeing is facing a tight labor market. During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.During the pandemic, Boeing and its suppliers shed thousands of workers. They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand.""You're in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America's Epstein. ""So what do you do to not only retain them but attract them? If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""",CNBC,23/09/2024,"['In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay.', 'A failure to get a deal done could be even more expensive.', 'In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.', ""The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week."", 'The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.', 'That would add to the borrowing costs of the company, already $60 billion in debt.', 'Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.', ""Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash."", 'At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers.', 'Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty.', 'Burn barrels provided heat for chilly overnight pickets.', ""Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made."", ""The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management."", 'That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.', '""We can\'t afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture.', ""Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes."", '""I take pride in my work,"" he said.', 'Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.', '""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.', 'More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike.', 'They received their last paychecks Thursday, and health benefits are set to end on Sept. 30.', 'A strike fund from the union will soon give them $250 a week.', 'The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein.', ""The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments."", 'Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.', 'The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements.', ""Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago."", 'Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.', '""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns.', ""No meaningful progress was made during today's talks."", '""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.', '""During mediation with the union this week, we continued our good faith efforts to engage the union\'s bargaining committee in meaningful negotiations to address the feedback we\'ve heard from our team,"" Ortberg said in a note to staff Friday.', '""While we are disappointed the discussions didn\'t lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote.', 'The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.', 'The Biden administration has encouraged Boeing and the union to reach a deal.', '""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for theworkersand it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC\'s ""Squawk Box"" on Thursday.', 'Boeing is facing a tight labor market.', 'During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.', 'One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.', 'During the pandemic, Boeing and its suppliers shed thousands of workers.', ""They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand."", '""You\'re in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America\'s Epstein. ""', 'So what do you do to not only retain them but attract them?', 'If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""']",0.0746638250251345,"""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.","The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.",-0.0383280776441097,"The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management.","Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.",2024-09-27
+Harris promises 'pragmatic' approach in economic pitch to voters,https://www.bbc.co.uk/news/articles/c2439n8mr31o,2024-09-26T03:06:57.467Z,"US Vice-President Kamala Harris, seeking to sharpen her economic message, pledged to usher in new investments in domestic manufacturing across a range of industries if elected to the White House in November. In a speech in the must-win state of Pennsylvania on Wednesday, Harris cast herself as ""a capitalist"" with a pragmatic approach to boosting the middle class. An hour before the speech, her Republican rival Donald Trump touted his own economic agenda - including a 15% made-in-America tax proposal - while visiting North Carolina.   Both candidates are campaigning in battleground states this week on their competing visions for the economy, a key issue that voters say is a top priority in casting a ballot. In a tacit rebuttal to Republican claims that she supports ""communist"" policies, Harris described herself as ""a capitalist"".  ""I promise you I will be pragmatic in my approach,"" she said at an event hosted by The Economic Club of Pittsburgh. Building on her vision for an ""opportunity economy"", Harris laid out new proposals to help young families, first time homebuyers and the elderly through $100bn worth in tax breaks and financial incentives. She vowed new investments in artifical intelligence, aerospace and energy development. Harris added, however, that tax rates for large corporations and the wealthiest Americans must rise so they ""pay their fair share"". She also promised to reform permitting to speed up building in the US, eliminate college degree requirements for federal jobs and increase union apprenticeships, if elected. “I intend to chart a new way forward and grow America’s middle class” she argued, while Trump has “no intention to grow our middle class — he’s only interested in making life better for himself and people like himself”. Later in her first major solo interview with MSNBC, Harris lambasted Trump, saying he ""isn't very serious"" on his tariff proposals and ""constantly got played by China"". “You don’t just throw around the idea of tariffs across the board,"" she said. ""He’s just not serious about very many of these issues."" Harris also pushed back for the first time on the Trump campaign's claim that she is lying about having worked at McDonald's as a university student. ""Part of the reason I even talk about having worked at McDonald's is because there are people who work at McDonald's in our country who are trying to raise a family,"" she said. ""I worked there as a student."" Harris's remarks came as she is seeking to chip away at Trump's advantage with voters on his handling of the economy.  Though the race remains close, Harris has opened up a narrow lead in national polling since the two candidates met on a debate stage earlier this month. At a campaign event in Mint Hill, North Carolina, Trump defended his tariff proposals and suggested they were the reason ""people in [other] countries want to kill me"". “I’m imposing tariffs on your competition from foreign countries, all these foreign countries that have ripped us off, which stole all of your businesses and all of your jobs years ago,” he said. He reminded supporters that, as president, he had passed the largest corporate tax cut in US history, from 35% to 21%. The centrepiece of his second term, he said, would be a ""manufacturing renaissance"" ushered in by a 15% tax rate for products made in America. The economy routinely emerges as the top issue for voters this November and both candidates have touted populist policies, with Harris appearing to mirror a Trump proposal to end taxation on service workers' tips. In her sitdown with MSNBC, Harris said that ""Donald Trump has a history of taking care of rich people"". ""I'm not mad at anybody for being rich, but they should pay their fair share,"" she added, arguing that Trump advocates ""tax cuts for the billionaires and the top corporations in our country"". ""My perspective on the economy is when you grow the middle class, America’s economy is stronger, and there’s empirical evidence to prove my point correct."" ",BBC,26/09/2024,"['US Vice-President Kamala Harris, seeking to sharpen her economic message, pledged to usher in new investments in domestic manufacturing across a range of industries if elected to the White House in November.', 'In a speech in the must-win state of Pennsylvania on Wednesday, Harris cast herself as ""a capitalist"" with a pragmatic approach to boosting the middle class.', 'An hour before the speech, her Republican rival Donald Trump touted his own economic agenda - including a 15% made-in-America tax proposal - while visiting North Carolina.', 'Both candidates are campaigning in battleground states this week on their competing visions for the economy, a key issue that voters say is a top priority in casting a ballot.', 'In a tacit rebuttal to Republican claims that she supports ""communist"" policies, Harris described herself as ""a capitalist"". ""', 'I promise you I will be pragmatic in my approach,"" she said at an event hosted by The Economic Club of Pittsburgh.', 'Building on her vision for an ""opportunity economy"", Harris laid out new proposals to help young families, first time homebuyers and the elderly through $100bn worth in tax breaks and financial incentives.', 'She vowed new investments in artifical intelligence, aerospace and energy development.', 'Harris added, however, that tax rates for large corporations and the wealthiest Americans must rise so they ""pay their fair share"".', 'She also promised to reform permitting to speed up building in the US, eliminate college degree requirements for federal jobs and increase union apprenticeships, if elected. “', 'I intend to chart a new way forward and grow America’s middle class” she argued, while Trump has “no intention to grow our middle class — he’s only interested in making life better for himself and people like himself”.', 'Later in her first major solo interview with MSNBC, Harris lambasted Trump, saying he ""isn\'t very serious"" on his tariff proposals and ""constantly got played by China"". “', 'You don’t just throw around the idea of tariffs across the board,"" she said. ""', 'He’s just not serious about very many of these issues.""', 'Harris also pushed back for the first time on the Trump campaign\'s claim that she is lying about having worked at McDonald\'s as a university student. ""', 'Part of the reason I even talk about having worked at McDonald\'s is because there are people who work at McDonald\'s in our country who are trying to raise a family,"" she said. ""', 'I worked there as a student.""', ""Harris's remarks came as she is seeking to chip away at Trump's advantage with voters on his handling of the economy."", 'Though the race remains close, Harris has opened up a narrow lead in national polling since the two candidates met on a debate stage earlier this month.', 'At a campaign event in Mint Hill, North Carolina, Trump defended his tariff proposals and suggested they were the reason ""people in [other] countries want to kill me"". “', 'I’m imposing tariffs on your competition from foreign countries, all these foreign countries that have ripped us off, which stole all of your businesses and all of your jobs years ago,” he said.', 'He reminded supporters that, as president, he had passed the largest corporate tax cut in US history, from 35% to 21%.', 'The centrepiece of his second term, he said, would be a ""manufacturing renaissance"" ushered in by a 15% tax rate for products made in America.', ""The economy routinely emerges as the top issue for voters this November and both candidates have touted populist policies, with Harris appearing to mirror a Trump proposal to end taxation on service workers' tips."", 'In her sitdown with MSNBC, Harris said that ""Donald Trump has a history of taking care of rich people"". ""', 'I\'m not mad at anybody for being rich, but they should pay their fair share,"" she added, arguing that Trump advocates ""tax cuts for the billionaires and the top corporations in our country"". ""', 'My perspective on the economy is when you grow the middle class, America’s economy is stronger, and there’s empirical evidence to prove my point correct.""']",0.2160017055939038,"Building on her vision for an ""opportunity economy"", Harris laid out new proposals to help young families, first time homebuyers and the elderly through $100bn worth in tax breaks and financial incentives.","At a campaign event in Mint Hill, North Carolina, Trump defended his tariff proposals and suggested they were the reason ""people in [other] countries want to kill me"". “",0.4647014439105987,"My perspective on the economy is when you grow the middle class, America’s economy is stronger, and there’s empirical evidence to prove my point correct.""","Later in her first major solo interview with MSNBC, Harris lambasted Trump, saying he ""isn't very serious"" on his tariff proposals and ""constantly got played by China"". “",2024-09-27
+Greenpeace legal challenge to Rosebank oil field given go-ahead,https://www.bbc.co.uk/news/articles/cx2m8zn95x1o,2024-09-25T13:19:50.304Z,"A legal challenge over the decision to give consent to the UK’s largest untapped oil field has been given the go-ahead by the Court of Session. Greenpeace and Uplift jointly brought judicial reviews to stop the development of Rosebank oil field and the Jackdaw gas field. The environment groups say that when consent was granted  for the fields off Shetland and Aberdeen, the impact of emissions caused by burning extracted oil and gas was “unlawfully ignored” by regulators. If the challenge is successful, operators would have to resubmit environmental assessments for approval before drilling can begin. The cases will heard by the Court of Session in Edinburgh on 12 November. Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea. Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “Now the government accepts the decision to approve the field was unlawful, the oil and gas companies that own Rosebank are alone in trying to drive this disastrous project through court."" The UK government said in August that it would not fight any cases over Rosebank and Jackdaw. This came after the Supreme Court ruled in June that regulators, such as the North Seas Transition Authority (NSTA), must consider the total environmental impact of new projects - including the way fossil fuels are used by end consumers. These are known as Scope 3 emissions. The Supreme Court's decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful. Greenpeace’s climate team leader, Mel Evans, said: “Both the government and the Supreme Court agree that you cannot ignore the emissions generated from burning fossil fuels. “Equinor and Ithaca know this, and they know that the consents for these fields are unlawful. “Despite this they are continuing to develop them during this judicial review, putting people, marine life, and our climate at further risk.” Norwegian energy giant Equinor and British firm Ithaca Energy jointly own the Rosebank field.  They said it would create about 1,600 jobs during its construction and support about 450 UK-based jobs during its lifetime. Consent for drilling off the coast of Shetland was granted in September last year. Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds. The Scottish government has said it has a ""presumption against"" new oil and gas exploration. However, First Minister John Swinney said in June that it would still be needed ""for a period of time"" to help the country meet its net-zero targets by 2045. The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy. It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields. The NSTA said it would not comment on a live case. Equinor declined to comment on the court challenge, but said it was continuing to ""work closely with all relevant parties to progress the project"". Shell said all ""relevant concerns and permits"" had been put in place for the Jackdaw gas field. The firm said it would argue that existing consents should remain in place when the case goes before the Court of Session in November.  A spokesperson added: “Jackdaw is a vital project for UK energy security that is already well under way.  ""Stopping the work is a highly complex process, with significant technical and safety issues now that infrastructure is in place and drilling has started in the North Sea."" ",BBC,25/09/2024,"['A legal challenge over the decision to give consent to the UK’s largest untapped oil field has been given the go-ahead by the Court of Session.', 'Greenpeace and Uplift jointly brought judicial reviews to stop the development of Rosebank oil field and the Jackdaw gas field.', 'The environment groups say that when consent was granted for the fields off Shetland and Aberdeen, the impact of emissions caused by burning extracted oil and gas was “unlawfully ignored” by regulators.', 'If the challenge is successful, operators would have to resubmit environmental assessments for approval before drilling can begin.', 'The cases will heard by the Court of Session in Edinburgh on 12 November.', 'Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.', 'Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “', 'Now the government accepts the decision to approve the field was unlawful, the oil and gas companies that own Rosebank are alone in trying to drive this disastrous project through court.""', 'The UK government said in August that it would not fight any cases over Rosebank and Jackdaw.', 'This came after the Supreme Court ruled in June that regulators, such as the North Seas Transition Authority (NSTA), must consider the total environmental impact of new projects - including the way fossil fuels are used by end consumers.', 'These are known as Scope 3 emissions.', 'The Supreme Court\'s decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful.', 'Greenpeace’s climate team leader, Mel Evans, said: “Both the government and the Supreme Court agree that you cannot ignore the emissions generated from burning fossil fuels. “', 'Equinor and Ithaca know this, and they know that the consents for these fields are unlawful. “', 'Despite this they are continuing to develop them during this judicial review, putting people, marine life, and our climate at further risk.”', 'Norwegian energy giant Equinor and British firm Ithaca Energy jointly own the Rosebank field.', 'They said it would create about 1,600 jobs during its construction and support about 450 UK-based jobs during its lifetime.', 'Consent for drilling off the coast of Shetland was granted in September last year.', 'Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds.', 'The Scottish government has said it has a ""presumption against"" new oil and gas exploration.', 'However, First Minister John Swinney said in June that it would still be needed ""for a period of time"" to help the country meet its net-zero targets by 2045.', 'The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy.', 'It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields.', 'The NSTA said it would not comment on a live case.', 'Equinor declined to comment on the court challenge, but said it was continuing to ""work closely with all relevant parties to progress the project"".', 'Shell said all ""relevant concerns and permits"" had been put in place for the Jackdaw gas field.', 'The firm said it would argue that existing consents should remain in place when the case goes before the Court of Session in November.', 'A spokesperson added: “Jackdaw is a vital project for UK energy security that is already well under way. ""', 'Stopping the work is a highly complex process, with significant technical and safety issues now that infrastructure is in place and drilling has started in the North Sea.""']",0.2343085843928544,"The Supreme Court's decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful.",Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.,-0.1496233344078064,"Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “",Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.,2024-09-27
+Dame Judi Dench and John Cena to voice Meta AI chatbot,https://www.bbc.co.uk/news/articles/c6258zn1663o,2024-09-26T04:58:59.273Z,"Instagram owner Meta says Dame Judi Dench and John Cena will be voice options for its artificial intelligence (AI) chatbot. Users will also be able to get information from AI versions of Awkwafina, Keegan-Michael Key or Kristen Bell. Meta will be hoping this use of celebrity chatbots goes better than its last attempt. In September 2023, it debuted what it called AI chatbots with ""personality"", based on celebrities such as Kendall Jenner and Snoop Dogg, only to pull the plug less than a year later. The technology giant's chief executive, Mark Zuckerberg, announced its new foray into celebrity chatbots during the company's annual Connect conference. “I think that voice is going to be a way more natural way of interacting with AI than text,"" he told attendees.  Other new offerings for the ChatGPT-like chatbot include it being able to recognise things users photograph, and give them information about them. An image editing feature will allow users to alter photos by telling the Meta AI what changes they want. The firm said that more than 400 million people were now using Meta AI a month, with 185 million of them returning to it every week. Mr Zuckerberg also unveiled the first working prototype of Meta's augmented-reality (AR) glasses, called Orion. Showing off the Orion glasses, Mr Zuckerberg said: “A lot of people have said this is the craziest technology they’ve ever seen.” Users will be able to interact with Orion through hand-tracking, voice and wrist-based interface. Meta also announced an entry-level version of its Quest line of mixed-reality headsets, with prices for the new Quest 3S starting at $300 (£225). Some of the world's biggest technology firms have been developing AR glasses but have not yet launched commercially successful mass market devices. In recent years, Meta has pumped billions of dollars into developing AI, AR and other metaverse technologies. The company expects to spend as much as $40bn on new projects this year, a record high. Before the event, Meta's shares ended Wednesday's trading day at a record high of $568.31. The company - which also owns social media platforms Facebook and WhatsApp - has seen its stock market value rise by more than 60% since the start of this year. However, ahead of Meta's annual showcase, thousands of Facebook and Instagram users, including many celebrities, shared a Stories post that falsely claimed people had to repost it if they did not want the firm to use their content to train its AI tools.  James McAvoy and Tom Brady were among those who fell for the hoax. A Meta spokesperson confirmed users can only object to having their content used by submitting an objection form. This can be accessed by clicking on a notification sent to users about the plans, or by going to the privacy centre under account settings. ",BBC,26/09/2024,"['Instagram owner Meta says Dame Judi Dench and John Cena will be voice options for its artificial intelligence (AI) chatbot.', 'Users will also be able to get information from AI versions of Awkwafina, Keegan-Michael Key or Kristen Bell.', 'Meta will be hoping this use of celebrity chatbots goes better than its last attempt.', 'In September 2023, it debuted what it called AI chatbots with ""personality"", based on celebrities such as Kendall Jenner and Snoop Dogg, only to pull the plug less than a year later.', ""The technology giant's chief executive, Mark Zuckerberg, announced its new foray into celebrity chatbots during the company's annual Connect conference. “"", 'I think that voice is going to be a way more natural way of interacting with AI than text,"" he told attendees.', 'Other new offerings for the ChatGPT-like chatbot include it being able to recognise things users photograph, and give them information about them.', 'An image editing feature will allow users to alter photos by telling the Meta AI what changes they want.', 'The firm said that more than 400 million people were now using Meta AI a month, with 185 million of them returning to it every week.', ""Mr Zuckerberg also unveiled the first working prototype of Meta's augmented-reality (AR) glasses, called Orion."", 'Showing off the Orion glasses, Mr Zuckerberg said: “A lot of people have said this is the craziest technology they’ve ever seen.”', 'Users will be able to interact with Orion through hand-tracking, voice and wrist-based interface.', 'Meta also announced an entry-level version of its Quest line of mixed-reality headsets, with prices for the new Quest 3S starting at $300 (£225).', ""Some of the world's biggest technology firms have been developing AR glasses but have not yet launched commercially successful mass market devices."", 'In recent years, Meta has pumped billions of dollars into developing AI, AR and other metaverse technologies.', 'The company expects to spend as much as $40bn on new projects this year, a record high.', ""Before the event, Meta's shares ended Wednesday's trading day at a record high of $568.31."", 'The company - which also owns social media platforms Facebook and WhatsApp - has seen its stock market value rise by more than 60% since the start of this year.', ""However, ahead of Meta's annual showcase, thousands of Facebook and Instagram users, including many celebrities, shared a Stories post that falsely claimed people had to repost it if they did not want the firm to use their content to train its AI tools."", 'James McAvoy and Tom Brady were among those who fell for the hoax.', 'A Meta spokesperson confirmed users can only object to having their content used by submitting an objection form.', 'This can be accessed by clicking on a notification sent to users about the plans, or by going to the privacy centre under account settings.']",0.1830020725444819,Meta will be hoping this use of celebrity chatbots goes better than its last attempt.,James McAvoy and Tom Brady were among those who fell for the hoax.,0.9980372786521912,The company - which also owns social media platforms Facebook and WhatsApp - has seen its stock market value rise by more than 60% since the start of this year.,,2024-09-27
+RAC says petrol prices fall to three-year low,https://www.bbc.co.uk/news/articles/cwyl79v1d1lo,2024-09-25T14:10:34.756Z,"Petrol prices have fallen to their lowest level for three years, with the average price for a litre of unleaded costing about £1.35, the RAC has said. Lower global oil prices and a stronger pound were the main reasons prices had fallen, the motoring group said. The figure is considerably lower than in July 2022, when petrol prices hit a record high of almost £1.92 per litre when oil prices surged following Russia’s invasion of Ukraine. Simon Williams, fuel spokesman for the RAC, said petrol prices could fall further. ""We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks,"" Mr Williams said. Depending on where drivers were filling up,  he said people could be ""paying as little as £1.26 for a litre of unleaded - making the cost of refuelling a typical family car come in at under £70"". The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA). The falling price of fuel will come as a boost to drivers, who have been hit hard in recent years by higher prices for all consumer goods. The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen. Concerns over fuel prices prompted the competition regulator, the CMA, to look into the sector. It said in July weakened competition in the fuel sector was  impacting drivers' wallets and that supermarkets' profit margins - which is the difference between the price they buy fuel at and what they charge motorists - had doubled since 2019. But the Petrol Retailers Association (PRA), which represents independent forecourts, has argued its members' margins have been ""under pressure"" due to higher labour and energy costs, and reduced sales. The RAC said the reason for ""tumbling"" pump prices now was due to ""a relatively low oil price"" of about $75 per barrell due to lower global demand, ""combined with a relatively strong pound"" helped by inflation falling. With fuel traded in US dollars, a stronger pound means UK fuel retailers get more ""bang for their buck"" when buying in new stock on the wholesale market, the RAC said. Fuel prices rose sharply amid fears of a global economic shock following Russia's invasion of Ukraine. Russia is the third-largest oil exporter and some Western countries, decided to halt or restrict imports from the country in response to Russia's actions. It meant demand for oil from other producers increased, leading to increased prices. At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years. The UK only imports about 6% of oil from Russia, so is not as dependent on Russia as other European countries are and has said it plans to phase it out. It is, however, affected by the global shifts in price. ",BBC,25/09/2024,"['Petrol prices have fallen to their lowest level for three years, with the average price for a litre of unleaded costing about £1.35, the RAC has said.', 'Lower global oil prices and a stronger pound were the main reasons prices had fallen, the motoring group said.', 'The figure is considerably lower than in July 2022, when petrol prices hit a record high of almost £1.92 per litre when oil prices surged following Russia’s invasion of Ukraine.', 'Simon Williams, fuel spokesman for the RAC, said petrol prices could fall further. ""', 'We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks,"" Mr Williams said.', 'Depending on where drivers were filling up, he said people could be ""paying as little as £1.26 for a litre of unleaded - making the cost of refuelling a typical family car come in at under £70"".', 'The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA).', 'The falling price of fuel will come as a boost to drivers, who have been hit hard in recent years by higher prices for all consumer goods.', 'The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen.', 'Concerns over fuel prices prompted the competition regulator, the CMA, to look into the sector.', ""It said in July weakened competition in the fuel sector was impacting drivers' wallets and that supermarkets' profit margins - which is the difference between the price they buy fuel at and what they charge motorists - had doubled since 2019."", 'But the Petrol Retailers Association (PRA), which represents independent forecourts, has argued its members\' margins have been ""under pressure"" due to higher labour and energy costs, and reduced sales.', 'The RAC said the reason for ""tumbling"" pump prices now was due to ""a relatively low oil price"" of about $75 per barrell due to lower global demand, ""combined with a relatively strong pound"" helped by inflation falling.', 'With fuel traded in US dollars, a stronger pound means UK fuel retailers get more ""bang for their buck"" when buying in new stock on the wholesale market, the RAC said.', ""Fuel prices rose sharply amid fears of a global economic shock following Russia's invasion of Ukraine."", ""Russia is the third-largest oil exporter and some Western countries, decided to halt or restrict imports from the country in response to Russia's actions."", 'It meant demand for oil from other producers increased, leading to increased prices.', 'At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years.', 'The UK only imports about 6% of oil from Russia, so is not as dependent on Russia as other European countries are and has said it plans to phase it out.', 'It is, however, affected by the global shifts in price.']",-0.1838314853299841,"It meant demand for oil from other producers increased, leading to increased prices.","The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen.",0.1672339544576757,"At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years.","The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA).",2024-09-27
+Hoda Kotb announces she is leaving NBC's 'TODAY' show,https://www.cnbc.com/2024/09/26/hoda-kotb-leaving-nbc-today-show.html,2024-09-26T14:24:38+0000,"Hoda Kotb will be leaving her role as a co-anchor on NBC's ""TODAY"" show early next year, she announced in a letter to staff on Thursday.""As I write this, my heart is all over the map,"" she wrote. ""I know I'm making the right decision, but it's a painful one. And you all are the reason why. They say two things can be right at the same time, and I'm feeling that so deeply right now. I love you and it's time for me to leave the show.""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline."" In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager. She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018. They were the first all-women pair to anchor the news program.In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""I'll be around. How could I not? Family is family and you all will always be a part of mine.""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""",CNBC,26/09/2024,"['Hoda Kotb will be leaving her role as a co-anchor on NBC\'s ""TODAY"" show early next year, she announced in a letter to staff on Thursday.', '""As I write this, my heart is all over the map,"" she wrote. ""', ""I know I'm making the right decision, but it's a painful one."", 'And you all are the reason why.', ""They say two things can be right at the same time, and I'm feeling that so deeply right now."", ""I love youandit's time for me to leave the show."", '""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline.""', 'In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager.', ""She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018."", 'They were the first all-women pair to anchor the news program.', 'In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.', 'Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.', '""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I\'ve been lucky enough to hold close to my heart,"" she wrote. ""', ""I'll be around."", 'How could I not?', 'Family is family and you all will always be a part of mine.', '""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""']",0.0980300956305826,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""","I know I'm making the right decision, but it's a painful one.",0.8195086121559143,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. """,,2024-09-27
+Microsoft to re-launch ‘privacy nightmare’ AI screenshot tool,https://www.bbc.co.uk/news/articles/c869glx8endo,2024-09-27T16:59:31.924Z,"Microsoft says it has “listened to feedback” following a privacy row over a new tool which takes regular screenshots of users’ activity. It was labelled a potential “privacy nightmare” by critics when it was unveiled in May 2024 - prompting the tech giant to postpone its release. It now plans to relaunch the artificial intelligence (AI) powered tool in November on its new CoPilot+ computers. Some of its more controversial features have been stripped out - for example, it will be opt-in whereas the original version was turned on by default. The controversy over Recall had led the Information Commissioner's Office (ICO), the UK’s data watchdog, to “make enquiries” with the tech giant about the tool.  It said it had now been informed that a ""series of changes"" had been made to the product. ""We will be continuing to assess Recall as Microsoft moves toward launch"", it said in a statement. When it initially announced the tool at its developer conference in May, Microsoft said it used AI ""to make it possible to access virtually anything you have ever seen on your PC"", and likened it to having photographic memory. It said Recall could search through a users' past activity, including their files, photos, emails and browsing history. It was designed to help people find things they had looked at or worked on previously by searching through desktop screenshots taken every few seconds. But critics quickly raised concerns, given the quantity of sensitive data the system would harvest, with one expert labelling it a potential “privacy nightmare."" Recall was never made publicly available. A version of the tool was set to be rolled out with CoPilot+ computers - which Microsoft billed as the fastest, most intelligent Windows PCs ever built - when they launched in June, after Microsoft told users it had made changes to make it more secure. But its launch was delayed further and has now been pushed back to the autumn. The company has also announced extra security measures for it. “Recall is an opt-in experience. Snapshots and any associated information are always encrypted,"" said Pavan Davuluri, Microsoft's corporate vice president of Windows and devices. He added that ""Windows offers tools to help you control your privacy and customise what gets saved for you to find later"".  However a technical blog about it states that “diagnostic data” from the tool may be shared with the firm depending on individual privacy settings. The firm added that screenshots can only be accessed with a biometric login, and sensitive information such as credit card details will not be snapped by default. Recall is only available on the CoPilot+ range of bespoke laptops featuring powerful inbuilt AI chips. Professor Alan Woodward, a cybersecurity expert at Surrey University, said the new measures were a significant improvement. “Before any functionality like Recall is deployed the security and privacy aspects will need to be comprehensively tested,” he said. However he added he would not be rushing to use it. “Personally I would not opt-in until this has been tested in the wild for some time.” ",BBC,27/09/2024,"['Microsoft says it has “listened to feedback” following a privacy row over a new tool which takes regular screenshots of users’ activity.', 'It was labelled a potential “privacy nightmare” by critics when it was unveiled in May 2024 - prompting the tech giant to postpone its release.', 'It now plans to relaunch the artificial intelligence (AI) powered tool in November on its new CoPilot+ computers.', 'Some of its more controversial features have been stripped out - for example, it will be opt-in whereas the original version was turned on by default.', ""The controversy over Recall had led the Information Commissioner's Office (ICO), the UK’s data watchdog, to “make enquiries” with the tech giant about the tool."", 'It said it had now been informed that a ""series of changes"" had been made to the product. ""', 'We will be continuing to assess Recall as Microsoft moves toward launch"", it said in a statement.', 'When it initially announced the tool at its developer conference in May, Microsoft said it used AI ""to make it possible to access virtually anything you have ever seen on your PC"", and likened it to having photographic memory.', ""It said Recall could search through a users' past activity, including their files, photos, emails and browsing history."", 'It was designed to help people find things they had looked at or worked on previously by searching through desktop screenshots taken every few seconds.', 'But critics quickly raised concerns, given the quantity of sensitive data the system would harvest, with one expert labelling it a potential “privacy nightmare.""', 'Recall was never made publicly available.', 'A version of the tool was set to be rolled out with CoPilot+ computers - which Microsoft billed as the fastest, most intelligent Windows PCs ever built - when they launched in June, after Microsoft told users it had made changes to make it more secure.', 'But its launch was delayed further and has now been pushed back to the autumn.', 'The company has also announced extra security measures for it. “', 'Recall is an opt-in experience.', 'Snapshots and any associated information are always encrypted,"" said Pavan Davuluri, Microsoft\'s corporate vice president of Windows and devices.', 'He added that ""Windows offers tools to help you control your privacy and customise what gets saved for you to find later"".', 'However a technical blog about it states that “diagnostic data” from the tool may be shared with the firm depending on individual privacy settings.', 'The firm added that screenshots can only be accessed with a biometric login, and sensitive information such as credit card details will not be snapped by default.', 'Recall is only available on the CoPilot+ range of bespoke laptops featuring powerful inbuilt AI chips.', 'Professor Alan Woodward, a cybersecurity expert at Surrey University, said the new measures were a significant improvement. “', 'Before any functionality like Recall is deployed the security and privacy aspects will need to be comprehensively tested,” he said.', 'However he added he would not be rushing to use it. “', 'Personally I would not opt-in until this has been tested in the wild for some time.”']",0.1520212838756294,"A version of the tool was set to be rolled out with CoPilot+ computers - which Microsoft billed as the fastest, most intelligent Windows PCs ever built - when they launched in June, after Microsoft told users it had made changes to make it more secure.",It was labelled a potential “privacy nightmare” by critics when it was unveiled in May 2024 - prompting the tech giant to postpone its release.,-0.3281115690867106,"Professor Alan Woodward, a cybersecurity expert at Surrey University, said the new measures were a significant improvement. “",It was labelled a potential “privacy nightmare” by critics when it was unveiled in May 2024 - prompting the tech giant to postpone its release.,2024-09-27
+Harland and Wolff: Titanic shipbuilder enters administration,https://www.bbc.co.uk/news/articles/czxgn1n08k7o,2024-09-27T14:16:32.251Z,"Harland and Wolff, the Belfast-based shipbuilder which built the Titanic, has formally entered administration for the second time in five years. Last week the company’s board had warned that the move was inevitable. The administration process is confined to the holding company, Harland & Wolff Group Holdings plc, with the operational companies which run the yards continuing to trade. Its main yard is in Belfast with other operations at Appledore in England and Methil and Arnish in Scotland. The company’s executive chairman, Russell Downs, is optimistic that a new owner or owners will be found for the yards. Gavin Park and Matt Cowlishaw of Teneo Financial Advisory have been appointed as joint administrators. The holding company currently has 59 employees. In a statement Harland and Wolff said: ""The Administrators will unfortunately be required to reduce the headcount upon appointment. ""A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the Administrators."" The company has also restated that the administration process means that shareholders in Harland and Wolff will see the value of their investment wiped out. Famous for building the Titanic, the Belfast shipyard was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff. By the early 20th Century, Harland and Wolff dominated global shipbuilding and had become the most prolific builder of ocean liners in the world. Harland and Wolff was bought out of administration in 2019. Its then Norwegian owners had withdrawn support and the business fell into insolvency, having not built a ship in a generation. The new owner, Infrastrata, was a small London-based energy firm which did not have significant experience in marine engineering. Infrastrata later changed its name to Harland and Wolff and in 2022 won a major Royal Navy contract as part of a consortium led by Navantia, Spain’s state-owned shipbuilder. However financial losses mounted as it scaled up its operations. The 2021 accounts, which covered a 17-month period, showed a loss of more than £25m. The audited annual accounts for 2022 showed turnover of £28m and a loss of about £70m with the auditor’s opinion of ""material uncertainty"" about the firm’s ability to continue as a going concern. Unaudited accounts for 2023 saw a loss of £43m. The company was increasingly reliant on high-interest borrowings from a specialist US lender, Riverstone. It was also pinning its hopes on getting government loan guarantee that would allow refinancing with more conventional lenders. In July the new government confirmed there would be no support as there was ""a very substantial risk that taxpayer money would be lost"". Russell Downs, a restructuring expert, was parachuted in to act as executive chairman and began a strategic review of the business along with advisers from Rothschild bank. ",BBC,27/09/2024,"['Harland and Wolff, the Belfast-based shipbuilder which built the Titanic, has formally entered administration for the second time in five years.', 'Last week the company’s board had warned that the move was inevitable.', 'The administration process is confined to the holding company, Harland & Wolff Group Holdings plc, with the operational companies which run the yards continuing to trade.', 'Its main yard is in Belfast with other operations at Appledore in England and Methil and Arnish in Scotland.', 'The company’s executive chairman, Russell Downs, is optimistic that a new owner or owners will be found for the yards.', 'Gavin Park and Matt Cowlishaw of Teneo Financial Advisory have been appointed as joint administrators.', 'The holding company currently has 59 employees.', 'In a statement Harland and Wolff said: ""The Administrators will unfortunately be required to reduce the headcount upon appointment. ""', 'A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the Administrators.""', 'The company has also restated that the administration process means that shareholders in Harland and Wolff will see the value of their investment wiped out.', 'Famous for building the Titanic, the Belfast shipyard was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff.', 'By the early 20th Century, Harland and Wolff dominated global shipbuilding and had become the most prolific builder of ocean liners in the world.', 'Harland and Wolff was bought out of administration in 2019.', 'Its then Norwegian owners had withdrawn support and the business fell into insolvency, having not built a ship in a generation.', 'The new owner, Infrastrata, was a small London-based energy firm which did not have significant experience in marine engineering.', 'Infrastrata later changed its name to Harland and Wolff and in 2022 won a major Royal Navy contract as part of a consortium led by Navantia, Spain’s state-owned shipbuilder.', 'However financial losses mounted as it scaled up its operations.', 'The 2021 accounts, which covered a 17-month period, showed a loss of more than £25m. The audited annual accounts for 2022 showed turnover of £28m and a loss of about £70m with the auditor’s opinion of ""material uncertainty"" about the firm’s ability to continue as a going concern.', 'Unaudited accounts for 2023 saw a loss of £43m. The company was increasingly reliant on high-interest borrowings from a specialist US lender, Riverstone.', 'It was also pinning its hopes on getting government loan guarantee that would allow refinancing with more conventional lenders.', 'In July the new government confirmed there would be no support as there was ""a very substantial risk that taxpayer money would be lost"".', 'Russell Downs, a restructuring expert, was parachuted in to act as executive chairman and began a strategic review of the business along with advisers from Rothschild bank.']",0.0719416395655131,"A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the Administrators.""","The 2021 accounts, which covered a 17-month period, showed a loss of more than £25m. The audited annual accounts for 2022 showed turnover of £28m and a loss of about £70m with the auditor’s opinion of ""material uncertainty"" about the firm’s ability to continue as a going concern.",-0.3327600095007155,"Infrastrata later changed its name to Harland and Wolff and in 2022 won a major Royal Navy contract as part of a consortium led by Navantia, Spain’s state-owned shipbuilder.","Unaudited accounts for 2023 saw a loss of £43m. The company was increasingly reliant on high-interest borrowings from a specialist US lender, Riverstone.",2024-09-27
+"Boeing's defense unit chief Colbert is departing, CEO says",https://www.cnbc.com/2024/09/20/boeings-defense-unit-chief-colbert-is-departing-ceo-says.html,2024-09-20T21:33:11+0000,"In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August.""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""Working together we can and will improve our performance and ensure we deliver on our commitments.""  Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement.Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft. In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June. They will instead take SpaceX's Crew-9 vehicle back, NASA said last month.Colbert did not immediately respond to CNBC's request for comment.",CNBC,20/09/2024,"[""In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August."", '""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""', 'Working together we can and will improve our performance and ensure we deliver on our commitments.""', ""Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement."", ""Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft."", ""In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June."", ""They will instead take SpaceX's Crew-9 vehicle back, NASA said last month."", ""Colbert did not immediately respond to CNBC's request for comment.""]",0.1692694921747481,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",0.3336819609006246,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",2024-09-27
+Southwest Airlines tells staff 'difficult decisions' ahead in push to boost profits,https://www.cnbc.com/2024/09/23/southwest-airlines-staff-memo-difficult-decisions.html,2024-09-23T17:57:43+0000,"In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.""Now, all that's not enough. We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way. It's not station closures. But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""And so I apologize in advance if you as an individual are affected by it.""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4. The carrier said Watterson's video was part of a routine video series about the company's initiatives.Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter. The airline is seeking to reduce costs and focus on profitable flying, the company has said.Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line. Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year.The message was reported earlier by the View from the Wing industry blog.",CNBC,23/09/2024,"['In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.', 'Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue.', 'It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.', 'It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.', '""Now, all that\'s not enough.', 'We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.', ""It's not station closures."", 'But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""', 'And so I apologize in advance if you as an individual are affected by it.', '""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4.', ""The carrier said Watterson's video was part of a routine video series about the company's initiatives."", ""Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter."", 'The airline is seeking to reduce costs and focus on profitable flying, the company has said.', 'Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.', 'Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.', ""Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line."", ""Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year."", 'The message was reported earlier by the View from the Wing industry blog.']",0.0570691530869261,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""","We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.",-0.0860435111182076,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. """,Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.,2024-09-27
+"August home sales drop more than expected, as prices set a new record",https://www.cnbc.com/2024/09/19/august-home-sales-drop-more-than-expected-as-prices-set-a-new-record.html,2024-09-19T15:53:08+0000,"Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark, annualized.This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR's chief economist. ""The home-buying process, from the initial search to getting the house keys, typically takes several months.""The inventory of homes for sale is improving slightly. There were 1.35 million units for sale at the end of August. That's up 0.7% from July and 22.7% year over year. It is still, however, just a 4.2-month supply. A 6-month supply is considered balanced between buyer and seller.""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.""Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.Since it's a median, though, part of that gain is skewed toward what was selling in August. Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.",CNBC,19/09/2024,"['Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.', 'That is slightly lower than what analysts expected.', 'Sales were 4.2% lower than August 2023.', 'It marks three straight months of sales below the 4 million mark, annualized.', 'This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today.', 'The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.', '""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR\'s chief economist. ""', 'The home-buying process, from the initial search to getting the house keys, typically takes several months.', '""The inventory of homes for sale is improving slightly.', 'There were 1.35 million units for sale at the end of August.', ""That's up 0.7% from July and 22.7% year over year."", 'It is still, however, just a 4.2-month supply.', 'A 6-month supply is considered balanced between buyer and seller.', '""The rise in inventory — and, more technically, the accompanying months\' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""', 'However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.', '""Tight supply is keeping the pressure on prices.', 'The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.', 'That is the highest price ever for August.', ""Since it's a median, though, part of that gain is skewed toward what was selling in August."", 'Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.', 'Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.']",0.0759400102912636,"""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""","Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.",0.0596884886423746,"The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.","Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.",2024-09-27
+"FDA approves Bristol Myers Squibb's schizophrenia drug, the first new type of treatment in decades",https://www.cnbc.com/2024/09/26/fda-approves-bristol-myers-squibbs-schizophrenia-drug.html,2024-09-26T22:51:58+0000,"In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades. Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior. Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities. Most people are diagnosed in their late teens to early 30s.Bristol Myers Squibb expects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC. The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker. Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire. The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year. In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company. But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025. ""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia. And what you have is, unfortunately, an often disadvantaged population that doesn't get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we've actually made a difference,"" he continued. ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use.""Cobenfy will cost $1,850 for a month's supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug. Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.The company intends to launch a program aimed at helping patients afford Cobenfy, executives added. It's still unclear how much that program will increase access for people without insurance.Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments. For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients. But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements. Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC. He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics. The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation. ""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb's chief commercialization officer, told CNBC. ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."" Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients. But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.""If it were up to me, I wouldn't necessarily say we have to try X number of antipsychotics first. But I know from experience in a hospital setting that that is probably what's going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year. Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb. In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy.For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis. Bristol Myers Squibb said it expects to release data from those studies in 2026. The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism. ""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug. — CNBC's Angelica Peebles contributed to this report.",CNBC,26/09/2024,"[""In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades."", 'Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior.', ""Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities."", 'Most people are diagnosed in their late teens to early 30s.', 'Bristol Myers Squibbexpects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC.', 'The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.', 'Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker.', 'Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire.', ""The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year."", 'In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company.', 'But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb\'s top line in 2024 and 2025.""I think there\'s potentially a really transformational moment in how we treat and talk about schizophrenia.', 'And what you have is, unfortunately, an often disadvantaged population that doesn\'t get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we\'ve actually made a difference,"" he continued. ""', ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use."", '""Cobenfy will cost $1,850 for a month\'s supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.', 'They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug.', 'Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.', 'The company intends to launch a program aimed at helping patients afford Cobenfy, executives added.', ""It's still unclear how much that program will increase access for people without insurance."", 'Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments.', 'For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.', 'Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients.', 'But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements.', ""Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics."", 'The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation.', '""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb\'s chief commercialization officer, told CNBC. ""', ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."", '""Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients.', 'But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.', '""If it were up to me, I wouldn\'t necessarily say we have to try X number of antipsychotics first.', 'But I know from experience in a hospital setting that that is probably what\'s going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.', '""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year.', 'Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.', 'In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.', ""Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy."", ""For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis."", ""Bristol Myers Squibb said it expects to release data from those studies in 2026.The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism."", '""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug.—', ""CNBC's Angelica Peebles contributed to this report.""]",0.1218170050240737,"Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics.","But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.",0.3386857774522569,"Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.","But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025.""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia.",2024-09-27
+'Stop ripping us off': Senate grills Novo Nordisk CEO on weight loss drug pricing,https://www.cnbc.com/2024/09/24/novo-nordisk-ceo-to-testify-at-senate-over-weight-loss-drug-prices.html,2024-09-24T21:49:12+0000,"In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S. Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committee hearing in Washington, D.C., that he would slash prices for the two drugs.But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs. He also committed to sitting down with pharmacy benefit managers – middlemen who negotiate drug rebates with manufacturers on behalf of insurers – to ""collaborate on anything that helps patients get access and affordability.""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices. The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices. ""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""Stop ripping us off.""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries. Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S. Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee. Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit. There are currently no generic alternatives to Ozempic available in the U.S. Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders.That could undercut Jørgensen's claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk's drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices."" The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions. That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies. But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar. Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates.In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly. That's $5 billion more than what Americans spent on all prescription drugs in 2022. Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF. Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether. Many health plans cover GLP-1s for diabetes, but not for weight loss. The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition. The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors. Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.Jørgensen did not explicitly make that commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequences for drug innovation.",CNBC,24/09/2024,"[""In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S.Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committeehearingin Washington, D.C., that he would slash prices for the two drugs."", 'But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs.', 'He also committed to sitting down with pharmacy benefit managers– middlemen who negotiate drug rebates with manufacturers on behalf of insurers– to ""collaborate on anything that helps patients get access and affordability.', '""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices.', ""The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices."", '""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""', 'Stop ripping us off.', '""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries.', ""Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S.Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee."", 'Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit.', ""There are currently no generic alternatives to Ozempic available in the U.S.Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders."", 'That could undercut Jørgensen\'s claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk\'s drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices.""', 'The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.', 'Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.', '""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions.', 'That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.', 'During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.', 'He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.', '""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.', '""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.', ""In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies."", 'But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.', 'That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.', ""Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop."", ""Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar."", ""Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates."", 'In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly.', ""That's $5 billion more than what Americans spent on all prescription drugs in 2022.Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF.Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether."", 'Many health plans cover GLP-1s for diabetes, but not for weight loss.', ""The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition."", 'The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.', ""Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors."", 'Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.', 'Jørgensen did not explicitlymakethat commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequencesfordrug innovation.']",-0.0020589544679174,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.",-0.070928688844045,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.",2024-09-27
+"Banks must refund fraud in five days but losses capped at £85,000",https://www.bbc.co.uk/news/articles/cy94vz4zd7zo,2024-09-25T13:16:18.790Z,"UK banks must refund fraud victims up to £85,000 within five days under new rules. Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.  But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced. The watchdog has reduced the maximum compensation from a previous proposal of £415,000. It said the new cap of £85,000 would cover more than 99% of claims. It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money. But consumer champion Which? warned there could be ""disastrous consequences"" as a result of lowering the cap and called on the regulator to monitor any impact. When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson or by selling goods that do not exist, this is known as authorised push payment fraud (APP). The number of cases of this type of fraud rose by 12% to 232,429 in 2023, with losses totalling £459.7m, according to UK Finance. There is currently no requirement for banks to refund victims of APP fraud, but these new rules will change that from next month. The maximum refund was slashed after objections from the financial industry that it could cause problems for smaller firms. Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000, the PSR said. Carol Alexander, a lecturer in Financial Markets, was tricked into downloading software that gave fraudsters access to two of her bank accounts. They then stole nearly £80,000. “They emptied everything that they had transferred from Santander and everything from Tide,"" she told the BBC. ""I collapsed, it was so awful. I felt I had colluded. It was like some sort of coercive control thing, it was horrible,” she said. Mrs Alexander managed to get a full refund from Santander, which returned £17,000 to her the next day. But it took nearly 18 months for her to get her money back from online bank, Tide. “They initially offered to refund me £13.12 after having £63,000 removed from my account, they said that was all they had been able to recover. I nearly fell off my chair.” She eventually went to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund her the full amount, plus interest. A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.” David Geale, managing director of PSR said the new rules would mean all victims of this type of fraud would now get the same level of help. ""Whether you get reimbursed and how much can actually depend on who you bank with and that can't be right,"" he said. ""We want to have a consistent experience."" He said claiming half the compensation back from the bank the fraudster used would be a ""game-changer"" because it would incentivise the industry to shut down accounts sooner to prevent fraud and therefore payouts. Asked whether smaller banks could get into financial trouble if they have to pay out lots of large refunds he said: ""If they can prevent this happening then they haven’t got a bill to pay.” But Rocio Concha, Which? director of policy and advocacy, said lowering the proposed reimbursement would reduce the incentives for banks and payments firms to take fraud prevention seriously"". ""The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added. ",BBC,25/09/2024,"['UK banks must refund fraud victims up to £85,000 within five days under new rules.', 'Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.', 'But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced.', 'The watchdog has reduced the maximum compensation from a previous proposal of £415,000.', 'It said the new cap of £85,000 would cover more than 99% of claims.', 'It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money.', 'But consumer champion Which?', 'warned there could be ""disastrous consequences"" as a result of lowering the cap and called on the regulator to monitor any impact.', 'When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson or by selling goods that do not exist, this is known as authorised push payment fraud (APP).', 'The number of cases of this type of fraud rose by 12% to 232,429 in 2023, with losses totalling £459.7m, according to UK Finance.', 'There is currently no requirement for banks to refund victims of APP fraud, but these new rules will change that from next month.', 'The maximum refund was slashed after objections from the financial industry that it could cause problems for smaller firms.', 'Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000, the PSR said.', 'Carol Alexander, a lecturer in Financial Markets, was tricked into downloading software that gave fraudsters access to two of her bank accounts.', 'They then stole nearly £80,000. “', 'They emptied everything that they had transferred from Santander and everything from Tide,"" she told the BBC. ""', 'I collapsed, it was so awful.', 'I felt I had colluded.', 'It was like some sort of coercive control thing, it was horrible,” she said.', 'Mrs Alexander managed to get a full refund from Santander, which returned £17,000 to her the next day.', 'But it took nearly 18 months for her to get her money back from online bank, Tide. “', 'They initially offered to refund me £13.12 after having ��63,000 removed from my account, they said that was all they had been able to recover.', 'I nearly fell off my chair.”', 'She eventually went to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund her the full amount, plus interest.', 'A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.”', 'David Geale, managing director of PSR said the new rules would mean all victims of this type of fraud would now get the same level of help. ""', 'Whether you get reimbursed and how much can actually depend on who you bank with and that can\'t be right,"" he said. ""', 'We want to have a consistent experience.""', 'He said claiming half the compensation back from the bank the fraudster used would be a ""game-changer"" because it would incentivise the industry to shut down accounts sooner to prevent fraud and therefore payouts.', 'Asked whether smaller banks could get into financial trouble if they have to pay out lots of large refunds he said: ""If they can prevent this happening then they haven’t got a bill to pay.”', 'But Rocio Concha, Which?', 'director of policy and advocacy, said lowering the proposed reimbursement would reduce the incentives for banks and payments firms to take fraud prevention seriously"". ""', 'The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.']",-0.2907548822075537,But consumer champion Which?,"The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.",-0.0639452258745829,"A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.”","The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.",2024-09-27
+ScotRail drivers accept deal to end long-running pay dispute,https://www.bbc.co.uk/news/articles/c1wndrg58gyo,2024-09-25T15:49:28.793Z,"A long-running dispute at ScotRail has come to an end after train drivers accepted a pay offer.   Drivers' union Aslef said 75% of members voted for the deal, which will provide staff with a 4.5% rise backdated to April. ScotRail has been running a reduced timetable since July after many drivers made themselves unvailable for overtime or Sunday working.  The TSSA union, representing managerial and technical staff, also accepted the package but said a separate dispute over ""on-call working"" would continue. Members of Unite and the RMT union previously voted to accept the pay offer. Train services will not immediately return to previous levels, but ScotRail said it would update passengers ""as soon as possible"". Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members' ""resolute determination"". ""I am pleased that ScotRail and the Scottish government have shown they understand the importance of our members to Scotland's rail service,"" he said. ""Appreciating the workforce in the railways is a fundamental prerequisite if Scotland is to deliver the world-class, affordable, attractive and accessible rail services the country needs."" The TSSA union welcomed the deal, but said its dispute over on-call working for operations managers ""remains live"".  General secretary Maryam Eslamdoust said, “I urge ScotRail management to come back to the table and commit to meaningful negotiations with us so that we can find a solution that works for passengers, and our members, alike.” ScotRail's Service Delivery Director Mark Ilderton said all parties had worked hard to agree a pay deal that ""recognises the hard work of staff, as well as providing value for money for the public finances"". He added: “We will provide an update for customers on the timetable as soon as possible.” The temporary timetable has seen 1,660 services operating daily from Monday to Saturday, compared with the usual level of around 2,250 - a cut of 26%. Normal services are unlikely to reintroduced before 7 October at the earliest.  ScotRail will need to establish how many drivers can do overtime and publish revised rotas, before making the new timetable available to passengers. The pay agreement comes just two days before the end of a ScotRail pilot scheme that scrapped peak-time train fares. Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel. Passengers will be wondering when ScotRail will return to its normal timetable. The company moved to an emergency timetable with fewer services than usual in July because of the pay row. Many drivers were not making themselves available for overtime and rest day working. It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime. ScotRail will be watching the situation closely over the coming days to get a sense of how many drivers are available for overtime. It will then decide whether it can return to a normal timetable. But if a full timetable is not in operation again soon, the company will face tough questions over its continuing dependence on overtime by drivers. ",BBC,25/09/2024,"['A long-running dispute at ScotRail has come to an end after train drivers accepted a pay offer.', ""Drivers' union Aslef said 75% of members voted for the deal, which will provide staff with a 4.5% rise backdated to April."", 'ScotRail has been running a reduced timetable since July after many drivers made themselves unvailable for overtime or Sunday working.', 'The TSSA union, representing managerial and technical staff, also accepted the package but said a separate dispute over ""on-call working"" would continue.', 'Members of Unite and the RMT union previously voted to accept the pay offer.', 'Train services will not immediately return to previous levels, but ScotRail said it would update passengers ""as soon as possible"".', 'Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members\' ""resolute determination"". ""', 'I am pleased that ScotRail and the Scottish government have shown they understand the importance of our members to Scotland\'s rail service,"" he said. ""', 'Appreciating the workforce in the railways is a fundamental prerequisite if Scotland is to deliver the world-class, affordable, attractive and accessible rail services the country needs.""', 'The TSSA union welcomed the deal, but said its dispute over on-call working for operations managers ""remains live"".', 'General secretary Maryam Eslamdoust said, “I urge ScotRail management to come back to the table and commit to meaningful negotiations with us so that we can find a solution that works for passengers, and our members, alike.”', 'ScotRail\'s Service Delivery Director Mark Ilderton said all parties had worked hard to agree a pay deal that ""recognises the hard work of staff, as well as providing value for money for the public finances"".', 'He added: “We will provide an update for customers on the timetable as soon as possible.”', 'The temporary timetable has seen 1,660 services operating daily from Monday to Saturday, compared with the usual level of around 2,250 - a cut of 26%.', 'Normal services are unlikely to reintroduced before 7 October at the earliest.', 'ScotRail will need to establish how many drivers can do overtime and publish revised rotas, before making the new timetable available to passengers.', 'The pay agreement comes just two days before the end of a ScotRail pilot scheme that scrapped peak-time train fares.', 'Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.', 'Passengers will be wondering when ScotRail will return to its normal timetable.', 'The company moved to an emergency timetable with fewer services than usual in July because of the pay row.', 'Many drivers were not making themselves available for overtime and rest day working.', 'It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime.', 'ScotRail will be watching the situation closely over the coming days to get a sense of how many drivers are available for overtime.', 'It will then decide whether it can return to a normal timetable.', 'But if a full timetable is not in operation again soon, the company will face tough questions over its continuing dependence on overtime by drivers.']",0.1254560775670045,It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime.,The company moved to an emergency timetable with fewer services than usual in July because of the pay row.,0.1225709860975092,"Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members' ""resolute determination"". ""","Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.",2024-09-27
+Surrey: Battery energy storage system approved in green belt land,https://www.bbc.co.uk/news/articles/clyl8j143m5o,2024-09-27T15:20:47.819Z,"A battery storage site to provide energy at times of high demand has been approved in Surrey. Runnymede’s planning committee approved the plans on Wednesday for a field near the River Wey in Addlestone. The land is in the green belt, where ""very special circumstances"" must be demonstrated in order to approve planning applications. The applicant said the development would form part of a proposal to export renewable energy to the National Grid for up to 30 years. A Runnymede council spokesman said: ""Committee members noted the alignment with the council’s climate change objectives, and considered that a case of very special circumstances had been demonstrated."" The purpose of the battery energy storage system is to provide standby, emergency electricity for the National Grid in times of high electricity demand or when renewable energy projects are unable to fulfil demand, planning documents said. It connects to the local electricity network and stores energy at times of high supply and releases it when there is high demand. Earlier in September, an application for a similar facility was granted by Tandridge District Council in green belt land in the Surrey Hills area of outstanding natural beauty, off the A22 in Caterham. Two parish councils raised objections to the application, with Jenny Gaffney, planning committee chairwoman on Caterham Valley Parish Council, raising concerns on what it might mean for the site's future. She said: ""This was a green belt land site and with the erection of the structures, it could now be considered grey belt land, therefore making it a potential site for future development."" Tandridge officers said the applicant had presented a case of ""very special circumstances"", considered to clearly outweigh the harm of building in the greenbelt and therefore within policy requirements. Neil Brooks, managing director at Root-Power, the company behind the Caterham site, said he was ""delighted"" the site could be live as soon as 2025. Follow BBC Surrey on Facebook, and on X. Send your story ideas to southeasttoday@bbc.co.uk or WhatsApp us on 08081 002250. ",BBC,27/09/2024,"['A battery storage site to provide energy at times of high demand has been approved in Surrey.', 'Runnymede’s planning committee approved the plans on Wednesday for a field near the River Wey in Addlestone.', 'The land is in the green belt, where ""very special circumstances"" must be demonstrated in order to approve planning applications.', 'The applicant said the development would form part of a proposal to export renewable energy to the National Grid for up to 30 years.', 'A Runnymede council spokesman said: ""Committee members noted the alignment with the council’s climate change objectives, and considered that a case of very special circumstances had been demonstrated.""', 'The purpose of the battery energy storage system is to provide standby, emergency electricity for the National Grid in times of high electricity demand or when renewable energy projects are unable to fulfil demand, planning documents said.', 'It connects to the local electricity network and stores energy at times of high supply and releases it when there is high demand.', 'Earlier in September, an application for a similar facility was granted by Tandridge District Council in green belt land in the Surrey Hills area of outstanding natural beauty, off the A22 in Caterham.', ""Two parish councils raised objections to the application, with Jenny Gaffney, planning committee chairwoman on Caterham Valley Parish Council, raising concerns on what it might mean for the site's future."", 'She said: ""This was a green belt land site and with the erection of the structures, it could now be considered grey belt land, therefore making it a potential site for future development.""', 'Tandridge officers said the applicant had presented a case of ""very special circumstances"", considered to clearly outweigh the harm of building in the greenbelt and therefore within policy requirements.', 'Neil Brooks, managing director at Root-Power, the company behind the Caterham site, said he was ""delighted"" the site could be live as soon as 2025.', 'Follow BBC Surrey on Facebook, and on X. Send your story ideas to southeasttoday@bbc.co.uk or WhatsApp us on 08081 002250.']",0.3038200153421962,"Earlier in September, an application for a similar facility was granted by Tandridge District Council in green belt land in the Surrey Hills area of outstanding natural beauty, off the A22 in Caterham.",,0.8856355428695679,"Neil Brooks, managing director at Root-Power, the company behind the Caterham site, said he was ""delighted"" the site could be live as soon as 2025.",,2024-09-27
+Facebook: Meta fined €91m after password storage investigation,https://www.bbc.co.uk/news/articles/cvgl8lerx85o,2024-09-27T13:08:44.687Z,"Facebook parent company Meta has been fined €91m (£75m) by the Irish Data Protection Commission (DPC) following an investigation into the storage of passwords. An inquiry was launched in April 2019 after Meta notified the DPC that it had inadvertently stored certain passwords of social media users on its internal systems without encryption. The DPC submitted a draft decision to other European data watchdogs in June 2024. No objections were raised by the other authorities. Meta has been found to have four breaches of General Data Protection Regulation (GDPR). DPC deputy commissioner Graham Doyle said: “It is widely accepted that user passwords should not be stored in 'plaintext' considering the risks of abuse that arise from persons accessing such data. ""It must be borne in mind, that the passwords the subject of consideration in this case are particularly sensitive, as they would enable access to users’ social media accounts."" he added. The decision, which was made by the commissioners for data protection, Dr Des Hogan and Dale Sunderland, and notified to Meta on 26 September, includes a reprimand and a fine. In May 2023, Meta was fined €1.2bn (£1bn) for mishandling data when transferring it between Europe and the United States. That fine was also issued by Ireland's DPC; the largest fine imposed under the EU's GDPR privacy law. In 2022, Meta was fined €265m (£220m) after data from 533m people in 106 countries was published on a hacking forum having been ""scraped"" from Facebook years earlier.  ",BBC,27/09/2024,"['Facebook parent company Meta has been fined €91m (£75m) by the Irish Data Protection Commission (DPC) following an investigation into the storage of passwords.', 'An inquiry was launched in April 2019 after Meta notified the DPC that it had inadvertently stored certain passwords of social media users on its internal systems without encryption.', 'The DPC submitted a draft decision to other European data watchdogs in June 2024.', 'No objections were raised by the other authorities.', 'Meta has been found to have four breaches of General Data Protection Regulation (GDPR).', 'DPC deputy commissioner Graham Doyle said: “It is widely accepted that user passwords should not be stored in \'plaintext\' considering the risks of abuse that arise from persons accessing such data. ""', 'It must be borne in mind, that the passwords the subject of consideration in this case are particularly sensitive, as they would enable access to users’ social media accounts.""', 'he added.', 'The decision, which was made by the commissioners for data protection, Dr Des Hogan and Dale Sunderland, and notified to Meta on 26 September, includes a reprimand and a fine.', 'In May 2023, Meta was fined €1.2bn (£1bn) for mishandling data when transferring it between Europe and the United States.', ""That fine was also issued by Ireland's DPC; the largest fine imposed under the EU's GDPR privacy law."", 'In 2022, Meta was fined €265m (£220m) after data from 533m people in 106 countries was published on a hacking forum having been ""scraped"" from Facebook years earlier.']",0.0325728631457276,"In May 2023, Meta was fined €1.2bn (£1bn) for mishandling data when transferring it between Europe and the United States.","DPC deputy commissioner Graham Doyle said: “It is widely accepted that user passwords should not be stored in 'plaintext' considering the risks of abuse that arise from persons accessing such data. """,-0.7281513214111328,,Facebook parent company Meta has been fined €91m (£75m) by the Irish Data Protection Commission (DPC) following an investigation into the storage of passwords.,2024-09-27
+Yorkshire worst region for bank branch access - report,https://www.bbc.co.uk/news/articles/cx2y0zpn0wxo,2024-09-25T17:37:30.206Z,"Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report. The region has just 4.4 branches left per 100,000 people, the Which? Money consumer group said. The East Midlands has the second lowest number of branches with 4.6 per 100,000 people, while Scotland has the most with nine. New rules overseen by the Financial Conduct Authority (FCA) regulator mean if a bank wants to close a branch and it leaves a gap in the community's provision, it must offer alternatives such as banking hubs or more cash machines. Which? Money's Sam Richardson said nine parliamentary constituencies in Yorkshire now had no bank branches - Barnsley South, Doncaster East and the Isle of Axholme, Penistone and Stocksbridge, Rawmarsh and Conisbrough, Sheffield Hallam, York Outer, Ossett and Denby Dale, Colne Valley, and Bradford South. Mr Richardson said banks had cited the shift to online banking as the main reason for the closures. ""That's true, but there are many people who can't, perhaps because they have a disability stopping them using those services,"" he said. ""Or perhaps they want to talk to someone for face-to-face trusted advice."" According to FCA figures, three million people in the UK rely on cash. ""Being able to take out that cash is vital for them and small businesses also need somewhere to deposit cash, Mr Richardson said. ""Branches closing can have a huge impact on a community."" The Which? report said more than three in every five bank branches across the UK had closed permanently since 2015. While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online. Major banks have recently committed to 350 hubs by 2029, but Mr Richardson said this needed to be accelerated. ""Banking hubs are not being rolled out fast enough,"" he said. ""Banks really need to pick up the pace."" UK Finance said the banking industry was committed to making cash accessible for those who needed it. The trade association said many shared banking hubs had already opened across Yorkshire, and Post Office branches also offered many banking services. Adrian Roberts, of ATM and cash access network Link, said more people now banked and paid for things digitally - but millions still relied on or preferred cash. He said data showed they were ""not just the oldest or poorest in society"". Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here. ",BBC,25/09/2024,"['Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report.', 'The region has just 4.4 branches left per 100,000 people, the Which?', 'Money consumer group said.', 'The East Midlands has the second lowest number of branches with 4.6 per 100,000 people, while Scotland has the most with nine.', ""New rules overseen by the Financial Conduct Authority (FCA) regulator mean if a bank wants to close a branch and it leaves a gap in the community's provision, it must offer alternatives such as banking hubs or more cash machines."", 'Which?', ""Money's Sam Richardson said nine parliamentary constituencies in Yorkshire now had no bank branches - Barnsley South, Doncaster East and the Isle of Axholme, Penistone and Stocksbridge, Rawmarsh and Conisbrough, Sheffield Hallam, York Outer, Ossett and Denby Dale, Colne Valley, and Bradford South."", 'Mr Richardson said banks had cited the shift to online banking as the main reason for the closures. ""', 'That\'s true, but there are many people who can\'t, perhaps because they have a disability stopping them using those services,"" he said. ""', 'Or perhaps they want to talk to someone for face-to-face trusted advice.""', 'According to FCA figures, three million people in the UK rely on cash. ""', 'Being able to take out that cash is vital for them and small businesses also need somewhere to deposit cash, Mr Richardson said. ""', 'Branches closing can have a huge impact on a community.""', 'The Which?', 'report said more than three in every five bank branches across the UK had closed permanently since 2015.', 'While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online.', 'Major banks have recently committed to 350 hubs by 2029, but Mr Richardson said this needed to be accelerated. ""', 'Banking hubs are not being rolled out fast enough,"" he said. ""', 'Banks really need to pick up the pace.""', 'UK Finance said the banking industry was committed to making cash accessible for those who needed it.', 'The trade association said many shared banking hubs had already opened across Yorkshire, and Post Office branches also offered many banking services.', 'Adrian Roberts, of ATM and cash access network Link, said more people now banked and paid for things digitally - but millions still relied on or preferred cash.', 'He said data showed they were ""not just the oldest or poorest in society"".', 'Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here.']",-0.0200948488377003,"Or perhaps they want to talk to someone for face-to-face trusted advice.""","While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online.",-0.4145913600921631,"Banks really need to pick up the pace.""","Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report.",2024-09-27
+IMF approves $7bn loan to Pakistan,https://www.bbc.co.uk/news/articles/c62rv7le52lo,2024-09-26T01:47:22.247Z,"The International Monetary Fund (IMF) has approved a $7bn (£5.25bn) loan to cash-strapped Pakistan. The country is due to receive the first $1bn of the loan immediately, with the balance to be paid out over the next three years. Prime Minister Shehbaz Sharif welcomed the decision and thanked the head of the IMF, Kristalina Georgieva, and her team. Pakistan has taken more than 20 loans from the IMF since 1958 and is currently its fifth-largest debtor. The new programme ""will require sound policies and reforms"" to stabilise and help make the economy more resilient, the IMF said. The South Asian nation has pledged that it would be the last loan from the international lender. As part of the deal, Islamabad agreed to a number of unpopular measures, including increasing the amount of tax it collects from people and businesses. The country has relied on IMF loans to meet its needs for decades and continued to struggle after years of financial mismanagement. Last year, the country was on the brink of defaulting on its debts and had barely enough in foreign currencies to pay for a month of imports. The IMF approved a $3bn bailout for Pakistan in July 2023. It also received funds from allies Saudi Arabia and the United Arab Emirates (UAE).  At the time, Mr Sharif said the bailout was a major step forward in efforts to stabilise the economy. ""It bolsters Pakistan's economic position to overcome immediate to medium-term economic challenges,"" he said. ",BBC,26/09/2024,"['The International Monetary Fund (IMF) has approved a $7bn (£5.25bn) loan to cash-strapped Pakistan.', 'The country is due to receive the first $1bn of the loan immediately, with the balance to be paid out over the next three years.', 'Prime Minister Shehbaz Sharif welcomed the decision and thanked the head of the IMF, Kristalina Georgieva, and her team.', 'Pakistan has taken more than 20 loans from the IMF since 1958 and is currently its fifth-largest debtor.', 'The new programme ""will require sound policies and reforms"" to stabilise and help make the economy more resilient, the IMF said.', 'The South Asian nation has pledged that it would be the last loan from the international lender.', 'As part of the deal, Islamabad agreed to a number of unpopular measures, including increasing the amount of tax it collects from people and businesses.', 'The country has relied on IMF loans to meet its needs for decades and continued to struggle after years of financial mismanagement.', 'Last year, the country was on the brink of defaulting on its debts and had barely enough in foreign currencies to pay for a month of imports.', 'The IMF approved a $3bn bailout for Pakistan in July 2023.', 'It also received funds from allies Saudi Arabia and the United Arab Emirates (UAE).', 'At the time, Mr Sharif said the bailout was a major step forward in efforts to stabilise the economy. ""', 'It bolsters Pakistan\'s economic position to overcome immediate to medium-term economic challenges,"" he said.']",0.1636045337775944,"Prime Minister Shehbaz Sharif welcomed the decision and thanked the head of the IMF, Kristalina Georgieva, and her team.",The country has relied on IMF loans to meet its needs for decades and continued to struggle after years of financial mismanagement.,0.428882428577968,"The new programme ""will require sound policies and reforms"" to stabilise and help make the economy more resilient, the IMF said.",The country has relied on IMF loans to meet its needs for decades and continued to struggle after years of financial mismanagement.,2024-09-27
+Nike and Sky ads banned over misleading tactics,https://www.bbc.co.uk/news/articles/cvg3q8rjzlro,2024-09-24T23:04:36.664Z,"Adverts for sports giant Nike and broadcaster Sky have been banned for using tactics which could mislead customers into spending more than intended. Nike ran an advert on social media which showed the price of the trainers as £26, only for customers to discover when they clicked that it was for a children's size.   Sky's advert did not make clear a free trial for Now TV would renew automatically with a fee unless it was cancelled.  The Advertising Standards Authority (ASA) is cracking down on online ads like these, saying their structure misleads customers. Both companies defend the adverts. Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer. The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.  In fact, the trainers were only available in sizes UK3 to UK6. And, because children's shoes attract no VAT, the discounted price is less of a bargain. The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints. Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics. These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.  Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.  Consumer group Which? said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".  In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.  Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period. Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour. The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said. Sky said it believed the presentation of the ad was clear, legible and immediately visible.  It added that the concept of a seven-day free trial was so widely understood that it was not misleading. Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself. However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way. The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months. The ASA said the health benefit and cost savings claims made in the ad could not be substantiated. ",BBC,24/09/2024,"['Adverts for sports giant Nike and broadcaster Sky have been banned for using tactics which could mislead customers into spending more than intended.', ""Nike ran an advert on social media which showed the price of the trainers as £26, only for customers to discover when they clicked that it was for a children's size."", ""Sky's advert did not make clear a free trial for Now TV would renew automatically with a fee unless it was cancelled."", 'The Advertising Standards Authority (ASA) is cracking down on online ads like these, saying their structure misleads customers.', 'Both companies defend the adverts.', ""Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer."", 'The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.', 'In fact, the trainers were only available in sizes UK3 to UK6.', ""And, because children's shoes attract no VAT, the discounted price is less of a bargain."", 'The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints.', 'Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics.', 'These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.', 'Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.', 'Consumer group Which?', 'said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".', 'In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.', 'Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.', 'Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour.', 'The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said.', 'Sky said it believed the presentation of the ad was clear, legible and immediately visible.', 'It added that the concept of a seven-day free trial was so widely understood that it was not misleading.', 'Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself.', 'However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way.', 'The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months.', 'The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.']",0.0399591793010175,Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",-0.1873859643936157,The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",2024-09-27
+Wakefield company misled customers with 'skinny prosecco',https://www.bbc.co.uk/news/articles/cgk7315rvxjo,2024-09-27T17:31:14.413Z,"A man from Wakefield has been fined for selling ""skinny"" prosecco that had too much sugar in it.  Marcus Hilton, 45, director of Prosecco 1754 Ltd, admitted selling a misleading product ahead of his sentencing at Leeds Crown Court on Friday.  Mr Hilton and the company had each been charged with two counts of breaching the Food Safety Act 1990. Prosecco 1754 Ltd was fined £2,700 plus £2,000 in court costs, while Mr Hilton was fined £1,400 plus £2,000 in court costs.  Ayman Khokhar, prosecuting on behalf of West Yorkshire Trading Standards, said Prosecco 1754's website offered a low-calorie form of the alcoholic drink for sale,  ""the presentation of which was likely to mislead"".  The company also offered for sale Skinny Prosecco Rose 1754, which was the subject of the same charge.  Judge Thomas Bayliss said: ""The prosecco has got too much sugar in it, more than it should have."" The court heard that in May 2019, Trading Standards officer Zafar Shah visited the company premises in Wakefield to follow up a complaint made regarding the ""skinny"" branded products being sold online.  Mr Shah took samples and a report concluded that the Skinny Prosecco sample and its description on the company website breached food and drink regulations.  Mr Khokhar said that the law to market a product as ""reduced"" requires a 30% reduction in energy content. However the ""skinny"" sample only had a 6.6% reduction. Mr Shah sent an infringement report to the company requesting that the term skinny was removed from the name of the product, but as of December 2021 no changes had been made. On 7 July 2022, Mr Hilton admitted the breaches, describing them as ""an oversight"". Mr Khokhar said: ""Trading Standards did not say that anyone's health was put at risk but there could have been a diabetic consume them. ""That's the only risk, other than those who wanted to get slim for their summer holidays."" The judge said this customer was ""hypothetical"" and there was no evidence of anyone being put at risk.  He said: ""Skinny Prosecco turned out to be not so skinny, and you knew it was not so skinny and yet you continued selling it for quite some time."" David Strover, head of Trading Standards, said: ""We repeatedly advised this business to amend their labelling, but they were intransigent and failed to act on our advice."" Listen to highlights from West Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here. ",BBC,27/09/2024,"['A man from Wakefield has been fined for selling ""skinny"" prosecco that had too much sugar in it.', 'Marcus Hilton, 45, director of Prosecco 1754 Ltd, admitted selling a misleading product ahead of his sentencing at Leeds Crown Court on Friday.', 'Mr Hilton and the company had each been charged with two counts of breaching the Food Safety Act 1990.', 'Prosecco 1754 Ltd was fined £2,700 plus £2,000 in court costs, while Mr Hilton was fined £1,400 plus £2,000 in court costs.', 'Ayman Khokhar, prosecuting on behalf of West Yorkshire Trading Standards, said Prosecco 1754\'s website offered a low-calorie form of the alcoholic drink for sale, ""the presentation of which was likely to mislead"".', 'The company also offered for sale Skinny Prosecco Rose 1754, which was the subject of the same charge.', 'Judge Thomas Bayliss said: ""The prosecco has got too much sugar in it, more than it should have.""', 'The court heard that in May 2019, Trading Standards officer Zafar Shah visited the company premises in Wakefield to follow up a complaint made regarding the ""skinny"" branded products being sold online.', 'Mr Shah took samples and a report concluded that the Skinny Prosecco sample and its description on the company website breached food and drink regulations.', 'Mr Khokhar said that the law to market a product as ""reduced"" requires a 30% reduction in energy content.', 'However the ""skinny"" sample only had a 6.6% reduction.', 'Mr Shah sent an infringement report to the company requesting that the term skinny was removed from the name of the product, but as of December 2021 no changes had been made.', 'On 7 July 2022, Mr Hilton admitted the breaches, describing them as ""an oversight"".', 'Mr Khokhar said: ""Trading Standards did not say that anyone\'s health was put at risk but there could have been a diabetic consume them. ""', 'That\'s the only risk, other than those who wanted to get slim for their summer holidays.""', 'The judge said this customer was ""hypothetical"" and there was no evidence of anyone being put at risk.', 'He said: ""Skinny Prosecco turned out to be not so skinny, and you knew it was not so skinny and yet you continued selling it for quite some time.""', 'David Strover, head of Trading Standards, said: ""We repeatedly advised this business to amend their labelling, but they were intransigent and failed to act on our advice.""', 'Listen to highlights from West Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here.']",-0.1139301195284187,"Mr Khokhar said that the law to market a product as ""reduced"" requires a 30% reduction in energy content.","David Strover, head of Trading Standards, said: ""We repeatedly advised this business to amend their labelling, but they were intransigent and failed to act on our advice.""",-0.2236170172691345,"However the ""skinny"" sample only had a 6.6% reduction.","David Strover, head of Trading Standards, said: ""We repeatedly advised this business to amend their labelling, but they were intransigent and failed to act on our advice.""",2024-09-27
+Harris promises 'pragmatic' approach in economic pitch to voters,https://www.bbc.co.uk/news/articles/c2439n8mr31o,2024-09-26T03:06:57.467Z,"US Vice-President Kamala Harris, seeking to sharpen her economic message, pledged to usher in new investments in domestic manufacturing across a range of industries if elected to the White House in November. In a speech in the must-win state of Pennslyvania on Wednesday, Harris cast herself as ""a capitalist"" with a pragmatic approach to boosting the middle class. An hour before the speech, her Republican rival Donald Trump touted his own economic agenda - including a 15% made-in-America tax proposal - while visiting North Carolina.   Both candidates are campaigning in battleground states this week on their competing visions for the economy, a key issue that voters say is a top priority in casting a ballot. In a tacit rebuttal to Republican claims that she supports ""communist"" policies, Harris described herself as ""a capitalist"".  ""I promise you I will be pragmatic in my approach,"" she said at an event hosted by The Economic Club of Pittsburgh. Building on her vision for an ""opportunity economy"", Harris laid out new proposals to help young families, first time homebuyers and the elderly through $100bn worth in tax breaks and financial incentives. She vowed new investments in artifical intelligence, aerospace and energy development. Harris added, however, that tax rates for large corporations and the wealthiest Americans must rise so they ""pay their fair share"". She also promised to reform permitting to speed up building in the US, eliminate college degree requirements for federal jobs and increase union apprenticeships, if elected. “I intend to chart a new way forward and grow America’s middle class” she argued, while Trump has “no intention to grow our middle class — he’s only interested in making life better for himself and people like himself”. Later in her first major solo interview with MSNBC, Harris lambasted Trump, saying he ""isn't very serious"" on his tariff proposals and ""constantly got played by China"". “You don’t just throw around the idea of tariffs across the board,"" she said. ""He’s just not serious about very many of these issues."" Harris also pushed back for the first time on the Trump campaign's claim that she is lying about having worked at McDonald's as a university student. ""Part of the reason I even talk about having worked at McDonald's is because there are people who work at McDonald's in our country who are trying to raise a family,"" she said. ""I worked there as a student."" Harris's remarks came as she is seeking to chip away at Trump's advantage with voters on his handling of the economy.  Though the race remains close, Harris has opened up a narrow lead in national polling since the two candidates met on a debate stage earlier this month. At a campaign event in Mint Hill, North Carolina, Trump defended his tariff proposals and suggested they were the reason ""people in [other] countries want to kill me"". “I’m imposing tariffs on your competition from foreign countries, all these foreign countries that have ripped us off, which stole all of your businesses and all of your jobs years ago,” he said. He reminded supporters that, as president, he had passed the largest corporate tax cut in US history, from 35% to 21%. The centrepiece of his second term, he said, would be a ""manufacturing renaissance"" ushered in by a 15% tax rate for products made in America. The economy routinely emerges as the top issue for voters this November and both candidates have touted populist policies, with Harris appearing to mirror a Trump proposal to end taxation on service workers' tips. In her sitdown with MSNBC, Harris said that ""Donald Trump has a history of taking care of rich people"". ""I'm not mad at anybody for being rich, but they should pay their fair share,"" she added, arguing that Trump advocates ""tax cuts for the billionaires and the top corporations in our country"". ""My perspective on the economy is when you grow the middle class, America’s economy is stronger, and there’s empirical evidence to prove my point correct."" ",BBC,26/09/2024,"['US Vice-President Kamala Harris, seeking to sharpen her economic message, pledged to usher in new investments in domestic manufacturing across a range of industries if elected to the White House in November.', 'In a speech in the must-win state of Pennslyvania on Wednesday, Harris cast herself as ""a capitalist"" with a pragmatic approach to boosting the middle class.', 'An hour before the speech, her Republican rival Donald Trump touted his own economic agenda - including a 15% made-in-America tax proposal - while visiting North Carolina.', 'Both candidates are campaigning in battleground states this week on their competing visions for the economy, a key issue that voters say is a top priority in casting a ballot.', 'In a tacit rebuttal to Republican claims that she supports ""communist"" policies, Harris described herself as ""a capitalist"". ""', 'I promise you I will be pragmatic in my approach,"" she said at an event hosted by The Economic Club of Pittsburgh.', 'Building on her vision for an ""opportunity economy"", Harris laid out new proposals to help young families, first time homebuyers and the elderly through $100bn worth in tax breaks and financial incentives.', 'She vowed new investments in artifical intelligence, aerospace and energy development.', 'Harris added, however, that tax rates for large corporations and the wealthiest Americans must rise so they ""pay their fair share"".', 'She also promised to reform permitting to speed up building in the US, eliminate college degree requirements for federal jobs and increase union apprenticeships, if elected. “', 'I intend to chart a new way forward and grow America’s middle class” she argued, while Trump has “no intention to grow our middle class — he’s only interested in making life better for himself and people like himself”.', 'Later in her first major solo interview with MSNBC, Harris lambasted Trump, saying he ""isn\'t very serious"" on his tariff proposals and ""constantly got played by China"". “', 'You don’t just throw around the idea of tariffs across the board,"" she said. ""', 'He’s just not serious about very many of these issues.""', 'Harris also pushed back for the first time on the Trump campaign\'s claim that she is lying about having worked at McDonald\'s as a university student. ""', 'Part of the reason I even talk about having worked at McDonald\'s is because there are people who work at McDonald\'s in our country who are trying to raise a family,"" she said. ""', 'I worked there as a student.""', ""Harris's remarks came as she is seeking to chip away at Trump's advantage with voters on his handling of the economy."", 'Though the race remains close, Harris has opened up a narrow lead in national polling since the two candidates met on a debate stage earlier this month.', 'At a campaign event in Mint Hill, North Carolina, Trump defended his tariff proposals and suggested they were the reason ""people in [other] countries want to kill me"". “', 'I’m imposing tariffs on your competition from foreign countries, all these foreign countries that have ripped us off, which stole all of your businesses and all of your jobs years ago,” he said.', 'He reminded supporters that, as president, he had passed the largest corporate tax cut in US history, from 35% to 21%.', 'The centrepiece of his second term, he said, would be a ""manufacturing renaissance"" ushered in by a 15% tax rate for products made in America.', ""The economy routinely emerges as the top issue for voters this November and both candidates have touted populist policies, with Harris appearing to mirror a Trump proposal to end taxation on service workers' tips."", 'In her sitdown with MSNBC, Harris said that ""Donald Trump has a history of taking care of rich people"". ""', 'I\'m not mad at anybody for being rich, but they should pay their fair share,"" she added, arguing that Trump advocates ""tax cuts for the billionaires and the top corporations in our country"". ""', 'My perspective on the economy is when you grow the middle class, America’s economy is stronger, and there’s empirical evidence to prove my point correct.""']",0.2160017055939038,"Building on her vision for an ""opportunity economy"", Harris laid out new proposals to help young families, first time homebuyers and the elderly through $100bn worth in tax breaks and financial incentives.","At a campaign event in Mint Hill, North Carolina, Trump defended his tariff proposals and suggested they were the reason ""people in [other] countries want to kill me"". “",0.4647014439105987,"My perspective on the economy is when you grow the middle class, America’s economy is stronger, and there’s empirical evidence to prove my point correct.""","Later in her first major solo interview with MSNBC, Harris lambasted Trump, saying he ""isn't very serious"" on his tariff proposals and ""constantly got played by China"". “",2024-09-26
+US accuses Visa of debit card monopoly,https://www.bbc.co.uk/news/articles/c05gn932y38o,2024-09-24T19:21:58.213Z,"The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market. It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market.  The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses. Visa said the claims were ""meritless"" and it would defend itself in court.  Julie Rottenberg, Visa’s general counsel, said businesses and consumers chose Visa because of its ""secure and reliable network"". “Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" she said.   ""This lawsuit is meritless, and we will defend ourselves vigorously.” The filing against Visa is the latest competition lawsuit from the Biden administration, which has taken a more aggressive approach to monopoly concerns, known as antitrust in the US, than previous administrations.  The company's practices have also faced lawsuits and scrutiny from merchants and competition regulators in other parts of the world including in Europe and Australia.  The Department of Justice started investigating Visa in 2021.  The company processes more than 60% of debit transactions in the US, according to the complaint, bringing in $7bn in fees annually. As of 2022, its debit card business was bigger by revenue than its credit card unit, and highly profitable.  Attorney General Merrick Garland said Visa's dominance had allowed it to extract fees that were far higher than it could have charged in a ""competitive market"". “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" he said. ""As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.” Shares in the firm fell more than 5%. The lawsuit, filed in federal court in New York, said Visa had used a ""web of contracts"" that required businesses to commit to routing a certain volume of transactions to the Visa network or face higher fees - effectively creating illegal ""exclusive deals"".  It said the firm started making such deals after a new law in 2012 tried to bolster competition in the debit market, by requiring that banks make debit cards usable on at least two competing payment networks.   The Department of Justice said Visa also used its dominance of the market to threaten tech firms such as PayPal with significant fees, unless they signed deals committing them to routing payments through the firm.  It asked the court to rule that Visa is a monopoly and bar it from continuing the alleged ""anticompetitive"" practices.  George Alan Hay, a professor at Cornell Law School and expert in antitrust law, said the case was not radical, but would still be a challenge for the government. Among the sore points, he said, would be the question of how the debit card market is defined - and whether 60% is enough to constitute a monopoly. ""It's going to be difficult,"" he said. He added that Visa, after facing scrutiny from regulators for decades, will have anticipated litigation while structuring its fees. ""They're going to have answers,"" he said. ""It's not like this is sprung on them by surprise."" ",BBC,24/09/2024,"['The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market.', 'It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market.', 'The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses.', 'Visa said the claims were ""meritless"" and it would defend itself in court.', 'Julie Rottenberg, Visa’s general counsel, said businesses and consumers chose Visa because of its ""secure and reliable network"". “', 'Today\'s lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" she said. ""', 'This lawsuit is meritless, and we will defend ourselves vigorously.”', 'The filing against Visa is the latest competition lawsuit from the Biden administration, which has taken a more aggressive approach to monopoly concerns, known as antitrust in the US, than previous administrations.', ""The company's practices have also faced lawsuits and scrutiny from merchants and competition regulators in other parts of the world including in Europe and Australia."", 'The Department of Justice started investigating Visa in 2021.', 'The company processes more than 60% of debit transactions in the US, according to the complaint, bringing in $7bn in fees annually.', 'As of 2022, its debit card business was bigger by revenue than its credit card unit, and highly profitable.', 'Attorney General Merrick Garland said Visa\'s dominance had allowed it to extract fees that were far higher than it could have charged in a ""competitive market"". “', 'Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" he said. ""', 'As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”', 'Shares in the firm fell more than 5%.', 'The lawsuit, filed in federal court in New York, said Visa had used a ""web of contracts"" that required businesses to commit to routing a certain volume of transactions to the Visa network or face higher fees - effectively creating illegal ""exclusive deals"".', 'It said the firm started making such deals after a new law in 2012 tried to bolster competition in the debit market, by requiring that banks make debit cards usable on at least two competing payment networks.', 'The Department of Justice said Visa also used its dominance of the market to threaten tech firms such as PayPal with significant fees, unless they signed deals committing them to routing payments through the firm.', 'It asked the court to rule that Visa is a monopoly and bar it from continuing the alleged ""anticompetitive"" practices.', 'George Alan Hay, a professor at Cornell Law School and expert in antitrust law, said the case was not radical, but would still be a challenge for the government.', 'Among the sore points, he said, would be the question of how the debit card market is defined - and whether 60% is enough to constitute a monopoly. ""', 'It\'s going to be difficult,"" he said.', 'He added that Visa, after facing scrutiny from regulators for decades, will have anticipated litigation while structuring its fees. ""', 'They\'re going to have answers,"" he said. ""', 'It\'s not like this is sprung on them by surprise.""']",0.0374825083101843,The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses.,It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market.,-0.0453942601497356,"As of 2022, its debit card business was bigger by revenue than its credit card unit, and highly profitable.",Shares in the firm fell more than 5%.,2024-09-26
+Anna Sebastian Perayil: Death of Indian employee sparks debate on 'toxic work culture',https://www.bbc.co.uk/news/articles/c0kjgp4jr5yo,2024-09-24T21:39:31.601Z,"The tragic death of a 26-year-old Indian employee at a leading accounting firm has ignited a serious debate about workplace culture and employee welfare in corporate environments. Anna Sebastian Perayil, a chartered accountant at Ernst & Young (EY), died in July, four months after joining the firm. Her parents have alleged that the ""overwhelming work pressure"" at her new job took a toll on her health and led to her death. EY has refuted the allegation, saying that Perayil was allotted work like any other employee and that it didn't believe that work pressure could have claimed her life. Her death has resonated deeply, sparking a discussion on the ""hustle culture"" promoted by many corporates and start-ups -  a work ethic that prioritises productivity, often at the expense of employee well-being. Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition. Others say that employees are often pressured by management, leading to burnout and a diminished quality of life. Perayil's death came under the spotlight after a letter written by her mother Anita Augustine to EY went viral on social media last week. In the letter, she detailed the alleged pressures her daughter had experienced at work, including working late into the night and on weekends, and appealed to EY to ""reflect on its work culture"" and take steps to prioritise its employees' health. ""Anna's experience sheds light on a work culture that seems to glorify overwork while neglecting the very human beings behind the roles,"" she wrote. ""The relentless demands and the pressure to meet unrealistic expectations are not sustainable, and they cost us the life of a young woman with so much potential.""  Many people condemned EY for its ""toxic work culture"", sharing their experiences on Twitter and LinkedIn. One user alleged that he had been made to work for 20 hours a day at a top consultancy firm without being paid overtime. ""Work culture in India is horrid. Pay is dismal, exploitation is max [maximum]. There are zero repercussions and no remorse on the part of employers who routinely harass workers,"" another user wrote, adding that managers are often praised for overworking and underpaying their employees. A former EY employee criticised the work culture at the firm and alleged that employees were often ""mocked"" for leaving on time and ""shamed"" for enjoying weekends.  ""Interns [are] given crazy workload, unrealistic timelines and [are] humiliated during reviews as it builds character for their future,"" he wrote. EY's India chief, Rajiv Memani, has since said that the firm attaches the ""highest importance"" to the wellbeing of its employees. ""I would like to affirm that the wellbeing of our people is my top-most priority and I will personally champion this objective,"" he wrote in a post on LinkedIn. Perayil's death isn't the first incident that has brought India's work culture under scrutiny. In October last year, Infosys co-founder Narayana Murthy faced criticism for suggesting that young Indians should work 70-hour weeks to boost the country's economic growth. His views were backed by Ola's India chief Bhavesh Aggarwal, who said that he didn't believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"". In 2022, Shantanu Deshpande, founder of the Bombay Shaving Company, asked youngsters to stop ""cribbing"" about working hours and suggested that new recruits at any job should be prepared to work 18 hours a day for the first four to five years of their career. But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress. In her letter, Perayil's mother alleged that her daughter had experienced ""anxiety and sleeplessness"" soon after joining EY.  India is known to have one of the most overworked workforces globally. A recent report by the International Labour Organisation said half of India's workforce worked for over 49 hours each week, making India the second country after Bhutan to have the longest working hours. Labour economist Shyam Sunder said India's work culture had shifted post-1990s with the rise of the service sector, leading firms to bypass labour laws to meet round-the-clock demands. He added that the culture has now been ""institutionalised"" by firms but it has also been accepted by employees. ""Even in business schools, students are tacitly told that working long hours to earn a high salary is normal and even desirable,"" he said. According to him, for there to be any real change in corporate culture, a ""mindset shift"" is necessary - one where both firms and employees approach work with a more mature outlook, viewing it as important, but not the only part and purpose of life. ""Till then, all the other steps by corporates, like offering period leave or partnering with mental health firms will remain supplementary at best and symbolic at worst,"" he said. Chandrasekhar Sripada, a professor at the Indian School of Business, agrees with this view. He said that toxic work culture was a ""complex, multi-stake holder problem"" and that everyone, from industry leaders to managers to employees and even society, would have to change the way they viewed productivity in order for there to be any real change. ""We're still confusing hard work with productive work,"" Mr Sripada said. ""The point of technology is to reduce human work so why are working hours getting longer?""  ""We need to start focussing on sustainable growth, not just from an environmental standpoint, but also from a labour rights perspective,"" he added. ""Scandinavian countries have already created much gentler working environments, so there are models for India to follow. All it needs is willpower."" ",BBC,24/09/2024,"['The tragic death of a 26-year-old Indian employee at a leading accounting firm has ignited a serious debate about workplace culture and employee welfare in corporate environments.', 'Anna Sebastian Perayil, a chartered accountant at Ernst & Young (EY), died in July, four months after joining the firm.', 'Her parents have alleged that the ""overwhelming work pressure"" at her new job took a toll on her health and led to her death.', ""EY has refuted the allegation, saying that Perayil was allotted work like any other employee and that it didn't believe that work pressure could have claimed her life."", 'Her death has resonated deeply, sparking a discussion on the ""hustle culture"" promoted by many corporates and start-ups - a work ethic that prioritises productivity, often at the expense of employee well-being.', 'Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition.', 'Others say that employees are often pressured by management, leading to burnout and a diminished quality of life.', ""Perayil's death came under the spotlight after a letter written by her mother Anita Augustine to EY went viral on social media last week."", 'In the letter, she detailed the alleged pressures her daughter had experienced at work, including working late into the night and on weekends, and appealed to EY to ""reflect on its work culture"" and take steps to prioritise its employees\' health. ""', 'Anna\'s experience sheds light on a work culture that seems to glorify overwork while neglecting the very human beings behind the roles,"" she wrote. ""', 'The relentless demands and the pressure to meet unrealistic expectations are not sustainable, and they cost us the life of a young woman with so much potential.""', 'Many people condemned EY for its ""toxic work culture"", sharing their experiences on Twitter and LinkedIn.', 'One user alleged that he had been made to work for 20 hours a day at a top consultancy firm without being paid overtime. ""', 'Work culture in India is horrid.', 'Pay is dismal, exploitation is max [maximum].', 'There are zero repercussions and no remorse on the part of employers who routinely harass workers,"" another user wrote, adding that managers are often praised for overworking and underpaying their employees.', 'A former EY employee criticised the work culture at the firm and alleged that employees were often ""mocked"" for leaving on time and ""shamed"" for enjoying weekends. ""', 'Interns [are] given crazy workload, unrealistic timelines and [are] humiliated during reviews as it builds character for their future,"" he wrote.', 'EY\'s India chief, Rajiv Memani, has since said that the firm attaches the ""highest importance"" to the wellbeing of its employees. ""', 'I would like to affirm that the wellbeing of our people is my top-most priority and I will personally champion this objective,"" he wrote in a post on LinkedIn.', ""Perayil's death isn't the first incident that has brought India's work culture under scrutiny."", ""In October last year, Infosys co-founder Narayana Murthy faced criticism for suggesting that young Indians should work 70-hour weeks to boost the country's economic growth."", 'His views were backed by Ola\'s India chief Bhavesh Aggarwal, who said that he didn\'t believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"".', 'In 2022, Shantanu Deshpande, founder of the Bombay Shaving Company, asked youngsters to stop ""cribbing"" about working hours and suggested that new recruits at any job should be prepared to work 18 hours a day for the first four to five years of their career.', 'But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress.', 'In her letter, Perayil\'s mother alleged that her daughter had experienced ""anxiety and sleeplessness"" soon after joining EY.', 'India is known to have one of the most overworked workforces globally.', ""A recent report by the International Labour Organisation said half of India's workforce worked for over 49 hours each week, making India the second country after Bhutan to have the longest working hours."", ""Labour economist Shyam Sunder said India's work culture had shifted post-1990s with the rise of the service sector, leading firms to bypass labour laws to meet round-the-clock demands."", 'He added that the culture has now been ""institutionalised"" by firms but it has also been accepted by employees. ""', 'Even in business schools, students are tacitly told that working long hours to earn a high salary is normal and even desirable,"" he said.', 'According to him, for there to be any real change in corporate culture, a ""mindset shift"" is necessary - one where both firms and employees approach work with a more mature outlook, viewing it as important, but not the only part and purpose of life. ""', 'Till then, all the other steps by corporates, like offering period leave or partnering with mental health firms will remain supplementary at best and symbolic at worst,"" he said.', 'Chandrasekhar Sripada, a professor at the Indian School of Business, agrees with this view.', 'He said that toxic work culture was a ""complex, multi-stake holder problem"" and that everyone, from industry leaders to managers to employees and even society, would have to change the way they viewed productivity in order for there to be any real change. ""', 'We\'re still confusing hard work with productive work,"" Mr Sripada said. ""', 'The point of technology is to reduce human work so why are working hours getting longer?"" ""', 'We need to start focussing on sustainable growth, not just from an environmental standpoint, but also from a labour rights perspective,"" he added. ""', 'Scandinavian countries have already created much gentler working environments, so there are models for India to follow.', 'All it needs is willpower.""']",-0.0815277140224006,"His views were backed by Ola's India chief Bhavesh Aggarwal, who said that he didn't believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"".",But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress.,-0.4789081391166238,"Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition.","Others say that employees are often pressured by management, leading to burnout and a diminished quality of life.",2024-09-26
+"Banks must refund fraud in five days but losses capped at £85,000",https://www.bbc.co.uk/news/articles/cy94vz4zd7zo,2024-09-25T13:16:18.790Z,"UK banks must refund fraud victims up to £85,000 within five days under new rules. Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.  But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced. The watchdog has reduced the maximum compensation from a previous proposal of £415,000. It said the new cap of £85,000 would cover more than 99% of claims. It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money. But consumer champion Which? warned there could be ""disastrous consequences"" as a result of lowering the cap and called on the regulator to monitor any impact. When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson or by selling goods that do not exist, this is known as authorised push payment fraud (APP). The number of cases of this type of fraud rose by 12% to 232,429 in 2023, with losses totalling £459.7m, according to UK Finance. There is currently no requirement for banks to refund victims of APP fraud, but these new rules will change that from next month. The maximum refund was slashed after objections from the financial industry that it could cause problems for smaller firms. Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000, the PSR said. Carol Alexander, a lecturer in Financial Markets, was tricked into downloading software that gave fraudsters access to two of her bank accounts. They then stole nearly £80,000. “They emptied everything that they had transferred from Santander and everything from Tide,"" she told the BBC. ""I collapsed, it was so awful. I felt I had colluded. It was like some sort of coercive control thing, it was horrible,” she said. Mrs Alexander managed to get a full refund from Santander, which returned £17,000 to her the next day. But it took nearly 18 months for her to get her money back from online bank, Tide. “They initially offered to refund me £13.12 after having £63,000 removed from my account, they said that was all they had been able to recover. I nearly fell off my chair.” She eventually went to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund her the full amount, plus interest. A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.” David Geale, managing director of PSR said the new rules would mean all victims of this type of fraud would now get the same level of help. ""Whether you get reimbursed and how much can actually depend on who you bank with and that can't be right,"" he said. ""We want to have a consistent experience."" He said claiming half the compensation back from the bank the fraudster used would be a ""game-changer"" because it would incentivise the industry to shut down accounts sooner to prevent fraud and therefore payouts. Asked whether smaller banks could get into financial trouble if they have to pay out lots of large refunds he said: ""If they can prevent this happening then they haven’t got a bill to pay.” But Rocio Concha, Which? director of policy and advocacy, said lowering the proposed reimbursement would reduce the incentives for banks and payments firms to take fraud prevention seriously"". ""The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added. ",BBC,25/09/2024,"['UK banks must refund fraud victims up to £85,000 within five days under new rules.', 'Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.', 'But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced.', 'The watchdog has reduced the maximum compensation from a previous proposal of £415,000.', 'It said the new cap of £85,000 would cover more than 99% of claims.', 'It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money.', 'But consumer champion Which?', 'warned there could be ""disastrous consequences"" as a result of lowering the cap and called on the regulator to monitor any impact.', 'When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson or by selling goods that do not exist, this is known as authorised push payment fraud (APP).', 'The number of cases of this type of fraud rose by 12% to 232,429 in 2023, with losses totalling £459.7m, according to UK Finance.', 'There is currently no requirement for banks to refund victims of APP fraud, but these new rules will change that from next month.', 'The maximum refund was slashed after objections from the financial industry that it could cause problems for smaller firms.', 'Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000, the PSR said.', 'Carol Alexander, a lecturer in Financial Markets, was tricked into downloading software that gave fraudsters access to two of her bank accounts.', 'They then stole nearly £80,000. “', 'They emptied everything that they had transferred from Santander and everything from Tide,"" she told the BBC. ""', 'I collapsed, it was so awful.', 'I felt I had colluded.', 'It was like some sort of coercive control thing, it was horrible,” she said.', 'Mrs Alexander managed to get a full refund from Santander, which returned £17,000 to her the next day.', 'But it took nearly 18 months for her to get her money back from online bank, Tide. “', 'They initially offered to refund me £13.12 after having £63,000 removed from my account, they said that was all they had been able to recover.', 'I nearly fell off my chair.”', 'She eventually went to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund her the full amount, plus interest.', 'A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.”', 'David Geale, managing director of PSR said the new rules would mean all victims of this type of fraud would now get the same level of help. ""', 'Whether you get reimbursed and how much can actually depend on who you bank with and that can\'t be right,"" he said. ""', 'We want to have a consistent experience.""', 'He said claiming half the compensation back from the bank the fraudster used would be a ""game-changer"" because it would incentivise the industry to shut down accounts sooner to prevent fraud and therefore payouts.', 'Asked whether smaller banks could get into financial trouble if they have to pay out lots of large refunds he said: ""If they can prevent this happening then they haven’t got a bill to pay.”', 'But Rocio Concha, Which?', 'director of policy and advocacy, said lowering the proposed reimbursement would reduce the incentives for banks and payments firms to take fraud prevention seriously"". ""', 'The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.']",-0.2907548822075537,But consumer champion Which?,"The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.",-0.0639452258745829,"A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.”","The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.",2024-09-26
+Trump vows to 'take other countries' jobs' in economic speech,https://www.bbc.co.uk/news/articles/cly3qnrpvg9o,2024-09-24T23:54:12.633Z,"Donald Trump pledged the US would “take other countries’ jobs” if he returned to the White House, as he laid out his plans to slash taxes and lower energy costs and regulations for manufacturers that made goods on US soil.  At a campaign rally in Savannah, Georgia, Trump promised a ""manufacturing renaissance"", reiterating his pledge to punish American companies that manufactured outside the US, and slap large tariffs on foreign-made goods to protect US industries. Trump and Vice-President Kamala Harris have stepped up efforts to outline their competing visions for the economy in the final stretch of the campaign, highlighting what voters say is a top concern in the 2024 election.  Harris is expected to unveil a new set of economic proposals in a major speech in Pittsburgh, Pennsylvania, on Wednesday. Speaking to a crowd in Savannah, Trump moved beyond his usual protectionist policies to raise the prospect of more trade battles. Trump said he would offer special federal zones with ""ultra low taxes and regulations"" to companies that relocate to the US, cut through regulation and appoint a ""manufacturing ambassador"" to convince international companies to move to the United States.  “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. Trump has also previously proposed a 60% tariff or higher on Chinese goods and a blanket 20% tariff on imports from other countries, an aggressive policy that could increase prices for Americans, according to some economists. During his presidency, Trump imposed tariffs on some goods imported from China. The Biden administration has left some of these policies in place and announced new restrictions in some areas such as electric vehicles. The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries. The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture. Polls have indicated that American voters are most concerned about the economy, and more voters see Trump as equipped to handle it. Harris, however has made some gains. Voters for whom the economy was a major factor preferred Trump over Harris by 53-47%, according to CBS News/YouGov poll of likely voters published this week. But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her. Trump’s visit to Georgia came on the heels of a New York Times/Siena College poll that found him slightly ahead in the state, as well as the battlegrounds Arizona, and North Carolina. Both candidates have devoted significant time and resources to campaigning in Georgia, as it may prove critical to their paths to the White House. Though the Georgia speech was billed as an economic event, Trump dedicated a significant portion of his speech to other subjects. He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month. He praised the US Secret Service, which has faced scrutiny over their ability to protect Trump. He also attacked Harris, calling her ""grossly incompetent"" and said she would ""deindustrialise the United States and destroy our country"". An hour before Trump spoke in Georgia, the Harris campaign held a press call with American investor Mark Cuban, who has long supported Democratic candidates. Mr Cuban assailed Mr Trump’s proposals to place tariffs on American companies which manufactured in countries like Mexico, saying it would harm American businesses. “It just goes to show that he doesn't think these things through,” Mr Cuban said. Harris will return to the another critical swing state, Pennsylvania, on Wednesday to lay out her own economic agenda.  The vice-president has already released a set of economic proposals aimed at first-time home buyers, tax breaks for families and a ban on grocery ""price-gouging"". She has called for a ""first-ever"" tax credit for builders of homes sold to first-time buyers, as well as up to $25,000 in down-payment assistance for ""eligible"" first-time buyers.  She told reporters on Sunday the plan would focus on investing ""in the aspirations and ambitions of the American people while addressing the challenges that they face"". ",BBC,24/09/2024,"['Donald Trump pledged the US would “take other countries’ jobs” if he returned to the White House, as he laid out his plans to slash taxes and lower energy costs and regulations for manufacturers that made goods on US soil.', 'At a campaign rally in Savannah, Georgia, Trump promised a ""manufacturing renaissance"", reiterating his pledge to punish American companies that manufactured outside the US, and slap large tariffs on foreign-made goods to protect US industries.', 'Trump and Vice-President Kamala Harris have stepped up efforts to outline their competing visions for the economy in the final stretch of the campaign, highlighting what voters say is a top concern in the 2024 election.', 'Harris is expected to unveil a new set of economic proposals in a major speech in Pittsburgh, Pennsylvania, on Wednesday.', 'Speaking to a crowd in Savannah, Trump moved beyond his usual protectionist policies to raise the prospect of more trade battles.', 'Trump said he would offer special federal zones with ""ultra low taxes and regulations"" to companies that relocate to the US, cut through regulation and appoint a ""manufacturing ambassador"" to convince international companies to move to the United States. “', '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.', 'Trump has also previously proposed a 60% tariff or higher on Chinese goods and a blanket 20% tariff on imports from other countries, an aggressive policy that could increase prices for Americans, according to some economists.', 'During his presidency, Trump imposed tariffs on some goods imported from China.', 'The Biden administration has left some of these policies in place and announced new restrictions in some areas such as electric vehicles.', 'The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries.', 'The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture.', 'Polls have indicated that American voters are most concerned about the economy, and more voters see Trump as equipped to handle it.', 'Harris, however has made some gains.', 'Voters for whom the economy was a major factor preferred Trump over Harris by 53-47%, according to CBS News/YouGov poll of likely voters published this week.', 'But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her.', 'Trump’s visit to Georgia came on the heels of a New York Times/Siena College poll that found him slightly ahead in the state, as well as the battlegrounds Arizona, and North Carolina.', 'Both candidates have devoted significant time and resources to campaigning in Georgia, as it may prove critical to their paths to the White House.', 'Though the Georgia speech was billed as an economic event, Trump dedicated a significant portion of his speech to other subjects.', 'He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month.', 'He praised the US Secret Service, which has faced scrutiny over their ability to protect Trump.', 'He also attacked Harris, calling her ""grossly incompetent"" and said she would ""deindustrialise the United States and destroy our country"".', 'An hour before Trump spoke in Georgia, the Harris campaign held a press call with American investor Mark Cuban, who has long supported Democratic candidates.', 'Mr Cuban assailed Mr Trump’s proposals to place tariffs on American companies which manufactured in countries like Mexico, saying it would harm American businesses. “', ""It just goes to show that he doesn't think these things through,” Mr Cuban said."", 'Harris will return to the another critical swing state, Pennsylvania, on Wednesday to lay out her own economic agenda.', 'The vice-president has already released a set of economic proposals aimed at first-time home buyers, tax breaks for families and a ban on grocery ""price-gouging"".', 'She has called for a ""first-ever"" tax credit for builders of homes sold to first-time buyers, as well as up to $25,000 in down-payment assistance for ""eligible"" first-time buyers.', 'She told reporters on Sunday the plan would focus on investing ""in the aspirations and ambitions of the American people while addressing the challenges that they face"".']",0.0210598685399325,"But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her.",He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month.,0.1921659891421978,"The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture.","The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries.",2024-09-26
+Boeing staff report pressure to lower standards,https://www.bbc.co.uk/news/articles/ce9jvj83zkvo,2024-09-25T20:22:19.794Z,"Fixing Boeing, the troubled US aerospace giant, is a ""very long-term project"", the company's top regulator said on Wednesday. The head of the Federal Aviation Administration (FAA) made the comments to Congress, as lawmakers urged the agency to be tougher on the firm and force it to fix its problems.  Ahead of the hearing, Democratic lawmakers released the results of a damaging internal staff survey that Boeing conducted in May, which found more than half of Boeing workers felt that ""schedule pressures"" had caused their team to lower its standards. Less than two-thirds felt they had the training or tools and materials to do their job properly. Boeing said it knew it had work to do.  “We’ve taken important steps to foster a safety culture that empowers and encourages all employees to share their voice, but it will require continuous focus,"" Boeing said in a statement. ""Under the FAA’s oversight, we are continuing to implement our comprehensive plan to strengthen Boeing's safety management, quality assurance and safety culture.” The safety and quality of the company's planes have been in the spotlight since a piece of a new passenger plane broke off in mid-air in January. The incident raised concern that the company had not done enough to improve its manufacturing processes and safety controls, despite promises made after two its planes were involved in fatal crashes five years earlier.  On Wednesday Senator Richard Blumenthal said that regulators needed to push the company more aggressively to make changes. He said he was sceptical that the current plan for improvement adopted by the FAA and the company would make a difference, saying they looked like the company was ""recycling"" safety commitments it had made years earlier. His concerns about lax oversight were shared by some Republicans on the panel, who noted that whistleblowers from within Boeing were still reaching out to lawmakers with concerns about retaliation and efforts by the company to choose its inspectors. ""We need tough oversight,"" Senator Josh Hawley said. ""I want to make sure your agency is holding their feet to the fire."" FAA Administrator Mike Whitaker said he felt the right rules were now in place to improve the company, pointing to an FAA order that limits Boeing to producing 38 aircraft a month and the agency's demand that Boeing use better technology to track tools and materials.  ""It's a much more intensive level of engagement and we plan to maintain that indefinitely,"" he said. ""The goal here is a culture change at Boeing and that is a very long-term project."" But Mr Blumenthal said that the production cap was part of a series of ""half measures"", noting that Boeing was currently making far fewer aircraft than it could. He criticised the 11 inspectors the FAA has sent to Boeing's factory in Renton, Washington as ""inadequate"" and raised concerns that FAA was giving Boeing too much heads-up about regulator audits. Mr Blumenthal said he thought there would be more effective ways to pressure the company to change, such as capping executive pay. The hearing occurred as more than 30,000 factory workers in the Pacific northwest remain on strike over pay and other benefits.  ",BBC,25/09/2024,"['Fixing Boeing, the troubled US aerospace giant, is a ""very long-term project"", the company\'s top regulator said on Wednesday.', 'The head of the Federal Aviation Administration (FAA) made the comments to Congress, as lawmakers urged the agency to be tougher on the firm and force it to fix its problems.', 'Ahead of the hearing, Democratic lawmakers released the results of a damaging internal staff survey that Boeing conducted in May, which found more than half of Boeing workers felt that ""schedule pressures"" had caused their team to lower its standards.', 'Less than two-thirds felt they had the training or tools and materials to do their job properly.', 'Boeing said it knew it had work to do. “', 'We’ve taken important steps to foster a safety culture that empowers and encourages all employees to share their voice, but it will require continuous focus,"" Boeing said in a statement. ""', ""Under the FAA’s oversight, we are continuing to implement our comprehensive plan to strengthen Boeing's safety management, quality assurance and safety culture.”"", ""The safety and quality of the company's planes have been in the spotlight since a piece of a new passenger plane broke off in mid-air in January."", 'The incident raised concern that the company had not done enough to improve its manufacturing processes and safety controls, despite promises made after two its planes were involved in fatal crashes five years earlier.', 'On Wednesday Senator Richard Blumenthal said that regulators needed to push the company more aggressively to make changes.', 'He said he was sceptical that the current plan for improvement adopted by the FAA and the company would make a difference, saying they looked like the company was ""recycling"" safety commitments it had made years earlier.', 'His concerns about lax oversight were shared by some Republicans on the panel, who noted that whistleblowers from within Boeing were still reaching out to lawmakers with concerns about retaliation and efforts by the company to choose its inspectors. ""', 'We need tough oversight,"" Senator Josh Hawley said. ""', 'I want to make sure your agency is holding their feet to the fire.""', 'FAA Administrator Mike Whitaker said he felt the right rules were now in place to improve the company, pointing to an FAA order that limits Boeing to producing 38 aircraft a month and the agency\'s demand that Boeing use better technology to track tools and materials. ""', 'It\'s a much more intensive level of engagement and we plan to maintain that indefinitely,"" he said. ""', 'The goal here is a culture change at Boeing and that is a very long-term project.""', 'But Mr Blumenthal said that the production cap was part of a series of ""half measures"", noting that Boeing was currently making far fewer aircraft than it could.', 'He criticised the 11 inspectors the FAA has sent to Boeing\'s factory in Renton, Washington as ""inadequate"" and raised concerns that FAA was giving Boeing too much heads-up about regulator audits.', 'Mr Blumenthal said he thought there would be more effective ways to pressure the company to change, such as capping executive pay.', 'The hearing occurred as more than 30,000 factory workers in the Pacific northwest remain on strike over pay and other benefits.']",0.0936756004449354,"Under the FAA’s oversight, we are continuing to implement our comprehensive plan to strengthen Boeing's safety management, quality assurance and safety culture.”","Ahead of the hearing, Democratic lawmakers released the results of a damaging internal staff survey that Boeing conducted in May, which found more than half of Boeing workers felt that ""schedule pressures"" had caused their team to lower its standards.",0.0813269681400722,"FAA Administrator Mike Whitaker said he felt the right rules were now in place to improve the company, pointing to an FAA order that limits Boeing to producing 38 aircraft a month and the agency's demand that Boeing use better technology to track tools and materials. ""","Ahead of the hearing, Democratic lawmakers released the results of a damaging internal staff survey that Boeing conducted in May, which found more than half of Boeing workers felt that ""schedule pressures"" had caused their team to lower its standards.",2024-09-26
+"Novo Nordisk's diabetes drug Ozempic may lower the risk of opioid overdoses, study says",https://www.cnbc.com/2024/09/25/novo-nordisks-ozempic-may-lower-risk-of-opioid-overdoses-study.html,2024-09-25T15:01:37+0000,"In this articleNovo Nordisk's blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study released Wednesday. The active ingredient in Ozempic, semaglutide, was associated with a ""significantly lower"" opioid overdose risk than other diabetes medications in people diagnosed with both Type 2 diabetes and opioid use disorder, said the paper published in JAMA Network Open. The results suggest that Ozempic could offer potential as a tool for addressing the ongoing U.S. opioid epidemic, which was declared a public health emergency in 2017. There are currently three effective medications to prevent overdoses from opioid use disorder, but a new alternative is needed because some patients simply don't use them, said lead study co-author Dr. Rong Xu, a biomedical informatics professor at Case Western Reserve University. In 2022, only about a quarter of patients with opioid use disorder received recommended medications for it, and many discontinued treatment within six months, according to the Centers for Disease Control and Prevention. The National Center for Drug Abuse Statistics says opioids are a factor in around 72% of overdose deaths in the U.S. The study results also add to mounting evidence that a highly popular class of diabetes and obesity treatments called GLP-1s may have several health benefits beyond regulating blood sugar and promoting weight loss. Novo Nordisk, its rival Eli Lilly and independent researchers have been racing to study those drugs' potential in patients with chronic conditions ranging from kidney disease and sleep apnea to addictive behaviors such as nicotine and alcohol use.In the study released Wednesday, researchers from Case Western Reserve University and the National Institutes of Health analyzed the electronic records of nearly 33,000 patients who were prescribed semaglutide or other diabetes medications between December 2017 and June 2023. The study was not funded by Novo Nordisk. Around 3,000 people were prescribed semaglutide injections, while the remaining patients received treatments that ranged from insulins to older GLP-1s for diabetes. That includes dulaglutide, the active ingredient in Eli Lilly's drug Trulicity, and liraglutide, which is the active ingredient in Novo Nordisk's Victoza. Researchers monitored how many opioid overdose cases occurred in patients during a one-year period after they stopped treatment with semaglutide or other drugs. For example, there were 42 cases of opioid overdose among a group of patients that received semaglutide, compared with 97 cases among another group that received insulins, according to the study. That reflects a 58% lower risk of opioid overdose in patients who took semaglutide, Xu said.  But Xu noted the study has limitations since it relies on data from electronic health records.More research, specifically clinical trials that randomly assign patients to receive semaglutide or other treatments, is needed to confirm how much Ozempic and other GLP-1s can help those with opioid use disorder, according to the study authors. Those randomized studies can also determine whether those treatments are beneficial to the general opioid use disorder population or only certain patients with the condition.""The extent to which GLP-1 medications could benefit treatment of opioid use disorders and help prevent overdoses is unclear,"" Dr. Nora Volkow, lead study co-author and director of the National Institute on Drug Abuse of the National Institutes of Health, said in a statement to CNBC. ""The preliminary findings from this study point to the possibility that GLP-1 medications may have value in helping to prevent opioid overdoses.""Xu added that the researchers plan to study semaglutide in patients with opioid use disorder and obesity.",CNBC,25/09/2024,"[""In this articleNovo Nordisk's blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study released Wednesday."", 'The active ingredient in Ozempic, semaglutide, was associated with a ""significantly lower"" opioid overdose risk than other diabetes medications in people diagnosed with both Type 2 diabetes and opioid use disorder, said the paper published in JAMA Network Open.', 'The results suggest that Ozempic could offer potential as a tool for addressing the ongoing U.S. opioid epidemic, which was declared a public health emergency in 2017.', ""There are currently three effective medications to prevent overdoses from opioid use disorder, but a new alternative is needed because some patients simply don't use them, said lead study co-author Dr. Rong Xu, a biomedical informatics professor at Case Western Reserve University."", 'In 2022, only about a quarter of patients with opioid use disorder received recommended medications for it, and many discontinued treatment within six months, according to the Centers for Disease Control and Prevention.', 'The National Center for Drug Abuse Statistics says opioids are a factor in around 72% of overdose deaths in the U.S.The study results also add to mounting evidence that a highly popular class of diabetes and obesity treatments called GLP-1s may have several health benefits beyond regulating blood sugar and promoting weight loss.', ""Novo Nordisk, its rival Eli Lilly and independent researchers have been racing to study those drugs' potential in patients with chronic conditions ranging from kidney disease and sleep apnea to addictive behaviors such as nicotine and alcohol use."", 'In the study released Wednesday, researchers from Case Western Reserve University and the National Institutes of Health analyzed the electronic records of nearly 33,000 patients who were prescribed semaglutide or other diabetes medications between December 2017 and June 2023.', 'The study was not funded by Novo Nordisk.', 'Around 3,000 people were prescribed semaglutide injections, while the remaining patients received treatments that ranged from insulins to older GLP-1s for diabetes.', ""That includes dulaglutide, the active ingredient in Eli Lilly's drug Trulicity, and liraglutide, which is the active ingredient in Novo Nordisk's Victoza."", 'Researchers monitored how many opioid overdose cases occurred in patients during a one-year period after they stopped treatment with semaglutide or other drugs.', 'For example, there were 42 cases of opioid overdose among a group of patients that received semaglutide, compared with 97 cases among another group that received insulins, according to the study.', 'That reflects a 58% lower risk of opioid overdose in patients who took semaglutide, Xu said.', 'But Xu noted the study has limitations since it relies on data from electronic health records.', 'More research, specifically clinical trials that randomly assign patients to receive semaglutide or other treatments, is needed to confirm how much Ozempic and other GLP-1s can help those with opioid use disorder, according to the study authors.', 'Those randomized studies can also determine whether those treatments are beneficial to the general opioid use disorder population or only certain patients with the condition.', '""The extent to which GLP-1 medications could benefit treatment of opioid use disorders and help prevent overdoses is unclear,"" Dr. Nora Volkow, lead study co-author and director of the National Institute on Drug Abuse of the National Institutes of Health, said in a statement to CNBC. ""', 'The preliminary findings from this study point to the possibility that GLP-1 medications may have value in helping to prevent opioid overdoses.', '""Xu added that the researchers plan to study semaglutide in patients with opioid use disorder and obesity.']",-0.0137026935257219,"That includes dulaglutide, the active ingredient in Eli Lilly's drug Trulicity, and liraglutide, which is the active ingredient in Novo Nordisk's Victoza.","The active ingredient in Ozempic, semaglutide, was associated with a ""significantly lower"" opioid overdose risk than other diabetes medications in people diagnosed with both Type 2 diabetes and opioid use disorder, said the paper published in JAMA Network Open.",0.664423269884927,"In this articleNovo Nordisk's blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study released Wednesday.","In 2022, only about a quarter of patients with opioid use disorder received recommended medications for it, and many discontinued treatment within six months, according to the Centers for Disease Control and Prevention.",2024-09-26
+Kenya's flower industry: How farmworkers toil to export roses to Europe,https://www.bbc.co.uk/news/articles/c4glydv8qlgo,2024-09-26T00:51:03.595Z,"On a moonless night in the Kenyan lakeside town of Naivasha, Anne sits inside a makeshift, two-room house, exhausted after a gruelling shift picking and sorting roses. Anne (not her real name) is a single mother and one of thousands of the predominantly female workers in Kenya's flower industry, harvesting and categorising blooms in one of the many greenhouse complexes around the edge of the picturesque Lake Naivasha, about 90km (56 miles) north-west of the capital, Nairobi. Inside endless rows of the temperature-controlled greenhouses the size of tennis courts, workers like Anne harvest a huge variety of flowers that grow profusely in the rich Kenyan soil.  There are carnations, chrysanthemums, and an abundance of roses in almost every hue. The majority of these blooms are destined for Europe. Anne has spent over 15 years working in Kenya’s burgeoning flower industry, one of the largest employers in the country.  Estimates suggest it employs more than 150,000 people and earns the country around $1bn (£760m) annually in foreign exchange. Despite dedicating her working life to the industry, she says her monthly pay of just over $100 has barely changed in years. It is not enough to contend with the worsening cost-of-living crisis in Kenya, which has pushed up the prices of essential household goods such as maize, wheat, rice and sugar. At the end of each month, Anne does not have enough to eat and often has to skip meals. “You have to enter into debt to survive,"" she says, pointing out that she had to take out a loan to help her 23-year-old son attend university in Nairobi. Each sunrise Anne queues with hundreds of other workers to catch one of the company buses that takes them to the farms, as the gentle fog lingers over the hills before being evaporated by the blazing mid-morning sun. Anne starts work at 07:30, six days a week. On Sunday, she goes to church. The working day at her flower farm is meant to be eight hours, but she explains that she often feels obliged to work an extra three hours, for which she does not receive overtime pay. She used to work inside the pack house, where the flowers were cleaned, bunched, and sorted into stems. She recounts that the conditions there were harsh. The flower company gave her stringent daily targets, which the managers pressured the workers to meet. ""We had to grade 3,700 stems a day,"" she says. Anne feels these targets were unrealistic, but she says workers like her had no choice but to deliver, or the farm managers would sanction them. If she missed her daily target, she had to write a statement to her manager explaining the reasons for falling short. ""If you don't achieve it, maybe you can be thrown out,"" she says.   In early 2023, Anne fell ill with a blood condition, which, if untreated, could be deadly.  She felt weak and suffered shortness of breath, which made working extremely difficult. She went to see a nurse at the farm who gave her medicine and allowed her to rest for a few hours, after which he told her to return to work.  ""I told him: 'You know, I'm too sick to work,'"" Anne recounts. Anne says it was tough to convince the nurse she was genuinely ill, but he eventually agreed to refer her to an off-farm doctor. She was allowed only one day off, despite still feeling weak and being treated for a serious illness. ""It felt bad because I was still sick,"" she says.  To make matters worse, she had to write a letter to her manager explaining why she could not meet her target that day. Anne worries about other ways in which her work on the flower farm may harm her health - for example, the unfamiliar chemicals she was asked to use to spray the roses. It is a concern shared by many other workers.  Margaret, another flower picker on a nearby farm, says workers are routinely forced to spray chemicals on flowers without being given protective gear. Margaret (not her real name) insisted we meet her at the home of a colleague after dark, in their tiny dwelling not far from the shores of Lake Naivasha. She is afraid to speak out for fear of retribution from the flower industry, and says their influence is everywhere in Naivasha. “Nobody cares,” she adds. A report in September 2023 by the Nairobi-based NGO, Route To Food Initiative, showed that highly hazardous pesticides are routinely used in Kenyan farming, some known to cause cancer. Margaret says she has repeatedly approached her bosses about her concerns. “They shout to the men, they shout to the women,” she says. “They shout to everybody. They don't care, and they are Kenyans.” She says women can also face sexual harassment from male workers - the industry has been marred with complaints. We put the allegations of sexual harassment, unpaid overtime, harsh working conditions, and lack of protective gear on some flower farms in Naivasha to both the Kenya Flower Council and the Kenya Plant Health Inspectorate Service (KEPHIS), the government agency responsible for monitoring the industry, but neither got back to us. Kenya’s flower business also has a significant cost for the environment at large. The production of flowers requires a great deal of water, and to feed the European appetite for cheap cut flowers, the blooms are transported refrigerated in long-haul, gas-guzzling jets, wrapped in single-use plastic, and are usually arranged in toxic floral foam to keep them fresh. Kenya supplies more than 40% of the flower market in Europe, with the vast majority of blooms destined for the Netherlands, the hub for the European cut flower industry. Flowers arrive daily by plane and are taken to the huge, frenetic flower market in the picturesque town of Aalsmeer, where they are bought and distributed to suppliers across Europe. Here lorries arrive by the minute and tourists gaze down from walkways as huge trolleys of flowers of all colours are moved around at speed, as far as the eye can see. In supermarkets and florists across Europe, consumers buy the cheap flowers to mark important events like marriages and birthdays, with no way of tracing their provenance or hearing the experiences of those like Anne and Margaret that have toiled, thousands of kilometres away, to produce them. As a single mother with a son who needs her support, Anne feels she has no choice but to continue to work in the flower industry. There are few other opportunities in Naivasha and she is afraid to be left with no income at all. ""If God helps me,” Anne says, “I will move on.”  Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,26/09/2024,"['On a moonless night in the Kenyan lakeside town of Naivasha, Anne sits inside a makeshift, two-room house, exhausted after a gruelling shift picking and sorting roses.', ""Anne (not her real name) is a single mother and one of thousands of the predominantly female workers in Kenya's flower industry, harvesting and categorising blooms in one of the many greenhouse complexes around the edge of the picturesque Lake Naivasha, about 90km (56 miles) north-west of the capital, Nairobi."", 'Inside endless rows of the temperature-controlled greenhouses the size of tennis courts, workers like Anne harvest a huge variety of flowers that grow profusely in the rich Kenyan soil.', 'There are carnations, chrysanthemums, and an abundance of roses in almost every hue.', 'The majority of these blooms are destined for Europe.', 'Anne has spent over 15 years working in Kenya’s burgeoning flower industry, one of the largest employers in the country.', 'Estimates suggest it employs more than 150,000 people and earns the country around $1bn (£760m) annually in foreign exchange.', 'Despite dedicating her working life to the industry, she says her monthly pay of just over $100 has barely changed in years.', 'It is not enough to contend with the worsening cost-of-living crisis in Kenya, which has pushed up the prices of essential household goods such as maize, wheat, rice and sugar.', 'At the end of each month, Anne does not have enough to eat and often has to skip meals. “', 'You have to enter into debt to survive,"" she says, pointing out that she had to take out a loan to help her 23-year-old son attend university in Nairobi.', 'Each sunrise Anne queues with hundreds of other workers to catch one of the company buses that takes them to the farms, as the gentle fog lingers over the hills before being evaporated by the blazing mid-morning sun.', 'Anne starts work at 07:30, six days a week.', 'On Sunday, she goes to church.', 'The working day at her flower farm is meant to be eight hours, but she explains that she often feels obliged to work an extra three hours, for which she does not receive overtime pay.', 'She used to work inside the pack house, where the flowers were cleaned, bunched, and sorted into stems.', 'She recounts that the conditions there were harsh.', 'The flower company gave her stringent daily targets, which the managers pressured the workers to meet. ""', 'We had to grade 3,700 stems a day,"" she says.', 'Anne feels these targets were unrealistic, but she says workers like her had no choice but to deliver, or the farm managers would sanction them.', 'If she missed her daily target, she had to write a statement to her manager explaining the reasons for falling short. ""', 'If you don\'t achieve it, maybe you can be thrown out,"" she says.', 'In early 2023, Anne fell ill with a blood condition, which, if untreated, could be deadly.', 'She felt weak and suffered shortness of breath, which made working extremely difficult.', 'She went to see a nurse at the farm who gave her medicine and allowed her to rest for a few hours, after which he told her to return to work. ""', 'I told him: \'You know, I\'m too sick to work,\'"" Anne recounts.', 'Anne says it was tough to convince the nurse she was genuinely ill, but he eventually agreed to refer her to an off-farm doctor.', 'She was allowed only one day off, despite still feeling weak and being treated for a serious illness. ""', 'It felt bad because I was still sick,"" she says.', 'To make matters worse, she had to write a letter to her manager explaining why she could not meet her target that day.', 'Anne worries about other ways in which her work on the flower farm may harm her health - for example, the unfamiliar chemicals she was asked to use to spray the roses.', 'It is a concern shared by many other workers.', 'Margaret, another flower picker on a nearby farm, says workers are routinely forced to spray chemicals on flowers without being given protective gear.', 'Margaret (not her real name) insisted we meet her at the home of a colleague after dark, in their tiny dwelling not far from the shores of Lake Naivasha.', 'She is afraid to speak out for fear of retribution from the flower industry, and says their influence is everywhere in Naivasha. “', 'Nobody cares,” she adds.', 'A report in September 2023 by the Nairobi-based NGO, Route To Food Initiative, showed that highly hazardous pesticides are routinely used in Kenyan farming, some known to cause cancer.', 'Margaret says she has repeatedly approached her bosses about her concerns. “', 'They shout to the men, they shout to the women,” she says. “', 'They shout to everybody.', ""They don't care, and they are Kenyans.”"", 'She says women can also face sexual harassment from male workers - the industry has been marred with complaints.', 'We put the allegations of sexual harassment, unpaid overtime, harsh working conditions, and lack of protective gear on some flower farms in Naivasha to both the Kenya Flower Council and the Kenya Plant Health Inspectorate Service (KEPHIS), the government agency responsible for monitoring the industry, but neither got back to us.', 'Kenya’s flower business also has a significant cost for the environment at large.', 'The production of flowers requires a great deal of water, and to feed the European appetite for cheap cut flowers, the blooms are transported refrigerated in long-haul, gas-guzzling jets, wrapped in single-use plastic, and are usually arranged in toxic floral foam to keep them fresh.', 'Kenya supplies more than 40% of the flower market in Europe, with the vast majority of blooms destined for the Netherlands, the hub for the European cut flower industry.', 'Flowers arrive daily by plane and are taken to the huge, frenetic flower market in the picturesque town of Aalsmeer, where they are bought and distributed to suppliers across Europe.', 'Here lorries arrive by the minute and tourists gaze down from walkways as huge trolleys of flowers of all colours are moved around at speed, as far as the eye can see.', 'In supermarkets and florists across Europe, consumers buy the cheap flowers to mark important events like marriages and birthdays, with no way of tracing their provenance or hearing the experiences of those like Anne and Margaret that have toiled, thousands of kilometres away, to produce them.', 'As a single mother with a son who needs her support, Anne feels she has no choice but to continue to work in the flower industry.', 'There are few other opportunities in Naivasha and she is afraid to be left with no income at all. ""', 'If God helps me,” Anne says, “I will move on.”', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",-0.053922693897729,"Inside endless rows of the temperature-controlled greenhouses the size of tennis courts, workers like Anne harvest a huge variety of flowers that grow profusely in the rich Kenyan soil.","She felt weak and suffered shortness of breath, which made working extremely difficult.",-0.9093208367174322,,Kenya’s flower business also has a significant cost for the environment at large.,2024-09-26
+FTC sues drug middlemen for allegedly inflating insulin prices,https://www.cnbc.com/2024/09/20/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices.html,2024-09-21T13:58:35+0000,"In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients. The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark 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. The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers. The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July report that claimed that the PBM industry is hiking drug prices.PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans. They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions. The FTC has been investigating PBMs since 2022. The agency's suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices."" It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC's Bureau of Competition, said in a statement. ""The FTC's administrative action seeks to put an end to the Big Three PBMs' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued. Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC's suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. That policy currently does not extend to patients with private insurance.The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates. Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.""An Eli Lilly spokesperson said the FTC's suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform."" They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance. Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin. Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs. But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin."" Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company's insulin savings card programs.Correction: This story has been updated to correct a quote from the FTC.",CNBC,21/09/2024,"['In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients.', ""The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark 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.The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers."", 'The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.', 'A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.', 'A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.', '""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.', 'It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July reportthat claimed that the PBM industry is hiking drug prices.', 'PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans.', 'They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions.', 'The FTC has been investigating PBMs since 2022.The agency\'s suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices.""', 'It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available.', 'The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.', '""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC\'s Bureau of Competition, said in a statement.', '""The FTC\'s administrative action seeks to put an end to the Big Three PBMs\' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued.', 'Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC\'s suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.', ""President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month."", 'That policy currently does not extend to patients with private insurance.', 'The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to afact sheetfrom the White House.', 'The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs\' demands for higher rebates.', 'Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.', 'For example, Eli Lilly\'s Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.', '""An Eli Lilly spokesperson said the FTC\'s suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform.""', 'They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance.', 'Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin.', ""Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs."", 'But the French drugmaker agrees with the FTC\'s claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.', '""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin.""', 'Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company\'s insulin savings card programs.', 'Correction: This story has been updated to correct a quote from the FTC.']",0.0147564345555198,"But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.","""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.",0.3033737738927205,"For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.","The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates.",2024-09-26
+JetBlue to open airport lounges in New York and Boston in battle for big spenders,https://www.cnbc.com/2024/09/19/jetblue-to-build-airport-lounges-in-new-york-boston.html,2024-09-19T15:23:20+0000,"In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday.The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said.JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after.JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners. The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded. ""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest.O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin.Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds. Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.American and United also have dedicated lounges for travelers in top first- and business-class cabins.Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.JetBlue is not the only airline looking at expanding perks that come with higher fares.Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying. Southwest will provide more details about its strategy at an investor day next week. Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.",CNBC,19/09/2024,"['In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.', ""The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday."", 'The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.', ""Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said."", ""JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after."", 'JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners.', 'The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.', ""Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded."", '""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.', ""The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest."", ""O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin."", 'Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds.', 'Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.', 'American and United also have dedicated lounges for travelers in top first- and business-class cabins.', 'Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.', 'JetBlue is not the only airline looking at expanding perks that come with higher fares.', 'Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.', 'Southwest will provide more details about its strategy at an investor day next week.', 'Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.']",0.323039794684955,"The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.","In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.",0.3758226037025451,"Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.","The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.",2024-09-26
+New Starbucks CEO Brian Niccol commits to working with union as talks move forward,https://www.cnbc.com/2024/09/25/new-starbucks-ceo-brian-niccol-commits-to-working-with-union.html,2024-09-25T14:38:53+0000,"In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union. The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company. The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union. For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions. In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized. Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize. Chipotle denied any wrongdoing.Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees. The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.",CNBC,25/09/2024,"['In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.', '""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""', 'If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.', '""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union.', 'The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company.', 'The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.', '""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.', 'Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union.', 'For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.', ""But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media."", 'Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions.', 'In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized.', 'Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize.', 'Chipotle denied any wrongdoing.', ""Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees."", 'The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.']",0.3833215389811322,"""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.",Chipotle denied any wrongdoing.,0.5860569973786672,But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.,"For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.",2024-09-26
+Justice Department accuses Visa of debit network monopoly that affects price of 'nearly everything’,https://www.cnbc.com/2024/09/24/doj-accuses-visa-of-debit-network-monopoly-that-impacts-price-of-nearly-everything.html,2024-09-24T22:26:54+0000,"In this articleThe U.S. Justice Department on Tuesday sued Visa, the world's biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.Visa's moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything.""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money. They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.Visa called the DOJ suit ""meritless.""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.""Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers.In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid. The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade. A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa's network moat. The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said.""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system.""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.The moves also tamped down innovation, according to the DOJ. Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa's monopoly profits,"" according to the complaint.Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails.A Visa manager was quoted as saying ""we've got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such as creating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.The move comes in the waning months of President Joe Biden's administration, in which regulators including the Federal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees.In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No. 4 behind Visa, Mastercard and American Express.Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.",CNBC,24/09/2024,"['In this articleThe U.S. Justice Department on Tuesday sued Visa, the world\'s biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.', 'Visa\'s moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.', '""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.', '""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""', ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."", '""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.', 'They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.', 'Visa called the DOJ suit ""meritless.', '""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.', '""Today\'s lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""', 'We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.', '""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.', ""The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers."", 'In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid.', 'The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.', 'In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade.', 'A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.', 'In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa\'s network moat.', ""The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said."", '""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""', ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system."", '""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.', 'The moves also tamped down innovation, according to the DOJ.', 'Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa\'s monopoly profits,"" according to the complaint.', 'Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.', ""For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails."", 'A Visa manager was quoted as saying ""we\'ve got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.', 'Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such ascreating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.', 'The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.', ""The move comes in the waning months of President Joe Biden's administration, in which regulators including theFederal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees."", ""In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No."", '4 behind Visa, Mastercard and American Express.', 'Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.']",0.0758717486273494,"We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.","The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.",0.0686103820800781,"""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.","The moves also tamped down innovation, according to the DOJ.",2024-09-26
+"Wealthy investors support Harris over Trump, new survey says",https://www.cnbc.com/2024/09/26/wealthy-investors-support-harris.html,2024-09-26T16:51:36+0000,"A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents. Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.Like many voters, millionaire investors rated the economy as their No. 1 issue. Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes. When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris. Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harris wants them to apply only to those making less than $400,000. She has also proposed higher taxes on the wealthy and corporations. Millionaire investors give Harris better grades on Social Security and health care.Whoever wins, however, millionaire investors are bullish on the economy and markets. A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic). Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results. If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.",CNBC,26/09/2024,"['A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.', 'According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.', 'Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents.', 'Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.', 'Like many voters, millionaire investors rated the economy as their No.', '1 issue.', 'Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.', 'While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes.', 'When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris.', 'Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.', 'She has also proposed higher taxes on the wealthy and corporations.', 'Millionaire investors give Harris better grades on Social Security and health care.', 'Whoever wins, however, millionaire investors are bullish on the economy and markets.', 'A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).', 'Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.', 'More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results.', 'If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.', 'The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.']",0.3922310923605255,"If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",0.7497458904981613,"A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",2024-09-26
+"SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits",https://www.cnbc.com/2024/09/25/sec-charges-merrill-lynch-harvest.html,2024-09-25T16:10:35+0000,"In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period.Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns. Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders.The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management. Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said. Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits.""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""",CNBC,25/09/2024,"[""In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period."", 'Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.', 'Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns.', ""Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders."", ""The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management."", ""Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency."", 'Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said.', 'Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.', '""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC\'s enforcement division. ""', ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits."", '""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""']",0.0318129597764039,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. """,-0.3356851083891732,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.",2024-09-26
+Levi's teases Beyoncé collaboration as denim trend takes hold,https://www.cnbc.com/2024/09/23/levis-teases-beyonc-collaboration-as-denim-trend-takes-hold.html,2024-09-23T19:26:42+0000,"In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.The brand's shares briefly popped after the update and were last up about 1% Monday.The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter."" Aside from the allusions to Beyoncé's latest album, ""Cowboy Carter,"" Levi's also tagged the superstar's account in the post, fueling buzz from her fanbase, known as the Beyhive.Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright. CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.",CNBC,23/09/2024,"['In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.', ""The brand's shares briefly popped after the update and were last up about 1% Monday."", 'The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter.""', 'Aside from the allusions to Beyoncé\'s latest album, ""Cowboy Carter,"" Levi\'s also tagged the superstar\'s account in the post, fueling buzz from her fanbase, known as the Beyhive.', 'Beyoncé\'s country album, released earlier this year, features a song titled ""LEVII\'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.', ""Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright."", ""CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses."", ""Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.""]",0.2514010954256501,"CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.",,0.995657280087471,"Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.",,2024-09-26
+Southwest Airlines to cut service and staffing in Atlanta to slash costs,https://www.cnbc.com/2024/09/25/southwest-airlines-cut-service-staffing-atlanta.html,2024-09-25T19:12:47+0000,"In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.Southwest told staff it isn't closing its crew base in Atlanta. Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.The airline also isn't laying the crews off, but they will likely have to bid to work from other cities.Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union.It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""This decision in no way reflects our Employees' performance, and we're proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest's pilot and flight attendants railed against the airline for the staffing and service cuts.""Southwest Airlines management is failing Employees while impacting Customers. Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants' union president.A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline. In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4. In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee. It will also start offering overnight flights from Hawaii, beginning April 8. Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.",CNBC,25/09/2024,"[""In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management."", ""Southwest told staff it isn't closing its crew base in Atlanta."", 'Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.', ""The airline also isn't laying the crews off, but they will likely have to bid to work from other cities."", ""Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union."", 'It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.', '""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""', 'This decision in no way reflects our Employees\' performance, and we\'re proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest\'s pilot and flight attendants railed against the airline for the staffing and service cuts.', '""Southwest Airlines management is failing Employees while impacting Customers.', 'Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants\' union president.', 'A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.', '""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.', 'Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline\'s COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.', ""The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline."", 'In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.', 'Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4.', 'In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.', 'It will also start offering overnight flights from Hawaii, beginning April 8.', 'Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.']",0.072191807674439,"A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.","In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.",-0.41736900806427,"In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.","Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.",2024-09-26
+"Southwest Airlines raises summer revenue forecast, authorizes $2.5 billion in share buyback",https://www.cnbc.com/2024/09/26/southwest-investor-day-proxy-battle-elliott.html,2024-09-26T15:41:12+0000,"In this articleDALLAS — Southwest Airlines raised its third-quarter revenue forecast on Thursday, announced its board authorized $2.5 billion in share buybacks and detailed a host of changes to its business model as it seeks to fend off activist Elliott Investment Management.The airline said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage.Southwest shares were up roughly 10% in late-morning trading.The carrier also said it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors. Southwest and Fornaro go back more than a decade. He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.Southwest executives are presenting their vision for the company's future at the airline's Dallas headquarters on Thursday in an investor day presentation. CEO Bob Jordan and Southwest's other senior leaders are under increasing pressure from Elliott, which has called for a leadership change at the carrier.Southwest executives will try to convince investors that it is on the right track to boost profits and increase revenue. Over the summer, it unveiled dramatic changes to its more than half-century-old business model, including assigned and extra-legroom seats, which could generate more revenue for the carrier.Like with many changes in the airline industry, those new initiatives won't happen overnight. Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation. It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.Southwest on Thursday also said it is firm on its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""The airline is facing a shortfall of new aircraft because of delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family. Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.""We've taken dramatic steps to mitigate the operational risks of risk from future Boeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline's growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.Earlier this month, Southwest's executive chairman and former CEO, Gary Kelly, said he would step down by the end of next year. Elliott later told Southwest mechanics' union that it still wanted a leadership change at the top of the carrier. The firm didn't immediately comment on Southwest's strategy presentation it released Thursday.— CNBC's Rohan Goswami contributed to this report.",CNBC,26/09/2024,"['In this articleDALLAS — Southwest Airlines raised its third-quarter revenue forecast on Thursday, announced its board authorized $2.5 billion in share buybacks and detailed a host of changes to its business model as it seeks to fend off activist Elliott Investment Management.', ""The airline said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage."", 'Southwest shares were up roughly 10% in late-morning trading.', 'The carrier also said it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors.', 'Southwest and Fornaro go back more than a decade.', 'He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.', ""Southwest executives are presenting their vision for the company's future at the airline's Dallas headquarters on Thursday in an investor day presentation."", ""CEO Bob Jordan and Southwest's other senior leaders are under increasing pressure from Elliott, which has called for a leadership change at the carrier."", 'Southwest executives will try to convince investors that it is on the right track to boost profits and increase revenue.', 'Over the summer, it unveiled dramatic changes to its more than half-century-old business model, including assigned and extra-legroom seats, which could generate more revenue for the carrier.', ""Like with many changes in the airline industry, those new initiatives won't happen overnight."", ""Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation."", 'It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.', 'Southwest on Thursday also said it is firm on its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.', '""The airline is facing a shortfall of new aircraft because of delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family.', 'Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.', '""We\'ve taken dramatic steps to mitigate the operational risks of risk from future Boeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline\'s growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.', 'He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.', '""On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.', ""Earlier this month, Southwest's executive chairman and former CEO, Gary Kelly, said he would step down by the end of next year."", ""Elliott later told Southwest mechanics' union that it still wanted a leadership change at the top of the carrier."", ""The firm didn't immediately comment on Southwest's strategy presentation it released Thursday.—"", ""CNBC's Rohan Goswami contributed to this report.""]",0.2140144823927926,Southwest executives will try to convince investors that it is on the right track to boost profits and increase revenue.,"""On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.",0.3366687993208567,"Southwest on Thursday also said it is firm on its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.","Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.",2024-09-26
+"Darden Restaurants earnings disappoint as Olive Garden, fine dining sales struggle",https://www.cnbc.com/2024/09/19/darden-restaurants-dri-q1-2025-earnings.html,2024-09-19T20:05:55+0000,"In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits.""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.Shares of the company closed Thursday up 8%. Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large.Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier.Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share.Net sales rose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter. Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam. Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.Olive Garden's same-store sales shrank 2.9% in the quarter. The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers. Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.Darden is also looking to Uber to boost its sales. The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants. Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.It's too early to tell if delivery will lift sales significantly for Darden.""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.Darden's fine dining segment, which includes Eddie V's and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company's only division to report same-store sales growth. The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%. Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks.Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years. The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers. Darden bought Ruth's Chris a little over a year ago.Despite the gloomy quarter, Darden reiterated its full-year outlook. For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.",CNBC,19/09/2024,"['In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.', '""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""', ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits."", '""The company shared a number of initiatives that it\'s implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.', 'Shares of the company closed Thursday up 8%.', ""Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large."", ""Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier."", ""Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share."", ""Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter."", 'Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam.', 'Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.', ""Olive Garden's same-store sales shrank 2.9% in the quarter."", 'The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers.', 'Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.', 'Darden is also looking to Uber to boost its sales.', 'The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants.', 'Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.', ""It's too early to tell if delivery will lift sales significantly for Darden."", '""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.', 'Darden\'s fine dining segment, which includes Eddie V\'s and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company\'s only division to report same-store sales growth.', ""The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%."", ""Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks."", ""Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years."", ""The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers."", ""Darden bought Ruth's Chris a little over a year ago."", 'Despite the gloomy quarter, Darden reiterated its full-year outlook.', 'For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.', ""To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.""]",0.2513742806607232,"""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.",In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.,0.2618451476097106,"The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%.","Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter.",2024-09-26
+"UAW warns of potential strikes at Ford, Stellantis a year after unprecedented work stoppages",https://www.cnbc.com/2024/09/19/uaw-warns-of-potential-strikes-at-ford-stellantis.html,2024-09-19T16:56:36+0000,"In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck.The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities. The union has not announced similar actions against General Motors.UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.Local contracts have historically taken months, if not years, to settle after a national agreement is reached. Sometimes they are not settled at all during the terms of the national deal.Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once. The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts. The plant employs fewer than 500 workers.Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving. Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting. Strike authorization votes are procedural. They are votes by workers to authorize UAW leaders to call a strike, if warranted. Such votes for the national contract negotiations typically pass with more than 90% of worker approval.The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.Stellantis has contended such a strike would be illegal.Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining. However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.  Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments.""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims. Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.""In addition to Monday's NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker. Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union.""Once we've authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.The union this week also began contract negotiations with Volkswagen. VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.",CNBC,19/09/2024,"['In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.', ""The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck."", 'The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities.', 'The union has not announced similar actions against General Motors.', 'UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.', 'Local contracts have historically taken months, if not years, to settle after a national agreement is reached.', 'Sometimes they are not settled at all during the terms of the national deal.', ""Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once."", 'The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.', 'The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.', 'A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts.', 'The plant employs fewer than 500 workers.', 'Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving.', 'Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.', '""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting.', 'Strike authorization votes are procedural.', 'They are votes by workers to authorize UAW leaders to call a strike, if warranted.', 'Such votes for the national contract negotiations typically pass with more than 90% of worker approval.', 'The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.', '""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.', 'Stellantis has contended such a strike would be illegal.', ""Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining."", 'However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.', ""Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments."", '""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims.', 'Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.', 'Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.', '""In addition to Monday\'s NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker.', ""Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union."", '""Once we\'ve authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.', 'As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.', 'The union this week also began contract negotiations with Volkswagen.', 'VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.']",-0.0612021813540973,"UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.","The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.",-0.3007441163063049,"The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.","Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.",2024-09-26
+"Shein should come to London, says former B&Q boss",https://www.bbc.co.uk/news/articles/cje3wg2z7x5o,2024-09-25T08:54:29.093Z,"Fast fashion firm Shein should be allowed to list on the London Stock Exchange despite controversy over its green credentials and taxation, the former boss of B&Q   has said. Sir Ian Cheshire, who was also the former chairman of Barclays, said it would be better for the company to list in the UK as London-listed firms have to meet certain environmental quality controls. The alternative could be Shein listing on another exchange, which ""might just let them do what they want"", he told the BBC's Today programme. Sir Ian's comments come after Superdry boss Julian Dunkerton said Shein was being allowed to ""dodge tax"" and was a ""complete environmental disaster"". On Tuesday, Mr Dunkerton said the fast fashion giant had an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. ""We’re allowing somebody to come in and be a tax avoider, essentially,"" the Superdry boss said. Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices. Its formula of offering a wide range of cheap clothes - backed up with campaigns on Instagram, TikTok and other social media - has turned it into one of the biggest fashion retailers in the world. The firm filed initial documents for a London listing earlier this year. This was after a potential New York listing came under fire from both Democrat and Republican politicians, who were concerned over the company's ""deep ties to the People’s Republic of China"". Shein has also been accused of using forced labour in parts of its supply chains, which it denies. It previously told the BBC it has a ""zero tolerance for forced labour"". Sir Ian told the BBC on Wednesday that Shein being listed in London could mean the UK could influence the firm. He said the London Stock Exchange had a ""good set of controls and quality requirements"", adding companies ""can’t just show up and be accepted with open arms"". ""I would always vote for companies coming to London to be on the responsible side of the [green] transition and moving in the right direction,” Sir Ian said, adding that another stock exchange ""might just let them do what they want"". Sir Ian said there were ""lots of difficult decisions and nuances"" when assessing companies for their environmental impact, such as oil and gas firms. In response to critics arguing that Shein had an unfair advantage on import charges, Sir Ian said that large numbers of UK clothing retailers bring in clothes from China, Bangladesh, and India, for example, and pay duties on large containers. Shipments worth less than £135 sent directly to UK shoppers do not currently face import duties, but firms bringing in larger consignments do. He said if there was a ""mismatch"" where small packages do not pay import duty, the government should look at it. He added the rules were set up like that ""because it was too difficult to track every parcel back in the day"", but ""now we've go the technology"". ""If you think that's a problem, then the government can fix it,"" he suggested. On Tuesday, Mr Dunkerton also said Shein was a ""complete environmental disaster"". ""Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC. Shein has previously said it complies fully with all its UK tax liabilities. The firm has been contacted for comment. ",BBC,25/09/2024,"['Fast fashion firm Shein should be allowed to list on the London Stock Exchange despite controversy over its green credentials and taxation, the former boss of B&Q has said.', 'Sir Ian Cheshire, who was also the former chairman of Barclays, said it would be better for the company to list in the UK as London-listed firms have to meet certain environmental quality controls.', 'The alternative could be Shein listing on another exchange, which ""might just let them do what they want"", he told the BBC\'s Today programme.', 'Sir Ian\'s comments come after Superdry boss Julian Dunkerton said Shein was being allowed to ""dodge tax"" and was a ""complete environmental disaster"".', 'On Tuesday, Mr Dunkerton said the fast fashion giant had an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. ""', 'We’re allowing somebody to come in and be a tax avoider, essentially,"" the Superdry boss said.', 'Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices.', 'Its formula of offering a wide range of cheap clothes - backed up with campaigns on Instagram, TikTok and other social media - has turned it into one of the biggest fashion retailers in the world.', 'The firm filed initial documents for a London listing earlier this year.', 'This was after a potential New York listing came under fire from both Democrat and Republican politicians, who were concerned over the company\'s ""deep ties to the People’s Republic of China"".', 'Shein has also been accused of using forced labour in parts of its supply chains, which it denies.', 'It previously told the BBC it has a ""zero tolerance for forced labour"".', 'Sir Ian told the BBC on Wednesday that Shein being listed in London could mean the UK could influence the firm.', 'He said the London Stock Exchange had a ""good set of controls and quality requirements"", adding companies ""can’t just show up and be accepted with open arms"". ""', 'I would always vote for companies coming to London to be on the responsible side of the [green] transition and moving in the right direction,” Sir Ian said, adding that another stock exchange ""might just let them do what they want"".', 'Sir Ian said there were ""lots of difficult decisions and nuances"" when assessing companies for their environmental impact, such as oil and gas firms.', 'In response to critics arguing that Shein had an unfair advantage on import charges, Sir Ian said that large numbers of UK clothing retailers bring in clothes from China, Bangladesh, and India, for example, and pay duties on large containers.', 'Shipments worth less than £135 sent directly to UK shoppers do not currently face import duties, but firms bringing in larger consignments do.', 'He said if there was a ""mismatch"" where small packages do not pay import duty, the government should look at it.', 'He added the rules were set up like that ""because it was too difficult to track every parcel back in the day"", but ""now we\'ve go the technology"". ""', 'If you think that\'s a problem, then the government can fix it,"" he suggested.', 'On Tuesday, Mr Dunkerton also said Shein was a ""complete environmental disaster"". ""', 'Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC.', 'Shein has previously said it complies fully with all its UK tax liabilities.', 'The firm has been contacted for comment.']",-0.1012801460393441,"Sir Ian Cheshire, who was also the former chairman of Barclays, said it would be better for the company to list in the UK as London-listed firms have to meet certain environmental quality controls.","In response to critics arguing that Shein had an unfair advantage on import charges, Sir Ian said that large numbers of UK clothing retailers bring in clothes from China, Bangladesh, and India, for example, and pay duties on large containers.",0.2391762435436248,"On Tuesday, Mr Dunkerton said the fast fashion giant had an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. ""","On Tuesday, Mr Dunkerton also said Shein was a ""complete environmental disaster"". """,2024-09-26
+Hoda Kotb announces she is leaving NBC's 'TODAY' show,https://www.cnbc.com/2024/09/26/hoda-kotb-leaving-nbc-today-show.html,2024-09-26T14:24:38+0000,"Hoda Kotb will be leaving her role as a co-anchor on NBC's ""TODAY"" show early next year, she announced in a letter to staff on Thursday.""As I write this, my heart is all over the map,"" she wrote. ""I know I'm making the right decision, but it's a painful one. And you all are the reason why. They say two things can be right at the same time, and I'm feeling that so deeply right now. I love you and it's time for me to leave the show.""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline."" In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager. She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018. They were the first all-women pair to anchor the news program.In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""I'll be around. How could I not? Family is family and you all will always be a part of mine.""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""",CNBC,26/09/2024,"['Hoda Kotb will be leaving her role as a co-anchor on NBC\'s ""TODAY"" show early next year, she announced in a letter to staff on Thursday.', '""As I write this, my heart is all over the map,"" she wrote. ""', ""I know I'm making the right decision, but it's a painful one."", 'And you all are the reason why.', ""They say two things can be right at the same time, and I'm feeling that so deeply right now."", ""I love youandit's time for me to leave the show."", '""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline.""', 'In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager.', ""She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018."", 'They were the first all-women pair to anchor the news program.', 'In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.', 'Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.', '""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I\'ve been lucky enough to hold close to my heart,"" she wrote. ""', ""I'll be around."", 'How could I not?', 'Family is family and you all will always be a part of mine.', '""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""']",0.0980300956305826,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""","I know I'm making the right decision, but it's a painful one.",0.8195086121559143,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. """,,2024-09-26
+"UK economic growth 'robust', OECD thank tank says",https://www.bbc.co.uk/news/articles/c0lw07l7p70o,2024-09-25T09:57:10.375Z,"The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted. The economy is now expected to grow by 1.1%, the same rate as Canada and France, but behind the US. The Organisation for Economic Co-operation and Development's (OECD) previous growth estimate in May had put UK growth at 0.4% for this year. Chancellor Rachel Reeves welcomed the faster growth figures, which will help reinforce the more upbeat tone she sought to strike in her speech to the Labour Conference. She is facing the twin challenge of managing expectations ahead of the Budget next month by explaining how tough times lie ahead, while attempting to paint a positive picture to encourage investment. ""Next month’s Budget will be about fixing the foundations, so we can deliver on the promise of change and rebuild Britain,"" Reeves said. Dan Coatsworth, an investment analyst at AJ Bell, said that public sector wage increases, the end of train strikes, and a more stable political backdrop following July's general election could all be factors behind the stronger outlook for the UK. ""August’s rate cut from the Bank of England should also help the economy as it finally shows the country has started the journey to lower the cost of borrowing,"" he added. The OECD, which is a globally recognised think tank, said that economic growth had been ""relatively robust"" in many countries, including the UK. But it added: ""Significant risks remain. Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices."" While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy. The UK is also still projected to see consumer prices rise at a faster rate than other G7 nations. It is set to rise by 2.7% this year and 2.4% next year, the OECD forecast. The OECD's economic estimates, which are released twice yearly, aim to give a guide to what is most likely to happen in the future, but they can be incorrect and do change. They are used by businesses to help plan investments, and by governments to guide policy decisions. Alvaro Pereira, the OECD's chief economist, said the the government needed to create ""fiscal space"" for more investment in infrastructure, including for the green transition. Reeves has suggested she might tweak the debt targets she has pledged to stick by under her fiscal rules. Fiscal rules are self-imposed and designed to maintain credibility with financial markets. The UK government has a rule to manage its borrowing within a five-year time-frame. But it could change this to give itself more flexibility over tax and spending plans in the upcoming budget. The chancellor has so far refused to rule out altering them. The OECD has prescribed a ""carefully judged"" reduction in interest rates and ""decisive"" action to bring down debt to allow more room for governments to react to any future economic shocks. Stronger efforts to contain government spending and raise more revenue were key to stabilising debt burdens, it argued. Many wealthy countries are facing ageing populations, the challenges of climate change, and geopolitical pressure to raise defence spending. That is all in the wake of the financial crisis 16 years ago and more recently the Covid pandemic, which increased government borrowing and built up higher levels of debt. However, not all economists agree that bringing debt down should be the policy priority. Some would like to see borrowing rise for a time, which they argue would boost growth and reduce debt over the longer term. ",BBC,25/09/2024,"['The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted.', 'The economy is now expected to grow by 1.1%, the same rate as Canada and France, but behind the US.', ""The Organisation for Economic Co-operation and Development's (OECD) previous growth estimate in May had put UK growth at 0.4% for this year."", 'Chancellor Rachel Reeves welcomed the faster growth figures, which will help reinforce the more upbeat tone she sought to strike in her speech to the Labour Conference.', 'She is facing the twin challenge of managing expectations ahead of the Budget next month by explaining how tough times lie ahead, while attempting to paint a positive picture to encourage investment. ""', 'Next month’s Budget will be about fixing the foundations, so we can deliver on the promise of change and rebuild Britain,"" Reeves said.', 'Dan Coatsworth, an investment analyst at AJ Bell, said that public sector wage increases, the end of train strikes, and a more stable political backdrop following July\'s general election could all be factors behind the stronger outlook for the UK. ""', 'August’s rate cut from the Bank of England should also help the economy as it finally shows the country has started the journey to lower the cost of borrowing,"" he added.', 'The OECD, which is a globally recognised think tank, said that economic growth had been ""relatively robust"" in many countries, including the UK.', 'But it added: ""Significant risks remain.', 'Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.""', ""While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy."", 'The UK is also still projected to see consumer prices rise at a faster rate than other G7 nations.', 'It is set to rise by 2.7% this year and 2.4% next year, the OECD forecast.', ""The OECD's economic estimates, which are released twice yearly, aim to give a guide to what is most likely to happen in the future, but they can be incorrect and do change."", 'They are used by businesses to help plan investments, and by governments to guide policy decisions.', 'Alvaro Pereira, the OECD\'s chief economist, said the the government needed to create ""fiscal space"" for more investment in infrastructure, including for the green transition.', 'Reeves has suggested she might tweak the debt targets she has pledged to stick by under her fiscal rules.', 'Fiscal rules are self-imposed and designed to maintain credibility with financial markets.', 'The UK government has a rule to manage its borrowing within a five-year time-frame.', 'But it could change this to give itself more flexibility over tax and spending plans in the upcoming budget.', 'The chancellor has so far refused to rule out altering them.', 'The OECD has prescribed a ""carefully judged"" reduction in interest rates and ""decisive"" action to bring down debt to allow more room for governments to react to any future economic shocks.', 'Stronger efforts to contain government spending and raise more revenue were key to stabilising debt burdens, it argued.', 'Many wealthy countries are facing ageing populations, the challenges of climate change, and geopolitical pressure to raise defence spending.', 'That is all in the wake of the financial crisis 16 years ago and more recently the Covid pandemic, which increased government borrowing and built up higher levels of debt.', 'However, not all economists agree that bringing debt down should be the policy priority.', 'Some would like to see borrowing rise for a time, which they argue would boost growth and reduce debt over the longer term.']",0.1258491945167989,"While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy.","Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.""",0.5614065967108074,"The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted.","Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.""",2024-09-26
+"Boeing strike: Workers not interested in 30% pay offer, union says",https://www.bbc.co.uk/news/articles/cwyl7w036y4o,2024-09-25T04:38:27.598Z,"The union representing thousands of striking Boeing workers says a survey of its members shows they are ""not interested"" in the aviation giant's latest pay offer. ""Many comments expressed that the offer was inadequate,"" the International Association of Machinists and Aerospace Workers (IAM) said in a post on X. It comes after Boeing made a new offer earlier this week to striking workers, which proposed a 30% pay rise over four years. BBC News has requested a statement from Boeing in response to the IAM announcement. ""The survey results from yesterday were overwhelmingly clear, almost as loud as the first offer: members are not interested in the company's latest offer that was sent through the media,"" the IAM post said. On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal. The company said the offer was dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7:00 GMT on Saturday 28 September). However, IAM said Boeing had sent the new offer directly to union members and the media without telling the union's representatives. It also said the company's deadline did not give it enough time to organise a vote by its members. Boeing denied that it had not informed IAM representatives about the offer, and said it would give the union more time, as well as logistical support, to ballot its members. More than 30,000 Boeing workers have been on strike since 13 September after rejecting a 25% pay rise offer. Union members - who produce planes including the 737 Max and 777 - voted overwhelmingly to reject the offer and back strike action until an agreement could be reached. IAM had initially aimed for a number of improvements to workers' packages, including a 40% pay rise. The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. The company has already suspended the jobs of tens of thousands of staff. ",BBC,25/09/2024,"['The union representing thousands of striking Boeing workers says a survey of its members shows they are ""not interested"" in the aviation giant\'s latest pay offer. ""', 'Many comments expressed that the offer was inadequate,"" the International Association of Machinists and Aerospace Workers (IAM) said in a post on X. It comes after Boeing made a new offer earlier this week to striking workers, which proposed a 30% pay rise over four years.', 'BBC News has requested a statement from Boeing in response to the IAM announcement. ""', 'The survey results from yesterday were overwhelmingly clear, almost as loud as the first offer: members are not interested in the company\'s latest offer that was sent through the media,"" the IAM post said.', 'On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.', 'The company said the offer was dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7:00 GMT on Saturday 28 September).', ""However, IAM said Boeing had sent the new offer directly to union members and the media without telling the union's representatives."", ""It also said the company's deadline did not give it enough time to organise a vote by its members."", 'Boeing denied that it had not informed IAM representatives about the offer, and said it would give the union more time, as well as logistical support, to ballot its members.', 'More than 30,000 Boeing workers have been on strike since 13 September after rejecting a 25% pay rise offer.', 'Union members - who produce planes including the 737 Max and 777 - voted overwhelmingly to reject the offer and back strike action until an agreement could be reached.', ""IAM had initially aimed for a number of improvements to workers' packages, including a 40% pay rise."", 'The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'The company has already suspended the jobs of tens of thousands of staff.']",-0.0800128128112093,"On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.","The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",-0.4256562367081642,"On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.","The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",2024-09-26
+Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes',https://www.cnbc.com/2024/09/21/boeing-strike-machinists-prepare-for-lengthy-stoppage.html,2024-09-23T13:12:29+0000,"In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive.In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.That would add to the borrowing costs of the company, already $60 billion in debt. Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers. Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty. Burn barrels provided heat for chilly overnight pickets.Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made.The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management. That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.""We can't afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture. Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes.""I take pride in my work,"" he said.Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike. They received their last paychecks Thursday, and health benefits are set to end on Sept. 30. A strike fund from the union will soon give them $250 a week.The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein. The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments. Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago.Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns. No meaningful progress was made during today's talks.""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.""While we are disappointed the discussions didn't lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote. The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.The Biden administration has encouraged Boeing and the union to reach a deal.""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for the workers and it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC's ""Squawk Box"" on Thursday.Boeing is facing a tight labor market. During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.During the pandemic, Boeing and its suppliers shed thousands of workers. They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand.""You're in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America's Epstein. ""So what do you do to not only retain them but attract them? If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""",CNBC,23/09/2024,"['In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay.', 'A failure to get a deal done could be even more expensive.', 'In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.', ""The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week."", 'The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.', 'That would add to the borrowing costs of the company, already $60 billion in debt.', 'Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.', ""Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash."", 'At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers.', 'Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty.', 'Burn barrels provided heat for chilly overnight pickets.', ""Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made."", ""The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management."", 'That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.', '""We can\'t afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture.', ""Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes."", '""I take pride in my work,"" he said.', 'Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.', '""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.', 'More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike.', 'They received their last paychecks Thursday, and health benefits are set to end on Sept. 30.', 'A strike fund from the union will soon give them $250 a week.', 'The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein.', ""The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments."", 'Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.', 'The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements.', ""Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago."", 'Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.', '""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns.', ""No meaningful progress was made during today's talks."", '""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.', '""During mediation with the union this week, we continued our good faith efforts to engage the union\'s bargaining committee in meaningful negotiations to address the feedback we\'ve heard from our team,"" Ortberg said in a note to staff Friday.', '""While we are disappointed the discussions didn\'t lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote.', 'The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.', 'The Biden administration has encouraged Boeing and the union to reach a deal.', '""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for theworkersand it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC\'s ""Squawk Box"" on Thursday.', 'Boeing is facing a tight labor market.', 'During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.', 'One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.', 'During the pandemic, Boeing and its suppliers shed thousands of workers.', ""They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand."", '""You\'re in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America\'s Epstein. ""', 'So what do you do to not only retain them but attract them?', 'If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""']",0.0746638250251345,"""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.","The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.",-0.0383280776441097,"The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management.","Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.",2024-09-26
+Southwest Airlines tells staff 'difficult decisions' ahead in push to boost profits,https://www.cnbc.com/2024/09/23/southwest-airlines-staff-memo-difficult-decisions.html,2024-09-23T17:57:43+0000,"In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.""Now, all that's not enough. We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way. It's not station closures. But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""And so I apologize in advance if you as an individual are affected by it.""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4. The carrier said Watterson's video was part of a routine video series about the company's initiatives.Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter. The airline is seeking to reduce costs and focus on profitable flying, the company has said.Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line. Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year.The message was reported earlier by the View from the Wing industry blog.",CNBC,23/09/2024,"['In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.', 'Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue.', 'It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.', 'It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.', '""Now, all that\'s not enough.', 'We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.', ""It's not station closures."", 'But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""', 'And so I apologize in advance if you as an individual are affected by it.', '""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4.', ""The carrier said Watterson's video was part of a routine video series about the company's initiatives."", ""Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter."", 'The airline is seeking to reduce costs and focus on profitable flying, the company has said.', 'Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.', 'Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.', ""Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line."", ""Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year."", 'The message was reported earlier by the View from the Wing industry blog.']",0.0570691530869261,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""","We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.",-0.0860435111182076,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. """,Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.,2024-09-26
+Greenpeace legal challenge to Rosebank oil field given go-ahead,https://www.bbc.co.uk/news/articles/cx2m8zn95x1o,2024-09-25T13:19:50.304Z,"A legal challenge over the decision to give consent to the UK’s largest untapped oil field has been given the go-ahead by the Court of Session. Greenpeace and Uplift jointly brought judicial reviews to stop the development of Rosebank oil field and the Jackdaw gas field. The environment groups say that when consent was granted  for the fields off Shetland and Aberdeen, the impact of emissions caused by burning extracted oil and gas was “unlawfully ignored” by regulators. If the challenge is successful, operators would have to resubmit environmental assessments for approval before drilling can begin. The cases will heard by the Court of Session in Edinburgh on 12 November. Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea. Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “Now the government accepts the decision to approve the field was unlawful, the oil and gas companies that own Rosebank are alone in trying to drive this disastrous project through court."" The UK government said in August that it would not fight any cases over Rosebank and Jackdaw. This came after the Supreme Court ruled in June that regulators, such as the North Seas Transition Authority (NSTA), must consider the total environmental impact of new projects - including the way fossil fuels are used by end consumers. These are known as Scope 3 emissions. The Supreme Court's decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful. Greenpeace’s climate team leader, Mel Evans, said: “Both the government and the Supreme Court agree that you cannot ignore the emissions generated from burning fossil fuels. “Equinor and Ithaca know this, and they know that the consents for these fields are unlawful. “Despite this they are continuing to develop them during this judicial review, putting people, marine life, and our climate at further risk.” Norwegian energy giant Equinor and British firm Ithaca Energy jointly own the Rosebank field.  They said it would create about 1,600 jobs during its construction and support about 450 UK-based jobs during its lifetime. Consent for drilling off the coast of Shetland was granted in September last year. Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds. The Scottish government has said it has a ""presumption against"" new oil and gas exploration. However, First Minister John Swinney said in June that it would still be needed ""for a period of time"" to help the country meet its net-zero targets by 2045. The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy. It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields. The NSTA said it would not comment on a live case. Equinor declined to comment on the court challenge, but said it was continuing to ""work closely with all relevant parties to progress the project"". Shell said all ""relevant concerns and permits"" had been put in place for the Jackdaw gas field. The firm said it would argue that existing consents should remain in place when the case goes before the Court of Session in November.  A spokesperson added: “Jackdaw is a vital project for UK energy security that is already well under way.  ""Stopping the work is a highly complex process, with significant technical and safety issues now that infrastructure is in place and drilling has started in the North Sea."" ",BBC,25/09/2024,"['A legal challenge over the decision to give consent to the UK’s largest untapped oil field has been given the go-ahead by the Court of Session.', 'Greenpeace and Uplift jointly brought judicial reviews to stop the development of Rosebank oil field and the Jackdaw gas field.', 'The environment groups say that when consent was granted for the fields off Shetland and Aberdeen, the impact of emissions caused by burning extracted oil and gas was “unlawfully ignored” by regulators.', 'If the challenge is successful, operators would have to resubmit environmental assessments for approval before drilling can begin.', 'The cases will heard by the Court of Session in Edinburgh on 12 November.', 'Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.', 'Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “', 'Now the government accepts the decision to approve the field was unlawful, the oil and gas companies that own Rosebank are alone in trying to drive this disastrous project through court.""', 'The UK government said in August that it would not fight any cases over Rosebank and Jackdaw.', 'This came after the Supreme Court ruled in June that regulators, such as the North Seas Transition Authority (NSTA), must consider the total environmental impact of new projects - including the way fossil fuels are used by end consumers.', 'These are known as Scope 3 emissions.', 'The Supreme Court\'s decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful.', 'Greenpeace’s climate team leader, Mel Evans, said: “Both the government and the Supreme Court agree that you cannot ignore the emissions generated from burning fossil fuels. “', 'Equinor and Ithaca know this, and they know that the consents for these fields are unlawful. “', 'Despite this they are continuing to develop them during this judicial review, putting people, marine life, and our climate at further risk.”', 'Norwegian energy giant Equinor and British firm Ithaca Energy jointly own the Rosebank field.', 'They said it would create about 1,600 jobs during its construction and support about 450 UK-based jobs during its lifetime.', 'Consent for drilling off the coast of Shetland was granted in September last year.', 'Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds.', 'The Scottish government has said it has a ""presumption against"" new oil and gas exploration.', 'However, First Minister John Swinney said in June that it would still be needed ""for a period of time"" to help the country meet its net-zero targets by 2045.', 'The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy.', 'It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields.', 'The NSTA said it would not comment on a live case.', 'Equinor declined to comment on the court challenge, but said it was continuing to ""work closely with all relevant parties to progress the project"".', 'Shell said all ""relevant concerns and permits"" had been put in place for the Jackdaw gas field.', 'The firm said it would argue that existing consents should remain in place when the case goes before the Court of Session in November.', 'A spokesperson added: “Jackdaw is a vital project for UK energy security that is already well under way. ""', 'Stopping the work is a highly complex process, with significant technical and safety issues now that infrastructure is in place and drilling has started in the North Sea.""']",0.2343085843928544,"The Supreme Court's decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful.",Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.,-0.1496233344078064,"Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “",Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.,2024-09-26
+Lunar company Intuitive Machines' stock jumps more than 40% after NASA moon satellite contract,https://www.cnbc.com/2024/09/18/intuitive-machines-stock-nasa-moon-satellite-contract.html,2024-09-18T21:09:36+0000,"In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites.""This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency's Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth. The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program.The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses. Intuitive Machines' initial NSN award is worth $150 million.Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface. Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month.Benchmark's Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines' experience ""as elite.""""LUNR's path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter. Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.",CNBC,18/09/2024,"[""In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites."", '""This contract marks an inflection point in Intuitive Machines\' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.', 'NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency\'s Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth.', ""The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program."", 'The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses.', ""Intuitive Machines' initial NSN award is worth $150 million."", 'Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.', 'Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.', '""We see the win today as a significant catalyst and validation towards LUNR\'s outlook and the company\'s ability to continue to win contracts,"" Sheppard wrote in a note to clients.', 'The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.', ""Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface."", ""Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month."", 'Benchmark\'s Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines\' experience ""as elite.', '""""LUNR\'s path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.', 'The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter.', ""Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.""]",0.319838219468583,"""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.",,0.9992144505182902,The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.,,2024-09-26
+Dame Judi Dench and John Cena to voice Meta AI chatbot,https://www.bbc.co.uk/news/articles/c6258zn1663o,2024-09-26T04:58:59.273Z,"Instagram owner Meta says Dame Judi Dench and John Cena will be voice options for its artificial intelligence (AI) chatbot. Users will also be able to get information from AI versions of Awkwafina, Keegan-Michael Key or Kristen Bell. Meta will be hoping this use of celebrity chatbots goes better than its last attempt. In September 2023, it debuted what it called AI chatbots with ""personality"", based on celebrities such as Kendall Jenner and Snoop Dogg, only to pull the plug less than a year later. The technology giant's chief executive, Mark Zuckerberg, announced its new foray into celebrity chatbots during the company's annual Connect conference. “I think that voice is going to be a way more natural way of interacting with AI than text,"" he told attendees.  Other new offerings for the ChatGPT-like chatbot include it being able to recognise things users photograph, and give them information about them. An image editing feature will allow users to alter photos by telling the Meta AI what changes they want. The firm said that more than 400 million people were now using Meta AI a month, with 185 million of them returning to it every week. Mr Zuckerberg also unveiled the first working prototype of Meta's augmented-reality (AR) glasses, called Orion. Showing off the Orion glasses, Mr Zuckerberg said: “A lot of people have said this is the craziest technology they’ve ever seen.” Users will be able to interact with Orion through hand-tracking, voice and wrist-based interface. Meta also announced an entry-level version of its Quest line of mixed-reality headsets, with prices for the new Quest 3S starting at $300 (£225). Some of the world's biggest technology firms have been developing AR glasses but have not yet launched commercially successful mass market devices. In recent years, Meta has pumped billions of dollars into developing AI, AR and other metaverse technologies. The company expects to spend as much as $40bn on new projects this year, a record high. Before the event, Meta's shares ended Wednesday's trading day at a record high of $568.31. The company - which also owns social media platforms Facebook and WhatsApp - has seen its stock market value rise by more than 60% since the start of this year. However, ahead of Meta's annual showcase, thousands of Facebook and Instagram users, including many celebrities, shared a Stories post that falsely claimed people had to repost it if they did not want the firm to use their content to train its AI tools.  James McAvoy and Tom Brady were among those who fell for the hoax. A Meta spokesperson confirmed users can only object to having their content used by submitting an objection form. This can be accessed by clicking on a notification sent to users about the plans, or by going to the privacy centre under account settings. ",BBC,26/09/2024,"['Instagram owner Meta says Dame Judi Dench and John Cena will be voice options for its artificial intelligence (AI) chatbot.', 'Users will also be able to get information from AI versions of Awkwafina, Keegan-Michael Key or Kristen Bell.', 'Meta will be hoping this use of celebrity chatbots goes better than its last attempt.', 'In September 2023, it debuted what it called AI chatbots with ""personality"", based on celebrities such as Kendall Jenner and Snoop Dogg, only to pull the plug less than a year later.', ""The technology giant's chief executive, Mark Zuckerberg, announced its new foray into celebrity chatbots during the company's annual Connect conference. “"", 'I think that voice is going to be a way more natural way of interacting with AI than text,"" he told attendees.', 'Other new offerings for the ChatGPT-like chatbot include it being able to recognise things users photograph, and give them information about them.', 'An image editing feature will allow users to alter photos by telling the Meta AI what changes they want.', 'The firm said that more than 400 million people were now using Meta AI a month, with 185 million of them returning to it every week.', ""Mr Zuckerberg also unveiled the first working prototype of Meta's augmented-reality (AR) glasses, called Orion."", 'Showing off the Orion glasses, Mr Zuckerberg said: “A lot of people have said this is the craziest technology they’ve ever seen.”', 'Users will be able to interact with Orion through hand-tracking, voice and wrist-based interface.', 'Meta also announced an entry-level version of its Quest line of mixed-reality headsets, with prices for the new Quest 3S starting at $300 (£225).', ""Some of the world's biggest technology firms have been developing AR glasses but have not yet launched commercially successful mass market devices."", 'In recent years, Meta has pumped billions of dollars into developing AI, AR and other metaverse technologies.', 'The company expects to spend as much as $40bn on new projects this year, a record high.', ""Before the event, Meta's shares ended Wednesday's trading day at a record high of $568.31."", 'The company - which also owns social media platforms Facebook and WhatsApp - has seen its stock market value rise by more than 60% since the start of this year.', ""However, ahead of Meta's annual showcase, thousands of Facebook and Instagram users, including many celebrities, shared a Stories post that falsely claimed people had to repost it if they did not want the firm to use their content to train its AI tools."", 'James McAvoy and Tom Brady were among those who fell for the hoax.', 'A Meta spokesperson confirmed users can only object to having their content used by submitting an objection form.', 'This can be accessed by clicking on a notification sent to users about the plans, or by going to the privacy centre under account settings.']",0.1830020725444819,Meta will be hoping this use of celebrity chatbots goes better than its last attempt.,James McAvoy and Tom Brady were among those who fell for the hoax.,0.9980372786521912,The company - which also owns social media platforms Facebook and WhatsApp - has seen its stock market value rise by more than 60% since the start of this year.,,2024-09-26
+ESPN's Adrian Wojnarowski will retire from company to take a job in college basketball,https://www.cnbc.com/2024/09/18/espns-adrian-wojnarowski-will-retire-take-st-bonaventure-job.html,2024-09-18T16:08:41+0000,"ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning.The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said.Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs."" He and The Athletic's Shams Charania often competed for scoops on the latest news.""I've known and admired Woj since we first worked together at Yahoo! in 2007. His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""He's extraordinarily talented and fearless. He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",CNBC,18/09/2024,"[""ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning."", ""The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said."", 'Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""', ""He and The Athletic's Shams Charania often competed for scoops on the latest news."", '""I\'ve known and admired Woj since we first worked together at Yahoo!', 'in 2007.', 'His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""', ""He's extraordinarily talented and fearless."", 'He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.', '""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.']",0.1666259000196438,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.","Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""",0.9996575117111206,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",,2024-09-26
+Rewilding at Loch Katrine to secure water supplies as climate changes,https://www.bbc.co.uk/news/articles/clyl11604e7o,2024-09-24T13:07:54.478Z,"Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved.  More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years. The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population.  The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry. Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies. The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes. This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"". The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works. Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.” He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.” The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west. Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage.  ""We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said. Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.  Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there. The boom in tourists drove the growth of nearby towns Aberfoyle and Callander, and the area remains a popular attraction for visitors to this day. The Victorians harnessed the water to pipe fresh supplies into Glasgow.  Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.  The water's flow is entirely driven by gravity, with no pumps. The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt.  Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency. Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.” Native woodlands on lower levels along the loch shore are to be expanded to higher sites. Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink. It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly. The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore  peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.  Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.” ",BBC,24/09/2024,"[""Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved."", 'More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years.', ""The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population."", 'The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry.', 'Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies.', 'The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes.', 'This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"".', 'The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works.', 'Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.”', 'He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.”', 'The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west.', 'Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage. ""', 'We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said.', 'Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.', ""Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there."", 'The boom in tourists drove the growth of nearby towns Aberfoyle and Callander, and the area remains a popular attraction for visitors to this day.', 'The Victorians harnessed the water to pipe fresh supplies into Glasgow.', 'Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.', ""The water's flow is entirely driven by gravity, with no pumps."", ""The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt."", 'Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency.', 'Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.”', 'Native woodlands on lower levels along the loch shore are to be expanded to higher sites.', 'Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink.', 'It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.', 'The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.', 'Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”']",0.436928289005428,"Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”","The water's flow is entirely driven by gravity, with no pumps.",0.9500427927289692,"It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.",,2024-09-26
+James McAvoy and Tom Brady fall for 'Goodbye Meta AI' hoax,https://www.bbc.co.uk/news/articles/cj4d5jjqg2qo,2024-09-25T12:30:35.734Z,"More than 600,000 people, including many celebrities, have fallen for a hoax claiming to deny Facebook and Instagram owner Meta the right to use their images for training artificial intelligence (AI). Film stars James McAvoy and Ashley Tisdale, as well as former NFL player Tom Brady, are among those who re-shared the fake ""Goodbye Meta AI"" message on Instagram stories. The hoax claims that by sharing the message, Meta would no longer be able to use their information. In reality, Facebook and Instagram users who want to opt out of AI training can do so in their account settings - and posting about it does nothing. Many of these messages have now been labelled ""false information"" by Lead Stories, one of Meta's third-party fact-checking sites. The post appears to have been created in opposition to Meta's announcement in June that it will use public posts to train its AI model - but the company has confirmed to the BBC that posting the message has no impact on any user’s privacy settings. “Sharing this story does not count as a valid form of objection,” a Meta spokesperson said. Lead Stories pinpointed the origin of the trend to a post on Facebook on 1 September, which used slightly different wording to the version that eventually went viral. But it was not until this week - when large celebrity accounts began to share the post - that the craze took hold, with Google Trends displaying a steep spike in searches for the phrase ""Goodbye Meta AI"" after 24 September. It is far from the first time that social media has been dominated by such ""copypasta"" - a term meaning a block of text that is ""copied and pasted"" frequently online. The fact-checking website Snopes has covered several instances from the past decade of users declaring their privacy rights in public messages to no avail. But it is rare to see quite so many high-profile accounts fall for the hoax. Plans for other social media companies to train AI models on public posts have also been met with criticism, with LinkedIn this week reversing its decision to do so in the UK. ",BBC,25/09/2024,"['More than 600,000 people, including many celebrities, have fallen for a hoax claiming to deny Facebook and Instagram owner Meta the right to use their images for training artificial intelligence (AI).', 'Film stars James McAvoy and Ashley Tisdale, as well as former NFL player Tom Brady, are among those who re-shared the fake ""Goodbye Meta AI"" message on Instagram stories.', 'The hoax claims that by sharing the message, Meta would no longer be able to use their information.', 'In reality, Facebook and Instagram users who want to opt out of AI training can do so in their account settings - and posting about it does nothing.', 'Many of these messages have now been labelled ""false information"" by Lead Stories, one of Meta\'s third-party fact-checking sites.', ""The post appears to have been created in opposition to Meta's announcement in June that it will use public posts to train its AI model - but the company has confirmed to the BBC that posting the message has no impact on any user’s privacy settings. “"", 'Sharing this story does not count as a valid form of objection,” a Meta spokesperson said.', 'Lead Stories pinpointed the origin of the trend to a post on Facebook on 1 September, which used slightly different wording to the version that eventually went viral.', 'But it was not until this week - when large celebrity accounts began to share the post - that the craze took hold, with Google Trends displaying a steep spike in searches for the phrase ""Goodbye Meta AI"" after 24 September.', 'It is far from the first time that social media has been dominated by such ""copypasta"" - a term meaning a block of text that is ""copied and pasted"" frequently online.', 'The fact-checking website Snopes has covered several instances from the past decade of users declaring their privacy rights in public messages to no avail.', 'But it is rare to see quite so many high-profile accounts fall for the hoax.', 'Plans for other social media companies to train AI models on public posts have also been met with criticism, with LinkedIn this week reversing its decision to do so in the UK.']",-0.0942885863003759,"Sharing this story does not count as a valid form of objection,” a Meta spokesperson said.","More than 600,000 people, including many celebrities, have fallen for a hoax claiming to deny Facebook and Instagram owner Meta the right to use their images for training artificial intelligence (AI).",-0.3225999673207601,"But it was not until this week - when large celebrity accounts began to share the post - that the craze took hold, with Google Trends displaying a steep spike in searches for the phrase ""Goodbye Meta AI"" after 24 September.","Plans for other social media companies to train AI models on public posts have also been met with criticism, with LinkedIn this week reversing its decision to do so in the UK.",2024-09-26
+"August home sales drop more than expected, as prices set a new record",https://www.cnbc.com/2024/09/19/august-home-sales-drop-more-than-expected-as-prices-set-a-new-record.html,2024-09-19T15:53:08+0000,"Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark, annualized.This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR's chief economist. ""The home-buying process, from the initial search to getting the house keys, typically takes several months.""The inventory of homes for sale is improving slightly. There were 1.35 million units for sale at the end of August. That's up 0.7% from July and 22.7% year over year. It is still, however, just a 4.2-month supply. A 6-month supply is considered balanced between buyer and seller.""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.""Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.Since it's a median, though, part of that gain is skewed toward what was selling in August. Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.",CNBC,19/09/2024,"['Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.', 'That is slightly lower than what analysts expected.', 'Sales were 4.2% lower than August 2023.', 'It marks three straight months of sales below the 4 million mark, annualized.', 'This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today.', 'The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.', '""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR\'s chief economist. ""', 'The home-buying process, from the initial search to getting the house keys, typically takes several months.', '""The inventory of homes for sale is improving slightly.', 'There were 1.35 million units for sale at the end of August.', ""That's up 0.7% from July and 22.7% year over year."", 'It is still, however, just a 4.2-month supply.', 'A 6-month supply is considered balanced between buyer and seller.', '""The rise in inventory — and, more technically, the accompanying months\' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""', 'However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.', '""Tight supply is keeping the pressure on prices.', 'The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.', 'That is the highest price ever for August.', ""Since it's a median, though, part of that gain is skewed toward what was selling in August."", 'Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.', 'Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.']",0.0759400102912636,"""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""","Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.",0.0596884886423746,"The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.","Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.",2024-09-26
+CrowdStrike boss apologises before US Congress for global IT outage,https://www.bbc.co.uk/news/articles/c23k4yyjxp3o,2024-09-24T21:22:29.249Z,"Cybersecurity company CrowdStrike faced its biggest grilling yet over its role in July's mass global IT outage in Congress on Tuesday. Adam Meyers, a senior executive at the company, appeared before a US congressional committee to answer questions about its faulty software update that disabled millions of PCs on 19 July. The incident knocked payment services offline, grounded flights and forced some hospitals to cancel appointments and delay operations. Mr Meyers said the firm was ""deeply sorry"" for the outage that affected millions of people and is ""determined to prevent it from happening again"". CrowdStrike described the outage as the result of a “perfect storm”. Lawmakers on the House of Representatives cybersecurity subcommittee pressed Mr Meyers on how it occurred in the first place. ""A global IT outage that impacts every sector of the economy is a catastrophe that we would expect to see in a movie,"" said Mark Green, chairman of the House Homeland Security Committee, in his opening remarks. The Tennessee representative likened the widespread impact of CrowdStrike’s faulty content update to an attack “we would expect to be carefully executed by a malicious and sophisticated nation-state actor”. Instead “the largest IT outage in history was due to a mistake”, he said. Mr Meyers said the company would continue to act on and share ""lessons learned"" from the incident to make sure it would not happen again. Among the questions directed at Mr Meyers during the 90-minute hearing were  technical queries about whether the company's software should have access to core parts of device operating systems. But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity. Congressman Carlos Gimenez asked about the threat of AI writing malicious code.  Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"". In response to one representative's line of questioning, Mr Meyers reiterated that AI - which the company leverages to detect threats to systems - was not responsible for pushing the erroneous update that crashed computers around the world.  He said CrowdStrike releases between 10 and 12 configuration updates each day. Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic. But all in all, Mr Meyers did not face quite the level of scrutiny that other high-level technology executives have when called to testify in Congress over apparent failings.  Congressman Eric Swalwell said the committee had not gathered to “malign” the firm, while Mr Green said Mr Meyers showed an ""impressive"" degree of humility. Instead there was an emphasis on working together with the committee and government to prevent the possibility of any such further incidents in future.  The company still faces a number of lawsuits from people and businesses that were caught up in July's mass outage. Some of the people affected told BBC News it ""totally ruined"" their holidays, or caused them to lose out on business. The firm has been sued by its own shareholders, as well as by Delta Airlines passengers left stranded by thousands of flight cancellations. Delta said it lost $500m (£374m) due to CrowdStrike's ""negligence"". ",BBC,24/09/2024,"[""Cybersecurity company CrowdStrike faced its biggest grilling yet over its role in July's mass global IT outage in Congress on Tuesday."", 'Adam Meyers, a senior executive at the company, appeared before a US congressional committee to answer questions about its faulty software update that disabled millions of PCs on 19 July.', 'The incident knocked payment services offline, grounded flights and forced some hospitals to cancel appointments and delay operations.', 'Mr Meyers said the firm was ""deeply sorry"" for the outage that affected millions of people and is ""determined to prevent it from happening again"".', 'CrowdStrike described the outage as the result of a “perfect storm”.', 'Lawmakers on the House of Representatives cybersecurity subcommittee pressed Mr Meyers on how it occurred in the first place. ""', 'A global IT outage that impacts every sector of the economy is a catastrophe that we would expect to see in a movie,"" said Mark Green, chairman of the House Homeland Security Committee, in his opening remarks.', 'The Tennessee representative likened the widespread impact of CrowdStrike’s faulty content update to an attack “we would expect to be carefully executed by a malicious and sophisticated nation-state actor”.', 'Instead “the largest IT outage in history was due to a mistake”, he said.', 'Mr Meyers said the company would continue to act on and share ""lessons learned"" from the incident to make sure it would not happen again.', ""Among the questions directed at Mr Meyers during the 90-minute hearing were technical queries about whether the company's software should have access to core parts of device operating systems."", 'But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity.', 'Congressman Carlos Gimenez asked about the threat of AI writing malicious code.', 'Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"".', ""In response to one representative's line of questioning, Mr Meyers reiterated that AI - which the company leverages to detect threats to systems - was not responsible for pushing the erroneous update that crashed computers around the world."", 'He said CrowdStrike releases between 10 and 12 configuration updates each day.', 'Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic.', 'But all in all, Mr Meyers did not face quite the level of scrutiny that other high-level technology executives have when called to testify in Congress over apparent failings.', 'Congressman Eric Swalwell said the committee had not gathered to “malign” the firm, while Mr Green said Mr Meyers showed an ""impressive"" degree of humility.', 'Instead there was an emphasis on working together with the committee and government to prevent the possibility of any such further incidents in future.', ""The company still faces a number of lawsuits from people and businesses that were caught up in July's mass outage."", 'Some of the people affected told BBC News it ""totally ruined"" their holidays, or caused them to lose out on business.', 'The firm has been sued by its own shareholders, as well as by Delta Airlines passengers left stranded by thousands of flight cancellations.', 'Delta said it lost $500m (£374m) due to CrowdStrike\'s ""negligence"".']",-0.1079784412356782,But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity.,"Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic.",-0.5439730720086531,"Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"".","Delta said it lost $500m (£374m) due to CrowdStrike's ""negligence"".",2024-09-26
+"Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill",https://www.cnbc.com/2024/09/19/nike-ceo-john-donahoe-is-out-replaced-by-elliott-hill.html,2024-09-20T11:56:42+0000,"In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.The company's shares climbed 8% in extended trading Thursday. As of the close, the stock is down more than 25% this year.""I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth,"" said Mark Parker, Nike's executive chairman.Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers. Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.The outlook was far worse than the 3.2% decline that analysts had expected. Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO. At the time, Nike co-founder Phil Knight said the company was standing by Donahoe's side and the executive had his ""unwavering confidence and full support.""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""Looking forward, I couldn't be more excited to welcome Elliott back to the team. His experience, understanding of Nike and leadership is exactly what's needed at this moment. We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace.""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.""""Elliott is the right person. I look forward to seeing Nike and Elliott's future successes,"" he said.Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand. He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I'm ready to help lead it to an even brighter future,"" Hill said in a statement. ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.""As Nike goes through its current rough patch, it's trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel. In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts.Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024. During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end. As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it. In December, it also announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand.Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump.""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""He does have quite some work to do across various teams but I think that's what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""",CNBC,20/09/2024,"['In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.', ""Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13."", 'Hill is slated to take over on the following day.', 'Donahoe will stay on as an advisor through the end of January.', ""The company's shares climbed 8% in extended trading Thursday."", 'As of the close, the stock is down more than 25% this year.', '""I am excited to welcome Elliott back to Nike.', 'Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott\'s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike\'s next stage of growth,"" said Mark Parker, Nike\'s executive chairman.', 'Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers.', ""Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for."", 'In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.', 'The outlook was far worse than the 3.2% decline that analysts had expected.', 'Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO.', 'At the time, Nike co-founder Phil Knight said the company was standing by Donahoe\'s side and the executive had his ""unwavering confidence and full support.', '""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.', '""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""', ""Looking forward, I couldn't be more excited to welcome Elliott back to the team."", ""His experience, understanding of Nike and leadership is exactly what's needed at this moment."", ""We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace."", '""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.', '""""Elliott is the right person.', 'I look forward to seeing Nike and Elliott\'s future successes,"" he said.', ""Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand."", 'He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I\'m ready to help lead it to an even brighter future,"" Hill said in a statement. ""', ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead."", 'Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.', '""As Nike goes through its current rough patch, it\'s trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel.', ""In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts."", ""Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024."", 'During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end.', 'As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.', 'Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it.', 'In December, it also announced abroad restructuring planto reduce costs by about $2 billion over the next three years.', ""It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand."", ""Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump."", '""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""', 'He does have quite some work to do across various teams but I think that\'s what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""']",0.2372571841440179,"""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""","Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.",0.3689597867153309,"Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024.","In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.",2024-09-26
+Boeing sweetens labor proposal in 'best and final' offer as strike enters second week,https://www.cnbc.com/2024/09/23/boeing-labor-proposal-best-and-final-offer-strike.html,2024-09-24T19:56:43+0000,"In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week.The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union.Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.The International Association of Machinists and Aerospace Workers District 751, the workers' union, said the new offer ""was thrown at us without any discussion.""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch. The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.""However, it said that it will survey members about Boeing's new offer.""We will gather your opinion on whether this offer meets your demands,"" it said.After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March.  The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal.Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.Both Boeing and the union said they were disappointed with negotiations last week.""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""We first presented the offer to the union and then transparently shared the details with our employees.""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.",CNBC,24/09/2024,"['In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant\'s aircraft production, entered its second week.', ""The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union."", ""Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%."", ""It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match."", 'The International Association of Machinists and Aerospace Workers District 751, the workers\' union, said the new offer ""was thrown at us without any discussion.', '""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch.', 'The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.', '""However, it said that it will survey members about Boeing\'s new offer.', '""We will gather your opinion on whether this offer meets your demands,"" it said.', ""After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March."", ""The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal."", 'Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.', 'In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.', 'Both Boeing and the union said they were disappointed with negotiations last week.', '""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""', 'We first presented the offer to the union and then transparently shared the details with our employees.', '""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.', 'Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.', 'Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.']",0.0772554422396689,"It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",0.2298987090587615,"Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",2024-09-26
+Civil rights groups call on Fortune 1000 companies to stop 'abandoning DEI',https://www.cnbc.com/2024/09/19/corporate-dei-civil-rights-groups-urge-fortune-1000-to-protect-dei.html,2024-09-19T20:31:07+0000,"Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd. Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity. While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories.Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit. They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community.HRC President Kelley Robinson told CNBC's ""Squawk Box"" on Sept. 12 that there's a strong business case for diversity in the workplace.""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce. Robinson called moving away from DEI the ""wrong decision for business.""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75. Tractor Supply & John Deere fall from 95 to 70. And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment.In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.""The full text of the letter and list of signatories is below.Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees. But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs. Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts.  These capitulations weaken businesses and the American economy more broadly. And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans. Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.  Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall. A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies. There is also a penalty for lagging on diversity which has only gotten larger with time. Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report) Critically, these decisions are not supported by your employees. According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.  In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community. Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion. Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.Future-proofing businesses also means recognizing the increasing diversity of consumers and employees. One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified. Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew,  from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%). This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business,  unpopular and unwise.  As business leaders who helped to build DEI programs, you know it's good business, and we have the receipts that show it.  At this moment, we call on business leaders and corporate board members to lead.  When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally. To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment. By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company.We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all. Backing down from long-standing commitments only serves to empower those who threaten your workers and customers. We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion. Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.",CNBC,19/09/2024,"['Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.', 'The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.', '""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""', 'Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', '""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.', 'A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.', ""Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity."", 'While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.', ""Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories."", ""Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit."", ""They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community."", 'HRC President Kelley Robinson told CNBC\'s ""Squawk Box"" on Sept. 12 that there\'s a strong business case for diversity in the workplace.', '""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""', ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions."", '""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce.', 'Robinson called moving away from DEI the ""wrong decision for business.', '""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.', ""On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75."", 'Tractor Supply & John Deere fall from 95 to 70.', ""And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment."", 'In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.', '""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.', '""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', '""The full text of the letter and list of signatories is below.', ""Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees."", 'But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs.', ""Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts."", 'These capitulations weaken businesses and the American economy more broadly.', 'And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans.', 'Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.', 'Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', ""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall."", 'A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies.', 'There is also a penalty for lagging on diversity which has only gotten larger with time.', 'Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (', 'Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report)Critically, these decisions are not supported by your employees.', ""According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022."", 'In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.', '""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community.', 'Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion.', 'Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.', 'Future-proofing businesses also means recognizing the increasing diversity of consumers and employees.', 'One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified.', ""Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew, from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%)."", 'This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.', 'Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business, unpopular and unwise.', ""As business leaders who helped to build DEI programs, you know it's good business,and we have the receipts that show it."", 'At this moment, we call on business leaders and corporate board members to lead.', 'When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally.', ""To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment."", ""By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company."", 'We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all.', 'Backing down from long-standing commitments only serves to empower those who threaten your workers and customers.', 'We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', 'Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.']",0.1168112373655638,"This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.","A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.",-0.3417430231648107,"According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.",These capitulations weaken businesses and the American economy more broadly.,2024-09-26
+IMF approves $7bn loan to Pakistan,https://www.bbc.co.uk/news/articles/c62rv7le52lo,2024-09-26T01:47:22.247Z,"The International Monetary Fund (IMF) has approved a $7bn (£5.25bn) loan to cash-strapped Pakistan. The country is due to receive the first $1bn of the loan immediately, with the balance to be paid out over the next three years. Prime Minister Shehbaz Sharif welcomed the decision and thanked the head of the IMF, Kristalina Georgieva, and her team. Pakistan has taken more than 20 loans from the IMF since 1958 and is currently its fifth-largest debtor. The new programme ""will require sound policies and reforms"" to stabilise and help make the economy more resilient, the IMF said. The South Asian nation has pledged that it would be the last loan from the international lender. As part of the deal, Islamabad agreed to a number of unpopular measures, including increasing the amount of tax it collects from people and businesses. The country has relied on IMF loans to meet its needs for decades and continued to struggle after years of financial mismanagement. Last year, the country was on the brink of defaulting on its debts and had barely enough in foreign currencies to pay for a month of imports. The IMF approved a $3bn bailout for Pakistan in July 2023. It also received funds from allies Saudi Arabia and the United Arab Emirates (UAE).  At the time, Mr Sharif said the bailout was a major step forward in efforts to stabilise the economy. ""It bolsters Pakistan's economic position to overcome immediate to medium-term economic challenges,"" he said. ",BBC,26/09/2024,"['The International Monetary Fund (IMF) has approved a $7bn (£5.25bn) loan to cash-strapped Pakistan.', 'The country is due to receive the first $1bn of the loan immediately, with the balance to be paid out over the next three years.', 'Prime Minister Shehbaz Sharif welcomed the decision and thanked the head of the IMF, Kristalina Georgieva, and her team.', 'Pakistan has taken more than 20 loans from the IMF since 1958 and is currently its fifth-largest debtor.', 'The new programme ""will require sound policies and reforms"" to stabilise and help make the economy more resilient, the IMF said.', 'The South Asian nation has pledged that it would be the last loan from the international lender.', 'As part of the deal, Islamabad agreed to a number of unpopular measures, including increasing the amount of tax it collects from people and businesses.', 'The country has relied on IMF loans to meet its needs for decades and continued to struggle after years of financial mismanagement.', 'Last year, the country was on the brink of defaulting on its debts and had barely enough in foreign currencies to pay for a month of imports.', 'The IMF approved a $3bn bailout for Pakistan in July 2023.', 'It also received funds from allies Saudi Arabia and the United Arab Emirates (UAE).', 'At the time, Mr Sharif said the bailout was a major step forward in efforts to stabilise the economy. ""', 'It bolsters Pakistan\'s economic position to overcome immediate to medium-term economic challenges,"" he said.']",0.1636045337775944,"Prime Minister Shehbaz Sharif welcomed the decision and thanked the head of the IMF, Kristalina Georgieva, and her team.",The country has relied on IMF loans to meet its needs for decades and continued to struggle after years of financial mismanagement.,0.428882428577968,"The new programme ""will require sound policies and reforms"" to stabilise and help make the economy more resilient, the IMF said.",The country has relied on IMF loans to meet its needs for decades and continued to struggle after years of financial mismanagement.,2024-09-26
+ScotRail drivers accept deal to end long-running pay dispute,https://www.bbc.co.uk/news/articles/c1wndrg58gyo,2024-09-25T15:49:28.793Z,"A long-running dispute at ScotRail has come to an end after train drivers accepted a pay offer.   Drivers' union Aslef said 75% of members voted for the deal, which will provide staff with a 4.5% rise backdated to April. ScotRail has been running a reduced timetable since July after many drivers made themselves unvailable for overtime or Sunday working.  The TSSA union, representing managerial and technical staff, also accepted the package but said a separate dispute over ""on-call working"" would continue. Members of Unite and the RMT union previously voted to accept the pay offer. Train services will not immediately return to previous levels, but ScotRail said it would update passengers ""as soon as possible"". Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members' ""resolute determination"". ""I am pleased that ScotRail and the Scottish government have shown they understand the importance of our members to Scotland's rail service,"" he said. ""Appreciating the workforce in the railways is a fundamental prerequisite if Scotland is to deliver the world-class, affordable, attractive and accessible rail services the country needs."" The TSSA union welcomed the deal, but said its dispute over on-call working for operations managers ""remains live"".  General secretary Maryam Eslamdoust said, “I urge ScotRail management to come back to the table and commit to meaningful negotiations with us so that we can find a solution that works for passengers, and our members, alike.” ScotRail's Service Delivery Director Mark Ilderton said all parties had worked hard to agree a pay deal that ""recognises the hard work of staff, as well as providing value for money for the public finances"". He added: “We will provide an update for customers on the timetable as soon as possible.” The temporary timetable has seen 1,660 services operating daily from Monday to Saturday, compared with the usual level of around 2,250 - a cut of 26%. Normal services are unlikely to reintroduced before 7 October at the earliest.  ScotRail will need to establish how many drivers can do overtime and publish revised rotas, before making the new timetable available to passengers. The pay agreement comes just two days before the end of a ScotRail pilot scheme that scrapped peak-time train fares. Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel. Passengers will be wondering when ScotRail will return to its normal timetable. The company moved to an emergency timetable with fewer services than usual in July because of the pay row. Many drivers were not making themselves available for overtime and rest day working. It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime. ScotRail will be watching the situation closely over the coming days to get a sense of how many drivers are available for overtime. It will then decide whether it can return to a normal timetable. But if a full timetable is not in operation again soon, the company will face tough questions over its continuing dependence on overtime by drivers. ",BBC,25/09/2024,"['A long-running dispute at ScotRail has come to an end after train drivers accepted a pay offer.', ""Drivers' union Aslef said 75% of members voted for the deal, which will provide staff with a 4.5% rise backdated to April."", 'ScotRail has been running a reduced timetable since July after many drivers made themselves unvailable for overtime or Sunday working.', 'The TSSA union, representing managerial and technical staff, also accepted the package but said a separate dispute over ""on-call working"" would continue.', 'Members of Unite and the RMT union previously voted to accept the pay offer.', 'Train services will not immediately return to previous levels, but ScotRail said it would update passengers ""as soon as possible"".', 'Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members\' ""resolute determination"". ""', 'I am pleased that ScotRail and the Scottish government have shown they understand the importance of our members to Scotland\'s rail service,"" he said. ""', 'Appreciating the workforce in the railways is a fundamental prerequisite if Scotland is to deliver the world-class, affordable, attractive and accessible rail services the country needs.""', 'The TSSA union welcomed the deal, but said its dispute over on-call working for operations managers ""remains live"".', 'General secretary Maryam Eslamdoust said, “I urge ScotRail management to come back to the table and commit to meaningful negotiations with us so that we can find a solution that works for passengers, and our members, alike.”', 'ScotRail\'s Service Delivery Director Mark Ilderton said all parties had worked hard to agree a pay deal that ""recognises the hard work of staff, as well as providing value for money for the public finances"".', 'He added: “We will provide an update for customers on the timetable as soon as possible.”', 'The temporary timetable has seen 1,660 services operating daily from Monday to Saturday, compared with the usual level of around 2,250 - a cut of 26%.', 'Normal services are unlikely to reintroduced before 7 October at the earliest.', 'ScotRail will need to establish how many drivers can do overtime and publish revised rotas, before making the new timetable available to passengers.', 'The pay agreement comes just two days before the end of a ScotRail pilot scheme that scrapped peak-time train fares.', 'Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.', 'Passengers will be wondering when ScotRail will return to its normal timetable.', 'The company moved to an emergency timetable with fewer services than usual in July because of the pay row.', 'Many drivers were not making themselves available for overtime and rest day working.', 'It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime.', 'ScotRail will be watching the situation closely over the coming days to get a sense of how many drivers are available for overtime.', 'It will then decide whether it can return to a normal timetable.', 'But if a full timetable is not in operation again soon, the company will face tough questions over its continuing dependence on overtime by drivers.']",0.1254560775670045,It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime.,The company moved to an emergency timetable with fewer services than usual in July because of the pay row.,0.1225709860975092,"Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members' ""resolute determination"". ""","Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.",2024-09-26
+"American Airlines in talks to pick Citigroup over rival bank Barclays for crucial credit card deal, sources say",https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html,2024-09-20T13:15:26+0000,"In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations.American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry. While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example. Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards. Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards. Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process.If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays.American renewed both relationships in 2016, giving each bank specific channels to market their cards. Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said. Banks tend to earn most of the money from these arrangements in the back half of the deals.With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar.  ""We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.Barclays declined to comment for this article.",CNBC,20/09/2024,"[""In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations."", 'American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.', 'Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.', ""Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry."", 'While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.', 'Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example.', 'Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.', 'Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards.', 'Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards.', 'Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.', 'While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.', '""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.', ""It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process."", 'If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.', ""Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays."", 'American renewed both relationships in 2016, giving each bank specific channels to market their cards.', 'Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.', 'When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.', 'Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.', 'Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said.', 'Banks tend to earn most of the money from these arrangements in the back half of the deals.', 'With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar. ""', 'We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.', 'Barclays declined to comment for this article.']",0.312092882581134,"While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.","Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",0.5356634381939384,Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.,"Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",2024-09-26
+RAC says petrol prices fall to three-year low,https://www.bbc.co.uk/news/articles/cwyl79v1d1lo,2024-09-25T14:10:34.756Z,"Petrol prices have fallen to their lowest level for three years, with the average price for a litre of unleaded costing about £1.35, the RAC has said. Lower global oil prices and a stronger pound were the main reasons prices had fallen, the motoring group said. The figure is considerably lower than in July 2022, when petrol prices hit a record high of almost £1.92 per litre when oil prices surged following Russia’s invasion of Ukraine. Simon Williams, fuel spokesman for the RAC, said petrol prices could fall further. ""We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks,"" Mr Williams said. Depending on where drivers were filling up,  he said people could be ""paying as little as £1.26 for a litre of unleaded - making the cost of refuelling a typical family car come in at under £70"". The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA). The falling price of fuel will come as a boost to drivers, who have been hit hard in recent years by higher prices for all consumer goods. The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen. Concerns over fuel prices prompted the competition regulator, the CMA, to look into the sector. It said in July weakened competition in the fuel sector was  impacting drivers' wallets and that supermarkets' profit margins - which is the difference between the price they buy fuel at and what they charge motorists - had doubled since 2019. But the Petrol Retailers Association (PRA), which represents independent forecourts, has argued its members' margins have been ""under pressure"" due to higher labour and energy costs, and reduced sales. The RAC said the reason for ""tumbling"" pump prices now was due to ""a relatively low oil price"" of about $75 per barrell due to lower global demand, ""combined with a relatively strong pound"" helped by inflation falling. With fuel traded in US dollars, a stronger pound means UK fuel retailers get more ""bang for their buck"" when buying in new stock on the wholesale market, the RAC said. Fuel prices rose sharply amid fears of a global economic shock following Russia's invasion of Ukraine. Russia is the third-largest oil exporter and some Western countries, decided to halt or restrict imports from the country in response to Russia's actions. It meant demand for oil from other producers increased, leading to increased prices. At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years. The UK only imports about 6% of oil from Russia, so is not as dependent on Russia as other European countries are and has said it plans to phase it out. It is, however, affected by the global shifts in price. ",BBC,25/09/2024,"['Petrol prices have fallen to their lowest level for three years, with the average price for a litre of unleaded costing about £1.35, the RAC has said.', 'Lower global oil prices and a stronger pound were the main reasons prices had fallen, the motoring group said.', 'The figure is considerably lower than in July 2022, when petrol prices hit a record high of almost £1.92 per litre when oil prices surged following Russia’s invasion of Ukraine.', 'Simon Williams, fuel spokesman for the RAC, said petrol prices could fall further. ""', 'We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks,"" Mr Williams said.', 'Depending on where drivers were filling up, he said people could be ""paying as little as £1.26 for a litre of unleaded - making the cost of refuelling a typical family car come in at under £70"".', 'The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA).', 'The falling price of fuel will come as a boost to drivers, who have been hit hard in recent years by higher prices for all consumer goods.', 'The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen.', 'Concerns over fuel prices prompted the competition regulator, the CMA, to look into the sector.', ""It said in July weakened competition in the fuel sector was impacting drivers' wallets and that supermarkets' profit margins - which is the difference between the price they buy fuel at and what they charge motorists - had doubled since 2019."", 'But the Petrol Retailers Association (PRA), which represents independent forecourts, has argued its members\' margins have been ""under pressure"" due to higher labour and energy costs, and reduced sales.', 'The RAC said the reason for ""tumbling"" pump prices now was due to ""a relatively low oil price"" of about $75 per barrell due to lower global demand, ""combined with a relatively strong pound"" helped by inflation falling.', 'With fuel traded in US dollars, a stronger pound means UK fuel retailers get more ""bang for their buck"" when buying in new stock on the wholesale market, the RAC said.', ""Fuel prices rose sharply amid fears of a global economic shock following Russia's invasion of Ukraine."", ""Russia is the third-largest oil exporter and some Western countries, decided to halt or restrict imports from the country in response to Russia's actions."", 'It meant demand for oil from other producers increased, leading to increased prices.', 'At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years.', 'The UK only imports about 6% of oil from Russia, so is not as dependent on Russia as other European countries are and has said it plans to phase it out.', 'It is, however, affected by the global shifts in price.']",-0.1838314853299841,"It meant demand for oil from other producers increased, leading to increased prices.","The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen.",0.1672339544576757,"At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years.","The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA).",2024-09-26
+Yorkshire worst region for bank branch access - report,https://www.bbc.co.uk/news/articles/cx2y0zpn0wxo,2024-09-25T17:37:30.206Z,"Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report. The region has just 4.4 branches left per 100,000 people, the Which? Money consumer group said. The East Midlands has the second lowest number of branches with 4.6 per 100,000 people, while Scotland has the most with nine. New rules overseen by the Financial Conduct Authority (FCA) regulator mean if a bank wants to close a branch and it leaves a gap in the community's provision, it must offer alternatives such as banking hubs or more cash machines. Which? Money's Sam Richardson said nine parliamentary constituencies in Yorkshire now had no bank branches - Barnsley South, Doncaster East and the Isle of Axholme, Penistone and Stocksbridge, Rawmarsh and Conisbrough, Sheffield Hallam, York Outer, Ossett and Denby Dale, Colne Valley, and Bradford South. Mr Richardson said banks had cited the shift to online banking as the main reason for the closures. ""That's true, but there are many people who can't, perhaps because they have a disability stopping them using those services,"" he said. ""Or perhaps they want to talk to someone for face-to-face trusted advice."" According to FCA figures, three million people in the UK rely on cash. ""Being able to take out that cash is vital for them and small businesses also need somewhere to deposit cash, Mr Richardson said. ""Branches closing can have a huge impact on a community."" The Which? report said more than three in every five bank branches across the UK had closed permanently since 2015. While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online. Major banks have recently committed to 350 hubs by 2029, but Mr Richardson said this needed to be accelerated. ""Banking hubs are not being rolled out fast enough,"" he said. ""Banks really need to pick up the pace."" UK Finance said the banking industry was committed to making cash accessible for those who needed it. The trade association said many shared banking hubs had already opened across Yorkshire, and Post Office branches also offered many banking services. Adrian Roberts, of ATM and cash access network Link, said more people now banked and paid for things digitally - but millions still relied on or preferred cash. He said data showed they were ""not just the oldest or poorest in society"". Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here. ",BBC,25/09/2024,"['Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report.', 'The region has just 4.4 branches left per 100,000 people, the Which?', 'Money consumer group said.', 'The East Midlands has the second lowest number of branches with 4.6 per 100,000 people, while Scotland has the most with nine.', ""New rules overseen by the Financial Conduct Authority (FCA) regulator mean if a bank wants to close a branch and it leaves a gap in the community's provision, it must offer alternatives such as banking hubs or more cash machines."", 'Which?', ""Money's Sam Richardson said nine parliamentary constituencies in Yorkshire now had no bank branches - Barnsley South, Doncaster East and the Isle of Axholme, Penistone and Stocksbridge, Rawmarsh and Conisbrough, Sheffield Hallam, York Outer, Ossett and Denby Dale, Colne Valley, and Bradford South."", 'Mr Richardson said banks had cited the shift to online banking as the main reason for the closures. ""', 'That\'s true, but there are many people who can\'t, perhaps because they have a disability stopping them using those services,"" he said. ""', 'Or perhaps they want to talk to someone for face-to-face trusted advice.""', 'According to FCA figures, three million people in the UK rely on cash. ""', 'Being able to take out that cash is vital for them and small businesses also need somewhere to deposit cash, Mr Richardson said. ""', 'Branches closing can have a huge impact on a community.""', 'The Which?', 'report said more than three in every five bank branches across the UK had closed permanently since 2015.', 'While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online.', 'Major banks have recently committed to 350 hubs by 2029, but Mr Richardson said this needed to be accelerated. ""', 'Banking hubs are not being rolled out fast enough,"" he said. ""', 'Banks really need to pick up the pace.""', 'UK Finance said the banking industry was committed to making cash accessible for those who needed it.', 'The trade association said many shared banking hubs had already opened across Yorkshire, and Post Office branches also offered many banking services.', 'Adrian Roberts, of ATM and cash access network Link, said more people now banked and paid for things digitally - but millions still relied on or preferred cash.', 'He said data showed they were ""not just the oldest or poorest in society"".', 'Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here.']",-0.0200948488377003,"Or perhaps they want to talk to someone for face-to-face trusted advice.""","While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online.",-0.4145913600921631,"Banks really need to pick up the pace.""","Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report.",2024-09-26
+Australia's lithium mining boom hit by sagging prices,https://www.bbc.co.uk/news/articles/cp8mvmmpmvro,2024-09-25T23:10:34.352Z,"Often called “white gold” and the key component in rechargeable batteries, the metal lithium is so light that it floats on water, but its price has sunk like a stone over the past year. Due to a combination of falling sales of electric vehicles, and a world oversupply of lithium ore, the cost of the main lithium compound has fallen by more than three quarters since June 2023. This decline has had a particularly hard impact on Australia, because it is the world’s largest producer of lithium ore, accounting for 52% of the global total last year. Australia also has the second-largest reserves of the mineral after Chile, with the vast majority in Western Australia, and a smaller amount in the Northern Territory. The sharp decline in lithium prices has led to mine shutdowns. Adelaide-based Core Lithium announced back in January that due to ""weak market conditions"" it was suspending mining at its Finniss site near Darwin, with the loss of 150 jobs.  Then in August, US firm Albemarle said it would be scaling back production at its Kemerton lithium processing plant, located some 170km (100 miles) south of Perth. This is expected to lead to more than 300 redundancies. Arcadium Lithium followed suit this month, announcing that it would be mothballing its Mt Cattlin mine in Western Australia, blaming low prices. The firm’s shares are listed in both the US and Australia. Yet as some producers are putting work on hold, others are expanding theirs, confident that global demand for lithium - and prices - will bounce back. Pilbara Minerals is one such firm. The Perth-based miner aims to boost its lithium ore production by an additional 50% over the next year. “What we've learned historically from lithium pricing is that it can change, and it can change rapidly,"" managing director Dale Henderson recently told ABC News.  “It doesn't faze us that much because we know the long-term outlook is fantastic.” This confidence is echoed by Kingsley Jones, founder, and chief investment officer at Canberra-based investment firm Jevons Global, which monitors the mining and metals sectors. “Lithium remains very strategic to the energy transition,” he tells the BBC. “Storage batteries for electricity is a big growth area,” he adds, pointing to the increased need for batteries to store the power generated by solar and wind power. But some analysts have warned that oversupply will keep the market under pressure until at least 2028. Another company moving ahead with increased lithium ore production in Australia is Perth-based Liontown Resources. In July, it started production at its Kathleen Valley mine, located 420 miles (680km) north-east of Western Australia’s capital. The facility gets 60% of its energy from its own solar panel farm. Australia’s Minister for Climate Change and Energy, Chris Bowen, has praised the site’s green approach, and his government has invested $A230m ($156m; £118m) in the facility. This move towards the use of renewables is also good news in financial terms for producers in Australia, as it reduces their dependence on buying expensive diesel, which is currently the main fuel that they use to generate electricity. Extracting lithium ore in the country requires three times more energy than in other big producing nations such as Chile and Argentina, says Prof Rick Valenta, the director of the Sustainable Minerals Institute at the University of Queensland. Extraction in Australia requires additional energy because the lithium ore, also known as spodumene, has to be mined and removed from solid rock. Whereas in Chile and Argentina the ore is produced by evaporating it from brine collected from under the countries' vast salt plains. “As Australia has hard-rock mining operations, they use more energy and produce more emissions than brine operations,” Prof Valenta adds. The form of lithium that Australia exports – almost all of which goes to China – is partially processed ore, called spodumene concentrate. Prices of this have mirrored the sharp fall of refined lithium. One report this month said that the price of spodumene had hit its lowest level since August 2021. Chinese companies refine the spodumene into solid lithium, and into the two lithium compounds used in batteries - lithium hydroxide and lithium carbonate.   This is where the real money is to be made, because a tonne of lithium carbonate is currently around 72,500 yuan ($10,280; £7,720) compared with just $747 (£630) for the same weight of spodumene concentrate. Given that price differential, Australian mining firms have unsurprisingly been moving to build their own lithium refineries instead of just exporting almost all spodumene, as is the case currently. In 2022-23, 98% was exported as spodumene concentrate. The first refined lithium to be commercially produced in Australia happened back in 2022, when Perth-based IGO announced that it was making battery-grade lithium hydroxide at its Kwinana Refinery in Western Australia. It co-owns the facility with Chinese firm Tianqi Lithium. Meanwhile, another Australian miner, Covalent Lithium, is building its own lithium refinery, also in Western Australia. And Albemarle has its refinery, albeit one currently reducing its output. Some commentators welcome the development of lithium refining in Australia, saying it will help to reduce China’s dominance of the global market for the metal. China currently accounts for 60% of all lithium refining. However, Kingsley Jones says that Australia needs to be more open to embracing Chinese investment in the lithium sector. He points out that the Australian government has, in his view, “adopted a strategy, we think unwisely, to preference investment from countries other than China” in the lithium sector in recent years. This has come as relations between the two countries have cooled since 2020. Last year, Canberra even blocked the sale of an Australian lithium miner to a Chinese firm. The government said at the time that it was simply following the advice of the country’s Foreign Investment Review Board. Mr Jones adds: “It’s an excellent example of how to shoot yourself in the foot as a producer.  You tell the biggest buyer to go away. So, they do.” Australia's Department of Industry, Science and Resources did not respond to a request for a comment. As Australia aims to become more of a lithium refiner, government scientists are continuing to research ways to do this in a more environmentally friendly way. A code, which if cracked, could make the country one of the greenest producers of the metal. Currently the process releases a lot of poisonous chlorine gas. “There is only one industrial method, and it has several drawbacks,” says Dongmei Liu, a research scientist at Australia’s national science agency, the CSIRO. “The process is very expensive and not very efficient.  Most importantly, it also produces chlorine gas.  It has severe environmental issues.” She and her team are instead working on a new process called “shock quenching”. It involves the extreme cooling of lithium vapour, and Dr Lui says it “avoids the chlorine gas emissions”. While Australia hopes to make its mineral industries less polluting, it also wants to recycle more. Lithium Australia is a listed company that sorts and processes batteries that have come to the end of their lives, to extract their lithium and other metals for reuse. “Global commodities prices place economic pressure on lithium, so creating a circular battery industry will benefit Australia by ensuring we have the sovereign capability to produce and recycle our own batteries,” says Lithium Australia chief executive Simon Linge. “If Australia is to establish a battery manufacturing industry, we must first ensure that no end-of-life lithium battery is being sent to landfill or exported to be recycled in some other country.”  ",BBC,25/09/2024,"['Often called “white gold” and the key component in rechargeable batteries, the metal lithium is so light that it floats on water, but its price has sunk like a stone over the past year.', 'Due to a combination of falling sales of electric vehicles, and a world oversupply of lithium ore, the cost of the main lithium compound has fallen by more than three quarters since June 2023.', 'This decline has had a particularly hard impact on Australia, because it is the world’s largest producer of lithium ore, accounting for 52% of the global total last year.', 'Australia also has the second-largest reserves of the mineral after Chile, with the vast majority in Western Australia, and a smaller amount in the Northern Territory.', 'The sharp decline in lithium prices has led to mine shutdowns.', 'Adelaide-based Core Lithium announced back in January that due to ""weak market conditions"" it was suspending mining at its Finniss site near Darwin, with the loss of 150 jobs.', 'Then in August, US firm Albemarle said it would be scaling back production at its Kemerton lithium processing plant, located some 170km (100 miles) south of Perth.', 'This is expected to lead to more than 300 redundancies.', 'Arcadium Lithium followed suit this month, announcing that it would be mothballing its Mt Cattlin mine in Western Australia, blaming low prices.', 'The firm’s shares are listed in both the US and Australia.', 'Yet as some producers are putting work on hold, others are expanding theirs, confident that global demand for lithium - and prices - will bounce back.', 'Pilbara Minerals is one such firm.', 'The Perth-based miner aims to boost its lithium ore production by an additional 50% over the next year. “', 'What we\'ve learned historically from lithium pricing is that it can change, and it can change rapidly,"" managing director Dale Henderson recently told ABC News. “', ""It doesn't faze us that much because we know the long-term outlook is fantastic.”"", 'This confidence is echoed by Kingsley Jones, founder, and chief investment officer at Canberra-based investment firm Jevons Global, which monitors the mining and metals sectors. “', 'Lithium remains very strategic to the energy transition,” he tells the BBC. “', 'Storage batteries for electricity is a big growth area,” he adds, pointing to the increased need for batteries to store the power generated by solar and wind power.', 'But some analysts have warned that oversupply will keep the market under pressure until at least 2028.', 'Another company moving ahead with increased lithium ore production in Australia is Perth-based Liontown Resources.', 'In July, it started production at its Kathleen Valley mine, located 420 miles (680km) north-east of Western Australia’s capital.', 'The facility gets 60% of its energy from its own solar panel farm.', 'Australia’s Minister for Climate Change and Energy, Chris Bowen, has praised the site’s green approach, and his government has invested $A230m ($156m; £118m) in the facility.', 'This move towards the use of renewables is also good news in financial terms for producers in Australia, as it reduces their dependence on buying expensive diesel, which is currently the main fuel that they use to generate electricity.', 'Extracting lithium ore in the country requires three times more energy than in other big producing nations such as Chile and Argentina, says Prof Rick Valenta, the director of the Sustainable Minerals Institute at the University of Queensland.', 'Extraction in Australia requires additional energy because the lithium ore, also known as spodumene, has to be mined and removed from solid rock.', ""Whereas in Chile and Argentina the ore is produced by evaporating it from brine collected from under the countries' vast salt plains. “"", 'As Australia has hard-rock mining operations, they use more energy and produce more emissions than brine operations,” Prof Valenta adds.', 'The form of lithium that Australia exports – almost all of which goes to China – is partially processed ore, called spodumene concentrate.', 'Prices of this have mirrored the sharp fall of refined lithium.', 'One report this month said that the price of spodumene had hit its lowest level since August 2021.', 'Chinese companies refine the spodumene into solid lithium, and into the two lithium compounds used in batteries - lithium hydroxide and lithium carbonate.', 'This is where the real money is to be made, because a tonne of lithium carbonate is currently around 72,500 yuan ($10,280; £7,720) compared with just $747 (£630) for the same weight of spodumene concentrate.', 'Given that price differential, Australian mining firms have unsurprisingly been moving to build their own lithium refineries instead of just exporting almost all spodumene, as is the case currently.', 'In 2022-23, 98% was exported as spodumene concentrate.', 'The first refined lithium to be commercially produced in Australia happened back in 2022, when Perth-based IGO announced that it was making battery-grade lithium hydroxide at its Kwinana Refinery in Western Australia.', 'It co-owns the facility with Chinese firm Tianqi Lithium.', 'Meanwhile, another Australian miner, Covalent Lithium, is building its own lithium refinery, also in Western Australia.', 'And Albemarle has its refinery, albeit one currently reducing its output.', 'Some commentators welcome the development of lithium refining in Australia, saying it will help to reduce China’s dominance of the global market for the metal.', 'China currently accounts for 60% of all lithium refining.', 'However, Kingsley Jones says that Australia needs to be more open to embracing Chinese investment in the lithium sector.', 'He points out that the Australian government has, in his view, “adopted a strategy, we think unwisely, to preference investment from countries other than China” in the lithium sector in recent years.', 'This has come as relations between the two countries have cooled since 2020.', 'Last year, Canberra even blocked the sale of an Australian lithium miner to a Chinese firm.', 'The government said at the time that it was simply following the advice of the country’s Foreign Investment Review Board.', 'Mr Jones adds: “It’s an excellent example of how to shoot yourself in the foot as a producer.', 'You tell the biggest buyer to go away.', 'So, they do.”', ""Australia's Department of Industry, Science and Resources did not respond to a request for a comment."", 'As Australia aims to become more of a lithium refiner, government scientists are continuing to research ways to do this in a more environmentally friendly way.', 'A code, which if cracked, could make the country one of the greenest producers of the metal.', 'Currently the process releases a lot of poisonous chlorine gas. “', 'There is only one industrial method, and it has several drawbacks,” says Dongmei Liu, a research scientist at Australia’s national science agency, the CSIRO. “', 'The process is very expensive and not very efficient.', 'Most importantly, it also produces chlorine gas.', 'It has severe environmental issues.”', 'She and her team are instead working on a new process called “shock quenching”.', 'It involves the extreme cooling of lithium vapour, and Dr Lui says it “avoids the chlorine gas emissions”.', 'While Australia hopes to make its mineral industries less polluting, it also wants to recycle more.', 'Lithium Australia is a listed company that sorts and processes batteries that have come to the end of their lives, to extract their lithium and other metals for reuse. “', 'Global commodities prices place economic pressure on lithium, so creating a circular battery industry will benefit Australia by ensuring we have the sovereign capability to produce and recycle our own batteries,” says Lithium Australia chief executive Simon Linge. “', 'If Australia is to establish a battery manufacturing industry, we must first ensure that no end-of-life lithium battery is being sent to landfill or exported to be recycled in some other country.”']",0.0677108315799309,"Some commentators welcome the development of lithium refining in Australia, saying it will help to reduce China’s dominance of the global market for the metal.",But some analysts have warned that oversupply will keep the market under pressure until at least 2028.,-0.0150911705247287,"Yet as some producers are putting work on hold, others are expanding theirs, confident that global demand for lithium - and prices - will bounce back.","Often called “white gold” and the key component in rechargeable batteries, the metal lithium is so light that it floats on water, but its price has sunk like a stone over the past year.",2024-09-26
+JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns,https://www.cnbc.com/2024/09/18/jpmorgan-investment-bank-creates-new-role-overseeing-junior-bankers.html,2024-09-18T16:55:05+0000,"JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.""A lot of investment bankers, they've been traveling all week, they come home and they give you four assignments, and you've got to work all weekend,"" Dimon said. ""It's just not right.""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said. ""You're violating it,"" Dimon warned. ""You've got to stop, and it will be in your bonus, so that people know we actually mean it.""",CNBC,18/09/2024,"['JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.', 'The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.', ""Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide."", 'The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.', 'The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street.', ""In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger."", 'Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.', ""Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation."", 'Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.', ""Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University."", 'Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.', '""A lot of investment bankers, they\'ve been traveling all week, they come home and they give you four assignments, and you\'ve got to work all weekend,"" Dimon said. ""', ""It's just not right."", '""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.', '""You\'re violating it,"" Dimon warned. ""', 'You\'ve got to stop, and it will be in your bonus, so that people know we actually mean it.""']",-0.134577025512299,"The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.","""You're violating it,"" Dimon warned. """,-0.1763509313265482,JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.,It's just not right.,2024-09-26
+Elon Musk hits back after being shunned from UK summit,https://www.bbc.co.uk/news/articles/c756d56d2dro,2024-09-25T23:01:17.262Z,"The world's richest person, Elon Musk, has hit back after not being invited to the UK government's International Investment Summit. He was not invited due to his social media posts during last month’s riots, the BBC understands. ""I don’t think anyone should go to the UK when they’re releasing convicted pedophiles in order to imprison people for social media posts,"" Mr Musk claimed on X. Earlier this month, the government released some prisoners to reduce prison overcrowding, but no people serving sentences for sex offences were included. Following disorder and rioting across the UK in August, some people were jailed for encouraging unrest on social media. Violence spread across the country after a stabbing attack in Southport, in which three children attending a dance class were killed. At the time, Mr Musk posted on X, formerly Twitter, predicting civil war in the UK and repeatedly attacking the prime minister.  The summit in October is the key moment that PM Sir Keir Starmer hopes will attract tens of billions of pounds in inward funding for business from the world’s biggest investors.  Mr Musk was invited to last year's event but did not attend. However, he took a starring role in November's AI Summit, including a fireside chat with then-PM Rishi Sunak.  The government declined to comment on the tech entrepreneur not being invited to the summit and the billionaire's backlash to the decision. But Jeremy Hunt, the former Conservative chancellor and now the shadow chancellor, told the BBC it was a ""big loss"" not to have Mr Musk at the summit. ""He told me last year he was planning a new car plant in Europe and had not decided where but the UK was a candidate,"" Mr Hunt claimed. During the August riots, Mr Musk shared, and later deleted, a conspiracy theory about the UK building ""detainment camps"" on the Falkland Islands for rioters, on X - the social media platform he owns. At the time ministers said his comments were ""totally unjustifiable"" and ""pretty deplorable"". The BBC understands this is why he has not been invited to join hundreds of the world’s biggest investors at the event on 14 October. David Yelland, a public relations specialist and former editor of the Sun newspaper, told the BBC that if Mr Musk were to attend the summit, it would be ""reputationally disastrous for the whole event"". ""He’s a fan of free speech but he behaves like a child and he post things that are deeply inaccurate and extremely damaging,"" he said. ""This is just not a guy that is saying stuff in the pub. This is a guy that is encouraging untruths around the world. ""Just because he’s so wealthy, just because he’s so influential doesn’t make any difference. At some point we have to stand up against him, no matter what the consequences are."" The government’s decision not to invite Mr Musk to the investment summit suggests that it thinks the potential investment is not worth the reputational risk and opens up uncomfortable questions about the background of other investors it has actively encouraged. Attracting international investment routinely involves charm offensives with investors or nations with questionable human rights records.  The government has actively pursued trade links in the Gulf. Sir Keir, for example, publicly boycotted the 2022 World Cup in Qatar as leader of the opposition, but now he and his team routinely visit these nations to drum up trade and investment. A number of top sovereign wealth fund executives are expected at the summit next month.  Privately, insiders suggested that Mr Musk’s presence at such a summit would be unthinkable given his comments about the UK last month. Coming two weeks head of the Budget, the government is billing it as a huge opportunity to attract foreign investment to grow the UK economy. The Labour Party committed before the general election to hold this event within its first 100 days in office. Mr Musk is said to be turning his attention to a second European gigafactory in addition to his plant in Berlin, Germany, after completing his Mexican plant.  Under the Conservatives, the Tesla boss was quietly shown around various UK sites with potential for a gigafactory for cars and batteries.  He has previously told journalists he opened the site in Berlin and not the UK partly because of Brexit.  Mr Musk is a regular at the equivalent French investment summit. In July, he attended a three-hour lunch with top executives with President Emmanuel Macron ahead of the Paris Olympics earlier this summer. Under his ownership of the site formerly known as Twitter, Mr Musk lifted the ban on far-right figures, including on the Britain First group. The UK is considering a tougher Online Safety Act, after the role of misinformation in the widespread racist disorder in August. He is the world's richest person and has used his platform to make his views known on a vast array of topics. Bloomberg estimates his net worth to be around $228bn. That's based largely on the value of his shares in Tesla, of which he owns more than 13%. The company's stock soared in value - some say unreasonably - in 2020 as the firm's output increased and it started to deliver regular profits. Since bursting on to the Silicon Valley scene more than two decades ago, the 53-year-old serial entrepreneur has kept the public captivated with his business antics. Born in Pretoria, South Africa, Mr Musk showed his talents for entrepreneurship early, going door to door with his brother selling homemade chocolate Easter eggs and developing his first computer game at the age of 12. For a long time Mr Musk, who became a US citizen in 2002, resisted efforts to label his politics - calling himself ""half-Democrat, half-Republican"", ""politically moderate"" and ""independent"". He says he voted for Barack Obama, Hillary Clinton and - reluctantly - Joe Biden, all of them Democrats. But in recent years he's swung behind Donald Trump, who is a Republican. Mr Musk officially endorsed the former president for a second term in 2024 after his attempted assassination. ",BBC,25/09/2024,"[""The world's richest person, Elon Musk, has hit back after not being invited to the UK government's International Investment Summit."", 'He was not invited due to his social media posts during last month’s riots, the BBC understands. ""', 'I don’t think anyone should go to the UK when they’re releasing convicted pedophiles in order to imprison people for social media posts,"" Mr Musk claimed on X. Earlier this month, the government released some prisoners to reduce prison overcrowding, but no people serving sentences for sex offences were included.', 'Following disorder and rioting across the UK in August, some people were jailed for encouraging unrest on social media.', 'Violence spread across the country after a stabbing attack in Southport, in which three children attending a dance class were killed.', 'At the time, Mr Musk posted on X, formerly Twitter, predicting civil war in the UK and repeatedly attacking the prime minister.', 'The summit in October is the key moment that PM Sir Keir Starmer hopes will attract tens of billions of pounds in inward funding for business from the world’s biggest investors.', ""Mr Musk was invited to last year's event but did not attend."", ""However, he took a starring role in November's AI Summit, including a fireside chat with then-PM Rishi Sunak."", ""The government declined to comment on the tech entrepreneur not being invited to the summit and the billionaire's backlash to the decision."", 'But Jeremy Hunt, the former Conservative chancellor and now the shadow chancellor, told the BBC it was a ""big loss"" not to have Mr Musk at the summit. ""', 'He told me last year he was planning a new car plant in Europe and had not decided where but the UK was a candidate,"" Mr Hunt claimed.', 'During the August riots, Mr Musk shared, and later deleted, a conspiracy theory about the UK building ""detainment camps"" on the Falkland Islands for rioters, on X - the social media platform he owns.', 'At the time ministers said his comments were ""totally unjustifiable"" and ""pretty deplorable"".', 'The BBC understands this is why he has not been invited to join hundreds of the world’s biggest investors at the event on 14 October.', 'David Yelland, a public relations specialist and former editor of the Sun newspaper, told the BBC that if Mr Musk were to attend the summit, it would be ""reputationally disastrous for the whole event"". ""', 'He’s a fan of free speech but he behaves like a child and he post things that are deeply inaccurate and extremely damaging,"" he said. ""', 'This is just not a guy that is saying stuff in the pub.', 'This is a guy that is encouraging untruths around the world. ""', 'Just because he’s so wealthy, just because he’s so influential doesn’t make any difference.', 'At some point we have to stand up against him, no matter what the consequences are.""', 'The government’s decision not to invite Mr Musk to the investment summit suggests that it thinks the potential investment is not worth the reputational risk and opens up uncomfortable questions about the background of other investors it has actively encouraged.', 'Attracting international investment routinely involves charm offensives with investors or nations with questionable human rights records.', 'The government has actively pursued trade links in the Gulf.', 'Sir Keir, for example, publicly boycotted the 2022 World Cup in Qatar as leader of the opposition, but now he and his team routinely visit these nations to drum up trade and investment.', 'A number of top sovereign wealth fund executives are expected at the summit next month.', 'Privately, insiders suggested that Mr Musk’s presence at such a summit would be unthinkable given his comments about the UK last month.', 'Coming two weeks head of the Budget, the government is billing it as a huge opportunity to attract foreign investment to grow the UK economy.', 'The Labour Party committed before the general election to hold this event within its first 100 days in office.', 'Mr Musk is said to be turning his attention to a second European gigafactory in addition to his plant in Berlin, Germany, after completing his Mexican plant.', 'Under the Conservatives, the Tesla boss was quietly shown around various UK sites with potential for a gigafactory for cars and batteries.', 'He has previously told journalists he opened the site in Berlin and not the UK partly because of Brexit.', 'Mr Musk is a regular at the equivalent French investment summit.', 'In July, he attended a three-hour lunch with top executives with President Emmanuel Macron ahead of the Paris Olympics earlier this summer.', 'Under his ownership of the site formerly known as Twitter, Mr Musk lifted the ban on far-right figures, including on the Britain First group.', 'The UK is considering a tougher Online Safety Act, after the role of misinformation in the widespread racist disorder in August.', ""He is the world's richest person and has used his platform to make his views known on a vast array of topics."", 'Bloomberg estimates his net worth to be around $228bn.', ""That's based largely on the value of his shares in Tesla, of which he owns more than 13%."", ""The company's stock soared in value - some say unreasonably - in 2020 as the firm's output increased and it started to deliver regular profits."", 'Since bursting on to the Silicon Valley scene more than two decades ago, the 53-year-old serial entrepreneur has kept the public captivated with his business antics.', 'Born in Pretoria, South Africa, Mr Musk showed his talents for entrepreneurship early, going door to door with his brother selling homemade chocolate Easter eggs and developing his first computer game at the age of 12.', 'For a long time Mr Musk, who became a US citizen in 2002, resisted efforts to label his politics - calling himself ""half-Democrat, half-Republican"", ""politically moderate"" and ""independent"".', 'He says he voted for Barack Obama, Hillary Clinton and - reluctantly - Joe Biden, all of them Democrats.', ""But in recent years he's swung behind Donald Trump, who is a Republican."", 'Mr Musk officially endorsed the former president for a second term in 2024 after his attempted assassination.']",0.03215709402122,"Coming two weeks head of the Budget, the government is billing it as a huge opportunity to attract foreign investment to grow the UK economy.","Violence spread across the country after a stabbing attack in Southport, in which three children attending a dance class were killed.",-0.2459576671773737,The company's stock soared in value - some say unreasonably - in 2020 as the firm's output increased and it started to deliver regular profits.,"David Yelland, a public relations specialist and former editor of the Sun newspaper, told the BBC that if Mr Musk were to attend the summit, it would be ""reputationally disastrous for the whole event"". """,2024-09-26
+'Stop ripping us off': Senate grills Novo Nordisk CEO on weight loss drug pricing,https://www.cnbc.com/2024/09/24/novo-nordisk-ceo-to-testify-at-senate-over-weight-loss-drug-prices.html,2024-09-24T21:49:12+0000,"In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S. Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committee hearing in Washington, D.C., that he would slash prices for the two drugs.But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs. He also committed to sitting down with pharmacy benefit managers – middlemen who negotiate drug rebates with manufacturers on behalf of insurers – to ""collaborate on anything that helps patients get access and affordability.""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices. The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices. ""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""Stop ripping us off.""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries. Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S. Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee. Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit. There are currently no generic alternatives to Ozempic available in the U.S. Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders.That could undercut Jørgensen's claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk's drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices."" The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions. That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies. But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar. Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates.In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly. That's $5 billion more than what Americans spent on all prescription drugs in 2022. Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF. Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether. Many health plans cover GLP-1s for diabetes, but not for weight loss. The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition. The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors. Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.Jørgensen did not explicitly make that commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequences for drug innovation.",CNBC,24/09/2024,"[""In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S.Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committeehearingin Washington, D.C., that he would slash prices for the two drugs."", 'But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs.', 'He also committed to sitting down with pharmacy benefit managers– middlemen who negotiate drug rebates with manufacturers on behalf of insurers– to ""collaborate on anything that helps patients get access and affordability.', '""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices.', ""The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices."", '""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""', 'Stop ripping us off.', '""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries.', ""Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S.Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee."", 'Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit.', ""There are currently no generic alternatives to Ozempic available in the U.S.Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders."", 'That could undercut Jørgensen\'s claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk\'s drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices.""', 'The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.', 'Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.', '""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions.', 'That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.', 'During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.', 'He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.', '""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.', '""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.', ""In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies."", 'But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.', 'That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.', ""Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop."", ""Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar."", ""Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates."", 'In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly.', ""That's $5 billion more than what Americans spent on all prescription drugs in 2022.Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF.Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether."", 'Many health plans cover GLP-1s for diabetes, but not for weight loss.', ""The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition."", 'The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.', ""Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors."", 'Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.', 'Jørgensen did not explicitlymakethat commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequencesfordrug innovation.']",-0.0020589544679174,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.",-0.070928688844045,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.",2024-09-26
+Boeing starts furloughing tens of thousands of employees amid machinist strike,https://www.cnbc.com/2024/09/18/boeing-furlough-strike.html,2024-09-19T11:22:12+0000,"In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike's duration and he and his team would take ""commensurate"" pay cuts during the strike.""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.Boeing's CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.",CNBC,19/09/2024,"['In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.', 'The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.', ""The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday."", 'Negotiations between the two sides continued this week with a mediator.', 'Boeing had offered a 25% raise and the union endorsed the tentative contract.', ""But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions."", '""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.', 'Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike\'s duration and he and his team would take ""commensurate"" pay cuts during the strike.', '""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time.', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.', 'Boeing\'s CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.', ""The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt."", 'Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.']",-0.1388908175717513,"Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.","The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.",-0.1453967009271894,Boeing had offered a 25% raise and the union endorsed the tentative contract.,But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.,2024-09-26
+"Boeing's defense unit chief Colbert is departing, CEO says",https://www.cnbc.com/2024/09/20/boeings-defense-unit-chief-colbert-is-departing-ceo-says.html,2024-09-20T21:33:11+0000,"In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August.""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""Working together we can and will improve our performance and ensure we deliver on our commitments.""  Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement.Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft. In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June. They will instead take SpaceX's Crew-9 vehicle back, NASA said last month.Colbert did not immediately respond to CNBC's request for comment.",CNBC,20/09/2024,"[""In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August."", '""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""', 'Working together we can and will improve our performance and ensure we deliver on our commitments.""', ""Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement."", ""Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft."", ""In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June."", ""They will instead take SpaceX's Crew-9 vehicle back, NASA said last month."", ""Colbert did not immediately respond to CNBC's request for comment.""]",0.1692694921747481,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",0.3336819609006246,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",2024-09-26
+"What is the winter fuel payment, how much is it worth and who can get it?",https://www.bbc.co.uk/news/articles/c4gv632d05lo,2024-09-06T21:17:20.930Z,"Millions of pensioners will lose winter fuel payments under changes being brought in by the government. Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities.  The winter fuel payment was previously paid to all pensioners to help with energy bills. The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.  But in July, the government said the payment would now be made only to those on low incomes who received certain benefits. The changes mean that more than 10 million pensioners will no longer receive the payment. While some previous recipients say they do not need it, charities and many MPs are concerned about those still on a relatively small income who will miss out. At the Labour party conference, in Liverpool, delegates narrowly supported a motion, put forward by the Unite union, to reverse the change.  The vote is non-binding but indicates the strength of feeling about the issue among some party members, ahead of the Budget, on 30 October.  The chancellor's decision only covers England and Wales, but the Scottish government also said it would end pensioners' universal entitlement to the payment. Other support such as cold weather payments and the warm home discount are unaffected.  This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.  For those born before 23 September, 1944, and on certain benefits, it is worth £300. If you live with someone, and jointly claim benefits, then only one of the couple receives the payment. It is usually paid automatically in November or December. Those eligible will receive letters in the coming weeks. Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first registered to receive pension credit. This is a state pension top-up, which itself is worth thousands of pounds a year.  Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit. You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner. Savings are also taken into account. If people are entitled to pension credit, for at least one day between 16 and 22 September, they will receive the winter fuel payment. Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234. The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December. The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself. The amount received depends on a variety of factors. Importantly, it is also a gateway to other financial support, on top of winter fuel payments. This may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.  Charities can help people apply.  The government spends about £265bn on pensions and benefits for more than 22 million people in England, Wales and Scotland.  That's about £20bn more than the total spending on health services. However, huge amounts go unclaimed by those who are entitled to extra help. While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England. It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance.  You can read more Cost of Living stories here. ",BBC,06/09/2024,"['Millions of pensioners will lose winter fuel payments under changes being brought in by the government.', 'Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'The winter fuel payment was previously paid to all pensioners to help with energy bills.', 'The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.', 'But in July, the government said the payment would now be made only to those on low incomes who received certain benefits.', 'The changes mean that more than 10 million pensioners will no longer receive the payment.', 'While some previous recipients say they do not need it, charities and many MPs are concerned about those still on a relatively small income who will miss out.', 'At the Labour party conference, in Liverpool, delegates narrowly supported a motion, put forward by the Unite union, to reverse the change.', 'The vote is non-binding but indicates the strength of feeling about the issue among some party members, ahead of the Budget, on 30 October.', ""The chancellor's decision only covers England and Wales, but the Scottish government also said it would end pensioners' universal entitlement to the payment."", 'Other support such as cold weather payments and the warm home discount are unaffected.', 'This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.', 'For those born before 23 September, 1944, and on certain benefits, it is worth £300.', 'If you live with someone, and jointly claim benefits, then only one of the couple receives the payment.', 'It is usually paid automatically in November or December.', 'Those eligible will receive letters in the coming weeks.', 'Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first registered to receive pension credit.', 'This is a state pension top-up, which itself is worth thousands of pounds a year.', 'Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit.', 'You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner.', 'Savings are also taken into account.', 'If people are entitled to pension credit, for at least one day between 16 and 22 September, they will receive the winter fuel payment.', 'Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234.', ""The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December."", 'The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself.', 'The amount received depends on a variety of factors.', 'Importantly, it is also a gateway to other financial support, on top of winter fuel payments.', 'This may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.', 'Charities can help people apply.', 'The government spends about £265bn on pensions and benefits for more than 22 million people in England, Wales and Scotland.', ""That's about £20bn more than the total spending on health services."", 'However, huge amounts go unclaimed by those who are entitled to extra help.', 'While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.', ""It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance."", 'You can read more Cost of Living stories here.']",0.3167946699626314,"The vote is non-binding but indicates the strength of feeling about the issue among some party members, ahead of the Budget, on 30 October.","While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.",0.1018902195824517,That's about £20bn more than the total spending on health services.,Millions of pensioners will lose winter fuel payments under changes being brought in by the government.,2024-09-26
+Nike and Sky ads banned over misleading tactics,https://www.bbc.co.uk/news/articles/cvg3q8rjzlro,2024-09-24T23:04:36.664Z,"Adverts for sports giant Nike and broadcaster Sky have been banned for using tactics which could mislead customers into spending more than intended. Nike ran an advert on social media which showed the price of the trainers as £26, only for customers to discover when they clicked that it was for a children's size.   Sky's advert did not make clear a free trial for Now TV would renew automatically with a fee unless it was cancelled.  The Advertising Standards Authority (ASA) is cracking down on online ads like these, saying their structure misleads customers. Both companies defend the adverts. Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer. The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.  In fact, the trainers were only available in sizes UK3 to UK6. And, because children's shoes attract no VAT, the discounted price is less of a bargain. The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints. Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics. These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.  Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.  Consumer group Which? said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".  In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.  Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period. Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour. The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said. Sky said it believed the presentation of the ad was clear, legible and immediately visible.  It added that the concept of a seven-day free trial was so widely understood that it was not misleading. Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself. However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way. The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months. The ASA said the health benefit and cost savings claims made in the ad could not be substantiated. ",BBC,24/09/2024,"['Adverts for sports giant Nike and broadcaster Sky have been banned for using tactics which could mislead customers into spending more than intended.', ""Nike ran an advert on social media which showed the price of the trainers as £26, only for customers to discover when they clicked that it was for a children's size."", ""Sky's advert did not make clear a free trial for Now TV would renew automatically with a fee unless it was cancelled."", 'The Advertising Standards Authority (ASA) is cracking down on online ads like these, saying their structure misleads customers.', 'Both companies defend the adverts.', ""Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer."", 'The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.', 'In fact, the trainers were only available in sizes UK3 to UK6.', ""And, because children's shoes attract no VAT, the discounted price is less of a bargain."", 'The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints.', 'Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics.', 'These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.', 'Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.', 'Consumer group Which?', 'said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".', 'In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.', 'Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.', 'Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour.', 'The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said.', 'Sky said it believed the presentation of the ad was clear, legible and immediately visible.', 'It added that the concept of a seven-day free trial was so widely understood that it was not misleading.', 'Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself.', 'However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way.', 'The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months.', 'The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.']",0.0399591793010175,Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",-0.1873859643936157,The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",2024-09-26
+TSB says sorry for payment problems,https://www.bbc.co.uk/news/articles/c1jdxp0np6eo,2024-09-24T09:50:59.229Z,"TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved. Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries. The bank said all customers who were due money had now received it. The problems started overnight, with a ""small number of customers"" affected, it said. TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking. The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments. In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them."" The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments. One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop."" Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday. Writing on X, a user called Nicola told HMRC customer service that she had not received her payment. An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank. All our systems are working and affected customers should contact TSB."" The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC. ",BBC,24/09/2024,"['TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved.', 'Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.', 'The bank said all customers who were due money had now received it.', 'The problems started overnight, with a ""small number of customers"" affected, it said.', 'TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking.', 'The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments.', 'In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""', 'The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments.', 'One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop.""', 'Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday.', 'Writing on X, a user called Nicola told HMRC customer service that she had not received her payment.', 'An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank.', 'All our systems are working and affected customers should contact TSB.""', 'The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.']",0.0244615766237936,"Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.","The problems started overnight, with a ""small number of customers"" affected, it said.",0.1391847431659698,"In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""",The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.,2024-09-26
+Nike and Sky ads banned over misleading tactics,https://www.bbc.co.uk/news/articles/cvg3q8rjzlro,2024-09-24T23:04:36.664Z,"Adverts for sports giant Nike and broadcaster Sky have been banned for using tactics which could mislead customers into spending more than intended. Nike ran an advert on social media which showed the price of the trainers as £26, only for customers to discover when they clicked that it was for a children's size.   Sky's advert did not make clear a free trial for Now TV would renew automatically with a fee unless it was cancelled.  The Advertising Standards Authority (ASA) is cracking down on online ads like these, saying their structure misleads customers. Both companies defend the adverts. Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer. The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.  In fact, the trainers were only available in sizes UK3 to UK6. And, because children's shoes attract no VAT, the discounted price is less of a bargain. The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints. Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics. These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.  Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.  Consumer group Which? said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".  In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.  Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period. Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour. The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said. Sky said it believed the presentation of the ad was clear, legible and immediately visible.  It added that the concept of a seven-day free trial was so widely understood that it was not misleading. Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself. However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way. The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months. The ASA said the health benefit and cost savings claims made in the ad could not be substantiated. ",BBC,24/09/2024,"['Adverts for sports giant Nike and broadcaster Sky have been banned for using tactics which could mislead customers into spending more than intended.', ""Nike ran an advert on social media which showed the price of the trainers as £26, only for customers to discover when they clicked that it was for a children's size."", ""Sky's advert did not make clear a free trial for Now TV would renew automatically with a fee unless it was cancelled."", 'The Advertising Standards Authority (ASA) is cracking down on online ads like these, saying their structure misleads customers.', 'Both companies defend the adverts.', ""Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer."", 'The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.', 'In fact, the trainers were only available in sizes UK3 to UK6.', ""And, because children's shoes attract no VAT, the discounted price is less of a bargain."", 'The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints.', 'Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics.', 'These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.', 'Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.', 'Consumer group Which?', 'said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".', 'In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.', 'Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.', 'Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour.', 'The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said.', 'Sky said it believed the presentation of the ad was clear, legible and immediately visible.', 'It added that the concept of a seven-day free trial was so widely understood that it was not misleading.', 'Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself.', 'However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way.', 'The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months.', 'The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.']",0.0399591793010175,Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",-0.1873859643936157,The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",2024-09-25
+Boeing union hits out over 'final' 30% pay rise offer,https://www.bbc.co.uk/news/articles/ckg92528y51o,2024-09-24T02:04:51.946Z,"The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years. The new offer also included the reinstatement of a performance bonus and improved retirement benefits. However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies. More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter. The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497). The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September). But IAM said Boeing sent the new offer directly to union members and the media without telling the union's representatives. ""This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter. The union also said it would not hold a vote of its membership ahead of Boeing's deadline. In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""We first presented the offer to the union and then transparently shared the details with our employees,"" it added. Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years. The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise. Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer. Of those who voted, 96% backed strike action until a new agreement could be reached. The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money. The company has already suspended the jobs of tens of thousands of staff. It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts. Government officials are now helping to mediate talks between the two sides. ",BBC,24/09/2024,"['The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years.', 'The new offer also included the reinstatement of a performance bonus and improved retirement benefits.', 'However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies.', 'More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""', 'After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter.', 'The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497).', 'The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September).', 'But IAM said Boeing sent the new offer directly to union members and the media without telling the union\'s representatives. ""', 'This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter.', ""The union also said it would not hold a vote of its membership ahead of Boeing's deadline."", 'In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""', 'We first presented the offer to the union and then transparently shared the details with our employees,"" it added.', 'Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years.', ""The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise."", ""Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer."", 'Of those who voted, 96% backed strike action until a new agreement could be reached.', 'The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money.', 'The company has already suspended the jobs of tens of thousands of staff.', 'It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts.', 'Government officials are now helping to mediate talks between the two sides.']",0.0733135250199221,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",0.3145553668340047,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",2024-09-25
+iPhone: Anglesey widower's battle for wife's photos for funeral,https://www.bbc.co.uk/news/articles/cwyegzpx45xo,2024-09-24T05:08:32.926Z,"A man whose wife died suddenly is unable to recover precious photos of their wedding from her phone in time for her funeral. Martyn Hall cannot access the iPhone that belonged to his wife, Lynn, because he does not know the passcode. Apple’s privacy rules mean the contents would be wiped if the code was reset. Apple says it considers privacy a fundamental human right. “It's the one issue that I can't sort out and I just feel like I'm hitting my head against an absolute brick wall,” Martyn said. The 64-year-old, from Anglesey, told BBC Radio 4’s You and Yours programme that after Lynn died unexpectedly earlier this month following a brain haemorrhage, he had had no trouble contacting banks and other companies she held accounts with. But when it came to his 70-year-old wife’s phone – which contains photos of their wedding six years ago and holidays together – things were less straightforward. “It was either face ID or passcode to open her phone,” he said.  “And obviously I couldn't do face ID. So it was a question of having a passcode.” Martyn said because Lynn had also used the phone for her work, he’d never known her code. Lynn's funeral takes place in early October. “We want to do a slideshow at the funeral,” Martyn said. “And I'd love to be able to access some of those photos to be able to use them for her funeral. “But I can't.” It is not just their photos, almost all of which were stored on Lynn’s phone, that Martyn wants to recover. “Lynn was a devout Christian and she also loved music,” he said. “Obviously I've got an idea of one or two, but particularly with the hymns and the Christian songs, I'd love to be able to get into those, to be able to use some of those at her funeral. “These big parts of her personality, and life, I can't get access to - and that really upsets me. “I'm feeling at the moment I've got a big hole that I can't fill with everything that's stored on that phone.” As well her photos and music, Martyn said he’d been unable to contact some of Lynn’s friends to tell them she’d died because their details were stored in her phone.  Martyn added even if he did not manage to access his wife's phone, he wanted to make others aware of the issue. He said he had been “totally frustrated” with attempts to contact Apple, comparing his experience with other companies that offered a dedicated bereavement service to get Lynn’s affairs in order. A section on Apple’s website says: “We consider privacy to be a fundamental human right, and our users expect us to help keep their information private and secure at all times. In the unfortunate event of a customer’s death, Apple provides options for their loved ones to request access to or delete their Apple ID and the data stored with it.” After You and Yours got in touch with Apple, Mr Hall was contacted by their customer relations team, who told him Lynn's Apple subscriptions would be cancelled – another of the things he was trying to do if he could access her phone.  The campaign group Which? said there was no overarching right to someone’s data after their death. But during someone's lifetime, there are things that can be done to make the process much easier. Which? tech expert Andrew Laughlin said these differed depending on the company involved. Apple gives users the chance to nominate a legacy contact who could access their data after their death, in the settings menu on their iPhone. Google, which owns the Android operating system, allows users to set up an inactive account manager who could access their Google services after they die. Mr Laughlin said many people had no plan for what happens to their digital assets such as photos, emails, and online accounts when they die.  Which? recommends taking steps such as storing photos locally on a USB drive, sharing them on a joint access cloud service, or sharing login details using a password manager tool. ",BBC,24/09/2024,"['A man whose wife died suddenly is unable to recover precious photos of their wedding from her phone in time for her funeral.', 'Martyn Hall cannot access the iPhone that belonged to his wife, Lynn, because he does not know the passcode.', 'Apple’s privacy rules mean the contents would be wiped if the code was reset.', 'Apple says it considers privacy a fundamental human right. “', ""It's the one issue that I can't sort out and I just feel like I'm hitting my head against an absolute brick wall,” Martyn said."", 'The 64-year-old, from Anglesey, told BBC Radio 4’s You and Yours programme that after Lynn died unexpectedly earlier this month following a brain haemorrhage, he had had no trouble contacting banks and other companies she held accounts with.', 'But when it came to his 70-year-old wife’s phone – which contains photos of their wedding six years ago and holidays together – things were less straightforward. “', 'It was either face ID or passcode to open her phone,” he said. “', ""And obviously I couldn't do face ID."", 'So it was a question of having a passcode.”', 'Martyn said because Lynn had also used the phone for her work, he’d never known her code.', ""Lynn's funeral takes place in early October. “"", 'We want to do a slideshow at the funeral,” Martyn said. “', ""And I'd love to be able to access some of those photos to be able to use them for her funeral. “"", ""But I can't.”"", 'It is not just their photos, almost all of which were stored on Lynn’s phone, that Martyn wants to recover. “', 'Lynn was a devout Christian and she also loved music,” he said. “', ""Obviously I've got an idea of one or two, but particularly with the hymns and the Christian songs, I'd love to be able to get into those, to be able to use some of those at her funeral. “"", ""These big parts of her personality, and life, I can't get access to - and that really upsets me. “"", ""I'm feeling at the moment I've got a big hole that I can't fill with everything that's stored on that phone.”"", 'As well her photos and music, Martyn said he’d been unable to contact some of Lynn’s friends to tell them she’d died because their details were stored in her phone.', ""Martyn added even if he did not manage to access his wife's phone, he wanted to make others aware of the issue."", 'He said he had been “totally frustrated” with attempts to contact Apple, comparing his experience with other companies that offered a dedicated bereavement service to get Lynn’s affairs in order.', 'A section on Apple’s website says: “We consider privacy to be a fundamental human right, and our users expect us to help keep their information private and secure at all times.', 'In the unfortunate event of a customer’s death, Apple provides options for their loved ones to request access to or delete their Apple ID and the data stored with it.”', ""After You and Yours got in touch with Apple, Mr Hall was contacted by their customer relations team, who told him Lynn's Apple subscriptions would be cancelled – another of the things he was trying to do if he could access her phone."", 'The campaign group Which?', 'said there was no overarching right to someone’s data after their death.', ""But during someone's lifetime, there are things that can be done to make the process much easier."", 'Which?', 'tech expert Andrew Laughlin said these differed depending on the company involved.', 'Apple gives users the chance to nominate a legacy contact who could access their data after their death, in the settings menu on their iPhone.', 'Google, which owns the Android operating system, allows users to set up an inactive account manager who could access their Google services after they die.', 'Mr Laughlin said many people had no plan for what happens to their digital assets such as photos, emails, and online accounts when they die.', 'Which?', 'recommends taking steps such as storing photos locally on a USB drive, sharing them on a joint access cloud service, or sharing login details using a password manager tool.']",-0.0248941060721613,"recommends taking steps such as storing photos locally on a USB drive, sharing them on a joint access cloud service, or sharing login details using a password manager tool.","The 64-year-old, from Anglesey, told BBC Radio 4’s You and Yours programme that after Lynn died unexpectedly earlier this month following a brain haemorrhage, he had had no trouble contacting banks and other companies she held accounts with.",-0.597976287206014,"But during someone's lifetime, there are things that can be done to make the process much easier.","He said he had been “totally frustrated” with attempts to contact Apple, comparing his experience with other companies that offered a dedicated bereavement service to get Lynn’s affairs in order.",2024-09-25
+RAC says petrol prices fall to three-year low,https://www.bbc.co.uk/news/articles/cwyl79v1d1lo,2024-09-25T14:10:34.756Z,"Petrol prices have fallen to their lowest level for three years, with the average price for a litre of unleaded costing about £1.35, the RAC has said. Lower global oil prices and a stronger pound were the main reasons prices had fallen, the motoring group said. The figure is considerably lower than in July 2022, when petrol prices hit a record high of almost £1.92 per litre when oil prices surged following Russia’s invasion of Ukraine. Simon Williams, fuel spokesman for the RAC, said petrol prices could fall further. ""We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks,"" Mr Williams said. Depending on where drivers were filling up,  he said people could be ""paying as little as £1.26 for a litre of unleaded - making the cost of refuelling a typical family car come in at under £70"". The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA). The falling price of fuel will come as a boost to drivers, who have been hit hard in recent years by higher prices for all consumer goods. The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen. Concerns over fuel prices prompted the competition regulator, the CMA, to look into the sector. It said in July weakened competition in the fuel sector was  impacting drivers' wallets and that supermarkets' profit margins - which is the difference between the price they buy fuel at and what they charge motorists - had doubled since 2019. But the Petrol Retailers Association (PRA), which represents independent forecourts, has argued its members' margins have been ""under pressure"" due to higher labour and energy costs, and reduced sales. The RAC said the reason for ""tumbling"" pump prices now was due to ""a relatively low oil price"" of about $75 per barrell due to lower global demand, ""combined with a relatively strong pound"" helped by inflation falling. With fuel traded in US dollars, a stronger pound means UK fuel retailers get more ""bang for their buck"" when buying in new stock on the wholesale market, the RAC said. Fuel prices rose sharply amid fears of a global economic shock following Russia's invasion of Ukraine. Russia is the third-largest oil exporter and some Western countries, decided to halt or restrict imports from the country in response to Russia's actions. It meant demand for oil from other producers increased, leading to increased prices. At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years. The UK only imports about 6% of oil from Russia, so is not as dependent on Russia as other European countries are and has said it plans to phase it out. It is, however, affected by the global shifts in price. ",BBC,25/09/2024,"['Petrol prices have fallen to their lowest level for three years, with the average price for a litre of unleaded costing about £1.35, the RAC has said.', 'Lower global oil prices and a stronger pound were the main reasons prices had fallen, the motoring group said.', 'The figure is considerably lower than in July 2022, when petrol prices hit a record high of almost £1.92 per litre when oil prices surged following Russia’s invasion of Ukraine.', 'Simon Williams, fuel spokesman for the RAC, said petrol prices could fall further. ""', 'We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks,"" Mr Williams said.', 'Depending on where drivers were filling up, he said people could be ""paying as little as £1.26 for a litre of unleaded - making the cost of refuelling a typical family car come in at under £70"".', 'The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA).', 'The falling price of fuel will come as a boost to drivers, who have been hit hard in recent years by higher prices for all consumer goods.', 'The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen.', 'Concerns over fuel prices prompted the competition regulator, the CMA, to look into the sector.', ""It said in July weakened competition in the fuel sector was impacting drivers' wallets and that supermarkets' profit margins - which is the difference between the price they buy fuel at and what they charge motorists - had doubled since 2019."", 'But the Petrol Retailers Association (PRA), which represents independent forecourts, has argued its members\' margins have been ""under pressure"" due to higher labour and energy costs, and reduced sales.', 'The RAC said the reason for ""tumbling"" pump prices now was due to ""a relatively low oil price"" of about $75 per barrell due to lower global demand, ""combined with a relatively strong pound"" helped by inflation falling.', 'With fuel traded in US dollars, a stronger pound means UK fuel retailers get more ""bang for their buck"" when buying in new stock on the wholesale market, the RAC said.', ""Fuel prices rose sharply amid fears of a global economic shock following Russia's invasion of Ukraine."", ""Russia is the third-largest oil exporter and some Western countries, decided to halt or restrict imports from the country in response to Russia's actions."", 'It meant demand for oil from other producers increased, leading to increased prices.', 'At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years.', 'The UK only imports about 6% of oil from Russia, so is not as dependent on Russia as other European countries are and has said it plans to phase it out.', 'It is, however, affected by the global shifts in price.']",-0.1838314853299841,"It meant demand for oil from other producers increased, leading to increased prices.","The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen.",0.1672339544576757,"At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years.","The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA).",2024-09-25
+Caroline Ellison sentenced to two years in FTX crypto fraud,https://www.bbc.co.uk/news/articles/cdd4e2931q3o,2024-09-24T20:46:00.495Z,"Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history. Ellison, 29, was a top executive at the firm and is also the ex-girlfriend of its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing more than $8bn (£6.3bn) from customers. As part of a plea deal, Ellison admitted charges including wire fraud and money laundering, and testified against Bankman-Fried. She was also ordered to forfeit more than $11bn (£8.2bn) to the court and could pay more if she's ordered to hand over any restitution.  She had faced a maximum sentence 55 times what she was given - 110 years in prison.  While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters. In court, Ellison apologised to the victims of the scheme, according US media reports. ""On some level, my brain can't even comprehend the scale of the harm that I caused,"" she said. FTX was founded in 2019. Just two years later it had grown into the third biggest crypto exchange in the world, valued at $32bn (£26bn). Its apparent success turned Bankman-Fried into a billionaire and business celebrity. But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes. He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers' money for property purchases, investments and political donations. Ellison was one of Bankman-Fried's closest lieutenants and lived and worked in the company's offices and luxury apartments in The Bahamas. The on-and-off couple built the dual empire of FTX and Alameda Research.  While Bankman-Fried was arrested and spent time in prison before his trial, Ellison remained free and agreed to help the criminal investigations The revelation that she would testify against her former boyfriend and boss added to the drama of the high-profile trial. Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take money from FTX's customers without their knowledge.  In tearful testimony, she said she felt ""indescribably bad"" about the fraud. Prosecutors said Ellison met them about 20 times to help them piece together FTX's unravelling, and make their case against Bankman-Fried. Prior to the sentencing, Ellison's legal team had argued the help she provided meant she should not be sent to jail. The US Attorney's office in Manhattan, which brought the charges, had declined to call for a particular sentence, but acknowledged what it called her ""extraordinary"" cooperation and expression of remorse. In May, Ryan Salame, the co-CEO of FTX's Bahamian subsidiary, was sentenced to 90 months in prison. Salame pleaded guilty in September last year to violating political campaign finance laws and operating an illegal money-transmitting business. ",BBC,24/09/2024,"['Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history.', 'Ellison, 29, was a top executive at the firm and is also the ex-girlfriend of its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing more than $8bn (£6.3bn) from customers.', 'As part of a plea deal, Ellison admitted charges including wire fraud and money laundering, and testified against Bankman-Fried.', ""She was also ordered to forfeit more than $11bn (£8.2bn) to the court and could pay more if she's ordered to hand over any restitution."", 'She had faced a maximum sentence 55 times what she was given - 110 years in prison.', 'While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters.', 'In court, Ellison apologised to the victims of the scheme, according US media reports. ""', 'On some level, my brain can\'t even comprehend the scale of the harm that I caused,"" she said.', 'FTX was founded in 2019.', 'Just two years later it had grown into the third biggest crypto exchange in the world, valued at $32bn (£26bn).', 'Its apparent success turned Bankman-Fried into a billionaire and business celebrity.', ""But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes."", ""He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers' money for property purchases, investments and political donations."", ""Ellison was one of Bankman-Fried's closest lieutenants and lived and worked in the company's offices and luxury apartments in The Bahamas."", 'The on-and-off couple built the dual empire of FTX and Alameda Research.', 'While Bankman-Fried was arrested and spent time in prison before his trial, Ellison remained free and agreed to help the criminal investigations The revelation that she would testify against her former boyfriend and boss added to the drama of the high-profile trial.', ""Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take money from FTX's customers without their knowledge."", 'In tearful testimony, she said she felt ""indescribably bad"" about the fraud.', ""Prosecutors said Ellison met them about 20 times to help them piece together FTX's unravelling, and make their case against Bankman-Fried."", ""Prior to the sentencing, Ellison's legal team had argued the help she provided meant she should not be sent to jail."", 'The US Attorney\'s office in Manhattan, which brought the charges, had declined to call for a particular sentence, but acknowledged what it called her ""extraordinary"" cooperation and expression of remorse.', ""In May, Ryan Salame, the co-CEO of FTX's Bahamian subsidiary, was sentenced to 90 months in prison."", 'Salame pleaded guilty in September last year to violating political campaign finance laws and operating an illegal money-transmitting business.']",-0.2408931154579738,"While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters.","Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history.",-0.2190390924612681,Its apparent success turned Bankman-Fried into a billionaire and business celebrity.,"But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes.",2024-09-25
+University of Tennessee to raise season ticket prices 10% in anticipation of revenue sharing,https://www.cnbc.com/2024/09/18/tennessee-to-raise-season-ticket-prices-10percent-for-revenue-sharing.html,2024-09-18T19:35:05+0000,"The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in. A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release. It would also get rid of a cap on scholarships.""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""We have to continue leading the way. That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments.College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically. Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",CNBC,18/09/2024,"[""The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday."", 'Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.', 'Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in.', 'A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.', ""The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release."", 'It would also get rid of a cap on scholarships.', '""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""', 'We have to continue leading the way.', 'That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.', '""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.', ""Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments."", 'College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically.', 'Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.']",0.2392974600311008,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.","The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.",0.9449205143111092,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",,2024-09-25
+Justice Department accuses Visa of debit network monopoly that affects price of 'nearly everything’,https://www.cnbc.com/2024/09/24/doj-accuses-visa-of-debit-network-monopoly-that-impacts-price-of-nearly-everything.html,2024-09-24T22:26:54+0000,"In this articleThe U.S. Justice Department on Tuesday sued Visa, the world's biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.Visa's moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything.""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money. They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.Visa called the DOJ suit ""meritless.""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.""Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers.In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid. The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade. A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa's network moat. The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said.""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system.""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.The moves also tamped down innovation, according to the DOJ. Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa's monopoly profits,"" according to the complaint.Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails.A Visa manager was quoted as saying ""we've got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such as creating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.The move comes in the waning months of President Joe Biden's administration, in which regulators including the Federal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees.In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No. 4 behind Visa, Mastercard and American Express.Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.",CNBC,24/09/2024,"['In this articleThe U.S. Justice Department on Tuesday sued Visa, the world\'s biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.', 'Visa\'s moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.', '""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.', '""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""', ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."", '""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.', 'They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.', 'Visa called the DOJ suit ""meritless.', '""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.', '""Today\'s lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""', 'We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.', '""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.', ""The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers."", 'In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid.', 'The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.', 'In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade.', 'A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.', 'In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa\'s network moat.', ""The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said."", '""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""', ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system."", '""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.', 'The moves also tamped down innovation, according to the DOJ.', 'Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa\'s monopoly profits,"" according to the complaint.', 'Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.', ""For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails."", 'A Visa manager was quoted as saying ""we\'ve got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.', 'Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such ascreating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.', 'The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.', ""The move comes in the waning months of President Joe Biden's administration, in which regulators including theFederal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees."", ""In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No."", '4 behind Visa, Mastercard and American Express.', 'Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.']",0.0758717486273494,"We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.","The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.",0.0686103820800781,"""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.","The moves also tamped down innovation, according to the DOJ.",2024-09-25
+Southwest Airlines to cut service and staffing in Atlanta to slash costs,https://www.cnbc.com/2024/09/25/southwest-airlines-cut-service-staffing-atlanta.html,2024-09-25T15:50:05+0000,"In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.Southwest told staff it isn't closing its crew base in Atlanta. Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.The airline also isn't laying the crews off, but they will likely have to bid to work from other cities.Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union.It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""This decision in no way reflects our Employees' performance, and we're proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4. In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee. It will also start offering overnight flights from Hawaii, beginning April 8. Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline. In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.",CNBC,25/09/2024,"[""In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management."", ""Southwest told staff it isn't closing its crew base in Atlanta."", 'Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.', ""The airline also isn't laying the crews off, but they will likely have to bid to work from other cities."", ""Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union."", 'It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.', '""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""', 'This decision in no way reflects our Employees\' performance, and we\'re proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4.', 'In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.', 'It will also start offering overnight flights from Hawaii, beginning April 8.', 'Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.', 'A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.', '""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.', 'Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline\'s COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.', ""The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline."", 'In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.']",0.1694661131550266,"A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.","In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.",-0.301637578010559,"In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.","Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.",2024-09-25
+"August home sales drop more than expected, as prices set a new record",https://www.cnbc.com/2024/09/19/august-home-sales-drop-more-than-expected-as-prices-set-a-new-record.html,2024-09-19T15:53:08+0000,"Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark, annualized.This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR's chief economist. ""The home-buying process, from the initial search to getting the house keys, typically takes several months.""The inventory of homes for sale is improving slightly. There were 1.35 million units for sale at the end of August. That's up 0.7% from July and 22.7% year over year. It is still, however, just a 4.2-month supply. A 6-month supply is considered balanced between buyer and seller.""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.""Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.Since it's a median, though, part of that gain is skewed toward what was selling in August. Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.",CNBC,19/09/2024,"['Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.', 'That is slightly lower than what analysts expected.', 'Sales were 4.2% lower than August 2023.', 'It marks three straight months of sales below the 4 million mark, annualized.', 'This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today.', 'The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.', '""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR\'s chief economist. ""', 'The home-buying process, from the initial search to getting the house keys, typically takes several months.', '""The inventory of homes for sale is improving slightly.', 'There were 1.35 million units for sale at the end of August.', ""That's up 0.7% from July and 22.7% year over year."", 'It is still, however, just a 4.2-month supply.', 'A 6-month supply is considered balanced between buyer and seller.', '""The rise in inventory — and, more technically, the accompanying months\' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""', 'However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.', '""Tight supply is keeping the pressure on prices.', 'The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.', 'That is the highest price ever for August.', ""Since it's a median, though, part of that gain is skewed toward what was selling in August."", 'Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.', 'Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.']",0.0759400102912636,"""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""","Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.",0.0596884886423746,"The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.","Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.",2024-09-25
+ScotRail drivers accept deal to end long-running pay dispute,https://www.bbc.co.uk/news/articles/c1wndrg58gyo,2024-09-25T15:49:28.793Z,"A long-running dispute at ScotRail has come to an end after train drivers accepted a pay offer.   Drivers' union Aslef said 75% of members voted for the deal, which will provide staff with a 4.5% rise backdated to April. ScotRail has been running a reduced timetable since July after many drivers made themselves unvailable for overtime or Sunday working.  The TSSA union, representing managerial and technical staff, also accepted the package but said a separate dispute over ""on-call working"" would continue. Members of Unite and the RMT union previously voted to accept the pay offer. Train services will not immediately return to previous levels, but ScotRail said it would update passengers ""as soon as possible"". Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members' ""resolute determination"". ""I am pleased that ScotRail and the Scottish government have shown they understand the importance of our members to Scotland's rail service,"" he said. ""Appreciating the workforce in the railways is a fundamental prerequisite if Scotland is to deliver the world-class, affordable, attractive and accessible rail services the country needs."" The TSSA union welcomed the deal, but said its dispute over on-call working for operations managers ""remains live"".  General secretary Maryam Eslamdoust said, “I urge ScotRail management to come back to the table and commit to meaningful negotiations with us so that we can find a solution that works for passengers, and our members, alike.” ScotRail's Service Delivery Director Mark Ilderton said all parties had worked hard to agree a pay deal that ""recognises the hard work of staff, as well as providing value for money for the public finances"". He added: “We will provide an update for customers on the timetable as soon as possible.” The temporary timetable has seen1,660 services operating daily from Monday to Saturday, compared with the usual level of around 2,250 - a cut of 26%. The pay agreement comes just two days before the end of a ScotRail pilot scheme that scrapped peak-time train fares. Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel. Passengers will be wondering when ScotRail will return to its normal timetable. The company moved to an emergency timetable with fewer services than usual in July because of the pay row. Many drivers were not making themselves available for overtime and rest day working. It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime. ScotRail will be watching the situation closely over the coming days to get a sense of how many drivers are available for overtime. It will then decide whether it can return to a normal timetable. But if a full timetable is not in operation again soon, the company will face tough questions over its continuing dependence on overtime by drivers. ",BBC,25/09/2024,"['A long-running dispute at ScotRail has come to an end after train drivers accepted a pay offer.', ""Drivers' union Aslef said 75% of members voted for the deal, which will provide staff with a 4.5% rise backdated to April."", 'ScotRail has been running a reduced timetable since July after many drivers made themselves unvailable for overtime or Sunday working.', 'The TSSA union, representing managerial and technical staff, also accepted the package but said a separate dispute over ""on-call working"" would continue.', 'Members of Unite and the RMT union previously voted to accept the pay offer.', 'Train services will not immediately return to previous levels, but ScotRail said it would update passengers ""as soon as possible"".', 'Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members\' ""resolute determination"". ""', 'I am pleased that ScotRail and the Scottish government have shown they understand the importance of our members to Scotland\'s rail service,"" he said. ""', 'Appreciating the workforce in the railways is a fundamental prerequisite if Scotland is to deliver the world-class, affordable, attractive and accessible rail services the country needs.""', 'The TSSA union welcomed the deal, but said its dispute over on-call working for operations managers ""remains live"".', 'General secretary Maryam Eslamdoust said, “I urge ScotRail management to come back to the table and commit to meaningful negotiations with us so that we can find a solution that works for passengers, and our members, alike.”', 'ScotRail\'s Service Delivery Director Mark Ilderton said all parties had worked hard to agree a pay deal that ""recognises the hard work of staff, as well as providing value for money for the public finances"".', 'He added: “We will provide an update for customers on the timetable as soon as possible.”', 'The temporary timetable has seen1,660 services operating daily from Monday to Saturday, compared with the usual level of around 2,250 - a cut of 26%.', 'The pay agreement comes just two days before the end of a ScotRail pilot scheme that scrapped peak-time train fares.', 'Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.', 'Passengers will be wondering when ScotRail will return to its normal timetable.', 'The company moved to an emergency timetable with fewer services than usual in July because of the pay row.', 'Many drivers were not making themselves available for overtime and rest day working.', 'It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime.', 'ScotRail will be watching the situation closely over the coming days to get a sense of how many drivers are available for overtime.', 'It will then decide whether it can return to a normal timetable.', 'But if a full timetable is not in operation again soon, the company will face tough questions over its continuing dependence on overtime by drivers.']",0.1363653017032657,It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime.,The company moved to an emergency timetable with fewer services than usual in July because of the pay row.,0.1232045563784512,"Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members' ""resolute determination"". ""","Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.",2024-09-25
+CrowdStrike boss apologises before US Congress for global IT outage,https://www.bbc.co.uk/news/articles/c23k4yyjxp3o,2024-09-24T21:22:29.249Z,"Cybersecurity company CrowdStrike faced its biggest grilling yet over its role in July's mass global IT outage in Congress on Tuesday. Adam Meyers, a senior executive at the company, appeared before a US congressional committee to answer questions about its faulty software update that disabled millions of PCs on 19 July. The incident knocked payment services offline, grounded flights and forced some hospitals to cancel appointments and delay operations. Mr Meyers said the firm was ""deeply sorry"" for the outage that affected millions of people and is ""determined to prevent it from happening again"". CrowdStrike described the outage as the result of a “perfect storm”. Lawmakers on the House of Representatives cybersecurity subcommittee pressed Mr Meyers on how it occurred in the first place. ""A global IT outage that impacts every sector of the economy is a catastrophe that we would expect to see in a movie,"" said Mark Green, chairman of the House Homeland Security Committee, in his opening remarks. The Tennessee representative likened the widespread impact of CrowdStrike’s faulty content update to an attack “we would expect to be carefully executed by a malicious and sophisticated nation-state actor”. Instead “the largest IT outage in history was due to a mistake”, he said. Mr Meyers said the company would continue to act on and share ""lessons learned"" from the incident to make sure it would not happen again. Among the questions directed at Mr Meyers during the 90-minute hearing were  technical queries about whether the company's software should have access to core parts of device operating systems. But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity. Congressman Carlos Gimenez asked about the threat of AI writing malicious code.  Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"". In response to one representative's line of questioning, Mr Meyers reiterated that AI - which the company leverages to detect threats to systems - was not responsible for pushing the erroneous update that crashed computers around the world.  He said CrowdStrike releases between 10 and 12 configuration updates each day. Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic. But all in all, Mr Meyers did not face quite the level of scrutiny that other high-level technology executives have when called to testify in Congress over apparent failings.  Congressman Eric Swalwell said the committee had not gathered to “malign” the firm, while Mr Green said Mr Meyers showed an ""impressive"" degree of humility. Instead there was an emphasis on working together with the committee and government to prevent the possibility of any such further incidents in future.  The company still faces a number of lawsuits from people and businesses that were caught up in July's mass outage. Some of the people affected told BBC News it ""totally ruined"" their holidays, or caused them to lose out on business. The firm has been sued by its own shareholders, as well as by Delta Airlines passengers left stranded by thousands of flight cancellations. Delta said it lost $500m (£374m) due to CrowdStrike's ""negligence"". ",BBC,24/09/2024,"[""Cybersecurity company CrowdStrike faced its biggest grilling yet over its role in July's mass global IT outage in Congress on Tuesday."", 'Adam Meyers, a senior executive at the company, appeared before a US congressional committee to answer questions about its faulty software update that disabled millions of PCs on 19 July.', 'The incident knocked payment services offline, grounded flights and forced some hospitals to cancel appointments and delay operations.', 'Mr Meyers said the firm was ""deeply sorry"" for the outage that affected millions of people and is ""determined to prevent it from happening again"".', 'CrowdStrike described the outage as the result of a “perfect storm”.', 'Lawmakers on the House of Representatives cybersecurity subcommittee pressed Mr Meyers on how it occurred in the first place. ""', 'A global IT outage that impacts every sector of the economy is a catastrophe that we would expect to see in a movie,"" said Mark Green, chairman of the House Homeland Security Committee, in his opening remarks.', 'The Tennessee representative likened the widespread impact of CrowdStrike’s faulty content update to an attack “we would expect to be carefully executed by a malicious and sophisticated nation-state actor”.', 'Instead “the largest IT outage in history was due to a mistake”, he said.', 'Mr Meyers said the company would continue to act on and share ""lessons learned"" from the incident to make sure it would not happen again.', ""Among the questions directed at Mr Meyers during the 90-minute hearing were technical queries about whether the company's software should have access to core parts of device operating systems."", 'But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity.', 'Congressman Carlos Gimenez asked about the threat of AI writing malicious code.', 'Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"".', ""In response to one representative's line of questioning, Mr Meyers reiterated that AI - which the company leverages to detect threats to systems - was not responsible for pushing the erroneous update that crashed computers around the world."", 'He said CrowdStrike releases between 10 and 12 configuration updates each day.', 'Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic.', 'But all in all, Mr Meyers did not face quite the level of scrutiny that other high-level technology executives have when called to testify in Congress over apparent failings.', 'Congressman Eric Swalwell said the committee had not gathered to “malign” the firm, while Mr Green said Mr Meyers showed an ""impressive"" degree of humility.', 'Instead there was an emphasis on working together with the committee and government to prevent the possibility of any such further incidents in future.', ""The company still faces a number of lawsuits from people and businesses that were caught up in July's mass outage."", 'Some of the people affected told BBC News it ""totally ruined"" their holidays, or caused them to lose out on business.', 'The firm has been sued by its own shareholders, as well as by Delta Airlines passengers left stranded by thousands of flight cancellations.', 'Delta said it lost $500m (£374m) due to CrowdStrike\'s ""negligence"".']",-0.1079784412356782,But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity.,"Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic.",-0.5439730720086531,"Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"".","Delta said it lost $500m (£374m) due to CrowdStrike's ""negligence"".",2024-09-25
+"UK economic growth 'robust', OECD thank tank says",https://www.bbc.co.uk/news/articles/c0lw07l7p70o,2024-09-25T09:57:10.375Z,"The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted. The economy is now expected to grow by 1.1%, the same rate as Canada and France, but behind the US. The Organisation for Economic Co-operation and Development's (OECD) previous growth estimate in May had put UK growth at 0.4% for this year. Chancellor Rachel Reeves welcomed the faster growth figures, which will help reinforce the more upbeat tone she sought to strike in her speech to the Labour Conference. She is facing the twin challenge of managing expectations ahead of the Budget next month by explaining how tough times lie ahead, while attempting to paint a positive picture to encourage investment. ""Next month’s Budget will be about fixing the foundations, so we can deliver on the promise of change and rebuild Britain,"" Reeves said. Dan Coatsworth, an investment analyst at AJ Bell, said that public sector wage increases, the end of train strikes, and a more stable political backdrop following July's general election could all be factors behind the stronger outlook for the UK. ""August’s rate cut from the Bank of England should also help the economy as it finally shows the country has started the journey to lower the cost of borrowing,"" he added. The OECD, which is a globally recognised think tank, said that economic growth had been ""relatively robust"" in many countries, including the UK. But it added: ""Significant risks remain. Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices."" While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy. The UK is also still projected to see consumer prices rise at a faster rate than other G7 nations. It is set to rise by 2.7% this year and 2.4% next year, the OECD forecast. The OECD's economic estimates, which are released twice yearly, aim to give a guide to what is most likely to happen in the future, but they can be incorrect and do change. They are used by businesses to help plan investments, and by governments to guide policy decisions. Alvaro Pereira, the OECD's chief economist, said the the government needed to create ""fiscal space"" for more investment in infrastructure, including for the green transition. Reeves has suggested she might tweak the debt targets she has pledged to stick by under her fiscal rules. Fiscal rules are self-imposed and designed to maintain credibility with financial markets. The UK government has a rule to manage its borrowing within a five-year time-frame. But it could change this to give itself more flexibility over tax and spending plans in the upcoming budget. The chancellor has so far refused to rule out altering them. The OECD has prescribed a ""carefully judged"" reduction in interest rates and ""decisive"" action to bring down debt to allow more room for governments to react to any future economic shocks. Stronger efforts to contain government spending and raise more revenue were key to stabilising debt burdens, it argued. Many wealthy countries are facing ageing populations, the challenges of climate change, and geopolitical pressure to raise defence spending. That is all in the wake of the financial crisis 16 years ago and more recently the Covid pandemic, which increased government borrowing and built up higher levels of debt. However, not all economists agree that bringing debt down should be the policy priority. Some would like to see borrowing rise for a time, which they argue would boost growth and reduce debt over the longer term. ",BBC,25/09/2024,"['The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted.', 'The economy is now expected to grow by 1.1%, the same rate as Canada and France, but behind the US.', ""The Organisation for Economic Co-operation and Development's (OECD) previous growth estimate in May had put UK growth at 0.4% for this year."", 'Chancellor Rachel Reeves welcomed the faster growth figures, which will help reinforce the more upbeat tone she sought to strike in her speech to the Labour Conference.', 'She is facing the twin challenge of managing expectations ahead of the Budget next month by explaining how tough times lie ahead, while attempting to paint a positive picture to encourage investment. ""', 'Next month’s Budget will be about fixing the foundations, so we can deliver on the promise of change and rebuild Britain,"" Reeves said.', 'Dan Coatsworth, an investment analyst at AJ Bell, said that public sector wage increases, the end of train strikes, and a more stable political backdrop following July\'s general election could all be factors behind the stronger outlook for the UK. ""', 'August’s rate cut from the Bank of England should also help the economy as it finally shows the country has started the journey to lower the cost of borrowing,"" he added.', 'The OECD, which is a globally recognised think tank, said that economic growth had been ""relatively robust"" in many countries, including the UK.', 'But it added: ""Significant risks remain.', 'Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.""', ""While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy."", 'The UK is also still projected to see consumer prices rise at a faster rate than other G7 nations.', 'It is set to rise by 2.7% this year and 2.4% next year, the OECD forecast.', ""The OECD's economic estimates, which are released twice yearly, aim to give a guide to what is most likely to happen in the future, but they can be incorrect and do change."", 'They are used by businesses to help plan investments, and by governments to guide policy decisions.', 'Alvaro Pereira, the OECD\'s chief economist, said the the government needed to create ""fiscal space"" for more investment in infrastructure, including for the green transition.', 'Reeves has suggested she might tweak the debt targets she has pledged to stick by under her fiscal rules.', 'Fiscal rules are self-imposed and designed to maintain credibility with financial markets.', 'The UK government has a rule to manage its borrowing within a five-year time-frame.', 'But it could change this to give itself more flexibility over tax and spending plans in the upcoming budget.', 'The chancellor has so far refused to rule out altering them.', 'The OECD has prescribed a ""carefully judged"" reduction in interest rates and ""decisive"" action to bring down debt to allow more room for governments to react to any future economic shocks.', 'Stronger efforts to contain government spending and raise more revenue were key to stabilising debt burdens, it argued.', 'Many wealthy countries are facing ageing populations, the challenges of climate change, and geopolitical pressure to raise defence spending.', 'That is all in the wake of the financial crisis 16 years ago and more recently the Covid pandemic, which increased government borrowing and built up higher levels of debt.', 'However, not all economists agree that bringing debt down should be the policy priority.', 'Some would like to see borrowing rise for a time, which they argue would boost growth and reduce debt over the longer term.']",0.1258491945167989,"While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy.","Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.""",0.5614065967108074,"The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted.","Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.""",2024-09-25
+"Shein should come to London, says former B&Q boss",https://www.bbc.co.uk/news/articles/cje3wg2z7x5o,2024-09-25T08:54:29.093Z,"Fast fashion firm Shein should be allowed to list on the London Stock Exchange despite controversy over its green credentials and taxation, the former boss of B&Q   has said. Sir Ian Cheshire, who was also the former chairman of Barclays, said it would be better for the company to list in the UK as London-listed firms have to meet certain environmental quality controls. The alternative could be Shein listing on another exchange, which ""might just let them do what they want"", he told the BBC's Today programme. Sir Ian's comments come after Superdry boss Julian Dunkerton said Shein was being allowed to ""dodge tax"" and was a ""complete environmental disaster"". On Tuesday, Mr Dunkerton said the fast fashion giant had an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. ""We’re allowing somebody to come in and be a tax avoider, essentially,"" the Superdry boss said. Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices. Its formula of offering a wide range of cheap clothes - backed up with campaigns on Instagram, TikTok and other social media - has turned it into one of the biggest fashion retailers in the world. The firm filed initial documents for a London listing earlier this year. This was after a potential New York listing came under fire from both Democrat and Republican politicians, who were concerned over the company's ""deep ties to the People’s Republic of China"". Shein has also been accused of using forced labour in parts of its supply chains, which it denies. It previously told the BBC it has a ""zero tolerance for forced labour"". Sir Ian told the BBC on Wednesday that Shein being listed in London could mean the UK could influence the firm. He said the London Stock Exchange had a ""good set of controls and quality requirements"", adding companies ""can’t just show up and be accepted with open arms"". ""I would always vote for companies coming to London to be on the responsible side of the [green] transition and moving in the right direction,” Sir Ian said, adding that another stock exchange ""might just let them do what they want"". Sir Ian said there were ""lots of difficult decisions and nuances"" when assessing companies for their environmental impact, such as oil and gas firms. In response to critics arguing that Shein had an unfair advantage on import charges, Sir Ian said that large numbers of UK clothing retailers bring in clothes from China, Bangladesh, and India, for example, and pay duties on large containers. Shipments worth less than £135 sent directly to UK shoppers do not currently face import duties, but firms bringing in larger consignments do. He said if there was a ""mismatch"" where small packages do not pay import duty, the government should look at it. He added the rules were set up like that ""because it was too difficult to track every parcel back in the day"", but ""now we've go the technology"". ""If you think that's a problem, then the government can fix it,"" he suggested. On Tuesday, Mr Dunkerton also said Shein was a ""complete environmental disaster"". ""Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC. Shein has previously said it complies fully with all its UK tax liabilities. The firm has been contacted for comment. ",BBC,25/09/2024,"['Fast fashion firm Shein should be allowed to list on the London Stock Exchange despite controversy over its green credentials and taxation, the former boss of B&Q has said.', 'Sir Ian Cheshire, who was also the former chairman of Barclays, said it would be better for the company to list in the UK as London-listed firms have to meet certain environmental quality controls.', 'The alternative could be Shein listing on another exchange, which ""might just let them do what they want"", he told the BBC\'s Today programme.', 'Sir Ian\'s comments come after Superdry boss Julian Dunkerton said Shein was being allowed to ""dodge tax"" and was a ""complete environmental disaster"".', 'On Tuesday, Mr Dunkerton said the fast fashion giant had an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. ""', 'We’re allowing somebody to come in and be a tax avoider, essentially,"" the Superdry boss said.', 'Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices.', 'Its formula of offering a wide range of cheap clothes - backed up with campaigns on Instagram, TikTok and other social media - has turned it into one of the biggest fashion retailers in the world.', 'The firm filed initial documents for a London listing earlier this year.', 'This was after a potential New York listing came under fire from both Democrat and Republican politicians, who were concerned over the company\'s ""deep ties to the People’s Republic of China"".', 'Shein has also been accused of using forced labour in parts of its supply chains, which it denies.', 'It previously told the BBC it has a ""zero tolerance for forced labour"".', 'Sir Ian told the BBC on Wednesday that Shein being listed in London could mean the UK could influence the firm.', 'He said the London Stock Exchange had a ""good set of controls and quality requirements"", adding companies ""can’t just show up and be accepted with open arms"". ""', 'I would always vote for companies coming to London to be on the responsible side of the [green] transition and moving in the right direction,” Sir Ian said, adding that another stock exchange ""might just let them do what they want"".', 'Sir Ian said there were ""lots of difficult decisions and nuances"" when assessing companies for their environmental impact, such as oil and gas firms.', 'In response to critics arguing that Shein had an unfair advantage on import charges, Sir Ian said that large numbers of UK clothing retailers bring in clothes from China, Bangladesh, and India, for example, and pay duties on large containers.', 'Shipments worth less than £135 sent directly to UK shoppers do not currently face import duties, but firms bringing in larger consignments do.', 'He said if there was a ""mismatch"" where small packages do not pay import duty, the government should look at it.', 'He added the rules were set up like that ""because it was too difficult to track every parcel back in the day"", but ""now we\'ve go the technology"". ""', 'If you think that\'s a problem, then the government can fix it,"" he suggested.', 'On Tuesday, Mr Dunkerton also said Shein was a ""complete environmental disaster"". ""', 'Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC.', 'Shein has previously said it complies fully with all its UK tax liabilities.', 'The firm has been contacted for comment.']",-0.1012801460393441,"Sir Ian Cheshire, who was also the former chairman of Barclays, said it would be better for the company to list in the UK as London-listed firms have to meet certain environmental quality controls.","In response to critics arguing that Shein had an unfair advantage on import charges, Sir Ian said that large numbers of UK clothing retailers bring in clothes from China, Bangladesh, and India, for example, and pay duties on large containers.",0.2391762435436248,"On Tuesday, Mr Dunkerton said the fast fashion giant had an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. ""","On Tuesday, Mr Dunkerton also said Shein was a ""complete environmental disaster"". """,2024-09-25
+Trump vows to 'take other countries' jobs' in economic speech,https://www.bbc.co.uk/news/articles/cly3qnrpvg9o,2024-09-24T23:54:12.633Z,"Donald Trump pledged the US would “take other countries’ jobs” if he returned to the White House, as he laid out his plans to slash taxes and lower energy costs and regulations for manufacturers that made goods on US soil.  At a campaign rally in Savannah, Georgia, Trump promised a ""manufacturing renaissance"", reiterating his pledge to punish American companies that manufactured outside the US, and slap large tariffs on foreign-made goods to protect US industries. Trump and Vice-President Kamala Harris have stepped up efforts to outline their competing visions for the economy in the final stretch of the campaign, highlighting what voters say is a top concern in the 2024 election.  Harris is expected to unveil a new set of economic proposals in a major speech in Pittsburgh, Pennsylvania, on Wednesday. Speaking to a crowd in Savannah, Trump moved beyond his usual protectionist policies to raise the prospect of more trade battles. Trump said he would offer special federal zones with ""ultra low taxes and regulations"" to companies that relocate to the US, cut through regulation and appoint a ""manufacturing ambassador"" to convince international companies to move to the United States.  “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. Trump has also previously proposed a 60% tariff or higher on Chinese goods and a blanket 20% tariff on imports from other countries, an aggressive policy that could increase prices for Americans, according to some economists. During his presidency, Trump imposed tariffs on some goods imported from China. The Biden administration has left some of these policies in place and announced new restrictions in some areas such as electric vehicles. The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries. The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture. Polls have indicated that American voters are most concerned about the economy, and more voters see Trump as equipped to handle it. Harris, however has made some gains. Voters for whom the economy was a major factor preferred Trump over Harris by 53-47%, according to CBS News/YouGov poll of likely voters published this week. But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her. Trump’s visit to Georgia came on the heels of a New York Times/Siena College poll that found him slightly ahead in the state, as well as the battlegrounds Arizona, and North Carolina. Both candidates have devoted significant time and resources to campaigning in Georgia, as it may prove critical to their paths to the White House. Though the Georgia speech was billed as an economic event, Trump dedicated a significant portion of his speech to other subjects. He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month. He praised the US Secret Service, which has faced scrutiny over their ability to protect Trump. He also attacked Harris, calling her ""grossly incompetent"" and said she would ""deindustrialise the United States and destroy our country"". An hour before Trump spoke in Georgia, the Harris campaign held a press call with American investor Mark Cuban, who has long supported Democratic candidates. Mr Cuban assailed Mr Trump’s proposals to place tariffs on American companies which manufactured in countries like Mexico, saying it would harm American businesses. “It just goes to show that he doesn't think these things through,” Mr Cuban said. Harris will return to the another critical swing state, Pennsylvania, on Wednesday to lay out her own economic agenda.  The vice-president has already released a set of economic proposals aimed at first-time home buyers, tax breaks for families and a ban on grocery ""price-gouging"". She has called for a ""first-ever"" tax credit for builders of homes sold to first-time buyers, as well as up to $25,000 in down-payment assistance for ""eligible"" first-time buyers.  She told reporters on Sunday the plan would focus on investing ""in the aspirations and ambitions of the American people while addressing the challenges that they face"". ",BBC,24/09/2024,"['Donald Trump pledged the US would “take other countries’ jobs” if he returned to the White House, as he laid out his plans to slash taxes and lower energy costs and regulations for manufacturers that made goods on US soil.', 'At a campaign rally in Savannah, Georgia, Trump promised a ""manufacturing renaissance"", reiterating his pledge to punish American companies that manufactured outside the US, and slap large tariffs on foreign-made goods to protect US industries.', 'Trump and Vice-President Kamala Harris have stepped up efforts to outline their competing visions for the economy in the final stretch of the campaign, highlighting what voters say is a top concern in the 2024 election.', 'Harris is expected to unveil a new set of economic proposals in a major speech in Pittsburgh, Pennsylvania, on Wednesday.', 'Speaking to a crowd in Savannah, Trump moved beyond his usual protectionist policies to raise the prospect of more trade battles.', 'Trump said he would offer special federal zones with ""ultra low taxes and regulations"" to companies that relocate to the US, cut through regulation and appoint a ""manufacturing ambassador"" to convince international companies to move to the United States. “', '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.', 'Trump has also previously proposed a 60% tariff or higher on Chinese goods and a blanket 20% tariff on imports from other countries, an aggressive policy that could increase prices for Americans, according to some economists.', 'During his presidency, Trump imposed tariffs on some goods imported from China.', 'The Biden administration has left some of these policies in place and announced new restrictions in some areas such as electric vehicles.', 'The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries.', 'The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture.', 'Polls have indicated that American voters are most concerned about the economy, and more voters see Trump as equipped to handle it.', 'Harris, however has made some gains.', 'Voters for whom the economy was a major factor preferred Trump over Harris by 53-47%, according to CBS News/YouGov poll of likely voters published this week.', 'But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her.', 'Trump’s visit to Georgia came on the heels of a New York Times/Siena College poll that found him slightly ahead in the state, as well as the battlegrounds Arizona, and North Carolina.', 'Both candidates have devoted significant time and resources to campaigning in Georgia, as it may prove critical to their paths to the White House.', 'Though the Georgia speech was billed as an economic event, Trump dedicated a significant portion of his speech to other subjects.', 'He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month.', 'He praised the US Secret Service, which has faced scrutiny over their ability to protect Trump.', 'He also attacked Harris, calling her ""grossly incompetent"" and said she would ""deindustrialise the United States and destroy our country"".', 'An hour before Trump spoke in Georgia, the Harris campaign held a press call with American investor Mark Cuban, who has long supported Democratic candidates.', 'Mr Cuban assailed Mr Trump’s proposals to place tariffs on American companies which manufactured in countries like Mexico, saying it would harm American businesses. “', ""It just goes to show that he doesn't think these things through,” Mr Cuban said."", 'Harris will return to the another critical swing state, Pennsylvania, on Wednesday to lay out her own economic agenda.', 'The vice-president has already released a set of economic proposals aimed at first-time home buyers, tax breaks for families and a ban on grocery ""price-gouging"".', 'She has called for a ""first-ever"" tax credit for builders of homes sold to first-time buyers, as well as up to $25,000 in down-payment assistance for ""eligible"" first-time buyers.', 'She told reporters on Sunday the plan would focus on investing ""in the aspirations and ambitions of the American people while addressing the challenges that they face"".']",0.0210598685399325,"But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her.",He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month.,0.1921659891421978,"The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture.","The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries.",2024-09-25
+JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns,https://www.cnbc.com/2024/09/18/jpmorgan-investment-bank-creates-new-role-overseeing-junior-bankers.html,2024-09-18T16:55:05+0000,"JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.""A lot of investment bankers, they've been traveling all week, they come home and they give you four assignments, and you've got to work all weekend,"" Dimon said. ""It's just not right.""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said. ""You're violating it,"" Dimon warned. ""You've got to stop, and it will be in your bonus, so that people know we actually mean it.""",CNBC,18/09/2024,"['JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.', 'The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.', ""Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide."", 'The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.', 'The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street.', ""In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger."", 'Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.', ""Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation."", 'Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.', ""Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University."", 'Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.', '""A lot of investment bankers, they\'ve been traveling all week, they come home and they give you four assignments, and you\'ve got to work all weekend,"" Dimon said. ""', ""It's just not right."", '""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.', '""You\'re violating it,"" Dimon warned. ""', 'You\'ve got to stop, and it will be in your bonus, so that people know we actually mean it.""']",-0.134577025512299,"The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.","""You're violating it,"" Dimon warned. """,-0.1763509313265482,JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.,It's just not right.,2024-09-25
+Greenpeace legal challenge to Rosebank oil field given go-ahead,https://www.bbc.co.uk/news/articles/cx2m8zn95x1o,2024-09-25T13:19:50.304Z,"A legal challenge over the decision to give consent to the UK’s largest untapped oil field has been given the go-ahead by the Court of Session. Greenpeace and Uplift jointly brought judicial reviews to stop the development of Rosebank oil field and the Jackdaw gas field. The environment groups say that when consent was granted  for the fields off Shetland and Aberdeen, the impact of emissions caused by burning extracted oil and gas was “unlawfully ignored” by regulators. If the challenge is successful, operators would have to resubmit environmental assessments for approval before drilling can begin. The cases will heard by the Court of Session in Edinburgh on 12 November. Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea. Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “Now the government accepts the decision to approve the field was unlawful, the oil and gas companies that own Rosebank are alone in trying to drive this disastrous project through court."" The UK government said in August that it would not fight any cases over Rosebank and Jackdaw. This came after the Supreme Court ruled in June that regulators, such as the North Seas Transition Authority (NSTA), must consider the total environmental impact of new projects - including the way fossil fuels are used by end consumers. These are known as Scope 3 emissions. The Supreme Court's decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful. Greenpeace’s climate team leader, Mel Evans, said: “Both the government and the Supreme Court agree that you cannot ignore the emissions generated from burning fossil fuels. “Equinor and Ithaca know this, and they know that the consents for these fields are unlawful. “Despite this they are continuing to develop them during this judicial review, putting people, marine life, and our climate at further risk.” Norwegian energy giant Equinor and British firm Ithaca Energy jointly own the Rosebank field.  They said it would create about 1,600 jobs during its construction and support about 450 UK-based jobs during its lifetime. Consent for drilling off the coast of Shetland was granted in September last year. Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds. The Scottish government has said it has a ""presumption against"" new oil and gas exploration. However, First Minister John Swinney said in June that it would still be needed ""for a period of time"" to help the country meet its net-zero targets by 2045. The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy. It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields. The NSTA said it would not comment on a live case. Equinor declined to comment on the court challenge, but said it was continuing to ""work closely with all relevant parties to progress the project"". Shell said all ""relevant concerns and permits"" had been put in place for the Jackdaw gas field. The firm said it would argue that existing consents should remain in place when the case goes before the Court of Session in November.  A spokesperson added: “Jackdaw is a vital project for UK energy security that is already well under way.  ""Stopping the work is a highly complex process, with significant technical and safety issues now that infrastructure is in place and drilling has started in the North Sea."" ",BBC,25/09/2024,"['A legal challenge over the decision to give consent to the UK’s largest untapped oil field has been given the go-ahead by the Court of Session.', 'Greenpeace and Uplift jointly brought judicial reviews to stop the development of Rosebank oil field and the Jackdaw gas field.', 'The environment groups say that when consent was granted for the fields off Shetland and Aberdeen, the impact of emissions caused by burning extracted oil and gas was “unlawfully ignored” by regulators.', 'If the challenge is successful, operators would have to resubmit environmental assessments for approval before drilling can begin.', 'The cases will heard by the Court of Session in Edinburgh on 12 November.', 'Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.', 'Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “', 'Now the government accepts the decision to approve the field was unlawful, the oil and gas companies that own Rosebank are alone in trying to drive this disastrous project through court.""', 'The UK government said in August that it would not fight any cases over Rosebank and Jackdaw.', 'This came after the Supreme Court ruled in June that regulators, such as the North Seas Transition Authority (NSTA), must consider the total environmental impact of new projects - including the way fossil fuels are used by end consumers.', 'These are known as Scope 3 emissions.', 'The Supreme Court\'s decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful.', 'Greenpeace’s climate team leader, Mel Evans, said: “Both the government and the Supreme Court agree that you cannot ignore the emissions generated from burning fossil fuels. “', 'Equinor and Ithaca know this, and they know that the consents for these fields are unlawful. “', 'Despite this they are continuing to develop them during this judicial review, putting people, marine life, and our climate at further risk.”', 'Norwegian energy giant Equinor and British firm Ithaca Energy jointly own the Rosebank field.', 'They said it would create about 1,600 jobs during its construction and support about 450 UK-based jobs during its lifetime.', 'Consent for drilling off the coast of Shetland was granted in September last year.', 'Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds.', 'The Scottish government has said it has a ""presumption against"" new oil and gas exploration.', 'However, First Minister John Swinney said in June that it would still be needed ""for a period of time"" to help the country meet its net-zero targets by 2045.', 'The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy.', 'It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields.', 'The NSTA said it would not comment on a live case.', 'Equinor declined to comment on the court challenge, but said it was continuing to ""work closely with all relevant parties to progress the project"".', 'Shell said all ""relevant concerns and permits"" had been put in place for the Jackdaw gas field.', 'The firm said it would argue that existing consents should remain in place when the case goes before the Court of Session in November.', 'A spokesperson added: “Jackdaw is a vital project for UK energy security that is already well under way. ""', 'Stopping the work is a highly complex process, with significant technical and safety issues now that infrastructure is in place and drilling has started in the North Sea.""']",0.2343085843928544,"The Supreme Court's decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful.",Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.,-0.1496233344078064,"Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “",Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.,2024-09-25
+Boeing sweetens labor proposal in 'best and final' offer as strike enters second week,https://www.cnbc.com/2024/09/23/boeing-labor-proposal-best-and-final-offer-strike.html,2024-09-24T19:56:43+0000,"In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week.The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union.Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.The International Association of Machinists and Aerospace Workers District 751, the workers' union, said the new offer ""was thrown at us without any discussion.""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch. The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.""However, it said that it will survey members about Boeing's new offer.""We will gather your opinion on whether this offer meets your demands,"" it said.After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March.  The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal.Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.Both Boeing and the union said they were disappointed with negotiations last week.""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""We first presented the offer to the union and then transparently shared the details with our employees.""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.",CNBC,24/09/2024,"['In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant\'s aircraft production, entered its second week.', ""The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union."", ""Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%."", ""It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match."", 'The International Association of Machinists and Aerospace Workers District 751, the workers\' union, said the new offer ""was thrown at us without any discussion.', '""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch.', 'The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.', '""However, it said that it will survey members about Boeing\'s new offer.', '""We will gather your opinion on whether this offer meets your demands,"" it said.', ""After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March."", ""The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal."", 'Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.', 'In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.', 'Both Boeing and the union said they were disappointed with negotiations last week.', '""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""', 'We first presented the offer to the union and then transparently shared the details with our employees.', '""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.', 'Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.', 'Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.']",0.0772554422396689,"It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",0.2298987090587615,"Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",2024-09-25
+"Darden Restaurants earnings disappoint as Olive Garden, fine dining sales struggle",https://www.cnbc.com/2024/09/19/darden-restaurants-dri-q1-2025-earnings.html,2024-09-19T20:05:55+0000,"In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits.""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.Shares of the company closed Thursday up 8%. Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large.Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier.Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share.Net sales rose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter. Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam. Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.Olive Garden's same-store sales shrank 2.9% in the quarter. The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers. Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.Darden is also looking to Uber to boost its sales. The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants. Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.It's too early to tell if delivery will lift sales significantly for Darden.""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.Darden's fine dining segment, which includes Eddie V's and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company's only division to report same-store sales growth. The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%. Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks.Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years. The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers. Darden bought Ruth's Chris a little over a year ago.Despite the gloomy quarter, Darden reiterated its full-year outlook. For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.",CNBC,19/09/2024,"['In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.', '""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""', ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits."", '""The company shared a number of initiatives that it\'s implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.', 'Shares of the company closed Thursday up 8%.', ""Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large."", ""Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier."", ""Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share."", ""Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter."", 'Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam.', 'Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.', ""Olive Garden's same-store sales shrank 2.9% in the quarter."", 'The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers.', 'Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.', 'Darden is also looking to Uber to boost its sales.', 'The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants.', 'Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.', ""It's too early to tell if delivery will lift sales significantly for Darden."", '""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.', 'Darden\'s fine dining segment, which includes Eddie V\'s and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company\'s only division to report same-store sales growth.', ""The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%."", ""Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks."", ""Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years."", ""The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers."", ""Darden bought Ruth's Chris a little over a year ago."", 'Despite the gloomy quarter, Darden reiterated its full-year outlook.', 'For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.', ""To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.""]",0.2513742806607232,"""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.",In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.,0.2618451476097106,"The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%.","Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter.",2024-09-25
+Alaska closes $1.9 billion acquisition of Hawaiian Airlines after DOT blessing,https://www.cnbc.com/2024/09/17/alaska-airlines-hawaiian-airlines-merger-review.html,2024-09-18T15:27:59+0000,"In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.The carriers' merger agreement cleared the U.S. Justice Department's review last month. That put it in the hands of the Transportation Department, which must also review airline mergers.The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release. The agency said the protections will be in place for six years.The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration. Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.Another airline deal failed earlier this year. A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal.Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations.Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.",CNBC,18/09/2024,"['In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.', ""The carriers' merger agreement cleared the U.S. Justice Department's review last month."", 'That put it in the hands of the Transportation Department, which must also review airline mergers.', 'The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.', 'They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.', '""This more proactive approach to merger review marks a new chapter of DOT\'s work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.', 'The agency said the protections will be in place for six years.', 'The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.', ""After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration."", 'Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.', 'Another airline deal failed earlier this year.', ""A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal."", ""Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations."", ""Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.""]",0.3328411957951305,"The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.",Another airline deal failed earlier this year.,0.3347187836964925,"""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.",Another airline deal failed earlier this year.,2024-09-25
+"What is the winter fuel payment, how much is it worth and who can get it?",https://www.bbc.co.uk/news/articles/c4gv632d05lo,2024-09-06T21:17:20.930Z,"Millions of pensioners will lose winter fuel payments under changes being brought in by the government. Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities.  The winter fuel payment was previously paid to all pensioners to help with energy bills. The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.  But in July, the government said the payment would now be made only to those on low incomes who received certain benefits. The changes mean that more than 10 million pensioners will no longer receive the payment. While some previous recipients say they do not need it, charities and many MPs are concerned about those still on a relatively small income who will miss out. At the Labour party conference, in Liverpool, delegates narrowly supported a motion, put forward by the Unite union, to reverse the change.  The vote is non-binding but indicates the strength of feeling about the issue among some party members, ahead of the Budget, on 30 October.  The chancellor's decision only covers England and Wales, but the Scottish government also said it would end pensioners' universal entitlement to the payment. Other support such as cold weather payments and the warm home discount are unaffected.  This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.  For those born before 23 September, 1944, and on certain benefits, it is worth £300. If you live with someone, and jointly claim benefits, then only one of the couple receives the payment. It is usually paid automatically in November or December. Those eligible will receive letters in the coming weeks. Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first registered to receive pension credit. This is a state pension top-up, which itself is worth thousands of pounds a year.  Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit. You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner. Savings are also taken into account. If people are entitled to pension credit, for at least one day between 16 and 22 September, they will receive the winter fuel payment. Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234. The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December. The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself. The amount received depends on a variety of factors. Importantly, it is also a gateway to other financial support, on top of winter fuel payments. This may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.  Charities can help people apply.  The government spends about £265bn on pensions and benefits for more than 22 million people in England, Wales and Scotland.  That's about £20bn more than the total spending on health services. However, huge amounts go unclaimed by those who are entitled to extra help. While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England. It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance.  You can read more Cost of Living stories here. ",BBC,06/09/2024,"['Millions of pensioners will lose winter fuel payments under changes being brought in by the government.', 'Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'The winter fuel payment was previously paid to all pensioners to help with energy bills.', 'The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.', 'But in July, the government said the payment would now be made only to those on low incomes who received certain benefits.', 'The changes mean that more than 10 million pensioners will no longer receive the payment.', 'While some previous recipients say they do not need it, charities and many MPs are concerned about those still on a relatively small income who will miss out.', 'At the Labour party conference, in Liverpool, delegates narrowly supported a motion, put forward by the Unite union, to reverse the change.', 'The vote is non-binding but indicates the strength of feeling about the issue among some party members, ahead of the Budget, on 30 October.', ""The chancellor's decision only covers England and Wales, but the Scottish government also said it would end pensioners' universal entitlement to the payment."", 'Other support such as cold weather payments and the warm home discount are unaffected.', 'This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.', 'For those born before 23 September, 1944, and on certain benefits, it is worth £300.', 'If you live with someone, and jointly claim benefits, then only one of the couple receives the payment.', 'It is usually paid automatically in November or December.', 'Those eligible will receive letters in the coming weeks.', 'Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first registered to receive pension credit.', 'This is a state pension top-up, which itself is worth thousands of pounds a year.', 'Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit.', 'You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner.', 'Savings are also taken into account.', 'If people are entitled to pension credit, for at least one day between 16 and 22 September, they will receive the winter fuel payment.', 'Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234.', ""The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December."", 'The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself.', 'The amount received depends on a variety of factors.', 'Importantly, it is also a gateway to other financial support, on top of winter fuel payments.', 'This may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.', 'Charities can help people apply.', 'The government spends about £265bn on pensions and benefits for more than 22 million people in England, Wales and Scotland.', ""That's about £20bn more than the total spending on health services."", 'However, huge amounts go unclaimed by those who are entitled to extra help.', 'While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.', ""It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance."", 'You can read more Cost of Living stories here.']",0.3167946699626314,"The vote is non-binding but indicates the strength of feeling about the issue among some party members, ahead of the Budget, on 30 October.","While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.",0.1018902195824517,That's about £20bn more than the total spending on health services.,Millions of pensioners will lose winter fuel payments under changes being brought in by the government.,2024-09-25
+"Novo Nordisk's diabetes drug Ozempic may lower the risk of opioid overdoses, study says",https://www.cnbc.com/2024/09/25/novo-nordisks-ozempic-may-lower-risk-of-opioid-overdoses-study.html,2024-09-25T15:01:37+0000,"In this articleNovo Nordisk's blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study released Wednesday. The active ingredient in Ozempic, semaglutide, was associated with a ""significantly lower"" opioid overdose risk than other diabetes medications in people diagnosed with both Type 2 diabetes and opioid use disorder, said the paper published in JAMA Network Open. The results suggest that Ozempic could offer potential as a tool for addressing the ongoing U.S. opioid epidemic, which was declared a public health emergency in 2017. There are currently three effective medications to prevent overdoses from opioid use disorder, but a new alternative is needed because some patients simply don't use them, said lead study co-author Dr. Rong Xu, a biomedical informatics professor at Case Western Reserve University. In 2022, only about a quarter of patients with opioid use disorder received recommended medications for it, and many discontinued treatment within six months, according to the Centers for Disease Control and Prevention. The National Center for Drug Abuse Statistics says opioids are a factor in around 72% of overdose deaths in the U.S. The study results also add to mounting evidence that a highly popular class of diabetes and obesity treatments called GLP-1s may have several health benefits beyond regulating blood sugar and promoting weight loss. Novo Nordisk, its rival Eli Lilly and independent researchers have been racing to study those drugs' potential in patients with chronic conditions ranging from kidney disease and sleep apnea to addictive behaviors such as nicotine and alcohol use.In the study released Wednesday, researchers from Case Western Reserve University and the National Institutes of Health analyzed the electronic records of nearly 33,000 patients who were prescribed semaglutide or other diabetes medications between December 2017 and June 2023. The study was not funded by Novo Nordisk. Around 3,000 people were prescribed semaglutide injections, while the remaining patients received treatments that ranged from insulins to older GLP-1s for diabetes. That includes dulaglutide, the active ingredient in Eli Lilly's drug Trulicity, and liraglutide, which is the active ingredient in Novo Nordisk's Victoza. Researchers monitored how many opioid overdose cases occurred in patients during a one-year period after they stopped treatment with semaglutide or other drugs. For example, there were 42 cases of opioid overdose among a group of patients that received semaglutide, compared with 97 cases among another group that received insulins, according to the study. That reflects a 58% lower risk of opioid overdose in patients who took semaglutide, Xu said.  But Xu noted the study has limitations since it relies on data from electronic health records.More research, specifically clinical trials that randomly assign patients to receive semaglutide or other treatments, is needed to confirm how much Ozempic and other GLP-1s can help those with opioid use disorder, according to the study authors. Those randomized studies can also determine whether those treatments are beneficial to the general opioid use disorder population or only certain patients with the condition.""The extent to which GLP-1 medications could benefit treatment of opioid use disorders and help prevent overdoses is unclear,"" Dr. Nora Volkow, lead study co-author and director of the National Institute on Drug Abuse of the National Institutes of Health, said in a statement to CNBC. ""The preliminary findings from this study point to the possibility that GLP-1 medications may have value in helping to prevent opioid overdoses.""Xu added that the researchers plan to study semaglutide in patients with opioid use disorder and obesity.",CNBC,25/09/2024,"[""In this articleNovo Nordisk's blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study released Wednesday."", 'The active ingredient in Ozempic, semaglutide, was associated with a ""significantly lower"" opioid overdose risk than other diabetes medications in people diagnosed with both Type 2 diabetes and opioid use disorder, said the paper published in JAMA Network Open.', 'The results suggest that Ozempic could offer potential as a tool for addressing the ongoing U.S. opioid epidemic, which was declared a public health emergency in 2017.', ""There are currently three effective medications to prevent overdoses from opioid use disorder, but a new alternative is needed because some patients simply don't use them, said lead study co-author Dr. Rong Xu, a biomedical informatics professor at Case Western Reserve University."", 'In 2022, only about a quarter of patients with opioid use disorder received recommended medications for it, and many discontinued treatment within six months, according to the Centers for Disease Control and Prevention.', 'The National Center for Drug Abuse Statistics says opioids are a factor in around 72% of overdose deaths in the U.S.The study results also add to mounting evidence that a highly popular class of diabetes and obesity treatments called GLP-1s may have several health benefits beyond regulating blood sugar and promoting weight loss.', ""Novo Nordisk, its rival Eli Lilly and independent researchers have been racing to study those drugs' potential in patients with chronic conditions ranging from kidney disease and sleep apnea to addictive behaviors such as nicotine and alcohol use."", 'In the study released Wednesday, researchers from Case Western Reserve University and the National Institutes of Health analyzed the electronic records of nearly 33,000 patients who were prescribed semaglutide or other diabetes medications between December 2017 and June 2023.', 'The study was not funded by Novo Nordisk.', 'Around 3,000 people were prescribed semaglutide injections, while the remaining patients received treatments that ranged from insulins to older GLP-1s for diabetes.', ""That includes dulaglutide, the active ingredient in Eli Lilly's drug Trulicity, and liraglutide, which is the active ingredient in Novo Nordisk's Victoza."", 'Researchers monitored how many opioid overdose cases occurred in patients during a one-year period after they stopped treatment with semaglutide or other drugs.', 'For example, there were 42 cases of opioid overdose among a group of patients that received semaglutide, compared with 97 cases among another group that received insulins, according to the study.', 'That reflects a 58% lower risk of opioid overdose in patients who took semaglutide, Xu said.', 'But Xu noted the study has limitations since it relies on data from electronic health records.', 'More research, specifically clinical trials that randomly assign patients to receive semaglutide or other treatments, is needed to confirm how much Ozempic and other GLP-1s can help those with opioid use disorder, according to the study authors.', 'Those randomized studies can also determine whether those treatments are beneficial to the general opioid use disorder population or only certain patients with the condition.', '""The extent to which GLP-1 medications could benefit treatment of opioid use disorders and help prevent overdoses is unclear,"" Dr. Nora Volkow, lead study co-author and director of the National Institute on Drug Abuse of the National Institutes of Health, said in a statement to CNBC. ""', 'The preliminary findings from this study point to the possibility that GLP-1 medications may have value in helping to prevent opioid overdoses.', '""Xu added that the researchers plan to study semaglutide in patients with opioid use disorder and obesity.']",-0.0137026935257219,"That includes dulaglutide, the active ingredient in Eli Lilly's drug Trulicity, and liraglutide, which is the active ingredient in Novo Nordisk's Victoza.","The active ingredient in Ozempic, semaglutide, was associated with a ""significantly lower"" opioid overdose risk than other diabetes medications in people diagnosed with both Type 2 diabetes and opioid use disorder, said the paper published in JAMA Network Open.",0.664423269884927,"In this articleNovo Nordisk's blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study released Wednesday.","In 2022, only about a quarter of patients with opioid use disorder received recommended medications for it, and many discontinued treatment within six months, according to the Centers for Disease Control and Prevention.",2024-09-25
+Southwest Airlines tells staff 'difficult decisions' ahead in push to boost profits,https://www.cnbc.com/2024/09/23/southwest-airlines-staff-memo-difficult-decisions.html,2024-09-23T17:57:43+0000,"In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.""Now, all that's not enough. We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way. It's not station closures. But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""And so I apologize in advance if you as an individual are affected by it.""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4. The carrier said Watterson's video was part of a routine video series about the company's initiatives.Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter. The airline is seeking to reduce costs and focus on profitable flying, the company has said.Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line. Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year.The message was reported earlier by the View from the Wing industry blog.",CNBC,23/09/2024,"['In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.', 'Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue.', 'It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.', 'It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.', '""Now, all that\'s not enough.', 'We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.', ""It's not station closures."", 'But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""', 'And so I apologize in advance if you as an individual are affected by it.', '""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4.', ""The carrier said Watterson's video was part of a routine video series about the company's initiatives."", ""Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter."", 'The airline is seeking to reduce costs and focus on profitable flying, the company has said.', 'Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.', 'Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.', ""Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line."", ""Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year."", 'The message was reported earlier by the View from the Wing industry blog.']",0.0570691530869261,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""","We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.",-0.0860435111182076,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. """,Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.,2024-09-25
+"Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill",https://www.cnbc.com/2024/09/19/nike-ceo-john-donahoe-is-out-replaced-by-elliott-hill.html,2024-09-20T11:56:42+0000,"In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.The company's shares climbed 8% in extended trading Thursday. As of the close, the stock is down more than 25% this year.""I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth,"" said Mark Parker, Nike's executive chairman.Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers. Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.The outlook was far worse than the 3.2% decline that analysts had expected. Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO. At the time, Nike co-founder Phil Knight said the company was standing by Donahoe's side and the executive had his ""unwavering confidence and full support.""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""Looking forward, I couldn't be more excited to welcome Elliott back to the team. His experience, understanding of Nike and leadership is exactly what's needed at this moment. We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace.""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.""""Elliott is the right person. I look forward to seeing Nike and Elliott's future successes,"" he said.Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand. He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I'm ready to help lead it to an even brighter future,"" Hill said in a statement. ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.""As Nike goes through its current rough patch, it's trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel. In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts.Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024. During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end. As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it. In December, it also announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand.Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump.""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""He does have quite some work to do across various teams but I think that's what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""",CNBC,20/09/2024,"['In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.', ""Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13."", 'Hill is slated to take over on the following day.', 'Donahoe will stay on as an advisor through the end of January.', ""The company's shares climbed 8% in extended trading Thursday."", 'As of the close, the stock is down more than 25% this year.', '""I am excited to welcome Elliott back to Nike.', 'Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott\'s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike\'s next stage of growth,"" said Mark Parker, Nike\'s executive chairman.', 'Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers.', ""Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for."", 'In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.', 'The outlook was far worse than the 3.2% decline that analysts had expected.', 'Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO.', 'At the time, Nike co-founder Phil Knight said the company was standing by Donahoe\'s side and the executive had his ""unwavering confidence and full support.', '""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.', '""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""', ""Looking forward, I couldn't be more excited to welcome Elliott back to the team."", ""His experience, understanding of Nike and leadership is exactly what's needed at this moment."", ""We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace."", '""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.', '""""Elliott is the right person.', 'I look forward to seeing Nike and Elliott\'s future successes,"" he said.', ""Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand."", 'He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I\'m ready to help lead it to an even brighter future,"" Hill said in a statement. ""', ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead."", 'Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.', '""As Nike goes through its current rough patch, it\'s trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel.', ""In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts."", ""Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024."", 'During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end.', 'As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.', 'Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it.', 'In December, it also announced abroad restructuring planto reduce costs by about $2 billion over the next three years.', ""It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand."", ""Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump."", '""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""', 'He does have quite some work to do across various teams but I think that\'s what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""']",0.2372571841440179,"""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""","Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.",0.3689597867153309,"Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024.","In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.",2024-09-25
+"Banks must refund fraud in five days but losses capped at £85,000",https://www.bbc.co.uk/news/articles/cy94vz4zd7zo,2024-09-25T13:16:18.790Z,"UK banks must refund fraud victims up to £85,000 within five days under new rules. Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.  But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced. The watchdog has reduced the maximum compensation from a previous proposal of £415,000. It said the new cap of £85,000 would cover more than 99% of claims. It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money. But consumer champion Which? warned there could be ""disastrous consequences"" as a result of lowering the cap and called on the regulator to monitor any impact. When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson or by selling goods that do not exist, this is known as authorised push payment fraud (APP). The number of cases of this type of fraud rose by 12% to 232,429 in 2023, with losses totalling £459.7m, according to UK Finance. There is currently no requirement for banks to refund victims of APP fraud, but these new rules will change that from next month. The maximum refund was slashed after objections from the financial industry that it could cause problems for smaller firms. Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000, the PSR said. Carol Alexander, a lecturer in Financial Markets, was tricked into downloading software that gave fraudsters access to two of her bank accounts. They then stole nearly £80,000. “They emptied everything that they had transferred from Santander and everything from Tide,"" she told the BBC. ""I collapsed, it was so awful. I felt I had colluded. It was like some sort of coercive control thing, it was horrible,” she said. Mrs Alexander managed to get a full refund from Santander, which returned £17,000 to her the next day. But it took nearly 18 months for her to get her money back from online bank, Tide. “They initially offered to refund me £13.12 after having £63,000 removed from my account, they said that was all they had been able to recover. I nearly fell off my chair.” She eventually went to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund her the full amount, plus interest. A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.” David Geale, managing director of PSR said the new rules would mean all victims of this type of fraud would now get the same level of help. ""Whether you get reimbursed and how much can actually depend on who you bank with and that can't be right,"" he said. ""We want to have a consistent experience."" He said claiming half the compensation back from the bank the fraudster used would be a ""game-changer"" because it would incentivise the industry to shut down accounts sooner to prevent fraud and therefore payouts. Asked whether smaller banks could get into financial trouble if they have to pay out lots of large refunds he said: ""If they can prevent this happening then they haven’t got a bill to pay.” But Rocio Concha, Which? director of policy and advocacy, said lowering the proposed reimbursement would reduce the incentives for banks and payments firms to take fraud prevention seriously"". ""The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added. ",BBC,25/09/2024,"['UK banks must refund fraud victims up to £85,000 within five days under new rules.', 'Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.', 'But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced.', 'The watchdog has reduced the maximum compensation from a previous proposal of £415,000.', 'It said the new cap of £85,000 would cover more than 99% of claims.', 'It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money.', 'But consumer champion Which?', 'warned there could be ""disastrous consequences"" as a result of lowering the cap and called on the regulator to monitor any impact.', 'When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson or by selling goods that do not exist, this is known as authorised push payment fraud (APP).', 'The number of cases of this type of fraud rose by 12% to 232,429 in 2023, with losses totalling £459.7m, according to UK Finance.', 'There is currently no requirement for banks to refund victims of APP fraud, but these new rules will change that from next month.', 'The maximum refund was slashed after objections from the financial industry that it could cause problems for smaller firms.', 'Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000, the PSR said.', 'Carol Alexander, a lecturer in Financial Markets, was tricked into downloading software that gave fraudsters access to two of her bank accounts.', 'They then stole nearly £80,000. “', 'They emptied everything that they had transferred from Santander and everything from Tide,"" she told the BBC. ""', 'I collapsed, it was so awful.', 'I felt I had colluded.', 'It was like some sort of coercive control thing, it was horrible,” she said.', 'Mrs Alexander managed to get a full refund from Santander, which returned £17,000 to her the next day.', 'But it took nearly 18 months for her to get her money back from online bank, Tide. “', 'They initially offered to refund me £13.12 after having £63,000 removed from my account, they said that was all they had been able to recover.', 'I nearly fell off my chair.”', 'She eventually went to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund her the full amount, plus interest.', 'A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.”', 'David Geale, managing director of PSR said the new rules would mean all victims of this type of fraud would now get the same level of help. ""', 'Whether you get reimbursed and how much can actually depend on who you bank with and that can\'t be right,"" he said. ""', 'We want to have a consistent experience.""', 'He said claiming half the compensation back from the bank the fraudster used would be a ""game-changer"" because it would incentivise the industry to shut down accounts sooner to prevent fraud and therefore payouts.', 'Asked whether smaller banks could get into financial trouble if they have to pay out lots of large refunds he said: ""If they can prevent this happening then they haven’t got a bill to pay.”', 'But Rocio Concha, Which?', 'director of policy and advocacy, said lowering the proposed reimbursement would reduce the incentives for banks and payments firms to take fraud prevention seriously"". ""', 'The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.']",-0.2907548822075537,But consumer champion Which?,"The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.",-0.0639452258745829,"A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.”","The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.",2024-09-25
+ESPN's Adrian Wojnarowski will retire from company to take a job in college basketball,https://www.cnbc.com/2024/09/18/espns-adrian-wojnarowski-will-retire-take-st-bonaventure-job.html,2024-09-18T16:08:41+0000,"ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning.The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said.Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs."" He and The Athletic's Shams Charania often competed for scoops on the latest news.""I've known and admired Woj since we first worked together at Yahoo! in 2007. His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""He's extraordinarily talented and fearless. He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",CNBC,18/09/2024,"[""ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning."", ""The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said."", 'Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""', ""He and The Athletic's Shams Charania often competed for scoops on the latest news."", '""I\'ve known and admired Woj since we first worked together at Yahoo!', 'in 2007.', 'His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""', ""He's extraordinarily talented and fearless."", 'He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.', '""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.']",0.1666259000196438,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.","Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""",0.9996575117111206,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",,2024-09-25
+"Boeing strike: Workers not interested in 30% pay offer, union says",https://www.bbc.co.uk/news/articles/cwyl7w036y4o,2024-09-25T04:38:27.598Z,"The union representing thousands of striking Boeing workers says a survey of its members shows they are ""not interested"" in the aviation giant's latest pay offer. ""Many comments expressed that the offer was inadequate,"" the International Association of Machinists and Aerospace Workers (IAM) said in a post on X. It comes after Boeing made a new offer earlier this week to striking workers, which proposed a 30% pay rise over four years. BBC News has requested a statement from Boeing in response to the IAM announcement. ""The survey results from yesterday were overwhelmingly clear, almost as loud as the first offer: members are not interested in the company's latest offer that was sent through the media,"" the IAM post said. On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal. The company said the offer was dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7:00 GMT on Saturday 28 September). However, IAM said Boeing had sent the new offer directly to union members and the media without telling the union's representatives. It also said the company's deadline did not give it enough time to organise a vote by its members. Boeing denied that it had not informed IAM representatives about the offer, and said it would give the union more time, as well as logistical support, to ballot its members. More than 30,000 Boeing workers have been on strike since 13 September after rejecting a 25% pay rise offer. Union members - who produce planes including the 737 Max and 777 - voted overwhelmingly to reject the offer and back strike action until an agreement could be reached. IAM had initially aimed for a number of improvements to workers' packages, including a 40% pay rise. The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. The company has already suspended the jobs of tens of thousands of staff. ",BBC,25/09/2024,"['The union representing thousands of striking Boeing workers says a survey of its members shows they are ""not interested"" in the aviation giant\'s latest pay offer. ""', 'Many comments expressed that the offer was inadequate,"" the International Association of Machinists and Aerospace Workers (IAM) said in a post on X. It comes after Boeing made a new offer earlier this week to striking workers, which proposed a 30% pay rise over four years.', 'BBC News has requested a statement from Boeing in response to the IAM announcement. ""', 'The survey results from yesterday were overwhelmingly clear, almost as loud as the first offer: members are not interested in the company\'s latest offer that was sent through the media,"" the IAM post said.', 'On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.', 'The company said the offer was dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7:00 GMT on Saturday 28 September).', ""However, IAM said Boeing had sent the new offer directly to union members and the media without telling the union's representatives."", ""It also said the company's deadline did not give it enough time to organise a vote by its members."", 'Boeing denied that it had not informed IAM representatives about the offer, and said it would give the union more time, as well as logistical support, to ballot its members.', 'More than 30,000 Boeing workers have been on strike since 13 September after rejecting a 25% pay rise offer.', 'Union members - who produce planes including the 737 Max and 777 - voted overwhelmingly to reject the offer and back strike action until an agreement could be reached.', ""IAM had initially aimed for a number of improvements to workers' packages, including a 40% pay rise."", 'The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'The company has already suspended the jobs of tens of thousands of staff.']",-0.0800128128112093,"On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.","The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",-0.4256562367081642,"On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.","The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",2024-09-25
+Yorkshire worst region for bank branch access - report,https://www.bbc.co.uk/news/articles/cx2y0zpn0wxo,2024-09-25T17:37:30.206Z,"Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report. The region has just 4.4 branches left per 100,000 people, the Which? Money consumer group said. The East Midlands has the second lowest number of branches with 4.6 per 100,000 people, while Scotland has the most with nine. New rules overseen by the Financial Conduct Authority (FCA) regulator mean if a bank wants to close a branch and it leaves a gap in the community's provision, it must offer alternatives such as banking hubs or more cash machines. Which? Money's Sam Richardson said nine parliamentary constituencies in Yorkshire now had no bank branches - Barnsley South, Doncaster East and the Isle of Axholme, Penistone and Stocksbridge, Rawmarsh and Conisbrough, Sheffield Hallam, York Outer, Ossett and Denby Dale, Colne Valley, and Bradford South. Mr Richardson said banks had cited the shift to online banking as the main reason for the closures. ""That's true, but there are many people who can't, perhaps because they have a disability stopping them using those services,"" he said. ""Or perhaps they want to talk to someone for face-to-face trusted advice."" According to FCA figures, three million people in the UK rely on cash. ""Being able to take out that cash is vital for them and small businesses also need somewhere to deposit cash, Mr Richardson said. ""Branches closing can have a huge impact on a community."" The Which? report said more than three in every five bank branches across the UK had closed permanently since 2015. While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online. Major banks have recently committed to 350 hubs by 2029, but Mr Richardson said this needed to be accelerated. ""Banking hubs are not being rolled out fast enough,"" he said. ""Banks really need to pick up the pace."" UK Finance said the banking industry was committed to making cash accessible for those who needed it. The trade association said many shared banking hubs had already opened across Yorkshire, and Post Office branches also offered many banking services. Adrian Roberts, of ATM and cash access network Link, said more people now banked and paid for things digitally - but millions still relied on or preferred cash. He said data showed they were ""not just the oldest or poorest in society"". Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here. ",BBC,25/09/2024,"['Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report.', 'The region has just 4.4 branches left per 100,000 people, the Which?', 'Money consumer group said.', 'The East Midlands has the second lowest number of branches with 4.6 per 100,000 people, while Scotland has the most with nine.', ""New rules overseen by the Financial Conduct Authority (FCA) regulator mean if a bank wants to close a branch and it leaves a gap in the community's provision, it must offer alternatives such as banking hubs or more cash machines."", 'Which?', ""Money's Sam Richardson said nine parliamentary constituencies in Yorkshire now had no bank branches - Barnsley South, Doncaster East and the Isle of Axholme, Penistone and Stocksbridge, Rawmarsh and Conisbrough, Sheffield Hallam, York Outer, Ossett and Denby Dale, Colne Valley, and Bradford South."", 'Mr Richardson said banks had cited the shift to online banking as the main reason for the closures. ""', 'That\'s true, but there are many people who can\'t, perhaps because they have a disability stopping them using those services,"" he said. ""', 'Or perhaps they want to talk to someone for face-to-face trusted advice.""', 'According to FCA figures, three million people in the UK rely on cash. ""', 'Being able to take out that cash is vital for them and small businesses also need somewhere to deposit cash, Mr Richardson said. ""', 'Branches closing can have a huge impact on a community.""', 'The Which?', 'report said more than three in every five bank branches across the UK had closed permanently since 2015.', 'While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online.', 'Major banks have recently committed to 350 hubs by 2029, but Mr Richardson said this needed to be accelerated. ""', 'Banking hubs are not being rolled out fast enough,"" he said. ""', 'Banks really need to pick up the pace.""', 'UK Finance said the banking industry was committed to making cash accessible for those who needed it.', 'The trade association said many shared banking hubs had already opened across Yorkshire, and Post Office branches also offered many banking services.', 'Adrian Roberts, of ATM and cash access network Link, said more people now banked and paid for things digitally - but millions still relied on or preferred cash.', 'He said data showed they were ""not just the oldest or poorest in society"".', 'Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here.']",-0.0200948488377003,"Or perhaps they want to talk to someone for face-to-face trusted advice.""","While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online.",-0.4145913600921631,"Banks really need to pick up the pace.""","Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report.",2024-09-25
+Civil rights groups call on Fortune 1000 companies to stop 'abandoning DEI',https://www.cnbc.com/2024/09/19/corporate-dei-civil-rights-groups-urge-fortune-1000-to-protect-dei.html,2024-09-19T20:31:07+0000,"Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd. Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity. While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories.Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit. They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community.HRC President Kelley Robinson told CNBC's ""Squawk Box"" on Sept. 12 that there's a strong business case for diversity in the workplace.""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce. Robinson called moving away from DEI the ""wrong decision for business.""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75. Tractor Supply & John Deere fall from 95 to 70. And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment.In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.""The full text of the letter and list of signatories is below.Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees. But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs. Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts.  These capitulations weaken businesses and the American economy more broadly. And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans. Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.  Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall. A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies. There is also a penalty for lagging on diversity which has only gotten larger with time. Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report) Critically, these decisions are not supported by your employees. According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.  In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community. Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion. Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.Future-proofing businesses also means recognizing the increasing diversity of consumers and employees. One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified. Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew,  from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%). This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business,  unpopular and unwise.  As business leaders who helped to build DEI programs, you know it's good business, and we have the receipts that show it.  At this moment, we call on business leaders and corporate board members to lead.  When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally. To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment. By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company.We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all. Backing down from long-standing commitments only serves to empower those who threaten your workers and customers. We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion. Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.",CNBC,19/09/2024,"['Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.', 'The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.', '""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""', 'Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', '""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.', 'A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.', ""Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity."", 'While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.', ""Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories."", ""Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit."", ""They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community."", 'HRC President Kelley Robinson told CNBC\'s ""Squawk Box"" on Sept. 12 that there\'s a strong business case for diversity in the workplace.', '""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""', ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions."", '""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce.', 'Robinson called moving away from DEI the ""wrong decision for business.', '""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.', ""On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75."", 'Tractor Supply & John Deere fall from 95 to 70.', ""And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment."", 'In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.', '""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.', '""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', '""The full text of the letter and list of signatories is below.', ""Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees."", 'But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs.', ""Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts."", 'These capitulations weaken businesses and the American economy more broadly.', 'And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans.', 'Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.', 'Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', ""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall."", 'A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies.', 'There is also a penalty for lagging on diversity which has only gotten larger with time.', 'Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (', 'Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report)Critically, these decisions are not supported by your employees.', ""According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022."", 'In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.', '""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community.', 'Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion.', 'Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.', 'Future-proofing businesses also means recognizing the increasing diversity of consumers and employees.', 'One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified.', ""Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew, from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%)."", 'This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.', 'Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business, unpopular and unwise.', ""As business leaders who helped to build DEI programs, you know it's good business,and we have the receipts that show it."", 'At this moment, we call on business leaders and corporate board members to lead.', 'When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally.', ""To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment."", ""By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company."", 'We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all.', 'Backing down from long-standing commitments only serves to empower those who threaten your workers and customers.', 'We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', 'Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.']",0.1168112373655638,"This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.","A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.",-0.3417430231648107,"According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.",These capitulations weaken businesses and the American economy more broadly.,2024-09-25
+"WNBA to add expansion team in Portland, bringing league to 15 franchises",https://www.cnbc.com/2024/09/18/wnba-to-add-expansion-team-in-portland-bringing-league-to-15-teams.html,2024-09-18T22:40:21+0000,"The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports. Lisa Bhathal Merage will be the controlling owner and governor.""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans.""The Portland team will play in the Moda Center, the same arena as the NBA's Portland Trailblazers.Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference. They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes. The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.Portland has had a WNBA team before, but it shut down after a few years in 2002. The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general. The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season. The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.",CNBC,18/09/2024,"['The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.', 'The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports.', 'Lisa Bhathal Merage will be the controlling owner and governor.', '""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""', ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans."", '""The Portland team will play in the Moda Center, the same arena as the NBA\'s Portland Trailblazers.', 'Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference.', ""They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor."", ""RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes."", 'The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.', 'Portland has had a WNBA team before, but it shut down after a few years in 2002.', ""The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general."", ""The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season."", ""The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal."", 'In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.']",0.3252009077078429,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,0.99912132024765,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,2024-09-25
+Murdoch family fights in secret over future of media empire,https://www.bbc.co.uk/news/articles/c7v6z4ezr00o,2024-09-24T09:26:47.445Z,"“Vegas is where you get married, Reno is where you get divorced,” as the saying goes in the US state of Nevada. State law allowing some legal cases to be conducted more quickly and discreetly than elsewhere in the US means this relatively small city has served as the quiet backdrop to dramatic family fallout over a global media empire. Rupert Murdoch and his family flew in from all over the world to determine how the empire would be divided among his children when the 93-year-old patriarch dies. For six days, the city saw a seven-car convoy of black SUVs carry the media mogul and his family to the Washoe County Courthouse. The succession battle, which concluded on Monday, was heard in private.  The court has given no indication on when a decision will come. When this does arrive, it will be unavailable to the public. The senior Murdoch usually left the courthouse after lunchtime, while his four children stayed inside until nightfall - all keeping their lips sealed as they exited. Whatever the outcome of the case, it will have far-reaching consequences extending beyond the family drama, shaping the trajectory of the world's most influential conservative media company. News Corp owns hundreds of newspapers and media outlets around the world. The empire includes the right-leaning Fox News in the US, which gave Donald Trump a major platform in the run-up to the 2016 election, as well as widely-read newspapers like The Sun in the UK. With limited media access, much of what is known about the case has emerged from the New York Times, which obtained copies of sealed court documents. Mr Murdoch reportedly wants to give greater control of the empire to his eldest son Lachlan, who is said to be more politically aligned with him. What stands in the way is an irrevocable trust set up during his second divorce, which will give Mr Murdoch's four eldest children equal shares in the company when he dies. The trust gives the family eight votes, which it can use to have a say on the board of News Corp and Fox News. Mr Murdoch controls four, leaving each of his eldest children with one vote. His two younger children do not have any voting rights. Under the current trust agreement, Mr Murdoch's votes would be shared equally among the four eldest children after his death. He is now reportedly attempting to change the terms of this £14.9bn ($19.9bn) trust to ensure Lachlan's control, fearing that his other elder children - James, Elisabeth, and Prudence - would steer Fox News away from its conservative slant, which could have an impact on its profitability. Nevada may seem like an odd backdrop for the Murdoch battle, given that the family does not have any obvious ties to the Silver State.  But the state provides one of the most confidential legal settings for matters including family trust disputes, as it allows cases to unfold behind closed doors. It has a ""close on demand"" statute that allows parties involved in certain sensitive cases to request that court proceedings be sealed from public access, ensuring complete privacy. Arash Sadat, a probate lawyer with experience in family trust matters, said such cases were often deeply personal and emotional.  ""So it creates honestly the most contentious cases that you'll see,"" he said. He told the BBC that estate planning is usually done in a way in which the trust could be changed by the family.  ""Here what you have is an irrevocable trust that Rupert Murdoch is attempting to change... there's a huge amount on the line,"" he said. In trying to protect their privacy, the Murdochs have had their security team scope out which entrance of the courthouse has the fewest reporters waiting outside. The family does not want any potentially embarrassing family revelations to be made public in this small desert city. And it appears to have worked. At a tea shop around the corner from the courthouse, life continued as normal. Lauren Whitenack and Sofia Haley, two schoolmates, were going over class notes when they overheard us ask the barista if she knew about the case. ""The Murdochs are here? Now?"" they asked. After hearing about the case, the two women said it sounded strange. ""It’s such a high-stakes trial, and the fact that it's being kept so secret is kind of shady,"" Ms Whitenack said.  ""It could have so much impact on our future and the future of the information that the public receives in this country."" A few minutes later, a woman named Vikki, who asked to not be identified by her full name, walked into the shop with a few of her friends. She also couldn’t believe the future of Fox News was being argued a few minutes away. ""Secrecy. I don’t like that,"" she said. ""I think it's really misleading people. And we're just ripe with conspiracy theories [in our politics]."" The outcome of the case is also unlikely to be disclosed. The probate commissioner overseeing the case will submit his recommendation to a local judge. The judge could take weeks or months to make a decision, which will be sealed and unavailable to the public. The decision could not only create some awkward family dynamics - it could also shape news that is consumed by millions of people around the world. All three women at the tea house agreed that they wouldn't want to be at Christmas dinner with the Murdochs this year.  ""It's the classic 'money screws up relationships' sort of situation,"" Ms Whitenack said. ",BBC,24/09/2024,"['“Vegas is where you get married, Reno is where you get divorced,” as the saying goes in the US state of Nevada.', 'State law allowing some legal cases to be conducted more quickly and discreetly than elsewhere in the US means this relatively small city has served as the quiet backdrop to dramatic family fallout over a global media empire.', 'Rupert Murdoch and his family flew in from all over the world to determine how the empire would be divided among his children when the 93-year-old patriarch dies.', 'For six days, the city saw a seven-car convoy of black SUVs carry the media mogul and his family to the Washoe County Courthouse.', 'The succession battle, which concluded on Monday, was heard in private.', 'The court has given no indication on when a decision will come.', 'When this does arrive, it will be unavailable to the public.', 'The senior Murdoch usually left the courthouse after lunchtime, while his four children stayed inside until nightfall - all keeping their lips sealed as they exited.', ""Whatever the outcome of the case, it will have far-reaching consequences extending beyond the family drama, shaping the trajectory of the world's most influential conservative media company."", 'News Corp owns hundreds of newspapers and media outlets around the world.', 'The empire includes the right-leaning Fox News in the US, which gave Donald Trump a major platform in the run-up to the 2016 election, as well as widely-read newspapers like The Sun in the UK.', 'With limited media access, much of what is known about the case has emerged from the New York Times, which obtained copies of sealed court documents.', 'Mr Murdoch reportedly wants to give greater control of the empire to his eldest son Lachlan, who is said to be more politically aligned with him.', ""What stands in the way is an irrevocable trust set up during his second divorce, which will give Mr Murdoch's four eldest children equal shares in the company when he dies."", 'The trust gives the family eight votes, which it can use to have a say on the board of News Corp and Fox News.', 'Mr Murdoch controls four, leaving each of his eldest children with one vote.', 'His two younger children do not have any voting rights.', ""Under the current trust agreement, Mr Murdoch's votes would be shared equally among the four eldest children after his death."", ""He is now reportedly attempting to change the terms of this £14.9bn ($19.9bn) trust to ensure Lachlan's control, fearing that his other elder children - James, Elisabeth, and Prudence - would steer Fox News away from its conservative slant, which could have an impact on its profitability."", 'Nevada may seem like an odd backdrop for the Murdoch battle, given that the family does not have any obvious ties to the Silver State.', 'But the state provides one of the most confidential legal settings for matters including family trust disputes, as it allows cases to unfold behind closed doors.', 'It has a ""close on demand"" statute that allows parties involved in certain sensitive cases to request that court proceedings be sealed from public access, ensuring complete privacy.', 'Arash Sadat, a probate lawyer with experience in family trust matters, said such cases were often deeply personal and emotional. ""', 'So it creates honestly the most contentious cases that you\'ll see,"" he said.', 'He told the BBC that estate planning is usually done in a way in which the trust could be changed by the family. ""', 'Here what you have is an irrevocable trust that Rupert Murdoch is attempting to change... there\'s a huge amount on the line,"" he said.', 'In trying to protect their privacy, the Murdochs have had their security team scope out which entrance of the courthouse has the fewest reporters waiting outside.', 'The family does not want any potentially embarrassing family revelations to be made public in this small desert city.', 'And it appears to have worked.', 'At a tea shop around the corner from the courthouse, life continued as normal.', 'Lauren Whitenack and Sofia Haley, two schoolmates, were going over class notes when they overheard us ask the barista if she knew about the case. ""', 'The Murdochs are here?', 'Now?""', 'they asked.', 'After hearing about the case, the two women said it sounded strange. ""', 'It’s such a high-stakes trial, and the fact that it\'s being kept so secret is kind of shady,"" Ms Whitenack said. ""', 'It could have so much impact on our future and the future of the information that the public receives in this country.""', 'A few minutes later, a woman named Vikki, who asked to not be identified by her full name, walked into the shop with a few of her friends.', 'She also couldn’t believe the future of Fox News was being argued a few minutes away. ""', 'Secrecy.', 'I don’t like that,"" she said. ""', ""I think it's really misleading people."", 'And we\'re just ripe with conspiracy theories [in our politics].""', 'The outcome of the case is also unlikely to be disclosed.', 'The probate commissioner overseeing the case will submit his recommendation to a local judge.', 'The judge could take weeks or months to make a decision, which will be sealed and unavailable to the public.', 'The decision could not only create some awkward family dynamics - it could also shape news that is consumed by millions of people around the world.', 'All three women at the tea house agreed that they wouldn\'t want to be at Christmas dinner with the Murdochs this year. ""', 'It\'s the classic \'money screws up relationships\' sort of situation,"" Ms Whitenack said.']",0.1317544559609104,"Here what you have is an irrevocable trust that Rupert Murdoch is attempting to change... there's a huge amount on the line,"" he said.","And we're just ripe with conspiracy theories [in our politics].""",-0.3545042531830923,And it appears to have worked.,"He is now reportedly attempting to change the terms of this £14.9bn ($19.9bn) trust to ensure Lachlan's control, fearing that his other elder children - James, Elisabeth, and Prudence - would steer Fox News away from its conservative slant, which could have an impact on its profitability.",2024-09-25
+Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes',https://www.cnbc.com/2024/09/21/boeing-strike-machinists-prepare-for-lengthy-stoppage.html,2024-09-23T13:12:29+0000,"In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive.In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.That would add to the borrowing costs of the company, already $60 billion in debt. Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers. Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty. Burn barrels provided heat for chilly overnight pickets.Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made.The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management. That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.""We can't afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture. Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes.""I take pride in my work,"" he said.Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike. They received their last paychecks Thursday, and health benefits are set to end on Sept. 30. A strike fund from the union will soon give them $250 a week.The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein. The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments. Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago.Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns. No meaningful progress was made during today's talks.""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.""While we are disappointed the discussions didn't lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote. The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.The Biden administration has encouraged Boeing and the union to reach a deal.""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for the workers and it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC's ""Squawk Box"" on Thursday.Boeing is facing a tight labor market. During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.During the pandemic, Boeing and its suppliers shed thousands of workers. They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand.""You're in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America's Epstein. ""So what do you do to not only retain them but attract them? If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""",CNBC,23/09/2024,"['In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay.', 'A failure to get a deal done could be even more expensive.', 'In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.', ""The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week."", 'The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.', 'That would add to the borrowing costs of the company, already $60 billion in debt.', 'Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.', ""Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash."", 'At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers.', 'Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty.', 'Burn barrels provided heat for chilly overnight pickets.', ""Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made."", ""The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management."", 'That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.', '""We can\'t afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture.', ""Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes."", '""I take pride in my work,"" he said.', 'Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.', '""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.', 'More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike.', 'They received their last paychecks Thursday, and health benefits are set to end on Sept. 30.', 'A strike fund from the union will soon give them $250 a week.', 'The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein.', ""The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments."", 'Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.', 'The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements.', ""Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago."", 'Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.', '""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns.', ""No meaningful progress was made during today's talks."", '""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.', '""During mediation with the union this week, we continued our good faith efforts to engage the union\'s bargaining committee in meaningful negotiations to address the feedback we\'ve heard from our team,"" Ortberg said in a note to staff Friday.', '""While we are disappointed the discussions didn\'t lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote.', 'The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.', 'The Biden administration has encouraged Boeing and the union to reach a deal.', '""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for theworkersand it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC\'s ""Squawk Box"" on Thursday.', 'Boeing is facing a tight labor market.', 'During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.', 'One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.', 'During the pandemic, Boeing and its suppliers shed thousands of workers.', ""They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand."", '""You\'re in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America\'s Epstein. ""', 'So what do you do to not only retain them but attract them?', 'If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""']",0.0746638250251345,"""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.","The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.",-0.0383280776441097,"The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management.","Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.",2024-09-25
+Telegram will now provide some user data to authorities,https://www.bbc.co.uk/news/articles/cvglp0xny3eo,2024-09-23T22:32:24.428Z,"The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests. The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued. The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris. Days later, prosecutors there charged him with enabling criminal activity on the platform. Allegations against him include complicity in spreading child abuse images and trafficking of drugs. He was also charged with failing to comply with law enforcement. Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided."" Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members. Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.  Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities. Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia. The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet. After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab.  He says this latest policy change is already being greeted with even more alarm in many communities. ""Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said.  ""Many are now scrutinizing Telegram's announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?"" Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added. Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps. Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media. On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results. But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.  In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added. Ms Keller questioned whether the company's changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.  ",BBC,23/09/2024,"[""The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests."", 'The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “', 'While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued.', 'The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.', 'Days later, prosecutors there charged him with enabling criminal activity on the platform.', 'Allegations against him include complicity in spreading child abuse images and trafficking of drugs.', 'He was also charged with failing to comply with law enforcement.', 'Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided.""', 'Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members.', 'Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.', 'Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities.', 'Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia.', 'The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet.', ""After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab."", 'He says this latest policy change is already being greeted with even more alarm in many communities. ""', 'Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""', 'Many are now scrutinizing Telegram\'s announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?""', 'Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added.', 'Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps.', 'Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media.', 'On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results.', 'But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “', 'Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.', 'In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.', 'Ms Keller questioned whether the company\'s changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""', 'It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.']",-0.1976573562373329,"Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""","In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.",-0.2488370835781097,"The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.","It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.",2024-09-25
+Will the US presidential election define the future of crypto?,https://www.bbc.co.uk/news/articles/c0lwgn9p8z4o,2024-09-22T10:09:41.343Z,"The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC. The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce. It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws. In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate. The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration. Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves. Last week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”. It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar. Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president. The White House has led a sweeping crackdown on crypto firms in recent years. In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.  Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine. He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.  The SEC also has a case against Binance going through the courts. It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler. He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created. This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler. Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year. Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”. Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase. He has been at these meetings. “Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here. And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.” He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”. The clampdown on cryptocurrencies in the US this year has been mirrored in Europe. In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals. However, other regulators are being slower to act. The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow. Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate. Its critics argue it will give less protection to consumers. Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.” He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”. With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses. By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit  Public Citizen.  The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”. They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds. ",BBC,22/09/2024,"['The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC.', 'The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce.', 'It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws.', 'In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate.', 'The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration.', 'Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves.', 'Last week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”.', 'It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar.', ""Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president."", 'The White House has led a sweeping crackdown on crypto firms in recent years.', 'In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.', 'Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine.', 'He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.', 'The SEC also has a case against Binance going through the courts.', 'It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “', ""This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler."", 'He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created.', 'This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “', 'Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler.', 'Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.', 'Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”.', 'Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “', ""I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase."", 'He has been at these meetings. “', 'Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here.', ""And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.”"", 'He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”.', 'The clampdown on cryptocurrencies in the US this year has been mirrored in Europe.', 'In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals.', 'However, other regulators are being slower to act.', 'The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow.', 'Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate.', 'Its critics argue it will give less protection to consumers.', 'Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.”', 'He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”.', 'With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses.', 'By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit Public Citizen.', 'The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”.', 'They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds.']",0.0638609857628909,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.",0.1063451100798214,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.",2024-09-25
+JetBlue to open airport lounges in New York and Boston in battle for big spenders,https://www.cnbc.com/2024/09/19/jetblue-to-build-airport-lounges-in-new-york-boston.html,2024-09-19T15:23:20+0000,"In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday.The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said.JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after.JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners. The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded. ""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest.O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin.Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds. Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.American and United also have dedicated lounges for travelers in top first- and business-class cabins.Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.JetBlue is not the only airline looking at expanding perks that come with higher fares.Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying. Southwest will provide more details about its strategy at an investor day next week. Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.",CNBC,19/09/2024,"['In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.', ""The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday."", 'The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.', ""Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said."", ""JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after."", 'JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners.', 'The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.', ""Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded."", '""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.', ""The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest."", ""O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin."", 'Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds.', 'Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.', 'American and United also have dedicated lounges for travelers in top first- and business-class cabins.', 'Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.', 'JetBlue is not the only airline looking at expanding perks that come with higher fares.', 'Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.', 'Southwest will provide more details about its strategy at an investor day next week.', 'Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.']",0.323039794684955,"The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.","In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.",0.3758226037025451,"Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.","The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.",2024-09-25
+Rewilding at Loch Katrine to secure water supplies as climate changes,https://www.bbc.co.uk/news/articles/clyl11604e7o,2024-09-24T13:07:54.478Z,"Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved.  More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years. The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population.  The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry. Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies. The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes. This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"". The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works. Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.” He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.” The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west. Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage.  ""We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said. Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.  Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there. The boom in tourists drove the growth of nearby towns Aberfoyle and Callander, and the area remains a popular attraction for visitors to this day. The Victorians harnessed the water to pipe fresh supplies into Glasgow.  Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.  The water's flow is entirely driven by gravity, with no pumps. The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt.  Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency. Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.” Native woodlands on lower levels along the loch shore are to be expanded to higher sites. Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink. It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly. The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore  peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.  Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.” ",BBC,24/09/2024,"[""Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved."", 'More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years.', ""The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population."", 'The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry.', 'Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies.', 'The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes.', 'This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"".', 'The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works.', 'Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.”', 'He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.”', 'The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west.', 'Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage. ""', 'We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said.', 'Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.', ""Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there."", 'The boom in tourists drove the growth of nearby towns Aberfoyle and Callander, and the area remains a popular attraction for visitors to this day.', 'The Victorians harnessed the water to pipe fresh supplies into Glasgow.', 'Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.', ""The water's flow is entirely driven by gravity, with no pumps."", ""The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt."", 'Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency.', 'Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.”', 'Native woodlands on lower levels along the loch shore are to be expanded to higher sites.', 'Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink.', 'It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.', 'The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.', 'Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”']",0.436928289005428,"Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”","The water's flow is entirely driven by gravity, with no pumps.",0.9500427927289692,"It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.",,2024-09-25
+"SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits",https://www.cnbc.com/2024/09/25/sec-charges-merrill-lynch-harvest.html,2024-09-25T16:10:35+0000,"In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period.Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns. Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders.The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management. Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said. Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits.""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""",CNBC,25/09/2024,"[""In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period."", 'Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.', 'Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns.', ""Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders."", ""The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management."", ""Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency."", 'Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said.', 'Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.', '""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC\'s enforcement division. ""', ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits."", '""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""']",0.0318129597764039,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. """,-0.3356851083891732,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.",2024-09-25
+Anna Sebastian Perayil: Death of Indian employee sparks debate on 'toxic work culture',https://www.bbc.co.uk/news/articles/c0kjgp4jr5yo,2024-09-24T21:39:31.601Z,"The tragic death of a 26-year-old Indian employee at a leading accounting firm has ignited a serious debate about workplace culture and employee welfare in corporate environments. Anna Sebastian Perayil, a chartered accountant at Ernst & Young (EY), died in July, four months after joining the firm. Her parents have alleged that the ""overwhelming work pressure"" at her new job took a toll on her health and led to her death. EY has refuted the allegation, saying that Perayil was allotted work like any other employee and that it didn't believe that work pressure could have claimed her life. Her death has resonated deeply, sparking a discussion on the ""hustle culture"" promoted by many corporates and start-ups -  a work ethic that prioritises productivity, often at the expense of employee well-being. Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition. Others say that employees are often pressured by management, leading to burnout and a diminished quality of life. Perayil's death came under the spotlight after a letter written by her mother Anita Augustine to EY went viral on social media last week. In the letter, she detailed the alleged pressures her daughter had experienced at work, including working late into the night and on weekends, and appealed to EY to ""reflect on its work culture"" and take steps to prioritise its employees' health. ""Anna's experience sheds light on a work culture that seems to glorify overwork while neglecting the very human beings behind the roles,"" she wrote. ""The relentless demands and the pressure to meet unrealistic expectations are not sustainable, and they cost us the life of a young woman with so much potential.""  Many people condemned EY for its ""toxic work culture"", sharing their experiences on Twitter and LinkedIn. One user alleged that he had been made to work for 20 hours a day at a top consultancy firm without being paid overtime. ""Work culture in India is horrid. Pay is dismal, exploitation is max [maximum]. There are zero repercussions and no remorse on the part of employers who routinely harass workers,"" another user wrote, adding that managers are often praised for overworking and underpaying their employees. A former EY employee criticised the work culture at the firm and alleged that employees were often ""mocked"" for leaving on time and ""shamed"" for enjoying weekends.  ""Interns [are] given crazy workload, unrealistic timelines and [are] humiliated during reviews as it builds character for their future,"" he wrote. EY's India chief, Rajiv Memani, has since said that the firm attaches the ""highest importance"" to the wellbeing of its employees. ""I would like to affirm that the wellbeing of our people is my top-most priority and I will personally champion this objective,"" he wrote in a post on LinkedIn. Perayil's death isn't the first incident that has brought India's work culture under scrutiny. In October last year, Infosys co-founder Narayana Murthy faced criticism for suggesting that young Indians should work 70-hour weeks to boost the country's economic growth. His views were backed by Ola's India chief Bhavesh Aggarwal, who said that he didn't believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"". In 2022, Shantanu Deshpande, founder of the Bombay Shaving Company, asked youngsters to stop ""cribbing"" about working hours and suggested that new recruits at any job should be prepared to work 18 hours a day for the first four to five years of their career. But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress. In her letter, Perayil's mother alleged that her daughter had experienced ""anxiety and sleeplessness"" soon after joining EY.  India is known to have one of the most overworked workforces globally. A recent report by the International Labour Organisation said half of India's workforce worked for over 49 hours each week, making India the second country after Bhutan to have the longest working hours. Labour economist Shyam Sunder said India's work culture had shifted post-1990s with the rise of the service sector, leading firms to bypass labour laws to meet round-the-clock demands. He added that the culture has now been ""institutionalised"" by firms but it has also been accepted by employees. ""Even in business schools, students are tacitly told that working long hours to earn a high salary is normal and even desirable,"" he said. According to him, for there to be any real change in corporate culture, a ""mindset shift"" is necessary - one where both firms and employees approach work with a more mature outlook, viewing it as important, but not the only part and purpose of life. ""Till then, all the other steps by corporates, like offering period leave or partnering with mental health firms will remain supplementary at best and symbolic at worst,"" he said. Chandrasekhar Sripada, a professor at the Indian School of Business, agrees with this view. He said that toxic work culture was a ""complex, multi-stake holder problem"" and that everyone, from industry leaders to managers to employees and even society, would have to change the way they viewed productivity in order for there to be any real change. ""We're still confusing hard work with productive work,"" Mr Sripada said. ""The point of technology is to reduce human work so why are working hours getting longer?""  ""We need to start focussing on sustainable growth, not just from an environmental standpoint, but also from a labour rights perspective,"" he added. ""Scandinavian countries have already created much gentler working environments, so there are models for India to follow. All it needs is willpower."" ",BBC,24/09/2024,"['The tragic death of a 26-year-old Indian employee at a leading accounting firm has ignited a serious debate about workplace culture and employee welfare in corporate environments.', 'Anna Sebastian Perayil, a chartered accountant at Ernst & Young (EY), died in July, four months after joining the firm.', 'Her parents have alleged that the ""overwhelming work pressure"" at her new job took a toll on her health and led to her death.', ""EY has refuted the allegation, saying that Perayil was allotted work like any other employee and that it didn't believe that work pressure could have claimed her life."", 'Her death has resonated deeply, sparking a discussion on the ""hustle culture"" promoted by many corporates and start-ups - a work ethic that prioritises productivity, often at the expense of employee well-being.', 'Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition.', 'Others say that employees are often pressured by management, leading to burnout and a diminished quality of life.', ""Perayil's death came under the spotlight after a letter written by her mother Anita Augustine to EY went viral on social media last week."", 'In the letter, she detailed the alleged pressures her daughter had experienced at work, including working late into the night and on weekends, and appealed to EY to ""reflect on its work culture"" and take steps to prioritise its employees\' health. ""', 'Anna\'s experience sheds light on a work culture that seems to glorify overwork while neglecting the very human beings behind the roles,"" she wrote. ""', 'The relentless demands and the pressure to meet unrealistic expectations are not sustainable, and they cost us the life of a young woman with so much potential.""', 'Many people condemned EY for its ""toxic work culture"", sharing their experiences on Twitter and LinkedIn.', 'One user alleged that he had been made to work for 20 hours a day at a top consultancy firm without being paid overtime. ""', 'Work culture in India is horrid.', 'Pay is dismal, exploitation is max [maximum].', 'There are zero repercussions and no remorse on the part of employers who routinely harass workers,"" another user wrote, adding that managers are often praised for overworking and underpaying their employees.', 'A former EY employee criticised the work culture at the firm and alleged that employees were often ""mocked"" for leaving on time and ""shamed"" for enjoying weekends. ""', 'Interns [are] given crazy workload, unrealistic timelines and [are] humiliated during reviews as it builds character for their future,"" he wrote.', 'EY\'s India chief, Rajiv Memani, has since said that the firm attaches the ""highest importance"" to the wellbeing of its employees. ""', 'I would like to affirm that the wellbeing of our people is my top-most priority and I will personally champion this objective,"" he wrote in a post on LinkedIn.', ""Perayil's death isn't the first incident that has brought India's work culture under scrutiny."", ""In October last year, Infosys co-founder Narayana Murthy faced criticism for suggesting that young Indians should work 70-hour weeks to boost the country's economic growth."", 'His views were backed by Ola\'s India chief Bhavesh Aggarwal, who said that he didn\'t believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"".', 'In 2022, Shantanu Deshpande, founder of the Bombay Shaving Company, asked youngsters to stop ""cribbing"" about working hours and suggested that new recruits at any job should be prepared to work 18 hours a day for the first four to five years of their career.', 'But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress.', 'In her letter, Perayil\'s mother alleged that her daughter had experienced ""anxiety and sleeplessness"" soon after joining EY.', 'India is known to have one of the most overworked workforces globally.', ""A recent report by the International Labour Organisation said half of India's workforce worked for over 49 hours each week, making India the second country after Bhutan to have the longest working hours."", ""Labour economist Shyam Sunder said India's work culture had shifted post-1990s with the rise of the service sector, leading firms to bypass labour laws to meet round-the-clock demands."", 'He added that the culture has now been ""institutionalised"" by firms but it has also been accepted by employees. ""', 'Even in business schools, students are tacitly told that working long hours to earn a high salary is normal and even desirable,"" he said.', 'According to him, for there to be any real change in corporate culture, a ""mindset shift"" is necessary - one where both firms and employees approach work with a more mature outlook, viewing it as important, but not the only part and purpose of life. ""', 'Till then, all the other steps by corporates, like offering period leave or partnering with mental health firms will remain supplementary at best and symbolic at worst,"" he said.', 'Chandrasekhar Sripada, a professor at the Indian School of Business, agrees with this view.', 'He said that toxic work culture was a ""complex, multi-stake holder problem"" and that everyone, from industry leaders to managers to employees and even society, would have to change the way they viewed productivity in order for there to be any real change. ""', 'We\'re still confusing hard work with productive work,"" Mr Sripada said. ""', 'The point of technology is to reduce human work so why are working hours getting longer?"" ""', 'We need to start focussing on sustainable growth, not just from an environmental standpoint, but also from a labour rights perspective,"" he added. ""', 'Scandinavian countries have already created much gentler working environments, so there are models for India to follow.', 'All it needs is willpower.""']",-0.0815277140224006,"His views were backed by Ola's India chief Bhavesh Aggarwal, who said that he didn't believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"".",But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress.,-0.4789081391166238,"Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition.","Others say that employees are often pressured by management, leading to burnout and a diminished quality of life.",2024-09-25
+China probes Calvin Klein over Xinjiang cotton,https://www.bbc.co.uk/news/articles/c20pxwwqqzwo,2024-09-24T19:12:11.239Z,"China has announced it is investigating the company that owns US fashion brands Tommy Hilfiger and Calvin Klein for suspected ""discriminatory measures"" against Xinjiang cotton companies. The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.  The US banned imports from the area in 2021, citing those concerns.   China's Ministry of Commerce accused the firm of ""boycotting Xinjiang cotton and other products without any factual basis"". PVH, which owns the two brands and has a significant presence in China as well as the US, said it was in contact with Chinese authorities. It has 30 days to respond to officials, at which point it could be added to the country's ""unreliable entities"" list, raising the prospect of further punishment. ""As a matter of company policy, PVH maintains strict compliance with all relevant laws and regulations in all countries and regions in which we operate,"" the company said. ""We are in communication with the Chinese Ministry of Commerce and will respond in accordance with the relevant regulations."" On Wednesday, a Chinese Ministry of Commerce official denied that the probe was linked to US plans to ban certain Chinese electric vehicle technology. ""China has always handled the issue of the unreliable entity list prudently, targeting only a very small number of foreign entities that undermine market rules and violate Chinese laws,"" they said.  ""Honest and law-abiding foreign entities have nothing to worry about."" Cullen Hendrix, senior fellow at the Peterson Institute of International Economics, said it was not clear exactly what prompted the investigation into PVH now.  But he said the announcement was likely to hurt the firm's reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns.  ""China is, to a certain extent, flexing its muscle and reminding, not necessarily western governments, but western firms... that actions have consequences,"" he said.  ""This same kind of naming-and-shaming tactic, that human rights organisations in the west have used, can be weaponised here."" The investigation of PVH comes as tensions between China and the west have been growing on a range of issues, including electric cars and manufacturing.  On Monday, the US proposed rules to ban the use of certain technology in Chinese and Russian cars, citing security threats. China has previously put US firms on its unreliable entities list, which it created as trade tensions heated up between Beijing and Washington.  Those firms were major defence contractors, such as Lockheed Martin and Raytheon, over their business in Taiwan.  Mr Hendrix said the decision to target PVH - a consumer-facing firm with a clearly recognisable US brand -  showed the two countries' disputes were widening beyond areas such as defence and advanced technologies. ""These things have a way of spilling over,"" he said. ""It's affecting a growing number of supply chains across different sectors of the economy."" In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang. It noted that the issue had been ""subject to significant scrutiny and contention in China, the United States and elsewhere, resulting in criticism against multinational companies, including us"". The company was named in a 2020 report by the Australian Strategic Policy Institute that identified dozens of firms that were allegedly benefiting from labour abuses in Xinjiang.  At the time PVH said it took the reports seriously and would continue to work to address the matter.  PVH employs more than 29,000 people globally and does more than 65% of its sales outside of the US.   ",BBC,24/09/2024,"['China has announced it is investigating the company that owns US fashion brands Tommy Hilfiger and Calvin Klein for suspected ""discriminatory measures"" against Xinjiang cotton companies.', 'The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.', 'The US banned imports from the area in 2021, citing those concerns.', 'China\'s Ministry of Commerce accused the firm of ""boycotting Xinjiang cotton and other products without any factual basis"".', 'PVH, which owns the two brands and has a significant presence in China as well as the US, said it was in contact with Chinese authorities.', 'It has 30 days to respond to officials, at which point it could be added to the country\'s ""unreliable entities"" list, raising the prospect of further punishment. ""', 'As a matter of company policy, PVH maintains strict compliance with all relevant laws and regulations in all countries and regions in which we operate,"" the company said. ""', 'We are in communication with the Chinese Ministry of Commerce and will respond in accordance with the relevant regulations.""', 'On Wednesday, a Chinese Ministry of Commerce official denied that the probe was linked to US plans to ban certain Chinese electric vehicle technology. ""', 'China has always handled the issue of the unreliable entity list prudently, targeting only a very small number of foreign entities that undermine market rules and violate Chinese laws,"" they said. ""', 'Honest and law-abiding foreign entities have nothing to worry about.""', 'Cullen Hendrix, senior fellow at the Peterson Institute of International Economics, said it was not clear exactly what prompted the investigation into PVH now.', 'But he said the announcement was likely to hurt the firm\'s reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns. ""', 'China is, to a certain extent, flexing its muscle and reminding, not necessarily western governments, but western firms... that actions have consequences,"" he said. ""', 'This same kind of naming-and-shaming tactic, that human rights organisations in the west have used, can be weaponised here.""', 'The investigation of PVH comes as tensions between China and the west have been growing on a range of issues, including electric cars and manufacturing.', 'On Monday, the US proposed rules to ban the use of certain technology in Chinese and Russian cars, citing security threats.', 'China has previously put US firms on its unreliable entities list, which it created as trade tensions heated up between Beijing and Washington.', 'Those firms were major defence contractors, such as Lockheed Martin and Raytheon, over their business in Taiwan.', 'Mr Hendrix said the decision to target PVH - a consumer-facing firm with a clearly recognisable US brand - showed the two countries\' disputes were widening beyond areas such as defence and advanced technologies. ""', 'These things have a way of spilling over,"" he said. ""', 'It\'s affecting a growing number of supply chains across different sectors of the economy.""', 'In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang.', 'It noted that the issue had been ""subject to significant scrutiny and contention in China, the United States and elsewhere, resulting in criticism against multinational companies, including us"".', 'The company was named in a 2020 report by the Australian Strategic Policy Institute that identified dozens of firms that were allegedly benefiting from labour abuses in Xinjiang.', 'At the time PVH said it took the reports seriously and would continue to work to address the matter.', 'PVH employs more than 29,000 people globally and does more than 65% of its sales outside of the US.']",-0.1493454415120762,"Honest and law-abiding foreign entities have nothing to worry about.""","But he said the announcement was likely to hurt the firm's reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns. """,-0.7224684953689575,The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.,"In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang.",2024-09-25
+James McAvoy and Tom Brady fall for 'Goodbye Meta AI' hoax,https://www.bbc.co.uk/news/articles/cj4d5jjqg2qo,2024-09-25T12:30:35.734Z,"More than 600,000 people, including many celebrities, have fallen for a hoax claiming to deny Facebook and Instagram owner Meta the right to use their images for training artificial intelligence (AI). Film stars James McAvoy and Ashley Tisdale, as well as former NFL player Tom Brady, are among those who re-shared the fake ""Goodbye Meta AI"" message on Instagram stories. The hoax claims that by sharing the message, Meta would no longer be able to use their information. In reality, Facebook and Instagram users who want to opt out of AI training can do so in their account settings - and posting about it does nothing. Many of these messages have now been labelled ""false information"" by Lead Stories, one of Meta's third-party fact-checking sites. The post appears to have been created in opposition to Meta's announcement in June that it will use public posts to train its AI model - but the company has confirmed to the BBC that posting the message has no impact on any user’s privacy settings. “Sharing this story does not count as a valid form of objection,” a Meta spokesperson said. Lead Stories pinpointed the origin of the trend to a post on Facebook on 1 September, which used slightly different wording to the version that eventually went viral. But it was not until this week - when large celebrity accounts began to share the post - that the craze took hold, with Google Trends displaying a steep spike in searches for the phrase ""Goodbye Meta AI"" after 24 September. It is far from the first time that social media has been dominated by such ""copypasta"" - a term meaning a block of text that is ""copied and pasted"" frequently online. The fact-checking website Snopes has covered several instances from the past decade of users declaring their privacy rights in public messages to no avail. But it is rare to see quite so many high-profile accounts fall for the hoax. Plans for other social media companies to train AI models on public posts have also been met with criticism, with LinkedIn this week reversing its decision to do so in the UK. ",BBC,25/09/2024,"['More than 600,000 people, including many celebrities, have fallen for a hoax claiming to deny Facebook and Instagram owner Meta the right to use their images for training artificial intelligence (AI).', 'Film stars James McAvoy and Ashley Tisdale, as well as former NFL player Tom Brady, are among those who re-shared the fake ""Goodbye Meta AI"" message on Instagram stories.', 'The hoax claims that by sharing the message, Meta would no longer be able to use their information.', 'In reality, Facebook and Instagram users who want to opt out of AI training can do so in their account settings - and posting about it does nothing.', 'Many of these messages have now been labelled ""false information"" by Lead Stories, one of Meta\'s third-party fact-checking sites.', ""The post appears to have been created in opposition to Meta's announcement in June that it will use public posts to train its AI model - but the company has confirmed to the BBC that posting the message has no impact on any user’s privacy settings. “"", 'Sharing this story does not count as a valid form of objection,” a Meta spokesperson said.', 'Lead Stories pinpointed the origin of the trend to a post on Facebook on 1 September, which used slightly different wording to the version that eventually went viral.', 'But it was not until this week - when large celebrity accounts began to share the post - that the craze took hold, with Google Trends displaying a steep spike in searches for the phrase ""Goodbye Meta AI"" after 24 September.', 'It is far from the first time that social media has been dominated by such ""copypasta"" - a term meaning a block of text that is ""copied and pasted"" frequently online.', 'The fact-checking website Snopes has covered several instances from the past decade of users declaring their privacy rights in public messages to no avail.', 'But it is rare to see quite so many high-profile accounts fall for the hoax.', 'Plans for other social media companies to train AI models on public posts have also been met with criticism, with LinkedIn this week reversing its decision to do so in the UK.']",-0.0942885863003759,"Sharing this story does not count as a valid form of objection,” a Meta spokesperson said.","More than 600,000 people, including many celebrities, have fallen for a hoax claiming to deny Facebook and Instagram owner Meta the right to use their images for training artificial intelligence (AI).",-0.3225999673207601,"But it was not until this week - when large celebrity accounts began to share the post - that the craze took hold, with Google Trends displaying a steep spike in searches for the phrase ""Goodbye Meta AI"" after 24 September.","Plans for other social media companies to train AI models on public posts have also been met with criticism, with LinkedIn this week reversing its decision to do so in the UK.",2024-09-25
+"UAW warns of potential strikes at Ford, Stellantis a year after unprecedented work stoppages",https://www.cnbc.com/2024/09/19/uaw-warns-of-potential-strikes-at-ford-stellantis.html,2024-09-19T16:56:36+0000,"In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck.The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities. The union has not announced similar actions against General Motors.UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.Local contracts have historically taken months, if not years, to settle after a national agreement is reached. Sometimes they are not settled at all during the terms of the national deal.Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once. The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts. The plant employs fewer than 500 workers.Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving. Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting. Strike authorization votes are procedural. They are votes by workers to authorize UAW leaders to call a strike, if warranted. Such votes for the national contract negotiations typically pass with more than 90% of worker approval.The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.Stellantis has contended such a strike would be illegal.Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining. However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.  Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments.""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims. Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.""In addition to Monday's NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker. Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union.""Once we've authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.The union this week also began contract negotiations with Volkswagen. VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.",CNBC,19/09/2024,"['In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.', ""The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck."", 'The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities.', 'The union has not announced similar actions against General Motors.', 'UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.', 'Local contracts have historically taken months, if not years, to settle after a national agreement is reached.', 'Sometimes they are not settled at all during the terms of the national deal.', ""Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once."", 'The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.', 'The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.', 'A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts.', 'The plant employs fewer than 500 workers.', 'Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving.', 'Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.', '""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting.', 'Strike authorization votes are procedural.', 'They are votes by workers to authorize UAW leaders to call a strike, if warranted.', 'Such votes for the national contract negotiations typically pass with more than 90% of worker approval.', 'The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.', '""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.', 'Stellantis has contended such a strike would be illegal.', ""Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining."", 'However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.', ""Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments."", '""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims.', 'Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.', 'Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.', '""In addition to Monday\'s NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker.', ""Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union."", '""Once we\'ve authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.', 'As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.', 'The union this week also began contract negotiations with Volkswagen.', 'VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.']",-0.0612021813540973,"UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.","The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.",-0.3007441163063049,"The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.","Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.",2024-09-25
+'Stop ripping us off': Senate grills Novo Nordisk CEO on weight loss drug pricing,https://www.cnbc.com/2024/09/24/novo-nordisk-ceo-to-testify-at-senate-over-weight-loss-drug-prices.html,2024-09-24T21:49:12+0000,"In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S. Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committee hearing in Washington, D.C., that he would slash prices for the two drugs.But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs. He also committed to sitting down with pharmacy benefit managers – middlemen who negotiate drug rebates with manufacturers on behalf of insurers – to ""collaborate on anything that helps patients get access and affordability.""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices. The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices. ""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""Stop ripping us off.""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries. Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S. Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee. Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit. There are currently no generic alternatives to Ozempic available in the U.S. Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders.That could undercut Jørgensen's claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk's drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices."" The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions. That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies. But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar. Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates.In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly. That's $5 billion more than what Americans spent on all prescription drugs in 2022. Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF. Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether. Many health plans cover GLP-1s for diabetes, but not for weight loss. The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition. The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors. Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.Jørgensen did not explicitly make that commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequences for drug innovation.",CNBC,24/09/2024,"[""In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S.Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committeehearingin Washington, D.C., that he would slash prices for the two drugs."", 'But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs.', 'He also committed to sitting down with pharmacy benefit managers– middlemen who negotiate drug rebates with manufacturers on behalf of insurers– to ""collaborate on anything that helps patients get access and affordability.', '""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices.', ""The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices."", '""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""', 'Stop ripping us off.', '""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries.', ""Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S.Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee."", 'Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit.', ""There are currently no generic alternatives to Ozempic available in the U.S.Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders."", 'That could undercut Jørgensen\'s claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk\'s drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices.""', 'The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.', 'Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.', '""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions.', 'That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.', 'During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.', 'He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.', '""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.', '""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.', ""In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies."", 'But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.', 'That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.', ""Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop."", ""Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar."", ""Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates."", 'In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly.', ""That's $5 billion more than what Americans spent on all prescription drugs in 2022.Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF.Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether."", 'Many health plans cover GLP-1s for diabetes, but not for weight loss.', ""The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition."", 'The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.', ""Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors."", 'Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.', 'Jørgensen did not explicitlymakethat commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequencesfordrug innovation.']",-0.0020589544679174,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.",-0.070928688844045,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.",2024-09-25
+New Starbucks CEO Brian Niccol commits to working with union as talks move forward,https://www.cnbc.com/2024/09/25/new-starbucks-ceo-brian-niccol-commits-to-working-with-union.html,2024-09-25T14:38:53+0000,"In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union. The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company. The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union. For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions. In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized. Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize. Chipotle denied any wrongdoing.Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees. The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.",CNBC,25/09/2024,"['In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.', '""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""', 'If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.', '""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union.', 'The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company.', 'The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.', '""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.', 'Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union.', 'For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.', ""But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media."", 'Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions.', 'In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized.', 'Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize.', 'Chipotle denied any wrongdoing.', ""Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees."", 'The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.']",0.3833215389811322,"""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.",Chipotle denied any wrongdoing.,0.5860569973786672,But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.,"For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.",2024-09-25
+"SpaceX Starlink has 2,500 airplanes under contract after United megadeal, director says",https://www.cnbc.com/2024/09/17/spacexs-starlink-has-2500-aircraft-under-contract.html,2024-09-17T16:24:28+0000,"PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday.""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that's going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market. Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi.The United megadeal was Starlink's largest IFC agreement yet. It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years.SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. The company initially targeted consumers, but has expanded into other markets, including enterprise services such as aviation and maritime.There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft. Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.""We're trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we've proven on Hawaiian's and JSX's fleets,"" Galano said.By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline's managing director of in-flight entertainment and connectivity. But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing.""A retrofit for us is removing the system that's there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[Hawaiian] have never had a satcom system, so that's one of the differences to take into account.""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline. Both Delta and United are in a battle for high-end customers.""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.— CNBC's Leslie Josephs contributed to this article.",CNBC,17/09/2024,"[""PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday."", '""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that\'s going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.', ""The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market."", ""Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi."", ""The United megadeal was Starlink's largest IFC agreement yet."", ""It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years."", ""SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020."", 'The company initially targeted consumers, buthasexpanded into other markets, including enterprise services such as aviation and maritime.', 'There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.', '""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.', 'Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft.', 'Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.', '""We\'re trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we\'ve proven on Hawaiian\'s and JSX\'s fleets,"" Galano said.', 'By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline\'s managing director of in-flight entertainment and connectivity.', ""But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing."", '""A retrofit for us is removing the system that\'s there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[', ""Hawaiian] have never had a satcom system, so that's one of the differences to take into account."", '""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline.', 'Both Delta and United are in a battle for high-end customers.', '""We\'ve gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—', ""CNBC's Leslie Josephs contributed to this article.""]",0.2761100833366544,"""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—","Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.",0.9684703528881072,"""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.",,2024-09-25
+Lunar company Intuitive Machines' stock jumps more than 40% after NASA moon satellite contract,https://www.cnbc.com/2024/09/18/intuitive-machines-stock-nasa-moon-satellite-contract.html,2024-09-18T21:09:36+0000,"In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites.""This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency's Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth. The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program.The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses. Intuitive Machines' initial NSN award is worth $150 million.Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface. Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month.Benchmark's Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines' experience ""as elite.""""LUNR's path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter. Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.",CNBC,18/09/2024,"[""In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites."", '""This contract marks an inflection point in Intuitive Machines\' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.', 'NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency\'s Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth.', ""The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program."", 'The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses.', ""Intuitive Machines' initial NSN award is worth $150 million."", 'Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.', 'Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.', '""We see the win today as a significant catalyst and validation towards LUNR\'s outlook and the company\'s ability to continue to win contracts,"" Sheppard wrote in a note to clients.', 'The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.', ""Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface."", ""Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month."", 'Benchmark\'s Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines\' experience ""as elite.', '""""LUNR\'s path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.', 'The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter.', ""Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.""]",0.319838219468583,"""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.",,0.9992144505182902,The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.,,2024-09-25
+Boeing starts furloughing tens of thousands of employees amid machinist strike,https://www.cnbc.com/2024/09/18/boeing-furlough-strike.html,2024-09-19T11:22:12+0000,"In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike's duration and he and his team would take ""commensurate"" pay cuts during the strike.""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.Boeing's CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.",CNBC,19/09/2024,"['In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.', 'The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.', ""The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday."", 'Negotiations between the two sides continued this week with a mediator.', 'Boeing had offered a 25% raise and the union endorsed the tentative contract.', ""But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions."", '""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.', 'Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike\'s duration and he and his team would take ""commensurate"" pay cuts during the strike.', '""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time.', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.', 'Boeing\'s CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.', ""The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt."", 'Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.']",-0.1388908175717513,"Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.","The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.",-0.1453967009271894,Boeing had offered a 25% raise and the union endorsed the tentative contract.,But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.,2024-09-25
+Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs,https://www.cnbc.com/2024/09/17/apple-jpmorgan-creditcard-goldman-sachs.html,2024-09-17T21:16:40+0000,"In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said.The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal. The talks could fall apart over these or other matters in the coming months, this person said.But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy. There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter.The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said. Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts. Those losses were supposed to ease over time.But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said. The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.",CNBC,17/09/2024,"[""In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said."", 'The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal.', 'The talks could fall apart over these or other matters in the coming months, this person said.', ""But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy."", 'There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.', ""JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter."", 'The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said.', 'Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts.', 'Those losses were supposed to ease over time.', 'But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.', 'JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said.', 'The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.', 'Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.']",0.0145671139135517,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy.,-0.6349310576915741,Those losses were supposed to ease over time.,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,2024-09-25
+Levi's teases Beyoncé collaboration as denim trend takes hold,https://www.cnbc.com/2024/09/23/levis-teases-beyonc-collaboration-as-denim-trend-takes-hold.html,2024-09-23T19:26:42+0000,"In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.The brand's shares briefly popped after the update and were last up about 1% Monday.The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter."" Aside from the allusions to Beyoncé's latest album, ""Cowboy Carter,"" Levi's also tagged the superstar's account in the post, fueling buzz from her fanbase, known as the Beyhive.Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright. CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.",CNBC,23/09/2024,"['In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.', ""The brand's shares briefly popped after the update and were last up about 1% Monday."", 'The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter.""', 'Aside from the allusions to Beyoncé\'s latest album, ""Cowboy Carter,"" Levi\'s also tagged the superstar\'s account in the post, fueling buzz from her fanbase, known as the Beyhive.', 'Beyoncé\'s country album, released earlier this year, features a song titled ""LEVII\'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.', ""Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright."", ""CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses."", ""Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.""]",0.2514010954256501,"CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.",,0.995657280087471,"Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.",,2024-09-25
+China unveils raft of stimulus measures to boost flagging economy,https://www.bbc.co.uk/news/articles/cjd5xlv03jxo,2024-09-24T05:56:49.852Z,"China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy. People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending. The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year. Stock markets in Asia jumped after Mr Pan's announcement. Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR). The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn). Mr Pan added that another cut may be made later in the year. Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%. The country's real estate industry has been struggling with a sharp downturn since 2021. Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects. The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut. The plans also included measures to help support the stock market. The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher. ",BBC,24/09/2024,"[""China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy."", ""People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending."", ""The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year."", ""Stock markets in Asia jumped after Mr Pan's announcement."", 'Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR).', 'The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn).', 'Mr Pan added that another cut may be made later in the year.', ""Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%."", ""The country's real estate industry has been struggling with a sharp downturn since 2021."", 'Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects.', ""The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut."", 'The plans also included measures to help support the stock market.', 'The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.']",0.0085473755557361,The plans also included measures to help support the stock market.,The country's real estate industry has been struggling with a sharp downturn since 2021.,0.1982904553413391,"The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.",The country's real estate industry has been struggling with a sharp downturn since 2021.,2024-09-25
+TSB says sorry for payment problems,https://www.bbc.co.uk/news/articles/c1jdxp0np6eo,2024-09-24T09:50:59.229Z,"TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved. Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries. The bank said all customers who were due money had now received it. The problems started overnight, with a ""small number of customers"" affected, it said. TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking. The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments. In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them."" The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments. One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop."" Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday. Writing on X, a user called Nicola told HMRC customer service that she had not received her payment. An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank. All our systems are working and affected customers should contact TSB."" The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC. ",BBC,24/09/2024,"['TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved.', 'Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.', 'The bank said all customers who were due money had now received it.', 'The problems started overnight, with a ""small number of customers"" affected, it said.', 'TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking.', 'The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments.', 'In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""', 'The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments.', 'One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop.""', 'Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday.', 'Writing on X, a user called Nicola told HMRC customer service that she had not received her payment.', 'An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank.', 'All our systems are working and affected customers should contact TSB.""', 'The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.']",0.0244615766237936,"Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.","The problems started overnight, with a ""small number of customers"" affected, it said.",0.1391847431659698,"In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""",The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.,2024-09-25
+"American Airlines in talks to pick Citigroup over rival bank Barclays for crucial credit card deal, sources say",https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html,2024-09-20T13:15:26+0000,"In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations.American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry. While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example. Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards. Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards. Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process.If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays.American renewed both relationships in 2016, giving each bank specific channels to market their cards. Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said. Banks tend to earn most of the money from these arrangements in the back half of the deals.With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar.  ""We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.Barclays declined to comment for this article.",CNBC,20/09/2024,"[""In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations."", 'American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.', 'Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.', ""Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry."", 'While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.', 'Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example.', 'Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.', 'Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards.', 'Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards.', 'Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.', 'While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.', '""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.', ""It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process."", 'If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.', ""Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays."", 'American renewed both relationships in 2016, giving each bank specific channels to market their cards.', 'Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.', 'When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.', 'Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.', 'Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said.', 'Banks tend to earn most of the money from these arrangements in the back half of the deals.', 'With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar. ""', 'We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.', 'Barclays declined to comment for this article.']",0.312092882581134,"While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.","Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",0.5356634381939384,Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.,"Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",2024-09-25
+"Boeing's defense unit chief Colbert is departing, CEO says",https://www.cnbc.com/2024/09/20/boeings-defense-unit-chief-colbert-is-departing-ceo-says.html,2024-09-20T21:33:11+0000,"In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August.""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""Working together we can and will improve our performance and ensure we deliver on our commitments.""  Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement.Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft. In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June. They will instead take SpaceX's Crew-9 vehicle back, NASA said last month.Colbert did not immediately respond to CNBC's request for comment.",CNBC,20/09/2024,"[""In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August."", '""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""', 'Working together we can and will improve our performance and ensure we deliver on our commitments.""', ""Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement."", ""Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft."", ""In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June."", ""They will instead take SpaceX's Crew-9 vehicle back, NASA said last month."", ""Colbert did not immediately respond to CNBC's request for comment.""]",0.1692694921747481,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",0.3336819609006246,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",2024-09-25
+FTC sues drug middlemen for allegedly inflating insulin prices,https://www.cnbc.com/2024/09/20/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices.html,2024-09-21T13:58:35+0000,"In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients. The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark 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. The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers. The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July report that claimed that the PBM industry is hiking drug prices.PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans. They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions. The FTC has been investigating PBMs since 2022. The agency's suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices."" It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC's Bureau of Competition, said in a statement. ""The FTC's administrative action seeks to put an end to the Big Three PBMs' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued. Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC's suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. That policy currently does not extend to patients with private insurance.The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates. Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.""An Eli Lilly spokesperson said the FTC's suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform."" They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance. Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin. Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs. But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin."" Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company's insulin savings card programs.Correction: This story has been updated to correct a quote from the FTC.",CNBC,21/09/2024,"['In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients.', ""The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark 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.The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers."", 'The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.', 'A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.', 'A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.', '""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.', 'It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July reportthat claimed that the PBM industry is hiking drug prices.', 'PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans.', 'They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions.', 'The FTC has been investigating PBMs since 2022.The agency\'s suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices.""', 'It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available.', 'The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.', '""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC\'s Bureau of Competition, said in a statement.', '""The FTC\'s administrative action seeks to put an end to the Big Three PBMs\' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued.', 'Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC\'s suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.', ""President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month."", 'That policy currently does not extend to patients with private insurance.', 'The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to afact sheetfrom the White House.', 'The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs\' demands for higher rebates.', 'Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.', 'For example, Eli Lilly\'s Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.', '""An Eli Lilly spokesperson said the FTC\'s suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform.""', 'They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance.', 'Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin.', ""Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs."", 'But the French drugmaker agrees with the FTC\'s claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.', '""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin.""', 'Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company\'s insulin savings card programs.', 'Correction: This story has been updated to correct a quote from the FTC.']",0.0147564345555198,"But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.","""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.",0.3033737738927205,"For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.","The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates.",2024-09-25