diff --git "a/news_db/merged_news_data_2024-08-20.csv" "b/news_db/merged_news_data_2024-08-20.csv"
new file mode 100644--- /dev/null
+++ "b/news_db/merged_news_data_2024-08-20.csv"
@@ -0,0 +1,146 @@
+title,url,timestamp,content,source,clean_date,clean_content,arti_score,pos_sent,neg_sent,rnn_arti_score,rnn_pos_sent,rnn_neg_sent,date_extracted
+"Mynaric stock tanks after space lasers company slashes revenue guidance, announces CFO departure",https://www.cnbc.com/2024/08/20/mynaric-myna-stock-tanks-after-slashing-revenue-guidance-cfo-exit.html,2024-08-20T20:56:45+0000,"In this articleSpace stock Mynaric tanked in trading Tuesday after the company announced heavy cuts to its previous revenue forecast and the departure of the company's chief financial officer.Germany-based Mynaric slashed its 2024 revenue guidance nearly 70% at the midpoint, cutting its previous range of 50 million euros to 70 million euros, to a range of 16 million euros to 24 million euros, or $18 million.The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.At the same time, Mynaric announced ""the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week."" Berndt von-Bulow has been with the company since 2018, serving in the CFO role for the past four years.The German space lasers company debuted on the Nasdaq in late 2021 at a market value of about $325 million. But the stock has fallen steadily since, dropping below $2 a share and trading below a market value of $50 million, according to FactSet.Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.Mynaric makes optical communication terminals, devices that use a laser to send data from one point to another. Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imagery uses.Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.The company warned that, as of Friday, it had cash reserves totaling 6.3 million euros.""With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp,"" Mynaric said.",CNBC,20/08/2024,"[""In this articleSpace stock Mynaric tanked in trading Tuesday after the company announced heavy cuts to its previous revenue forecast and the departure of the company's chief financial officer."", 'Germany-based Mynaric slashed its 2024 revenue guidance nearly 70% at the midpoint, cutting its previous range of 50 million euros to 70 million euros, to a range of 16 million euros to 24 million euros, or $18 million.', 'The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.', 'At the same time, Mynaric announced ""the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week.""', 'Berndt von-Bulow has been with the company since 2018, serving in the CFO role for the past four years.', 'The German space lasers company debuted on the Nasdaq in late 2021 at a market value of about $325 million.', 'But the stock has fallen steadily since, dropping below $2 a share and trading below a market value of $50 million, according to FactSet.', 'Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.', 'Mynaric makes optical communication terminals, devices that use a laser to send data from one point to another.', 'Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imagery uses.', ""Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals."", 'The company warned that, as of Friday, it had cash reserves totaling 6.3 million euros.', '""With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp,"" Mynaric said.']",0.0046913181676825,"Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.","Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.",-0.7129226156643459,"Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.","The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.",2024-08-20
+"Ford delays new EV plant, cancels electric three-row SUV as it shifts strategy",https://www.cnbc.com/2024/08/21/ford-delays-new-ev-plant-cancels-electric-three-row-suv.html,2024-08-21T14:09:40+0000,"In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be a full-size truck, which will be produced in 2027 at the Tennessee plant that's currently under construction, and a new midsize truck being developed by a specialized ""skunkworks"" team in California.""As we've learned in the marketplace, and we've seen where people have gravitated, we're going to focus in where we have competitive advantage, and that's on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker. But, in the short term, they will cost the company.Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion. Ford will reflect those in the quarter in which they are incurred, as a special item.Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%. He did not give a timeline for the change.Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year. The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices.""The rollout of Ford's next generation of EVs will begin with a commercial van that will be assembled at Ford's Ohio Assembly Plant starting in 2026, according to the company.The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year. It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.",CNBC,21/08/2024,"['In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.', 'Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be afull-size truck, which will be produced in 2027 at the Tennessee plant that\'s currently under construction,and a new midsize truck being developed by a specialized ""skunkworks"" team in California.', '""As we\'ve learned in the marketplace, and we\'ve seen where people have gravitated, we\'re going to focus in where we have competitive advantage, and that\'s on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.', 'The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.', 'But, in the short term, they will cost the company.', 'Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion.', 'Ford will reflect those in the quarter in which they are incurred, as a special item.', ""Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%."", 'He did not give a timeline for the change.', 'Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year.', 'The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.', 'The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""', ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices."", '""The rollout of Ford\'s next generation of EVs will begin with a commercial van that will be assembled at Ford\'s Ohio Assembly Plant starting in 2026, according to the company.', ""The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year."", 'It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.', 'Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.', 'The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.']",0.2066772679754198,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.","The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. """,0.133549948533376,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.",The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.,2024-08-20
+Health-care marketplace Sesame to offer compounded versions of Wegovy through new $249 weight loss program,https://www.cnbc.com/2024/08/21/sesame-to-offer-compounded-wegovy-through-weight-loss-program.html,2024-08-21T17:22:39+0000,"Health-care marketplace Sesame on Wednesday announced a new clinical weight loss program that will help eligible consumers access compounded versions of Novo Nordisk's blockbuster obesity drug Wegovy for $249 per month.Sesame allows patients to book and pay for appointments with doctors and specialists directly through its website, so it cuts out middlemen such as insurers.The company said it is adding compounded semaglutide — the active ingredient in Wegovy and Novo Nordisk's diabetes injection Ozempic — to its platform to help users safely access obesity and diabetes treatments at a time when many of the branded drugs are in short supply. Sesame already offers branded weight loss and diabetes drugs through its platform, including through a partnership with Costco. But the company's new program could serve as a more affordable weight loss alternative, as compounded medications are typically cheaper than their branded counterparts. Wegovy and Ozempic both cost roughly $1,000 per month before insurance, and most weight loss programs from competing digital health companies do not include the cost of those medications. ""We are, based on this drug supply shortage, on behalf of American consumers, making a version of compounded semaglutide available to our users at … [a] very accessible price point,"" Michael Botta, president and co-founder of Sesame, told CNBC in an interview. ""In fact, we think it's probably the most affordable price point the consumer can find on an apples to apples basis.""Wegovy and Ozempic are part of a highly popular class of weight loss and diabetes medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar. The treatments have exploded in popularity in recent years, and some analysts predict the industry could generate more than $100 billion in annual revenue by 2030.Supply shortages are one of the biggest hurdles for Novo Nordisk and its main rival, Eli Lilly, since spiking demand can make it difficult for many patients to find the treatments. When brand-name GLP-1 medications are in shortage, certain manufacturers can prepare compounded versions if they meet U.S. Food and Drug Administration requirements.The lowest dose of Wegovy is in short supply, but all other doses of the drug and Ozempic are available, according to the FDA's drug shortage database. Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs, such as not being able to swallow a pill or being allergic to the dye of a certain product. Those compounded drugs can be prescribed, made and dispensed under two sections of the Federal Food, Drug and Cosmetic Act. That law created two classes of compounding pharmacies. The FDA regulates so-called 503B pharmacies, which can make larger batches of medications without individual prescriptions. Meanwhile, 503A compounding pharmacies can create custom medications for individual patients and are largely regulated by states rather than the FDA. But both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and Eli Lilly do not supply the active ingredients in their drugs to outside groups. The companies say that raises questions about what some manufacturers are selling and marketing to consumers.Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year. The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment. Botta said Sesame initially ""stayed very far away"" from compounded medications because the company felt uncertain about their purity and quality. But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they're effective, they seem to be quite safe. People tend to have a good experience taking them."" Sesame then sent its teams to inspect several 503B compounding pharmacies. ""What we decided to do was work with a compounding pharmacy that certainly meets our bar when it comes to inspecting their processes, their quality, their output,"" Botta said. The compounding pharmacy partnered with Sesame will manufacture prefilled, single-use syringes rather than a single vial of medicine that patients have to measure themselves. Botta said that could help patients ""avoid the risk that comes from overfilling a syringe, over-injecting, taking too much — overdosing on this medication."" To participate in Sesame's new program, patients will have to fill out an intake form and select a health-care provider. They will have a consultation with the provider via video, complete some lab work and receive a prescription if the provider decides it is appropriate. Patients will be able to access ongoing consultations via video chat, as well as a nutrition, fitness and mindfulness content library. The content will not be immediately available upon the launch of the new program Wednesday, but Sesame said it will be live in about two weeks. Anyone who signs up in the interim will automatically get access to it when it is available, the company added. ""There are millions upon millions of Americans who are struggling both with obesity itself and with all of the downstream effects of obesity,"" Botta said. ""Being able to connect patients who otherwise are struggling with the supply shortage is something we think is worth doing.""",CNBC,21/08/2024,"[""Health-care marketplace Sesame on Wednesday announced a new clinical weight loss program that will help eligible consumers access compounded versions of Novo Nordisk's blockbuster obesity drug Wegovy for $249 per month."", 'Sesame allows patients to book and pay for appointments with doctors and specialists directly through its website, so it cuts out middlemen such as insurers.', ""The company said it is adding compounded semaglutide — the active ingredient in Wegovy and Novo Nordisk's diabetes injection Ozempic — to its platform to help users safely access obesity and diabetes treatments at a time when many of the branded drugs are in short supply."", 'Sesame already offers branded weight loss and diabetes drugs through its platform, including through a partnership with Costco.', ""But the company's new program could serve as a more affordable weight loss alternative, as compounded medications are typically cheaper than their branded counterparts."", 'Wegovy and Ozempic both cost roughly $1,000 per month before insurance, and most weight loss programs from competing digital health companies do not include the cost of those medications.', '""We are, based on this drug supply shortage, on behalf of American consumers, making a version of compounded semaglutide available to our users at … [a] very accessible price point,"" Michael Botta, president and co-founder of Sesame, told CNBC in an interview. ""', ""In fact, we think it's probably the most affordable price point the consumer can find on an apples to apples basis."", '""Wegovy and Ozempic are part of a highly popular class of weight loss and diabetes medications called GLP-1s, which mimic certain gut hormones to tamp down a patient\'s appetite and regulate their blood sugar.', 'The treatments have exploded in popularity in recent years, and some analysts predict the industry could generate more than $100 billion in annual revenue by 2030.Supply shortages are one of the biggest hurdles for Novo Nordisk and its main rival, Eli Lilly, since spiking demand can make it difficult for many patients to find the treatments.', 'When brand-name GLP-1 medications are in shortage, certain manufacturers can prepare compounded versions if they meet U.S. Food and Drug Administration requirements.', ""The lowest dose of Wegovy is in short supply, but all other doses of the drug and Ozempic are available, according to the FDA's drug shortage database."", ""Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs, such as not being able to swallow a pill or being allergic to the dye of a certain product."", 'Those compounded drugs can be prescribed, made and dispensed under two sections of the Federal Food, Drug and Cosmetic Act.', 'That law created two classes of compounding pharmacies.', 'The FDA regulates so-called 503B pharmacies, which can make larger batches of medications without individual prescriptions.', 'Meanwhile, 503A compounding pharmacies can create custom medications for individual patients and are largely regulated by states rather than the FDA.But both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and Eli Lilly do not supply the active ingredients in their drugs to outside groups.', 'The companies say that raises questions about what some manufacturers are selling and marketing to consumers.', 'Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.', 'The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment.', 'Botta said Sesame initially ""stayed very far away"" from compounded medications because the company felt uncertain about their purity and quality.', 'But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they\'re effective, they seem to be quite safe.', 'People tend to have a good experience taking them.', '""Sesame then sent its teams to inspect several 503B compounding pharmacies.', '""What we decided to do was work with a compounding pharmacy that certainly meets our bar when it comes to inspecting their processes, their quality, their output,"" Botta said.', 'The compounding pharmacy partnered with Sesame will manufacture prefilled, single-use syringes rather than a single vial of medicine that patients have to measure themselves.', 'Botta said that could help patients ""avoid the risk that comes from overfilling a syringe, over-injecting, taking too much — overdosing on this medication.', '""To participate in Sesame\'s new program, patients will have to fill out an intake form and select a health-care provider.', 'They will have a consultation with the provider via video, complete some lab work and receive a prescription if the provider decides it is appropriate.', 'Patients will be able to access ongoing consultations via video chat, as well as a nutrition, fitness and mindfulness content library.', 'The content will not be immediately available upon the launch of the new program Wednesday, but Sesame said it will be live in about two weeks.', 'Anyone who signs up in the interim will automatically get access to it when it is available, the company added.', '""There are millions upon millions of Americans who are struggling both with obesity itself and with all of the downstream effects of obesity,"" Botta said. ""', 'Being able to connect patients who otherwise are struggling with the supply shortage is something we think is worth doing.""']",0.005803572843723,"But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they're effective, they seem to be quite safe.","Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.",0.4187814430757002,"But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they're effective, they seem to be quite safe.",The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment.,2024-08-20
+Harley-Davidson drops diversity efforts after online pressure,https://www.cnbc.com/2024/08/20/harley-davidson-drops-diversity-efforts-after-online-pressure-.html,2024-08-20T16:52:10+0000,"In this articleHarley-Davidson is dropping some of its diversity, equity and inclusion efforts, according to a statement released Monday on social media site X.The motorcycle company said it has stopped consulting the Human Rights Campaign's metric for treatment of LGBTQ+ employees, and that its sponsorship decisions will now be determined by the company and foundation, which will focus on ""retaining our loyal riding community.""""We do not have a DEI function today,"" and Harley-Davidson has not since April, according to the statement.Harley-Davidson also affirmed its rejection of hiring quotas and ""socially motivated content"" included in training. In the statement, the brand maintained support for first responders, active military members and veterans.The moves come after an online campaign by conservative activist Robby Starbuck, who has taken on similar fights against DEI initiatives at other companies. He posted a list of grievances against Harley-Davidson in July, claiming ""they've gone totally woke."" The company also conducted an internal stakeholder review from earlier this year, according to the statement.""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.Eric Bloem, HRC's vice president of programs and corporate advocacy, called Harley-Davidson's decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.Starbuck praised the move Monday, saying it was ""another win for our movement.""Harley-Davidson's anti-DEI sentiment follows retail chain Tractor Supply's decision in June to eliminate DEI roles, as well as walk back its support for the LGBTQ+ community and commitment to carbon emission goals.Both changes follow a U.S. Supreme Court decision in 2023 to strike down affirmative action in colleges, which experts predicted could have implications for corporate hiring and recruiting. Since then, Starbucks, Disney and Target have faced legal challenges over DEI initiatives for LGBTQ+ customers and employees.",CNBC,20/08/2024,"['In this articleHarley-Davidson is dropping some of its diversity, equity and inclusion efforts, according to a statement released Monday on social media site X.The motorcycle company said it has stopped consulting the Human Rights Campaign\'s metric for treatment of LGBTQ+ employees, and that its sponsorship decisions will now be determined by the company and foundation, which will focus on ""retaining our loyal riding community.', '""""We do not have a DEI function today,"" and Harley-Davidson has not since April, according to the statement.', 'Harley-Davidson also affirmed its rejection of hiring quotas and ""socially motivated content"" included in training.', 'In the statement, the brand maintained support for first responders, active military members and veterans.', 'The moves come after an online campaign by conservative activist Robby Starbuck, who has taken on similar fights against DEI initiatives at other companies.', 'He posted a list of grievances against Harley-Davidson in July, claiming ""they\'ve gone totally woke.""', 'The company also conducted an internal stakeholder review from earlier this year, according to the statement.', '""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.', 'Eric Bloem, HRC\'s vice president of programs and corporate advocacy, called Harley-Davidson\'s decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.', 'Starbuck praised the move Monday, saying it was ""another win for our movement.', '""Harley-Davidson\'s anti-DEI sentiment follows retail chain Tractor Supply\'s decision in June to eliminate DEI roles, as well as walk back its support for the LGBTQ+ community and commitment to carbon emission goals.', 'Both changes follow a U.S. Supreme Court decision in 2023 tostrike down affirmative actionin colleges, which experts predicted could have implications for corporate hiring and recruiting.', 'Since then, Starbucks,DisneyandTarget have faced legal challenges over DEI initiatives for LGBTQ+ customers and employees.']",0.1310425711554404,"Starbuck praised the move Monday, saying it was ""another win for our movement.","""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.",-0.5087488368153572,"Starbuck praised the move Monday, saying it was ""another win for our movement.","Eric Bloem, HRC's vice president of programs and corporate advocacy, called Harley-Davidson's decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.",2024-08-20
+"GM reveals GMC Yukon 'AT4 Ultimate' to expand reach, profits of high-end SUVs",https://www.cnbc.com/2024/08/19/gm-gmc-yukon-at4-suv.html,2024-08-19T15:17:13+0000,"In this articleDETROIT — General Motors is expanding its high-end GMC Yukon lineup to include a new ""AT4 Ultimate"" model as part of updates to the large SUV for the 2025 model year.The new model will slate in between the luxury ""Denali"" and ""Denali Ultimate"" models. The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively. The current AT4 model starts at $73,500.Denali models, now in their 25th year, have become a cash machine for GMC. In recent years, the automaker added ""Ultimate"" and ""AT4"" models, with off-road styling and some unique parts, to further expand the reach and pricing of the high-end models.""We're raising the bar on what our customers expect from GMC's flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.AT4 sales represent about 17% of Yukon's overall sales. That compares with the Denali models at more than 50% of sales for the large SUVs.The new AT4 Ultimate models include a front skid plate and 20-inch wheels with all-terrain tires; four-corner adaptive air suspension that can raise the vehicle up to 2 inches; and other features.The higher-trim models have helped GMC reach an average transaction price of roughly $80,000 for Yukon, according to GM.Aside from the AT4 Ultimate, the 2025 Yukon will get updates including new styling, larger screens, second-row executive seating, and expanded availability of a 3.0-liter diesel engine to assist range and fuel economy compared with gas-powered models.The 2025 GMC Yukon will be produced at GM's Arlington Assembly plant in Texas and is expected to be available by the end of 2024.",CNBC,19/08/2024,"['In this articleDETROIT — General Motors is expanding its high-end GMC Yukon lineup to include a new ""AT4 Ultimate"" model as part of updates to the large SUV for the 2025 model year.', 'The new model will slate in between the luxury ""Denali"" and ""Denali Ultimate"" models.', 'The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively.', 'The current AT4 model starts at $73,500.Denali models, now in their 25th year, have become a cash machine for GMC.', 'In recent years, the automaker added ""Ultimate"" and ""AT4"" models, with off-road styling and some unique parts, to further expand the reach and pricing of the high-end models.', '""We\'re raising the bar on what our customers expect from GMC\'s flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.', ""AT4 sales represent about 17% of Yukon's overall sales."", 'That compares with the Denali models at more than 50% of sales for the large SUVs.', 'The new AT4 Ultimate models include a front skid plate and 20-inch wheels with all-terrain tires; four-corner adaptive air suspension that can raise the vehicle up to 2 inches; and other features.', 'The higher-trim models have helped GMC reach an average transaction price of roughly $80,000 for Yukon, according to GM.Aside from the AT4 Ultimate, the 2025 Yukon will get updates including new styling, larger screens, second-row executive seating, and expanded availability of a 3.0-liter diesel engine to assist range and fuel economy compared with gas-powered models.', ""The 2025 GMC Yukon will be produced at GM's Arlington Assembly plant in Texas and is expected to be available by the end of 2024.""]",0.085922913039373,"The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively.",,0.8957941651344299,"""We're raising the bar on what our customers expect from GMC's flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.",,2024-08-20
+GMC expects to outsell its electric truck competitors as it launches new Sierra pickup,https://www.cnbc.com/2024/08/20/gmc-targets-electric-truck-leadership-against-tesla-ford-rivian.html,2024-08-20T22:13:55+0000,"In this articleMILFORD, Mich. — General Motors' premium GMC brand wants to become the leader in all-electric truck sales for U.S. consumers as it launches its new electric Sierra pickup.The Sierra EV joins electric versions of the Hummer, including an SUV and pickup, in GMC's electric ""truck"" lineup. The automaker is expecting the Sierra will become GMC's top seller for its EV lineup as lower-priced variants become available next year. A roughly $100,000 ""Edition 1"" of the vehicle recently started reaching customers.""We believe this is a totally different proposition than anything that's been launched by anybody else before. So, we're confident about the demand,"" Duncan Aldred, global vice president of GMC, told CNBC at GM's proving grounds in suburban Detroit.GMC did not disclose a timeline for when the brand expects to lead retail electric truck sales. But to do so, it will have to outsell its sibling Chevrolet Silverado EV as well as competitors from Ford Motor, Rivian Automotive and Tesla, which Motor Intelligence reports led such sales with its Cybertruck in the second quarter.Aldred said he believes there will be cross-shopping between the Sierra and Cybertruck, but he doesn't necessarily believe they are primary competitors, despite the vehicles being similarly priced. Citing internal data, he said many Cybertruck buyers already own Teslas, while roughly 80% of GMC's reservation holders for the Sierra previously had non-GMC vehicles.""What we know is about 70% of Cybertruck buyers are Tesla owners,"" he said during a media event. ""So, they're not necessarily truck buyers, they're Tesla buyers.""Automakers such as GM rushed to release all-electric pickup trucks, in part because Tesla planned to build such a vehicle. That led to fears that the U.S. EV leader would dominate the truck market, which is crucial to the Detroit automakers, like it did for electric cars.But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.The all-electric pickup truck market was roughly 38,500 vehicles during the first half of the year, including retail and fleet sales, according to Motor Intelligence. That compares with the more than 1 million traditional or hybrid full-size pickup trucks sold this year through June.Leading all-electric pickup truck sales through June was Ford's F-150 Lightning at 15,645 vehicles, according to Motor Intelligence. It was followed by the Tesla Cybertruck at nearly 11,600 units during that time, including a segment-leading 8,755 during the second quarter, according to the automotive data and analytics firm.GMC's Hummer pickup, which has been slow to ramp up production and sales, was last at less than 1,500 vehicles, including about 1,100 during the second quarter, according to Motor Intelligence.""This is a very infant market. This is just the baby steps. For General Motors to have confidence that they can be a leader in the space is justified in their history with trucks and their understanding of being able to make a transition to electric vehicles,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""The big question now is how quickly consumers [adopt electric trucks], more so than the product attributes.""Including all-electric SUVs from the brands, which some companies such as GM report under truck sales, Rivian is the clear leader through the first half of the year at more than 22,700 R1S SUV and R1T pickups sold. That compares with GMC's Hummer SUV and pickup models, with sales of roughly 4,600 units.  Aldred said GM expects to ramp up production of the Sierra EV — including the AT4 off-road and entry-level Elevation models coming next year — faster than the Hummer models that took years. Denali versions of the vehicle are expected to begin production during the fourth quarter, GM said.The Sierra EV is now GM's third electric pickup, including the Hummer and a new Chevrolet Silverado that began arriving in dealerships in December.The Sierra EV's closest competitor is arguably the Chevy Silverado EV. Both are built on GM's ""Ultium"" vehicle platform and share many parts, features and performance characteristics.The Detroit automaker has differentiated the vehicles through their interior and exterior designs, as well as brand personalities.""Chevrolet really focused on the fleet side. We're really focused on the retail side, same as on [GMC's internal combustion engine] trucks. When you look at it, the EV truck space is a premium space,"" Aldred said.The Silverado currently has a sporty, pricey edition for about $96,500 and a work truck, meant for fleet and commercial customers, that starts at roughly $67,000.The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, standard hands-free highway Super Cruise driving, GMC's ""crab mode"" with four-wheel steering and other features.""General Motors has been good with their differentiation between GMC and Chevrolet,"" S&P Global's Brinley said. ""The GMC Sierra and the Chevrolet Silverado EVs look different enough from each other, and General Motors has worked those two customers very well for decades. They understand what they need to do to make something appeal to a GMC buyer versus a Chevrolet buyer, and that they're very subtly different.""Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque. Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger.A unique feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and large cargo area.The Sierra EV, including the Denali edition, is expected to continue to assist GMC with its pricing power and reputation as a premium truck brand, according to Patrick Finnegan, senior marketing manager for GMC trucks and SUVs.GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.For example, GMC's traditional Sierra pickup truck has an average transaction price of roughly $60,000. That includes the Denali models at about $71,000, and a Denali ""Ultimate"" model at $78,500, according to the company.GM has not released pricing for the electric GMC Sierra Denali, AT4 and Elevation models that will follow the 2,500-unit ""Edition 1"" models. But Aldred did say the Sierra could potentially be eligible for up to $7,500 federal tax credits, which would mean it would have a price of less than $80,000.Denali models have grown from simple tweaks differentiating them from other vehicles to offering their own interiors, parts and features. The vehicles still largely share the same ""bones"" but offer more luxurious features and materials.About 34% of GMC's retail sales are Denali models, GMC said. That's up from 18% a decade ago and 30% in 2019. The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand.""This is going to continue to help protect our space in that premium average transaction price space. It's going to help us open the door to new customers,"" Finnegan said. ""We intend to be the retail leader in the electric vehicle truck space, and we're going to have a fuller breadth of product to really help us achieve that.""",CNBC,20/08/2024,"[""In this articleMILFORD, Mich. — General Motors' premium GMC brand wants to become the leader in all-electric truck sales for U.S. consumers as it launches its new electric Sierra pickup."", 'The Sierra EV joins electric versions of the Hummer, including an SUV and pickup, in GMC\'s electric ""truck"" lineup.', ""The automaker is expecting the Sierra will become GMC's top seller for its EV lineup as lower-priced variants become available next year."", 'A roughly $100,000 ""Edition 1"" of the vehicle recently started reaching customers.', '""We believe this is a totally different proposition than anything that\'s been launched by anybody else before.', 'So, we\'re confident about the demand,"" Duncan Aldred, global vice president of GMC, told CNBC at GM\'s proving grounds in suburban Detroit.', 'GMC did not disclose a timeline for when the brand expects to lead retail electric truck sales.', 'But to do so, it will have to outsell its sibling Chevrolet Silverado EV as well as competitors from Ford Motor, Rivian Automotive and Tesla, which Motor Intelligence reports led such sales with its Cybertruck in the second quarter.', ""Aldred said he believes there will be cross-shopping between the Sierra and Cybertruck, but he doesn't necessarily believe they are primary competitors, despite the vehicles being similarly priced."", ""Citing internal data, he said many Cybertruck buyers already own Teslas, while roughly 80% of GMC's reservation holders for the Sierra previously had non-GMC vehicles."", '""What we know is about 70% of Cybertruck buyers are Tesla owners,"" he said during a media event. ""', ""So, they're not necessarily truck buyers, they're Tesla buyers."", '""Automakers such as GM rushed to release all-electric pickup trucks, in part because Tesla planned to build such a vehicle.', 'That led to fears that the U.S. EV leader would dominate the truck market, which is crucial to the Detroit automakers, like it did for electric cars.', 'But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.', 'The all-electric pickup truck market was roughly 38,500 vehicles during the first half of the year, including retail and fleet sales, according to Motor Intelligence.', 'That compares with the more than 1 million traditional or hybrid full-size pickup trucks sold this year through June.', ""Leading all-electric pickup truck sales through June was Ford's F-150 Lightning at 15,645 vehicles, according to Motor Intelligence."", 'It was followed by the Tesla Cybertruck at nearly 11,600 units during that time, including a segment-leading 8,755 during the second quarter, according to the automotive data and analytics firm.', ""GMC's Hummer pickup, which has been slow to ramp up production and sales, was last at less than 1,500 vehicles, including about 1,100 during the second quarter, according to Motor Intelligence."", '""This is a very infant market.', 'This is just the baby steps.', 'For General Motors to have confidence that they can be a leader in the space is justified in their history with trucks and their understanding of being able to make a transition to electric vehicles,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""', 'The big question now is how quickly consumers [adopt electric trucks], more so than the product attributes.', '""Including all-electric SUVs from the brands, which some companies such as GM report under truck sales, Rivian is the clear leader through the first half of the year at more than 22,700 R1S SUV and R1T pickups sold.', ""That compares with GMC's Hummer SUV and pickup models, with sales of roughly 4,600 units."", 'Aldred said GM expects to ramp up production of the Sierra EV — including the AT4 off-road and entry-level Elevation models coming next year — faster than the Hummer models that took years.', 'Denali versions of the vehicle are expected to begin production during the fourth quarter, GM said.', ""The Sierra EV is now GM's third electric pickup, including the Hummer and a new Chevrolet Silverado that began arriving in dealerships in December."", ""The Sierra EV's closest competitor is arguably the Chevy Silverado EV."", 'Both are built on GM\'s ""Ultium"" vehicle platform and share many parts, features and performance characteristics.', 'The Detroit automaker has differentiated the vehicles through their interior and exterior designs, as well as brand personalities.', '""Chevrolet really focused on the fleet side.', ""We're really focused on the retail side, same as on [GMC's internal combustion engine] trucks."", 'When you look at it, the EV truck space is a premium space,"" Aldred said.', 'The Silverado currently has a sporty, pricey edition for about $96,500 and a work truck, meant for fleet and commercial customers, that starts at roughly $67,000.The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, standard hands-free highway Super Cruise driving, GMC\'s ""crab mode"" with four-wheel steering and other features.', '""General Motors has been good with their differentiation between GMC and Chevrolet,"" S&P Global\'s Brinley said. ""', 'The GMC Sierra and the Chevrolet Silverado EVs look different enough from each other, and General Motors has worked those two customers very well for decades.', ""They understand what they need to do to make something appeal to a GMC buyer versus a Chevrolet buyer, and that they're very subtly different."", '""Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque.', 'Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger.', 'A unique feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and large cargo area.', 'The Sierra EV, including the Denali edition, is expected to continue to assist GMC with its pricing power and reputation as a premium truck brand, according to Patrick Finnegan, senior marketing manager for GMC trucks and SUVs.', 'GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.', ""For example, GMC's traditional Sierra pickup truck has an average transaction price of roughly $60,000."", 'That includes the Denali models at about $71,000, and a Denali ""Ultimate"" model at $78,500, according to the company.', 'GM has not released pricing for the electric GMC Sierra Denali, AT4 and Elevation models that will follow the 2,500-unit ""Edition 1"" models.', 'But Aldred did say the Sierra could potentially be eligible for up to $7,500 federal tax credits, which would mean it would have a price of less than $80,000.Denali models have grown from simple tweaks differentiating them from other vehicles to offering their own interiors, parts and features.', 'The vehicles still largely share the same ""bones"" but offer more luxurious features and materials.', ""About 34% of GMC's retail sales are Denali models, GMC said."", ""That's up from 18% a decade ago and 30% in 2019."", ""The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand."", '""This is going to continue to help protect our space in that premium average transaction price space.', 'It\'s going to help us open the door to new customers,"" Finnegan said. ""', 'We intend to be the retail leader in the electric vehicle truck space, and we\'re going to have a fuller breadth of product to really help us achieve that.""']",0.1916320636657732,"GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.",The Sierra EV's closest competitor is arguably the Chevy Silverado EV.,0.6607641478379568,The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand.,"But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.",2024-08-20
+"UAW president slams Stellantis CEO over job cuts, alleged price gouging",https://www.cnbc.com/2024/08/16/uaw-president-slams-stellantis-ceo.html,2024-08-20T12:31:55+0000,"In this articleDETROIT – United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon, accusing the chief executive of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker.The comments are the latest in an ongoing back-and-forth between the CEO and union leader following contentious collective bargaining talks last year between the UAW and Detroit automakers, including Stellantis.""Something is rotten at Stellantis,"" Fain said to begin the 2:30-minute video posted Friday. ""Sales are down, profits are down, and CEO pay is way, way up. The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers. The problem is this man, Carlos Tavares.""Spokespeople for the union and automaker did not immediately respond for comment regarding the accusations or video.Several of the criticisms, including those around job cuts and Tarvares' pay, aren't new. But Fain's comments Friday took the claims a step further, accusing Tavares of price gouging consumers in the name of profits. He also alleges that Stellantis is not honoring parts of the company's worker contract, citing specifically that Stellantis is halting plans to reopen an assembly plat in Illinois.""Fact, for years, Stellantis has sold fewer cars, but made more in profits. What does that tell you? They're price gouging. Now they've gone too far, and they're tanking their own sales,"" Fain said. ""Fact, Stellantis CEO Carlos Tavares is trying to go back on commitments the company made in our last contract, including putting the brakes on reopening the Belvidere Assembly.""Tavares recently criticized the UAW-Stellantis workforce, noting quality problems at a truck plant in metro Detroit producing the Ram 1500 pickup truck. The company also has announced thousands of layoffs at U.S. plants amid declining sales and product changes.""The direct run rate of some of our plans starting with SHAP, Sterling Heights, is not good,"" Tavares told reporters July 25 while discussing ongoing issues with the company. ""That is something that we need to fix with our plant management team as well with our people.""Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021. It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings. That doesn't include further headcount reductions and layoffs this year.Several executives previously described the cuts to CNBC as grueling to the point of excessiveness. Tavares last month pushed back on the idea that the company's cost-cutting efforts have led to its current problems.Correction: This story has been updated to correct the spelling of Belvidere Assembly Plant.",CNBC,20/08/2024,"[""In this articleDETROIT – United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon, accusing the chief executive of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker."", 'The comments are the latest in an ongoing back-and-forth between the CEO and union leader following contentious collective bargaining talks last year between the UAW and Detroit automakers, including Stellantis.', '""Something is rotten at Stellantis,"" Fain said to begin the 2:30-minute video posted Friday. ""', 'Sales are down, profits are down, and CEO pay is way, way up.', ""The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers."", 'The problem is this man, Carlos Tavares.', '""Spokespeople for the union and automaker did not immediately respond for comment regarding the accusations or video.', ""Several of the criticisms, including those around job cuts and Tarvares' pay, aren't new."", ""But Fain's comments Friday took the claims a step further, accusing Tavares of price gouging consumers in the name of profits."", ""He also alleges that Stellantis is not honoring parts of the company's worker contract, citing specifically that Stellantis is halting plans to reopen an assembly plat in Illinois."", '""Fact, for years, Stellantis has sold fewer cars, but made more in profits.', 'What does that tell you?', ""They're price gouging."", 'Now they\'ve gone too far, and they\'re tanking their own sales,"" Fain said. ""', 'Fact, Stellantis CEO Carlos Tavares is trying to go back on commitments the company made in our last contract, including putting the brakes on reopening the Belvidere Assembly.', '""Tavares recently criticized the UAW-Stellantis workforce, noting quality problems at a truck plant in metro Detroit producing the Ram 1500 pickup truck.', 'The company also has announced thousands of layoffs at U.S. plants amid declining sales and product changes.', '""The direct run rate of some of our plans starting with SHAP, Sterling Heights, is not good,"" Tavares told reporters July 25 while discussing ongoing issues with the company. ""', 'That is something that we need to fix with our plant management team as well with our people.', '""Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France\'s PSA Groupe in January 2021.', 'It\'s part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company\'s supply chain and operations as well as headcount reductions for both salaried and hourly workers.', 'Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings.', ""That doesn't include further headcount reductions and layoffs this year."", 'Several executives previouslydescribed the cuts to CNBCas grueling to the point of excessiveness.', ""Tavares last month pushed back on the idea that the company's cost-cutting efforts have led to its current problems."", 'Correction: This story has been updated to correct the spelling of Belvidere Assembly Plant.']",-0.118473860371526,"It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.","The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers.",-0.4370242357254028,"It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.","Sales are down, profits are down, and CEO pay is way, way up.",2024-08-20
+"Shein sues Temu over copyright infringement, alleges rival loses money on every sale",https://www.cnbc.com/2024/08/20/shein-sues-temu-over-copyright-infringement-trade-secret-theft.html,2024-08-21T12:20:27+0000,"Chinese-linked fast-fashion giant Shein is suing rival Temu, alleging the retailer stole its designs and built an empire using counterfeiting, intellectual property infringement and fraud. The suit, filed Monday in Washington, D.C., federal court, comes as Shein itself fends off similar allegations from a wide variety of brands and independent artists, including Levi Strauss and H&M. In its complaint, Shein alleges that Temu, owned by PDD Holdings, is ""masquerading"" as a legitimate online marketplace because it encourages its sellers to steal other brands' designs and then prevents them from removing products from the platform, even after they have admitted to infringement.""Temu draws U.S. consumers into downloading and using its mobile application with promises of extremely low pricing. But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said. ""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.In response, a Temu spokesperson said Shein's ""audacity is unbelievable.""""SHEIN, buried under its own mountain of IP lawsuits, has the nerve to fabricate accusations against others for the very misconduct they're repeatedly sued for,"" the spokesperson said.The dueling e-tailers have taken the retail industry by storm with their ultra low-priced products and their ability to respond to trends far faster than their legacy competitors. Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs. As the two jockey for market share, they have taken to the courts to accuse each other of a series of scandalous allegations. Last year, Temu sued Shein over copyright concerns and allegations that it uses ""mafia-style intimidation of suppliers"" to bully them into exclusivity agreements. In Shein's complaint, the company accused Temu of ""brazen"" illicit behavior. It said at least one of Temu's employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete. ""Armed with this stolen information, Temu then directed its sellers to copy those and other best-selling Shein products and sell knock-off versions on Temu's website and mobile application,"" the complaint said. ""Temu is no garden-variety infringer,"" the suit said. ""In order to advertise the counterfeit versions of Shein products, Temu has reproduced virtually identical copyrighted images of Shein products and used them, or instructed sellers to use them, as promotional images on the Temu website and mobile application.""The company goes as far as to say that Temu has falsely pretended to be Shein on social media site X in an effort to ""misdirect customers away from the Shein platform to the Temu platform."" The complaint includes a screenshot of a Temu-sponsored Google ad that shows Shein in the headline, but Temu as the web address. ""To further deceive consumers, Temu has instructed its paid social media influencers to falsely claim that Temu products which are often counterfeits of Shein products are cheaper and of higher quality than genuine Shein goods,"" the complaint said. ""Temu has gone to great lengths to imitate Shein, including by poaching resources, employees, and suppliers from Shein."" Shein's 80-page complaint includes more than a dozen examples of clothes and designs that Temu allegedly ripped off. It has asked the court to rule in its favor and enter an order that would prohibit Temu from using Shein's confidential information, among other requests.",CNBC,21/08/2024,"['Chinese-linked fast-fashion giant Shein is suing rival Temu, alleging the retailer stole its designs and built an empire using counterfeiting, intellectual property infringement and fraud.', 'The suit, filed Monday in Washington, D.C., federal court, comes as Shein itself fends off similar allegations from a wide variety of brands and independent artists, including Levi Strauss and H&M.In its complaint, Shein alleges that Temu, owned by PDD Holdings, is ""masquerading"" as a legitimate online marketplace because it encourages its sellers to steal other brands\' designs and then prevents them from removing products from the platform, even after they have admitted to infringement.', '""Temu draws U.S. consumers into downloading and using its mobile application with promises of extremely low pricing.', 'But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said.', '""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.', 'In response, a Temu spokesperson said Shein\'s ""audacity is unbelievable.', '""""SHEIN, buried under its own mountain of IP lawsuits, has the nerve to fabricate accusations against others for the very misconduct they\'re repeatedly sued for,"" the spokesperson said.', 'The dueling e-tailers have taken the retail industry by storm with their ultra low-priced products and their ability to respond to trends far faster than their legacy competitors.', ""Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs."", 'As the two jockey for market share, they have taken to the courts to accuse each other of a series of scandalous allegations.', 'Last year, Temu sued Shein over copyright concerns and allegations that it uses ""mafia-style intimidation of suppliers"" to bully them into exclusivity agreements.', 'In Shein\'s complaint, the company accused Temu of ""brazen"" illicit behavior.', 'It said at least one of Temu\'s employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete.', '""Armed with this stolen information, Temu then directed its sellers to copy those and other best-selling Shein products and sell knock-off versions on Temu\'s website and mobile application,"" the complaint said.', '""Temu is no garden-variety infringer,"" the suit said. ""', 'In order to advertise the counterfeit versions of Shein products, Temu has reproduced virtually identical copyrighted images of Shein products and used them, or instructed sellers to use them, as promotional images on the Temu website and mobile application.', '""The company goes as far as to say that Temu has falsely pretended to be Shein on social media site X in an effort to ""misdirect customers away from the Shein platform to the Temu platform.', '""The complaint includes a screenshot of a Temu-sponsored Google ad that shows Shein in the headline, but Temu as the web address.', '""To further deceive consumers, Temu has instructed its paid social media influencers to falsely claim that Temu products which are often counterfeits of Shein products are cheaper and of higher quality than genuine Shein goods,"" the complaint said. ""', 'Temu has gone to great lengths to imitate Shein, including by poaching resources, employees, and suppliers from Shein.', '""Shein\'s 80-page complaint includes more than a dozen examples of clothes and designs that Temu allegedly ripped off.', ""It has asked the court to rule in its favor and enter an order that would prohibit Temu from using Shein's confidential information, among other requests.""]",-0.1420864331575691,"It said at least one of Temu's employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete.","But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said.",-0.1114418268203735,"""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.","Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs.",2024-08-20
+"T.J. Maxx owner raises full-year guidance, posts 5.6% sales gain for the most recent quarter",https://www.cnbc.com/2024/08/21/tjx-companies-tjx-earnings-q2-2025.html,2024-08-21T19:31:45+0000,"In this articleTJX Cos. raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve. Shares of TJX rose nearly 6% in afternoon trading.Here's how the discounter did for the fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier. Sales rose to $13.47 billion, up from $12.76 billion a year earlier.Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing.The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million. The privately held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release.""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""The Company's ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""Europe has been more challenging for TJX, especially the U.K., according to CEO Ernie Herrman.""We were a little disappointed in our Europe business,"" Herrman said in the earnings conference call. ""A decent size of that is our own execution.""Nonetheless, Herrman said TJX is on the right path forward.During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said. That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores. During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount. HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.TJX also benefited from operational improvements and lower freight costs, though those were partially offset by higher supply chain costs, according to CFO John Klinger.As Marmaxx gains momentum, Klinger said the company has ""opportunities to keep growing our largest division.""In the current quarter, performance is already ""off to a strong start,"" said Herrman.""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons. We marked a milestone for our Company in the second quarter by opening our 5,000th store,"" said Herrman. ""Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday's close, TJX's stock is up about about 21% year to date. The shares reached a new high in May after the company reported strong quarterly earnings.The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes.""Consumers will keep seeking value,"" said Herrman.In May, Herrman said the company is winning in part because it's ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.In Wednesday's earnings call, Herrman said TJX is attracting an ""outsized number"" of younger customers.Some analysts say the nature of TJX's business model means it does well in any economic environment. In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher-income shoppers come to its stores looking for deals on the branded clothes they're accustomed to.Even as consumers face rising prices at places like the grocery store, Herrman and Klinger said TJX's average selling prices have been ""pretty consistent.""""If you look at our merchandise market, the story is becoming more about the buying better, and not just the retails,"" Herrman said.However, a sharp downturn in consumer spending, which some analysts have warned may be ahead, could impact the company regardless of its value offering.",CNBC,21/08/2024,"['In this articleTJX Cos.', ""raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations."", ""The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve."", 'Shares of TJX rose nearly 6% in afternoon trading.', ""Here's how the discounter did for the fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier."", 'Sales rose to $13.47 billion, up from $12.76 billion a year earlier.', ""Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing."", 'The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million.', ""The privately held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release."", '""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""', 'The Company\'s ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""Europe has been more challenging for TJX, especially the U.K., according to CEO Ernie Herrman.', '""We were a little disappointed in our Europe business,"" Herrman said in the earnings conference call. ""', 'A decent size of that is our own execution.', '""Nonetheless, Herrman said TJX is on the right path forward.', 'During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said.', 'That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.', ""The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores."", 'During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount.', 'HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.', 'TJX also benefited from operational improvements and lower freight costs, though those were partially offset by higher supply chain costs, according to CFO John Klinger.', 'As Marmaxx gains momentum, Klinger said the company has ""opportunities to keep growing our largest division.', '""In the current quarter, performance is already ""off to a strong start,"" said Herrman.', '""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.', 'We marked a milestone for our Company in the second quarter by opening our 5,000thstore,"" said Herrman. ""', 'Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday\'s close, TJX\'s stock is up about about 21% year to date.', 'The shares reached a new high in May after the company reported strong quarterly earnings.', ""The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes."", '""Consumers will keep seeking value,"" said Herrman.', 'In May, Herrman said the company is winning in part because it\'s ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.', 'In Wednesday\'s earnings call, Herrman said TJX is attracting an ""outsized number"" of younger customers.', ""Some analysts say the nature of TJX's business model means it does well in any economic environment."", ""In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher-income shoppers come to its stores looking for deals on the branded clothes they're accustomed to."", 'Even as consumers face rising prices at places like the grocery store, Herrman and Klinger said TJX\'s average selling prices have been ""pretty consistent.', '""""If you look at our merchandise market, the story is becoming more about the buying better, and not just the retails,"" Herrman said.', 'However, a sharp downturn in consumer spending, which some analysts have warned may be ahead, could impact the company regardless of its value offering.']",0.3146543423582668,"""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.","The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve.",0.7327762484550476,"During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said.","raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.",2024-08-20
+"Alaska Airlines and Hawaiian Airlines merger clears Justice Department hurdle, now faces DOT",https://www.cnbc.com/2024/08/20/alaska-airlines-hawaiian-airlines-merger.html,2024-08-20T16:22:44+0000,"In this articleAlaska Airlines said its plan to acquire Hawaiian Airlines has cleared the U.S. Justice Department after the period for antitrust regulators to finish an investigation of the deal ended without a lawsuit to block the transaction, eight months after the two carriers announced a $1.9 billion agreement to combine.The two airlines now have to win approval from the U.S. Transportation Department before the deal closes. It wasn't immediately clear how long that process will take.The combination would become the biggest U.S. airline merger since Alaska combined with Virgin America in 2016, according to Mergermarket.""The time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the [Hart-Scott-Rodino Antitrust Improvements] Act has expired,"" Alaska Airlines said in a statement. ""This is a significant milestone in the process to join our airlines.""The development comes after the DOJ won a court ruling in January that blocked JetBlue Airways' acquisition of Spirit Airlines. Last year, the DOJ won another suit that undid a partnership in the Northeast between JetBlue and American Airlines.Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including the Maui wildfires, increased competition from Southwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.Hawaiian has posted net losses in all but one quarter since the start of 2020, but executives have recently said booking trends are improving. Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement. The stock has nearly doubled over the past year, while rivals' shares have dropped.The two airlines said in December when they announced the deal that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet covering over 130 destinations.The Transportation Department said Tuesday it ""is reviewing the application and can only approve a transfer if it is in the public interest.""The Justice Department didn't immediately comment.Correction: Hawaiian's stock has nearly doubled over the past year, while rivals' shares have dropped. An earlier version misstated the time period.",CNBC,20/08/2024,"['In this articleAlaska Airlines said its plan to acquire Hawaiian Airlines has cleared the U.S. Justice Department after the period for antitrust regulators to finish an investigation of the deal ended without a lawsuit to block the transaction, eight months after the two carriers announced a $1.9 billion agreement to combine.', 'The two airlines now have to win approval from the U.S. Transportation Department before the deal closes.', ""It wasn't immediately clear how long that process will take."", 'The combination would become the biggest U.S. airline merger since Alaska combined with Virgin America in 2016, according to Mergermarket.', '""The time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the [Hart-Scott-Rodino Antitrust Improvements] Act has expired,"" Alaska Airlines said in a statement. ""', 'This is a significant milestone in the process to join our airlines.', '""The development comes after the DOJ won a court ruling in January that blocked JetBlue Airways\' acquisition of Spirit Airlines.', 'Last year, the DOJ won another suit that undid a partnership in the Northeast between JetBlue and American Airlines.', 'Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including theMaui wildfires, increased competition fromSouthwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.', 'Hawaiian has posted net losses in all but one quarter since the start of 2020, but executives have recently said booking trends are improving.', ""Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement."", ""The stock has nearly doubled over the past year, while rivals' shares have dropped."", ""The two airlines said in December when they announced the deal that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet covering over 130 destinations."", 'The Transportation Department said Tuesday it ""is reviewing the application and can only approve a transfer if it is in the public interest.', '""The Justice Department didn\'t immediately comment.', ""Correction: Hawaiian's stock has nearly doubled over the past year, while rivals' shares have dropped."", 'An earlier version misstated the time period.']",0.3964704643276605,The two airlines now have to win approval from the U.S. Transportation Department before the deal closes.,,0.5233165754212273,Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement.,"Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including theMaui wildfires, increased competition fromSouthwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.",2024-08-20
+McDonald's to spend £1bn on 200 new UK and Ireland restaurants,https://www.bbc.co.uk/news/articles/cn8751455xzo,2024-08-21T15:49:28.689Z,"McDonald's plans to open over 200 restaurants across the UK and Ireland over the next four years in a £1bn expansion drive. ""Drive to"" restaurants - with a car park, a small seating area, and no drive-through - and ""other smaller formats"" will be tested as part of the new offer. The move would increase the fast-food chain's UK and Ireland footprint by over a tenth to 1,700 sites. One retail expert said the company is doubling own on more ""stable"" markets as boycotts arising in response to the Israel-Gaza conflict continue to dent sales. Alistair Macrow, McDonald’s UK and Ireland boss, said the plans show its ""ongoing commitment"" to growth and job creation in the two countries.  Over 24,000 jobs would be created by the expansion, McDonald's said. The company also said there would be a ""renewed focus"" on High Street restaurants. Retail real estate expert Jonathan DeMello told the BBC rent on High Street units has ""come down significantly post-covid"" due to a swathe of restaurants going bust. ""A huge amount of restaurant space has come back to the market,"" he said. He also predicted McDonald's would target retail parks outside of London and other towns and cities in south-east England, although he said demand has driven up rents in those locations. As well as taking advantage of cheaper rents, Mr DeMello said McDonald's might also be responding to falling interest rates and a recovering economy. ""We've had a cost of living crisis... But people are eating fast food,"" he said. According to data from Meaningful Vision, which tracks the sector, fast-food promotions have surged by a third on last year. Experts say McDonald's and its competitors are trying to tempt thrifty customers with cheap offers - a move criticised by health experts. Danni Hewson, AJ Bell's head of financial analysis, said ""getting customers back through the doors"" is a big priority for the chain. ""Opening new stores at a time when sales are down might seem counterintuitive,"" she said. ""But if it can get the offer right and be in the right spot when people are taking their lunch breaks, it should be a recipe for growth."" Mr DeMello said the company's focus on the UK and Ireland in particular is also likely driven by the perceived ""stability"" of those markets at a time when overseas conflict has hit sales. The company pulled out of Russia after its invasion of Ukraine, while boycotts in the Middle East and other countries over its perceived support of Israel's campaign in Gaza have also impacted sales. It is also still dealing from the fallout of a BBC investigation of more than 100 allegations from current and recent McDonald's staff over a culture of sexual abuse and harassment, with young female staff in particular complaining about routine groping. McDonald's said at the time it had launched a probe into the claims and was ""determined"" to root out behaviour that falls below the high standards it expects of staff. ",BBC,21/08/2024,"['McDonald\'s plans to open over 200 restaurants across the UK and Ireland over the next four years in a £1bn expansion drive. ""', 'Drive to"" restaurants - with a car park, a small seating area, and no drive-through - and ""other smaller formats"" will be tested as part of the new offer.', ""The move would increase the fast-food chain's UK and Ireland footprint by over a tenth to 1,700 sites."", 'One retail expert said the company is doubling own on more ""stable"" markets as boycotts arising in response to the Israel-Gaza conflict continue to dent sales.', 'Alistair Macrow, McDonald’s UK and Ireland boss, said the plans show its ""ongoing commitment"" to growth and job creation in the two countries.', ""Over 24,000 jobs would be created by the expansion, McDonald's said."", 'The company also said there would be a ""renewed focus"" on High Street restaurants.', 'Retail real estate expert Jonathan DeMello told the BBC rent on High Street units has ""come down significantly post-covid"" due to a swathe of restaurants going bust. ""', 'A huge amount of restaurant space has come back to the market,"" he said.', ""He also predicted McDonald's would target retail parks outside of London and other towns and cities in south-east England, although he said demand has driven up rents in those locations."", 'As well as taking advantage of cheaper rents, Mr DeMello said McDonald\'s might also be responding to falling interest rates and a recovering economy. ""', 'We\'ve had a cost of living crisis... But people are eating fast food,"" he said.', 'According to data from Meaningful Vision, which tracks the sector, fast-food promotions have surged by a third on last year.', ""Experts say McDonald's and its competitors are trying to tempt thrifty customers with cheap offers - a move criticised by health experts."", 'Danni Hewson, AJ Bell\'s head of financial analysis, said ""getting customers back through the doors"" is a big priority for the chain. ""', 'Opening new stores at a time when sales are down might seem counterintuitive,"" she said. ""', 'But if it can get the offer right and be in the right spot when people are taking their lunch breaks, it should be a recipe for growth.""', 'Mr DeMello said the company\'s focus on the UK and Ireland in particular is also likely driven by the perceived ""stability"" of those markets at a time when overseas conflict has hit sales.', ""The company pulled out of Russia after its invasion of Ukraine, while boycotts in the Middle East and other countries over its perceived support of Israel's campaign in Gaza have also impacted sales."", ""It is also still dealing from the fallout of a BBC investigation of more than 100 allegations from current and recent McDonald's staff over a culture of sexual abuse and harassment, with young female staff in particular complaining about routine groping."", 'McDonald\'s said at the time it had launched a probe into the claims and was ""determined"" to root out behaviour that falls below the high standards it expects of staff.']",0.0552304267924055,"Alistair Macrow, McDonald’s UK and Ireland boss, said the plans show its ""ongoing commitment"" to growth and job creation in the two countries.","It is also still dealing from the fallout of a BBC investigation of more than 100 allegations from current and recent McDonald's staff over a culture of sexual abuse and harassment, with young female staff in particular complaining about routine groping.",0.3009956734521048,"According to data from Meaningful Vision, which tracks the sector, fast-food promotions have surged by a third on last year.","Retail real estate expert Jonathan DeMello told the BBC rent on High Street units has ""come down significantly post-covid"" due to a swathe of restaurants going bust. """,2024-08-20
+Waitrose to open 100 new convenience shops,https://www.bbc.co.uk/news/articles/cd6yngde8v1o,2024-08-21T11:30:07.357Z,"Waitrose has announced plans to open 100 new convenience shops over the next five years. The supermarket said the new stores would be opened across England, Wales and Scotland but said it could not share the exact locations of all of them. Waitrose confirmed the move towards convenience shops was in response to changing consumer habits and demand, with the first new store confirmed for Hampton Hill in London later this year. The company, which is part of the John Lewis partnership, currently has about 45 Little Waitrose stores, which are largely located in the south of England. ""We know the opportunity is there yet we have currently only circa 45 little Waitrose convenience shops,"" said a Waitrose spokesperson. The supermarket said it planned to invest £1bn on its expansion plans and to improve its existing 329 stores, some of which are part of motorway services and petrol stations. Clive Black, an analyst at Shore Capital, said the general shift of supermarkets focusing on convenience stores could be due to planning permission constraints and affordability. ""Such stores are easier to gain planning permission with greater site availability than traditional, larger, supermarkets whilst they are also cheaper and quicker to develop,"" he said. Waitrose is not alone in its plan to focus on smaller stores, Asda previously revealed plans to open 300 convenience stores by 2026. Eleanor Simpson-Gould, senior retail analyst at GlobalData, said ""traditional"" supermarkets were ramping up investment in smaller stores in response to ""gains"" made by the discounters such as Aldi and Lidl. ""Convenience stores enable grocers to enter new locations with smaller investment costs than large format stores,"" she said. ""Consumer habits are changing, and expediency drives this demand for smaller stores."" GlobalData predicts that online shopping will see a 6% increase in sales in 2024. ""This demand can be supported by smaller format stores, providing a base for rapid-delivery capabilities to expand,"" Ms Simpson-Gould added. ",BBC,21/08/2024,"['Waitrose has announced plans to open 100 new convenience shops over the next five years.', 'The supermarket said the new stores would be opened across England, Wales and Scotland but said it could not share the exact locations of all of them.', 'Waitrose confirmed the move towards convenience shops was in response to changing consumer habits and demand, with the first new store confirmed for Hampton Hill in London later this year.', 'The company, which is part of the John Lewis partnership, currently has about 45 Little Waitrose stores, which are largely located in the south of England. ""', 'We know the opportunity is there yet we have currently only circa 45 little Waitrose convenience shops,"" said a Waitrose spokesperson.', 'The supermarket said it planned to invest £1bn on its expansion plans and to improve its existing 329 stores, some of which are part of motorway services and petrol stations.', 'Clive Black, an analyst at Shore Capital, said the general shift of supermarkets focusing on convenience stores could be due to planning permission constraints and affordability. ""', 'Such stores are easier to gain planning permission with greater site availability than traditional, larger, supermarkets whilst they are also cheaper and quicker to develop,"" he said.', 'Waitrose is not alone in its plan to focus on smaller stores, Asda previously revealed plans to open 300 convenience stores by 2026.', 'Eleanor Simpson-Gould, senior retail analyst at GlobalData, said ""traditional"" supermarkets were ramping up investment in smaller stores in response to ""gains"" made by the discounters such as Aldi and Lidl. ""', 'Convenience stores enable grocers to enter new locations with smaller investment costs than large format stores,"" she said. ""', 'Consumer habits are changing, and expediency drives this demand for smaller stores.""', 'GlobalData predicts that online shopping will see a 6% increase in sales in 2024. ""', 'This demand can be supported by smaller format stores, providing a base for rapid-delivery capabilities to expand,"" Ms Simpson-Gould added.']",0.1735871431348549,"Such stores are easier to gain planning permission with greater site availability than traditional, larger, supermarkets whilst they are also cheaper and quicker to develop,"" he said.","The supermarket said the new stores would be opened across England, Wales and Scotland but said it could not share the exact locations of all of them.",0.9978993790490288,"GlobalData predicts that online shopping will see a 6% increase in sales in 2024. """,,2024-08-20
+"Judge temporarily blocks sports streaming service Venu, siding with Fubo on antitrust concerns",https://www.cnbc.com/2024/08/16/judge-temporarily-blocks-sports-streaming-service-venu-ruling-in-favor-of-fubo-tv-on-antitrust-concerns.html,2024-08-16T21:08:49+0000,"In this articleA U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the National Football League season. The companies had planned to launch their service by that date.Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business. Fubo's stock gained 16% Friday on the news of the injunction.""Today's ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.Warner Bros. Discovery, Fox and Disney's ESPN announced the formation of the joint venture streaming service in February. Soon after, Fubo filed an antitrust lawsuit against the venture.On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices. In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass.; Sen. Bernie Sanders, I-Vt.; and Rep. Joaquin Castro, D-Texas, sent a letter pushing to scrutinize Venu.""We respectfully disagree with the court's ruling and are appealing it,"" Warner Bros. Discovery, Fox and Disney's ESPN said in a joint statement on Friday.""We believe that Fubo's arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction. Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.""Earlier this month, Venu announced pricing of $42.99 per month.The service would offer the complete suite of live sports rights owned by the parent companies, which includes the National Basketball Association, National Hockey League, Major League Baseball, college football and basketball, among others. Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.The expensive price point is common when it comes to streaming live sports so it doesn't shake up any carriage agreements with traditional pay TV distributors.In court documents, U.S. Judge Margaret Garnett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.""There is significant evidence in the record that the true figures may be even larger,"" Garnett said in court papers.""This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming. But together, they are dominant,"" Garnett said in her decision.Outside of these companies, Paramount Global's CBS and Comcast's NBC are the other largest holders of U.S. sports rights. Streaming services, such as Amazon's Prime Video, have also begun offering live sports exclusively.Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle. Meanwhile, companies such as Fubo — a streaming option of the bundle — have seen their prices rise due to the high programming costs related to the networks they carry.The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.A multiday hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar's Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses.During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would ""terminate"" Venu, Front Office Sports reported.""This ruling is a major victory for consumers and competition in the video marketplace,"" Jeff Blum, executive vice president of external and government affairs at EchoStar, said in a statement.""We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,"" DirecTV said in a statement Friday.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.",CNBC,16/08/2024,"['In this articleA U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.', 'The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the National Football League season.', 'The companies had planned to launch their service by that date.', 'Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business.', ""Fubo's stock gained 16% Friday on the news of the injunction."", '""Today\'s ruling is a victory not only for Fubo but also for consumers.', 'This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.', ""Warner Bros. Discovery, Fox and Disney's ESPN announced the formation of the joint venture streaming service in February."", 'Soon after, Fubo filed an antitrust lawsuit against the venture.', 'On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices.', 'In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass.; Sen. Bernie Sanders, I-Vt.;', 'and Rep. Joaquin Castro, D-Texas, sent a letter pushing to scrutinize Venu.', '""We respectfully disagree with the court\'s ruling and are appealing it,"" Warner Bros. Discovery, Fox and Disney\'s ESPN said in a joint statement on Friday.', '""We believe that Fubo\'s arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction.', 'Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.', '""Earlier this month, Venu announced pricing of $42.99 per month.', 'The service would offer the complete suite of live sports rights owned by the parent companies, which includes the National Basketball Association, National Hockey League, Major League Baseball, college football and basketball, among others.', ""Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.The expensive price point is common when it comes to streaming live sports so it doesn't shake up any carriage agreements with traditional pay TV distributors."", 'In court documents, U.S. Judge Margaret Garnett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.', '""There is significant evidence in the record that the true figures may be even larger,"" Garnett said in court papers.', '""This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming.', 'But together, they are dominant,"" Garnett said in her decision.', ""Outside of these companies, Paramount Global's CBS and Comcast's NBC are the other largest holders of U.S. sports rights."", ""Streaming services, such as Amazon's Prime Video, have also begun offering live sports exclusively."", 'Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle.', 'Meanwhile, companies such as Fubo — a streaming option of the bundle — have seen their prices rise due to the high programming costs related to the networks they carry.', 'The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.', ""But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies."", ""A multiday hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar's Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses."", 'During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would ""terminate"" Venu, Front Office Sports reported.', '""This ruling is a major victory for consumers and competition in the video marketplace,"" Jeff Blum, executive vice president of external and government affairs at EchoStar, said in a statement.', '""We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,"" DirecTV said in a statement Friday.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.']",0.0271076714137857,"This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.","But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.",0.019161398921694,Fubo's stock gained 16% Friday on the news of the injunction.,Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle.,2024-08-20
+Lowe's cuts full-year outlook as it expects weaker home improvement sales,https://www.cnbc.com/2024/08/20/lowes-low-q2-2024-earnings.html,2024-08-20T14:05:20+0000,"In this articleLowe's on Tuesday cut its full-year forecast, as the retailer's quarterly sales declined and it projected weak home improvement spending in the second half of the year.The company said it now projects total sales of between $82.7 billion and $83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected. It said it expects comparable sales to fall by 3.5% to 4%, compared with its prior forecast of a decline of 2% to 3%. It anticipates adjusted earnings per share will be about $11.70 to $11.90, compared with the prior outlook of between $12 and $12.30.In an interview with CNBC, CEO Marvin Ellison said consumers are waiting for the Federal Reserve to cut interest rates. He added shoppers also under pressure from the economic backdrop.""Inflation remains high,"" he said. ""And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.""Fed Chair Jerome Powell has signaled a rate cut could come as soon as September, but Ellison said it's difficult to predict how soon home improvement activity would gain momentum again after that.About 90% of Lowe's customers are homeowners and most have a fixed 30-year mortgage rate of less than 4%, he said. That explains customers' hesitance to get a new mortgage or take out a loan for a major home project with higher interest rate, he added.He said Lowe's has not seen ""a dramatic shift one way or another in overall consumer sentiment,"" but is waiting for housing turnover to go up.Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 2, Lowe's net income fell to $2.38 billion, or $4.17 per share, compared with $2.67 billion, or $4.56 per share, in the year-ago period.Lowe's got a $43 million pretax gain from the sale of its Canadian retail business in 2022, which lifted its earnings in the second quarter. That boosted the company's earnings per share in the period by 7 cents. Excluding the gain, the company earned $4.10 per share.Net sales dropped from $24.96 billion in the prior year. Lowe's posted a year-over-year sales decline for the sixth straight quarter.Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.Those declines were partially offset by growth in Lowe's online business and sales to home professionals, such as contractors and electricians. For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.About 25% of Lowe's sales come from pros compared with about half of Home Depot's sales. Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program. Ellison said that effort has paid off, with pros now ""the strongest segment of our overall business.""Lowe's shared its quarterly results and outlook at a time when investors and economists are watching consumer spending particularly closely. Recent economic data and corporate earnings have given mixed indications about American households' financial health, as the Federal Reserve weighs a much-awaited rate cut.Jobs growth in July came in much lower than expected. Yet on the other hand, Walmart's CFO, John David Rainey, told CNBC that the largest U.S. retailer does not ""see any additional fraying of consumer health."" Goldman Sachs also cut the odds of a recession to 20%.For home improvement retailers, the strain may be greater because of higher mortgage rates and elevated costs for borrowing. Lowe's rival, Home Depot, last week beat Wall Street's quarterly expectations for earnings and revenue. Yet the company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.""In an interview with CNBC, Home Depot CFO Richard McPhail said customers are not only putting off projects because of higher interest rates. He said they also have ""a sense of greater uncertainty in the economy,"" even though most of Home Depot's customers own homes and have seen sharp property value gains.Ellison told CNBC that the medium- and long-term outlook for the home improvement industry is bright. He said U.S. housing stock is aging, more millennials are forming households and Baby Boomers are choosing to adapt their current homes rather than move as they get older — all factors that will boost the segment.""We're just waiting for that inflection to happen, and when it happens, we believe that we're in a great position to take [market] share,"" he said.Shares of Lowe's closed Monday at $243.21. As of Monday's close, the company's stock is up about 9% year to date, trailing behind the nearly 18% gains of the S&P 500.Clarification: This story has been updated to clarify that the percentages for Lowe's stock and the S&P 500 are for the year to date.",CNBC,20/08/2024,"[""In this articleLowe's on Tuesday cut its full-year forecast, as the retailer's quarterly sales declined and it projected weak home improvement spending in the second half of the year."", 'The company said it now projects total sales of between $82.7 billionand$83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected.', 'It said it expects comparable sales to fall by 3.5% to 4%, compared with its prior forecast of a decline of 2% to 3%.', 'It anticipates adjusted earnings per share will be about $11.70to$11.90,compared with the prior outlook of between $12 and$12.30.In an interview with CNBC, CEO Marvin Ellison said consumers are waiting for the Federal Reserve to cut interest rates.', 'He added shoppers also under pressure from the economic backdrop.', '""Inflation remains high,"" he said. ""', 'And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.', '""Fed Chair Jerome Powell has signaled a rate cut could come as soon as September, but Ellison said it\'s difficult to predict how soon home improvement activity would gain momentum again after that.', ""About 90% of Lowe's customers are homeowners and most have a fixed 30-year mortgage rate of less than 4%, he said."", ""That explains customers' hesitance to get a new mortgage or take out a loan for a major home project with higher interest rate, he added."", 'He said Lowe\'s has not seen ""a dramatic shift one way or another in overall consumer sentiment,"" but is waiting for housing turnover to go up.', ""Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 2, Lowe's net income fell to $2.38 billion, or $4.17 per share, compared with $2.67 billion, or $4.56 per share, in the year-ago period."", ""Lowe's got a $43 million pretax gain from the sale of its Canadian retail business in 2022, which lifted its earnings in the second quarter."", ""That boosted the company's earnings per share in the period by 7 cents."", 'Excluding the gain, the company earned $4.10 per share.', 'Net sales dropped from $24.96 billion in the prior year.', ""Lowe's posted a year-over-year sales decline for the sixth straight quarter."", 'Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.', ""Those declines were partially offset by growth in Lowe's online business and sales to home professionals, such as contractors and electricians."", 'For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.', ""About 25% of Lowe's sales come from pros compared with about half of Home Depot's sales."", ""Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program."", 'Ellison said that effort has paid off, with pros now ""the strongest segment of our overall business.', '""Lowe\'s shared its quarterly results and outlook at a time when investors and economists are watching consumer spending particularly closely.', ""Recent economic data and corporate earnings have given mixed indications about American households' financial health, as the Federal Reserve weighs a much-awaited rate cut."", 'Jobs growth in July came in much lower than expected.', 'Yet on the other hand, Walmart\'s CFO, John David Rainey, told CNBC that the largest U.S. retailer does not ""see any additional fraying of consumer health.""', 'Goldman Sachs also cut the odds of a recession to 20%.For home improvement retailers, the strain may be greater because of higher mortgage rates and elevated costs for borrowing.', ""Lowe's rival, Home Depot, last week beat Wall Street's quarterly expectations for earnings and revenue."", 'Yetthe company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.', '""In an interview with CNBC, Home Depot CFO Richard McPhail said customers are not only putting off projects because of higher interest rates.', 'He said they alsohave ""a sense of greater uncertainty in the economy,""even thoughmost of Home Depot\'s customersownhomes andhave seen sharp property value gains.', 'Ellison told CNBC that the medium- and long-term outlook for the home improvement industry is bright.', 'He said U.S. housing stock is aging, more millennials are forming households and Baby Boomers are choosing to adapt their current homes rather than move as they get older — all factors that will boost the segment.', '""We\'re just waiting for that inflection to happen, and when it happens, we believe that we\'re in a great position to take [market] share,"" he said.', ""Shares of Lowe's closed Monday at $243.21."", ""As of Monday's close, the company's stock is up about 9% year to date, trailing behind the nearly 18% gains of the S&P 500.Clarification: This story has been updated to clarify that the percentages for Lowe's stock and the S&P 500 are for the year to date.""]",0.2783190261243994,"Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program.","Yetthe company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.",0.0182513613253831,"For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.","Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.",2024-08-20
+"How much money is the UK government borrowing, and does it matter?",https://www.bbc.co.uk/news/business-50504151,2019-11-21T15:27:10.000Z,"The government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.  The government gets most of its income from taxes. For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits. It could, in theory, cover all of its spending from taxes, and in some years that happens. But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing. Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages. Lower profits also mean companies pay less tax. So, governments often borrow to boost the economy. They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy. The government borrows money by selling financial products called bonds. A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments over the bond's lifetime.  UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid. Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.  The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"". The amount the government borrows varies from month to month.  For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.  So it is more helpful to look at the whole year, or the year-to-date. In the last financial year, to March 2024, the government borrowed £122.1bn. The most recent monthly figures show that borrowing was £3.1bn in July, an increase of £1.8bn on the same month last year. The total amount the government owes is called the national debt. It is currently about £2.7 trillion. That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP. That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.  The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level. But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies. The larger the national debt gets, the more interest the government has to pay.  That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates. The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023. Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation. When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing. If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.  Some economists fear the government is borrowing too much, at too great a cost. Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run. With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.  It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.  But the OBR has previously warned that public debt could soar as the population ages and tax income falls. In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.  In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year. Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated. The deficit is the gap between the government's income and the amount it spends. When a government spends less than its income, it has what is known as a surplus.  Debt is the total amount of money owed by the government that has built up over years.  It rises when there is a deficit, and falls in those years when there is a surplus.   ",BBC,21/11/2019,"['The government generally spends more than it raises in tax.', 'To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.', 'The government gets most of its income from taxes.', 'For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits.', 'It could, in theory, cover all of its spending from taxes, and in some years that happens.', ""But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing."", 'Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages.', 'Lower profits also mean companies pay less tax.', 'So, governments often borrow to boost the economy.', 'They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy.', 'The government borrows money by selling financial products called bonds.', 'A bond is a promise to pay money in the future.', ""Most require the borrower to make regular interest payments over the bond's lifetime."", 'UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid.', 'Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.', 'The Bank of England has also bought hundreds of billions of pounds\' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".', 'The amount the government borrows varies from month to month.', 'For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.', 'So it is more helpful to look at the whole year, or the year-to-date.', 'In the last financial year, to March 2024, the government borrowed £122.1bn.', 'The most recent monthly figures show that borrowing was £3.1bn in July, an increase of £1.8bn on the same month last year.', 'The total amount the government owes is called the national debt.', 'It is currently about £2.7 trillion.', 'That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP.', 'That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.', ""The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level."", 'But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies.', 'The larger the national debt gets, the more interest the government has to pay.', 'That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates.', 'The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023.', 'Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation.', 'When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing.', 'If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.', 'Some economists fear the government is borrowing too much, at too great a cost.', 'Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run.', 'With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.', 'It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.', 'But the OBR has previously warned that public debt could soar as the population ages and tax income falls.', 'In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.', 'In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year.', 'Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated.', ""The deficit is the gap between the government's income and the amount it spends."", 'When a government spends less than its income, it has what is known as a surplus.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit, and falls in those years when there is a surplus.']",-0.0217727246550876,"The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".",The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level.,0.1522367907607037,"The most recent monthly figures show that borrowing was £3.1bn in July, an increase of £1.8bn on the same month last year.",But the OBR has previously warned that public debt could soar as the population ages and tax income falls.,2024-08-20
+Disney's 'Deadpool & Wolverine' becomes the highest-grossing R-rated film of all time,https://www.cnbc.com/2024/08/16/deadpool-wolverine-is-the-highest-grossing-r-rated-film-of-all-time.html,2024-08-16T18:35:22+0000,"In this articleThe trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with ""Deadpool & Wolverine.""As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.' ""Joker.""With $516.8 million in domestic ticket sales and $568.8 million from international audiences, ""Deadpool & Wolverine"" has exceeded $1.085 billion globally. Of note, a sequel to ""Joker"" arrives in theaters this October.The feat not only showcases the Marvel Cinematic Universe's durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers.""The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel,"" said Shawn Robbins, founder and owner of Box Office Theory. ""It's important to remember that the rating was organic and necessary for the characters. That's helped audiences and fans respond so favorably. They knew going in that this wouldn't be a watered-down translation of a formula which has already proven itself.""The previous Deadpool films were produced through 20th Century Fox and held R-ratings as well. When the Merc with a Mouth transitioned to Disney's ownership in 2019, it was unclear if the company would embrace his fourth wall-breaking crudeness or leave him on the shelf while producing other Marvel projects.So when Marvel head Kevin Feige revealed in 2021 that a third Deadpool feature would retain its R-rating, there was a collective sigh of relief from the MCU fan community. Additionally, Marvel gave Reynolds and Levy leeway to poke fun at company executives, the franchise as a whole and even use the iconic ""Frozen"" line, ""Do you want to build a snowman?"" to make a drug reference.""Disney will probably be very selective in deciding what future films they're comfortable with distributing under the more mature rating because they still have to consider their enormous family audience, as does Marvel, but this at least offers a blueprint of how and when it's appropriate to do so,"" Robbins said.""Deadpool & Wolverine"" arrived in theaters late July on the back of a string of hits and misses from one of Disney's most bulletproof franchises. The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.Now there is renewed confidence in the MCU, especially as Marvel used San Diego Comic-Con and Disney's biannual D23 Expo to tout its upcoming slate of features and share exclusive footage.Going forward, the studio appears to be limiting the number of series it is producing for its streaming platform, Disney+, and keeping its focus on the big screen. Previously, Marvel had produced nearly a dozen shows for the streaming platform, flooding the market and estranging some fans.Marvel has six theatrical titles coming in the next three years and three television series set for release in 2025 — ""Agatha All Along,"" ""Ironheart"" and ""Daredevil: Born Again.""Both Comic Con and D23 audiences cheered the announcements to Marvel's slate, a sign that interest has not waned for the superhero genre. That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.",CNBC,16/08/2024,"['In this articleThe trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with ""Deadpool & Wolverine.', '""As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.\' ""Joker.', '""With $516.8 million in domestic ticket sales and $568.8 million from international audiences, ""Deadpool & Wolverine"" has exceeded $1.085 billion globally.', 'Of note, a sequel to ""Joker"" arrives in theaters this October.', ""The feat not only showcases the Marvel Cinematic Universe's durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers."", '""The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel,"" said Shawn Robbins, founder and owner of Box Office Theory. ""', ""It's important to remember that the rating was organic and necessary for the characters."", ""That's helped audiences and fans respond so favorably."", ""They knew going in that this wouldn't be a watered-down translation of a formula which has already proven itself."", '""The previous Deadpool films were produced through 20th Century Fox and held R-ratings as well.', ""When the Merc with a Mouth transitioned to Disney's ownership in 2019, it was unclear if the company would embrace his fourth wall-breaking crudeness or leave him on the shelf while producing other Marvel projects."", 'So when Marvel head Kevin Feige revealed in 2021 that a third Deadpool feature would retain its R-rating, there was a collective sigh of relief from the MCU fan community.', 'Additionally, Marvel gave Reynolds and Levy leeway to poke fun at company executives, the franchise as a whole and even use the iconic ""Frozen"" line, ""Do you want to build a snowman?""', 'to make a drug reference.', '""Disney will probably be very selective in deciding what future films they\'re comfortable with distributing under the more mature rating because they still have to consider their enormous family audience, as does Marvel, but this at least offers a blueprint of how and when it\'s appropriate to do so,"" Robbins said.', '""Deadpool & Wolverine"" arrived in theaters late July on the back of a string of hits and misses from one of Disney\'s most bulletproof franchises.', 'The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.', ""Now there is renewed confidence in the MCU, especially as Marvel used San Diego Comic-Con and Disney's biannual D23 Expo to tout its upcoming slate of features and share exclusive footage."", 'Going forward, the studio appears to be limiting the number of series it is producing for its streaming platform, Disney+, and keeping its focus on the big screen.', 'Previously, Marvel had produced nearly a dozen shows for the streaming platform, flooding the market and estranging some fans.', 'Marvel has six theatrical titles coming in the next three years and three television series set for release in 2025 — ""Agatha All Along,"" ""Ironheart"" and ""Daredevil: Born Again.', '""Both Comic Con and D23 audiences cheered the announcements to Marvel\'s slate, a sign that interest has not waned for the superhero genre.', 'That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.']",0.3380992557401993,"""Both Comic Con and D23 audiences cheered the announcements to Marvel's slate, a sign that interest has not waned for the superhero genre.","The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.",0.6377383904023604,"That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.","The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.",2024-08-20
+Ford scales back EV plans citing price pressures,https://www.bbc.co.uk/news/articles/cevj21kjv1wo,2024-08-21T15:08:44.086Z,"Ford is shaking up its strategy for electric vehicles (EVs), scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck. Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"". The move comes as growth in demand for electric cars has faltered, leading to price wars and other pressures.  Ford said the new timetable would allow it to take advantage of technological advances in batteries and other areas that are expected to lower costs and expand how far the cars can go without charging.  Overall, the Michigan carmaker said changes would reduce the share of annual capital expenditures dedicated to ""pure"" electric vehicles from 40% to 30%. They are expected to cost about $1.9bn (£1.5bn) in write-downs and new spending. Chief executive Jim Farley said the firm had ""learned a lot"" from its efforts and had built a new plan that would give customers choice and ""play to our strengths"".  Just a few years ago, Ford outlined plans for an aggressive push to electric vehicles, with hopes to produce some two million a year by 2026. It launched an electric version of its best-selling F-150 pickup truck in 2022 to great fanfare.  But Ford, like others in the industry including rival General Motors, had already said it would scale back its investments and ambitions, spooked by signs of weaker than expected consumer demand and preference for hybrids, which use a combination of fossil fuels and battery power.  Though sales of electric cars in the US have picked up again in recent months,  competition has kept pressure on carmakers.  Ford reported last month it had sold more than 50,000 electric cars since the start of the year, up more than 60%.  But its electric business also lost nearly $2.5bn. Ford said it was moving some battery production to the US from Poland, as part of its strategy to lower costs. The move will allow the firm to access government incentives from the Inflation Reduction Act.  ""An affordable electric vehicle starts with an affordable battery,” Mr Farley said. “If you are not competitive on battery cost, you are not competitive."" Ford had initially expected to begin production of its next electric pickup truck next year at a new factory in Tennessee. That launch has been postponed until 2027, it said. Ford will also offer a hybrid version of its large, three-row SUV, instead of an all electric, battery-powered model as planned.  It said it was focusing its all-electric efforts on a van for business customers, with assembly starting in Ohio in 2026. ",BBC,21/08/2024,"['Ford is shaking up its strategy for electric vehicles (EVs), scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck.', 'Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"".', 'The move comes as growth in demand for electric cars has faltered, leading to price wars and other pressures.', 'Ford said the new timetable would allow it to take advantage of technological advances in batteries and other areas that are expected to lower costs and expand how far the cars can go without charging.', 'Overall, the Michigan carmaker said changes would reduce the share of annual capital expenditures dedicated to ""pure"" electric vehicles from 40% to 30%.', 'They are expected to cost about $1.9bn (£1.5bn) in write-downs and new spending.', 'Chief executive Jim Farley said the firm had ""learned a lot"" from its efforts and had built a new plan that would give customers choice and ""play to our strengths"".', 'Just a few years ago, Ford outlined plans for an aggressive push to electric vehicles, with hopes to produce some two million a year by 2026.', 'It launched an electric version of its best-selling F-150 pickup truck in 2022 to great fanfare.', 'But Ford, like others in the industry including rival General Motors, had already said it would scale back its investments and ambitions, spooked by signs of weaker than expected consumer demand and preference for hybrids, which use a combination of fossil fuels and battery power.', 'Though sales of electric cars in the US have picked up again in recent months, competition has kept pressure on carmakers.', 'Ford reported last month it had sold more than 50,000 electric cars since the start of the year, up more than 60%.', 'But its electric business also lost nearly $2.5bn.', 'Ford said it was moving some battery production to the US from Poland, as part of its strategy to lower costs.', 'The move will allow the firm to access government incentives from the Inflation Reduction Act. ""', 'An affordable electric vehicle starts with an affordable battery,” Mr Farley said. “', 'If you are not competitive on battery cost, you are not competitive.""', 'Ford had initially expected to begin production of its next electric pickup truck next year at a new factory in Tennessee.', 'That launch has been postponed until 2027, it said.', 'Ford will also offer a hybrid version of its large, three-row SUV, instead of an all electric, battery-powered model as planned.', 'It said it was focusing its all-electric efforts on a van for business customers, with assembly starting in Ohio in 2026.']",0.0317231800619106,It launched an electric version of its best-selling F-150 pickup truck in 2022 to great fanfare.,"The move comes as growth in demand for electric cars has faltered, leading to price wars and other pressures.",0.2293413189741281,"Ford reported last month it had sold more than 50,000 electric cars since the start of the year, up more than 60%.","The move comes as growth in demand for electric cars has faltered, leading to price wars and other pressures.",2024-08-20
+Red-hot rents for homes start to cool as tenants struggle,https://www.bbc.co.uk/news/articles/cj627rr3wk9o,2024-08-20T23:02:24.309Z,"The ""red-hot"" rental market is starting to cool, exclusive data provided to the BBC reveals, but tenants say they are still caught in a price trap. The cost for renters who move home and take on a new tenancy has risen at its slowest rate for nearly three years, according to property portal Zoopla. But it is still going up, and 17 prospective tenants on average are chasing every available home. The picture also varies considerably in different areas. One couple in Birmingham said they felt ""defeated, isolated, panicky and angry"". ""It’s hard to stay motivated at work when it feels like all of the hard work that you do is just to keep your head above water,"" said Mike Buller, who is aged in his 40s and lives with his wife Lisa. Rent rises for new lets - people moving home to take on a new tenancy - have slowed in the UK's second largest city but - as in the vast majority of areas - are still going up.  The couple, who are trying to save to buy their own home, said only a big drop in rents would have a noticeable impact.  The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings. The data does not include those people who are renewing a rental agreement in existing properties.   The 5.7% increase in UK rents in the year to the end of June was the slowest rise recorded since September 2021, the data suggests. The cost went up by only 1.6% in the first six months of this year - again the slowest rise during any half year for three years. ""We have moved from a red-hot market over the last couple of years, to one which is still hot, but cooling,"" said Richard Donnell, executive director at Zoopla. Despite the slowdown, renting is still 20% more expensive than a couple of years ago, he said, forcing some tenants to share with other tenants or lower their expectations.   Less intense competition is partly behind the slowdown. Last year, about 30 to 35 tenants were chasing every available property. That has dropped to 17, according to Zoopla figures, but that is still two or three times the level of competition seen before the pandemic. Various lettings agencies have also reported shorter queues to view. A number of factors are at play when it comes to falling demand, with students and graduates among the key drivers. A drop in student numbers, partly those from overseas, has lowered competition in some areas. Meanwhile, some graduates - spooked by the costs involved - have moved back into the family home. ""About 80% of my friends finished university and went straight home to live with their parents,"" said Monty Savage, who shares a flat with his cousin in Nottingham. He graduated last year, has a job, and after he has paid his rent of £1,100 a month, relies on his parents to help financially with other bills. Separate research from estate agency Savills suggests parental support continues into homeownership. Its analysis of industry data found that 57% of first-time buyers - a total of 164,000 - had family assistance in buying their first home with a mortgage in 2023. That was the highest proportion for 11 years. Renters moving home in Monty's home city of Nottingham saw prices actually falling slightly in the first half of the year compared with the same period in 2023, according to the Zoopla study.  The cost of rents in Brighton, London and Glasgow also dipped. Mr Donnell said local markets differed, with some seeing more investment in rental property, and some having ""overshot"" with rising rents. That meant they had to fall to become affordable for prospective local tenants. On the flipside, some first-time buyers had seen mortgage rates fall sufficiently to be able to stop renting and buy a home. In Derby, despite the proximity to Nottingham, rents are increasing. Imogen Pearson said the intensity of competition had been ridiculous. She said she had lost out on some properties because people paid a deposit before even going to a viewing. ""I would understand that in somewhere like London or Manchester, but not in the suburbs of Derby,"" she said. ""The more money you spend, the longer you have to rent."" Ultimately, the number of properties available to rent has failed to grow since 2016, according to Mr Donnell, while demand has risen - hence the rising costs for tenants. Despite a 39% fall in rental demand in the past year, he said the situation would only become more affordable for those on low incomes or reliant on benefits when more homes become available. In the meantime, people have to hunt around, work out what they can afford and where, and talk to local agents with knowledge about what is available. Zoopla bases its figures on its listings data, which covers about 80% of homes listed for let. Agents say there are some simple ways to make it easier to secure a rental property, including: There are more tips here and help on your renting rights here. ",BBC,20/08/2024,"['The ""red-hot"" rental market is starting to cool, exclusive data provided to the BBC reveals, but tenants say they are still caught in a price trap.', 'The cost for renters who move home and take on a new tenancy has risen at its slowest rate for nearly three years, according to property portal Zoopla.', 'But it is still going up, and 17 prospective tenants on average are chasing every available home.', 'The picture also varies considerably in different areas.', 'One couple in Birmingham said they felt ""defeated, isolated, panicky and angry"". ""', 'It’s hard to stay motivated at work when it feels like all of the hard work that you do is just to keep your head above water,"" said Mike Buller, who is aged in his 40s and lives with his wife Lisa.', ""Rent rises for new lets - people moving home to take on a new tenancy - have slowed in the UK's second largest city but - as in the vast majority of areas - are still going up."", 'The couple, who are trying to save to buy their own home, said only a big drop in rents would have a noticeable impact.', 'The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings.', 'The data does not include those people who are renewing a rental agreement in existing properties.', 'The 5.7% increase in UK rents in the year to the end of June was the slowest rise recorded since September 2021, the data suggests.', 'The cost went up by only 1.6% in the first six months of this year - again the slowest rise during any half year for three years. ""', 'We have moved from a red-hot market over the last couple of years, to one which is still hot, but cooling,"" said Richard Donnell, executive director at Zoopla.', 'Despite the slowdown, renting is still 20% more expensive than a couple of years ago, he said, forcing some tenants to share with other tenants or lower their expectations.', 'Less intense competition is partly behind the slowdown.', 'Last year, about 30 to 35 tenants were chasing every available property.', 'That has dropped to 17, according to Zoopla figures, but that is still two or three times the level of competition seen before the pandemic.', 'Various lettings agencies have also reported shorter queues to view.', 'A number of factors are at play when it comes to falling demand, with students and graduates among the key drivers.', 'A drop in student numbers, partly those from overseas, has lowered competition in some areas.', 'Meanwhile, some graduates - spooked by the costs involved - have moved back into the family home. ""', 'About 80% of my friends finished university and went straight home to live with their parents,"" said Monty Savage, who shares a flat with his cousin in Nottingham.', 'He graduated last year, has a job, and after he has paid his rent of £1,100 a month, relies on his parents to help financially with other bills.', 'Separate research from estate agency Savills suggests parental support continues into homeownership.', 'Its analysis of industry data found that 57% of first-time buyers - a total of 164,000 - had family assistance in buying their first home with a mortgage in 2023.', 'That was the highest proportion for 11 years.', ""Renters moving home in Monty's home city of Nottingham saw prices actually falling slightly in the first half of the year compared with the same period in 2023, according to the Zoopla study."", 'The cost of rents in Brighton, London and Glasgow also dipped.', 'Mr Donnell said local markets differed, with some seeing more investment in rental property, and some having ""overshot"" with rising rents.', 'That meant they had to fall to become affordable for prospective local tenants.', 'On the flipside, some first-time buyers had seen mortgage rates fall sufficiently to be able to stop renting and buy a home.', 'In Derby, despite the proximity to Nottingham, rents are increasing.', 'Imogen Pearson said the intensity of competition had been ridiculous.', 'She said she had lost out on some properties because people paid a deposit before even going to a viewing. ""', 'I would understand that in somewhere like London or Manchester, but not in the suburbs of Derby,"" she said. ""', 'The more money you spend, the longer you have to rent.""', 'Ultimately, the number of properties available to rent has failed to grow since 2016, according to Mr Donnell, while demand has risen - hence the rising costs for tenants.', 'Despite a 39% fall in rental demand in the past year, he said the situation would only become more affordable for those on low incomes or reliant on benefits when more homes become available.', 'In the meantime, people have to hunt around, work out what they can afford and where, and talk to local agents with knowledge about what is available.', 'Zoopla bases its figures on its listings data, which covers about 80% of homes listed for let.', 'Agents say there are some simple ways to make it easier to secure a rental property, including: There are more tips here and help on your renting rights here.']",0.0430138188063649,"Agents say there are some simple ways to make it easier to secure a rental property, including: There are more tips here and help on your renting rights here.","One couple in Birmingham said they felt ""defeated, isolated, panicky and angry"". """,0.1136905528031862,"The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings.","A drop in student numbers, partly those from overseas, has lowered competition in some areas.",2024-08-20
+"Ford upgrades Lincoln Navigator to include spa mode, 48-inch display for videos and gaming",https://www.cnbc.com/2024/08/15/ford-2025-lincoln-navigator-spa-mode-48-inch-display-for-gaming.html,2024-08-16T14:46:10+0000,"In this articleFord Motor is updating its Lincoln Navigator to include a 48-inch front display that can be used as a ""sanctuary"" for spa lovers and gamers alike.The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.The ""sanctuary"" mode is part of the ""Lincoln Rejuvenate"" feature, which is meant to create a calming environment for the driver. Once initiated when parked, the driver's seat automatically slides backward, reclines, warms slightly and makes massaging motions.The mode — in five- or 10-minute increments — also changes the vehicle's climate, releases refreshing scents and plays relaxing videos and sounds such as a waterfall. Scent choices are mystic forest, ozonic azure and violet cashmere.The vehicle comes preloaded with a ""waterfall meditation"" experience in partnership with meditation and sleep app company Calm; two other themes — ""aurora borealis"" and ""elements"" — are included with purchase.""Navigator is the flagship of the Lincoln brand and represents our ultimate expression of sanctuary,"" Craig said.The large, horizontal screen and rejuvenate modes initially debuted on the 2024 Lincoln Nautilus, but the Navigator's bigger interior allowed for further enhancements.If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked. Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque. It also comes standard with the BlueCruise advanced driver-assistance system, which allows for hands-free driving on highways.Ford said pricing for the 2025 Navigator will start under $100,000, but more detailed pricing will be released closer to the vehicle going on sale in spring 2025. The starting pricing for current models ranges from $83,000 to more than $114,000.The Navigator's current average transaction price is more than $101,300, according to Lincoln.Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time.The redesigned Navigator was revealed in connection to Monterey Car Week and the Pebble Beach Concours d'Elegance car show in California.",CNBC,16/08/2024,"['In this articleFord Motor is updating its Lincoln Navigator to include a 48-inch front display that can be used as a ""sanctuary"" for spa lovers and gamers alike.', 'The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.', 'The ""sanctuary"" mode is part of the ""Lincoln Rejuvenate"" feature, which is meant to create a calming environment for the driver.', ""Once initiated when parked, the driver's seat automatically slides backward, reclines, warms slightly and makes massaging motions."", ""The mode — in five- or 10-minute increments — also changes the vehicle's climate, releases refreshing scents and plays relaxing videos and sounds such as a waterfall."", 'Scent choices are mystic forest, ozonic azure and violet cashmere.', 'The vehicle comes preloaded with a ""waterfall meditation"" experience in partnership with meditation and sleep app company Calm; two other themes — ""aurora borealis"" and ""elements"" — are included with purchase.', '""Navigator is the flagship of the Lincoln brand and represents our ultimate expression of sanctuary,"" Craig said.', ""The large, horizontal screen and rejuvenate modes initially debuted on the 2024 Lincoln Nautilus, but the Navigator's bigger interior allowed for further enhancements."", 'If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked.', 'Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque.', 'It also comes standard with the BlueCruise advanced driver-assistance system, which allows for hands-free driving on highways.', 'Ford said pricing for the 2025 Navigator will start under $100,000, but more detailed pricing will be released closer to the vehicle going on sale in spring 2025.', ""The starting pricing for current models ranges from $83,000 to more than $114,000.The Navigator's current average transaction price is more than $101,300, according to Lincoln."", ""Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time."", ""The redesigned Navigator was revealed in connection to Monterey Car Week and the Pebble Beach Concours d'Elegance car show in California.""]",0.2051268193359368,"If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked.","Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque.",0.0636908710002899,"Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time.","The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.",2024-08-20
+Target CEO addresses 'price gouging' accusations in retail,https://www.cnbc.com/2024/08/21/target-ceo-brian-cornell-weighs-in-on-price-gouging.html,2024-08-21T14:32:59+0000,"In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday.In an interview on CNBC's ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices. He said retailers have to be responsive to customers or risk losing business.He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging. Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.""We're in a penny business,"" Cornell responded, noting the small profit margins in the retail industry. He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance. It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%. Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target. A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers' concerns by lowering prices. It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales. Others, such as McDonald's, have debuted value meals.So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.On an earnings call with investors, he said some brands ""are still talking about cost increases, and we're fighting back on that aggressively because we think prices need to come down.""",CNBC,21/08/2024,"[""In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday."", 'In an interview on CNBC\'s ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices.', 'He said retailers have to be responsive to customers or risk losing business.', ""He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging."", 'Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.', '""We\'re in a penny business,"" Cornell responded, noting the small profit margins in the retail industry.', 'He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.', ""Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance."", 'It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%.', ""Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target."", ""A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending."", 'Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers\' concerns by lowering prices.', 'It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales.', ""Others, such as McDonald's, have debuted value meals."", ""So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago."", 'Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.', 'On an earnings call with investors, he said some brands ""are still talking about cost increases, and we\'re fighting back on that aggressively because we think prices need to come down.""']",-0.1228633347866972,"He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging.","Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.",0.0781544230201027,"So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.","A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.",2024-08-20
+Eli Lilly's weight loss drug slashes the risk of developing diabetes in long-term trial,https://www.cnbc.com/2024/08/20/eli-lilly-weight-loss-drug-cuts-risk-of-developing-diabetes-in-trial.html,2024-08-20T20:31:25+0000,"In this articleEli Lilly's highly popular weight loss drug reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes compared with a placebo, according to initial results from a long-term study released Tuesday. The late-stage trial on tirzepatide, the active ingredient in the company's weight loss injection Zepbound and diabetes drug Mounjaro, also found that patients experienced sustained weight loss over the roughly three-year treatment period. Adults on the highest weekly dose of the drug saw a 22.9% decrease in body weight on average after 176 weeks, compared with 2.1% for those who received a placebo. Shares of the pharmaceutical giant gained 3% on Tuesday.The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes. More than 1 in 3 Americans have prediabetes, according to the latest government data, which health experts say can be reversed with lifestyle changes such as diet and exercise. People who are overweight or have obesity are at a higher risk for prediabetes. The new data also shows the potential long-term health benefits of taking a buzzy class of obesity and diabetes medications called GLP-1s, which mimic hormones produced in the gut to tamp down appetite and regulate blood sugar. As Eli Lilly's Zepbound and Mounjaro and injections from rival Novo Nordisk have skyrocketed in popularity over the last two years, the companies have raced to study other clinical uses for their drugs.The results are ""another reminder of the huge investment which Lilly has made to prove not only do you lose weight but when you do on this medicine, it converts to health benefits. This is our fourth study this year that does such a thing,"" Eli Lilly CEO David Ricks told CNBC in an interview, adding that tirzepatide has shown promise as a treatment for heart failure, sleep apnea and fatty liver disease in three other clinical trials.Eli Lilly tested tirzepatide in more than 1,000 adults over 176 weeks in the phase three trial, followed by a 17-week period where patients stopped treatment. It is the longest completed study on the drug to date, according to the company. The drugmaker will submit the latest results to a peer-reviewed journal and present them at an upcoming medical conference in November. Eli Lilly published 72-week weight loss results on a larger group of patients from the same trial, called SUMOUNT-1, back in 2022. Patients in the trial who stopped taking tirzepatide during the 17 weeks began to regain weight and saw an increase in progression to diabetes. But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.""On the drug, we can keep healthy body weight down for three years and ward off diabetes,"" Ricks told CNBC. ""When you come of the drug, a percentage of people do begin to gain weight and then…begin the advance again toward diabetes."" Still, Ricks noted that patients don't ""snap all the way back as if they were never on the drug.""The safety data on tirzepatide during the trial was consistent with previous studies on the drug, according to Eli Lilly. The most common side effects were gastrointestinal, such as diarrhea, nausea, constipation and vomiting, and were generally mild to moderate in severity.Eli Lilly's Zepbound works by imitating two naturally produced gut hormones called GLP-1 and GIP. GLP helps reduce food intake and appetite. GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.",CNBC,20/08/2024,"[""In this articleEli Lilly's highly popular weight loss drug reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes compared with a placebo, according to initial results from a long-term study released Tuesday."", ""The late-stage trial on tirzepatide, the active ingredient in the company's weight loss injection Zepbound and diabetes drug Mounjaro, also found that patients experienced sustained weight loss over the roughly three-year treatment period."", 'Adults on the highest weekly dose of the drug saw a 22.9% decrease in body weight on average after 176 weeks, compared with 2.1% for those who received a placebo.', 'Shares of the pharmaceutical giant gained 3% on Tuesday.', ""The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes."", 'More than 1 in 3 Americans have prediabetes, according to the latest government data, which health experts say can be reversed with lifestyle changes such as diet and exercise.', 'People who are overweight or have obesity are at a higher risk for prediabetes.', 'The new data also shows the potential long-term health benefits of taking a buzzy class of obesity and diabetes medications called GLP-1s, which mimic hormones produced in the gut to tamp down appetite and regulate blood sugar.', ""As Eli Lilly's Zepbound and Mounjaro and injections from rival Novo Nordisk have skyrocketed in popularity over the last two years, the companies have raced to study other clinical uses for their drugs."", 'The results are ""another reminder of the huge investment which Lilly has made to prove not only do you lose weight but when you do on this medicine, it converts to health benefits.', 'This is our fourth study this year that does such a thing,"" Eli Lilly CEO David Ricks told CNBC in an interview, adding that tirzepatide has shown promise as a treatment for heart failure, sleep apnea and fatty liver disease in three other clinical trials.', 'Eli Lilly tested tirzepatide in more than 1,000 adults over 176 weeks in the phase three trial, followed by a 17-week period where patients stopped treatment.', 'It is the longest completed study on the drug to date, according to the company.', 'The drugmaker will submit the latest results to a peer-reviewed journal and present them at an upcoming medical conference in November.', 'Eli Lilly published 72-week weight loss results on a larger group of patients from the same trial, called SUMOUNT-1, back in 2022.Patients in the trial who stopped taking tirzepatide during the 17 weeks began to regain weight and saw an increase in progression to diabetes.', 'But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.', '""On the drug, we can keep healthy body weight down for three years and ward off diabetes,"" Ricks told CNBC. ""', 'When you come of the drug, a percentage of people do begin to gain weight and then…begin the advance again toward diabetes.', '""Still, Ricks noted that patients don\'t ""snap all the way back as if they were never on the drug.', '""The safety data on tirzepatide during the trial was consistent with previous studies on the drug, according to Eli Lilly.', 'The most common side effects were gastrointestinal, such as diarrhea, nausea, constipation and vomiting, and were generally mild to moderate in severity.', ""Eli Lilly's Zepbound works by imitating two naturally produced gut hormones called GLP-1 and GIP.GLP helps reduce food intake and appetite."", 'GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.']",0.0574816336995719,Shares of the pharmaceutical giant gained 3% on Tuesday.,"But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.",0.8422815845562861,Shares of the pharmaceutical giant gained 3% on Tuesday.,"The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes.",2024-08-20
+"GM lays off more than 1,000 salaried software and services employees",https://www.cnbc.com/2024/08/19/gm-lays-off-more-than-1000-salaried-software-and-services-employees.html,2024-08-19T15:28:43+0000,"In this articleDETROIT — General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit's operations, CNBC has learned.The layoffs, including roughly 600 jobs at GM's tech campus near Detroit, come less than six months after leadership changes overseeing the operations, including former Apple executive Mike Abbott leaving the automaker after less than a year in March due to health reasons.""As we build GM's future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""As a result, we're reducing certain teams within the Software and Services organization. We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.""GM declined to disclose the full number of layoffs, but a source familiar with the matter, who declined to be named because the information is private, confirmed more than 1,000 salaried employees would be laid off, including 600 in Warren, Michigan. Impacted employees were notified Monday morning.The layoffs represent about 1.3% of the company's global salaried workforce of 76,000 as of the end of last year. That included about 53,000 U.S. salaried employees.The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles.Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.The software and services division covers a wide variety of areas for the automaker, including infotainment, its OnStar brand, and emerging areas such as subscriptions and other vehicle features and development.Two GM executives — Baris Cetinok and Dave Richardson — succeeded Abbott, who was named GM's first executive vice president of software in May 2023. They are based at GM's Mountain View Technical Center in California.Cetinok, a veteran software executive, serves as senior vice president of software and services product management, program management, and design. He oversees the teams responsible for GM's software roadmap design and the process for software program development, launch and improvements. Richardson, GM senior vice president of software and services engineering, leads software engineering, including areas like embedded platforms, digital products, commercial solutions and advanced driver-assistance systems such as GM's Super Cruise.",CNBC,19/08/2024,"[""In this articleDETROIT — General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit's operations, CNBC has learned."", ""The layoffs, including roughly 600 jobs at GM's tech campus near Detroit, come less than six months after leadership changes overseeing the operations, including former Apple executive Mike Abbott leaving the automaker after less than a year in March due to health reasons."", '""As we build GM\'s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""', ""As a result, we're reducing certain teams within the Software and Services organization."", 'We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.', '""GM declined to disclose the full number of layoffs, but a source familiar with the matter, who declined to be named because the information is private, confirmed more than 1,000 salaried employees would be laid off, including 600 in Warren, Michigan.', 'Impacted employees were notified Monday morning.', ""The layoffs represent about 1.3% of the company's global salaried workforce of 76,000 as of the end of last year."", 'That included about 53,000 U.S. salaried employees.', ""The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles."", 'Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.', 'The software and services division covers a wide variety of areas for the automaker, including infotainment, its OnStar brand, and emerging areas such as subscriptions and other vehicle features and development.', ""Two GM executives — Baris Cetinok and Dave Richardson — succeeded Abbott, who was named GM's first executive vice president of software in May 2023."", ""They are based at GM's Mountain View Technical Center in California."", 'Cetinok, a veteran software executive, serves as senior vice president of software and services product management, program management, and design.', ""He oversees the teams responsible for GM's software roadmap design and the process for software program development, launch and improvements."", ""Richardson, GM senior vice president of software and services engineering, leads software engineering, including areas like embedded platforms, digital products, commercial solutions and advanced driver-assistance systems such as GM's Super Cruise.""]",0.2355324836580565,"""As we build GM's future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""","The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles.",0.322678804397583,"Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.","As a result, we're reducing certain teams within the Software and Services organization.",2024-08-20
+"Target shares spike as profits rise, despite cautious sales outlook",https://www.cnbc.com/2024/08/21/target-tgt-q2-2024-earnings.html,2024-08-21T20:05:56+0000,"In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing.Even so, the company stuck by its previous full-year sales forecast and struck a cautious note. Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range. Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits.On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it's hard to predict consumers' mindsets and the state of the economy in the coming months.""While we've been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing. The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter. That's a more than 40% year-over-year increase.Total revenue rose from $24.77 billion in the prior year.Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain. The industry metric tracks sales online and at stores open at least 13 months.Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery. Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts. The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries. Target threw its own sales event in July to compete with Amazon's Prime Day. And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels. CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter. Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period. The average size of customers' shopping baskets, however, declined slightly, Fiddelke said.Discretionary sales, which have been under pressure across the retail industry, improved. Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period. Back-to-school has also been an important season for the retailer. Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents. He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.Shares of Target closed Wednesday at $159.25 after accounting for a dividend payment. As of Wednesday's close, the company's stock is up about 12% so far this year. That's trailed behind the S&P 500's greater than 17% gains during the same period.",CNBC,21/08/2024,"['In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.', ""The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing."", 'Even so, the company stuck by its previous full-year sales forecast and struck a cautious note.', 'Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range.', ""Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits."", 'On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it\'s hard to predict consumers\' mindsets and the state of the economy in the coming months.', '""While we\'ve been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.', ""Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing."", 'The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.', 'Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.', ""Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter."", ""That's a more than 40% year-over-year increase."", 'Total revenue rose from $24.77 billion in the prior year.', 'Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain.', 'The industry metric tracks sales online and at stores open at least 13 months.', 'Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery.', 'Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts.', 'The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries.', ""Target threw its own sales event in July to compete with Amazon's Prime Day."", 'And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels.', 'CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter.', ""Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period."", ""The average size of customers' shopping baskets, however, declined slightly, Fiddelke said."", 'Discretionary sales, which have been under pressure across the retail industry, improved.', 'Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period.', 'Back-to-school has also been an important season for the retailer.', ""Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents."", 'He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.', 'Shares of Target closed Wednesday at $159.25 after accounting for a dividend payment.', ""As of Wednesday's close, the company's stock is up about 12% so far this year."", ""That's trailed behind the S&P 500's greater than 17% gains during the same period.""]",0.2379670763507107,"Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits.","The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",0.5834868599971136,Total revenue rose from $24.77 billion in the prior year.,"The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",2024-08-20
+7-Eleven: Why the retail giant is on a rival's shopping list,https://www.bbc.co.uk/news/articles/c72829pl8z4o,2024-08-20T23:29:29.764Z,"When the owner of 7-Eleven announced this week that it had received a buyout offer from a Canadian rival it triggered shockwaves in Japan. A Japanese company of this size has never been bought by a foreign firm.  Historically, companies from Japan were more likely to buy overseas businesses. 7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories.  And it's been especially successful at selling itself as an option for a quick and cheap yet tasty meal, and in places where there is already an abundance of that, such as Japan and Thailand.  ""We have more stores than McDonald's or Starbucks,"" the chief executive of Seven & i Holdings, Ryuichi Isaka, told BBC News before the firm received the buyout offer. Around a quarter of those 85,000 shops are in Japan, while there are roughly 10,000 in the US.  In comparison, Quebec-based Alimentation Couche-Tard, which operates the Circle K chain, has almost 17,000 stores in 31 countries and territories. More than half of its outlets are in North America. The approach valued Seven & i at more than $30bn (£23bn) before news of the preliminary offer emerged.  7-Eleven's shares jumped by over 20% on Monday, before giving up some of those gains the following day. Analysts point to the Japanese yen's weakness against the US dollar and other major currencies for helping to make Seven & i affordable. Along with the weakness of the yen, efforts by the Japanese government to promote mergers and acquisitions appear to be working, said Manoj Jain from Hong Kong-based hedge fund Maso Capital. However, the proposal is still at the preliminary stage and given the potential size of any deal it could face scrutiny from competition authorities. 7-Eleven has been keen to capitalise on the popularity of the food it sells - a  wide range, including rice balls, sandwiches, cooked pasta, fried chicken and dumplings. While in much of the world convenience stores are where people grab a bar of chocolate or a bag of crisps in an emergency, in Japan, shops like 7-Eleven are popular with visitors searching for culinary delights. These 7-Eleven dishes have turned the chain into a social media sensation in Asia. Dropping into a 7-Eleven store has even been touted as one of the top things to do in Thailand, where its ham and cheese toastie has become a TikTok hit. British singer Ed Sheeran is among the celebrities who have helped raise 7-Eleven's profile - a video of him trying snacks from a store in Thailand went viral. Mr Isaka has been aiming to repeat that success in the US and European markets as the company came under pressure from investors to sell some of its businesses and focus on the 7-Eleven brand. The firm has been updating its strategy so more stores could follow the approach of its Japanese shops. ""What we found is that stores which sell fresh food are attracting many more shoppers,"" Mr Isaka said.  ""We want to grow with high quality - not just increase the quantity. We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added. Seven & i has also been on a shopping spree. In January, it bought more than 200 stores in the US from petrol station chain Sunoco for around $1bn (£770m).  In April, it bought back more than 750 stores from a franchisee in Australia. For most of its almost century-long history 7-Eleven was an American brand. Starting out in 1927 selling blocks of ice that were used to keep fridges cool, it later stocked essential items like eggs, milk and bread. At the time, the stores were open between 07:00 and 23:00 - hence the name. As the business grew, 7-Eleven began offering franchises outside the US. In 1974, Japanese retail firm Ito-Yokado struck a deal to open the country's first 7-Eleven. In 1991, it bought a 70% stake in the chain's US parent company. The founder of Ito-Yokado, Masatoshi Ito, who died in 2023 at the age of 98, is often credited with transforming 7-Eleven into a global empire. Ito-Yokado was renamed Seven & i Holdings in 2005 with the ""i"" in its name being a nod to Ito-Yokado and Mr Ito, who was by then the company's honorary chairman. Now, as the company decides whether it  will remain under Japanese ownership or return to its North American roots, experts are wondering whether more of Japan's big firms could become takeover targets. There is now a ""greater willingness of Japanese boards and management teams to accept offshore capital and be receptive to foreign approaches,” Mr Jain said. More foreign investors may now be encouraged to pursue their interest in Japanese companies, he added. ",BBC,20/08/2024,"['When the owner of 7-Eleven announced this week that it had received a buyout offer from a Canadian rival it triggered shockwaves in Japan.', 'A Japanese company of this size has never been bought by a foreign firm.', 'Historically, companies from Japan were more likely to buy overseas businesses.', ""7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories."", 'And it\'s been especially successful at selling itself as an option for a quick and cheap yet tasty meal, and in places where there is already an abundance of that, such as Japan and Thailand. ""', 'We have more stores than McDonald\'s or Starbucks,"" the chief executive of Seven & i Holdings, Ryuichi Isaka, told BBC News before the firm received the buyout offer.', 'Around a quarter of those 85,000 shops are in Japan, while there are roughly 10,000 in the US.', 'In comparison, Quebec-based Alimentation Couche-Tard, which operates the Circle K chain, has almost 17,000 stores in 31 countries and territories.', 'More than half of its outlets are in North America.', 'The approach valued Seven & i at more than $30bn (£23bn) before news of the preliminary offer emerged.', ""7-Eleven's shares jumped by over 20% on Monday, before giving up some of those gains the following day."", ""Analysts point to the Japanese yen's weakness against the US dollar and other major currencies for helping to make Seven & i affordable."", 'Along with the weakness of the yen, efforts by the Japanese government to promote mergers and acquisitions appear to be working, said Manoj Jain from Hong Kong-based hedge fund Maso Capital.', 'However, the proposal is still at the preliminary stage and given the potential size of any deal it could face scrutiny from competition authorities.', '7-Eleven has been keen to capitalise on the popularity of the food it sells - a wide range, including rice balls, sandwiches, cooked pasta, fried chicken and dumplings.', 'While in much of the world convenience stores are where people grab a bar of chocolate or a bag of crisps in an emergency, in Japan, shops like 7-Eleven are popular with visitors searching for culinary delights.', 'These 7-Eleven dishes have turned the chain into a social media sensation in Asia.', 'Dropping into a 7-Eleven store has even been touted as one of the top things to do in Thailand, where its ham and cheese toastie has become a TikTok hit.', ""British singer Ed Sheeran is among the celebrities who have helped raise 7-Eleven's profile - a video of him trying snacks from a store in Thailand went viral."", 'Mr Isaka has been aiming to repeat that success in the US and European markets as the company came under pressure from investors to sell some of its businesses and focus on the 7-Eleven brand.', 'The firm has been updating its strategy so more stores could follow the approach of its Japanese shops. ""', 'What we found is that stores which sell fresh food are attracting many more shoppers,"" Mr Isaka said. ""', 'We want to grow with high quality - not just increase the quantity.', 'We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added.', 'Seven & i has also been on a shopping spree.', 'In January, it bought more than 200 stores in the US from petrol station chain Sunoco for around $1bn (£770m).', 'In April, it bought back more than 750 stores from a franchisee in Australia.', 'For most of its almost century-long history 7-Eleven was an American brand.', 'Starting out in 1927 selling blocks of ice that were used to keep fridges cool, it later stocked essential items like eggs, milk and bread.', 'At the time, the stores were open between 07:00 and 23:00 - hence the name.', 'As the business grew, 7-Eleven began offering franchises outside the US.', ""In 1974, Japanese retail firm Ito-Yokado struck a deal to open the country's first 7-Eleven."", ""In 1991, it bought a 70% stake in the chain's US parent company."", 'The founder of Ito-Yokado, Masatoshi Ito, who died in 2023 at the age of 98, is often credited with transforming 7-Eleven into a global empire.', 'Ito-Yokado was renamed Seven & i Holdings in 2005 with the ""i"" in its name being a nod to Ito-Yokado and Mr Ito, who was by then the company\'s honorary chairman.', ""Now, as the company decides whether it will remain under Japanese ownership or return to its North American roots, experts are wondering whether more of Japan's big firms could become takeover targets."", 'There is now a ""greater willingness of Japanese boards and management teams to accept offshore capital and be receptive to foreign approaches,” Mr Jain said.', 'More foreign investors may now be encouraged to pursue their interest in Japanese companies, he added.']",0.156475811775821,"We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added.","In comparison, Quebec-based Alimentation Couche-Tard, which operates the Circle K chain, has almost 17,000 stores in 31 countries and territories.",0.8656485160191854,"We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added.",Analysts point to the Japanese yen's weakness against the US dollar and other major currencies for helping to make Seven & i affordable.,2024-08-20
+"Frequent media bidder Byron Allen draws ire with late payments to ABC, CBS and NBC",https://www.cnbc.com/2024/08/16/byron-allen-draws-abc-cbs-and-nbc-ire-with-late-payments.html,2024-08-18T20:10:43+0000,"Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media assets for billions of dollars — have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.The stations owned by Allen Media Group have been as much as 90 days past due on the payments to networks including ABC, CBS and NBC, according to people familiar with the matter. The payments total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, said the people, who asked not to be named because the financial transactions are private.Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website.ABC, CBS and NBC have all grown increasingly frustrated after what feels like a perpetual chase for the fees — even after agreeing to payment plans at Allen's request, the people familiar said. Paying consistently late is uncommon among local broadcasters, which pay hefty sums to the larger network owners to carry the brand and some content, particularly live sports like the NFL and many postseason games across leagues, the people said.It's unclear why Allen Media Group has been repeatedly late with payments.After CNBC reached Allen Media for comment this week, the group made a payment on the outstanding fees, according to people familiar with the matter. The amount of the payment couldn't immediately be determined.Networks often collect fees from local affiliates every one to three months, depending on the contract. The funds to pay come in large part from so-called retransmission fees that cable TV operators pay to the stations, which can create a situation where money may need to go out before it comes in. Recently, broadcast station group executives have argued this structure should change as cord cutting accelerates and networks move more of their content over to streaming platforms.Various divisions of Allen's company, including stations located across markets in the Midwest, Southeast, West Coast and Hawaii, have also reportedly undergone layoffs in recent months. Another round of job cuts is expected at the end of August, one of the people familiar with the matter said.Representatives for Allen Media Group declined to address the details of this story but said in a statement: ""Mr. Allen started Allen Media Group 31 years ago from his dining room table. Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned.""Like most media companies and private equity firms, we evaluate many acquisition opportunities. In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets. Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history,"" the statement says.Representatives for ABC, CBS and NBC declined to comment on the matter.Allen's late payments of tens of millions of dollars stand in stark contrast to his frequent multibillion-dollar bids for media assets. In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter.Allen's recent M&A interest includes a $30 billion bid for Paramount Global earlier this year, a $10 billion offer for ABC and other Disney networks last year, and a reported $3.5 billion offer for Paramount's BET Media Group, which he resubmitted in December after the process was ended.There has also been a recent report that Allen is weighing another bid for Paramount before its ""go-shop"" period with buyer Skydance expires later this month.Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.""We have quite a few banks that support us and stand with us and even private equity firms,"" Allen told CNBC in September about the potential deal for ABC and other Disney assets. ""I think other assets will start to become available, and I think we will eventually get them.""Allen Media Group has taken to reposting public media reports on its own website of its interest in bidding on media properties — even for unconfirmed reports of interest, such as a reported $8.5 billion offer for Tegna.Previously a comedian, Allen founded Entertainment Studios, now known as Allen Media Group, in 1993. In 2019 Allen Media Group Broadcasting was formed, and Allen has been building up his broadcast media empire since with a string of smaller deals.In addition to The Weather Channel and broadcast TV stations, Allen Media also owns a group of small TV networks like Pets.tv and Comedy.tv, as well as Black news and entertainment network TheGrio.And, in April 2021, Allen Media paid $380 million to Gray Television for seven stations as part of Gray's required divestitures for its acquisition of Quincy Media.Allen's broadcast stations generate revenue, as most other stations do, through advertising revenue and so-called retransmission fees — payment that stations receive from pay TV operators for the right to carry their feed. Broadcast station groups, however, have also suffered as millions of people have switched from traditional TV to streaming.A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.Disclosure: Comcast's NBCUniversal is the parent company of CNBC and broadcast network NBC.Correction: Allen Media Group paid $380 million to Gray Television for seven stations in April 2021. A previous version of this article misstated the timing of the transaction.",CNBC,18/08/2024,"['Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media assets for billions of dollars — have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.', 'The stations owned by Allen Media Group have been as much as 90 days past due on the payments to networks including ABC, CBS and NBC, according to people familiar with the matter.', 'The payments total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, said the people, who asked not to be named because the financial transactions are private.', ""Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website."", ""ABC, CBS and NBC have all grown increasingly frustrated after what feels like a perpetual chase for the fees — even after agreeing to payment plans at Allen's request, the people familiar said."", 'Paying consistently late is uncommon among local broadcasters, which pay hefty sums to the larger network owners to carry the brand and some content, particularly live sports like the NFL and many postseason games across leagues, the people said.', ""It's unclear why Allen Media Group has been repeatedly late with payments."", 'After CNBC reached Allen Media for commentthis week, the group made a payment on the outstanding fees, according to people familiar with the matter.', ""The amount of the payment couldn't immediately be determined."", 'Networks often collect fees from local affiliates every one to three months, depending on the contract.', 'The funds to pay come in large part from so-called retransmission fees that cable TV operators pay to the stations, which can create a situation where money may need to go out before it comes in.', 'Recently, broadcast station group executives have argued this structure should change as cord cutting accelerates and networks move more of their content over to streaming platforms.', ""Various divisions of Allen's company, including stations located across markets in the Midwest, Southeast, West Coast and Hawaii, have also reportedly undergone layoffs in recent months."", 'Another round of job cuts is expected at the end of August, one of the people familiar with the matter said.', 'Representatives for Allen Media Group declined to address the details of this story but said in a statement: ""Mr. Allen started Allen Media Group 31 years ago from his dining room table.', 'Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned.', '""Like most media companies and private equity firms, we evaluate many acquisition opportunities.', 'In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets.', 'Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history,"" the statement says.', 'Representatives for ABC, CBS and NBC declined to comment on the matter.', ""Allen's late payments of tens of millions of dollars stand in stark contrast to his frequent multibillion-dollar bids for media assets."", ""In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter."", ""Allen's recent M&A interest includes a $30 billion bid for Paramount Global earlier this year, a $10 billion offer for ABC and other Disney networks last year, and a reported $3.5 billion offer for Paramount's BET Media Group, which he resubmitted in December after the process was ended."", 'There has also been a recent report that Allen is weighing another bid for Paramount before its ""go-shop"" period with buyer Skydance expires later this month.', 'Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.', '""We have quite a few banks that support us and stand with us and even private equity firms,"" Allen told CNBC in September about the potential deal for ABC and other Disney assets. ""', 'I think other assets will start to become available, and I think we will eventually get them.', '""Allen Media Group has taken to reposting public media reports on its own website of its interest in bidding on media properties — even for unconfirmed reports of interest, such as a reported $8.5 billion offer for Tegna.', 'Previously a comedian, Allen founded Entertainment Studios, now known as Allen Media Group, in 1993.', 'In 2019 Allen Media Group Broadcasting was formed, and Allen has been building up his broadcast media empire since with a string of smaller deals.', 'In addition to The Weather Channel and broadcast TV stations, Allen Media also owns a group of small TV networks like Pets.tv and Comedy.tv, as well as Black news and entertainment network TheGrio.', ""And, in April 2021, Allen Media paid $380 million to Gray Television for seven stations as part of Gray's required divestitures for its acquisition of Quincy Media."", ""Allen's broadcast stations generate revenue, as most other stations do, through advertising revenue and so-called retransmission fees — payment that stations receive from pay TV operators for the right to carry their feed."", 'Broadcast station groups, however, have also suffered as millions of people have switched from traditional TV to streaming.', 'A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.', ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC and broadcast network NBC.Correction: Allen Media Group paid $380 million to Gray Television for seven stations in April 2021."", 'A previous version of this article misstated the timing of the transaction.']",0.1428638733052129,"In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets.","Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.",-0.4681193878253301,"A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.","In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter.",2024-08-20
+UK tech tycoon Mike Lynch among six missing after yacht sinks,https://www.bbc.co.uk/news/articles/c0k4751jrm8o,2024-08-19T08:35:36.547Z,"British tech tycoon Mike Lynch and his 18-year-old daughter are among the six people missing after a luxury yacht sank off the coast of the Italian island of Sicily in the early hours of Monday morning.  The 56m (183ft) vessel was carrying 22 people including British, American and Canadian nationals. Fifteen people were rescued, including a one-year-old British girl, and authorities are continuing their search into the night.  Local media reported the yacht, named Bayesian, capsized at about 05:00 local time after encountering a heavy storm overnight that caused waterspouts, or rotating columns of air, to appear over the sea. Mr Lynch, known by some as ""the British Bill Gates"", co-founded software company Autonomy, which was later bought by tech giant Hewlett-Packard for $11bn (£8.6bn).  Witnesses told Italian news agency Ansa that the Bayesian’s anchor was down when the storm struck, causing the mast to break and the ship to lose its balance and sink off the coast of village Porticello, near Sicilian capital Palermo.  A waterspout is similar to a tornado and can form over oceans, seas or large lakes.  Divers have identified a wreckage 50m below the water's surface and are searching for those missing.  The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC Mr Lynch, his daughter Hannah Lynch and the yacht's chef were among the missing. He said the search, involving caving and rescue diving teams, would continue overnight.   The body of one man was found outside of the wreckage. His nationality has not been confirmed.  BBC Verify looked at corporate records and found the Bayesian's ownership is tied to Mr Lynch's wife, Angela Bacares.  Sources close to the matter have confirmed to the BBC Ms Bacares has been rescued.   Fifteen people managed to get to safety after the storm hit.  Ansa news agency reported a 35-year-old mother held her one-year-old daughter in her arms in the sea.  The woman, named as locally as Charlotte Golunski, said: ""For two seconds I lost the little girl in the sea, then I immediately hugged her again amidst the fury of the waves. ""I held her tightly, close to me, while the sea was stormy. Many were screaming. ""Luckily the lifeboat inflated and 11 of us managed to get on board."" The baby is fine and the mother was treated with stitches, the agency said.  She added she had been on the boat with her husband, who is also safe, and colleagues from a London company.  A doctor based at the Di Cristina Hospital in Palermo, where some of the survivors were taken, said they were ""very tired"" and ""constantly asking about the missing people"".  Dr Domenico Cipolla told Reuters news agency: ""We have given the survivors this information, but they are talking and crying all the time because they have realised that there is little hope of finding their friends alive."" Survivors said the trip has been organised by Mr Lynch for his work colleagues.  In the initial aftermath, a nearby Dutch-flagged vessel rescued survivors from the waves, tending to them until emergency services arrived. Captain Karsten Borner said after the storm had passed, the crew noticed that the yacht that had been behind them had disappeared. ""We saw a red flare, so my first mate and I went to the position, and we found this life raft drifting,"" he told Reuters. That life raft was carrying 15 survivors, three of whom were ""heavily injured"", he said. A local fisherman told Reuters news agency he had seen people being rescued by an inflatable boat dispatched from another yacht.  The captain of a local fishing trawler said he saw debris, including cushions from the deck, floating in the sea. Footage from the wreckage site showed helicopters circling over several coastguard vessels as divers wearing bright orange descended into the water. Eight of those rescued are receiving treatment in hospital, the Italian coastguard said.  The western half of the Mediterranean has experienced severe storms since the middle of last week. Through Sunday night and into Monday morning, a clutch of bad weather passed by the north coast of Sicily.  BBC Weather forecaster Matt Taylor said: ""A waterspout is a tornado that has occurred over water rather than land. ""They can form during intense storms, on the base of cumulonimbus/thunder clouds.  ""Turbulence, and the wind blowing in slightly different directions around the cloud, can cause rotation under the base of the cloud and the spout to form. ""Like tornadoes, they bring powerful winds, but instead of picking up dust and debris they cause a water mist around the column of rotating air."" The UK Foreign Office said it is supporting a number of British nationals and their families following an incident in Sicily. Britain's Marine Accident Investigation Branch is also sending a team of inspectors to conduct a ""preliminary assessment"" into the sinking of the UK registered-boat. The Bayesian's registered owner is listed as Revtom Ltd. The superyacht can accommodate up to 12 guests in six suites.  The yacht's name is understood to be based on the Bayesian theory, which Mr Lynch's PhD thesis was based on. Mr Lynch's wife Ms Bacares is named as the sole legal owner of Revtom registered in the Isle of Man.  A spokesperson for Camper and Nicholsons International, the firm that manages the 2008-built boat, told BBC Verify: ""Our priority is assisting with the ongoing search and providing all necessary support to the rescued passengers and crew."" Mr Lynch sold his company Autonomy to American computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn). But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for over a decade. He was acquitted in the US in June on multiple fraud charges, for which he had been facing two decades in jail. The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday.  Additional reporting by BBC Verify's Joshua Cheetham ",BBC,19/08/2024,"['British tech tycoon Mike Lynch and his 18-year-old daughter are among the six people missing after a luxury yacht sank off the coast of the Italian island of Sicily in the early hours of Monday morning.', 'The 56m (183ft) vessel was carrying 22 people including British, American and Canadian nationals.', 'Fifteen people were rescued, including a one-year-old British girl, and authorities are continuing their search into the night.', 'Local media reported the yacht, named Bayesian, capsized at about 05:00 local time after encountering a heavy storm overnight that caused waterspouts, or rotating columns of air, to appear over the sea.', 'Mr Lynch, known by some as ""the British Bill Gates"", co-founded software company Autonomy, which was later bought by tech giant Hewlett-Packard for $11bn (£8.6bn).', 'Witnesses told Italian news agency Ansa that the Bayesian’s anchor was down when the storm struck, causing the mast to break and the ship to lose its balance and sink off the coast of village Porticello, near Sicilian capital Palermo.', 'A waterspout is similar to a tornado and can form over oceans, seas or large lakes.', ""Divers have identified a wreckage 50m below the water's surface and are searching for those missing."", ""The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC Mr Lynch, his daughter Hannah Lynch and the yacht's chef were among the missing."", 'He said the search, involving caving and rescue diving teams, would continue overnight.', 'The body of one man was found outside of the wreckage.', 'His nationality has not been confirmed.', ""BBC Verify looked at corporate records and found the Bayesian's ownership is tied to Mr Lynch's wife, Angela Bacares."", 'Sources close to the matter have confirmed to the BBC Ms Bacares has been rescued.', 'Fifteen people managed to get to safety after the storm hit.', 'Ansa news agency reported a 35-year-old mother held her one-year-old daughter in her arms in the sea.', 'The woman, named as locally as Charlotte Golunski, said: ""For two seconds I lost the little girl in the sea, then I immediately hugged her again amidst the fury of the waves. ""', 'I held her tightly, close to me, while the sea was stormy.', 'Many were screaming. ""', 'Luckily the lifeboat inflated and 11 of us managed to get on board.""', 'The baby is fine and the mother was treated with stitches, the agency said.', 'She added she had been on the boat with her husband, who is also safe, and colleagues from a London company.', 'A doctor based at the Di Cristina Hospital in Palermo, where some of the survivors were taken, said they were ""very tired"" and ""constantly asking about the missing people"".', 'Dr Domenico Cipolla told Reuters news agency: ""We have given the survivors this information, but they are talking and crying all the time because they have realised that there is little hope of finding their friends alive.""', 'Survivors said the trip has been organised by Mr Lynch for his work colleagues.', 'In the initial aftermath, a nearby Dutch-flagged vessel rescued survivors from the waves, tending to them until emergency services arrived.', 'Captain Karsten Borner said after the storm had passed, the crew noticed that the yacht that had been behind them had disappeared. ""', 'We saw a red flare, so my first mate and I went to the position, and we found this life raft drifting,"" he told Reuters.', 'That life raft was carrying 15 survivors, three of whom were ""heavily injured"", he said.', 'A local fisherman told Reuters news agency he had seen people being rescued by an inflatable boat dispatched from another yacht.', 'The captain of a local fishing trawler said he saw debris, including cushions from the deck, floating in the sea.', 'Footage from the wreckage site showed helicopters circling over several coastguard vessels as divers wearing bright orange descended into the water.', 'Eight of those rescued are receiving treatment in hospital, the Italian coastguard said.', 'The western half of the Mediterranean has experienced severe storms since the middle of last week.', 'Through Sunday night and into Monday morning, a clutch of bad weather passed by the north coast of Sicily.', 'BBC Weather forecaster Matt Taylor said: ""A waterspout is a tornado that has occurred over water rather than land. ""', 'They can form during intense storms, on the base of cumulonimbus/thunder clouds. ""', 'Turbulence, and the wind blowing in slightly different directions around the cloud, can cause rotation under the base of the cloud and the spout to form. ""', 'Like tornadoes, they bring powerful winds, but instead of picking up dust and debris they cause a water mist around the column of rotating air.""', 'The UK Foreign Office said it is supporting a number of British nationals and their families following an incident in Sicily.', 'Britain\'s Marine Accident Investigation Branch is also sending a team of inspectors to conduct a ""preliminary assessment"" into the sinking of the UK registered-boat.', ""The Bayesian's registered owner is listed as Revtom Ltd. The superyacht can accommodate up to 12 guests in six suites."", ""The yacht's name is understood to be based on the Bayesian theory, which Mr Lynch's PhD thesis was based on."", ""Mr Lynch's wife Ms Bacares is named as the sole legal owner of Revtom registered in the Isle of Man."", 'A spokesperson for Camper and Nicholsons International, the firm that manages the 2008-built boat, told BBC Verify: ""Our priority is assisting with the ongoing search and providing all necessary support to the rescued passengers and crew.""', 'Mr Lynch sold his company Autonomy to American computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn).', 'But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for over a decade.', 'He was acquitted in the US in June on multiple fraud charges, for which he had been facing two decades in jail.', ""The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday."", ""Additional reporting by BBC Verify's Joshua Cheetham""]",-0.0035074446418244,"Dr Domenico Cipolla told Reuters news agency: ""We have given the survivors this information, but they are talking and crying all the time because they have realised that there is little hope of finding their friends alive.""","The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday.",-0.5661106109619141,"Luckily the lifeboat inflated and 11 of us managed to get on board.""","Witnesses told Italian news agency Ansa that the Bayesian’s anchor was down when the storm struck, causing the mast to break and the ship to lose its balance and sink off the coast of village Porticello, near Sicilian capital Palermo.",2024-08-20
+FBI is reviewing some unruly passenger cases after FAA referral,https://www.bbc.co.uk/news/articles/cgm72n1mmmdo,2024-08-21T16:19:29.843Z,"The Federal Bureau of Investigation (FBI) is reviewing more than 40 cases of unruly passengers on airlines across the country. The US Federal Aviation Administration (FAA) referred 43 cases of people misbehaving on airplanes to the law enforcement agency during the past year.  The referred cases represent a small portion of airplane mayhem: there have been 1,375 unruly passenger reports made this year alone.  The rate of unruly passengers peaked in 2021 and has since dropped by over 80%, according to FAA data.  The two agencies adopted an information-sharing protocol in 2021 that allows the FAA to refer some cases to the FBI for review.  The partnership aims to ensure that unruly passengers face criminal prosecution when warranted.  During the height of the Covid-19, reports of such incidents surged, reaching a peak  in 2021 with nearly 6,000 reports filed. That number included more than 4,000 incidents that involved airlines enforcing mask mandates aboard aircraft.   Since 2021, the FAA has referred more than 310 cases in total to the FBI.  Most incidents this year involved passengers exhibiting aggressive and threatening behaviour towards crew members and other passengers.  Among the referred cases:  The FAA pursues legal enforcement action against passengers who assault, threaten, intimidate or interfere with airline crewmembers.  The violations can carry civil penalties up to $37,000 (€33,200) per charge.  Last year, the FAA imposed $7.5m in fines after handling over 2,000 unruly passenger reports, with 512 investigations initiated.  ",BBC,21/08/2024,"['The Federal Bureau of Investigation (FBI) is reviewing more than 40 cases of unruly passengers on airlines across the country.', 'The US Federal Aviation Administration (FAA) referred 43 cases of people misbehaving on airplanes to the law enforcement agency during the past year.', 'The referred cases represent a small portion of airplane mayhem: there have been 1,375 unruly passenger reports made this year alone.', 'The rate of unruly passengers peaked in 2021 and has since dropped by over 80%, according to FAA data.', 'The two agencies adopted an information-sharing protocol in 2021 that allows the FAA to refer some cases to the FBI for review.', 'The partnership aims to ensure that unruly passengers face criminal prosecution when warranted.', 'During the height of the Covid-19, reports of such incidents surged, reaching a peak in 2021 with nearly 6,000 reports filed.', 'That number included more than 4,000 incidents that involved airlines enforcing mask mandates aboard aircraft.', 'Since 2021, the FAA has referred more than 310 cases in total to the FBI.', 'Most incidents this year involved passengers exhibiting aggressive and threatening behaviour towards crew members and other passengers.', 'Among the referred cases: The FAA pursues legal enforcement action against passengers who assault, threaten, intimidate or interfere with airline crewmembers.', 'The violations can carry civil penalties up to $37,000 (€33,200) per charge.', 'Last year, the FAA imposed $7.5m in fines after handling over 2,000 unruly passenger reports, with 512 investigations initiated.']",-0.1942992587837056,The two agencies adopted an information-sharing protocol in 2021 that allows the FAA to refer some cases to the FBI for review.,"Among the referred cases: The FAA pursues legal enforcement action against passengers who assault, threaten, intimidate or interfere with airline crewmembers.",-0.290993332862854,"During the height of the Covid-19, reports of such incidents surged, reaching a peak in 2021 with nearly 6,000 reports filed.","The rate of unruly passengers peaked in 2021 and has since dropped by over 80%, according to FAA data.",2024-08-20
+Streaming is getting more expensive for consumers. Here's why,https://www.cnbc.com/2024/08/16/streaming-getting-more-expensive-for-consumers.html,2024-08-16T16:57:45+0000,"In this articleStreaming is finally starting to pay off for media companies, but there's a catch — to get there, consumers are facing higher subscription costs and increasingly frequent price hikes.Legacy media companies entered the streaming market with a focus on gaining subscribers and competing with category leader Netflix as traditional cable TV bundles lose customers. Now, looking for a return on their content investments, Disney, Warner Bros. Discovery and others are aiming for streaming profits.Their strategies include rolling out cheaper, ad-supported models; launching platform bundles; and cracking down on password sharing, but price hikes have shown more immediate results toward profitability.""The years of prioritizing user growth with low prices are over,"" said Mike Proulx, vice president and research director at Forrester.Disney said last week that its combined streaming services — Disney+, Hulu and ESPN+ — were profitable for the first time during its fiscal third quarter. Although the company added new subscribers, that milestone was largely due to price increases.CEO Bob Iger said during an earnings call that Disney has ""earned"" its pricing in the marketplace due to the company's creative contributions and product improvements. He noted that with past price increases, the company hasn't seen a ""significant"" number of customer departures.""When we look across our portfolio … we're seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage that we believe we have,"" Iger said.The major streaming services have gone through a number of price hikes and changes throughout the past few years.In just the past five months, four streamers have announced price increases: Warner Bros. Discovery's Max, Comcast's Peacock, Disney and Paramount.Ahead of earnings, Disney announced it's raising streaming prices by $1 to $2 a month for Hulu, Disney+ and ESPN+.Similar to Disney, Paramount Global said last week in its quarterly earnings conference call that its streaming business, centered on flagship service Paramount+, reached profitability.Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023. Meanwhile, additional price increases for Paramount+ go into effect this month, and the company expects to see a financial impact for that during the fourth quarter.Though Comcast's Peacock offered a limited-time annual subscription for $19.99 ahead of the Olympics, the company raised the monthly cost of the service's ad-supported tier by $2 this summer, marking its second price hike of the year. Warner Bros. Discovery also increased the cost of Max without ads by $1 per month in June.""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value. And I think that's in the process of being corrected,"" Warner Bros. Discovery finance chief Gunnar Wiedenfels said during an industry conference last year. ""We've seen price increases across essentially the entire competitive set.""When Disney reported a revenue increase in its most recent quarter, it was primarily driven by higher subscription prices, said Forrester's Proulx, since user growth and ad revenue alone won't sustain profitability.That puts the burden of revenue growth somewhat on consumers' shoulders, he said. And users are feeling the strain.In a survey of 3,000 consumers, 90% agreed that streaming video subscriptions are raising their prices more often than they were in the past, according to Hub Entertainment Research.Meanwhile, companies are pushing consumers toward ad-supported tiers — which are often cheaper than commercial-free streaming — in a bid to attract more advertisers, Proulx said.And many of those consumers are taking the option.""We expect meaningful growth ahead as more subscribers opt for the ad-lite tier, which represented over 40% of global gross adds last quarter,"" Warner Bros. Discovery's Wiedenfels said during last week's earnings call. Ad lite references Max's cheapest subscription tierMedia companies have noted that advertising has grown for streaming. Warner Bros. Discovery said during its second-quarter earnings conference call that streaming ad revenue doubled year over year.Similarly, revenue from advertising grew 16% in Paramount's second quarter, driven by Paramount+ and Pluto TV, according to the company.At Peacock, 75% of subscribers were on the ad-supported tier as of February of last year, according to research from Antenna. At the time it was the largest share of any of the major streamers, followed by Hulu at 57% and Paramount+ at 43%. The streaming companies don't typically disclose the breakdown of subscriptions by tier.""The advertising tier for all these companies is appealing because they can make as much off of ad revenues as they make off of the subscription fee on the ad tier,"" said Tim Nollen, senior media tech analyst at Macquarie.Netflix executives chafed against advertising for some time but pivoted in 2022 following a slowdown in subscriber growth. The company also recently nixed its cheapest, ad-free basic plan — leaving consumers with the choice of a $6.99 ad-supported option, or two ad-free plans that cost $15.49 or $22.99.Netflix co-CEO Ted Sarandos said in the company's second-quarter earnings call that the ad tier makes Netflix more accessible to users due to the low entry price. For both tiers, when it comes to raising prices, Sarandos said Netflix aims to increase value and engagement before having subscribers pay more.Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research. Still, ad tiers aren't immune to price increases. Disney+ is now raising prices of its ad-supported plan, for example.Disney took a unique approach to launching its ad tier in December 2022, giving existing subscribers the option to either pay an additional $3 per month or accept ads. Nearly 95% of Disney+ premium plan subscribers paid to maintain ad-free streaming, according to Antenna.Warner Bros. Discovery said in an earnings conference call that it suffered fewer customer losses than expected in July, following its $1 price increase on ad-free streaming.""Until there's a mass exodus of users, Disney (and others) will continue to increase prices,"" Proulx said.There's one key thing that's working to streamers' advantage: Across platforms, users aren't often willing to sacrifice their desired content even when costs go up, said Hub Entertainment Research founder Jon Giegengack.However, the total cost of streaming can sometimes exceed that of cable for certain consumers because the content they're consuming is broken up across the different platforms, according to Proulx.In response, companies including Disney, Paramount and Warner Bros. Discovery have turned to bundling their services into a single, discounted offering. In cases where streaming is no longer cheaper than traditional television, bundles allow consumers to save money while accessing TV content across different services, according to Proulx.For providers, bundles are an opportunity to increase revenue because they expect fewer people to cancel their bundled subscriptions than stand-alone ones, according to Nollen.""The new world of streaming is not as lucrative as the old world of pay TV was,"" Nollen said. ""Everybody has woken up to that, and they are coming up with ways to try to at least improve its fortunes, and bundling is one."" Streamers are also growing their total users by cracking down on password sharing. Last year, Netflix alerted members that accounts can only be shared within a single household, and Disney made a similar announcement earlier this year. Warner Bros. Discovery will soon follow suit.Nonetheless, as consumers continue to face rising subscription costs, Giegengack points to a broader streaming competition. While low subscription prices initially helped other streamers grow subscribers, he said they can't afford to keep doing that.""The amount that people have been able to pay for, the volume of content they get up until now, is just an absurdly good deal, and I don't think it's sustainable,"" Giegengack said.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC, and is a co-owner of Hulu. NBCUniversal also owns NBC Sports and NBC Olympics, which is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.",CNBC,16/08/2024,"[""In this articleStreaming is finally starting to pay off for media companies, but there's a catch — to get there, consumers are facing higher subscription costs and increasingly frequent price hikes."", 'Legacy media companies entered the streaming market with a focus on gaining subscribers and competing with category leader Netflix as traditional cable TV bundles lose customers.', 'Now, looking for a return on their content investments, Disney, Warner Bros. Discovery and others are aiming for streaming profits.', 'Their strategies include rolling out cheaper, ad-supported models; launching platform bundles; and cracking down on password sharing, but price hikes have shown more immediate results toward profitability.', '""The years of prioritizing user growth with low prices are over,"" said Mike Proulx, vice president and research director at Forrester.', 'Disney said last week that its combined streaming services — Disney+, Hulu and ESPN+ — were profitable for the first time during its fiscal third quarter.', 'Although the company added new subscribers, that milestone was largely due to price increases.', 'CEO Bob Iger said during an earnings call that Disney has ""earned"" its pricing in the marketplace due to the company\'s creative contributions and product improvements.', 'He noted that with past price increases, the company hasn\'t seen a ""significant"" number of customer departures.', '""When we look across our portfolio … we\'re seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage that we believe we have,"" Iger said.', 'The major streaming services have gone through a number of price hikes and changes throughout the past few years.', ""In just the past five months, four streamers have announced price increases: Warner Bros. Discovery's Max, Comcast's Peacock, Disney and Paramount."", ""Ahead of earnings, Disney announced it's raising streaming prices by $1 to $2 a month for Hulu, Disney+ and ESPN+.Similar to Disney, Paramount Global said last week in its quarterly earnings conference call that its streaming business, centered on flagship service Paramount+, reached profitability."", 'Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023.', 'Meanwhile, additional price increases for Paramount+ go into effect this month, and the company expects to see a financial impact for that during the fourth quarter.', ""Though Comcast's Peacock offered a limited-time annual subscription for $19.99 ahead of the Olympics, the company raised the monthly cost of the service's ad-supported tier by $2 this summer, marking its second price hike of the year."", 'Warner Bros. Discovery also increased the cost of Max without ads by $1 per month in June.', '""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.', 'And I think that\'s in the process of being corrected,"" Warner Bros. Discovery finance chief Gunnar Wiedenfels said during an industry conference last year. ""', ""We've seen price increases across essentially the entire competitive set."", '""When Disney reported a revenue increase in its most recent quarter, it was primarily driven by higher subscription prices, said Forrester\'s Proulx, since user growth and ad revenue alone won\'t sustain profitability.', ""That puts the burden of revenue growth somewhat on consumers' shoulders, he said."", 'And users are feeling the strain.', 'In a survey of 3,000 consumers, 90% agreed that streaming video subscriptions are raising their prices more often than they were in the past, according to Hub Entertainment Research.', 'Meanwhile, companies are pushing consumers toward ad-supported tiers — which are often cheaper than commercial-free streaming — in a bid to attract more advertisers, Proulx said.', 'And many of those consumers are taking the option.', '""We expect meaningful growth ahead as more subscribers opt for the ad-lite tier, which represented over 40% of global gross adds last quarter,"" Warner Bros. Discovery\'s Wiedenfels said during last week\'s earnings call.', ""Ad lite references Max's cheapest subscription tierMedia companies have noted that advertising has grown for streaming."", 'Warner Bros. Discovery said during its second-quarter earnings conference call that streaming ad revenue doubled year over year.', ""Similarly, revenue from advertising grew 16% in Paramount's second quarter, driven by Paramount+ and Pluto TV, according to the company."", 'At Peacock, 75% of subscribers were on the ad-supported tier as of February of last year, according to research from Antenna.', 'At the time it was the largest share of any of the major streamers, followed by Hulu at 57% and Paramount+ at 43%.', ""The streaming companies don't typically disclose the breakdown of subscriptions by tier."", '""The advertising tier for all these companies is appealing because they can make as much off of ad revenues as they make off of the subscription fee on the ad tier,"" said Tim Nollen, senior media tech analyst at Macquarie.', 'Netflix executives chafed against advertising for some time but pivoted in 2022 following a slowdown in subscriber growth.', ""The company also recently nixed its cheapest, ad-free basic plan — leaving consumers with the choice of a $6.99 ad-supported option, or two ad-free plans that cost $15.49 or $22.99.Netflix co-CEO Ted Sarandos said in the company's second-quarter earnings call that the ad tier makes Netflix more accessible to users due to the low entry price."", 'For both tiers, when it comes to raising prices, Sarandos said Netflix aims to increase value and engagement before having subscribers pay more.', ""Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research."", ""Still, ad tiers aren't immune to price increases."", 'Disney+ is now raising prices of its ad-supported plan, for example.', 'Disney took a unique approach to launching its ad tier in December 2022, giving existing subscribers the option to either pay an additional $3 per month or accept ads.', 'Nearly 95% of Disney+ premium plan subscribers paid to maintain ad-free streaming, according to Antenna.', 'Warner Bros. Discovery said in an earnings conference call that it suffered fewer customer losses than expected in July, following its $1 price increase on ad-free streaming.', '""Until there\'s a mass exodus of users, Disney (and others) will continue to increase prices,"" Proulx said.', ""There's one key thing that's working to streamers' advantage: Across platforms, users aren't often willing to sacrifice their desired content even when costs go up, said Hub Entertainment Research founder Jon Giegengack."", ""However, the total cost of streaming can sometimes exceed that of cable for certain consumers because the content they're consuming is broken up across the different platforms, according to Proulx."", 'In response, companies including Disney, Paramount and Warner Bros. Discovery have turned to bundling their services into a single, discounted offering.', 'In cases where streaming is no longer cheaper than traditional television, bundles allow consumers to save money while accessing TV content across different services, according to Proulx.', 'For providers, bundles are an opportunity to increase revenue because they expect fewer people to cancel their bundled subscriptions than stand-alone ones, according to Nollen.', '""The new world of streaming is not as lucrative as the old world of pay TV was,"" Nollen said. ""', 'Everybody has woken up to that, and they are coming up with ways to try to at least improve its fortunes, and bundling is one.', '""Streamers are also growing their total users by cracking down on password sharing.', 'Last year, Netflix alerted members that accounts can only be shared within a single household, and Disney made a similar announcement earlier this year.', 'Warner Bros. Discovery will soon follow suit.', 'Nonetheless, as consumers continue to face rising subscription costs, Giegengack points to a broader streaming competition.', ""While low subscription prices initially helped other streamers grow subscribers, he said they can't afford to keep doing that."", '""The amount that people have been able to pay for, the volume of content they get up until now, is just an absurdly good deal, and I don\'t think it\'s sustainable,"" Giegengack said.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC, and is a co-owner of Hulu.', 'NBCUniversal also owns NBC Sports and NBC Olympics, which is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.']",0.2441558592462889,"""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.","Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research.",0.6455951549790122,"Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023.","""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.",2024-08-20
+Macy’s cuts sales forecast as department stores struggle to draw shoppers,https://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.html,2024-08-21T20:04:45+0000,"In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions.The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue.Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated. That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%. It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%. That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace.The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.""In an interview with CNBC, CEO Tony Spring said customers aren't spending as freely across all of Macy's brands — even higher-end department store Bloomingdale's.""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago.""He said ""there's a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company closed nearly 13% lower Wednesday.The iconic department store is pushing to get back to steadier footing and sustained growth. Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain. It plans to close the locations by early 2027. It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury.Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs. Net sales fell from $5.13 billion in the year-ago period.The namesake Macy's brand continued to be the company's weakest performer. Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace. At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace. And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period.Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster. Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace. Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role. At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis. It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags. He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response.Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private. Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital.Shares of Macy's closed at $15.45 on Wednesday, bringing the company's market cap to $4.3 billion. As of Wednesday's close, the company's stock is down about 23% so far this year. That trails behind the greater than 17% gains of the S&P 500 during the same period.",CNBC,21/08/2024,"[""In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions."", ""The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue."", ""Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated."", ""That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%."", 'It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.', ""That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace."", 'The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.', '""In an interview with CNBC, CEO Tony Spring said customers aren\'t spending as freely across all of Macy\'s brands — even higher-end department store Bloomingdale\'s.', '""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""', ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago."", '""He said ""there\'s a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.', ""Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company closed nearly 13% lower Wednesday."", 'The iconic department store is pushing to get back to steadier footing and sustained growth.', 'Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain.', ""It plans to close the locations by early 2027.It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury."", ""Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs."", 'Net sales fell from $5.13 billion in the year-ago period.', ""The namesake Macy's brand continued to be the company's weakest performer."", 'Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace.', ""At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace."", 'And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.', ""In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period."", ""Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster."", ""Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace."", ""Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role."", 'At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.', 'It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.', ""Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags."", ""He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response."", ""Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private."", ""Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital."", ""Shares of Macy's closed at $15.45 on Wednesday, bringing the company's market cap to $4.3 billion."", ""As of Wednesday's close, the company's stock is down about 23% so far this year."", 'That trails behind the greater than 17% gains of the S&P 500 during the same period.']",0.1345330848568225,"And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.",The namesake Macy's brand continued to be the company's weakest performer.,-0.2928903443472726,"At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.",It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.,2024-08-20
+Here's why Walgreens and CVS retail pharmacies are struggling — and what they're doing to fix it,https://www.cnbc.com/2024/08/18/why-walgreens-cvs-retail-pharmacies-are-struggling.html,2024-08-19T12:21:27+0000,"In this articleThe abundance of Walgreens and CVS Health stores makes them convenient for whenever Shriya Raghavan, a research associate based in Philadelphia, needs to pick up necessities like gum, deodorant and soap. But she said she often has to wait for employees to unlock cabinets or stand in lengthy lines to pick up prescriptions as pharmacists juggle tasks.Those are just some of the ways Walgreens and CVS are falling out of favor with consumers, in a trend that has hit their profits and stock prices and forced them to reconsider their strategies. They are symptoms of deeper issues plaguing retail pharmacy chains, which pivoted from years of store expansions to shuttering hundreds of locations across the U.S. to shore up profits. Among the biggest problems for the chains, reimbursement rates for prescription drugs have fallen. Inflation, softer consumer spending, theft, and competition from Amazon and grocery stores are also making it difficult for drugstores to turn a profit at the front of the store, where they sell everything from pantry staples to makeup and cleaning supplies.There's also widespread burnout among pharmacy staff, many of whom complain about understaffing and increasing workloads.Many of those issues aren't new. While CVS and Walgreens got a temporary boost from Covid vaccinations and test sales during the peak of the pandemic, they now face a harsh reality: the retail pharmacy model may be broken. ""As things have started to normalize, we're reverting back to the challenges that the retail pharmacy industry had faced even before Covid,"" Jefferies analyst Brian Tanquilut told CNBC. ""I think most of these pharmacies are realizing that fundamentally, their businesses have not really changed."" Falling retail pharmacy profit margins only add to the woes at both Walgreens and CVS. While Walgreens struggles with its push into primary care, CVS' bottom line is getting battered by higher medical costs in its insurance business. CVS earlier this month slashed its full-year profit outlook for the third consecutive quarter and announced $2 billion in new cost cuts over several years as those higher medical costs squeeze the insurance industry. It's not just those two chains: Rite Aid, once a viable competitor, declared bankruptcy last year and is closing hundreds of store locations as it restructures.Wall Street hasn't been happy. Shares of Walgreens are down nearly 60% this year and 80% over the last decade. CVS' stock is down almost 30% both for this year and the last 10 years. Meanwhile, Rite Aid's common stock was delisted from the New York Stock Exchange in October. Still, retail pharmacy chains remain an important fixture of the U.S. health-care system that tens of millions of Americans rely on. They may just need to reinvent themselves. ""The retail pharmacy industry is going through a period of soul-searching, trying to understand the best model to reach the consumer,"" said GlobalData retail managing director Neil Saunders. ""Consumer habits have changed, some of the economics of running drugstores and pharmacies have changed and the retailers in the sector are really having to reappraise how they do business to maintain profitability and maintain a viable business model.""Here are the main factors challenging the pharmacy business, and what CVS and Walgreens are doing to adapt.Much of the pain for retail pharmacies comes from lower prescription drug reimbursement rates. Pharmacies typically buy their medications from a distributor and then get reimbursed by pharmacy benefit managers, or PBMs. The powerful drug supply middlemen also negotiate discounts with manufacturers on behalf of insurers and create lists of medications covered by health plans.The three largest PBMs – CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts – handle almost 80% of all prescriptions in the U.S.Pharmacies have accused PBMs of setting lower reimbursement rates, which, in some cases, can mean pharmacies get paid less than the cost of buying and dispensing a prescription. Those middlemen are also accused of offering ""take it or leave it"" contracts when negotiating reimbursements with pharmacies, effectively forcing them to accept lower rates so they can maintain access to patients covered by PBMs. ""There's no leverage. There's no negotiating power on the side of the retail pharmacies,"" Tanquilut told CNBC. ""So we've seen a consistent pressure on margins on the pharmacy side over the last several years to the point where that's a huge challenge."" The operating margin for Walgreens' U.S. retail pharmacy unit was -5% last year, down from 3.9% in 2019 and 4.4% in 2015. Meanwhile, CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.Walgreens CEO Tim Wentworth acknowledged those headwinds during an earnings call in June. ""We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently,"" he said. ""For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly.""CVS has a slight competitive advantage over Walgreens since it has its own PBM, and the margin pressure from Caremark is likely ""not as severe"" as it is for other PBMs, Tanquilut said.CVS in December also introduced a new pharmacy reimbursement model called CostVantage, which will launch at the beginning of next year and use what the company calls a ""transparent"" formula to determine a medication's price. A CVS spokesperson said it will provide more clarity and predictability for consumers.But some analysts told CNBC that it's still unclear how effective that new model will be.Meanwhile, Saunders said more consumers are using online pharmacy services such as PillPack, a subsidiary of Amazon Pharmacy, to get their prescription medications. He noted that online pharmacy fulfillment remains ""fairly small in the scheme of things,"" but said it is ""definitely growing and putting a little bit of pressure on some of the traditional pharmacy chains.""  E-commerce rivals, discounters and big-box retailers are an even bigger threat to the retail side of Walgreens' and CVS' pharmacy businesses. As competition mounts, the chains' online retail presence has also lagged behind those of Amazon and other retailers like Walmart and Target, according to Leerink Partners analyst Michael Cherny. ""It wasn't as likely that an individual pre-Covid, or even the early days of Covid, would think first and foremost of going to CVS.com or Walgreens.com for shopping,"" Cherny said. ""[CVS and Walgreens] were behind on e-commerce."" Inflation is also squeezing consumers, who have become more prudent with their purchases. A budget-conscious shopper is more likely to shop at retailers including Walmart, a dollar store or Costco, despite the convenience the retail pharmacies offer, Cherny noted.Brittainy Lynn, a 38-year-old freelancer based in Austin, Texas, said it ""seems like prices are really high"" at Walgreens and CVS compared with other stores. ""It is not my first choice,"" Lynn told CNBC. ""Walmart or Target is generally where I find things I need for the cheapest price. I do frequent Dollar Tree as well, but not really for essentials."" Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.Earlier this month, CVS said same-store sales at the front of the store were down roughly 4% during the second quarter from the same period a year ago, which reflects a ""general softening of consumer demand."" Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period. The company said its U.S. retail pharmacy business faced ""significant challenges"" in a ""worse-than-expected consumer environment."" Walgreens and CVS have both increased their focus on their private-label products to lure in shoppers who have traded down from national brands to beat inflation. In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely."" They added that the company is expanding its variety of products, adding 37 new items alone in the second quarter. That ""perfectly complements consumer focus on value,"" the spokesperson said.While the major chains face many of the same hurdles, Walgreens is likely more exposed to the pressures on its retail pharmacy business than CVS is, Evercore ISI analyst Elizabeth Anderson told CNBC. CVS operates a PBM and the nation's third-largest health insurer, Aetna, which could help offset issues on the retail pharmacy side. CVS' retail pharmacy unit was the second-biggest contributor to sales last year, raking in $116.76 billion. The company's health services segment, which operates Caremark and primary-care provider Oak Street Health, booked nearly $187 billion in sales. Meanwhile, Walgreens gets the vast majority of its revenue from its U.S. retail pharmacies. That business unit took in more than $109 billion last year, dwarfing the $21.83 billion from its international segment and nearly $1.8 billion from its health-care unit. Walgreens' international segment operates more than 3,000 retail stores abroad, including locations of U.K.-based health and beauty retailer Boots. The company's health-care unit offers primary care, urgent care and post-acute care services, as well as a specialty pharmacy, among other services. Even as Walgreens tries to diversify its business, the company has been ""playing catch-up"" with CVS in the health-care space, according to Jeffries' Tanquilut. Retail giants and pharmacies have been pushing to deliver medical care directly to patients, which could help them capture a larger slice of the more than $4 trillion U.S. health-care industry. But several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care. That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut. Unlike CVS, Walgreens could potentially exit that market altogether. The company said in a securities filing last week it is considering a sale of its primary-care provider VillageMD.Walgreens invested $1 billion in VillageMD in 2020, then another $5.2 billion a year later to become its majority owner. But Walgreens started closing clinic locations last year. In March, the company recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD. Retail pharmacies likely won't disappear soon, especially as the American population ages and more people need to pick up prescriptions, Evercore's Anderson said. But she said they may not need to ""exist in their current form."" That could potentially mean increasing their online presence, no longer selling certain products like greeting cards and shrinking store footprints.""I think there'll be some experimentation with models there. It's more of a question of what the new retail pharmacy model will look like,"" Anderson told CNBC. Walgreens has opened roughly 100 smaller-format stores, which have fewer front-of-store items and over-the-counter medicines and feature the company's branded products, a spokesperson said in a statement. Walgreens plans to add more ""mini drugstores"" this year.The company is also piloting a Chicago store location that focuses on ""convenience and speed through digital pickup, pharmacy and grab-and-go solutions,"" Walgreens said on its website. Most prescription or retail orders can be placed and filled at a counter, which could deter theft. Another location in Aubrey, Texas, moves the pharmacy to the front of the store in a departure from the traditional model.The company's website said it does not plan to roll out additional pilot stores until ""learnings about what works and what doesn't are better understood."" Meanwhile, a CVS spokesperson said the company is ""innovating to meet our customers' and patients' varying needs."" The spokesperson pointed to the company's private-label brands, assortment of national brands, and loyalty program that offers discounts and benefits for patients. The company has also opened Oak Street Health primary-care centers side by side with CVS pharmacies in Texas and Illinois, with plans to introduce around two dozen more by the end of the year. In the meantime, CVS and Walgreens are cutting costs. Walgreens in June announced plans to shutter a ""significant"" number of its 8,600 U.S. stores. The company's CEO, Wentworth, said only 75% of the chain's locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.""In 2021, CVS announced it was shuttering 900 stores, or nearly 10% of its U.S. retail locations, over a three-year period. CVS executives earlier this month said the company is on track to meet that goal by the end of the year, with 851 stores closed to date. In a statement, a CVS spokesperson said the store closure decisions are based on population shifts, consumer spending patterns and a given community's store density, among other factors. Even after the closures, 85% of people in the U.S. will still live within 10 miles of a CVS pharmacy, the spokesperson noted.Amar Singh, senior director at retail consulting company Kantar Group, said shuttering underperforming locations could help Walgreens and CVS right-size their business and figure out ""the right equation"" for their stores that will win back shoppers and shore up profits. But store closures could make it harder for many Americans to get prescriptions, as pharmacy deserts become more common in underserved communities across the U.S. They also may do little to fix some of the deeper issues plaguing retail pharmacies, according to Saunders. For example, he said addressing declining pharmacy reimbursement rates may require legislation and lobbying, and ""getting that done is almost possible."" ""In some ways, closing stores is a reaction to the problem. It's not the solution to the problem,"" Saunders said. ""But longer term, if other things don't change, they'll probably find themselves in the same position in 10 years time where they have to close more stores.""",CNBC,19/08/2024,"['In this articleThe abundance of Walgreens and CVS Health stores makes them convenient for whenever Shriya Raghavan, a research associate based in Philadelphia, needs to pick up necessities like gum, deodorant and soap.', 'But she said she often has to wait for employees to unlock cabinets or stand in lengthy lines to pick up prescriptions as pharmacists juggle tasks.', 'Those are just some of the ways Walgreens and CVS are falling out of favor with consumers, in a trend that has hit their profits and stock prices and forced them to reconsider their strategies.', 'They are symptoms of deeper issues plaguing retail pharmacy chains, which pivoted from years of store expansions to shuttering hundreds of locations across the U.S. to shore up profits.', 'Among the biggest problems for the chains, reimbursement rates for prescription drugs have fallen.', 'Inflation, softer consumer spending, theft, and competition from Amazon and grocery stores are also making it difficult for drugstores to turn a profit at the front of the store, where they sell everything from pantry staples to makeup and cleaning supplies.', ""There's also widespread burnout among pharmacy staff, many of whom complain about understaffing and increasing workloads."", ""Many of those issues aren't new."", 'While CVS and Walgreens got a temporary boost from Covid vaccinations and test sales during the peak of the pandemic, they now face a harsh reality: the retail pharmacy model may be broken.', '""As things have started to normalize, we\'re reverting back to the challenges that the retail pharmacy industry had faced even before Covid,"" Jefferies analyst Brian Tanquilut told CNBC. ""', 'I think most of these pharmacies are realizing that fundamentally, their businesses have not really changed.', '""Falling retail pharmacy profit margins only add to the woes at both Walgreens and CVS.While Walgreens struggles with its push into primary care, CVS\' bottom line is getting battered by higher medical costs in its insurance business.', 'CVS earlier this month slashed its full-year profit outlook for the third consecutive quarter and announced $2 billion in new cost cuts over several years as those higher medical costs squeeze the insurance industry.', ""It's not just those two chains: Rite Aid, once a viable competitor, declared bankruptcy last year and is closing hundreds of store locations as it restructures."", ""Wall Street hasn't been happy."", 'Shares of Walgreens are down nearly 60% this year and 80% over the last decade.', ""CVS' stock is down almost 30% both for this year and the last 10 years."", ""Meanwhile, Rite Aid's common stock was delisted from the New York Stock Exchange in October."", 'Still, retail pharmacy chains remain an important fixture of the U.S. health-care system that tens of millions of Americans rely on.', 'They may just need to reinvent themselves.', '""The retail pharmacy industry is going through a period of soul-searching, trying to understand the best model to reach the consumer,"" said GlobalData retail managing director Neil Saunders. ""', 'Consumer habits have changed, some of the economics of running drugstores and pharmacies have changed and the retailers in the sector are really having to reappraise how they do business to maintain profitability and maintain a viable business model.', '""Here are the main factors challenging the pharmacy business, and what CVS and Walgreens are doing to adapt.', 'Much of the pain for retail pharmacies comes from lower prescription drug reimbursement rates.', 'Pharmacies typically buy their medications from a distributor and then get reimbursed by pharmacy benefit managers, or PBMs.', 'The powerful drug supply middlemen also negotiate discounts with manufacturers on behalf of insurers and create lists of medications covered by health plans.', ""The three largest PBMs – CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts – handle almost 80% of all prescriptions in the U.S.Pharmacies have accused PBMs of setting lower reimbursement rates, which, in some cases, can mean pharmacies get paid less than the cost of buying and dispensing a prescription."", 'Those middlemen are also accused of offering ""take it or leave it"" contracts when negotiating reimbursements with pharmacies, effectively forcing them to accept lower rates so they can maintain access to patients covered by PBMs.', '""There\'s no leverage.', 'There\'s no negotiating power on the side of the retail pharmacies,"" Tanquilut told CNBC. ""', ""So we've seen a consistent pressure on margins on the pharmacy side over the last several years to the point where that's a huge challenge."", '""The operating margin for Walgreens\' U.S. retail pharmacy unit was -5% last year, down from 3.9% in 2019 and 4.4% in 2015.', 'Meanwhile, CVS\' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.Walgreens CEO Tim Wentworth acknowledged those headwinds during an earnings call in June. ""', 'We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently,"" he said. ""', 'For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly.', '""CVS has a slight competitive advantage over Walgreens since it has its own PBM, and the margin pressure from Caremark is likely ""not as severe"" as it is for other PBMs, Tanquilut said.', 'CVS in December also introduced a new pharmacy reimbursement model called CostVantage, which will launch at the beginning of next year and use what the company calls a ""transparent"" formula to determine a medication\'s price.', 'A CVS spokesperson said it will provide more clarity and predictability for consumers.', ""But some analysts told CNBC that it's still unclear how effective that new model will be."", 'Meanwhile, Saunders said more consumers are using online pharmacy services such as PillPack, a subsidiary of Amazon Pharmacy, to get their prescription medications.', 'He noted that online pharmacy fulfillment remains ""fairly small in the scheme of things,"" but said it is ""definitely growing and putting a little bit of pressure on some of the traditional pharmacy chains.', '""E-commerce rivals, discounters and big-box retailers are an even bigger threat to the retail side of Walgreens\' and CVS\' pharmacy businesses.', ""As competition mounts, the chains' online retail presence has also lagged behind those of Amazon and other retailers like Walmart and Target, according to Leerink Partners analyst Michael Cherny."", '""It wasn\'t as likely that an individual pre-Covid, or even the early days of Covid, would think first and foremost of going to CVS.com or Walgreens.com for shopping,"" Cherny said. ""[', 'CVS and Walgreens] were behind on e-commerce.', '""Inflation is also squeezing consumers, who have become more prudent with their purchases.', 'A budget-conscious shopper is more likely to shop at retailers including Walmart, a dollar store or Costco, despite the convenience the retail pharmacies offer, Cherny noted.', 'Brittainy Lynn, a 38-year-old freelancer based in Austin, Texas, said it ""seems like prices are really high"" at Walgreens and CVS compared with other stores.', '""It is not my first choice,"" Lynn told CNBC. ""', 'Walmart or Target is generally where I find things I need for the cheapest price.', 'I do frequent Dollar Tree as well, but not really for essentials.', '""Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.', 'Earlier this month, CVS said same-store sales at the front of the store were down roughly 4% during the second quarter from the same period a year ago, which reflects a ""general softening of consumer demand.', '""Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period.', 'The company said its U.S. retail pharmacy business faced ""significant challenges"" in a ""worse-than-expected consumer environment.', '""Walgreens and CVS have both increased their focus on their private-label products to lure in shoppers who have traded down from national brands to beat inflation.', 'In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely.""', 'They added that the company is expanding its variety of products, adding 37 new items alone in the second quarter.', 'That ""perfectly complements consumer focus on value,"" the spokesperson said.', ""While the major chains face many of the same hurdles, Walgreens is likely more exposed to the pressures on its retail pharmacy business than CVS is, Evercore ISI analyst Elizabeth Anderson told CNBC.CVS operates a PBM and the nation's third-largest health insurer, Aetna, which could help offset issues on the retail pharmacy side."", ""CVS' retail pharmacy unit was the second-biggest contributor to sales last year, raking in $116.76 billion."", ""The company's health services segment, which operates Caremark and primary-care provider Oak Street Health, booked nearly $187 billion in sales."", 'Meanwhile, Walgreens gets the vast majority of its revenue from its U.S. retail pharmacies.', 'That business unit took in more than $109 billion last year, dwarfing the $21.83 billion from its international segment and nearly $1.8 billion from its health-care unit.', ""Walgreens' international segment operates more than 3,000 retail stores abroad, including locations of U.K.-based health and beauty retailer Boots."", ""The company's health-care unit offers primary care, urgent care and post-acute care services, as well as a specialty pharmacy, among other services."", 'Even as Walgreens tries to diversify its business, the company has been ""playing catch-up"" with CVS in the health-care space, according to Jeffries\' Tanquilut.', 'Retail giants and pharmacies have been pushing to deliver medical care directly to patients, which could help them capture a larger slice of the more than $4 trillion U.S. health-care industry.', 'But several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care.', ""That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut."", 'Unlike CVS, Walgreens could potentially exit that market altogether.', 'The company said in a securities filing last week it is considering a sale of its primary-care provider VillageMD.Walgreens invested $1 billion in VillageMD in 2020, then another $5.2 billion a year later to become its majority owner.', 'But Walgreens started closing clinic locations last year.', ""In March, the company recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD.Retail pharmacies likely won't disappear soon, especially as the American population ages and more people need to pick up prescriptions, Evercore's Anderson said."", 'But she said they may not need to ""exist in their current form.""', 'That could potentially mean increasing their online presence, no longer selling certain products like greeting cards and shrinking store footprints.', '""I think there\'ll be some experimentation with models there.', 'It\'s more of a question of what the new retail pharmacy model will look like,"" Anderson told CNBC.Walgreens has opened roughly 100 smaller-format stores, which have fewer front-of-store items and over-the-counter medicines and feature the company\'s branded products, a spokesperson said in a statement.', 'Walgreens plans to add more ""mini drugstores"" this year.', 'The company is also piloting a Chicago store location that focuses on ""convenience and speed through digital pickup, pharmacy and grab-and-go solutions,"" Walgreens said on its website.', 'Most prescription or retail orders can be placed and filled at a counter, which could deter theft.', 'Another location in Aubrey, Texas, moves the pharmacy to the front of the store in a departure from the traditional model.', 'The company\'s website said it does not plan to roll out additional pilot stores until ""learnings about what works and what doesn\'t are better understood.', '""Meanwhile, a CVS spokesperson said the company is ""innovating to meet our customers\' and patients\' varying needs.""', ""The spokesperson pointed to the company's private-label brands, assortment of national brands, and loyalty program that offers discounts and benefits for patients."", 'The company has also opened Oak Street Health primary-care centers side by side with CVS pharmacies in Texas and Illinois, with plans to introduce around two dozen more by the end of the year.', 'In the meantime, CVS and Walgreens are cutting costs.', 'Walgreens in June announced plans to shutter a ""significant"" number of its 8,600 U.S. stores.', 'The company\'s CEO, Wentworth, said only 75% of the chain\'s locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.', '""In 2021, CVS announced it was shuttering 900 stores, or nearly 10% of its U.S. retail locations, over a three-year period.', 'CVS executives earlier this month said the company is on track to meet that goal by the end of the year, with 851 stores closed to date.', ""In a statement, a CVS spokesperson said the store closure decisions are based on population shifts, consumer spending patterns and a given community's store density, among other factors."", 'Even after the closures, 85% of people in the U.S. will still live within 10 miles of a CVS pharmacy, the spokesperson noted.', 'Amar Singh, senior director at retail consulting company Kantar Group, said shuttering underperforming locations could help Walgreens and CVS right-size their business and figure out ""the right equation"" for their stores that will win back shoppers and shore up profits.', 'But store closures could make it harder for many Americans to get prescriptions, as pharmacy deserts become more common in underserved communities across the U.S.They also may do little to fix some of the deeper issues plaguing retail pharmacies, according to Saunders.', 'For example, he said addressing declining pharmacy reimbursement rates may require legislation and lobbying, and ""getting that done is almost possible.', '""""In some ways, closing stores is a reaction to the problem.', 'It\'s not the solution to the problem,"" Saunders said. ""', 'But longer term, if other things don\'t change, they\'ll probably find themselves in the same position in 10 years time where they have to close more stores.""']",0.1420033534894789,"The company's CEO, Wentworth, said only 75% of the chain's locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.","""Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.",-0.1717767514744583,"In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely.""","""Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period.",2024-08-20
+California cracks down on organized retail crime with new package of laws,https://www.cnbc.com/2024/08/19/california-retail-crime-laws-crack-down-on-organized-rings.html,2024-08-19T21:10:34+0000,"California Democratic Gov. Gavin Newsom has signed 10 new bills into law that aim to combat retail crime in the state.The package, announced Friday, includes new laws that crack down on shoplifting, theft from a vehicle, organized theft, and online marketplaces where these stolen goods are sometimes resold. The new laws come after retailers have called on both local and federal governments to do more to combat retail theft, citing it as a growing challenge that's impacted profits, customers and staff.One of the bills in the package, SB 1416, establishes tougher penalties for middlemen in organized retail crime rings and was introduced in response to a CNBC investigation published in March, according to the office of state Sen. Josh Newman, a Democrat, who introduced the bill.""As author of the bill, I used examples of your reporting in each of the policy committee hearings at which I presented the bill, and I think it made real for my colleagues something that otherwise seemed kind of abstract. And it also, I think, encapsulated just how powerful the incentives are,"" Newman told CNBC.The law Newman authored establishes additional prison time and fines for the sale, exchange or return of stolen property — the bread and butter of retail resale crime rings. Prior to the law's passage, those charged with being involved in organized retail crime rings could face up to three years in prison. Critics said that sentence and penalty were not enough of a deterrence.Newman said the law was designed to go after middlemen like Michelle Mack — the organized retail crime ""queenpin"" who was exposed in CNBC's investigation. Police say she made millions reselling stolen goods on Amazon at a fraction of their typical retail price. ""It's necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.Mack was arrested in December and received a delayed sentence of five years and four months in state prison. Mack's husband, Kenneth, received the same sentence and is already incarcerated. The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack's ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience. Others have countered these claims, saying that retailers are overstating the impact of theft and downplaying the operational issues behind lower profits.Commercial burglary and commercial robbery rates in California have been steadily rising over the past few years, according to data from the Public Policy Institute of California. Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.Since January, the California Highway Patrol's Organized Retail Crime Task Force has made 884 arrests and recovered more than 250,000 stolen items valued collectively at over $7.2 million, according to the press release announcing the new legislation.Retailers have been urging Congress to crack down on organized retail crime nationally, with the retail lobby group National Retail Federation pushing to make it easier to prosecute theft as a federal felony.With the 2024 presidential election looming, Democrats are also looking to appear tough on crime to address Republican criticism of the nation's rising crime rates. However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.Another bill, SB 1144, also passed in the new package of laws aims to prevent the trafficking of stolen goods on online marketplaces like Amazon. The bill, introduced by state Sen. Nancy Skinner, a Democrat, builds on a previous California law by updating compliance criteria for high-volume, third-party sellers and making it easier for civil charges to be filed against online marketplaces selling stolen goods, among other measures.— CNBC's Gabrielle Fonrouge, Scott Zamost and Courtney Reagan contributed to this report.",CNBC,19/08/2024,"['California Democratic Gov. Gavin Newsom has signed 10 new bills into law that aim to combat retail crime in the state.', 'The package, announced Friday, includes new laws that crack down on shoplifting, theft from a vehicle, organized theft, and online marketplaces where these stolen goods are sometimes resold.', ""The new laws come after retailers have called on both local and federal governments to do more to combat retail theft, citing it as a growing challenge that's impacted profits, customers and staff."", 'One of the bills in the package, SB 1416, establishes tougher penalties for middlemen in organized retail crime rings and was introduced in response to a CNBC investigation published in March, according to the office of state Sen. Josh Newman, a Democrat, who introduced the bill.', '""As author of the bill, I used examples of your reporting in each of the policy committee hearings at which I presented the bill, and I think it made real for my colleagues something that otherwise seemed kind of abstract.', 'And it also, I think, encapsulated just how powerful the incentives are,"" Newman told CNBC.The law Newman authored establishes additional prison time and fines for the sale, exchange or return of stolen property — the bread and butter of retail resale crime rings.', ""Prior to the law's passage, those charged with being involved in organized retail crime rings could face up to three years in prison."", 'Critics said that sentence and penalty were not enough of a deterrence.', 'Newman said the law was designed to go after middlemen like Michelle Mack — the organized retail crime ""queenpin"" who was exposed in CNBC\'s investigation.', 'Police say she made millions reselling stolen goods on Amazon at a fraction of their typical retail price. ""', 'It\'s necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.', 'Mack was arrested in December and received a delayed sentence of five years and four months in state prison.', ""Mack's husband, Kenneth, received the same sentence and is already incarcerated."", 'The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack\'s ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience.', 'Others have countered these claims, saying that retailers are overstating the impact of theft and downplaying the operational issues behind lower profits.', 'Commercial burglary and commercial robbery rates in California have been steadily rising over the past few years, according to data from the Public Policy Institute of California.', 'Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.', ""Since January, the California Highway Patrol's Organized Retail Crime Task Force has made 884 arrests and recovered more than 250,000 stolen items valued collectively at over $7.2 million, according to the press release announcing the new legislation."", 'Retailers have been urging Congress to crack down on organized retail crime nationally, with the retail lobby group National Retail Federation pushing to make it easier to prosecute theft as a federal felony.', ""With the 2024 presidential election looming, Democrats are also looking to appear tough on crime to address Republican criticism of the nation's rising crime rates."", 'However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.', 'Another bill, SB 1144, also passed in the new package of laws aims to prevent the trafficking of stolen goods on online marketplaces like Amazon.', 'The bill, introduced by state Sen. Nancy Skinner, a Democrat, builds on a previous California law by updating compliance criteria for high-volume, third-party sellers and making it easier for civil charges to be filed against online marketplaces selling stolen goods, among other measures.—', ""CNBC's Gabrielle Fonrouge, Scott Zamost and Courtney Reagan contributed to this report.""]",-0.2662607653161937,"It's necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.","However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.",-0.0002859458327293,"Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.","The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack's ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience.",2024-08-20
+Boeing pauses tests of 777X aircraft after finding damage to one of the jets' structures,https://www.cnbc.com/2024/08/20/boeing-pauses-tests-of-777x-aircraft-after-finding-damage-to-one-of-the-jets-structures.html,2024-08-20T13:58:48+0000,"In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.The company said it discovered the damage to the custom part, which it said is between the engine and the airplane structure, during scheduled maintenance. It has since grounded the three other 777-9 airplanes in its test fleet. No other flight testing was scheduled for the other aircraft, Boeing said.""Our team is replacing the part and capturing any learnings from the component and will resume flight testing when ready,"" Boeing said in a statement. It said it has informed the Federal Aviation Administration and its customers, which have ordered 481 of the 777X, according to the company's website.It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule. Boeing began flight tests of the aircraft with the FAA in July, a major milestone.The news, reported earlier by The Air Current, comes as Boeing's leaders, including new CEO Kelly Ortberg, are trying to move the company past a safety crisis that started with a door plug blowout at the start of the year.",CNBC,20/08/2024,"['In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.', 'The company said it discovered the damage to the custom part, which it said is between the engine and the airplane structure, during scheduled maintenance.', 'It has since grounded the three other 777-9 airplanes in its test fleet.', 'No other flight testing was scheduled for the other aircraft, Boeing said.', '""Our team is replacing the part and capturing any learnings from the component and will resume flight testing when ready,"" Boeing said in a statement.', ""It said it has informed the Federal Aviation Administration and its customers, which have ordered 481 of the 777X, according to the company's website."", ""It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule."", 'Boeing began flight tests of the aircraft with the FAA in July, a major milestone.', ""The news, reported earlier by The Air Current, comes as Boeing's leaders, including new CEO Kelly Ortberg, are trying to move the company past a safety crisis that started with a door plug blowout at the start of the year.""]",-0.0954468449931902,"It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule.",In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.,-0.9729455709457396,,In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.,2024-08-20
+Child benefit claims rise after income rule change,https://www.bbc.co.uk/news/articles/c23lkd25g5no,2024-08-21T23:03:58.661Z,"The number of new child benefit claims rose in April, after the government changed the rules on how much parents can earn and still be eligible. There were 86,656 new claims made, which was up 16% on the previous month, a BBC Freedom of Information (FoI) request has found. Parents have to start paying back part of the benefit once they earn a certain income, and in the March Budget, then-Chancellor Jeremy Hunt said the threshold would go up in April. One expert said the announcement not only made more people eligible to claim, but would have reminded others who were already eligible that they should claim it. You can get child benefit if you are responsible for bringing up a child who is under 16, or under 20 if they stay in approved education or training. Only one person can claim the benefit for a child. The payments are £25.60 a week for the eldest or only child, and £16.95 a week for younger children. However, payments are reduced once one parent starts earning at a certain level, known as the High Income Child Benefit Charge (HICBC). On 6 April, the income level at which people have to start paying back part of the benefit rose from £50,000 to £60,000, and the level at which it is withdrawn completely went up from £60,000 to £80,000. The BBC's FoI asked His Majesty's Revenue and Customs (HMRC), which processes child benefit applications, how many new claims were made per month from the beginning of last year to May this year. April saw the highest number of claims made in that period, and well above the next highest month. HMRC pointed out that it can sometimes receive duplicate claims made in error, or rival claims made following a household breakdown. “The boost in claimants in April is good news,"" said Laura Suter, director of personal finance at AJ Bell. ""It’s likely that the announcement by the government had a dual effect: it made more people eligible for the benefit and so they claimed, but it also put child benefit in the news and reminded other parents who were already eligible that they should claim it."" But she added that ""we're coming from a low base"" as the benefit is ""chronically underclaimed"". The latest annual figures show the number of families getting child benefit payments has dropped to its lowest level since records began, she said. A total of 683,000 families, accounting for 1.05 million children, opted out of getting the payments because they would have had to pay the HICBC. ""If these families had been eligible they could have claimed £1.15bn in additional support,"" Ms Suter said. ",BBC,21/08/2024,"['The number of new child benefit claims rose in April, after the government changed the rules on how much parents can earn and still be eligible.', 'There were 86,656 new claims made, which was up 16% on the previous month, a BBC Freedom of Information (FoI) request has found.', 'Parents have to start paying back part of the benefit once they earn a certain income, and in the March Budget, then-Chancellor Jeremy Hunt said the threshold would go up in April.', 'One expert said the announcement not only made more people eligible to claim, but would have reminded others who were already eligible that they should claim it.', 'You can get child benefit if you are responsible for bringing up a child who is under 16, or under 20 if they stay in approved education or training.', 'Only one person can claim the benefit for a child.', 'The payments are £25.60 a week for the eldest or only child, and £16.95 a week for younger children.', 'However, payments are reduced once one parent starts earning at a certain level, known as the High Income Child Benefit Charge (HICBC).', 'On 6 April, the income level at which people have to start paying back part of the benefit rose from £50,000 to £60,000, and the level at which it is withdrawn completely went up from £60,000 to £80,000.', ""The BBC's FoI asked His Majesty's Revenue and Customs (HMRC), which processes child benefit applications, how many new claims were made per month from the beginning of last year to May this year."", 'April saw the highest number of claims made in that period, and well above the next highest month.', 'HMRC pointed out that it can sometimes receive duplicate claims made in error, or rival claims made following a household breakdown. “', 'The boost in claimants in April is good news,"" said Laura Suter, director of personal finance at AJ Bell. ""', 'It’s likely that the announcement by the government had a dual effect: it made more people eligible for the benefit and so they claimed, but it also put child benefit in the news and reminded other parents who were already eligible that they should claim it.""', 'But she added that ""we\'re coming from a low base"" as the benefit is ""chronically underclaimed"".', 'The latest annual figures show the number of families getting child benefit payments has dropped to its lowest level since records began, she said.', 'A total of 683,000 families, accounting for 1.05 million children, opted out of getting the payments because they would have had to pay the HICBC. ""', 'If these families had been eligible they could have claimed £1.15bn in additional support,"" Ms Suter said.']",0.3729828507653549,"You can get child benefit if you are responsible for bringing up a child who is under 16, or under 20 if they stay in approved education or training.","HMRC pointed out that it can sometimes receive duplicate claims made in error, or rival claims made following a household breakdown. “",0.4854134212840687,"There were 86,656 new claims made, which was up 16% on the previous month, a BBC Freedom of Information (FoI) request has found.","The latest annual figures show the number of families getting child benefit payments has dropped to its lowest level since records began, she said.",2024-08-20
+The first SpaceX spacewalk: What the Polaris Dawn commander says about the bold upcoming mission,https://www.cnbc.com/2024/08/17/first-spacex-spacewalk-polaris-dawn-mission-launch-date-details.html,2024-08-17T14:29:51+0000,"SpaceX is preparing to launch its next private mission by the end of the month, featuring the first attempt to have the astronauts step out into space.The Polaris Dawn mission — the first of three flights billionaire and Shift4 founder Jared Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program — is set to launch from Florida in the early hours of Aug. 26.""We don't get the freedom of any time of day to launch but I think it'll work out to [be] pretty close to dawn, which is very appropriate given the mission,"" Isaacman told CNBC's Investing in Space during an interview last month.Isaacman will be commanding the mission, as he did while leading the historic Inspiration4 flight in 2021. He's once again leading a crew of four, with longtime colleague Scott Poteet joining him as the pilot and Anna Menon and Sarah Gillis, a pair of SpaceX employees, serving as the flight's medical officer and mission specialist, respectively.The multi-day trip isn't headed to a destination, but instead will be a free-flying mission tracing orbits that the crew hopes will go far from Earth.""We're going to a very high altitude that humans haven't gone to in 50-plus years,"" Isaacman said.But the centerpiece of Polaris Dawn is the planned spacewalk.Extravehicular activities, or EVAs, have been a regular part of NASA's astronaut missions for years, such as when the agency needs maintenance done outside the International Space Station. But no private venture has attempted an EVA before.Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they've been training extensively.""The only thing that comes close to that is the vacuum chamber, and that's where you're pretty much feeling as close as it's like to be in the vacuum conditions or space. … That definitely gives you the actual sensations of the pressure changes and the temperature changes, as well as just the psychological stressors of being in a very harsh environment,"" Isaacman said.Isaacman also detailed the day-to-day schedule for Polaris Dawn, which will be in space for up to five days.Day one is all about looking for a time when there's minimal risk from micrometeorite orbital debris, which will determine exactly when Polaris Dawn will launch. After reaching an orbit of 190 kilometers by 1,200 kilometers, Isaacman said the crew will do extensive checks of SpaceX's Dragon capsule Resilience.""It's really important to know that the vehicle has no faults before going up to 1,400 kilometers"" altitude, Isaacman said.The spacecraft will also take early passes through the high radiation zone known as the South Atlantic Anomaly.""You ideally want to take that at the lowest altitude as you can because even down at 200 kilometers, the radiation level there is substantially higher … Our two or three passes at high altitude through the South Atlantic Anomaly will be almost the entirety of the radiation load on the mission and like an equivalency of three months on the International Space Station,"" Isaacman said.Day two will focus on some of the science and research that Polaris Dawn plans to accomplish — which will total about 40 experiments. The crew will also prep for the spacewalk, testing out the EVA suits.""So we can make sure that ... there's nothing unexpected in microgravity versus what we were able to test on Earth,"" Isaacman said.Day three is the big one: The EVA.So who on the crew will perform the spacewalk?""We'd say all four of us are doing it — there's no airlock and it's being vented down to vacuum"" inside the spacecraft, Isaacman said.Two of the crew will journey outside of Dragon: Isaacman and Gillis, while Poteet and Menon stay inside as support.The EVA is expected to last two hours long from start to finish. Isaacman stressed that the spacewalk ""is really a test and development"" process.""We want to learn as much as we can about the suit and the operation as possible, but we only have so much oxygen and nitrogen to work with,"" Isaacman said.Polaris Dawn plans to livestream the spacewalk, and the mission commander emphasized that there are going to be ""a lot of cameras"" scattered inside and out of the capsule.The crucial piece of equipment intended to make the EVA possible is SpaceX's spacesuits.The company has spent the past couple years taking its minimalist-looking, black-and-white IVA suit —meaning intravehicular activity, and worn by astronauts in case of emergencies — and using it to create its EVA suit. Isaacman said the EVA suits are the results of hundreds of hours of testing different materials over years.""So our primary goal is learn as much as we can about the suit,"" Isaacman said.""Everything is about building the next generation. We're continuing to iterate on this suit design so that SpaceX can have hundreds or thousands someday for the moon, Mars, working in [low Earth orbit], what have you. Building a new EVA suit is no easy task,"" he added.Polaris Dawn aims to push the boundaries of private spaceflight and, like his first trip to orbit, Isaacman hopes the mission inspires.""This is the inspiration side of it … anything that's different than what we've seen over the last 20 or 30 years is what gets people excited, thinking: 'Well if this is what I'm seeing today, I wonder what tomorrow's gonna look like or a year after.""Read Isaacman's Q&A with CNBC's Investing in Space newsletter here.",CNBC,17/08/2024,"['SpaceX is preparing to launch its next private mission by the end of the month, featuring the first attempt to have the astronauts step out into space.', 'The Polaris Dawn mission — the first of three flights billionaire and Shift4 founder Jared Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program — is set to launch from Florida in the early hours of Aug. 26.""We don\'t get the freedom of any time of day to launch but I think it\'ll work out to [be] pretty close to dawn, which is very appropriate given the mission,"" Isaacman told CNBC\'s Investing in Space during an interview last month.', 'Isaacman will be commanding the mission, as he did while leading the historic Inspiration4 flight in 2021.', ""He's once again leading a crew of four, with longtime colleague Scott Poteet joining him as the pilot and Anna Menon and Sarah Gillis, a pair of SpaceX employees, serving as the flight's medical officer and mission specialist, respectively."", ""The multi-day trip isn't headed to a destination, but instead will be a free-flying mission tracing orbits that the crew hopes will go far from Earth."", '""We\'re going to a very high altitude that humans haven\'t gone to in 50-plus years,"" Isaacman said.', 'But the centerpiece of Polaris Dawn is the planned spacewalk.', ""Extravehicular activities, or EVAs, have been a regular part of NASA's astronaut missions for years, such as when the agency needs maintenance done outside the International Space Station."", 'But no private venture has attempted an EVA before.', 'Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they\'ve been training extensively.', '""The only thing that comes close to that is the vacuum chamber, and that\'s where you\'re pretty much feeling as close as it\'s like to be in the vacuum conditions or space. …', 'That definitely gives you the actual sensations of the pressure changes and the temperature changes, as well as just the psychological stressors of being in a very harsh environment,"" Isaacman said.', 'Isaacman also detailed the day-to-day schedule for Polaris Dawn, which will be in space for up to five days.', ""Day one is all about looking for a time when there's minimal risk from micrometeorite orbital debris, which will determine exactly when Polaris Dawn will launch."", ""After reaching an orbit of 190 kilometers by 1,200 kilometers, Isaacman said the crew will do extensive checks of SpaceX's Dragon capsule Resilience."", '""It\'s really important to know that the vehicle has no faults before going up to 1,400 kilometers"" altitude, Isaacman said.', 'The spacecraft will also take early passes through the high radiation zone known as the South Atlantic Anomaly.', '""You ideally want to take that at the lowest altitude as you can because even down at 200 kilometers, the radiation level there is substantially higher … Our two or three passes at high altitude through the South Atlantic Anomaly will be almost the entirety of the radiation load on the mission and like an equivalency of three months on the International Space Station,"" Isaacman said.', 'Day two will focus on some of the science and research that Polaris Dawn plans to accomplish — which will total about 40 experiments.', 'The crew will also prep for the spacewalk, testing out the EVA suits.', '""So we can make sure that ... there\'s nothing unexpected in microgravity versus what we were able to test on Earth,"" Isaacman said.', 'Day three is the big one: The EVA.So who on the crew will perform the spacewalk?""We\'d say all four of us are doing it — there\'s no airlock and it\'s being vented down to vacuum"" inside the spacecraft, Isaacman said.', 'Two of the crew will journey outside of Dragon: Isaacman and Gillis, while Poteet and Menon stay inside as support.', 'The EVA is expected to last two hours long from start to finish.', 'Isaacman stressed that the spacewalk ""is really a test and development"" process.', '""We want to learn as much as we can about the suit and the operation as possible, but we only have so much oxygen and nitrogen to work with,"" Isaacman said.', 'Polaris Dawn plans to livestream the spacewalk, and the mission commander emphasized that there are going to be ""a lot of cameras"" scattered inside and out of the capsule.', ""The crucial piece of equipment intended to make the EVA possible is SpaceX's spacesuits."", 'The company has spent the past couple years taking its minimalist-looking, black-and-white IVA suit —meaning intravehicular activity, and worn by astronauts in case of emergencies — and using it to create its EVA suit.', 'Isaacman said the EVA suits are the results of hundreds of hours of testing different materials over years.', '""So our primary goal is learn as much as we can about the suit,"" Isaacman said.', '""Everything is about building the next generation.', ""We're continuing to iterate on this suit design so that SpaceX can have hundreds or thousands someday for the moon, Mars, working in [low Earth orbit], what have you."", 'Building a new EVA suit is no easy task,"" he added.', 'Polaris Dawn aims to push the boundaries of private spaceflight and, like his first trip to orbit, Isaacman hopes the mission inspires.', '""This is the inspiration side of it … anything that\'s different than what we\'ve seen over the last 20 or 30 years is what gets people excited, thinking: \'Well if this is what I\'m seeing today, I wonder what tomorrow\'s gonna look like or a year after.', '""Read Isaacman\'s Q&A with CNBC\'s Investing in Space newsletter here.']",0.0834501306210707,"""This is the inspiration side of it … anything that's different than what we've seen over the last 20 or 30 years is what gets people excited, thinking: 'Well if this is what I'm seeing today, I wonder what tomorrow's gonna look like or a year after.","Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they've been training extensively.",,,,2024-08-20
+Beyoncé launches whiskey line with LVMH's Moët Hennessy,https://www.cnbc.com/2024/08/20/beyonce-launches-whiskey-lvmh-moet-hennessy-sirdavis.html,2024-08-20T20:27:28+0000,"In this articleBeyoncé is holding her whiskey up high.The megastar is entering the luxury liquor business with the launch of a new whiskey line in collaboration with LVMH's Moët Hennessy, the brand announced in a press release Tuesday.Beyoncé shared the news holding up a glass of the whiskey, dubbed SirDavis, in a promotional Instagram post with the caption, ""DAVIS IN MY BONES,"" and a link to the liquor's website.Following a growing trend of consumers seeking luxury spirits, Beyoncé joins Mark Wahlberg, George Clooney and more celebrities who are using their status to elevate premium liquor brands.As LVMH's wine and spirits division expands in the American whiskey market, SirDavis also serves to honor Beyoncé's heritage. SirDavis is named for Davis Hogue, Beyoncé's great-grandfather who stashed whiskey bottles as a farmer during Prohibition in the South, according to the release.""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. ""SirDavis is a way for me to pay homage to him, uniting us through a new shared legacy.""The whiskey line is headquartered out of Houston, Beyoncé's hometown. Crafted and bottled in Texas, SirDavis marks Moët Hennessy's first spirit brand developed by the company entirely in the U.S., according to the release.SirDavis comprises 51% rye and 49% malted barley and is matured in sherry casks, which the distiller said creates a profile of ""bold sophistication.""The tall bottle, which features a bronzed horse, is also a nod to Beyoncé's most recent albums.Retailing for $89 a bottle, SirDavis will be available in September.",CNBC,20/08/2024,"['In this articleBeyoncé is holding her whiskey up high.', ""The megastar is entering the luxury liquor business with the launch of a new whiskey line in collaboration with LVMH's Moët Hennessy, the brand announced in a press release Tuesday."", 'Beyoncé shared the news holding up a glass of the whiskey, dubbed SirDavis, in a promotional Instagram post with the caption, ""DAVIS IN MY BONES,"" and a link to the liquor\'s website.', 'Following a growing trend of consumers seeking luxury spirits, Beyoncé joins Mark Wahlberg, George Clooney and more celebrities who are using their status to elevate premium liquor brands.', ""As LVMH's wine and spirits division expands in the American whiskey market, SirDavis also serves to honor Beyoncé's heritage."", ""SirDavis is named for Davis Hogue, Beyoncé's great-grandfather who stashed whiskey bottles as a farmer during Prohibition in the South, according to the release."", '""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. ""', 'SirDavis is a way for me to pay homage to him, uniting us through a new shared legacy.', '""The whiskey line is headquartered out of Houston, Beyoncé\'s hometown.', ""Crafted and bottled in Texas, SirDavis marks Moët Hennessy's first spirit brand developed by the company entirely in the U.S., according to the release."", 'SirDavis comprises 51% rye and 49% malted barley and is matured in sherry casks, which the distiller said creates a profile of ""bold sophistication.', '""The tall bottle, which features a bronzed horse, is also a nod to Beyoncé\'s most recent albums.', 'Retailing for $89 a bottle, SirDavis will be available in September.']",0.2765752767088455,"""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. """,,0.9636331796646118,"""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. """,,2024-08-20
+Artificial Intelligence: Vogue publisher and OpenAI strike deal,https://www.bbc.co.uk/news/articles/cpqjvl9z9w1o,2024-08-21T01:06:45.622Z,"OpenAI and global magazine giant Condé Nast have announced a partnership to allow ChatGPT and its search engine SearchGPT to display content from Vogue, The New Yorker, GQ and other well known publications. The multi-year deal is the latest such agreement struck by OpenAI with major media firms. The content produced by media organisations is sought after by technology companies that use it to train their AI (Artificial Intelligence) models. Some media firms including the New York Times and the Chicago Tribune have resisted this and taken legal action to protect their content. OpenAI and Condé Nast did not disclose the financial terms of the agreement. “We’re committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting,” said Brad Lightcap, OpenAI's chief operating officer. News media organisations have seen their business models challenged by the rise of social media and other digital platforms. ""Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,"" said Condé Nast's chief executive officer Roger Lynch. OpenAI launched its prototype AI-powered search engine, SearchGPT, last month.  In a statement at the time, the company said it was gathering feedback and insights from its partners in the news industry to develop the new platform. Others that have partnered with the AI firm include Time Magazine, the Financial Times and the Associated Press. AI chatbot technology is seen by many analysts as a key part of internet search engines in the future. Search engine giant Google has also been racing to add AI-powered tools to its products. While other AI companies are pursuing search products, Google remains by far the dominant player, claiming more than 90% of the global market. The changes to how search engines respond to queries - offering conversational paragraphs instead of directing users to links - have also raised alarm among news media firms, many of which rely on search traffic for audiences and revenue. Last year, the BBC said it was taking steps to prevent content on its websites from being used by OpenAI and other firms without permission. The blog post also said the BBC would explore opportunities offered by generative AI ""to deliver more value to our audiences and to society."" ",BBC,21/08/2024,"['OpenAI and global magazine giant Condé Nast have announced a partnership to allow ChatGPT and its search engine SearchGPT to display content from Vogue, The New Yorker, GQ and other well known publications.', 'The multi-year deal is the latest such agreement struck by OpenAI with major media firms.', 'The content produced by media organisations is sought after by technology companies that use it to train their AI (Artificial Intelligence) models.', 'Some media firms including the New York Times and the Chicago Tribune have resisted this and taken legal action to protect their content.', 'OpenAI and Condé Nast did not disclose the financial terms of the agreement. “', ""We’re committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting,” said Brad Lightcap, OpenAI's chief operating officer."", 'News media organisations have seen their business models challenged by the rise of social media and other digital platforms. ""', 'Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,"" said Condé Nast\'s chief executive officer Roger Lynch.', 'OpenAI launched its prototype AI-powered search engine, SearchGPT, last month.', 'In a statement at the time, the company said it was gathering feedback and insights from its partners in the news industry to develop the new platform.', 'Others that have partnered with the AI firm include Time Magazine, the Financial Times and the Associated Press.', 'AI chatbot technology is seen by many analysts as a key part of internet search engines in the future.', 'Search engine giant Google has also been racing to add AI-powered tools to its products.', 'While other AI companies are pursuing search products, Google remains by far the dominant player, claiming more than 90% of the global market.', 'The changes to how search engines respond to queries - offering conversational paragraphs instead of directing users to links - have also raised alarm among news media firms, many of which rely on search traffic for audiences and revenue.', 'Last year, the BBC said it was taking steps to prevent content on its websites from being used by OpenAI and other firms without permission.', 'The blog post also said the BBC would explore opportunities offered by generative AI ""to deliver more value to our audiences and to society.""']",0.2422006283197025,"We’re committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting,” said Brad Lightcap, OpenAI's chief operating officer.","The changes to how search engines respond to queries - offering conversational paragraphs instead of directing users to links - have also raised alarm among news media firms, many of which rely on search traffic for audiences and revenue.",0.051283041636149,"Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,"" said Condé Nast's chief executive officer Roger Lynch.","News media organisations have seen their business models challenged by the rise of social media and other digital platforms. """,2024-08-20
+Penderyn whisky chairman says protected status has boosted credibility,https://www.bbc.co.uk/news/articles/cy54w6vnd03o,2024-08-20T21:46:08.740Z,"Granting protection to single malt Welsh whisky has added ""credibility and status"" to the drink, the chairman of one of Wales' leading distilleries has said. Nigel Short, of Penderyn, said the drink was ""genuinely world class"" and the protected status, secured last year, had confirmed that. Single malt is one of 20 Welsh food and drink products to be given protected geographical indication (PGI) status. Welsh lamb, leeks and Caerphilly cheese also benefit from PGI status to guarantee and promote their authenticity. PGI status is used to protect and promote products from a particular region or country. It took three years for Welsh whisky to receive its protection, which involved an audit to confirm the single malt had been made in Wales. Penderyn is one of five single malt producers in Wales that can use the PGI status, which defends them from impersonation, affording similar protection to Scotch and Irish whiskies. “Around the world, at the British embassies and some of the Welsh government offices, you get a credibility and a status that you wouldn't otherwise enjoy. So it's a big tick in the box in terms of what we are doing,” Mr Short said. The company has its headquarters at Penderyn in the Bannau Brycheiniog National Park - also known as the Brecon Beacons - with two other distilleries in Llandudno and Swansea. Welsh whisky production is dwarfed by the Scottish market, which is worth almost £6bn to the UK economy. A slowdown in luxury goods sales has recently hit the industry, and Penderyn hopes PGI status can add to its appeal. “At the moment we export to around 40 countries, with the bigger markets being the USA, France, Germany.” Mr Short said. “I think the credibility, last year, of getting [PGI] just helped that, because it gave us a status equivalent to a Scots or an Irish whiskey.” Among the other Welsh food and drink products with protected status are: At Glynhynod Farm in Ceredigion, a family-run business produces two products that benefit from PGI status. The Da Mhile distillery produces a single malt whisky, while Caws Teifi is one of three producers of Caerphilly cheese to receive the protection. “I think it's really great when you're trying to keep certain products alive, because it's so easy to follow trends,” Rob Savage-Onstwedder said. His parents established Caws Teifi in the early 1980s and it is the oldest artisan cheesemaker in Wales. Caerphilly cheese was named after the town where it was sold, but it had traditionally been made in farmhouses across Wales. Getting protection from imitation is also an important way of preserving Welsh cheesemaking methods and recipes, according to Mr Savage-Onstwedder. “In France, these PGIs make a huge difference. “There are so many varieties of cheese still alive there because of the protection that's given to certain cheeses from certain regions, and I think that PGI can do the same in Wales,” he said. Caerphilly was originally granted the status in 2018. Caws Teifi was audited “to make sure that we’re making the cheese within the specification, and it has to be milk from Wales”, Mr Savage-Onstwedder said. “There are lots of other indicators and factors that we have to stick to in our recipe, and in the end product, which is great,” he added. ",BBC,20/08/2024,"['Granting protection to single malt Welsh whisky has added ""credibility and status"" to the drink, the chairman of one of Wales\' leading distilleries has said.', 'Nigel Short, of Penderyn, said the drink was ""genuinely world class"" and the protected status, secured last year, had confirmed that.', 'Single malt is one of 20 Welsh food and drink products to be given protected geographical indication (PGI) status.', 'Welsh lamb, leeks and Caerphilly cheese also benefit from PGI status to guarantee and promote their authenticity.', 'PGI status is used to protect and promote products from a particular region or country.', 'It took three years for Welsh whisky to receive its protection, which involved an audit to confirm the single malt had been made in Wales.', 'Penderyn is one of five single malt producers in Wales that can use the PGI status, which defends them from impersonation, affording similar protection to Scotch and Irish whiskies. “', ""Around the world, at the British embassies and some of the Welsh government offices, you get a credibility and a status that you wouldn't otherwise enjoy."", ""So it's a big tick in the box in terms of what we are doing,” Mr Short said."", 'The company has its headquarters at Penderyn in the Bannau Brycheiniog National Park - also known as the Brecon Beacons - with two other distilleries in Llandudno and Swansea.', 'Welsh whisky production is dwarfed by the Scottish market, which is worth almost £6bn to the UK economy.', 'A slowdown in luxury goods sales has recently hit the industry, and Penderyn hopes PGI status can add to its appeal. “', 'At the moment we export to around 40 countries, with the bigger markets being the USA, France, Germany.”', 'Mr Short said. “', 'I think the credibility, last year, of getting [PGI] just helped that, because it gave us a status equivalent to a Scots or an Irish whiskey.”', 'Among the other Welsh food and drink products with protected status are: At Glynhynod Farm in Ceredigion, a family-run business produces two products that benefit from PGI status.', 'The Da Mhile distillery produces a single malt whisky, while Caws Teifi is one of three producers of Caerphilly cheese to receive the protection. “', ""I think it's really great when you're trying to keep certain products alive, because it's so easy to follow trends,” Rob Savage-Onstwedder said."", 'His parents established Caws Teifi in the early 1980s and it is the oldest artisan cheesemaker in Wales.', 'Caerphilly cheese was named after the town where it was sold, but it had traditionally been made in farmhouses across Wales.', 'Getting protection from imitation is also an important way of preserving Welsh cheesemaking methods and recipes, according to Mr Savage-Onstwedder. “', 'In France, these PGIs make a huge difference. “', ""There are so many varieties of cheese still alive there because of the protection that's given to certain cheeses from certain regions, and I think that PGI can do the same in Wales,” he said."", 'Caerphilly was originally granted the status in 2018.', 'Caws Teifi was audited “to make sure that we’re making the cheese within the specification, and it has to be milk from Wales”, Mr Savage-Onstwedder said. “', 'There are lots of other indicators and factors that we have to stick to in our recipe, and in the end product, which is great,” he added.']",0.2616043991061078,"Welsh lamb, leeks and Caerphilly cheese also benefit from PGI status to guarantee and promote their authenticity.","Getting protection from imitation is also an important way of preserving Welsh cheesemaking methods and recipes, according to Mr Savage-Onstwedder. “",0.7734651684761047,"I think the credibility, last year, of getting [PGI] just helped that, because it gave us a status equivalent to a Scots or an Irish whiskey.”","A slowdown in luxury goods sales has recently hit the industry, and Penderyn hopes PGI status can add to its appeal. “",2024-08-20
+UK energy industry warns of grave concerns on jobs and investment,https://www.bbc.co.uk/news/articles/cje2ynege5zo,2024-08-21T23:03:14.126Z,"Firms across the UK's oil and gas supply chain have expressed ""grave concern"" about government plans to hike windfall taxes and eliminate investment incentives to an industry that supports 200,000 jobs. In an open letter to HM Treasury, seen by the BBC, 42 companies have warned that official plans threaten £200bn of investment in all forms of domestic energy, including renewables. The signatories include manufacturing, engineering and technology companies. The Treasury said, however, that its industrial strategy would create ""thousands of new jobs in the industries of the future"". The government currently plans to increase windfall taxes on oil and gas profits from 75% to 78%, extend the tax until 2030 and abolish tax incentives for further investment.  In the letter, issued by Offshore Energies UK, firms express concern that reduced investment and greater uncertainty would be felt throughout the supply chain ""through jobs, and the communities this industry supports, both directly and indirectly."" They also argue that oil and gas revenues are helping fund investment in renewable energy.  A hostile tax environment would threaten not only the oil and gas industry, but also the firms who invest in renewable energies using cash generated through fossil fuels, the letter suggests. ""The companies investing in nascent opportunities like floating offshore wind and carbon capture and storage will require the cashflow from a stable and predictable oil and gas business to fund these opportunities,"" it says. ""Sufficient investment in the UK energy transition can only happen if we support, not undermine our domestic oil and gas sector."" The new government’s plans to increase and extend windfall taxes while reducing investment allowances was clear in the Labour manifesto.  But the offshore energy industry had hoped for a consultation with the new government and are calling for a role in its industrial strategy council. The letter says those across the energy industry look at current proposals with ""grave concern that these would be a blunt response which could undermine the levers to long term solutions and jeopardise jobs in communities across the UK.” A windfall tax of 78% would bring the UK in line with Norway but energy industry officials insist that Norway has had a much more stable tax and regulatory regime, which also offers generous incentives for investment. The previous Conservative government imposed two tax hikes on UK oil and gas profits - raising them to 65% and then 75% in response to soaring energy prices following Russia’s invasion of Ukraine. Last May, Harbour Energy, the UK's largest oil and gas producer, told staff it would cut 350 UK jobs, blaming the UK government's windfall tax changes. A Treasury spokesperson said that it is ""strengthening the previous government's windfall tax to ensure North Sea oil and gas producers contribute their fair share towards our energy transition."" ""Our plans for a new National Wealth Fund and establish Great British Energy will create thousands of new jobs in the industries of the future,"" they added.  ",BBC,21/08/2024,"['Firms across the UK\'s oil and gas supply chain have expressed ""grave concern"" about government plans to hike windfall taxes and eliminate investment incentives to an industry that supports 200,000 jobs.', 'In an open letter to HM Treasury, seen by the BBC, 42 companies have warned that official plans threaten £200bn of investment in all forms of domestic energy, including renewables.', 'The signatories include manufacturing, engineering and technology companies.', 'The Treasury said, however, that its industrial strategy would create ""thousands of new jobs in the industries of the future"".', 'The government currently plans to increase windfall taxes on oil and gas profits from 75% to 78%, extend the tax until 2030 and abolish tax incentives for further investment.', 'In the letter, issued by Offshore Energies UK, firms express concern that reduced investment and greater uncertainty would be felt throughout the supply chain ""through jobs, and the communities this industry supports, both directly and indirectly.""', 'They also argue that oil and gas revenues are helping fund investment in renewable energy.', 'A hostile tax environment would threaten not only the oil and gas industry, but also the firms who invest in renewable energies using cash generated through fossil fuels, the letter suggests. ""', 'The companies investing in nascent opportunities like floating offshore wind and carbon capture and storage will require the cashflow from a stable and predictable oil and gas business to fund these opportunities,"" it says. ""', 'Sufficient investment in the UK energy transition can only happen if we support, not undermine our domestic oil and gas sector.""', 'The new government’s plans to increase and extend windfall taxes while reducing investment allowances was clear in the Labour manifesto.', 'But the offshore energy industry had hoped for a consultation with the new government and are calling for a role in its industrial strategy council.', 'The letter says those across the energy industry look at current proposals with ""grave concern that these would be a blunt response which could undermine the levers to long term solutions and jeopardise jobs in communities across the UK.”', 'A windfall tax of 78% would bring the UK in line with Norway but energy industry officials insist that Norway has had a much more stable tax and regulatory regime, which also offers generous incentives for investment.', 'The previous Conservative government imposed two tax hikes on UK oil and gas profits - raising them to 65% and then 75% in response to soaring energy prices following Russia’s invasion of Ukraine.', ""Last May, Harbour Energy, the UK's largest oil and gas producer, told staff it would cut 350 UK jobs, blaming the UK government's windfall tax changes."", 'A Treasury spokesperson said that it is ""strengthening the previous government\'s windfall tax to ensure North Sea oil and gas producers contribute their fair share towards our energy transition."" ""', 'Our plans for a new National Wealth Fund and establish Great British Energy will create thousands of new jobs in the industries of the future,"" they added.']",0.4173991457947026,"A windfall tax of 78% would bring the UK in line with Norway but energy industry officials insist that Norway has had a much more stable tax and regulatory regime, which also offers generous incentives for investment.","Last May, Harbour Energy, the UK's largest oil and gas producer, told staff it would cut 350 UK jobs, blaming the UK government's windfall tax changes.",0.1363350749015808,"A windfall tax of 78% would bring the UK in line with Norway but energy industry officials insist that Norway has had a much more stable tax and regulatory regime, which also offers generous incentives for investment.","Firms across the UK's oil and gas supply chain have expressed ""grave concern"" about government plans to hike windfall taxes and eliminate investment incentives to an industry that supports 200,000 jobs.",2024-08-20
+Disney axes bid to stop wrongful death lawsuit over Disney+ terms,https://www.bbc.co.uk/news/articles/cr7r9djxj0do,2024-08-20T11:41:39.429Z,"Disney has withdrawn its claim that a man could not sue it over the death of his wife because of terms he signed up to in a free trial of Disney+. Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida. Disney had argued the case should instead go to arbitration because of a clause in the terms and conditions of its Disney+ streaming service, which Mr Piccolo had briefly signed up for in 2019. But, following a backlash, it has decided the matter can now be heard in court. ""We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney's Josh D'Amaro told the BBC in a statement. ""As such, we've decided to waive our right to arbitration and have the matter proceed in court."" Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said. In arbitration, a dispute is overseen by a neutral third party. It benefits those wanting to avoid a lengthy trial, but means evidence would not be put in front of a jury. Jamie Cartwright, partner at the law firm Charles Russell Speechlys, suggested Disney's change of heart was motivated by the ""adverse publicity"" its initial approach had generated. ""In attempting to push the claim into a confidential setting on what were very tenuous grounds, it succeeded only in creating the very publicity and attention it likely wanted to avoid,"" he told the BBC. Mr Piccolo and his wife, Dr Kanokporn Tangsuan, ate a meal at Raglan Road, an Ireland-themed pub located at the Disney Springs site, in Orlando, but operated by an independent company.  He alleges that the restaurant did not take enough care over his wife's severe allergies to dairy and nuts, despite being repeatedly told about them. She died in hospital later that day. According to the legal filing, her death was confirmed by a medical examiner ""as a result of anaphylaxis due to elevated levels of dairy and nut in her system."" Mr Piccolo is suing Disney for a sum in excess of $50,000 (£38,400), in addition to other damages relating to suffering, loss of income, and medical and legal costs. Disney has argued it had no control over the management and operation of the restaurant. Lawyers for Mr Piccolo had said Disney's argument that the lawsuit should not be heard in court ""borders on the surreal.""  It is not known whether Disney would have been successful had a judge ruled on its arbitration claim.  Disney had argued that the legal circumstances surrounding the case were unique. But legal experts told the BBC they had been ""pushing the envelope of contract law"". ""Disney’s argument that accepting their terms and conditions for one product covers all interactions with that company is novel and potentially far-reaching,"" Ernest Aduwa, partner at Stokoe Partnership Solicitors, who are not involved in the proceedings, said. Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"". Disney says it is in the process of submitting a filing to the court to withdraw its call for arbitration. Additional reporting by Graham Fraser ",BBC,20/08/2024,"['Disney has withdrawn its claim that a man could not sue it over the death of his wife because of terms he signed up to in a free trial of Disney+.', 'Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida.', 'Disney had argued the case should instead go to arbitration because of a clause in the terms and conditions of its Disney+ streaming service, which Mr Piccolo had briefly signed up for in 2019.', 'But, following a backlash, it has decided the matter can now be heard in court. ""', 'We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney\'s Josh D\'Amaro told the BBC in a statement. ""', 'As such, we\'ve decided to waive our right to arbitration and have the matter proceed in court.""', 'Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""', 'He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said.', 'In arbitration, a dispute is overseen by a neutral third party.', 'It benefits those wanting to avoid a lengthy trial, but means evidence would not be put in front of a jury.', 'Jamie Cartwright, partner at the law firm Charles Russell Speechlys, suggested Disney\'s change of heart was motivated by the ""adverse publicity"" its initial approach had generated. ""', 'In attempting to push the claim into a confidential setting on what were very tenuous grounds, it succeeded only in creating the very publicity and attention it likely wanted to avoid,"" he told the BBC.', 'Mr Piccolo and his wife, Dr Kanokporn Tangsuan, ate a meal at Raglan Road, an Ireland-themed pub located at the Disney Springs site, in Orlando, but operated by an independent company.', ""He alleges that the restaurant did not take enough care over his wife's severe allergies to dairy and nuts, despite being repeatedly told about them."", 'She died in hospital later that day.', 'According to the legal filing, her death was confirmed by a medical examiner ""as a result of anaphylaxis due to elevated levels of dairy and nut in her system.""', 'Mr Piccolo is suing Disney for a sum in excess of $50,000 (£38,400), in addition to other damages relating to suffering, loss of income, and medical and legal costs.', 'Disney has argued it had no control over the management and operation of the restaurant.', 'Lawyers for Mr Piccolo had said Disney\'s argument that the lawsuit should not be heard in court ""borders on the surreal.""', 'It is not known whether Disney would have been successful had a judge ruled on its arbitration claim.', 'Disney had argued that the legal circumstances surrounding the case were unique.', 'But legal experts told the BBC they had been ""pushing the envelope of contract law"". ""', 'Disney’s argument that accepting their terms and conditions for one product covers all interactions with that company is novel and potentially far-reaching,"" Ernest Aduwa, partner at Stokoe Partnership Solicitors, who are not involved in the proceedings, said.', 'Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"".', 'Disney says it is in the process of submitting a filing to the court to withdraw its call for arbitration.', 'Additional reporting by Graham Fraser']",-0.1648144357065449,"Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""","Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida.",0.0734307542443275,"He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said.","Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"".",2024-08-20
+What is the EU visa waiver scheme and how will it work?,https://www.bbc.co.uk/news/articles/cx29nzd1drgo,2024-08-20T17:01:04.949Z,"The EU is planning to introduce a €7 (£6) EU visa waiver for some non-EU citizens, including Britons, by summer 2025. Under new rules, visitors from a list of non-EU countries, including the UK, will need to apply for a waiver, similar to a US Esta, before travelling to 30 countries in Europe.  The waiver will cover travel to the Schengen area, which includes every EU state except for Ireland and Cyprus, as well as Iceland, Liechtenstein, Norway and Switzerland.  Here's what you need to know about how the new scheme will operate and when it will start.  The new scheme will be called the European Travel Information and Authorisation System (Etias). Currently, visitors from the UK can visit the EU's borderless Schengen area for up to 90 days every 180 days without a visa.  This is also the case for citizens of more than 60 non-EU countries, including the US, Japan and Australia.  Under the Etias scheme, this will change.  Visitors from the non-EU countries on the list will need to apply for a visa waiver to travel to the EU for the same duration of 90 days every 180 days. Longer stays will require a visa. The document will be checked by border guards when crossing the EU border. The full list of non-EU countries eligible for Etias is published by the EU. The visa waiver will last for three years and allow an unlimited number of visits.  It will be linked to your passport, so if your passport expires in less than three years, you will need to apply for a new Etias when you get a new one.  The waiver will cost €7 for most people, which the EU Commission says is ""way cheaper"" than the US Esta, which costs $21 (€18.80; £16) as of 19 July this year. The fee will apply to anyone between the ages of 18 and 70.  The waiver will be free for children and the over-70s. The EU has not announced a firm start date for the waiver scheme yet. Its website says it will start in ""the first half of 2025"". The EU says the Etias requirement will not be enforced for a period of ""at least six months"" at first, although it recommends all visitors apply for a visa waiver. A Home Office spokesperson said the UK expects the EU to provide more information on the rollout of the scheme ""in due course"". Passengers will need to apply online or via a mobile app. The form - which the EU describes as a ""necessary and small procedural step"" - will take around 10 minutes to complete, authorities say. The details needed for the application form will include passport information as well as background questions about criminal records and medical conditions. More than 95% of applications will be approved automatically within minutes, the EU says. However, it warns that in some cases may take up to 72 hours. Applications may also be denied or take up to four weeks to process in exceptional circumstances. The EU has decided to bring in more border controls as a response to the migrant crisis and concerns over terrorism.  It says the Etias system will ""strengthen security checks on those persons who travel visa-free to the EU"". According to the EU website, the Etias will help EU states ""assess potential risks"" posed by people entering their borders.  It is aimed at preventing ""cross-border crime and terrorism,"" the website says. Another EU border scheme, called the Entry/Exit System (ESS), is launching on 10 November after a series of delays. Commissioner Johansson says the EES system will mean strict digital border controls at ""every single airport,"" ""harbour"" and ""road into Europe"". The rules will mean ""we will know if people stay too long"" and ""will make it harder for criminals, terrorists or Russian spies to use fake passports,"" she says. Under the EES scheme, people entering the EU will have to register fingerprints, a photo and passport details. That initial registration will be valid for three years, during which time it will need to be validated every time someone crosses the border. This will replace passport stamping. However, long queues have been predicted, with experts warning the EES could add at least two minutes processing time per passenger, compared with the current 45 seconds. ",BBC,20/08/2024,"['The EU is planning to introduce a €7 (£6) EU visa waiver for some non-EU citizens, including Britons, by summer 2025.', 'Under new rules, visitors from a list of non-EU countries, including the UK, will need to apply for a waiver, similar to a US Esta, before travelling to 30 countries in Europe.', 'The waiver will cover travel to the Schengen area, which includes every EU state except for Ireland and Cyprus, as well as Iceland, Liechtenstein, Norway and Switzerland.', ""Here's what you need to know about how the new scheme will operate and when it will start."", 'The new scheme will be called the European Travel Information and Authorisation System (Etias).', ""Currently, visitors from the UK can visit the EU's borderless Schengen area for up to 90 days every 180 days without a visa."", 'This is also the case for citizens of more than 60 non-EU countries, including the US, Japan and Australia.', 'Under the Etias scheme, this will change.', 'Visitors from the non-EU countries on the list will need to apply for a visa waiver to travel to the EU for the same duration of 90 days every 180 days.', 'Longer stays will require a visa.', 'The document will be checked by border guards when crossing the EU border.', 'The full list of non-EU countries eligible for Etias is published by the EU.', 'The visa waiver will last for three years and allow an unlimited number of visits.', 'It will be linked to your passport, so if your passport expires in less than three years, you will need to apply for a new Etias when you get a new one.', 'The waiver will cost €7 for most people, which the EU Commission says is ""way cheaper"" than the US Esta, which costs $21 (€18.80; £16) as of 19 July this year.', 'The fee will apply to anyone between the ages of 18 and 70.', 'The waiver will be free for children and the over-70s.', 'The EU has not announced a firm start date for the waiver scheme yet.', 'Its website says it will start in ""the first half of 2025"".', 'The EU says the Etias requirement will not be enforced for a period of ""at least six months"" at first, although it recommends all visitors apply for a visa waiver.', 'A Home Office spokesperson said the UK expects the EU to provide more information on the rollout of the scheme ""in due course"".', 'Passengers will need to apply online or via a mobile app.', 'The form - which the EU describes as a ""necessary and small procedural step"" - will take around 10 minutes to complete, authorities say.', 'The details needed for the application form will include passport information as well as background questions about criminal records and medical conditions.', 'More than 95% of applications will be approved automatically within minutes, the EU says.', 'However, it warns that in some cases may take up to 72 hours.', 'Applications may also be denied or take up to four weeks to process in exceptional circumstances.', 'The EU has decided to bring in more border controls as a response to the migrant crisis and concerns over terrorism.', 'It says the Etias system will ""strengthen security checks on those persons who travel visa-free to the EU"".', 'According to the EU website, the Etias will help EU states ""assess potential risks"" posed by people entering their borders.', 'It is aimed at preventing ""cross-border crime and terrorism,"" the website says.', 'Another EU border scheme, called the Entry/Exit System (ESS), is launching on 10 November after a series of delays.', 'Commissioner Johansson says the EES system will mean strict digital border controls at ""every single airport,"" ""harbour"" and ""road into Europe"".', 'The rules will mean ""we will know if people stay too long"" and ""will make it harder for criminals, terrorists or Russian spies to use fake passports,"" she says.', 'Under the EES scheme, people entering the EU will have to register fingerprints, a photo and passport details.', 'That initial registration will be valid for three years, during which time it will need to be validated every time someone crosses the border.', 'This will replace passport stamping.', 'However, long queues have been predicted, with experts warning the EES could add at least two minutes processing time per passenger, compared with the current 45 seconds.']",-0.0240924023538149,"It says the Etias system will ""strengthen security checks on those persons who travel visa-free to the EU"".","The rules will mean ""we will know if people stay too long"" and ""will make it harder for criminals, terrorists or Russian spies to use fake passports,"" she says.",0.0332516729831695,"The waiver will cost €7 for most people, which the EU Commission says is ""way cheaper"" than the US Esta, which costs $21 (€18.80; £16) as of 19 July this year.","However, long queues have been predicted, with experts warning the EES could add at least two minutes processing time per passenger, compared with the current 45 seconds.",2024-08-20
+"Bangladesh to raise rates and seek assistance, says bank chief",https://www.bbc.co.uk/news/articles/cdjw28pvrl9o,2024-08-21T18:54:49.081Z,"Bangladesh will announce a decision to raise interest rates from 8.5% to 9% in a day or two, the new central bank chief has told the BBC in an exclusive interview. Dr Ahsan H Mansur said he will raise rates further to 10% or more in the coming months to tame inflation. Soaring prices have been a major concern for Bangladesh, with its currency also under pressure with remittances drying up and garments exports badly impacted by political unrest. The International Monetary Fund (IMF) had asked Bangladesh to tighten its monetary policy and keep exchange rates flexible while extending a $4.7bn (£3.6bn) bailout for the South Asian nation. Dr Mansur said he was in conversation with the body to ""augment"" and ""front load"" this amount by an additional $3bn. He said Bangladesh was also seeking an additional $1.5bn from the World Bank and $1bn each from the Asian Development Bank and the Japan International Cooperation Agency. Internet blackouts and curfews preceding the ousting of Prime Minister Sheikh Hasina’s regime earlier this month have also put pressure on prices. Dr Mansur, a veteran economist who spent three decades at the IMF, was named governor of Bangladesh Bank last week by the interim government headed by Nobel laureate Muhammad Yunus. The former Governor Abdur Rouf Talukder and two other deputy governors resigned as part of string of bureaucratic departures following the recent fall of the previous government. In his first sit-down interview since, Dr Mansur emphasised that cleaning up the country’s banking sector was his top priority when speaking to the BBC at the central bank's headquarters in the commercial heart of Dhaka. There has been a ""designed robbery of the financial system"" which has caused significant damage to banks and has serious implications for the stock market and the broader economy, he suggested. Bangladesh’s banks have seen a flight of deposits and an alarming rise in non-performing assets following defaults by groups allegedly linked with the ousted Awami League government. The non-performing assets were “just robbery of the banks. They took the money and put it in Singapore, Dubai, London and elsewhere. So the first effort would be to try to take people to task and get the money back,” said Dr Mansur. ""While doing this in parallel, we will have to reconstruct the banking system. So we are trying to establish a Banking Commission."" The job of this commission will be to do a comprehensive audit of the banks and suggest remedies such as change of board, change of management, injection of capital, or in the case of some smaller banks, mergers. Dr Mansur also expects the government will need to inject $15-30bn to recapitalise some of Bangladesh’s Islamic banks which could effectively mean they will be nationalised. ""We do not want it.. but [a] lot of loans have been incurred by these people, and they are not going to pay it back... We have to at least cover the depositors' money,"" he added. Along with reforms in monetary policy, the governor also expects Bangladesh's new government to announce a sharp reduction in spending despite the ongoing economic turmoil. Prime Minister Sheikh Hasina’s government had cut spending and lowered the country’s fiscal deficit target to 4.6% - the lowest since 2015, according to Bloomberg. But there will need to be a further 9-10% cut in budgetary spending ""so that more credit is more available for the private sector"", said Dr Mansur. Late last week, Muhammad Yunus, the Chief Adviser to Bangladesh's interim government, is reported to have told a gathering of diplomats that his government will undertake ""comprehensive reforms"" before holding the next general election. When asked how long it will be before the elections could be called, Dr Mansur said it could be another three years or more. ",BBC,21/08/2024,"['Bangladesh will announce a decision to raise interest rates from 8.5% to 9% in a day or two, the new central bank chief has told the BBC in an exclusive interview.', 'Dr Ahsan H Mansur said he will raise rates further to 10% or more in the coming months to tame inflation.', 'Soaring prices have been a major concern for Bangladesh, with its currency also under pressure with remittances drying up and garments exports badly impacted by political unrest.', 'The International Monetary Fund (IMF) had asked Bangladesh to tighten its monetary policy and keep exchange rates flexible while extending a $4.7bn (£3.6bn) bailout for the South Asian nation.', 'Dr Mansur said he was in conversation with the body to ""augment"" and ""front load"" this amount by an additional $3bn.', 'He said Bangladesh was also seeking an additional $1.5bn from the World Bank and $1bn each from the Asian Development Bank and the Japan International Cooperation Agency.', 'Internet blackouts and curfews preceding the ousting of Prime Minister Sheikh Hasina’s regime earlier this month have also put pressure on prices.', 'Dr Mansur, a veteran economist who spent three decades at the IMF, was named governor of Bangladesh Bank last week by the interim government headed by Nobel laureate Muhammad Yunus.', 'The former Governor Abdur Rouf Talukder and two other deputy governors resigned as part of string of bureaucratic departures following the recent fall of the previous government.', ""In his first sit-down interview since, Dr Mansur emphasised that cleaning up the country’s banking sector was his top priority when speaking to the BBC at the central bank's headquarters in the commercial heart of Dhaka."", 'There has been a ""designed robbery of the financial system"" which has caused significant damage to banks and has serious implications for the stock market and the broader economy, he suggested.', 'Bangladesh’s banks have seen a flight of deposits and an alarming rise in non-performing assets following defaults by groups allegedly linked with the ousted Awami League government.', 'The non-performing assets were “just robbery of the banks.', 'They took the money and put it in Singapore, Dubai, London and elsewhere.', 'So the first effort would be to try to take people to task and get the money back,” said Dr Mansur. ""', 'While doing this in parallel, we will have to reconstruct the banking system.', 'So we are trying to establish a Banking Commission.""', 'The job of this commission will be to do a comprehensive audit of the banks and suggest remedies such as change of board, change of management, injection of capital, or in the case of some smaller banks, mergers.', 'Dr Mansur also expects the government will need to inject $15-30bn to recapitalise some of Bangladesh’s Islamic banks which could effectively mean they will be nationalised. ""', 'We do not want it.. but [a] lot of loans have been incurred by these people, and they are not going to pay it back... We have to at least cover the depositors\' money,"" he added.', ""Along with reforms in monetary policy, the governor also expects Bangladesh's new government to announce a sharp reduction in spending despite the ongoing economic turmoil."", 'Prime Minister Sheikh Hasina’s government had cut spending and lowered the country’s fiscal deficit target to 4.6% - the lowest since 2015, according to Bloomberg.', 'But there will need to be a further 9-10% cut in budgetary spending ""so that more credit is more available for the private sector"", said Dr Mansur.', 'Late last week, Muhammad Yunus, the Chief Adviser to Bangladesh\'s interim government, is reported to have told a gathering of diplomats that his government will undertake ""comprehensive reforms"" before holding the next general election.', 'When asked how long it will be before the elections could be called, Dr Mansur said it could be another three years or more.']",-0.0094072026774944,"Bangladesh will announce a decision to raise interest rates from 8.5% to 9% in a day or two, the new central bank chief has told the BBC in an exclusive interview.","Prime Minister Sheikh Hasina’s government had cut spending and lowered the country’s fiscal deficit target to 4.6% - the lowest since 2015, according to Bloomberg.",-0.1286487802863121,"Prime Minister Sheikh Hasina’s government had cut spending and lowered the country’s fiscal deficit target to 4.6% - the lowest since 2015, according to Bloomberg.",Bangladesh’s banks have seen a flight of deposits and an alarming rise in non-performing assets following defaults by groups allegedly linked with the ousted Awami League government.,2024-08-20
+Panicked Kenyan and Ethiopian workers prevented from leaving Lebanon,https://www.bbc.co.uk/news/articles/c86lgnnw4y3o,2024-08-21T00:00:12.625Z,"“I want to go home,” Kenyan Eulita Jerop tells the BBC from Lebanon, where she is employed as a domestic worker. But the terms of her employment make it difficult for her to leave, despite fears of an all-out war in the country. She has been terrified by the unfamiliar sounds she has heard overhead on the outskirts of the capital, Beirut. The 35-year-old has been working there for the past 14 months. “It was so scary. We were told it wasn’t bombs, but it was [planes breaking] the sound barrier,” she says. “But the sounds were hitting so hard.” Her panic is shared by many others in her WhatsApp group of fellow domestic workers, she adds. The loud booms in the sky came from fighter planes. There are fears that they could foreshadow a full-on war. Israel and Lebanon-based group Hezbollah have traded near-daily fire across the border since the 7 October Hamas attack on Israel. It prompted the Israeli invasion of Gaza, with the aim of eliminating Hamas. Hezbollah, a political movement and Iran-backed militia, says it is attacking Israel in support of the Palestinian people. The shells have mostly fallen in southern Lebanon and northern Israel, but there are concerns that the rest of Lebanon could get caught up as the conflict transforms into a wider regional struggle. The US, UK, Australia, France and Canada have all issued official advice for their citizens to leave Lebanon as soon as possible. But getting out is easier for some than others. Ms Jerop said it was common for employers to take their passports on arrival in Lebanon. Even with a passport, domestic workers still need an exit visa to leave - paperwork which must be approved by their boss. This is allowed to happen under the country’s “kafala” (sponsorship) system for foreign workers – which employs an estimated 250,000 people. “Kafala” gives individuals or companies permits to employ foreign workers. This means that their immigration status is entirely dependent on their employer and they have limited rights. Employers can take advantage of their position and many women are overworked, underpaid and physically abused – though this is not the case for Ms Jerop. Despite calls for significant reforms, the system continues in several Arab states. Daniela Rovina, communications officer at the International Organization for Migration, told the BBC that under international law a person must be allowed to leave a country if a conflict occurs. In Ms Jerop’s case, her employers want her to continue working in Lebanon. ""They are saying the situation has been here in Lebanon for many years, and there is nothing to worry about,” she says. “But for us the tension is high. We are not used to these kinds of [bombing] sounds.” But even with papers, Ms Jerop and her fellow domestic workers face other challenges to leave. “Few flights are available and they are very expensive,” she says. Flights to Kenya cost up to $1,000 (£770). Banchi Yimer, who founded an organisation supporting the rights of Ethiopian domestic workers, says the average monthly salary used to be $150 but since the cost-of-living crisis, which hit Lebanon hard, “many are not getting paid at all”. “Every day we receive calls from women panicking… they ask us if we have any [evacuation] plan, if we can do anything about it.” Chiku, another domestic worker from Kenya, whose name we have changed to protect her safety, cannot pay for the flight. She has been living in Baabda, in the west of Lebanon, for almost a year. “I personally would like to go back home. But the tickets are so costly,” she says. “And my mum and dad also can’t afford that money.” She has been living in fear for the past few weeks, but like Ms Jerop, her employer has told her to stay. “They say I can’t leave because I haven’t finished my contract,” Chiku says. “But is this contract more important than my life?” The Lebanese labour ministry has not yet responded to a BBC request for comment. The Kenyan authorities say that if war does break out, they will put an evacuation plan in place. Roseline Kathure Njogu, in charge of diaspora affairs for the Kenyan government, told the BBC the department can issue emergency travel documents for those without their passports. She assured that the Kenyan government would be able to provide emergency flights. “We have around 26,000 Kenyans in Lebanon, and 1,500 have registered with us for evacuation,” she said. But many want to leave right now. Ethiopian government spokesperson Nebiyu Tedla told the BBC they are “preparing contingency plans to evacuate diplomats and citizens from Lebanon if necessary”. However, Ms Banchi makes the point that even before the Israel-Gaza conflict, there were already many Ethiopian women stranded in Lebanon desperate to leave. A collapse in Lebanon’s economy in 2020 left many Ethiopian domestic workers out of a job. “Many cannot even afford rent or medical assistance, let alone a flight home,” she says. While foreign embassies continue to work on evacuation plans, many feel they have been abandoned by their governments to fend for themselves. Chiku is trying to set aside money to pay for a flight home. “But what about the others who can’t?” she asks. 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,21/08/2024,"['“I want to go home,” Kenyan Eulita Jerop tells the BBC from Lebanon, where she is employed as a domestic worker.', 'But the terms of her employment make it difficult for her to leave, despite fears of an all-out war in the country.', 'She has been terrified by the unfamiliar sounds she has heard overhead on the outskirts of the capital, Beirut.', 'The 35-year-old has been working there for the past 14 months. “', 'It was so scary.', 'We were told it wasn’t bombs, but it was [planes breaking] the sound barrier,” she says. “', 'But the sounds were hitting so hard.”', 'Her panic is shared by many others in her WhatsApp group of fellow domestic workers, she adds.', 'The loud booms in the sky came from fighter planes.', 'There are fears that they could foreshadow a full-on war.', 'Israel and Lebanon-based group Hezbollah have traded near-daily fire across the border since the 7 October Hamas attack on Israel.', 'It prompted the Israeli invasion of Gaza, with the aim of eliminating Hamas.', 'Hezbollah, a political movement and Iran-backed militia, says it is attacking Israel in support of the Palestinian people.', 'The shells have mostly fallen in southern Lebanon and northern Israel, but there are concerns that the rest of Lebanon could get caught up as the conflict transforms into a wider regional struggle.', 'The US, UK, Australia, France and Canada have all issued official advice for their citizens to leave Lebanon as soon as possible.', 'But getting out is easier for some than others.', 'Ms Jerop said it was common for employers to take their passports on arrival in Lebanon.', 'Even with a passport, domestic workers still need an exit visa to leave - paperwork which must be approved by their boss.', 'This is allowed to happen under the country’s “kafala” (sponsorship) system for foreign workers – which employs an estimated 250,000 people. “', 'Kafala” gives individuals or companies permits to employ foreign workers.', 'This means that their immigration status is entirely dependent on their employer and they have limited rights.', 'Employers can take advantage of their position and many women are overworked, underpaid and physically abused – though this is not the case for Ms Jerop.', 'Despite calls for significant reforms, the system continues in several Arab states.', 'Daniela Rovina, communications officer at the International Organization for Migration, told the BBC that under international law a person must be allowed to leave a country if a conflict occurs.', 'In Ms Jerop’s case, her employers want her to continue working in Lebanon. ""', 'They are saying the situation has been here in Lebanon for many years, and there is nothing to worry about,” she says. “', 'But for us the tension is high.', 'We are not used to these kinds of [bombing] sounds.”', 'But even with papers, Ms Jerop and her fellow domestic workers face other challenges to leave. “', 'Few flights are available and they are very expensive,” she says.', 'Flights to Kenya cost up to $1,000 (£770).', 'Banchi Yimer, who founded an organisation supporting the rights of Ethiopian domestic workers, says the average monthly salary used to be $150 but since the cost-of-living crisis, which hit Lebanon hard, “many are not getting paid at all”. “', 'Every day we receive calls from women panicking… they ask us if we have any [evacuation] plan, if we can do anything about it.”', 'Chiku, another domestic worker from Kenya, whose name we have changed to protect her safety, cannot pay for the flight.', 'She has been living in Baabda, in the west of Lebanon, for almost a year. “', 'I personally would like to go back home.', 'But the tickets are so costly,” she says. “', 'And my mum and dad also can’t afford that money.”', 'She has been living in fear for the past few weeks, but like Ms Jerop, her employer has told her to stay. “', 'They say I can’t leave because I haven’t finished my contract,” Chiku says. “', 'But is this contract more important than my life?”', 'The Lebanese labour ministry has not yet responded to a BBC request for comment.', 'The Kenyan authorities say that if war does break out, they will put an evacuation plan in place.', 'Roseline Kathure Njogu, in charge of diaspora affairs for the Kenyan government, told the BBC the department can issue emergency travel documents for those without their passports.', 'She assured that the Kenyan government would be able to provide emergency flights. “', 'We have around 26,000 Kenyans in Lebanon, and 1,500 have registered with us for evacuation,” she said.', 'But many want to leave right now.', 'Ethiopian government spokesperson Nebiyu Tedla told the BBC they are “preparing contingency plans to evacuate diplomats and citizens from Lebanon if necessary”.', 'However, Ms Banchi makes the point that even before the Israel-Gaza conflict, there were already many Ethiopian women stranded in Lebanon desperate to leave.', 'A collapse in Lebanon’s economy in 2020 left many Ethiopian domestic workers out of a job. “', 'Many cannot even afford rent or medical assistance, let alone a flight home,” she says.', 'While foreign embassies continue to work on evacuation plans, many feel they have been abandoned by their governments to fend for themselves.', 'Chiku is trying to set aside money to pay for a flight home. “', 'But what about the others who can’t?”', 'she asks.', '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']",-0.1301920816409105,"Chiku, another domestic worker from Kenya, whose name we have changed to protect her safety, cannot pay for the flight.","But the terms of her employment make it difficult for her to leave, despite fears of an all-out war in the country.",-0.7958835164705912,,A collapse in Lebanon’s economy in 2020 left many Ethiopian domestic workers out of a job. “,2024-08-20
+Looming Canada rail shutdown threatens US supply chains,https://www.bbc.co.uk/news/articles/cy76nnpyrnlo,2024-08-21T14:37:40.933Z,"A labour dispute between Canada’s two main national rail carriers and workers could lead to a possible lockout as soon as Thursday morning, threatening crucial supply chains across North America. Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) plan to lock out nearly 9,300  workers as of 00:01 EST (04:01 GMT) failing an eleventh-hour deal. Canada sends around 75% of all the goods it exports to the US, mostly over rail, and a prolonged dispute could disrupt shipments of a wide range of goods, from grains and beans to potash, coal and timber. Negotiations have stalled over shift scheduling, fatigue provisions and wages.  On Wednesday, Prime Minister Justin Trudeau urged both sides to continue talks. ""Millions of Canadians, of workers, of farmers, of businesses right across the country are counting on both sides to do the work and get to a resolution,"" he said in brief remarks, without taking questions. Dozens of industry and trade organisations warned last week in an open letter that the disruption would have ""an immediate impact"" from coast-to-coast and damage  Canada's reputation as a trading partner.   ""Factoring in the millions of Canadian jobs that would be impacted, the magnitude of the disruption is daunting,"" it said.  On Tuesday, a joint statement from the US and Canadian chambers of commerce warned of the potential ""devastating"" impact of the stoppage.  It ""will be devastating to Canadian businesses and families and impose significant impacts on the US economy"", they said.  A group of agriculture trade associations has urged Ottawa to step in, but the government has declined so far. Federal Labour Minister Steve MacKinnon is meeting both sides this week but has resisted calls for binding arbitration.  Labour agreements for both railways expired at the end of last year.  Both CPKC and CN have told the union they will begin locking out members on Thursday. Teamsters Canada Rail Conference separately issued a 72-hour strike notice to CPKC on Sunday.  Rail networks in the US and Mexico will continue to operate but a stoppage north of the border could be felt across North America.  On Monday, US Transport Secretary Peter said on X/Twitter that he is monitoring rail negotiations and the potential impact on the cross-border flow of goods.  Some C$380bn (£214bn) in goods is moved by rail each year and railways move half of the country's goods for export, according to the Railway Association of Canada.  This week, both CPKC and CN have already begun pausing some shipments in preparation for a stoppage. Embargoes are now in place on chemicals such as ammonia, used as a fertiliser, and chlorine, used in water treatment, to avoid them being stranded on the rails if work stops.  Shipping firm Maersk on Monday stopped accepting shipments destined for Canada meant to move by rail and that could not be transported on heavy trucks instead.  The Canadian Pork Council warned that since the industry relies on rail to get feed to its animals, their welfare is at risk. “Canada’s red meat processors need stable, reliable supply chains to run their businesses,"" said Chris White, CEO, Canadian Meat Council in a statement. ""Interruption in service will result in millions of dollars in losses, irreversible reputational damage, environmental disposal challenges, and enormous waste.” The shutdown could also snarl commuter transit in major Canadian cities like Toronto or Montreal as some dispatchers will be on a work stoppage. Professor Barry Prentice, director at the University of Manitoba Transport Institute, said the government would likely pass back-to-work legislation in the coming days if the sides couldn't come to an agreement, as has been done in similar past disputes.  ""This isn't the best way to run the show,"" he told the BBC.  ""But it seems to be the playbook and and we're back on this merry-go-round again,""  With additional reporting from Michelle Fleury  ",BBC,21/08/2024,"['A labour dispute between Canada’s two main national rail carriers and workers could lead to a possible lockout as soon as Thursday morning, threatening crucial supply chains across North America.', 'Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) plan to lock out nearly 9,300 workers as of 00:01 EST (04:01 GMT) failing an eleventh-hour deal.', 'Canada sends around 75% of all the goods it exports to the US, mostly over rail, and a prolonged dispute could disrupt shipments of a wide range of goods, from grains and beans to potash, coal and timber.', 'Negotiations have stalled over shift scheduling, fatigue provisions and wages.', 'On Wednesday, Prime Minister Justin Trudeau urged both sides to continue talks. ""', 'Millions of Canadians, of workers, of farmers, of businesses right across the country are counting on both sides to do the work and get to a resolution,"" he said in brief remarks, without taking questions.', 'Dozens of industry and trade organisations warned last week in an open letter that the disruption would have ""an immediate impact"" from coast-to-coast and damage Canada\'s reputation as a trading partner. ""', 'Factoring in the millions of Canadian jobs that would be impacted, the magnitude of the disruption is daunting,"" it said.', 'On Tuesday, a joint statement from the US and Canadian chambers of commerce warned of the potential ""devastating"" impact of the stoppage.', 'It ""will be devastating to Canadian businesses and families and impose significant impacts on the US economy"", they said.', 'A group of agriculture trade associations has urged Ottawa to step in, but the government has declined so far.', 'Federal Labour Minister Steve MacKinnon is meeting both sides this week but has resisted calls for binding arbitration.', 'Labour agreements for both railways expired at the end of last year.', 'Both CPKC and CN have told the union they will begin locking out members on Thursday.', 'Teamsters Canada Rail Conference separately issued a 72-hour strike notice to CPKC on Sunday.', 'Rail networks in the US and Mexico will continue to operate but a stoppage north of the border could be felt across North America.', 'On Monday, US Transport Secretary Peter said on X/Twitter that he is monitoring rail negotiations and the potential impact on the cross-border flow of goods.', ""Some C$380bn (£214bn) in goods is moved by rail each year and railways move half of the country's goods for export, according to the Railway Association of Canada."", 'This week, both CPKC and CN have already begun pausing some shipments in preparation for a stoppage.', 'Embargoes are now in place on chemicals such as ammonia, used as a fertiliser, and chlorine, used in water treatment, to avoid them being stranded on the rails if work stops.', 'Shipping firm Maersk on Monday stopped accepting shipments destined for Canada meant to move by rail and that could not be transported on heavy trucks instead.', 'The Canadian Pork Council warned that since the industry relies on rail to get feed to its animals, their welfare is at risk. “', 'Canada’s red meat processors need stable, reliable supply chains to run their businesses,"" said Chris White, CEO, Canadian Meat Council in a statement. ""', 'Interruption in service will result in millions of dollars in losses, irreversible reputational damage, environmental disposal challenges, and enormous waste.”', 'The shutdown could also snarl commuter transit in major Canadian cities like Toronto or Montreal as some dispatchers will be on a work stoppage.', 'Professor Barry Prentice, director at the University of Manitoba Transport Institute, said the government would likely pass back-to-work legislation in the coming days if the sides couldn\'t come to an agreement, as has been done in similar past disputes. ""', 'This isn\'t the best way to run the show,"" he told the BBC. ""', 'But it seems to be the playbook and and we\'re back on this merry-go-round again,"" With additional reporting from Michelle Fleury']",-0.1363519919282046,"But it seems to be the playbook and and we're back on this merry-go-round again,"" With additional reporting from Michelle Fleury","Interruption in service will result in millions of dollars in losses, irreversible reputational damage, environmental disposal challenges, and enormous waste.”",-0.9521785179773966,,"Interruption in service will result in millions of dollars in losses, irreversible reputational damage, environmental disposal challenges, and enormous waste.”",2024-08-20
+Mike Lynch: Who is the missing tech tycoon?,https://www.bbc.co.uk/news/articles/cdxl5kpvrg9o,2024-08-19T16:15:46.791Z,"Mike Lynch, a British tech entrepreneur, and his daughter Hannah are missing after a luxury yacht sank off the coast of the Italian island of Sicily. After co-founding British tech firm Autonomy in 1996, and backing several successful tech firms, the businessman was regarded by some as the UK's answer to Microsoft founder Bill Gates. One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather. His wife, Angela Bacares, has been rescued. The British tech tycoon made his riches by selling his company Autonomy to US computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn). But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for more than a decade. He was acquitted in the US in June on multiple fraud charges, over which he had been facing two decades in jail. In an interview on BBC Radio 4 in August, Mr Lynch said that he believed he had only been able to prove his innocence in a US court due to his wealth. The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday. Born on 16 June 1965, Mr Lynch is the son of a nurse and a fireman, and was raised near Chelmsford in Essex.  He studied Natural Sciences at the University of Cambridge, where he earned a PhD in mathematical computing, and later undertook a research fellowship. In 1991, Mr Lynch helped establish Cambridge Neurodynamics - a firm which specialised in using computer-based detection and recognition of fingerprints. His tech firm Autonomy was created five years later, using a statistical method known as ""Bayesian inference"" at the core of its software. The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades. In 2006 he was awarded an OBE in recognition of his service to UK enterprise. He served on the board of the BBC as a non-executive director, and in 2011 was appointed to the government's council for science and technology - advising then-Prime Minister David Cameron on the risks and possibilities of AI development. After Autonomy's sale to HP in 2011 - from which Mr Lynch is believed to have netted £500m - he went on to establish tech investment firm Invoke Capital. The venture capital fund invested in the creation of British cyber security company Darktrace in 2013. Mr Lynch, a shareholder in the firm, held a seat on its board until earlier this year. Mr Lynch and his wife Angela Bacares have two daughters, and live at the Loudham Hall estate in Suffolk. His daughter Hannah, 18, was also on the yacht which sank. The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC that Mr Lynch, his daughter and the yacht's chef were among the missing. BBC Verify looked at corporate records and found the Bayesian's ownership is tied to the family. Sources close to the matter have confirmed to the BBC that Ms Bacares has been rescued. Meanwhile, Stephen Chamberlain, Mr Lynch's co-defendant in the Autonomy trial, has also died, after being hit by a car. Mr Chamberlain was out running in Cambridgeshire on Saturday when he was fatally struck by the vehicle. Autonomy became successful for its software's ability to extract useful information from data such as phone calls, emails and video. It would then use this data to do things like suggest answers to a call-centre operator or monitor TV channels for words or subjects. Prior to its purchase by HP in 2011, Autonomy had headquarters in San Francisco and Cambridge. But the price tag came under scrutiny following the sale and Autonomy's value was written down by billions just a year later. In 2018, US prosecutors brought charges against Mr Lynch - accusing him of artificially inflating the company's value. They said he had concealed the firm's loss-making business reselling hardware, and also accused him of intimidating or paying off people who raised concerns. Mr Lynch told BBC Radio 4 at the start of August that while convinced of his innocence throughout the lengthy trial, he felt he was only able to prove his this in US court due to his wealth. ""You shouldn't need to have funds to protect yourself as a British citizen,"" he said. ""The reason I'm sitting here, let's be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that's set up to sweep you away."" He added that following the lengthy legal saga, he wanted ""to get back to what I love doing, which is innovating"". ",BBC,19/08/2024,"['Mike Lynch, a British tech entrepreneur, and his daughter Hannah are missing after a luxury yacht sank off the coast of the Italian island of Sicily.', ""After co-founding British tech firm Autonomy in 1996, and backing several successful tech firms, the businessman was regarded by some as the UK's answer to Microsoft founder Bill Gates."", ""One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather."", 'His wife, Angela Bacares, has been rescued.', 'The British tech tycoon made his riches by selling his company Autonomy to US computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn).', 'But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for more than a decade.', 'He was acquitted in the US in June on multiple fraud charges, over which he had been facing two decades in jail.', 'In an interview on BBC Radio 4 in August, Mr Lynch said that he believed he had only been able to prove his innocence in a US court due to his wealth.', ""The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday."", 'Born on 16 June 1965, Mr Lynch is the son of a nurse and a fireman, and was raised near Chelmsford in Essex.', 'He studied Natural Sciences at the University of Cambridge, where he earned a PhD in mathematical computing, and later undertook a research fellowship.', 'In 1991, Mr Lynch helped establish Cambridge Neurodynamics - a firm which specialised in using computer-based detection and recognition of fingerprints.', 'His tech firm Autonomy was created five years later, using a statistical method known as ""Bayesian inference"" at the core of its software.', ""The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades."", 'In 2006 he was awarded an OBE in recognition of his service to UK enterprise.', ""He served on the board of the BBC as a non-executive director, and in 2011 was appointed to the government's council for science and technology - advising then-Prime Minister David Cameron on the risks and possibilities of AI development."", ""After Autonomy's sale to HP in 2011 - from which Mr Lynch is believed to have netted £500m - he went on to establish tech investment firm Invoke Capital."", 'The venture capital fund invested in the creation of British cyber security company Darktrace in 2013.', 'Mr Lynch, a shareholder in the firm, held a seat on its board until earlier this year.', 'Mr Lynch and his wife Angela Bacares have two daughters, and live at the Loudham Hall estate in Suffolk.', 'His daughter Hannah, 18, was also on the yacht which sank.', ""The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC that Mr Lynch, his daughter and the yacht's chef were among the missing."", ""BBC Verify looked at corporate records and found the Bayesian's ownership is tied to the family."", 'Sources close to the matter have confirmed to the BBC that Ms Bacares has been rescued.', ""Meanwhile, Stephen Chamberlain, Mr Lynch's co-defendant in the Autonomy trial, has also died, after being hit by a car."", 'Mr Chamberlain was out running in Cambridgeshire on Saturday when he was fatally struck by the vehicle.', ""Autonomy became successful for its software's ability to extract useful information from data such as phone calls, emails and video."", 'It would then use this data to do things like suggest answers to a call-centre operator or monitor TV channels for words or subjects.', 'Prior to its purchase by HP in 2011, Autonomy had headquarters in San Francisco and Cambridge.', ""But the price tag came under scrutiny following the sale and Autonomy's value was written down by billions just a year later."", ""In 2018, US prosecutors brought charges against Mr Lynch - accusing him of artificially inflating the company's value."", ""They said he had concealed the firm's loss-making business reselling hardware, and also accused him of intimidating or paying off people who raised concerns."", 'Mr Lynch told BBC Radio 4 at the start of August that while convinced of his innocence throughout the lengthy trial, he felt he was only able to prove his this in US court due to his wealth. ""', 'You shouldn\'t need to have funds to protect yourself as a British citizen,"" he said. ""', 'The reason I\'m sitting here, let\'s be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that\'s set up to sweep you away.""', 'He added that following the lengthy legal saga, he wanted ""to get back to what I love doing, which is innovating"".']",0.0892994625773302,The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades.,"One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather.",0.3229077339172363,The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades.,"One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather.",2024-08-20
+Civilization VII: How Roman London inspired the upcoming game,https://www.bbc.co.uk/news/articles/c8dp64e0r85o,2024-08-20T21:07:53.084Z,"Fans of Civilization have been waiting almost a decade for the latest instalment of the cult video game series.  Now it has been revealed that theme of time passing is pretty appropriate: the inspiration at the heart of Civilization VII, to be released in February, is how the capital of the UK has changed from the Roman era to now. And it all started with a map of Londinium - as London was known to the Romans. ""Londinium looked like pretty much any frontier Roman town with an amphitheatre, baths, and a shaky bridge that crossed to the south side of the Thames,"" observed the game's lead developer Ed Beach, as he showed me the below map - used here courtesy of Encyclopaedia Britannica. ""But I wanted to look at how this evolved, and how this changed as London grew and prospered.""  It is the lessons from those changes that will lie at the heart of the new game. The Civilization series has sold 70 million copies since it began in 1991 - with the last edition released in 2016. The question of what direction developers Firaxis would take the next version of the game in has been a hot topic among fans. I include myself in that group - my brother first introduced me to Civ II on our PlayStation back in the 90s, and I was recently slightly horrified to discover I've spent more than 500 hours playing the sixth iteration of the series. For those that don't know, Civilization is at times more like a board game than a video game. You move units around a map, placing down cities and developing them, while fighting others to conquer their land for your own. Previous games in the series have locked players into playing as a particular leader and civilisation combination, such as Teddy Roosevelt and the United States, or Cleopatra and Egypt. But the developers say this isn't truly representative of how cities developed, where multiple different ruling groups leave their mark - just as they have with London. In the new game, a player might start off as the Romans, building their own Londinium in what it calls the antiquity era.  But after progressing to the next stage - the exploration era in the game's lingo - players might become the Normans and build over what came before. The game's developers drew inspiration from Ludgate, the site of the west gate in the former London Wall, and dug up more old maps to see how the area had changed 1,000 years after the Romans left London. ""London changes, and it grows, but you can see that core Roman encampment,"" Mr Beach said. The map, produced by Layers of London, part of the UK's Institute of Historical Research, shows the River Fleet still flows - but much of the Roman era buildings are no longer there. ""It's all been built over by the buildings that you would expect in a medieval or renaissance era city,"" Mr Beach said. ""We have inns, we have taverns, we still have religious buildings to the east side of the wall, but it's now St Paul's Cathedral, the very first version of it, before it got burned in the Fire of London.  ""And we see that the river has been rerouted a little bit so that they can have a prison to hold some of those miscreants from the Middle Ages and keep them at bay."" This difference formed the foundation of the new game - building on top of what came before, to craft distinctly different eras. Finally, the developers jumped forward in time to the Victorian era, to see how the Ludgate area had changed once more. This map, reproduced with the permission of the National Library of Scotland, shows another significant set of changes - with the River Fleet now no longer visible after it was rerouted underground to be used for sewage in the mid-1800s. ""Now the prison is totally replaced, the needs of the industrial revolution dictate we need a rail line in there, and Ludgate rail station is exactly on top of where the prison used to be,"" Mr Beach said. ""All those buildings that used to support religious activity have pretty much been overtaken, except for St Paul's Cathedral."" This third stage of change - which the new game calls the modern era - solidified the concept for the developers. In London's example, gamers could play as the Romans, then the Normans, then as Britain - all the while building a growing England that goes beyond just the capital city. But while the big shift in style may be exciting for some, hardcore fans of the series might be concerned about just how different it is. It comes amid many other changes which will be meaningful to fans - though they won't make too much sense to people who haven't played the game. The game's developers tell me civilisations controlled by the computer will behave more intelligently. They list the seemingly endless changes like checking off a list - each civilisation has its own unique set of civics it can discover, units can now travel through rivers, and there are no more builders. There are expected changes - like a graphical overhaul that makes the game look modern - and unexpected ones too - like shifting the leaders you play as to include important historical figures that didn't lead their country, like Benjamin Franklin and Confucius. Meanwhile Hatshepsut, one of Egypt's historical female leaders, is now playable. The game's narrator - Game of Thrones and Star Wars actress Gwendoline Christie - adds a layer of gravitas to the visual upgrade. But not everything was directly taken from a fan's wishlist. Roads will still be built automatically by traders, which has long been a sore point for some players. There are some changes to the game's take on religion, but it still sounds to me like players will be micro-managing missionaries around the map. And big promises of fixing the AI are well-received, but without seeing the final product it's hard to be convinced. Moving between ages seems to be linked to crises - like barbarian invasions, civil wars and plagues - though exactly how this will work is unclear. Mr Beach said it develops a ""cool cycle that you go through three times in the game that we're releasing here at launch"" - a sentence I told him sounded suspiciously like Firaxis might be considering adding further cycles and empires in the future. He wouldn't be drawn on it. But one thing that seems certain is that by having what is effectively a big reset button between eras, no one player can storm ahead and take an unassailable lead at the start of each game, which will be music to fans' ears. We'll find out when the game comes next year. ",BBC,20/08/2024,"['Fans of Civilization have been waiting almost a decade for the latest instalment of the cult video game series.', 'Now it has been revealed that theme of time passing is pretty appropriate: the inspiration at the heart of Civilization VII, to be released in February, is how the capital of the UK has changed from the Roman era to now.', 'And it all started with a map of Londinium - as London was known to the Romans. ""', 'Londinium looked like pretty much any frontier Roman town with an amphitheatre, baths, and a shaky bridge that crossed to the south side of the Thames,"" observed the game\'s lead developer Ed Beach, as he showed me the below map - used here courtesy of Encyclopaedia Britannica. ""', 'But I wanted to look at how this evolved, and how this changed as London grew and prospered.""', 'It is the lessons from those changes that will lie at the heart of the new game.', 'The Civilization series has sold 70 million copies since it began in 1991 - with the last edition released in 2016.', 'The question of what direction developers Firaxis would take the next version of the game in has been a hot topic among fans.', ""I include myself in that group - my brother first introduced me to Civ II on our PlayStation back in the 90s, and I was recently slightly horrified to discover I've spent more than 500 hours playing the sixth iteration of the series."", ""For those that don't know, Civilization is at times more like a board game than a video game."", 'You move units around a map, placing down cities and developing them, while fighting others to conquer their land for your own.', 'Previous games in the series have locked players into playing as a particular leader and civilisation combination, such as Teddy Roosevelt and the United States, or Cleopatra and Egypt.', ""But the developers say this isn't truly representative of how cities developed, where multiple different ruling groups leave their mark - just as they have with London."", 'In the new game, a player might start off as the Romans, building their own Londinium in what it calls the antiquity era.', ""But after progressing to the next stage - the exploration era in the game's lingo - players might become the Normans and build over what came before."", 'The game\'s developers drew inspiration from Ludgate, the site of the west gate in the former London Wall, and dug up more old maps to see how the area had changed 1,000 years after the Romans left London. ""', 'London changes, and it grows, but you can see that core Roman encampment,"" Mr Beach said.', 'The map, produced by Layers of London, part of the UK\'s Institute of Historical Research, shows the River Fleet still flows - but much of the Roman era buildings are no longer there. ""', 'It\'s all been built over by the buildings that you would expect in a medieval or renaissance era city,"" Mr Beach said. ""', 'We have inns, we have taverns, we still have religious buildings to the east side of the wall, but it\'s now St Paul\'s Cathedral, the very first version of it, before it got burned in the Fire of London. ""', 'And we see that the river has been rerouted a little bit so that they can have a prison to hold some of those miscreants from the Middle Ages and keep them at bay.""', 'This difference formed the foundation of the new game - building on top of what came before, to craft distinctly different eras.', 'Finally, the developers jumped forward in time to the Victorian era, to see how the Ludgate area had changed once more.', 'This map, reproduced with the permission of the National Library of Scotland, shows another significant set of changes - with the River Fleet now no longer visible after it was rerouted underground to be used for sewage in the mid-1800s. ""', 'Now the prison is totally replaced, the needs of the industrial revolution dictate we need a rail line in there, and Ludgate rail station is exactly on top of where the prison used to be,"" Mr Beach said. ""', 'All those buildings that used to support religious activity have pretty much been overtaken, except for St Paul\'s Cathedral.""', 'This third stage of change - which the new game calls the modern era - solidified the concept for the developers.', ""In London's example, gamers could play as the Romans, then the Normans, then as Britain - all the while building a growing England that goes beyond just the capital city."", 'But while the big shift in style may be exciting for some, hardcore fans of the series might be concerned about just how different it is.', ""It comes amid many other changes which will be meaningful to fans - though they won't make too much sense to people who haven't played the game."", ""The game's developers tell me civilisations controlled by the computer will behave more intelligently."", 'They list the seemingly endless changes like checking off a list - each civilisation has its own unique set of civics it can discover, units can now travel through rivers, and there are no more builders.', ""There are expected changes - like a graphical overhaul that makes the game look modern - and unexpected ones too - like shifting the leaders you play as to include important historical figures that didn't lead their country, like Benjamin Franklin and Confucius."", ""Meanwhile Hatshepsut, one of Egypt's historical female leaders, is now playable."", ""The game's narrator - Game of Thrones and Star Wars actress Gwendoline Christie - adds a layer of gravitas to the visual upgrade."", ""But not everything was directly taken from a fan's wishlist."", 'Roads will still be built automatically by traders, which has long been a sore point for some players.', ""There are some changes to the game's take on religion, but it still sounds to me like players will be micro-managing missionaries around the map."", ""And big promises of fixing the AI are well-received, but without seeing the final product it's hard to be convinced."", 'Moving between ages seems to be linked to crises - like barbarian invasions, civil wars and plagues - though exactly how this will work is unclear.', 'Mr Beach said it develops a ""cool cycle that you go through three times in the game that we\'re releasing here at launch"" - a sentence I told him sounded suspiciously like Firaxis might be considering adding further cycles and empires in the future.', ""He wouldn't be drawn on it."", ""But one thing that seems certain is that by having what is effectively a big reset button between eras, no one player can storm ahead and take an unassailable lead at the start of each game, which will be music to fans' ears."", ""We'll find out when the game comes next year.""]",0.1398979160428969,"There are expected changes - like a graphical overhaul that makes the game look modern - and unexpected ones too - like shifting the leaders you play as to include important historical figures that didn't lead their country, like Benjamin Franklin and Confucius.","Now the prison is totally replaced, the needs of the industrial revolution dictate we need a rail line in there, and Ludgate rail station is exactly on top of where the prison used to be,"" Mr Beach said. """,0.6361728211243948,"And big promises of fixing the AI are well-received, but without seeing the final product it's hard to be convinced.","Roads will still be built automatically by traders, which has long been a sore point for some players.",2024-08-20
+Cost of public services drives up UK government borrowing,https://www.bbc.co.uk/news/articles/cq5d3xjl764o,2024-08-21T06:16:24.777Z,"The rising cost of public services and benefits pushed government borrowing to higher levels than expected in July, official figures show. Borrowing, the difference between spending and tax income, hit £3.1bn last month, the highest level for July since 2021, the Office for National Statistics (ONS) said. The unexpected increase has prompted analysts to speculate over what tax and spending decisions the chancellor will announce at the autumn Budget. One economist said Rachel Reeves faced ""tough choices"", while another added the government would likely raise taxes. The chancellor has previously said some taxes will be increased, but has reiterated she would not raise VAT, national insurance or income tax. Jessica Barnaby, deputy director for public sector finances at the ONS, said the latest public finance figures showed income tax receipts had grown ""strongly"" and debt interest payments had fallen last month. But she added this was more than offset by rises in the cost of public services and inflation-linked benefits increases, leading to higher borrowing. While the overall tax take increased by £2.1bn in July, compulsory social contributions fell by £1.1bn last month largely because of the reductions in the rates of National Insurance, which were cut by the previous Conservative government. The rise in government borrowing was £1.1bn higher than most economists had expected. Borrowing is usually lower in July compared to other months because the government has taken a higher number of self-assessed income taxes by that point in the year. This year's July figure was up by £1.8bn on 2023. Rob Wood, chief UK economist at Pantheon Macroeconomics, said the latest borrowing figures showed public spending was ""already overshooting Budget forecasts"". ""Further revisions could easily change the picture, but Chancellor Rachel Reeves will likely have to raise taxes and borrow more in the medium term to cover spending more on public services,"" he added. Isabel Stockton, senior research economist at the Institute for Fiscal Studies, added Ms Reeves faced ""tough choices"" in her first Budget on 30 October, which is where the government will set out its taxation and spending plans. The choices, made by the chancellor, will impact what public money is used to pay for things such as hospitals, schools and the police. Ms Reeves will also base decisions on meeting the government's own, self-imposed, fiscal rules, which are designed to maintain credibility with financial markets. Most governments in rich countries have such rules. Darren Jones, chief secretary to the Treasury, said Wednesday's borrowing figures were ""yet more proof of the dire inheritance left to us by the previous government"". He said taxpayers’ money was being ""wasted on debt interest payments rather than on our public services"". A row between Labour and the Conservatives has been rumbling over the current state of the public finances. Ms Reeves has previously said the government will have to raise some taxes due to what she claims is a £22bn ""hole"" in the public finances, left by the previous Conservative government. However, the Conservatives have denied this and have instead accused Labour of misleading the public on tax rises. As well as the borrowing figures, the ONS revealed the UK's national debt remained at its highest level since the early 1960s last month. It said government spent £107.4bn in total this July, £3.5bn more than in the previous July. The interest payable on central government debt in July was £7bn, the second highest interest payable for that month since it started recording that data in 1997. However, the amount was still lower than the Office for Budget Responsibility, the government's official forecaster, had estimated. The latest ONS spending figures are provisional, so the they could change ahead of the Budget, and prompt different policy decisions. ",BBC,21/08/2024,"['The rising cost of public services and benefits pushed government borrowing to higher levels than expected in July, official figures show.', 'Borrowing, the difference between spending and tax income, hit £3.1bn last month, the highest level for July since 2021, the Office for National Statistics (ONS) said.', 'The unexpected increase has prompted analysts to speculate over what tax and spending decisions the chancellor will announce at the autumn Budget.', 'One economist said Rachel Reeves faced ""tough choices"", while another added the government would likely raise taxes.', 'The chancellor has previously said some taxes will be increased, but has reiterated she would not raise VAT, national insurance or income tax.', 'Jessica Barnaby, deputy director for public sector finances at the ONS, said the latest public finance figures showed income tax receipts had grown ""strongly"" and debt interest payments had fallen last month.', 'But she added this was more than offset by rises in the cost of public services and inflation-linked benefits increases, leading to higher borrowing.', 'While the overall tax take increased by £2.1bn in July, compulsory social contributions fell by £1.1bn last month largely because of the reductions in the rates of National Insurance, which were cut by the previous Conservative government.', 'The rise in government borrowing was £1.1bn higher than most economists had expected.', 'Borrowing is usually lower in July compared to other months because the government has taken a higher number of self-assessed income taxes by that point in the year.', ""This year's July figure was up by £1.8bn on 2023."", 'Rob Wood, chief UK economist at Pantheon Macroeconomics, said the latest borrowing figures showed public spending was ""already overshooting Budget forecasts"". ""', 'Further revisions could easily change the picture, but Chancellor Rachel Reeves will likely have to raise taxes and borrow more in the medium term to cover spending more on public services,"" he added.', 'Isabel Stockton, senior research economist at the Institute for Fiscal Studies, added Ms Reeves faced ""tough choices"" in her first Budget on 30 October, which is where the government will set out its taxation and spending plans.', 'The choices, made by the chancellor, will impact what public money is used to pay for things such as hospitals, schools and the police.', ""Ms Reeves will also base decisions on meeting the government's own, self-imposed, fiscal rules, which are designed to maintain credibility with financial markets."", 'Most governments in rich countries have such rules.', 'Darren Jones, chief secretary to the Treasury, said Wednesday\'s borrowing figures were ""yet more proof of the dire inheritance left to us by the previous government"".', 'He said taxpayers’ money was being ""wasted on debt interest payments rather than on our public services"".', 'A row between Labour and the Conservatives has been rumbling over the current state of the public finances.', 'Ms Reeves has previously said the government will have to raise some taxes due to what she claims is a £22bn ""hole"" in the public finances, left by the previous Conservative government.', 'However, the Conservatives have denied this and have instead accused Labour of misleading the public on tax rises.', ""As well as the borrowing figures, the ONS revealed the UK's national debt remained at its highest level since the early 1960s last month."", 'It said government spent £107.4bn in total this July, £3.5bn more than in the previous July.', 'The interest payable on central government debt in July was £7bn, the second highest interest payable for that month since it started recording that data in 1997.', ""However, the amount was still lower than the Office for Budget Responsibility, the government's official forecaster, had estimated."", 'The latest ONS spending figures are provisional, so the they could change ahead of the Budget, and prompt different policy decisions.']",-0.015697936372082,Most governments in rich countries have such rules.,"However, the Conservatives have denied this and have instead accused Labour of misleading the public on tax rises.",-0.3179063598314921,This year's July figure was up by £1.8bn on 2023.,"Rob Wood, chief UK economist at Pantheon Macroeconomics, said the latest borrowing figures showed public spending was ""already overshooting Budget forecasts"". """,2024-08-20
+Jobs report revisions stoke US economy debate,https://www.bbc.co.uk/news/articles/cy4ydqv8721o,2024-08-21T19:10:31.848Z,"Jobs growth in the US appears to have been weaker than previously understood last year, the Labor Department said Wednesday, an update that enflamed an already heated debate about the state of the US economy.  The Labor Department said its latest data suggested employers added about 818,000 fewer jobs than previously estimated over the 12 months prior to March. The revision, which is preliminary, would reduce the total number of jobs created during that time by about 30%, compared with previous estimates - the biggest such update since 2009. In an ordinary year, the publication of a new estimate would be marked by only the nerdiest of economic forecasters. But months before a presidential election, it quickly became political fodder. The new estimates suggest monthly job growth of about 174,000, instead of the roughly 240,000 previously understood.  Most sectors were hit by downward revisions, including information - media and tech among other areas - retail, manufacturing, and the grab-bag category of ""professional and business services.  That means job growth in the period was ""even more dependent on government and education/healthcare than thought"", wrote Ryan Sweet at Oxford Economics. Hiring was ""still strong but less than that needed to keep up with growth in the working-age population"" he noted.  At the end of the day, the revisions imply that the total number of jobs in the US is just 0.5% smaller than previously thought. The Labor Department publishes estimates of job creation each month, based on surveys it sends out to employers. It regularly revises the figures as it gets more information, with a final reset at the start of each year. Its report Wednesday was a preview of that update, incorporating county-level unemployment insurance tax data.  This revision was ""notably"" larger than previous years, Mr Sweet noted.  But some analysts suggested it might be overblown, noting that the tax data would not reflect jobs going to unauthorized workers.  Given the recent surge in immigration in the US, they say that could lead to jobs growth being undercounted. Over the last four years, the final estimates of job growth have ended up higher than indicated in August. Strong jobs growth has been key to the Biden administration's case that its policies helped the US emerge from the pandemic with the strongest economy in the world.  But on Wednesday, Republicans seized on the figures to argue that Democrats have been gaslighting voters about the state of the economy.  The Republican Party responded on social media writing: ""BREAKING: 818,000 jobs that the Harris-Biden administration claimed to have “created” aren’t actually there"". Donald Trump posted on Truth Social that it was a ""MASSIVE SCANDAL!"" claiming that the ""real"" numbers were ""much worse than that"". But Jared Bernstein, the chair of President Biden’s Council of Economic Advisers, said the revision, ""doesn’t change the fact that this has been and remains a strong jobs recovery, powering real wage gains, solid consumer spending, and record small biz creation"". For much of the last year, the US has reported strong jobs growth in defiance of economist expectations - and public sentiment. The gains have surprised many because businesses and households are facing the highest borrowing costs in a generation, which would ordinarily trip-up growth.   As the Republican response underlined, the revisions bolster arguments that the labour market is on shakier ground than understood. Many analysts said the new numbers would strengthen the case for the US central bank to cut interest rates at its next meeting in November. That is already expected, as it tries to head off further weakening in the job market.  But the change didn't set off widespread alarms. Financial markets, which were roiled by jitters about the economy earlier this month, took the latest data largely in stride, noting that they were in line with expectations.  ""Non-farm payroll growth from April 2023 to March 2024 looks to be softer than first thought, but not worryingly so,"" wrote Olivia Cross, North America economist at Capital Economics.  ",BBC,21/08/2024,"['Jobs growth in the US appears to have been weaker than previously understood last year, the Labor Department said Wednesday, an update that enflamed an already heated debate about the state of the US economy.', 'The Labor Department said its latest data suggested employers added about 818,000 fewer jobs than previously estimated over the 12 months prior to March.', 'The revision, which is preliminary, would reduce the total number of jobs created during that time by about 30%, compared with previous estimates - the biggest such update since 2009.', 'In an ordinary year, the publication of a new estimate would be marked by only the nerdiest of economic forecasters.', 'But months before a presidential election, it quickly became political fodder.', 'The new estimates suggest monthly job growth of about 174,000, instead of the roughly 240,000 previously understood.', 'Most sectors were hit by downward revisions, including information - media and tech among other areas - retail, manufacturing, and the grab-bag category of ""professional and business services.', 'That means job growth in the period was ""even more dependent on government and education/healthcare than thought"", wrote Ryan Sweet at Oxford Economics.', 'Hiring was ""still strong but less than that needed to keep up with growth in the working-age population"" he noted.', 'At the end of the day, the revisions imply that the total number of jobs in the US is just 0.5% smaller than previously thought.', 'The Labor Department publishes estimates of job creation each month, based on surveys it sends out to employers.', 'It regularly revises the figures as it gets more information, with a final reset at the start of each year.', 'Its report Wednesday was a preview of that update, incorporating county-level unemployment insurance tax data.', 'This revision was ""notably"" larger than previous years, Mr Sweet noted.', 'But some analysts suggested it might be overblown, noting that the tax data would not reflect jobs going to unauthorized workers.', 'Given the recent surge in immigration in the US, they say that could lead to jobs growth being undercounted.', 'Over the last four years, the final estimates of job growth have ended up higher than indicated in August.', ""Strong jobs growth has been key to the Biden administration's case that its policies helped the US emerge from the pandemic with the strongest economy in the world."", 'But on Wednesday, Republicans seized on the figures to argue that Democrats have been gaslighting voters about the state of the economy.', 'The Republican Party responded on social media writing: ""BREAKING: 818,000 jobs that the Harris-Biden administration claimed to have “created” aren’t actually there"".', 'Donald Trump posted on Truth Social that it was a ""MASSIVE SCANDAL!""', 'claiming that the ""real"" numbers were ""much worse than that"".', 'But Jared Bernstein, the chair of President Biden’s Council of Economic Advisers, said the revision, ""doesn’t change the fact that this has been and remains a strong jobs recovery, powering real wage gains, solid consumer spending, and record small biz creation"".', 'For much of the last year, the US has reported strong jobs growth in defiance of economist expectations - and public sentiment.', 'The gains have surprised many because businesses and households are facing the highest borrowing costs in a generation, which would ordinarily trip-up growth.', 'As the Republican response underlined, the revisions bolster arguments that the labour market is on shakier ground than understood.', 'Many analysts said the new numbers would strengthen the case for the US central bank to cut interest rates at its next meeting in November.', 'That is already expected, as it tries to head off further weakening in the job market.', ""But the change didn't set off widespread alarms."", 'Financial markets, which were roiled by jitters about the economy earlier this month, took the latest data largely in stride, noting that they were in line with expectations. ""', 'Non-farm payroll growth from April 2023 to March 2024 looks to be softer than first thought, but not worryingly so,"" wrote Olivia Cross, North America economist at Capital Economics.']",0.1682088401340706,"But Jared Bernstein, the chair of President Biden’s Council of Economic Advisers, said the revision, ""doesn’t change the fact that this has been and remains a strong jobs recovery, powering real wage gains, solid consumer spending, and record small biz creation"".","As the Republican response underlined, the revisions bolster arguments that the labour market is on shakier ground than understood.",0.0845364580551783,"Over the last four years, the final estimates of job growth have ended up higher than indicated in August.","Jobs growth in the US appears to have been weaker than previously understood last year, the Labor Department said Wednesday, an update that enflamed an already heated debate about the state of the US economy.",2024-08-20
+Peak-time ScotRail fare scheme scrapped over passenger numbers,https://www.bbc.co.uk/news/articles/cvge98qj0e5o,2024-08-20T10:07:54.638Z,"A pilot scheme scrapping peak-time ScotRail fares will end in September following “limited success”. Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel. Analysis by the body recommended ending the scheme due to financial pressures, while also increasing fares on popular peak-time routes including those between Edinburgh and Glasgow. Critics have described the decision to terminate the scheme from 27 September as a “hammer blow” for commuters and the climate. Transport Secretary Fiona Hyslop said there had been an increase in passenger levels of about 6.8% during the pilot but it would need to be 10% in order for the policy to be self-financing. She said the pilot ""primarily benefitted existing train passengers and those with medium to higher incomes"". She added: “The pilot will have been welcome in saving many passengers hundreds and in some cases thousands of pounds during the cost of living crisis but this level of subsidy cannot continue in the current financial climate on that measure alone."" First Minister John Swinney announced the extension of the scheme, introduced in October 2023, until the end of September on a visit to Edinburgh’s Waverley Station in May. It had initially been due to last six months and saw the cost of a rush hour ticket between the capital and Glasgow nearly halved from £28.90 to £14.90. When the scheme ends, the price of the top ticket on that route will rise by 8.6% to £31.40. However, super off-peak returns will also be reintroduced on certain routes, including Inverness to Elgin and Glasgow to Stirling. A 12-month discount on ScotRail season tickets and new “flexipasses” – allowing commuters to book 12 single journeys for the price of 10 – will also be rolled out. The move has been described as “derailing” Scotland’s climate targets by the Scottish Greens. The party’s transport spokesman, Mark Ruskell, described the impact on passengers as “deeply disappointing"". “Behavioural change doesn’t happen overnight and by making the move permanent we could have encouraged more people to change the way they travel,"" he said. Scottish Conservative transport spokesman Graham Simpson said the government should have done more to promote the peak fare removal.  ""In the end, it should never have been mere numbers but having a rail system and fare system that is fair and affordable. We have gone backwards,"" he said. Labour transport spokesman Alex Rowley accused the SNP of ""forcing workers back into cars"". He said: ""Peak fares exist purely as a tax on workers trying to travel to work in a more sustainable way – this is simply another way that working Scots are paying the price for the SNP’s financial mismanagement. “An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.” ScotRail staff are already working to rule, resulting in a reduced, temporary timetable amid a pay dispute. The publicly-owned rail firm cut 600 services and introduced an emergency timetable after four unions turned down a pay offer earlier this month. Aslef, Unite, RMT and TSSA all rejected the three-year deal backdated from April this year until 2027 which would see workers receive a 2% rise each April and a 1% increase the following January. Jim Baxter, executive council member for train drivers' union Aslef, said the decision was a ""disaster for workers"". He said: ""If Scotland is to meet its climate targets it has to properly invest in transport and make fares affordable. ""This does the opposite and will take money out the pockets of Scotland's already hard pressed workers, encouraging many back into their cars and damaging the environment as a consequence."" Linda Somerville, STUC deputy general secretary, said: ""This is a short-sighted, regressive decision from the Scottish government which makes a mockery of their sustainable travel and net-zero targets. “Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets. Fares have increased an eye-watering 9% during the trial alone with commuters now facing a double whammy of increased and peak fares next time they board."" The return of peak time fares will be a huge disappointment to commuters. The cost of a daily journey between Glasgow and Edinburgh will almost double. The initial pilot project to scrap peak time fares was due to last for six months and was extended twice. But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer. The Scottish government argues that those who benefited most were existing train travellers and people on medium to high incomes. It’s facing tough spending decisions and believes it cannot continue with the subsidy in the current financial climate. The risk is that the increase will go down like a lead balloon with some commuters. It is worth noting that the fare they will be paying from the end of September will be no higher than it would have been anyway had the pilot project not taken place. But some will have got used to the lower fares and feel the impact of such a significant rise. Scotrail will be hoping season ticket discounts and the return of super off-peak tickets can soften the blow. ",BBC,20/08/2024,"['A pilot scheme scrapping peak-time ScotRail fares will end in September following “limited success”.', 'Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.', 'Analysis by the body recommended ending the scheme due to financial pressures, while also increasing fares on popular peak-time routes including those between Edinburgh and Glasgow.', 'Critics have described the decision to terminate the scheme from 27 September as a “hammer blow” for commuters and the climate.', 'Transport Secretary Fiona Hyslop said there had been an increase in passenger levels of about 6.8% during the pilot but it would need to be 10% in order for the policy to be self-financing.', 'She said the pilot ""primarily benefitted existing train passengers and those with medium to higher incomes"".', 'She added: “The pilot will have been welcome in saving many passengers hundreds and in some cases thousands of pounds during the cost of living crisis but this level of subsidy cannot continue in the current financial climate on that measure alone.""', 'First Minister John Swinney announced the extension of the scheme, introduced in October 2023, until the end of September on a visit to Edinburgh’s Waverley Station in May.', 'It had initially been due to last six months and saw the cost of a rush hour ticket between the capital and Glasgow nearly halved from £28.90 to £14.90.', 'When the scheme ends, the price of the top ticket on that route will rise by 8.6% to £31.40.', 'However, super off-peak returns will also be reintroduced on certain routes, including Inverness to Elgin and Glasgow to Stirling.', 'A 12-month discount on ScotRail season tickets and new “flexipasses” – allowing commuters to book 12 single journeys for the price of 10 – will also be rolled out.', 'The move has been described as “derailing” Scotland’s climate targets by the Scottish Greens.', 'The party’s transport spokesman, Mark Ruskell, described the impact on passengers as “deeply disappointing"". “', 'Behavioural change doesn’t happen overnight and by making the move permanent we could have encouraged more people to change the way they travel,"" he said.', 'Scottish Conservative transport spokesman Graham Simpson said the government should have done more to promote the peak fare removal. ""', 'In the end, it should never have been mere numbers but having a rail system and fare system that is fair and affordable.', 'We have gone backwards,"" he said.', 'Labour transport spokesman Alex Rowley accused the SNP of ""forcing workers back into cars"".', 'He said: ""Peak fares exist purely as a tax on workers trying to travel to work in a more sustainable way – this is simply another way that working Scots are paying the price for the SNP’s financial mismanagement. “', 'An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.”', 'ScotRail staff are already working to rule, resulting in a reduced, temporary timetable amid a pay dispute.', 'The publicly-owned rail firm cut 600 services and introduced an emergency timetable after four unions turned down a pay offer earlier this month.', 'Aslef, Unite, RMT and TSSA all rejected the three-year deal backdated from April this year until 2027 which would see workers receive a 2% rise each April and a 1% increase the following January.', 'Jim Baxter, executive council member for train drivers\' union Aslef, said the decision was a ""disaster for workers"".', 'He said: ""If Scotland is to meet its climate targets it has to properly invest in transport and make fares affordable. ""', 'This does the opposite and will take money out the pockets of Scotland\'s already hard pressed workers, encouraging many back into their cars and damaging the environment as a consequence.""', 'Linda Somerville, STUC deputy general secretary, said: ""This is a short-sighted, regressive decision from the Scottish government which makes a mockery of their sustainable travel and net-zero targets. “', 'Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets.', 'Fares have increased an eye-watering 9% during the trial alone with commuters now facing a double whammy of increased and peak fares next time they board.""', 'The return of peak time fares will be a huge disappointment to commuters.', 'The cost of a daily journey between Glasgow and Edinburgh will almost double.', 'The initial pilot project to scrap peak time fares was due to last for six months and was extended twice.', 'But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer.', 'The Scottish government argues that those who benefited most were existing train travellers and people on medium to high incomes.', 'It’s facing tough spending decisions and believes it cannot continue with the subsidy in the current financial climate.', 'The risk is that the increase will go down like a lead balloon with some commuters.', 'It is worth noting that the fare they will be paying from the end of September will be no higher than it would have been anyway had the pilot project not taken place.', 'But some will have got used to the lower fares and feel the impact of such a significant rise.', 'Scotrail will be hoping season ticket discounts and the return of super off-peak tickets can soften the blow.']",0.0243066094828966,"An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.”","Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets.",-0.054955905675888,But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer.,The return of peak time fares will be a huge disappointment to commuters.,2024-08-20
+"Mynaric stock tanks after space lasers company slashes revenue guidance, announces CFO departure",https://www.cnbc.com/2024/08/20/mynaric-myna-stock-tanks-after-slashing-revenue-guidance-cfo-exit.html,2024-08-20T20:56:45+0000,"In this articleSpace stock Mynaric tanked in trading Tuesday after the company announced heavy cuts to its previous revenue forecast and the departure of the company's chief financial officer.Germany-based Mynaric slashed its 2024 revenue guidance nearly 70% at the midpoint, cutting its previous range of 50 million euros to 70 million euros, to a range of 16 million euros to 24 million euros, or $18 million.The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.At the same time, Mynaric announced ""the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week."" Berndt von-Bulow has been with the company since 2018, serving in the CFO role for the past four years.The German space lasers company debuted on the Nasdaq in late 2021 at a market value of about $325 million. But the stock has fallen steadily since, dropping below $2 a share and trading below a market value of $50 million, according to FactSet.Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.Mynaric makes optical communication terminals, devices that use a laser to send data from one point to another. Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imagery uses.Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.The company warned that, as of Friday, it had cash reserves totaling 6.3 million euros.""With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp,"" Mynaric said.",CNBC,20/08/2024,"[""In this articleSpace stock Mynaric tanked in trading Tuesday after the company announced heavy cuts to its previous revenue forecast and the departure of the company's chief financial officer."", 'Germany-based Mynaric slashed its 2024 revenue guidance nearly 70% at the midpoint, cutting its previous range of 50 million euros to 70 million euros, to a range of 16 million euros to 24 million euros, or $18 million.', 'The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.', 'At the same time, Mynaric announced ""the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week.""', 'Berndt von-Bulow has been with the company since 2018, serving in the CFO role for the past four years.', 'The German space lasers company debuted on the Nasdaq in late 2021 at a market value of about $325 million.', 'But the stock has fallen steadily since, dropping below $2 a share and trading below a market value of $50 million, according to FactSet.', 'Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.', 'Mynaric makes optical communication terminals, devices that use a laser to send data from one point to another.', 'Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imagery uses.', ""Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals."", 'The company warned that, as of Friday, it had cash reserves totaling 6.3 million euros.', '""With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp,"" Mynaric said.']",0.0046913181676825,"Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.","Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.",-0.7129226156643459,"Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.","The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.",2024-08-19
+"Alaska Airlines and Hawaiian Airlines merger clears Justice Department hurdle, now faces DOT",https://www.cnbc.com/2024/08/20/alaska-airlines-hawaiian-airlines-merger.html,2024-08-20T16:22:44+0000,"In this articleAlaska Airlines said its plan to acquire Hawaiian Airlines has cleared the U.S. Justice Department after the period for antitrust regulators to finish an investigation of the deal ended without a lawsuit to block the transaction, eight months after the two carriers announced a $1.9 billion agreement to combine.The two airlines now have to win approval from the U.S. Transportation Department before the deal closes. It wasn't immediately clear how long that process will take.The combination would become the biggest U.S. airline merger since Alaska combined with Virgin America in 2016, according to Mergermarket.""The time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the [Hart-Scott-Rodino Antitrust Improvements] Act has expired,"" Alaska Airlines said in a statement. ""This is a significant milestone in the process to join our airlines.""The development comes after the DOJ won a court ruling in January that blocked JetBlue Airways' acquisition of Spirit Airlines. Last year, the DOJ won another suit that undid a partnership in the Northeast between JetBlue and American Airlines.Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including the Maui wildfires, increased competition from Southwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.Hawaiian has posted net losses in all but one quarter since the start of 2020, but executives have recently said booking trends are improving. Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement. The stock has nearly doubled over the past year, while rivals' shares have dropped.The two airlines said in December when they announced the deal that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet covering over 130 destinations.The Transportation Department said Tuesday it ""is reviewing the application and can only approve a transfer if it is in the public interest.""The Justice Department didn't immediately comment.Correction: Hawaiian's stock has nearly doubled over the past year, while rivals' shares have dropped. An earlier version misstated the time period.",CNBC,20/08/2024,"['In this articleAlaska Airlines said its plan to acquire Hawaiian Airlines has cleared the U.S. Justice Department after the period for antitrust regulators to finish an investigation of the deal ended without a lawsuit to block the transaction, eight months after the two carriers announced a $1.9 billion agreement to combine.', 'The two airlines now have to win approval from the U.S. Transportation Department before the deal closes.', ""It wasn't immediately clear how long that process will take."", 'The combination would become the biggest U.S. airline merger since Alaska combined with Virgin America in 2016, according to Mergermarket.', '""The time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the [Hart-Scott-Rodino Antitrust Improvements] Act has expired,"" Alaska Airlines said in a statement. ""', 'This is a significant milestone in the process to join our airlines.', '""The development comes after the DOJ won a court ruling in January that blocked JetBlue Airways\' acquisition of Spirit Airlines.', 'Last year, the DOJ won another suit that undid a partnership in the Northeast between JetBlue and American Airlines.', 'Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including theMaui wildfires, increased competition fromSouthwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.', 'Hawaiian has posted net losses in all but one quarter since the start of 2020, but executives have recently said booking trends are improving.', ""Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement."", ""The stock has nearly doubled over the past year, while rivals' shares have dropped."", ""The two airlines said in December when they announced the deal that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet covering over 130 destinations."", 'The Transportation Department said Tuesday it ""is reviewing the application and can only approve a transfer if it is in the public interest.', '""The Justice Department didn\'t immediately comment.', ""Correction: Hawaiian's stock has nearly doubled over the past year, while rivals' shares have dropped."", 'An earlier version misstated the time period.']",0.3964704643276605,The two airlines now have to win approval from the U.S. Transportation Department before the deal closes.,,0.5233165754212273,Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement.,"Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including theMaui wildfires, increased competition fromSouthwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.",2024-08-19
+Harley-Davidson drops diversity efforts after online pressure,https://www.cnbc.com/2024/08/20/harley-davidson-drops-diversity-efforts-after-online-pressure-.html,2024-08-20T16:52:10+0000,"In this articleHarley-Davidson is dropping some of its diversity, equity and inclusion efforts, according to a statement released Monday on social media site X.The motorcycle company said it has stopped consulting the Human Rights Campaign's metric for treatment of LGBTQ+ employees, and that its sponsorship decisions will now be determined by the company and foundation, which will focus on ""retaining our loyal riding community.""""We do not have a DEI function today,"" and Harley-Davidson has not since April, according to the statement.Harley-Davidson also affirmed its rejection of hiring quotas and ""socially motivated content"" included in training. In the statement, the brand maintained support for first responders, active military members and veterans.The moves come after an online campaign by conservative activist Robby Starbuck, who has taken on similar fights against DEI initiatives at other companies. He posted a list of grievances against Harley-Davidson in July, claiming ""they've gone totally woke."" The company also conducted an internal stakeholder review from earlier this year, according to the statement.""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.Eric Bloem, HRC's vice president of programs and corporate advocacy, called Harley-Davidson's decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.Starbuck praised the move Monday, saying it was ""another win for our movement.""Harley-Davidson's anti-DEI sentiment follows retail chain Tractor Supply's decision in June to eliminate DEI roles, as well as walk back its support for the LGBTQ+ community and commitment to carbon emission goals.Both changes follow a U.S. Supreme Court decision in 2023 to strike down affirmative action in colleges, which experts predicted could have implications for corporate hiring and recruiting. Since then, Starbucks, Disney and Target have faced legal challenges over DEI initiatives for LGBTQ+ customers and employees.",CNBC,20/08/2024,"['In this articleHarley-Davidson is dropping some of its diversity, equity and inclusion efforts, according to a statement released Monday on social media site X.The motorcycle company said it has stopped consulting the Human Rights Campaign\'s metric for treatment of LGBTQ+ employees, and that its sponsorship decisions will now be determined by the company and foundation, which will focus on ""retaining our loyal riding community.', '""""We do not have a DEI function today,"" and Harley-Davidson has not since April, according to the statement.', 'Harley-Davidson also affirmed its rejection of hiring quotas and ""socially motivated content"" included in training.', 'In the statement, the brand maintained support for first responders, active military members and veterans.', 'The moves come after an online campaign by conservative activist Robby Starbuck, who has taken on similar fights against DEI initiatives at other companies.', 'He posted a list of grievances against Harley-Davidson in July, claiming ""they\'ve gone totally woke.""', 'The company also conducted an internal stakeholder review from earlier this year, according to the statement.', '""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.', 'Eric Bloem, HRC\'s vice president of programs and corporate advocacy, called Harley-Davidson\'s decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.', 'Starbuck praised the move Monday, saying it was ""another win for our movement.', '""Harley-Davidson\'s anti-DEI sentiment follows retail chain Tractor Supply\'s decision in June to eliminate DEI roles, as well as walk back its support for the LGBTQ+ community and commitment to carbon emission goals.', 'Both changes follow a U.S. Supreme Court decision in 2023 tostrike down affirmative actionin colleges, which experts predicted could have implications for corporate hiring and recruiting.', 'Since then, Starbucks,DisneyandTarget have faced legal challenges over DEI initiatives for LGBTQ+ customers and employees.']",0.1310425711554404,"Starbuck praised the move Monday, saying it was ""another win for our movement.","""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.",-0.5087488368153572,"Starbuck praised the move Monday, saying it was ""another win for our movement.","Eric Bloem, HRC's vice president of programs and corporate advocacy, called Harley-Davidson's decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.",2024-08-19
+Eli Lilly's weight loss drug slashes the risk of developing diabetes in long-term trial,https://www.cnbc.com/2024/08/20/eli-lilly-weight-loss-drug-cuts-risk-of-developing-diabetes-in-trial.html,2024-08-20T20:31:25+0000,"In this articleEli Lilly's highly popular weight loss drug reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes compared with a placebo, according to initial results from a long-term study released Tuesday. The late-stage trial on tirzepatide, the active ingredient in the company's weight loss injection Zepbound and diabetes drug Mounjaro, also found that patients experienced sustained weight loss over the roughly three-year treatment period. Adults on the highest weekly dose of the drug saw a 22.9% decrease in body weight on average after 176 weeks, compared with 2.1% for those who received a placebo. Shares of the pharmaceutical giant gained 3% on Tuesday.The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes. More than 1 in 3 Americans have prediabetes, according to the latest government data, which health experts say can be reversed with lifestyle changes such as diet and exercise. People who are overweight or have obesity are at a higher risk for prediabetes. The new data also shows the potential long-term health benefits of taking a buzzy class of obesity and diabetes medications called GLP-1s, which mimic hormones produced in the gut to tamp down appetite and regulate blood sugar. As Eli Lilly's Zepbound and Mounjaro and injections from rival Novo Nordisk have skyrocketed in popularity over the last two years, the companies have raced to study other clinical uses for their drugs.The results are ""another reminder of the huge investment which Lilly has made to prove not only do you lose weight but when you do on this medicine, it converts to health benefits. This is our fourth study this year that does such a thing,"" Eli Lilly CEO David Ricks told CNBC in an interview, adding that tirzepatide has shown promise as a treatment for heart failure, sleep apnea and fatty liver disease in three other clinical trials.Eli Lilly tested tirzepatide in more than 1,000 adults over 176 weeks in the phase three trial, followed by a 17-week period where patients stopped treatment. It is the longest completed study on the drug to date, according to the company. The drugmaker will submit the latest results to a peer-reviewed journal and present them at an upcoming medical conference in November. Eli Lilly published 72-week weight loss results on a larger group of patients from the same trial, called SUMOUNT-1, back in 2022. Patients in the trial who stopped taking tirzepatide during the 17 weeks began to regain weight and saw an increase in progression to diabetes. But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.""On the drug, we can keep healthy body weight down for three years and ward off diabetes,"" Ricks told CNBC. ""When you come of the drug, a percentage of people do begin to gain weight and then…begin the advance again toward diabetes."" Still, Ricks noted that patients don't ""snap all the way back as if they were never on the drug.""The safety data on tirzepatide during the trial was consistent with previous studies on the drug, according to Eli Lilly. The most common side effects were gastrointestinal, such as diarrhea, nausea, constipation and vomiting, and were generally mild to moderate in severity.Eli Lilly's Zepbound works by imitating two naturally produced gut hormones called GLP-1 and GIP. GLP helps reduce food intake and appetite. GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.",CNBC,20/08/2024,"[""In this articleEli Lilly's highly popular weight loss drug reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes compared with a placebo, according to initial results from a long-term study released Tuesday."", ""The late-stage trial on tirzepatide, the active ingredient in the company's weight loss injection Zepbound and diabetes drug Mounjaro, also found that patients experienced sustained weight loss over the roughly three-year treatment period."", 'Adults on the highest weekly dose of the drug saw a 22.9% decrease in body weight on average after 176 weeks, compared with 2.1% for those who received a placebo.', 'Shares of the pharmaceutical giant gained 3% on Tuesday.', ""The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes."", 'More than 1 in 3 Americans have prediabetes, according to the latest government data, which health experts say can be reversed with lifestyle changes such as diet and exercise.', 'People who are overweight or have obesity are at a higher risk for prediabetes.', 'The new data also shows the potential long-term health benefits of taking a buzzy class of obesity and diabetes medications called GLP-1s, which mimic hormones produced in the gut to tamp down appetite and regulate blood sugar.', ""As Eli Lilly's Zepbound and Mounjaro and injections from rival Novo Nordisk have skyrocketed in popularity over the last two years, the companies have raced to study other clinical uses for their drugs."", 'The results are ""another reminder of the huge investment which Lilly has made to prove not only do you lose weight but when you do on this medicine, it converts to health benefits.', 'This is our fourth study this year that does such a thing,"" Eli Lilly CEO David Ricks told CNBC in an interview, adding that tirzepatide has shown promise as a treatment for heart failure, sleep apnea and fatty liver disease in three other clinical trials.', 'Eli Lilly tested tirzepatide in more than 1,000 adults over 176 weeks in the phase three trial, followed by a 17-week period where patients stopped treatment.', 'It is the longest completed study on the drug to date, according to the company.', 'The drugmaker will submit the latest results to a peer-reviewed journal and present them at an upcoming medical conference in November.', 'Eli Lilly published 72-week weight loss results on a larger group of patients from the same trial, called SUMOUNT-1, back in 2022.Patients in the trial who stopped taking tirzepatide during the 17 weeks began to regain weight and saw an increase in progression to diabetes.', 'But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.', '""On the drug, we can keep healthy body weight down for three years and ward off diabetes,"" Ricks told CNBC. ""', 'When you come of the drug, a percentage of people do begin to gain weight and then…begin the advance again toward diabetes.', '""Still, Ricks noted that patients don\'t ""snap all the way back as if they were never on the drug.', '""The safety data on tirzepatide during the trial was consistent with previous studies on the drug, according to Eli Lilly.', 'The most common side effects were gastrointestinal, such as diarrhea, nausea, constipation and vomiting, and were generally mild to moderate in severity.', ""Eli Lilly's Zepbound works by imitating two naturally produced gut hormones called GLP-1 and GIP.GLP helps reduce food intake and appetite."", 'GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.']",0.0574816336995719,Shares of the pharmaceutical giant gained 3% on Tuesday.,"But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.",0.8422815845562861,Shares of the pharmaceutical giant gained 3% on Tuesday.,"The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes.",2024-08-19
+Beyoncé launches whiskey line with LVMH's Moët Hennessy,https://www.cnbc.com/2024/08/20/beyonce-launches-whiskey-lvmh-moet-hennessy-sirdavis.html,2024-08-20T20:27:28+0000,"In this articleBeyoncé is holding her whiskey up high.The megastar is entering the luxury liquor business with the launch of a new whiskey line in collaboration with LVMH's Moët Hennessy, the brand announced in a press release Tuesday.Beyoncé shared the news holding up a glass of the whiskey, dubbed SirDavis, in a promotional Instagram post with the caption, ""DAVIS IN MY BONES,"" and a link to the liquor's website.Following a growing trend of consumers seeking luxury spirits, Beyoncé joins Mark Wahlberg, George Clooney and more celebrities who are using their status to elevate premium liquor brands.As LVMH's wine and spirits division expands in the American whiskey market, SirDavis also serves to honor Beyoncé's heritage. SirDavis is named for Davis Hogue, Beyoncé's great-grandfather who stashed whiskey bottles as a farmer during Prohibition in the South, according to the release.""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. ""SirDavis is a way for me to pay homage to him, uniting us through a new shared legacy.""The whiskey line is headquartered out of Houston, Beyoncé's hometown. Crafted and bottled in Texas, SirDavis marks Moët Hennessy's first spirit brand developed by the company entirely in the U.S., according to the release.SirDavis comprises 51% rye and 49% malted barley and is matured in sherry casks, which the distiller said creates a profile of ""bold sophistication.""The tall bottle, which features a bronzed horse, is also a nod to Beyoncé's most recent albums.Retailing for $89 a bottle, SirDavis will be available in September.",CNBC,20/08/2024,"['In this articleBeyoncé is holding her whiskey up high.', ""The megastar is entering the luxury liquor business with the launch of a new whiskey line in collaboration with LVMH's Moët Hennessy, the brand announced in a press release Tuesday."", 'Beyoncé shared the news holding up a glass of the whiskey, dubbed SirDavis, in a promotional Instagram post with the caption, ""DAVIS IN MY BONES,"" and a link to the liquor\'s website.', 'Following a growing trend of consumers seeking luxury spirits, Beyoncé joins Mark Wahlberg, George Clooney and more celebrities who are using their status to elevate premium liquor brands.', ""As LVMH's wine and spirits division expands in the American whiskey market, SirDavis also serves to honor Beyoncé's heritage."", ""SirDavis is named for Davis Hogue, Beyoncé's great-grandfather who stashed whiskey bottles as a farmer during Prohibition in the South, according to the release."", '""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. ""', 'SirDavis is a way for me to pay homage to him, uniting us through a new shared legacy.', '""The whiskey line is headquartered out of Houston, Beyoncé\'s hometown.', ""Crafted and bottled in Texas, SirDavis marks Moët Hennessy's first spirit brand developed by the company entirely in the U.S., according to the release."", 'SirDavis comprises 51% rye and 49% malted barley and is matured in sherry casks, which the distiller said creates a profile of ""bold sophistication.', '""The tall bottle, which features a bronzed horse, is also a nod to Beyoncé\'s most recent albums.', 'Retailing for $89 a bottle, SirDavis will be available in September.']",0.2765752767088455,"""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. """,,0.9636331796646118,"""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. """,,2024-08-19
+McDonald's to spend £1bn on 200 new UK and Ireland restaurants,https://www.bbc.co.uk/news/articles/cn8751455xzo,2024-08-21T15:49:28.689Z,"McDonald's plans to open over 200 restaurants across the UK and Ireland over the next four years in a £1bn expansion drive. ""Drive to"" restaurants - with a car park, a small seating area, and no drive-through - and ""other smaller formats"" will be tested as part of the new offer. The move would increase the fast-food chain's UK and Ireland footprint by over a tenth to 1,700 sites. One retail expert said the company is doubling own on more ""stable"" markets as boycotts arising in response to the Israel-Gaza conflict continue to dent sales. Alistair Macrow, McDonald’s UK and Ireland boss, said the plans show its ""ongoing commitment"" to growth and job creation in the two countries.  Over 24,000 jobs would be created by the expansion, McDonald's said. The company also said there would be a ""renewed focus"" on High Street restaurants. Retail real estate expert Jonathan DeMello told the BBC rent on High Street units has ""come down significantly post-covid"" due to a swathe of restaurants going bust. ""A huge amount of restaurant space has come back to the market,"" he said. He also predicted McDonald's would target retail parks outside of London and other towns and cities in south-east England, although he said demand has driven up rents in those locations. As well as taking advantage of cheaper rents, Mr DeMello said McDonald's might also be responding to falling interest rates and a recovering economy. ""We've had a cost of living crisis... But people are eating fast food,"" he said. According to data from Meaningful Vision, which tracks the sector, fast-food promotions have surged by a third on last year. Experts say McDonald's and its competitors are trying to tempt thrifty customers with cheap offers - a move criticised by health experts. Danni Hewson, AJ Bell's head of financial analysis, said ""getting customers back through the doors"" is a big priority for the chain. ""Opening new stores at a time when sales are down might seem counterintuitive,"" she said. ""But if it can get the offer right and be in the right spot when people are taking their lunch breaks, it should be a recipe for growth."" Mr DeMello said the company's focus on the UK and Ireland in particular is also likely driven by the perceived ""stability"" of those markets at a time when overseas conflict has hit sales. The company pulled out of Russia after its invasion of Ukraine, while boycotts in the Middle East and other countries over its perceived support of Israel's campaign in Gaza have also impacted sales. It is also still dealing from the fallout of a BBC investigation of more than 100 allegations from current and recent McDonald's staff over a culture of sexual abuse and harassment, with young female staff in particular complaining about routine groping. McDonald's said at the time it had launched a probe into the claims and was ""determined"" to root out behaviour that falls below the high standards it expects of staff. ",BBC,21/08/2024,"['McDonald\'s plans to open over 200 restaurants across the UK and Ireland over the next four years in a £1bn expansion drive. ""', 'Drive to"" restaurants - with a car park, a small seating area, and no drive-through - and ""other smaller formats"" will be tested as part of the new offer.', ""The move would increase the fast-food chain's UK and Ireland footprint by over a tenth to 1,700 sites."", 'One retail expert said the company is doubling own on more ""stable"" markets as boycotts arising in response to the Israel-Gaza conflict continue to dent sales.', 'Alistair Macrow, McDonald’s UK and Ireland boss, said the plans show its ""ongoing commitment"" to growth and job creation in the two countries.', ""Over 24,000 jobs would be created by the expansion, McDonald's said."", 'The company also said there would be a ""renewed focus"" on High Street restaurants.', 'Retail real estate expert Jonathan DeMello told the BBC rent on High Street units has ""come down significantly post-covid"" due to a swathe of restaurants going bust. ""', 'A huge amount of restaurant space has come back to the market,"" he said.', ""He also predicted McDonald's would target retail parks outside of London and other towns and cities in south-east England, although he said demand has driven up rents in those locations."", 'As well as taking advantage of cheaper rents, Mr DeMello said McDonald\'s might also be responding to falling interest rates and a recovering economy. ""', 'We\'ve had a cost of living crisis... But people are eating fast food,"" he said.', 'According to data from Meaningful Vision, which tracks the sector, fast-food promotions have surged by a third on last year.', ""Experts say McDonald's and its competitors are trying to tempt thrifty customers with cheap offers - a move criticised by health experts."", 'Danni Hewson, AJ Bell\'s head of financial analysis, said ""getting customers back through the doors"" is a big priority for the chain. ""', 'Opening new stores at a time when sales are down might seem counterintuitive,"" she said. ""', 'But if it can get the offer right and be in the right spot when people are taking their lunch breaks, it should be a recipe for growth.""', 'Mr DeMello said the company\'s focus on the UK and Ireland in particular is also likely driven by the perceived ""stability"" of those markets at a time when overseas conflict has hit sales.', ""The company pulled out of Russia after its invasion of Ukraine, while boycotts in the Middle East and other countries over its perceived support of Israel's campaign in Gaza have also impacted sales."", ""It is also still dealing from the fallout of a BBC investigation of more than 100 allegations from current and recent McDonald's staff over a culture of sexual abuse and harassment, with young female staff in particular complaining about routine groping."", 'McDonald\'s said at the time it had launched a probe into the claims and was ""determined"" to root out behaviour that falls below the high standards it expects of staff.']",0.0552304267924055,"Alistair Macrow, McDonald’s UK and Ireland boss, said the plans show its ""ongoing commitment"" to growth and job creation in the two countries.","It is also still dealing from the fallout of a BBC investigation of more than 100 allegations from current and recent McDonald's staff over a culture of sexual abuse and harassment, with young female staff in particular complaining about routine groping.",0.3009956734521048,"According to data from Meaningful Vision, which tracks the sector, fast-food promotions have surged by a third on last year.","Retail real estate expert Jonathan DeMello told the BBC rent on High Street units has ""come down significantly post-covid"" due to a swathe of restaurants going bust. """,2024-08-19
+The first SpaceX spacewalk: What the Polaris Dawn commander says about the bold upcoming mission,https://www.cnbc.com/2024/08/17/first-spacex-spacewalk-polaris-dawn-mission-launch-date-details.html,2024-08-17T14:29:51+0000,"SpaceX is preparing to launch its next private mission by the end of the month, featuring the first attempt to have the astronauts step out into space.The Polaris Dawn mission — the first of three flights billionaire and Shift4 founder Jared Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program — is set to launch from Florida in the early hours of Aug. 26.""We don't get the freedom of any time of day to launch but I think it'll work out to [be] pretty close to dawn, which is very appropriate given the mission,"" Isaacman told CNBC's Investing in Space during an interview last month.Isaacman will be commanding the mission, as he did while leading the historic Inspiration4 flight in 2021. He's once again leading a crew of four, with longtime colleague Scott Poteet joining him as the pilot and Anna Menon and Sarah Gillis, a pair of SpaceX employees, serving as the flight's medical officer and mission specialist, respectively.The multi-day trip isn't headed to a destination, but instead will be a free-flying mission tracing orbits that the crew hopes will go far from Earth.""We're going to a very high altitude that humans haven't gone to in 50-plus years,"" Isaacman said.But the centerpiece of Polaris Dawn is the planned spacewalk.Extravehicular activities, or EVAs, have been a regular part of NASA's astronaut missions for years, such as when the agency needs maintenance done outside the International Space Station. But no private venture has attempted an EVA before.Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they've been training extensively.""The only thing that comes close to that is the vacuum chamber, and that's where you're pretty much feeling as close as it's like to be in the vacuum conditions or space. … That definitely gives you the actual sensations of the pressure changes and the temperature changes, as well as just the psychological stressors of being in a very harsh environment,"" Isaacman said.Isaacman also detailed the day-to-day schedule for Polaris Dawn, which will be in space for up to five days.Day one is all about looking for a time when there's minimal risk from micrometeorite orbital debris, which will determine exactly when Polaris Dawn will launch. After reaching an orbit of 190 kilometers by 1,200 kilometers, Isaacman said the crew will do extensive checks of SpaceX's Dragon capsule Resilience.""It's really important to know that the vehicle has no faults before going up to 1,400 kilometers"" altitude, Isaacman said.The spacecraft will also take early passes through the high radiation zone known as the South Atlantic Anomaly.""You ideally want to take that at the lowest altitude as you can because even down at 200 kilometers, the radiation level there is substantially higher … Our two or three passes at high altitude through the South Atlantic Anomaly will be almost the entirety of the radiation load on the mission and like an equivalency of three months on the International Space Station,"" Isaacman said.Day two will focus on some of the science and research that Polaris Dawn plans to accomplish — which will total about 40 experiments. The crew will also prep for the spacewalk, testing out the EVA suits.""So we can make sure that ... there's nothing unexpected in microgravity versus what we were able to test on Earth,"" Isaacman said.Day three is the big one: The EVA.So who on the crew will perform the spacewalk?""We'd say all four of us are doing it — there's no airlock and it's being vented down to vacuum"" inside the spacecraft, Isaacman said.Two of the crew will journey outside of Dragon: Isaacman and Gillis, while Poteet and Menon stay inside as support.The EVA is expected to last two hours long from start to finish. Isaacman stressed that the spacewalk ""is really a test and development"" process.""We want to learn as much as we can about the suit and the operation as possible, but we only have so much oxygen and nitrogen to work with,"" Isaacman said.Polaris Dawn plans to livestream the spacewalk, and the mission commander emphasized that there are going to be ""a lot of cameras"" scattered inside and out of the capsule.The crucial piece of equipment intended to make the EVA possible is SpaceX's spacesuits.The company has spent the past couple years taking its minimalist-looking, black-and-white IVA suit —meaning intravehicular activity, and worn by astronauts in case of emergencies — and using it to create its EVA suit. Isaacman said the EVA suits are the results of hundreds of hours of testing different materials over years.""So our primary goal is learn as much as we can about the suit,"" Isaacman said.""Everything is about building the next generation. We're continuing to iterate on this suit design so that SpaceX can have hundreds or thousands someday for the moon, Mars, working in [low Earth orbit], what have you. Building a new EVA suit is no easy task,"" he added.Polaris Dawn aims to push the boundaries of private spaceflight and, like his first trip to orbit, Isaacman hopes the mission inspires.""This is the inspiration side of it … anything that's different than what we've seen over the last 20 or 30 years is what gets people excited, thinking: 'Well if this is what I'm seeing today, I wonder what tomorrow's gonna look like or a year after.""Read Isaacman's Q&A with CNBC's Investing in Space newsletter here.",CNBC,17/08/2024,"['SpaceX is preparing to launch its next private mission by the end of the month, featuring the first attempt to have the astronauts step out into space.', 'The Polaris Dawn mission — the first of three flights billionaire and Shift4 founder Jared Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program — is set to launch from Florida in the early hours of Aug. 26.""We don\'t get the freedom of any time of day to launch but I think it\'ll work out to [be] pretty close to dawn, which is very appropriate given the mission,"" Isaacman told CNBC\'s Investing in Space during an interview last month.', 'Isaacman will be commanding the mission, as he did while leading the historic Inspiration4 flight in 2021.', ""He's once again leading a crew of four, with longtime colleague Scott Poteet joining him as the pilot and Anna Menon and Sarah Gillis, a pair of SpaceX employees, serving as the flight's medical officer and mission specialist, respectively."", ""The multi-day trip isn't headed to a destination, but instead will be a free-flying mission tracing orbits that the crew hopes will go far from Earth."", '""We\'re going to a very high altitude that humans haven\'t gone to in 50-plus years,"" Isaacman said.', 'But the centerpiece of Polaris Dawn is the planned spacewalk.', ""Extravehicular activities, or EVAs, have been a regular part of NASA's astronaut missions for years, such as when the agency needs maintenance done outside the International Space Station."", 'But no private venture has attempted an EVA before.', 'Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they\'ve been training extensively.', '""The only thing that comes close to that is the vacuum chamber, and that\'s where you\'re pretty much feeling as close as it\'s like to be in the vacuum conditions or space. …', 'That definitely gives you the actual sensations of the pressure changes and the temperature changes, as well as just the psychological stressors of being in a very harsh environment,"" Isaacman said.', 'Isaacman also detailed the day-to-day schedule for Polaris Dawn, which will be in space for up to five days.', ""Day one is all about looking for a time when there's minimal risk from micrometeorite orbital debris, which will determine exactly when Polaris Dawn will launch."", ""After reaching an orbit of 190 kilometers by 1,200 kilometers, Isaacman said the crew will do extensive checks of SpaceX's Dragon capsule Resilience."", '""It\'s really important to know that the vehicle has no faults before going up to 1,400 kilometers"" altitude, Isaacman said.', 'The spacecraft will also take early passes through the high radiation zone known as the South Atlantic Anomaly.', '""You ideally want to take that at the lowest altitude as you can because even down at 200 kilometers, the radiation level there is substantially higher … Our two or three passes at high altitude through the South Atlantic Anomaly will be almost the entirety of the radiation load on the mission and like an equivalency of three months on the International Space Station,"" Isaacman said.', 'Day two will focus on some of the science and research that Polaris Dawn plans to accomplish — which will total about 40 experiments.', 'The crew will also prep for the spacewalk, testing out the EVA suits.', '""So we can make sure that ... there\'s nothing unexpected in microgravity versus what we were able to test on Earth,"" Isaacman said.', 'Day three is the big one: The EVA.So who on the crew will perform the spacewalk?""We\'d say all four of us are doing it — there\'s no airlock and it\'s being vented down to vacuum"" inside the spacecraft, Isaacman said.', 'Two of the crew will journey outside of Dragon: Isaacman and Gillis, while Poteet and Menon stay inside as support.', 'The EVA is expected to last two hours long from start to finish.', 'Isaacman stressed that the spacewalk ""is really a test and development"" process.', '""We want to learn as much as we can about the suit and the operation as possible, but we only have so much oxygen and nitrogen to work with,"" Isaacman said.', 'Polaris Dawn plans to livestream the spacewalk, and the mission commander emphasized that there are going to be ""a lot of cameras"" scattered inside and out of the capsule.', ""The crucial piece of equipment intended to make the EVA possible is SpaceX's spacesuits."", 'The company has spent the past couple years taking its minimalist-looking, black-and-white IVA suit —meaning intravehicular activity, and worn by astronauts in case of emergencies — and using it to create its EVA suit.', 'Isaacman said the EVA suits are the results of hundreds of hours of testing different materials over years.', '""So our primary goal is learn as much as we can about the suit,"" Isaacman said.', '""Everything is about building the next generation.', ""We're continuing to iterate on this suit design so that SpaceX can have hundreds or thousands someday for the moon, Mars, working in [low Earth orbit], what have you."", 'Building a new EVA suit is no easy task,"" he added.', 'Polaris Dawn aims to push the boundaries of private spaceflight and, like his first trip to orbit, Isaacman hopes the mission inspires.', '""This is the inspiration side of it … anything that\'s different than what we\'ve seen over the last 20 or 30 years is what gets people excited, thinking: \'Well if this is what I\'m seeing today, I wonder what tomorrow\'s gonna look like or a year after.', '""Read Isaacman\'s Q&A with CNBC\'s Investing in Space newsletter here.']",0.0834501306210707,"""This is the inspiration side of it … anything that's different than what we've seen over the last 20 or 30 years is what gets people excited, thinking: 'Well if this is what I'm seeing today, I wonder what tomorrow's gonna look like or a year after.","Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they've been training extensively.",,,,2024-08-19
+"Frequent media bidder Byron Allen draws ire with late payments to ABC, CBS and NBC",https://www.cnbc.com/2024/08/16/byron-allen-draws-abc-cbs-and-nbc-ire-with-late-payments.html,2024-08-18T20:10:43+0000,"Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media assets for billions of dollars — have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.The stations owned by Allen Media Group have been as much as 90 days past due on the payments to networks including ABC, CBS and NBC, according to people familiar with the matter. The payments total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, said the people, who asked not to be named because the financial transactions are private.Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website.ABC, CBS and NBC have all grown increasingly frustrated after what feels like a perpetual chase for the fees — even after agreeing to payment plans at Allen's request, the people familiar said. Paying consistently late is uncommon among local broadcasters, which pay hefty sums to the larger network owners to carry the brand and some content, particularly live sports like the NFL and many postseason games across leagues, the people said.It's unclear why Allen Media Group has been repeatedly late with payments.After CNBC reached Allen Media for comment this week, the group made a payment on the outstanding fees, according to people familiar with the matter. The amount of the payment couldn't immediately be determined.Networks often collect fees from local affiliates every one to three months, depending on the contract. The funds to pay come in large part from so-called retransmission fees that cable TV operators pay to the stations, which can create a situation where money may need to go out before it comes in. Recently, broadcast station group executives have argued this structure should change as cord cutting accelerates and networks move more of their content over to streaming platforms.Various divisions of Allen's company, including stations located across markets in the Midwest, Southeast, West Coast and Hawaii, have also reportedly undergone layoffs in recent months. Another round of job cuts is expected at the end of August, one of the people familiar with the matter said.Representatives for Allen Media Group declined to address the details of this story but said in a statement: ""Mr. Allen started Allen Media Group 31 years ago from his dining room table. Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned.""Like most media companies and private equity firms, we evaluate many acquisition opportunities. In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets. Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history,"" the statement says.Representatives for ABC, CBS and NBC declined to comment on the matter.Allen's late payments of tens of millions of dollars stand in stark contrast to his frequent multibillion-dollar bids for media assets. In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter.Allen's recent M&A interest includes a $30 billion bid for Paramount Global earlier this year, a $10 billion offer for ABC and other Disney networks last year, and a reported $3.5 billion offer for Paramount's BET Media Group, which he resubmitted in December after the process was ended.There has also been a recent report that Allen is weighing another bid for Paramount before its ""go-shop"" period with buyer Skydance expires later this month.Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.""We have quite a few banks that support us and stand with us and even private equity firms,"" Allen told CNBC in September about the potential deal for ABC and other Disney assets. ""I think other assets will start to become available, and I think we will eventually get them.""Allen Media Group has taken to reposting public media reports on its own website of its interest in bidding on media properties — even for unconfirmed reports of interest, such as a reported $8.5 billion offer for Tegna.Previously a comedian, Allen founded Entertainment Studios, now known as Allen Media Group, in 1993. In 2019 Allen Media Group Broadcasting was formed, and Allen has been building up his broadcast media empire since with a string of smaller deals.In addition to The Weather Channel and broadcast TV stations, Allen Media also owns a group of small TV networks like Pets.tv and Comedy.tv, as well as Black news and entertainment network TheGrio.And, in April 2021, Allen Media paid $380 million to Gray Television for seven stations as part of Gray's required divestitures for its acquisition of Quincy Media.Allen's broadcast stations generate revenue, as most other stations do, through advertising revenue and so-called retransmission fees — payment that stations receive from pay TV operators for the right to carry their feed. Broadcast station groups, however, have also suffered as millions of people have switched from traditional TV to streaming.A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.Disclosure: Comcast's NBCUniversal is the parent company of CNBC and broadcast network NBC.Correction: Allen Media Group paid $380 million to Gray Television for seven stations in April 2021. A previous version of this article misstated the timing of the transaction.",CNBC,18/08/2024,"['Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media assets for billions of dollars — have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.', 'The stations owned by Allen Media Group have been as much as 90 days past due on the payments to networks including ABC, CBS and NBC, according to people familiar with the matter.', 'The payments total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, said the people, who asked not to be named because the financial transactions are private.', ""Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website."", ""ABC, CBS and NBC have all grown increasingly frustrated after what feels like a perpetual chase for the fees — even after agreeing to payment plans at Allen's request, the people familiar said."", 'Paying consistently late is uncommon among local broadcasters, which pay hefty sums to the larger network owners to carry the brand and some content, particularly live sports like the NFL and many postseason games across leagues, the people said.', ""It's unclear why Allen Media Group has been repeatedly late with payments."", 'After CNBC reached Allen Media for commentthis week, the group made a payment on the outstanding fees, according to people familiar with the matter.', ""The amount of the payment couldn't immediately be determined."", 'Networks often collect fees from local affiliates every one to three months, depending on the contract.', 'The funds to pay come in large part from so-called retransmission fees that cable TV operators pay to the stations, which can create a situation where money may need to go out before it comes in.', 'Recently, broadcast station group executives have argued this structure should change as cord cutting accelerates and networks move more of their content over to streaming platforms.', ""Various divisions of Allen's company, including stations located across markets in the Midwest, Southeast, West Coast and Hawaii, have also reportedly undergone layoffs in recent months."", 'Another round of job cuts is expected at the end of August, one of the people familiar with the matter said.', 'Representatives for Allen Media Group declined to address the details of this story but said in a statement: ""Mr. Allen started Allen Media Group 31 years ago from his dining room table.', 'Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned.', '""Like most media companies and private equity firms, we evaluate many acquisition opportunities.', 'In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets.', 'Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history,"" the statement says.', 'Representatives for ABC, CBS and NBC declined to comment on the matter.', ""Allen's late payments of tens of millions of dollars stand in stark contrast to his frequent multibillion-dollar bids for media assets."", ""In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter."", ""Allen's recent M&A interest includes a $30 billion bid for Paramount Global earlier this year, a $10 billion offer for ABC and other Disney networks last year, and a reported $3.5 billion offer for Paramount's BET Media Group, which he resubmitted in December after the process was ended."", 'There has also been a recent report that Allen is weighing another bid for Paramount before its ""go-shop"" period with buyer Skydance expires later this month.', 'Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.', '""We have quite a few banks that support us and stand with us and even private equity firms,"" Allen told CNBC in September about the potential deal for ABC and other Disney assets. ""', 'I think other assets will start to become available, and I think we will eventually get them.', '""Allen Media Group has taken to reposting public media reports on its own website of its interest in bidding on media properties — even for unconfirmed reports of interest, such as a reported $8.5 billion offer for Tegna.', 'Previously a comedian, Allen founded Entertainment Studios, now known as Allen Media Group, in 1993.', 'In 2019 Allen Media Group Broadcasting was formed, and Allen has been building up his broadcast media empire since with a string of smaller deals.', 'In addition to The Weather Channel and broadcast TV stations, Allen Media also owns a group of small TV networks like Pets.tv and Comedy.tv, as well as Black news and entertainment network TheGrio.', ""And, in April 2021, Allen Media paid $380 million to Gray Television for seven stations as part of Gray's required divestitures for its acquisition of Quincy Media."", ""Allen's broadcast stations generate revenue, as most other stations do, through advertising revenue and so-called retransmission fees — payment that stations receive from pay TV operators for the right to carry their feed."", 'Broadcast station groups, however, have also suffered as millions of people have switched from traditional TV to streaming.', 'A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.', ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC and broadcast network NBC.Correction: Allen Media Group paid $380 million to Gray Television for seven stations in April 2021."", 'A previous version of this article misstated the timing of the transaction.']",0.1428638733052129,"In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets.","Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.",-0.4681193878253301,"A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.","In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter.",2024-08-19
+Peak-time ScotRail fare scheme scrapped over passenger numbers,https://www.bbc.co.uk/news/articles/cvge98qj0e5o,2024-08-20T10:07:54.638Z,"A pilot scheme scrapping peak-time ScotRail fares will end in September following “limited success”. Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel. Analysis by the body recommended ending the scheme due to financial pressures, while also increasing fares on popular peak-time routes including those between Edinburgh and Glasgow. Critics have described the decision to terminate the scheme from 27 September as a “hammer blow” for commuters and the climate. Transport Secretary Fiona Hyslop said there had been an increase in passenger levels of about 6.8% during the pilot but it would need to be 10% in order for the policy to be self-financing. She said the pilot ""primarily benefitted existing train passengers and those with medium to higher incomes"". She added: “The pilot will have been welcome in saving many passengers hundreds and in some cases thousands of pounds during the cost of living crisis but this level of subsidy cannot continue in the current financial climate on that measure alone."" First Minister John Swinney announced the extension of the scheme, introduced in October 2023, until the end of September on a visit to Edinburgh’s Waverley Station in May. It had initially been due to last six months and saw the cost of a rush hour ticket between the capital and Glasgow nearly halved from £28.90 to £14.90. When the scheme ends, the price of the top ticket on that route will rise by 8.6% to £31.40. However, super off-peak returns will also be reintroduced on certain routes, including Inverness to Elgin and Glasgow to Stirling. A 12-month discount on ScotRail season tickets and new “flexipasses” – allowing commuters to book 12 single journeys for the price of 10 – will also be rolled out. The move has been described as “derailing” Scotland’s climate targets by the Scottish Greens. The party’s transport spokesman, Mark Ruskell, described the impact on passengers as “deeply disappointing"". “Behavioural change doesn’t happen overnight and by making the move permanent we could have encouraged more people to change the way they travel,"" he said. Scottish Conservative transport spokesman Graham Simpson said the government should have done more to promote the peak fare removal.  ""In the end, it should never have been mere numbers but having a rail system and fare system that is fair and affordable. We have gone backwards,"" he said. Labour transport spokesman Alex Rowley accused the SNP of ""forcing workers back into cars"". He said: ""Peak fares exist purely as a tax on workers trying to travel to work in a more sustainable way – this is simply another way that working Scots are paying the price for the SNP’s financial mismanagement. “An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.” ScotRail staff are already working to rule, resulting in a reduced, temporary timetable amid a pay dispute. The publicly-owned rail firm cut 600 services and introduced an emergency timetable after four unions turned down a pay offer earlier this month. Aslef, Unite, RMT and TSSA all rejected the three-year deal backdated from April this year until 2027 which would see workers receive a 2% rise each April and a 1% increase the following January. Jim Baxter, executive council member for train drivers' union Aslef, said the decision was a ""disaster for workers"". He said: ""If Scotland is to meet its climate targets it has to properly invest in transport and make fares affordable. ""This does the opposite and will take money out the pockets of Scotland's already hard pressed workers, encouraging many back into their cars and damaging the environment as a consequence."" Linda Somerville, STUC deputy general secretary, said: ""This is a short-sighted, regressive decision from the Scottish government which makes a mockery of their sustainable travel and net-zero targets. “Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets. Fares have increased an eye-watering 9% during the trial alone with commuters now facing a double whammy of increased and peak fares next time they board."" The return of peak time fares will be a huge disappointment to commuters. The cost of a daily journey between Glasgow and Edinburgh will almost double. The initial pilot project to scrap peak time fares was due to last for six months and was extended twice. But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer. The Scottish government argues that those who benefited most were existing train travellers and people on medium to high incomes. It’s facing tough spending decisions and believes it cannot continue with the subsidy in the current financial climate. The risk is that the increase will go down like a lead balloon with some commuters. It is worth noting that the fare they will be paying from the end of September will be no higher than it would have been anyway had the pilot project not taken place. But some will have got used to the lower fares and feel the impact of such a significant rise. Scotrail will be hoping season ticket discounts and the return of super off-peak tickets can soften the blow. ",BBC,20/08/2024,"['A pilot scheme scrapping peak-time ScotRail fares will end in September following “limited success”.', 'Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.', 'Analysis by the body recommended ending the scheme due to financial pressures, while also increasing fares on popular peak-time routes including those between Edinburgh and Glasgow.', 'Critics have described the decision to terminate the scheme from 27 September as a “hammer blow” for commuters and the climate.', 'Transport Secretary Fiona Hyslop said there had been an increase in passenger levels of about 6.8% during the pilot but it would need to be 10% in order for the policy to be self-financing.', 'She said the pilot ""primarily benefitted existing train passengers and those with medium to higher incomes"".', 'She added: “The pilot will have been welcome in saving many passengers hundreds and in some cases thousands of pounds during the cost of living crisis but this level of subsidy cannot continue in the current financial climate on that measure alone.""', 'First Minister John Swinney announced the extension of the scheme, introduced in October 2023, until the end of September on a visit to Edinburgh’s Waverley Station in May.', 'It had initially been due to last six months and saw the cost of a rush hour ticket between the capital and Glasgow nearly halved from £28.90 to £14.90.', 'When the scheme ends, the price of the top ticket on that route will rise by 8.6% to £31.40.', 'However, super off-peak returns will also be reintroduced on certain routes, including Inverness to Elgin and Glasgow to Stirling.', 'A 12-month discount on ScotRail season tickets and new “flexipasses” – allowing commuters to book 12 single journeys for the price of 10 – will also be rolled out.', 'The move has been described as “derailing” Scotland’s climate targets by the Scottish Greens.', 'The party’s transport spokesman, Mark Ruskell, described the impact on passengers as “deeply disappointing"". “', 'Behavioural change doesn’t happen overnight and by making the move permanent we could have encouraged more people to change the way they travel,"" he said.', 'Scottish Conservative transport spokesman Graham Simpson said the government should have done more to promote the peak fare removal. ""', 'In the end, it should never have been mere numbers but having a rail system and fare system that is fair and affordable.', 'We have gone backwards,"" he said.', 'Labour transport spokesman Alex Rowley accused the SNP of ""forcing workers back into cars"".', 'He said: ""Peak fares exist purely as a tax on workers trying to travel to work in a more sustainable way – this is simply another way that working Scots are paying the price for the SNP’s financial mismanagement. “', 'An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.”', 'ScotRail staff are already working to rule, resulting in a reduced, temporary timetable amid a pay dispute.', 'The publicly-owned rail firm cut 600 services and introduced an emergency timetable after four unions turned down a pay offer earlier this month.', 'Aslef, Unite, RMT and TSSA all rejected the three-year deal backdated from April this year until 2027 which would see workers receive a 2% rise each April and a 1% increase the following January.', 'Jim Baxter, executive council member for train drivers\' union Aslef, said the decision was a ""disaster for workers"".', 'He said: ""If Scotland is to meet its climate targets it has to properly invest in transport and make fares affordable. ""', 'This does the opposite and will take money out the pockets of Scotland\'s already hard pressed workers, encouraging many back into their cars and damaging the environment as a consequence.""', 'Linda Somerville, STUC deputy general secretary, said: ""This is a short-sighted, regressive decision from the Scottish government which makes a mockery of their sustainable travel and net-zero targets. “', 'Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets.', 'Fares have increased an eye-watering 9% during the trial alone with commuters now facing a double whammy of increased and peak fares next time they board.""', 'The return of peak time fares will be a huge disappointment to commuters.', 'The cost of a daily journey between Glasgow and Edinburgh will almost double.', 'The initial pilot project to scrap peak time fares was due to last for six months and was extended twice.', 'But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer.', 'The Scottish government argues that those who benefited most were existing train travellers and people on medium to high incomes.', 'It’s facing tough spending decisions and believes it cannot continue with the subsidy in the current financial climate.', 'The risk is that the increase will go down like a lead balloon with some commuters.', 'It is worth noting that the fare they will be paying from the end of September will be no higher than it would have been anyway had the pilot project not taken place.', 'But some will have got used to the lower fares and feel the impact of such a significant rise.', 'Scotrail will be hoping season ticket discounts and the return of super off-peak tickets can soften the blow.']",0.0243066094828966,"An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.”","Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets.",-0.054955905675888,But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer.,The return of peak time fares will be a huge disappointment to commuters.,2024-08-19
+What is the EU visa waiver scheme and how will it work?,https://www.bbc.co.uk/news/articles/cx29nzd1drgo,2024-08-20T17:01:04.949Z,"The EU is planning to introduce a €7 (£6) EU visa waiver for some non-EU citizens, including Britons, by summer 2025. Under new rules, visitors from a list of non-EU countries, including the UK, will need to apply for a waiver, similar to a US Esta, before travelling to 30 countries in Europe.  The waiver will cover travel to the Schengen area, which includes every EU state except for Ireland and Cyprus, as well as Iceland, Liechtenstein, Norway and Switzerland.  Here's what you need to know about how the new scheme will operate and when it will start.  The new scheme will be called the European Travel Information and Authorisation System (Etias). Currently, visitors from the UK can visit the EU's borderless Schengen area for up to 90 days every 180 days without a visa.  This is also the case for citizens of more than 60 non-EU countries, including the US, Japan and Australia.  Under the Etias scheme, this will change.  Visitors from the non-EU countries on the list will need to apply for a visa waiver to travel to the EU for the same duration of 90 days every 180 days. Longer stays will require a visa. The document will be checked by border guards when crossing the EU border. The full list of non-EU countries eligible for Etias is published by the EU. The visa waiver will last for three years and allow an unlimited number of visits.  It will be linked to your passport, so if your passport expires in less than three years, you will need to apply for a new Etias when you get a new one.  The waiver will cost €7 for most people, which the EU Commission says is ""way cheaper"" than the US Esta, which costs $21 (€18.80; £16) as of 19 July this year. The fee will apply to anyone between the ages of 18 and 70.  The waiver will be free for children and the over-70s. The EU has not announced a firm start date for the waiver scheme yet. Its website says it will start in ""the first half of 2025"". The EU says the Etias requirement will not be enforced for a period of ""at least six months"" at first, although it recommends all visitors apply for a visa waiver. A Home Office spokesperson said the UK expects the EU to provide more information on the rollout of the scheme ""in due course"". Passengers will need to apply online or via a mobile app. The form - which the EU describes as a ""necessary and small procedural step"" - will take around 10 minutes to complete, authorities say. The details needed for the application form will include passport information as well as background questions about criminal records and medical conditions. More than 95% of applications will be approved automatically within minutes, the EU says. However, it warns that in some cases may take up to 72 hours. Applications may also be denied or take up to four weeks to process in exceptional circumstances. The EU has decided to bring in more border controls as a response to the migrant crisis and concerns over terrorism.  It says the Etias system will ""strengthen security checks on those persons who travel visa-free to the EU"". According to the EU website, the Etias will help EU states ""assess potential risks"" posed by people entering their borders.  It is aimed at preventing ""cross-border crime and terrorism,"" the website says. Another EU border scheme, called the Entry/Exit System (ESS), is launching on 10 November after a series of delays. Commissioner Johansson says the EES system will mean strict digital border controls at ""every single airport,"" ""harbour"" and ""road into Europe"". The rules will mean ""we will know if people stay too long"" and ""will make it harder for criminals, terrorists or Russian spies to use fake passports,"" she says. Under the EES scheme, people entering the EU will have to register fingerprints, a photo and passport details. That initial registration will be valid for three years, during which time it will need to be validated every time someone crosses the border. This will replace passport stamping. However, long queues have been predicted, with experts warning the EES could add at least two minutes processing time per passenger, compared with the current 45 seconds. ",BBC,20/08/2024,"['The EU is planning to introduce a €7 (£6) EU visa waiver for some non-EU citizens, including Britons, by summer 2025.', 'Under new rules, visitors from a list of non-EU countries, including the UK, will need to apply for a waiver, similar to a US Esta, before travelling to 30 countries in Europe.', 'The waiver will cover travel to the Schengen area, which includes every EU state except for Ireland and Cyprus, as well as Iceland, Liechtenstein, Norway and Switzerland.', ""Here's what you need to know about how the new scheme will operate and when it will start."", 'The new scheme will be called the European Travel Information and Authorisation System (Etias).', ""Currently, visitors from the UK can visit the EU's borderless Schengen area for up to 90 days every 180 days without a visa."", 'This is also the case for citizens of more than 60 non-EU countries, including the US, Japan and Australia.', 'Under the Etias scheme, this will change.', 'Visitors from the non-EU countries on the list will need to apply for a visa waiver to travel to the EU for the same duration of 90 days every 180 days.', 'Longer stays will require a visa.', 'The document will be checked by border guards when crossing the EU border.', 'The full list of non-EU countries eligible for Etias is published by the EU.', 'The visa waiver will last for three years and allow an unlimited number of visits.', 'It will be linked to your passport, so if your passport expires in less than three years, you will need to apply for a new Etias when you get a new one.', 'The waiver will cost €7 for most people, which the EU Commission says is ""way cheaper"" than the US Esta, which costs $21 (€18.80; £16) as of 19 July this year.', 'The fee will apply to anyone between the ages of 18 and 70.', 'The waiver will be free for children and the over-70s.', 'The EU has not announced a firm start date for the waiver scheme yet.', 'Its website says it will start in ""the first half of 2025"".', 'The EU says the Etias requirement will not be enforced for a period of ""at least six months"" at first, although it recommends all visitors apply for a visa waiver.', 'A Home Office spokesperson said the UK expects the EU to provide more information on the rollout of the scheme ""in due course"".', 'Passengers will need to apply online or via a mobile app.', 'The form - which the EU describes as a ""necessary and small procedural step"" - will take around 10 minutes to complete, authorities say.', 'The details needed for the application form will include passport information as well as background questions about criminal records and medical conditions.', 'More than 95% of applications will be approved automatically within minutes, the EU says.', 'However, it warns that in some cases may take up to 72 hours.', 'Applications may also be denied or take up to four weeks to process in exceptional circumstances.', 'The EU has decided to bring in more border controls as a response to the migrant crisis and concerns over terrorism.', 'It says the Etias system will ""strengthen security checks on those persons who travel visa-free to the EU"".', 'According to the EU website, the Etias will help EU states ""assess potential risks"" posed by people entering their borders.', 'It is aimed at preventing ""cross-border crime and terrorism,"" the website says.', 'Another EU border scheme, called the Entry/Exit System (ESS), is launching on 10 November after a series of delays.', 'Commissioner Johansson says the EES system will mean strict digital border controls at ""every single airport,"" ""harbour"" and ""road into Europe"".', 'The rules will mean ""we will know if people stay too long"" and ""will make it harder for criminals, terrorists or Russian spies to use fake passports,"" she says.', 'Under the EES scheme, people entering the EU will have to register fingerprints, a photo and passport details.', 'That initial registration will be valid for three years, during which time it will need to be validated every time someone crosses the border.', 'This will replace passport stamping.', 'However, long queues have been predicted, with experts warning the EES could add at least two minutes processing time per passenger, compared with the current 45 seconds.']",-0.0240924023538149,"It says the Etias system will ""strengthen security checks on those persons who travel visa-free to the EU"".","The rules will mean ""we will know if people stay too long"" and ""will make it harder for criminals, terrorists or Russian spies to use fake passports,"" she says.",0.0332516729831695,"The waiver will cost €7 for most people, which the EU Commission says is ""way cheaper"" than the US Esta, which costs $21 (€18.80; £16) as of 19 July this year.","However, long queues have been predicted, with experts warning the EES could add at least two minutes processing time per passenger, compared with the current 45 seconds.",2024-08-19
+Jobs report revisions stoke US economy debate,https://www.bbc.co.uk/news/articles/cy4ydqv8721o,2024-08-21T19:10:31.848Z,"Jobs growth in the US appears to have been weaker than previously understood last year, the Labor Department said Wednesday, an update that enflamed an already heated debate about the state of the US economy.  The Labor Department said its latest data suggested employers added about 818,000 fewer jobs than previously estimated over the 12 months prior to March. The revision, which is preliminary, would reduce the total number of jobs created during that time by about 30%, compared with previous estimates - the biggest such update since 2009. In an ordinary year, the publication of a new estimate would be marked by only the nerdiest of economic forecasters. But months before a presidential election, it quickly became political fodder. The new estimates suggest monthly job growth of about 174,000, instead of the roughly 240,000 previously understood.  Most sectors were hit by downward revisions, including information - media and tech among other areas - retail, manufacturing, and the grab-bag category of ""professional and business services.  That means job growth in the period was ""even more dependent on government and education/healthcare than thought"", wrote Ryan Sweet at Oxford Economics. Hiring was ""still strong but less than that needed to keep up with growth in the working-age population"" he noted.  At the end of the day, the revisions imply that the total number of jobs in the US is just 0.5% smaller than previously thought. The Labor Department publishes estimates of job creation each month, based on surveys it sends out to employers. It regularly revises the figures as it gets more information, with a final reset at the start of each year. Its report Wednesday was a preview of that update, incorporating county-level unemployment insurance tax data.  This revision was ""notably"" larger than previous years, Mr Sweet noted.  But some analysts suggested it might be overblown, noting that the tax data would not reflect jobs going to unauthorized workers.  Given the recent surge in immigration in the US, they say that could lead to jobs growth being undercounted. Over the last four years, the final estimates of job growth have ended up higher than indicated in August. Strong jobs growth has been key to the Biden administration's case that its policies helped the US emerge from the pandemic with the strongest economy in the world.  But on Wednesday, Republicans seized on the figures to argue that Democrats have been gaslighting voters about the state of the economy.  The Republican Party responded on social media writing: ""BREAKING: 818,000 jobs that the Harris-Biden administration claimed to have “created” aren’t actually there"". Donald Trump posted on Truth Social that it was a ""MASSIVE SCANDAL!"" claiming that the ""real"" numbers were ""much worse than that"". But Jared Bernstein, the chair of President Biden’s Council of Economic Advisers, said the revision, ""doesn’t change the fact that this has been and remains a strong jobs recovery, powering real wage gains, solid consumer spending, and record small biz creation"". For much of the last year, the US has reported strong jobs growth in defiance of economist expectations - and public sentiment. The gains have surprised many because businesses and households are facing the highest borrowing costs in a generation, which would ordinarily trip-up growth.   As the Republican response underlined, the revisions bolster arguments that the labour market is on shakier ground than understood. Many analysts said the new numbers would strengthen the case for the US central bank to cut interest rates at its next meeting in November. That is already expected, as it tries to head off further weakening in the job market.  But the change didn't set off widespread alarms. Financial markets, which were roiled by jitters about the economy earlier this month, took the latest data largely in stride, noting that they were in line with expectations.  ""Non-farm payroll growth from April 2023 to March 2024 looks to be softer than first thought, but not worryingly so,"" wrote Olivia Cross, North America economist at Capital Economics.  ",BBC,21/08/2024,"['Jobs growth in the US appears to have been weaker than previously understood last year, the Labor Department said Wednesday, an update that enflamed an already heated debate about the state of the US economy.', 'The Labor Department said its latest data suggested employers added about 818,000 fewer jobs than previously estimated over the 12 months prior to March.', 'The revision, which is preliminary, would reduce the total number of jobs created during that time by about 30%, compared with previous estimates - the biggest such update since 2009.', 'In an ordinary year, the publication of a new estimate would be marked by only the nerdiest of economic forecasters.', 'But months before a presidential election, it quickly became political fodder.', 'The new estimates suggest monthly job growth of about 174,000, instead of the roughly 240,000 previously understood.', 'Most sectors were hit by downward revisions, including information - media and tech among other areas - retail, manufacturing, and the grab-bag category of ""professional and business services.', 'That means job growth in the period was ""even more dependent on government and education/healthcare than thought"", wrote Ryan Sweet at Oxford Economics.', 'Hiring was ""still strong but less than that needed to keep up with growth in the working-age population"" he noted.', 'At the end of the day, the revisions imply that the total number of jobs in the US is just 0.5% smaller than previously thought.', 'The Labor Department publishes estimates of job creation each month, based on surveys it sends out to employers.', 'It regularly revises the figures as it gets more information, with a final reset at the start of each year.', 'Its report Wednesday was a preview of that update, incorporating county-level unemployment insurance tax data.', 'This revision was ""notably"" larger than previous years, Mr Sweet noted.', 'But some analysts suggested it might be overblown, noting that the tax data would not reflect jobs going to unauthorized workers.', 'Given the recent surge in immigration in the US, they say that could lead to jobs growth being undercounted.', 'Over the last four years, the final estimates of job growth have ended up higher than indicated in August.', ""Strong jobs growth has been key to the Biden administration's case that its policies helped the US emerge from the pandemic with the strongest economy in the world."", 'But on Wednesday, Republicans seized on the figures to argue that Democrats have been gaslighting voters about the state of the economy.', 'The Republican Party responded on social media writing: ""BREAKING: 818,000 jobs that the Harris-Biden administration claimed to have “created” aren’t actually there"".', 'Donald Trump posted on Truth Social that it was a ""MASSIVE SCANDAL!""', 'claiming that the ""real"" numbers were ""much worse than that"".', 'But Jared Bernstein, the chair of President Biden’s Council of Economic Advisers, said the revision, ""doesn’t change the fact that this has been and remains a strong jobs recovery, powering real wage gains, solid consumer spending, and record small biz creation"".', 'For much of the last year, the US has reported strong jobs growth in defiance of economist expectations - and public sentiment.', 'The gains have surprised many because businesses and households are facing the highest borrowing costs in a generation, which would ordinarily trip-up growth.', 'As the Republican response underlined, the revisions bolster arguments that the labour market is on shakier ground than understood.', 'Many analysts said the new numbers would strengthen the case for the US central bank to cut interest rates at its next meeting in November.', 'That is already expected, as it tries to head off further weakening in the job market.', ""But the change didn't set off widespread alarms."", 'Financial markets, which were roiled by jitters about the economy earlier this month, took the latest data largely in stride, noting that they were in line with expectations. ""', 'Non-farm payroll growth from April 2023 to March 2024 looks to be softer than first thought, but not worryingly so,"" wrote Olivia Cross, North America economist at Capital Economics.']",0.1682088401340706,"But Jared Bernstein, the chair of President Biden’s Council of Economic Advisers, said the revision, ""doesn’t change the fact that this has been and remains a strong jobs recovery, powering real wage gains, solid consumer spending, and record small biz creation"".","As the Republican response underlined, the revisions bolster arguments that the labour market is on shakier ground than understood.",0.0845364580551783,"Over the last four years, the final estimates of job growth have ended up higher than indicated in August.","Jobs growth in the US appears to have been weaker than previously understood last year, the Labor Department said Wednesday, an update that enflamed an already heated debate about the state of the US economy.",2024-08-19
+Boeing pauses tests of 777X aircraft after finding damage to one of the jets' structures,https://www.cnbc.com/2024/08/20/boeing-pauses-tests-of-777x-aircraft-after-finding-damage-to-one-of-the-jets-structures.html,2024-08-20T13:58:48+0000,"In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.The company said it discovered the damage to the custom part, which it said is between the engine and the airplane structure, during scheduled maintenance. It has since grounded the three other 777-9 airplanes in its test fleet. No other flight testing was scheduled for the other aircraft, Boeing said.""Our team is replacing the part and capturing any learnings from the component and will resume flight testing when ready,"" Boeing said in a statement. It said it has informed the Federal Aviation Administration and its customers, which have ordered 481 of the 777X, according to the company's website.It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule. Boeing began flight tests of the aircraft with the FAA in July, a major milestone.The news, reported earlier by The Air Current, comes as Boeing's leaders, including new CEO Kelly Ortberg, are trying to move the company past a safety crisis that started with a door plug blowout at the start of the year.",CNBC,20/08/2024,"['In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.', 'The company said it discovered the damage to the custom part, which it said is between the engine and the airplane structure, during scheduled maintenance.', 'It has since grounded the three other 777-9 airplanes in its test fleet.', 'No other flight testing was scheduled for the other aircraft, Boeing said.', '""Our team is replacing the part and capturing any learnings from the component and will resume flight testing when ready,"" Boeing said in a statement.', ""It said it has informed the Federal Aviation Administration and its customers, which have ordered 481 of the 777X, according to the company's website."", ""It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule."", 'Boeing began flight tests of the aircraft with the FAA in July, a major milestone.', ""The news, reported earlier by The Air Current, comes as Boeing's leaders, including new CEO Kelly Ortberg, are trying to move the company past a safety crisis that started with a door plug blowout at the start of the year.""]",-0.0954468449931902,"It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule.",In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.,-0.9729455709457396,,In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.,2024-08-19
+7-Eleven: Why the retail giant is on a rival's shopping list,https://www.bbc.co.uk/news/articles/c72829pl8z4o,2024-08-20T23:29:29.764Z,"When the owner of 7-Eleven announced this week that it had received a buyout offer from a Canadian rival it triggered shockwaves in Japan. A Japanese company of this size has never been bought by a foreign firm.  Historically, companies from Japan were more likely to buy overseas businesses. 7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories.  And it's been especially successful at selling itself as an option for a quick and cheap yet tasty meal, and in places where there is already an abundance of that, such as Japan and Thailand.  ""We have more stores than McDonald's or Starbucks,"" the chief executive of Seven & i Holdings, Ryuichi Isaka, told BBC News before the firm received the buyout offer. Around a quarter of those 85,000 shops are in Japan, while there are roughly 10,000 in the US.  In comparison, Quebec-based Alimentation Couche-Tard, which operates the Circle K chain, has almost 17,000 stores in 31 countries and territories. More than half of its outlets are in North America. The approach valued Seven & i at more than $30bn (£23bn) before news of the preliminary offer emerged.  7-Eleven's shares jumped by over 20% on Monday, before giving up some of those gains the following day. Analysts point to the Japanese yen's weakness against the US dollar and other major currencies for helping to make Seven & i affordable. Along with the weakness of the yen, efforts by the Japanese government to promote mergers and acquisitions appear to be working, said Manoj Jain from Hong Kong-based hedge fund Maso Capital. However, the proposal is still at the preliminary stage and given the potential size of any deal it could face scrutiny from competition authorities. 7-Eleven has been keen to capitalise on the popularity of the food it sells - a  wide range, including rice balls, sandwiches, cooked pasta, fried chicken and dumplings. While in much of the world convenience stores are where people grab a bar of chocolate or a bag of crisps in an emergency, in Japan, shops like 7-Eleven are popular with visitors searching for culinary delights. These 7-Eleven dishes have turned the chain into a social media sensation in Asia. Dropping into a 7-Eleven store has even been touted as one of the top things to do in Thailand, where its ham and cheese toastie has become a TikTok hit. British singer Ed Sheeran is among the celebrities who have helped raise 7-Eleven's profile - a video of him trying snacks from a store in Thailand went viral. Mr Isaka has been aiming to repeat that success in the US and European markets as the company came under pressure from investors to sell some of its businesses and focus on the 7-Eleven brand. The firm has been updating its strategy so more stores could follow the approach of its Japanese shops. ""What we found is that stores which sell fresh food are attracting many more shoppers,"" Mr Isaka said.  ""We want to grow with high quality - not just increase the quantity. We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added. Seven & i has also been on a shopping spree. In January, it bought more than 200 stores in the US from petrol station chain Sunoco for around $1bn (£770m).  In April, it bought back more than 750 stores from a franchisee in Australia. For most of its almost century-long history 7-Eleven was an American brand. Starting out in 1927 selling blocks of ice that were used to keep fridges cool, it later stocked essential items like eggs, milk and bread. At the time, the stores were open between 07:00 and 23:00 - hence the name. As the business grew, 7-Eleven began offering franchises outside the US. In 1974, Japanese retail firm Ito-Yokado struck a deal to open the country's first 7-Eleven. In 1991, it bought a 70% stake in the chain's US parent company. The founder of Ito-Yokado, Masatoshi Ito, who died in 2023 at the age of 98, is often credited with transforming 7-Eleven into a global empire. Ito-Yokado was renamed Seven & i Holdings in 2005 with the ""i"" in its name being a nod to Ito-Yokado and Mr Ito, who was by then the company's honorary chairman. Now, as the company decides whether it  will remain under Japanese ownership or return to its North American roots, experts are wondering whether more of Japan's big firms could become takeover targets. There is now a ""greater willingness of Japanese boards and management teams to accept offshore capital and be receptive to foreign approaches,” Mr Jain said. More foreign investors may now be encouraged to pursue their interest in Japanese companies, he added. ",BBC,20/08/2024,"['When the owner of 7-Eleven announced this week that it had received a buyout offer from a Canadian rival it triggered shockwaves in Japan.', 'A Japanese company of this size has never been bought by a foreign firm.', 'Historically, companies from Japan were more likely to buy overseas businesses.', ""7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories."", 'And it\'s been especially successful at selling itself as an option for a quick and cheap yet tasty meal, and in places where there is already an abundance of that, such as Japan and Thailand. ""', 'We have more stores than McDonald\'s or Starbucks,"" the chief executive of Seven & i Holdings, Ryuichi Isaka, told BBC News before the firm received the buyout offer.', 'Around a quarter of those 85,000 shops are in Japan, while there are roughly 10,000 in the US.', 'In comparison, Quebec-based Alimentation Couche-Tard, which operates the Circle K chain, has almost 17,000 stores in 31 countries and territories.', 'More than half of its outlets are in North America.', 'The approach valued Seven & i at more than $30bn (£23bn) before news of the preliminary offer emerged.', ""7-Eleven's shares jumped by over 20% on Monday, before giving up some of those gains the following day."", ""Analysts point to the Japanese yen's weakness against the US dollar and other major currencies for helping to make Seven & i affordable."", 'Along with the weakness of the yen, efforts by the Japanese government to promote mergers and acquisitions appear to be working, said Manoj Jain from Hong Kong-based hedge fund Maso Capital.', 'However, the proposal is still at the preliminary stage and given the potential size of any deal it could face scrutiny from competition authorities.', '7-Eleven has been keen to capitalise on the popularity of the food it sells - a wide range, including rice balls, sandwiches, cooked pasta, fried chicken and dumplings.', 'While in much of the world convenience stores are where people grab a bar of chocolate or a bag of crisps in an emergency, in Japan, shops like 7-Eleven are popular with visitors searching for culinary delights.', 'These 7-Eleven dishes have turned the chain into a social media sensation in Asia.', 'Dropping into a 7-Eleven store has even been touted as one of the top things to do in Thailand, where its ham and cheese toastie has become a TikTok hit.', ""British singer Ed Sheeran is among the celebrities who have helped raise 7-Eleven's profile - a video of him trying snacks from a store in Thailand went viral."", 'Mr Isaka has been aiming to repeat that success in the US and European markets as the company came under pressure from investors to sell some of its businesses and focus on the 7-Eleven brand.', 'The firm has been updating its strategy so more stores could follow the approach of its Japanese shops. ""', 'What we found is that stores which sell fresh food are attracting many more shoppers,"" Mr Isaka said. ""', 'We want to grow with high quality - not just increase the quantity.', 'We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added.', 'Seven & i has also been on a shopping spree.', 'In January, it bought more than 200 stores in the US from petrol station chain Sunoco for around $1bn (£770m).', 'In April, it bought back more than 750 stores from a franchisee in Australia.', 'For most of its almost century-long history 7-Eleven was an American brand.', 'Starting out in 1927 selling blocks of ice that were used to keep fridges cool, it later stocked essential items like eggs, milk and bread.', 'At the time, the stores were open between 07:00 and 23:00 - hence the name.', 'As the business grew, 7-Eleven began offering franchises outside the US.', ""In 1974, Japanese retail firm Ito-Yokado struck a deal to open the country's first 7-Eleven."", ""In 1991, it bought a 70% stake in the chain's US parent company."", 'The founder of Ito-Yokado, Masatoshi Ito, who died in 2023 at the age of 98, is often credited with transforming 7-Eleven into a global empire.', 'Ito-Yokado was renamed Seven & i Holdings in 2005 with the ""i"" in its name being a nod to Ito-Yokado and Mr Ito, who was by then the company\'s honorary chairman.', ""Now, as the company decides whether it will remain under Japanese ownership or return to its North American roots, experts are wondering whether more of Japan's big firms could become takeover targets."", 'There is now a ""greater willingness of Japanese boards and management teams to accept offshore capital and be receptive to foreign approaches,” Mr Jain said.', 'More foreign investors may now be encouraged to pursue their interest in Japanese companies, he added.']",0.156475811775821,"We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added.","In comparison, Quebec-based Alimentation Couche-Tard, which operates the Circle K chain, has almost 17,000 stores in 31 countries and territories.",0.8656485160191854,"We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added.",Analysts point to the Japanese yen's weakness against the US dollar and other major currencies for helping to make Seven & i affordable.,2024-08-19
+Disney axes bid to stop wrongful death lawsuit over Disney+ terms,https://www.bbc.co.uk/news/articles/cr7r9djxj0do,2024-08-20T11:41:39.429Z,"Disney has withdrawn its claim that a man could not sue it over the death of his wife because of terms he signed up to in a free trial of Disney+. Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida. Disney had argued the case should instead go to arbitration because of a clause in the terms and conditions of its Disney+ streaming service, which Mr Piccolo had briefly signed up for in 2019. But, following a backlash, it has decided the matter can now be heard in court. ""We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney's Josh D'Amaro told the BBC in a statement. ""As such, we've decided to waive our right to arbitration and have the matter proceed in court."" Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said. In arbitration, a dispute is overseen by a neutral third party. It benefits those wanting to avoid a lengthy trial, but means evidence would not be put in front of a jury. Jamie Cartwright, partner at the law firm Charles Russell Speechlys, suggested Disney's change of heart was motivated by the ""adverse publicity"" its initial approach had generated. ""In attempting to push the claim into a confidential setting on what were very tenuous grounds, it succeeded only in creating the very publicity and attention it likely wanted to avoid,"" he told the BBC. Mr Piccolo and his wife, Dr Kanokporn Tangsuan, ate a meal at Raglan Road, an Ireland-themed pub located at the Disney Springs site, in Orlando, but operated by an independent company.  He alleges that the restaurant did not take enough care over his wife's severe allergies to dairy and nuts, despite being repeatedly told about them. She died in hospital later that day. According to the legal filing, her death was confirmed by a medical examiner ""as a result of anaphylaxis due to elevated levels of dairy and nut in her system."" Mr Piccolo is suing Disney for a sum in excess of $50,000 (£38,400), in addition to other damages relating to suffering, loss of income, and medical and legal costs. Disney has argued it had no control over the management and operation of the restaurant. Lawyers for Mr Piccolo had said Disney's argument that the lawsuit should not be heard in court ""borders on the surreal.""  It is not known whether Disney would have been successful had a judge ruled on its arbitration claim.  Disney had argued that the legal circumstances surrounding the case were unique. But legal experts told the BBC they had been ""pushing the envelope of contract law"". ""Disney’s argument that accepting their terms and conditions for one product covers all interactions with that company is novel and potentially far-reaching,"" Ernest Aduwa, partner at Stokoe Partnership Solicitors, who are not involved in the proceedings, said. Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"". Disney says it is in the process of submitting a filing to the court to withdraw its call for arbitration. Additional reporting by Graham Fraser ",BBC,20/08/2024,"['Disney has withdrawn its claim that a man could not sue it over the death of his wife because of terms he signed up to in a free trial of Disney+.', 'Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida.', 'Disney had argued the case should instead go to arbitration because of a clause in the terms and conditions of its Disney+ streaming service, which Mr Piccolo had briefly signed up for in 2019.', 'But, following a backlash, it has decided the matter can now be heard in court. ""', 'We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney\'s Josh D\'Amaro told the BBC in a statement. ""', 'As such, we\'ve decided to waive our right to arbitration and have the matter proceed in court.""', 'Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""', 'He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said.', 'In arbitration, a dispute is overseen by a neutral third party.', 'It benefits those wanting to avoid a lengthy trial, but means evidence would not be put in front of a jury.', 'Jamie Cartwright, partner at the law firm Charles Russell Speechlys, suggested Disney\'s change of heart was motivated by the ""adverse publicity"" its initial approach had generated. ""', 'In attempting to push the claim into a confidential setting on what were very tenuous grounds, it succeeded only in creating the very publicity and attention it likely wanted to avoid,"" he told the BBC.', 'Mr Piccolo and his wife, Dr Kanokporn Tangsuan, ate a meal at Raglan Road, an Ireland-themed pub located at the Disney Springs site, in Orlando, but operated by an independent company.', ""He alleges that the restaurant did not take enough care over his wife's severe allergies to dairy and nuts, despite being repeatedly told about them."", 'She died in hospital later that day.', 'According to the legal filing, her death was confirmed by a medical examiner ""as a result of anaphylaxis due to elevated levels of dairy and nut in her system.""', 'Mr Piccolo is suing Disney for a sum in excess of $50,000 (£38,400), in addition to other damages relating to suffering, loss of income, and medical and legal costs.', 'Disney has argued it had no control over the management and operation of the restaurant.', 'Lawyers for Mr Piccolo had said Disney\'s argument that the lawsuit should not be heard in court ""borders on the surreal.""', 'It is not known whether Disney would have been successful had a judge ruled on its arbitration claim.', 'Disney had argued that the legal circumstances surrounding the case were unique.', 'But legal experts told the BBC they had been ""pushing the envelope of contract law"". ""', 'Disney’s argument that accepting their terms and conditions for one product covers all interactions with that company is novel and potentially far-reaching,"" Ernest Aduwa, partner at Stokoe Partnership Solicitors, who are not involved in the proceedings, said.', 'Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"".', 'Disney says it is in the process of submitting a filing to the court to withdraw its call for arbitration.', 'Additional reporting by Graham Fraser']",-0.1648144357065449,"Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""","Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida.",0.0734307542443275,"He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said.","Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"".",2024-08-19
+"Ford upgrades Lincoln Navigator to include spa mode, 48-inch display for videos and gaming",https://www.cnbc.com/2024/08/15/ford-2025-lincoln-navigator-spa-mode-48-inch-display-for-gaming.html,2024-08-16T14:46:10+0000,"In this articleFord Motor is updating its Lincoln Navigator to include a 48-inch front display that can be used as a ""sanctuary"" for spa lovers and gamers alike.The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.The ""sanctuary"" mode is part of the ""Lincoln Rejuvenate"" feature, which is meant to create a calming environment for the driver. Once initiated when parked, the driver's seat automatically slides backward, reclines, warms slightly and makes massaging motions.The mode — in five- or 10-minute increments — also changes the vehicle's climate, releases refreshing scents and plays relaxing videos and sounds such as a waterfall. Scent choices are mystic forest, ozonic azure and violet cashmere.The vehicle comes preloaded with a ""waterfall meditation"" experience in partnership with meditation and sleep app company Calm; two other themes — ""aurora borealis"" and ""elements"" — are included with purchase.""Navigator is the flagship of the Lincoln brand and represents our ultimate expression of sanctuary,"" Craig said.The large, horizontal screen and rejuvenate modes initially debuted on the 2024 Lincoln Nautilus, but the Navigator's bigger interior allowed for further enhancements.If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked. Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque. It also comes standard with the BlueCruise advanced driver-assistance system, which allows for hands-free driving on highways.Ford said pricing for the 2025 Navigator will start under $100,000, but more detailed pricing will be released closer to the vehicle going on sale in spring 2025. The starting pricing for current models ranges from $83,000 to more than $114,000.The Navigator's current average transaction price is more than $101,300, according to Lincoln.Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time.The redesigned Navigator was revealed in connection to Monterey Car Week and the Pebble Beach Concours d'Elegance car show in California.",CNBC,16/08/2024,"['In this articleFord Motor is updating its Lincoln Navigator to include a 48-inch front display that can be used as a ""sanctuary"" for spa lovers and gamers alike.', 'The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.', 'The ""sanctuary"" mode is part of the ""Lincoln Rejuvenate"" feature, which is meant to create a calming environment for the driver.', ""Once initiated when parked, the driver's seat automatically slides backward, reclines, warms slightly and makes massaging motions."", ""The mode — in five- or 10-minute increments — also changes the vehicle's climate, releases refreshing scents and plays relaxing videos and sounds such as a waterfall."", 'Scent choices are mystic forest, ozonic azure and violet cashmere.', 'The vehicle comes preloaded with a ""waterfall meditation"" experience in partnership with meditation and sleep app company Calm; two other themes — ""aurora borealis"" and ""elements"" — are included with purchase.', '""Navigator is the flagship of the Lincoln brand and represents our ultimate expression of sanctuary,"" Craig said.', ""The large, horizontal screen and rejuvenate modes initially debuted on the 2024 Lincoln Nautilus, but the Navigator's bigger interior allowed for further enhancements."", 'If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked.', 'Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque.', 'It also comes standard with the BlueCruise advanced driver-assistance system, which allows for hands-free driving on highways.', 'Ford said pricing for the 2025 Navigator will start under $100,000, but more detailed pricing will be released closer to the vehicle going on sale in spring 2025.', ""The starting pricing for current models ranges from $83,000 to more than $114,000.The Navigator's current average transaction price is more than $101,300, according to Lincoln."", ""Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time."", ""The redesigned Navigator was revealed in connection to Monterey Car Week and the Pebble Beach Concours d'Elegance car show in California.""]",0.2051268193359368,"If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked.","Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque.",0.0636908710002899,"Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time.","The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.",2024-08-19
+"UAW president slams Stellantis CEO over job cuts, alleged price gouging",https://www.cnbc.com/2024/08/16/uaw-president-slams-stellantis-ceo.html,2024-08-20T12:31:55+0000,"In this articleDETROIT – United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon, accusing the chief executive of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker.The comments are the latest in an ongoing back-and-forth between the CEO and union leader following contentious collective bargaining talks last year between the UAW and Detroit automakers, including Stellantis.""Something is rotten at Stellantis,"" Fain said to begin the 2:30-minute video posted Friday. ""Sales are down, profits are down, and CEO pay is way, way up. The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers. The problem is this man, Carlos Tavares.""Spokespeople for the union and automaker did not immediately respond for comment regarding the accusations or video.Several of the criticisms, including those around job cuts and Tarvares' pay, aren't new. But Fain's comments Friday took the claims a step further, accusing Tavares of price gouging consumers in the name of profits. He also alleges that Stellantis is not honoring parts of the company's worker contract, citing specifically that Stellantis is halting plans to reopen an assembly plat in Illinois.""Fact, for years, Stellantis has sold fewer cars, but made more in profits. What does that tell you? They're price gouging. Now they've gone too far, and they're tanking their own sales,"" Fain said. ""Fact, Stellantis CEO Carlos Tavares is trying to go back on commitments the company made in our last contract, including putting the brakes on reopening the Belvidere Assembly.""Tavares recently criticized the UAW-Stellantis workforce, noting quality problems at a truck plant in metro Detroit producing the Ram 1500 pickup truck. The company also has announced thousands of layoffs at U.S. plants amid declining sales and product changes.""The direct run rate of some of our plans starting with SHAP, Sterling Heights, is not good,"" Tavares told reporters July 25 while discussing ongoing issues with the company. ""That is something that we need to fix with our plant management team as well with our people.""Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021. It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings. That doesn't include further headcount reductions and layoffs this year.Several executives previously described the cuts to CNBC as grueling to the point of excessiveness. Tavares last month pushed back on the idea that the company's cost-cutting efforts have led to its current problems.Correction: This story has been updated to correct the spelling of Belvidere Assembly Plant.",CNBC,20/08/2024,"[""In this articleDETROIT – United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon, accusing the chief executive of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker."", 'The comments are the latest in an ongoing back-and-forth between the CEO and union leader following contentious collective bargaining talks last year between the UAW and Detroit automakers, including Stellantis.', '""Something is rotten at Stellantis,"" Fain said to begin the 2:30-minute video posted Friday. ""', 'Sales are down, profits are down, and CEO pay is way, way up.', ""The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers."", 'The problem is this man, Carlos Tavares.', '""Spokespeople for the union and automaker did not immediately respond for comment regarding the accusations or video.', ""Several of the criticisms, including those around job cuts and Tarvares' pay, aren't new."", ""But Fain's comments Friday took the claims a step further, accusing Tavares of price gouging consumers in the name of profits."", ""He also alleges that Stellantis is not honoring parts of the company's worker contract, citing specifically that Stellantis is halting plans to reopen an assembly plat in Illinois."", '""Fact, for years, Stellantis has sold fewer cars, but made more in profits.', 'What does that tell you?', ""They're price gouging."", 'Now they\'ve gone too far, and they\'re tanking their own sales,"" Fain said. ""', 'Fact, Stellantis CEO Carlos Tavares is trying to go back on commitments the company made in our last contract, including putting the brakes on reopening the Belvidere Assembly.', '""Tavares recently criticized the UAW-Stellantis workforce, noting quality problems at a truck plant in metro Detroit producing the Ram 1500 pickup truck.', 'The company also has announced thousands of layoffs at U.S. plants amid declining sales and product changes.', '""The direct run rate of some of our plans starting with SHAP, Sterling Heights, is not good,"" Tavares told reporters July 25 while discussing ongoing issues with the company. ""', 'That is something that we need to fix with our plant management team as well with our people.', '""Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France\'s PSA Groupe in January 2021.', 'It\'s part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company\'s supply chain and operations as well as headcount reductions for both salaried and hourly workers.', 'Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings.', ""That doesn't include further headcount reductions and layoffs this year."", 'Several executives previouslydescribed the cuts to CNBCas grueling to the point of excessiveness.', ""Tavares last month pushed back on the idea that the company's cost-cutting efforts have led to its current problems."", 'Correction: This story has been updated to correct the spelling of Belvidere Assembly Plant.']",-0.118473860371526,"It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.","The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers.",-0.4370242357254028,"It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.","Sales are down, profits are down, and CEO pay is way, way up.",2024-08-19
+Lowe's cuts full-year outlook as it expects weaker home improvement sales,https://www.cnbc.com/2024/08/20/lowes-low-q2-2024-earnings.html,2024-08-20T14:05:20+0000,"In this articleLowe's on Tuesday cut its full-year forecast, as the retailer's quarterly sales declined and it projected weak home improvement spending in the second half of the year.The company said it now projects total sales of between $82.7 billion and $83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected. It said it expects comparable sales to fall by 3.5% to 4%, compared with its prior forecast of a decline of 2% to 3%. It anticipates adjusted earnings per share will be about $11.70 to $11.90, compared with the prior outlook of between $12 and $12.30.In an interview with CNBC, CEO Marvin Ellison said consumers are waiting for the Federal Reserve to cut interest rates. He added shoppers also under pressure from the economic backdrop.""Inflation remains high,"" he said. ""And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.""Fed Chair Jerome Powell has signaled a rate cut could come as soon as September, but Ellison said it's difficult to predict how soon home improvement activity would gain momentum again after that.About 90% of Lowe's customers are homeowners and most have a fixed 30-year mortgage rate of less than 4%, he said. That explains customers' hesitance to get a new mortgage or take out a loan for a major home project with higher interest rate, he added.He said Lowe's has not seen ""a dramatic shift one way or another in overall consumer sentiment,"" but is waiting for housing turnover to go up.Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 2, Lowe's net income fell to $2.38 billion, or $4.17 per share, compared with $2.67 billion, or $4.56 per share, in the year-ago period.Lowe's got a $43 million pretax gain from the sale of its Canadian retail business in 2022, which lifted its earnings in the second quarter. That boosted the company's earnings per share in the period by 7 cents. Excluding the gain, the company earned $4.10 per share.Net sales dropped from $24.96 billion in the prior year. Lowe's posted a year-over-year sales decline for the sixth straight quarter.Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.Those declines were partially offset by growth in Lowe's online business and sales to home professionals, such as contractors and electricians. For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.About 25% of Lowe's sales come from pros compared with about half of Home Depot's sales. Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program. Ellison said that effort has paid off, with pros now ""the strongest segment of our overall business.""Lowe's shared its quarterly results and outlook at a time when investors and economists are watching consumer spending particularly closely. Recent economic data and corporate earnings have given mixed indications about American households' financial health, as the Federal Reserve weighs a much-awaited rate cut.Jobs growth in July came in much lower than expected. Yet on the other hand, Walmart's CFO, John David Rainey, told CNBC that the largest U.S. retailer does not ""see any additional fraying of consumer health."" Goldman Sachs also cut the odds of a recession to 20%.For home improvement retailers, the strain may be greater because of higher mortgage rates and elevated costs for borrowing. Lowe's rival, Home Depot, last week beat Wall Street's quarterly expectations for earnings and revenue. Yet the company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.""In an interview with CNBC, Home Depot CFO Richard McPhail said customers are not only putting off projects because of higher interest rates. He said they also have ""a sense of greater uncertainty in the economy,"" even though most of Home Depot's customers own homes and have seen sharp property value gains.Ellison told CNBC that the medium- and long-term outlook for the home improvement industry is bright. He said U.S. housing stock is aging, more millennials are forming households and Baby Boomers are choosing to adapt their current homes rather than move as they get older — all factors that will boost the segment.""We're just waiting for that inflection to happen, and when it happens, we believe that we're in a great position to take [market] share,"" he said.Shares of Lowe's closed Monday at $243.21. As of Monday's close, the company's stock is up about 9% year to date, trailing behind the nearly 18% gains of the S&P 500.Clarification: This story has been updated to clarify that the percentages for Lowe's stock and the S&P 500 are for the year to date.",CNBC,20/08/2024,"[""In this articleLowe's on Tuesday cut its full-year forecast, as the retailer's quarterly sales declined and it projected weak home improvement spending in the second half of the year."", 'The company said it now projects total sales of between $82.7 billionand$83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected.', 'It said it expects comparable sales to fall by 3.5% to 4%, compared with its prior forecast of a decline of 2% to 3%.', 'It anticipates adjusted earnings per share will be about $11.70to$11.90,compared with the prior outlook of between $12 and$12.30.In an interview with CNBC, CEO Marvin Ellison said consumers are waiting for the Federal Reserve to cut interest rates.', 'He added shoppers also under pressure from the economic backdrop.', '""Inflation remains high,"" he said. ""', 'And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.', '""Fed Chair Jerome Powell has signaled a rate cut could come as soon as September, but Ellison said it\'s difficult to predict how soon home improvement activity would gain momentum again after that.', ""About 90% of Lowe's customers are homeowners and most have a fixed 30-year mortgage rate of less than 4%, he said."", ""That explains customers' hesitance to get a new mortgage or take out a loan for a major home project with higher interest rate, he added."", 'He said Lowe\'s has not seen ""a dramatic shift one way or another in overall consumer sentiment,"" but is waiting for housing turnover to go up.', ""Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 2, Lowe's net income fell to $2.38 billion, or $4.17 per share, compared with $2.67 billion, or $4.56 per share, in the year-ago period."", ""Lowe's got a $43 million pretax gain from the sale of its Canadian retail business in 2022, which lifted its earnings in the second quarter."", ""That boosted the company's earnings per share in the period by 7 cents."", 'Excluding the gain, the company earned $4.10 per share.', 'Net sales dropped from $24.96 billion in the prior year.', ""Lowe's posted a year-over-year sales decline for the sixth straight quarter."", 'Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.', ""Those declines were partially offset by growth in Lowe's online business and sales to home professionals, such as contractors and electricians."", 'For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.', ""About 25% of Lowe's sales come from pros compared with about half of Home Depot's sales."", ""Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program."", 'Ellison said that effort has paid off, with pros now ""the strongest segment of our overall business.', '""Lowe\'s shared its quarterly results and outlook at a time when investors and economists are watching consumer spending particularly closely.', ""Recent economic data and corporate earnings have given mixed indications about American households' financial health, as the Federal Reserve weighs a much-awaited rate cut."", 'Jobs growth in July came in much lower than expected.', 'Yet on the other hand, Walmart\'s CFO, John David Rainey, told CNBC that the largest U.S. retailer does not ""see any additional fraying of consumer health.""', 'Goldman Sachs also cut the odds of a recession to 20%.For home improvement retailers, the strain may be greater because of higher mortgage rates and elevated costs for borrowing.', ""Lowe's rival, Home Depot, last week beat Wall Street's quarterly expectations for earnings and revenue."", 'Yetthe company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.', '""In an interview with CNBC, Home Depot CFO Richard McPhail said customers are not only putting off projects because of higher interest rates.', 'He said they alsohave ""a sense of greater uncertainty in the economy,""even thoughmost of Home Depot\'s customersownhomes andhave seen sharp property value gains.', 'Ellison told CNBC that the medium- and long-term outlook for the home improvement industry is bright.', 'He said U.S. housing stock is aging, more millennials are forming households and Baby Boomers are choosing to adapt their current homes rather than move as they get older — all factors that will boost the segment.', '""We\'re just waiting for that inflection to happen, and when it happens, we believe that we\'re in a great position to take [market] share,"" he said.', ""Shares of Lowe's closed Monday at $243.21."", ""As of Monday's close, the company's stock is up about 9% year to date, trailing behind the nearly 18% gains of the S&P 500.Clarification: This story has been updated to clarify that the percentages for Lowe's stock and the S&P 500 are for the year to date.""]",0.2783190261243994,"Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program.","Yetthe company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.",0.0182513613253831,"For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.","Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.",2024-08-19
+Penderyn whisky chairman says protected status has boosted credibility,https://www.bbc.co.uk/news/articles/cy54w6vnd03o,2024-08-20T21:46:08.740Z,"Granting protection to single malt Welsh whisky has added ""credibility and status"" to the drink, the chairman of one of Wales' leading distilleries has said. Nigel Short, of Penderyn, said the drink was ""genuinely world class"" and the protected status, secured last year, had confirmed that. Single malt is one of 20 Welsh food and drink products to be given protected geographical indication (PGI) status. Welsh lamb, leeks and Caerphilly cheese also benefit from PGI status to guarantee and promote their authenticity. PGI status is used to protect and promote products from a particular region or country. It took three years for Welsh whisky to receive its protection, which involved an audit to confirm the single malt had been made in Wales. Penderyn is one of five single malt producers in Wales that can use the PGI status, which defends them from impersonation, affording similar protection to Scotch and Irish whiskies. “Around the world, at the British embassies and some of the Welsh government offices, you get a credibility and a status that you wouldn't otherwise enjoy. So it's a big tick in the box in terms of what we are doing,” Mr Short said. The company has its headquarters at Penderyn in the Bannau Brycheiniog National Park - also known as the Brecon Beacons - with two other distilleries in Llandudno and Swansea. Welsh whisky production is dwarfed by the Scottish market, which is worth almost £6bn to the UK economy. A slowdown in luxury goods sales has recently hit the industry, and Penderyn hopes PGI status can add to its appeal. “At the moment we export to around 40 countries, with the bigger markets being the USA, France, Germany.” Mr Short said. “I think the credibility, last year, of getting [PGI] just helped that, because it gave us a status equivalent to a Scots or an Irish whiskey.” Among the other Welsh food and drink products with protected status are: At Glynhynod Farm in Ceredigion, a family-run business produces two products that benefit from PGI status. The Da Mhile distillery produces a single malt whisky, while Caws Teifi is one of three producers of Caerphilly cheese to receive the protection. “I think it's really great when you're trying to keep certain products alive, because it's so easy to follow trends,” Rob Savage-Onstwedder said. His parents established Caws Teifi in the early 1980s and it is the oldest artisan cheesemaker in Wales. Caerphilly cheese was named after the town where it was sold, but it had traditionally been made in farmhouses across Wales. Getting protection from imitation is also an important way of preserving Welsh cheesemaking methods and recipes, according to Mr Savage-Onstwedder. “In France, these PGIs make a huge difference. “There are so many varieties of cheese still alive there because of the protection that's given to certain cheeses from certain regions, and I think that PGI can do the same in Wales,” he said. Caerphilly was originally granted the status in 2018. Caws Teifi was audited “to make sure that we’re making the cheese within the specification, and it has to be milk from Wales”, Mr Savage-Onstwedder said. “There are lots of other indicators and factors that we have to stick to in our recipe, and in the end product, which is great,” he added. ",BBC,20/08/2024,"['Granting protection to single malt Welsh whisky has added ""credibility and status"" to the drink, the chairman of one of Wales\' leading distilleries has said.', 'Nigel Short, of Penderyn, said the drink was ""genuinely world class"" and the protected status, secured last year, had confirmed that.', 'Single malt is one of 20 Welsh food and drink products to be given protected geographical indication (PGI) status.', 'Welsh lamb, leeks and Caerphilly cheese also benefit from PGI status to guarantee and promote their authenticity.', 'PGI status is used to protect and promote products from a particular region or country.', 'It took three years for Welsh whisky to receive its protection, which involved an audit to confirm the single malt had been made in Wales.', 'Penderyn is one of five single malt producers in Wales that can use the PGI status, which defends them from impersonation, affording similar protection to Scotch and Irish whiskies. “', ""Around the world, at the British embassies and some of the Welsh government offices, you get a credibility and a status that you wouldn't otherwise enjoy."", ""So it's a big tick in the box in terms of what we are doing,” Mr Short said."", 'The company has its headquarters at Penderyn in the Bannau Brycheiniog National Park - also known as the Brecon Beacons - with two other distilleries in Llandudno and Swansea.', 'Welsh whisky production is dwarfed by the Scottish market, which is worth almost £6bn to the UK economy.', 'A slowdown in luxury goods sales has recently hit the industry, and Penderyn hopes PGI status can add to its appeal. “', 'At the moment we export to around 40 countries, with the bigger markets being the USA, France, Germany.”', 'Mr Short said. “', 'I think the credibility, last year, of getting [PGI] just helped that, because it gave us a status equivalent to a Scots or an Irish whiskey.”', 'Among the other Welsh food and drink products with protected status are: At Glynhynod Farm in Ceredigion, a family-run business produces two products that benefit from PGI status.', 'The Da Mhile distillery produces a single malt whisky, while Caws Teifi is one of three producers of Caerphilly cheese to receive the protection. “', ""I think it's really great when you're trying to keep certain products alive, because it's so easy to follow trends,” Rob Savage-Onstwedder said."", 'His parents established Caws Teifi in the early 1980s and it is the oldest artisan cheesemaker in Wales.', 'Caerphilly cheese was named after the town where it was sold, but it had traditionally been made in farmhouses across Wales.', 'Getting protection from imitation is also an important way of preserving Welsh cheesemaking methods and recipes, according to Mr Savage-Onstwedder. “', 'In France, these PGIs make a huge difference. “', ""There are so many varieties of cheese still alive there because of the protection that's given to certain cheeses from certain regions, and I think that PGI can do the same in Wales,” he said."", 'Caerphilly was originally granted the status in 2018.', 'Caws Teifi was audited “to make sure that we’re making the cheese within the specification, and it has to be milk from Wales”, Mr Savage-Onstwedder said. “', 'There are lots of other indicators and factors that we have to stick to in our recipe, and in the end product, which is great,” he added.']",0.2616043991061078,"Welsh lamb, leeks and Caerphilly cheese also benefit from PGI status to guarantee and promote their authenticity.","Getting protection from imitation is also an important way of preserving Welsh cheesemaking methods and recipes, according to Mr Savage-Onstwedder. “",0.7734651684761047,"I think the credibility, last year, of getting [PGI] just helped that, because it gave us a status equivalent to a Scots or an Irish whiskey.”","A slowdown in luxury goods sales has recently hit the industry, and Penderyn hopes PGI status can add to its appeal. “",2024-08-19
+United CEO expresses 'renewed confidence' in Boeing after meeting with new leader Ortberg,https://www.cnbc.com/2024/08/15/united-ceo-scott-kirby-expresses-renewed-confidence-in-boeing-after-meeting-ceo-kelly-ortberg.html,2024-08-15T18:49:44+0000,"In this articleUnited Airlines CEO Scott Kirby says he is optimistic about Boeing's recovery after meeting with the manufacturer's new chief executive.It's an upbeat change of tune from the head of United, a top Boeing customer that has been among the most publicly frustrated about the plane maker's problems, which have led to delayed deliveries of dozens of aircraft.Kirby and Boeing's new CEO, Robert ""Kelly"" Ortberg, had lunch earlier this week in the Dallas area. Kirby said in a LinkedIn post on Thursday that he ""was not only encouraged by what I heard, but I also came away with a renewed confidence that Boeing is on the right path and will recover faster than most expect.""United has 484 unfilled orders with Boeing, according to the manufacturer's website.Ortberg also met with American Airlines CEO Robert Isom earlier this week, according to a person familiar with the matter who wasn't authorized to speak with the media.Ortberg, who previously ran commercial and defense supplier Rockwell Collins and has more than three decades of experience in the aerospace industry, took the reins at Boeing a week ago, spending part of his first day at Boeing's 737 factory floor in Renton, Washington. Ortberg will be based in Seattle, a shift from previous leaders.""His engineering background at Rockwell Collins, combined with an instinct to be close to his frontline teams in Seattle, makes for a winning combination,"" Kirby wrote on Thursday. ""It was clear from our discussion that he's 100% engaged, understands the cultural changes needed to turn things around and is committed to listening to his employees and customers.""United and other major customers such as Southwest Airlines have been grappling with delayed jetliners as Boeing tries to recover from its latest safety crisis in the wake of a door plug blowout on an Alaska Airlines 737 Max 9 earlier this year.No one was seriously injured in the accident — which occurred after bolts that hold the door plug in place weren't installed before the airline received the plane — but it came after a host of other manufacturing defects on Boeing planes.""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Ortberg said in a note to staff on his first day last Thursday. ""In many cases, they NEED us to succeed.""",CNBC,15/08/2024,"[""In this articleUnited Airlines CEO Scott Kirby says he is optimistic about Boeing's recovery after meeting with the manufacturer's new chief executive."", ""It's an upbeat change of tune from the head of United, a top Boeing customer that has been among the most publicly frustrated about the plane maker's problems, which have led to delayed deliveries of dozens of aircraft."", 'Kirby and Boeing\'s new CEO, Robert ""Kelly"" Ortberg, had lunch earlier this week in the Dallas area.', 'Kirby said in a LinkedIn post on Thursday that he ""was not only encouraged by what I heard, but I also came away with a renewed confidence that Boeing is on the right path and will recover faster than most expect.', '""United has 484 unfilled orders with Boeing, according to the manufacturer\'s website.', ""Ortberg also met with American Airlines CEO Robert Isom earlier this week, according to a person familiar with the matter who wasn't authorized to speak with the media."", ""Ortberg, who previously ran commercial and defense supplier Rockwell Collins and has more than three decades of experience in the aerospace industry, took the reins at Boeing a week ago, spending part of his first day at Boeing's 737 factory floor in Renton, Washington."", 'Ortberg will be based in Seattle, a shift from previous leaders.', '""His engineering background at Rockwell Collins, combined with an instinct to be close to his frontline teams in Seattle, makes for a winning combination,"" Kirby wrote on Thursday. ""', ""It was clear from our discussion that he's 100% engaged, understands the cultural changes needed to turn things around and is committed to listening to his employees and customers."", '""United and other major customers such as Southwest Airlines have been grappling with delayed jetliners as Boeing tries to recover from its latest safety crisis in the wake of a door plug blowout on an Alaska Airlines 737 Max 9 earlier this year.', ""No one was seriously injured in the accident — which occurred after bolts that hold the door plug in place weren't installed before the airline received the plane — but it came after a host of other manufacturing defects on Boeing planes."", '""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Ortberg said in a note to staff on his first day last Thursday. ""', 'In many cases, they NEED us to succeed.""']",0.1623792582958869,"It was clear from our discussion that he's 100% engaged, understands the cultural changes needed to turn things around and is committed to listening to his employees and customers.",No one was seriously injured in the accident — which occurred after bolts that hold the door plug in place weren't installed before the airline received the plane — but it came after a host of other manufacturing defects on Boeing planes.,0.5006574913859367,"Kirby said in a LinkedIn post on Thursday that he ""was not only encouraged by what I heard, but I also came away with a renewed confidence that Boeing is on the right path and will recover faster than most expect.","""United and other major customers such as Southwest Airlines have been grappling with delayed jetliners as Boeing tries to recover from its latest safety crisis in the wake of a door plug blowout on an Alaska Airlines 737 Max 9 earlier this year.",2024-08-19
+Waitrose to open 100 new convenience shops,https://www.bbc.co.uk/news/articles/cd6yngde8v1o,2024-08-21T11:30:07.357Z,"Waitrose has announced plans to open 100 new convenience shops over the next five years. The supermarket said the new stores would be opened across England, Wales and Scotland but said it could not share the exact locations of all of them. Waitrose confirmed the move towards convenience shops was in response to changing consumer habits and demand, with the first new store confirmed for Hampton Hill in London later this year. The company, which is part of the John Lewis partnership, currently has about 45 Little Waitrose stores, which are largely located in the south of England. ""We know the opportunity is there yet we have currently only circa 45 little Waitrose convenience shops,"" said a Waitrose spokesperson. The supermarket said it planned to invest £1bn on its expansion plans and to improve its existing 329 stores, some of which are part of motorway services and petrol stations. Clive Black, an analyst at Shore Capital, said the general shift of supermarkets focusing on convenience stores could be due to planning permission constraints and affordability. ""Such stores are easier to gain planning permission with greater site availability than traditional, larger, supermarkets whilst they are also cheaper and quicker to develop,"" he said. Waitrose is not alone in its plan to focus on smaller stores, Asda previously revealed plans to open 300 convenience stores by 2026. Eleanor Simpson-Gould, senior retail analyst at GlobalData, said ""traditional"" supermarkets were ramping up investment in smaller stores in response to ""gains"" made by the discounters such as Aldi and Lidl. ""Convenience stores enable grocers to enter new locations with smaller investment costs than large format stores,"" she said. ""Consumer habits are changing, and expediency drives this demand for smaller stores."" GlobalData predicts that online shopping will see a 6% increase in sales in 2024. ""This demand can be supported by smaller format stores, providing a base for rapid-delivery capabilities to expand,"" Ms Simpson-Gould added. ",BBC,21/08/2024,"['Waitrose has announced plans to open 100 new convenience shops over the next five years.', 'The supermarket said the new stores would be opened across England, Wales and Scotland but said it could not share the exact locations of all of them.', 'Waitrose confirmed the move towards convenience shops was in response to changing consumer habits and demand, with the first new store confirmed for Hampton Hill in London later this year.', 'The company, which is part of the John Lewis partnership, currently has about 45 Little Waitrose stores, which are largely located in the south of England. ""', 'We know the opportunity is there yet we have currently only circa 45 little Waitrose convenience shops,"" said a Waitrose spokesperson.', 'The supermarket said it planned to invest £1bn on its expansion plans and to improve its existing 329 stores, some of which are part of motorway services and petrol stations.', 'Clive Black, an analyst at Shore Capital, said the general shift of supermarkets focusing on convenience stores could be due to planning permission constraints and affordability. ""', 'Such stores are easier to gain planning permission with greater site availability than traditional, larger, supermarkets whilst they are also cheaper and quicker to develop,"" he said.', 'Waitrose is not alone in its plan to focus on smaller stores, Asda previously revealed plans to open 300 convenience stores by 2026.', 'Eleanor Simpson-Gould, senior retail analyst at GlobalData, said ""traditional"" supermarkets were ramping up investment in smaller stores in response to ""gains"" made by the discounters such as Aldi and Lidl. ""', 'Convenience stores enable grocers to enter new locations with smaller investment costs than large format stores,"" she said. ""', 'Consumer habits are changing, and expediency drives this demand for smaller stores.""', 'GlobalData predicts that online shopping will see a 6% increase in sales in 2024. ""', 'This demand can be supported by smaller format stores, providing a base for rapid-delivery capabilities to expand,"" Ms Simpson-Gould added.']",0.1735871431348549,"Such stores are easier to gain planning permission with greater site availability than traditional, larger, supermarkets whilst they are also cheaper and quicker to develop,"" he said.","The supermarket said the new stores would be opened across England, Wales and Scotland but said it could not share the exact locations of all of them.",0.9978993790490288,"GlobalData predicts that online shopping will see a 6% increase in sales in 2024. """,,2024-08-19
+Mike Lynch: Who is the missing tech tycoon?,https://www.bbc.co.uk/news/articles/cdxl5kpvrg9o,2024-08-19T16:15:46.791Z,"Mike Lynch, a British tech entrepreneur, and his daughter Hannah are missing after a luxury yacht sank off the coast of the Italian island of Sicily. After co-founding British tech firm Autonomy in 1996, and backing several successful tech firms, the businessman was regarded by some as the UK's answer to Microsoft founder Bill Gates. One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather. His wife, Angela Bacares, has been rescued. The British tech tycoon made his riches by selling his company Autonomy to US computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn). But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for more than a decade. He was acquitted in the US in June on multiple fraud charges, over which he had been facing two decades in jail. In an interview on BBC Radio 4 in August, Mr Lynch said that he believed he had only been able to prove his innocence in a US court due to his wealth. The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday. Born on 16 June 1965, Mr Lynch is the son of a nurse and a fireman, and was raised near Chelmsford in Essex.  He studied Natural Sciences at the University of Cambridge, where he earned a PhD in mathematical computing, and later undertook a research fellowship. In 1991, Mr Lynch helped establish Cambridge Neurodynamics - a firm which specialised in using computer-based detection and recognition of fingerprints. His tech firm Autonomy was created five years later, using a statistical method known as ""Bayesian inference"" at the core of its software. The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades. In 2006 he was awarded an OBE in recognition of his service to UK enterprise. He served on the board of the BBC as a non-executive director, and in 2011 was appointed to the government's council for science and technology - advising then-Prime Minister David Cameron on the risks and possibilities of AI development. After Autonomy's sale to HP in 2011 - from which Mr Lynch is believed to have netted £500m - he went on to establish tech investment firm Invoke Capital. The venture capital fund invested in the creation of British cyber security company Darktrace in 2013. Mr Lynch, a shareholder in the firm, held a seat on its board until earlier this year. Mr Lynch and his wife Angela Bacares have two daughters, and live at the Loudham Hall estate in Suffolk. His daughter Hannah, 18, was also on the yacht which sank. The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC that Mr Lynch, his daughter and the yacht's chef were among the missing. BBC Verify looked at corporate records and found the Bayesian's ownership is tied to the family. Sources close to the matter have confirmed to the BBC that Ms Bacares has been rescued. Meanwhile, Stephen Chamberlain, Mr Lynch's co-defendant in the Autonomy trial, has also died, after being hit by a car. Mr Chamberlain was out running in Cambridgeshire on Saturday when he was fatally struck by the vehicle. Autonomy became successful for its software's ability to extract useful information from data such as phone calls, emails and video. It would then use this data to do things like suggest answers to a call-centre operator or monitor TV channels for words or subjects. Prior to its purchase by HP in 2011, Autonomy had headquarters in San Francisco and Cambridge. But the price tag came under scrutiny following the sale and Autonomy's value was written down by billions just a year later. In 2018, US prosecutors brought charges against Mr Lynch - accusing him of artificially inflating the company's value. They said he had concealed the firm's loss-making business reselling hardware, and also accused him of intimidating or paying off people who raised concerns. Mr Lynch told BBC Radio 4 at the start of August that while convinced of his innocence throughout the lengthy trial, he felt he was only able to prove his this in US court due to his wealth. ""You shouldn't need to have funds to protect yourself as a British citizen,"" he said. ""The reason I'm sitting here, let's be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that's set up to sweep you away."" He added that following the lengthy legal saga, he wanted ""to get back to what I love doing, which is innovating"". ",BBC,19/08/2024,"['Mike Lynch, a British tech entrepreneur, and his daughter Hannah are missing after a luxury yacht sank off the coast of the Italian island of Sicily.', ""After co-founding British tech firm Autonomy in 1996, and backing several successful tech firms, the businessman was regarded by some as the UK's answer to Microsoft founder Bill Gates."", ""One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather."", 'His wife, Angela Bacares, has been rescued.', 'The British tech tycoon made his riches by selling his company Autonomy to US computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn).', 'But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for more than a decade.', 'He was acquitted in the US in June on multiple fraud charges, over which he had been facing two decades in jail.', 'In an interview on BBC Radio 4 in August, Mr Lynch said that he believed he had only been able to prove his innocence in a US court due to his wealth.', ""The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday."", 'Born on 16 June 1965, Mr Lynch is the son of a nurse and a fireman, and was raised near Chelmsford in Essex.', 'He studied Natural Sciences at the University of Cambridge, where he earned a PhD in mathematical computing, and later undertook a research fellowship.', 'In 1991, Mr Lynch helped establish Cambridge Neurodynamics - a firm which specialised in using computer-based detection and recognition of fingerprints.', 'His tech firm Autonomy was created five years later, using a statistical method known as ""Bayesian inference"" at the core of its software.', ""The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades."", 'In 2006 he was awarded an OBE in recognition of his service to UK enterprise.', ""He served on the board of the BBC as a non-executive director, and in 2011 was appointed to the government's council for science and technology - advising then-Prime Minister David Cameron on the risks and possibilities of AI development."", ""After Autonomy's sale to HP in 2011 - from which Mr Lynch is believed to have netted £500m - he went on to establish tech investment firm Invoke Capital."", 'The venture capital fund invested in the creation of British cyber security company Darktrace in 2013.', 'Mr Lynch, a shareholder in the firm, held a seat on its board until earlier this year.', 'Mr Lynch and his wife Angela Bacares have two daughters, and live at the Loudham Hall estate in Suffolk.', 'His daughter Hannah, 18, was also on the yacht which sank.', ""The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC that Mr Lynch, his daughter and the yacht's chef were among the missing."", ""BBC Verify looked at corporate records and found the Bayesian's ownership is tied to the family."", 'Sources close to the matter have confirmed to the BBC that Ms Bacares has been rescued.', ""Meanwhile, Stephen Chamberlain, Mr Lynch's co-defendant in the Autonomy trial, has also died, after being hit by a car."", 'Mr Chamberlain was out running in Cambridgeshire on Saturday when he was fatally struck by the vehicle.', ""Autonomy became successful for its software's ability to extract useful information from data such as phone calls, emails and video."", 'It would then use this data to do things like suggest answers to a call-centre operator or monitor TV channels for words or subjects.', 'Prior to its purchase by HP in 2011, Autonomy had headquarters in San Francisco and Cambridge.', ""But the price tag came under scrutiny following the sale and Autonomy's value was written down by billions just a year later."", ""In 2018, US prosecutors brought charges against Mr Lynch - accusing him of artificially inflating the company's value."", ""They said he had concealed the firm's loss-making business reselling hardware, and also accused him of intimidating or paying off people who raised concerns."", 'Mr Lynch told BBC Radio 4 at the start of August that while convinced of his innocence throughout the lengthy trial, he felt he was only able to prove his this in US court due to his wealth. ""', 'You shouldn\'t need to have funds to protect yourself as a British citizen,"" he said. ""', 'The reason I\'m sitting here, let\'s be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that\'s set up to sweep you away.""', 'He added that following the lengthy legal saga, he wanted ""to get back to what I love doing, which is innovating"".']",0.0892994625773302,The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades.,"One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather.",0.3229077339172363,The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades.,"One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather.",2024-08-19
+Artificial Intelligence: Vogue publisher and OpenAI strike deal,https://www.bbc.co.uk/news/articles/cpqjvl9z9w1o,2024-08-21T01:06:45.622Z,"OpenAI and global magazine giant Condé Nast have announced a partnership to allow ChatGPT and its search engine SearchGPT to display content from Vogue, The New Yorker, GQ and other well known publications. The multi-year deal is the latest such agreement struck by OpenAI with major media firms. The content produced by media organisations is sought after by technology companies that use it to train their AI (Artificial Intelligence) models. Some media firms including the New York Times and the Chicago Tribune have resisted this and taken legal action to protect their content. OpenAI and Condé Nast did not disclose the financial terms of the agreement. “We’re committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting,” said Brad Lightcap, OpenAI's chief operating officer. News media organisations have seen their business models challenged by the rise of social media and other digital platforms. ""Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,"" said Condé Nast's chief executive officer Roger Lynch. OpenAI launched its prototype AI-powered search engine, SearchGPT, last month.  In a statement at the time, the company said it was gathering feedback and insights from its partners in the news industry to develop the new platform. Others that have partnered with the AI firm include Time Magazine, the Financial Times and the Associated Press. AI chatbot technology is seen by many analysts as a key part of internet search engines in the future. Search engine giant Google has also been racing to add AI-powered tools to its products. While other AI companies are pursuing search products, Google remains by far the dominant player, claiming more than 90% of the global market. The changes to how search engines respond to queries - offering conversational paragraphs instead of directing users to links - have also raised alarm among news media firms, many of which rely on search traffic for audiences and revenue. Last year, the BBC said it was taking steps to prevent content on its websites from being used by OpenAI and other firms without permission. The blog post also said the BBC would explore opportunities offered by generative AI ""to deliver more value to our audiences and to society."" ",BBC,21/08/2024,"['OpenAI and global magazine giant Condé Nast have announced a partnership to allow ChatGPT and its search engine SearchGPT to display content from Vogue, The New Yorker, GQ and other well known publications.', 'The multi-year deal is the latest such agreement struck by OpenAI with major media firms.', 'The content produced by media organisations is sought after by technology companies that use it to train their AI (Artificial Intelligence) models.', 'Some media firms including the New York Times and the Chicago Tribune have resisted this and taken legal action to protect their content.', 'OpenAI and Condé Nast did not disclose the financial terms of the agreement. “', ""We’re committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting,” said Brad Lightcap, OpenAI's chief operating officer."", 'News media organisations have seen their business models challenged by the rise of social media and other digital platforms. ""', 'Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,"" said Condé Nast\'s chief executive officer Roger Lynch.', 'OpenAI launched its prototype AI-powered search engine, SearchGPT, last month.', 'In a statement at the time, the company said it was gathering feedback and insights from its partners in the news industry to develop the new platform.', 'Others that have partnered with the AI firm include Time Magazine, the Financial Times and the Associated Press.', 'AI chatbot technology is seen by many analysts as a key part of internet search engines in the future.', 'Search engine giant Google has also been racing to add AI-powered tools to its products.', 'While other AI companies are pursuing search products, Google remains by far the dominant player, claiming more than 90% of the global market.', 'The changes to how search engines respond to queries - offering conversational paragraphs instead of directing users to links - have also raised alarm among news media firms, many of which rely on search traffic for audiences and revenue.', 'Last year, the BBC said it was taking steps to prevent content on its websites from being used by OpenAI and other firms without permission.', 'The blog post also said the BBC would explore opportunities offered by generative AI ""to deliver more value to our audiences and to society.""']",0.2422006283197025,"We’re committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting,” said Brad Lightcap, OpenAI's chief operating officer.","The changes to how search engines respond to queries - offering conversational paragraphs instead of directing users to links - have also raised alarm among news media firms, many of which rely on search traffic for audiences and revenue.",0.051283041636149,"Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,"" said Condé Nast's chief executive officer Roger Lynch.","News media organisations have seen their business models challenged by the rise of social media and other digital platforms. """,2024-08-19
+Red-hot rents for homes start to cool as tenants struggle,https://www.bbc.co.uk/news/articles/cj627rr3wk9o,2024-08-20T23:02:24.309Z,"The ""red-hot"" rental market is starting to cool, exclusive data provided to the BBC reveals, but tenants say they are still caught in a price trap. The cost for renters who move home and take on a new tenancy has risen at its slowest rate for nearly three years, according to property portal Zoopla. But it is still going up, and 17 prospective tenants on average are chasing every available home. The picture also varies considerably in different areas. One couple in Birmingham said they felt ""defeated, isolated, panicky and angry"". ""It’s hard to stay motivated at work when it feels like all of the hard work that you do is just to keep your head above water,"" said Mike Buller, who is aged in his 40s and lives with his wife Lisa. Rent rises for new lets - people moving home to take on a new tenancy - have slowed in the UK's second largest city but - as in the vast majority of areas - are still going up.  The couple, who are trying to save to buy their own home, said only a big drop in rents would have a noticeable impact.  The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings. The data does not include those people who are renewing a rental agreement in existing properties.   The 5.7% increase in UK rents in the year to the end of June was the slowest rise recorded since September 2021, the data suggests. The cost went up by only 1.6% in the first six months of this year - again the slowest rise during any half year for three years. ""We have moved from a red-hot market over the last couple of years, to one which is still hot, but cooling,"" said Richard Donnell, executive director at Zoopla. Despite the slowdown, renting is still 20% more expensive than a couple of years ago, he said, forcing some tenants to share with other tenants or lower their expectations.   Less intense competition is partly behind the slowdown. Last year, about 30 to 35 tenants were chasing every available property. That has dropped to 17, according to Zoopla figures, but that is still two or three times the level of competition seen before the pandemic. Various lettings agencies have also reported shorter queues to view. A number of factors are at play when it comes to falling demand, with students and graduates among the key drivers. A drop in student numbers, partly those from overseas, has lowered competition in some areas. Meanwhile, some graduates - spooked by the costs involved - have moved back into the family home. ""About 80% of my friends finished university and went straight home to live with their parents,"" said Monty Savage, who shares a flat with his cousin in Nottingham. He graduated last year, has a job, and after he has paid his rent of £1,100 a month, relies on his parents to help financially with other bills. Separate research from estate agency Savills suggests parental support continues into homeownership. Its analysis of industry data found that 57% of first-time buyers - a total of 164,000 - had family assistance in buying their first home with a mortgage in 2023. That was the highest proportion for 11 years. Renters moving home in Monty's home city of Nottingham saw prices actually falling slightly in the first half of the year compared with the same period in 2023, according to the Zoopla study.  The cost of rents in Brighton, London and Glasgow also dipped. Mr Donnell said local markets differed, with some seeing more investment in rental property, and some having ""overshot"" with rising rents. That meant they had to fall to become affordable for prospective local tenants. On the flipside, some first-time buyers had seen mortgage rates fall sufficiently to be able to stop renting and buy a home. In Derby, despite the proximity to Nottingham, rents are increasing. Imogen Pearson said the intensity of competition had been ridiculous. She said she had lost out on some properties because people paid a deposit before even going to a viewing. ""I would understand that in somewhere like London or Manchester, but not in the suburbs of Derby,"" she said. ""The more money you spend, the longer you have to rent."" Ultimately, the number of properties available to rent has failed to grow since 2016, according to Mr Donnell, while demand has risen - hence the rising costs for tenants. Despite a 39% fall in rental demand in the past year, he said the situation would only become more affordable for those on low incomes or reliant on benefits when more homes become available. In the meantime, people have to hunt around, work out what they can afford and where, and talk to local agents with knowledge about what is available. Zoopla bases its figures on its listings data, which covers about 80% of homes listed for let. Agents say there are some simple ways to make it easier to secure a rental property, including: There are more tips here and help on your renting rights here. ",BBC,20/08/2024,"['The ""red-hot"" rental market is starting to cool, exclusive data provided to the BBC reveals, but tenants say they are still caught in a price trap.', 'The cost for renters who move home and take on a new tenancy has risen at its slowest rate for nearly three years, according to property portal Zoopla.', 'But it is still going up, and 17 prospective tenants on average are chasing every available home.', 'The picture also varies considerably in different areas.', 'One couple in Birmingham said they felt ""defeated, isolated, panicky and angry"". ""', 'It’s hard to stay motivated at work when it feels like all of the hard work that you do is just to keep your head above water,"" said Mike Buller, who is aged in his 40s and lives with his wife Lisa.', ""Rent rises for new lets - people moving home to take on a new tenancy - have slowed in the UK's second largest city but - as in the vast majority of areas - are still going up."", 'The couple, who are trying to save to buy their own home, said only a big drop in rents would have a noticeable impact.', 'The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings.', 'The data does not include those people who are renewing a rental agreement in existing properties.', 'The 5.7% increase in UK rents in the year to the end of June was the slowest rise recorded since September 2021, the data suggests.', 'The cost went up by only 1.6% in the first six months of this year - again the slowest rise during any half year for three years. ""', 'We have moved from a red-hot market over the last couple of years, to one which is still hot, but cooling,"" said Richard Donnell, executive director at Zoopla.', 'Despite the slowdown, renting is still 20% more expensive than a couple of years ago, he said, forcing some tenants to share with other tenants or lower their expectations.', 'Less intense competition is partly behind the slowdown.', 'Last year, about 30 to 35 tenants were chasing every available property.', 'That has dropped to 17, according to Zoopla figures, but that is still two or three times the level of competition seen before the pandemic.', 'Various lettings agencies have also reported shorter queues to view.', 'A number of factors are at play when it comes to falling demand, with students and graduates among the key drivers.', 'A drop in student numbers, partly those from overseas, has lowered competition in some areas.', 'Meanwhile, some graduates - spooked by the costs involved - have moved back into the family home. ""', 'About 80% of my friends finished university and went straight home to live with their parents,"" said Monty Savage, who shares a flat with his cousin in Nottingham.', 'He graduated last year, has a job, and after he has paid his rent of £1,100 a month, relies on his parents to help financially with other bills.', 'Separate research from estate agency Savills suggests parental support continues into homeownership.', 'Its analysis of industry data found that 57% of first-time buyers - a total of 164,000 - had family assistance in buying their first home with a mortgage in 2023.', 'That was the highest proportion for 11 years.', ""Renters moving home in Monty's home city of Nottingham saw prices actually falling slightly in the first half of the year compared with the same period in 2023, according to the Zoopla study."", 'The cost of rents in Brighton, London and Glasgow also dipped.', 'Mr Donnell said local markets differed, with some seeing more investment in rental property, and some having ""overshot"" with rising rents.', 'That meant they had to fall to become affordable for prospective local tenants.', 'On the flipside, some first-time buyers had seen mortgage rates fall sufficiently to be able to stop renting and buy a home.', 'In Derby, despite the proximity to Nottingham, rents are increasing.', 'Imogen Pearson said the intensity of competition had been ridiculous.', 'She said she had lost out on some properties because people paid a deposit before even going to a viewing. ""', 'I would understand that in somewhere like London or Manchester, but not in the suburbs of Derby,"" she said. ""', 'The more money you spend, the longer you have to rent.""', 'Ultimately, the number of properties available to rent has failed to grow since 2016, according to Mr Donnell, while demand has risen - hence the rising costs for tenants.', 'Despite a 39% fall in rental demand in the past year, he said the situation would only become more affordable for those on low incomes or reliant on benefits when more homes become available.', 'In the meantime, people have to hunt around, work out what they can afford and where, and talk to local agents with knowledge about what is available.', 'Zoopla bases its figures on its listings data, which covers about 80% of homes listed for let.', 'Agents say there are some simple ways to make it easier to secure a rental property, including: There are more tips here and help on your renting rights here.']",0.0430138188063649,"Agents say there are some simple ways to make it easier to secure a rental property, including: There are more tips here and help on your renting rights here.","One couple in Birmingham said they felt ""defeated, isolated, panicky and angry"". """,0.1136905528031862,"The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings.","A drop in student numbers, partly those from overseas, has lowered competition in some areas.",2024-08-19
+Disney's 'Deadpool & Wolverine' becomes the highest-grossing R-rated film of all time,https://www.cnbc.com/2024/08/16/deadpool-wolverine-is-the-highest-grossing-r-rated-film-of-all-time.html,2024-08-16T18:35:22+0000,"In this articleThe trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with ""Deadpool & Wolverine.""As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.' ""Joker.""With $516.8 million in domestic ticket sales and $568.8 million from international audiences, ""Deadpool & Wolverine"" has exceeded $1.085 billion globally. Of note, a sequel to ""Joker"" arrives in theaters this October.The feat not only showcases the Marvel Cinematic Universe's durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers.""The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel,"" said Shawn Robbins, founder and owner of Box Office Theory. ""It's important to remember that the rating was organic and necessary for the characters. That's helped audiences and fans respond so favorably. They knew going in that this wouldn't be a watered-down translation of a formula which has already proven itself.""The previous Deadpool films were produced through 20th Century Fox and held R-ratings as well. When the Merc with a Mouth transitioned to Disney's ownership in 2019, it was unclear if the company would embrace his fourth wall-breaking crudeness or leave him on the shelf while producing other Marvel projects.So when Marvel head Kevin Feige revealed in 2021 that a third Deadpool feature would retain its R-rating, there was a collective sigh of relief from the MCU fan community. Additionally, Marvel gave Reynolds and Levy leeway to poke fun at company executives, the franchise as a whole and even use the iconic ""Frozen"" line, ""Do you want to build a snowman?"" to make a drug reference.""Disney will probably be very selective in deciding what future films they're comfortable with distributing under the more mature rating because they still have to consider their enormous family audience, as does Marvel, but this at least offers a blueprint of how and when it's appropriate to do so,"" Robbins said.""Deadpool & Wolverine"" arrived in theaters late July on the back of a string of hits and misses from one of Disney's most bulletproof franchises. The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.Now there is renewed confidence in the MCU, especially as Marvel used San Diego Comic-Con and Disney's biannual D23 Expo to tout its upcoming slate of features and share exclusive footage.Going forward, the studio appears to be limiting the number of series it is producing for its streaming platform, Disney+, and keeping its focus on the big screen. Previously, Marvel had produced nearly a dozen shows for the streaming platform, flooding the market and estranging some fans.Marvel has six theatrical titles coming in the next three years and three television series set for release in 2025 — ""Agatha All Along,"" ""Ironheart"" and ""Daredevil: Born Again.""Both Comic Con and D23 audiences cheered the announcements to Marvel's slate, a sign that interest has not waned for the superhero genre. That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.",CNBC,16/08/2024,"['In this articleThe trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with ""Deadpool & Wolverine.', '""As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.\' ""Joker.', '""With $516.8 million in domestic ticket sales and $568.8 million from international audiences, ""Deadpool & Wolverine"" has exceeded $1.085 billion globally.', 'Of note, a sequel to ""Joker"" arrives in theaters this October.', ""The feat not only showcases the Marvel Cinematic Universe's durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers."", '""The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel,"" said Shawn Robbins, founder and owner of Box Office Theory. ""', ""It's important to remember that the rating was organic and necessary for the characters."", ""That's helped audiences and fans respond so favorably."", ""They knew going in that this wouldn't be a watered-down translation of a formula which has already proven itself."", '""The previous Deadpool films were produced through 20th Century Fox and held R-ratings as well.', ""When the Merc with a Mouth transitioned to Disney's ownership in 2019, it was unclear if the company would embrace his fourth wall-breaking crudeness or leave him on the shelf while producing other Marvel projects."", 'So when Marvel head Kevin Feige revealed in 2021 that a third Deadpool feature would retain its R-rating, there was a collective sigh of relief from the MCU fan community.', 'Additionally, Marvel gave Reynolds and Levy leeway to poke fun at company executives, the franchise as a whole and even use the iconic ""Frozen"" line, ""Do you want to build a snowman?""', 'to make a drug reference.', '""Disney will probably be very selective in deciding what future films they\'re comfortable with distributing under the more mature rating because they still have to consider their enormous family audience, as does Marvel, but this at least offers a blueprint of how and when it\'s appropriate to do so,"" Robbins said.', '""Deadpool & Wolverine"" arrived in theaters late July on the back of a string of hits and misses from one of Disney\'s most bulletproof franchises.', 'The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.', ""Now there is renewed confidence in the MCU, especially as Marvel used San Diego Comic-Con and Disney's biannual D23 Expo to tout its upcoming slate of features and share exclusive footage."", 'Going forward, the studio appears to be limiting the number of series it is producing for its streaming platform, Disney+, and keeping its focus on the big screen.', 'Previously, Marvel had produced nearly a dozen shows for the streaming platform, flooding the market and estranging some fans.', 'Marvel has six theatrical titles coming in the next three years and three television series set for release in 2025 — ""Agatha All Along,"" ""Ironheart"" and ""Daredevil: Born Again.', '""Both Comic Con and D23 audiences cheered the announcements to Marvel\'s slate, a sign that interest has not waned for the superhero genre.', 'That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.']",0.3380992557401993,"""Both Comic Con and D23 audiences cheered the announcements to Marvel's slate, a sign that interest has not waned for the superhero genre.","The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.",0.6377383904023604,"That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.","The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.",2024-08-19
+"Judge temporarily blocks sports streaming service Venu, siding with Fubo on antitrust concerns",https://www.cnbc.com/2024/08/16/judge-temporarily-blocks-sports-streaming-service-venu-ruling-in-favor-of-fubo-tv-on-antitrust-concerns.html,2024-08-16T21:08:49+0000,"In this articleA U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the National Football League season. The companies had planned to launch their service by that date.Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business. Fubo's stock gained 16% Friday on the news of the injunction.""Today's ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.Warner Bros. Discovery, Fox and Disney's ESPN announced the formation of the joint venture streaming service in February. Soon after, Fubo filed an antitrust lawsuit against the venture.On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices. In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass.; Sen. Bernie Sanders, I-Vt.; and Rep. Joaquin Castro, D-Texas, sent a letter pushing to scrutinize Venu.""We respectfully disagree with the court's ruling and are appealing it,"" Warner Bros. Discovery, Fox and Disney's ESPN said in a joint statement on Friday.""We believe that Fubo's arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction. Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.""Earlier this month, Venu announced pricing of $42.99 per month.The service would offer the complete suite of live sports rights owned by the parent companies, which includes the National Basketball Association, National Hockey League, Major League Baseball, college football and basketball, among others. Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.The expensive price point is common when it comes to streaming live sports so it doesn't shake up any carriage agreements with traditional pay TV distributors.In court documents, U.S. Judge Margaret Garnett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.""There is significant evidence in the record that the true figures may be even larger,"" Garnett said in court papers.""This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming. But together, they are dominant,"" Garnett said in her decision.Outside of these companies, Paramount Global's CBS and Comcast's NBC are the other largest holders of U.S. sports rights. Streaming services, such as Amazon's Prime Video, have also begun offering live sports exclusively.Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle. Meanwhile, companies such as Fubo — a streaming option of the bundle — have seen their prices rise due to the high programming costs related to the networks they carry.The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.A multiday hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar's Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses.During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would ""terminate"" Venu, Front Office Sports reported.""This ruling is a major victory for consumers and competition in the video marketplace,"" Jeff Blum, executive vice president of external and government affairs at EchoStar, said in a statement.""We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,"" DirecTV said in a statement Friday.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.",CNBC,16/08/2024,"['In this articleA U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.', 'The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the National Football League season.', 'The companies had planned to launch their service by that date.', 'Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business.', ""Fubo's stock gained 16% Friday on the news of the injunction."", '""Today\'s ruling is a victory not only for Fubo but also for consumers.', 'This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.', ""Warner Bros. Discovery, Fox and Disney's ESPN announced the formation of the joint venture streaming service in February."", 'Soon after, Fubo filed an antitrust lawsuit against the venture.', 'On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices.', 'In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass.; Sen. Bernie Sanders, I-Vt.;', 'and Rep. Joaquin Castro, D-Texas, sent a letter pushing to scrutinize Venu.', '""We respectfully disagree with the court\'s ruling and are appealing it,"" Warner Bros. Discovery, Fox and Disney\'s ESPN said in a joint statement on Friday.', '""We believe that Fubo\'s arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction.', 'Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.', '""Earlier this month, Venu announced pricing of $42.99 per month.', 'The service would offer the complete suite of live sports rights owned by the parent companies, which includes the National Basketball Association, National Hockey League, Major League Baseball, college football and basketball, among others.', ""Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.The expensive price point is common when it comes to streaming live sports so it doesn't shake up any carriage agreements with traditional pay TV distributors."", 'In court documents, U.S. Judge Margaret Garnett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.', '""There is significant evidence in the record that the true figures may be even larger,"" Garnett said in court papers.', '""This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming.', 'But together, they are dominant,"" Garnett said in her decision.', ""Outside of these companies, Paramount Global's CBS and Comcast's NBC are the other largest holders of U.S. sports rights."", ""Streaming services, such as Amazon's Prime Video, have also begun offering live sports exclusively."", 'Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle.', 'Meanwhile, companies such as Fubo — a streaming option of the bundle — have seen their prices rise due to the high programming costs related to the networks they carry.', 'The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.', ""But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies."", ""A multiday hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar's Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses."", 'During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would ""terminate"" Venu, Front Office Sports reported.', '""This ruling is a major victory for consumers and competition in the video marketplace,"" Jeff Blum, executive vice president of external and government affairs at EchoStar, said in a statement.', '""We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,"" DirecTV said in a statement Friday.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.']",0.0271076714137857,"This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.","But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.",0.019161398921694,Fubo's stock gained 16% Friday on the news of the injunction.,Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle.,2024-08-19
+Civilization VII: How Roman London inspired the upcoming game,https://www.bbc.co.uk/news/articles/c8dp64e0r85o,2024-08-20T21:07:53.084Z,"Fans of Civilization have been waiting almost a decade for the latest instalment of the cult video game series.  Now it has been revealed that theme of time passing is pretty appropriate: the inspiration at the heart of Civilization VII, to be released in February, is how the capital of the UK has changed from the Roman era to now. And it all started with a map of Londinium - as London was known to the Romans. ""Londinium looked like pretty much any frontier Roman town with an amphitheatre, baths, and a shaky bridge that crossed to the south side of the Thames,"" observed the game's lead developer Ed Beach, as he showed me the below map - used here courtesy of Encyclopaedia Britannica. ""But I wanted to look at how this evolved, and how this changed as London grew and prospered.""  It is the lessons from those changes that will lie at the heart of the new game. The Civilization series has sold 70 million copies since it began in 1991 - with the last edition released in 2016. The question of what direction developers Firaxis would take the next version of the game in has been a hot topic among fans. I include myself in that group - my brother first introduced me to Civ II on our PlayStation back in the 90s, and I was recently slightly horrified to discover I've spent more than 500 hours playing the sixth iteration of the series. For those that don't know, Civilization is at times more like a board game than a video game. You move units around a map, placing down cities and developing them, while fighting others to conquer their land for your own. Previous games in the series have locked players into playing as a particular leader and civilisation combination, such as Teddy Roosevelt and the United States, or Cleopatra and Egypt. But the developers say this isn't truly representative of how cities developed, where multiple different ruling groups leave their mark - just as they have with London. In the new game, a player might start off as the Romans, building their own Londinium in what it calls the antiquity era.  But after progressing to the next stage - the exploration era in the game's lingo - players might become the Normans and build over what came before. The game's developers drew inspiration from Ludgate, the site of the west gate in the former London Wall, and dug up more old maps to see how the area had changed 1,000 years after the Romans left London. ""London changes, and it grows, but you can see that core Roman encampment,"" Mr Beach said. The map, produced by Layers of London, part of the UK's Institute of Historical Research, shows the River Fleet still flows - but much of the Roman era buildings are no longer there. ""It's all been built over by the buildings that you would expect in a medieval or renaissance era city,"" Mr Beach said. ""We have inns, we have taverns, we still have religious buildings to the east side of the wall, but it's now St Paul's Cathedral, the very first version of it, before it got burned in the Fire of London.  ""And we see that the river has been rerouted a little bit so that they can have a prison to hold some of those miscreants from the Middle Ages and keep them at bay."" This difference formed the foundation of the new game - building on top of what came before, to craft distinctly different eras. Finally, the developers jumped forward in time to the Victorian era, to see how the Ludgate area had changed once more. This map, reproduced with the permission of the National Library of Scotland, shows another significant set of changes - with the River Fleet now no longer visible after it was rerouted underground to be used for sewage in the mid-1800s. ""Now the prison is totally replaced, the needs of the industrial revolution dictate we need a rail line in there, and Ludgate rail station is exactly on top of where the prison used to be,"" Mr Beach said. ""All those buildings that used to support religious activity have pretty much been overtaken, except for St Paul's Cathedral."" This third stage of change - which the new game calls the modern era - solidified the concept for the developers. In London's example, gamers could play as the Romans, then the Normans, then as Britain - all the while building a growing England that goes beyond just the capital city. But while the big shift in style may be exciting for some, hardcore fans of the series might be concerned about just how different it is. It comes amid many other changes which will be meaningful to fans - though they won't make too much sense to people who haven't played the game. The game's developers tell me civilisations controlled by the computer will behave more intelligently. They list the seemingly endless changes like checking off a list - each civilisation has its own unique set of civics it can discover, units can now travel through rivers, and there are no more builders. There are expected changes - like a graphical overhaul that makes the game look modern - and unexpected ones too - like shifting the leaders you play as to include important historical figures that didn't lead their country, like Benjamin Franklin and Confucius. Meanwhile Hatshepsut, one of Egypt's historical female leaders, is now playable. The game's narrator - Game of Thrones and Star Wars actress Gwendoline Christie - adds a layer of gravitas to the visual upgrade. But not everything was directly taken from a fan's wishlist. Roads will still be built automatically by traders, which has long been a sore point for some players. There are some changes to the game's take on religion, but it still sounds to me like players will be micro-managing missionaries around the map. And big promises of fixing the AI are well-received, but without seeing the final product it's hard to be convinced. Moving between ages seems to be linked to crises - like barbarian invasions, civil wars and plagues - though exactly how this will work is unclear. Mr Beach said it develops a ""cool cycle that you go through three times in the game that we're releasing here at launch"" - a sentence I told him sounded suspiciously like Firaxis might be considering adding further cycles and empires in the future. He wouldn't be drawn on it. But one thing that seems certain is that by having what is effectively a big reset button between eras, no one player can storm ahead and take an unassailable lead at the start of each game, which will be music to fans' ears. We'll find out when the game comes next year. ",BBC,20/08/2024,"['Fans of Civilization have been waiting almost a decade for the latest instalment of the cult video game series.', 'Now it has been revealed that theme of time passing is pretty appropriate: the inspiration at the heart of Civilization VII, to be released in February, is how the capital of the UK has changed from the Roman era to now.', 'And it all started with a map of Londinium - as London was known to the Romans. ""', 'Londinium looked like pretty much any frontier Roman town with an amphitheatre, baths, and a shaky bridge that crossed to the south side of the Thames,"" observed the game\'s lead developer Ed Beach, as he showed me the below map - used here courtesy of Encyclopaedia Britannica. ""', 'But I wanted to look at how this evolved, and how this changed as London grew and prospered.""', 'It is the lessons from those changes that will lie at the heart of the new game.', 'The Civilization series has sold 70 million copies since it began in 1991 - with the last edition released in 2016.', 'The question of what direction developers Firaxis would take the next version of the game in has been a hot topic among fans.', ""I include myself in that group - my brother first introduced me to Civ II on our PlayStation back in the 90s, and I was recently slightly horrified to discover I've spent more than 500 hours playing the sixth iteration of the series."", ""For those that don't know, Civilization is at times more like a board game than a video game."", 'You move units around a map, placing down cities and developing them, while fighting others to conquer their land for your own.', 'Previous games in the series have locked players into playing as a particular leader and civilisation combination, such as Teddy Roosevelt and the United States, or Cleopatra and Egypt.', ""But the developers say this isn't truly representative of how cities developed, where multiple different ruling groups leave their mark - just as they have with London."", 'In the new game, a player might start off as the Romans, building their own Londinium in what it calls the antiquity era.', ""But after progressing to the next stage - the exploration era in the game's lingo - players might become the Normans and build over what came before."", 'The game\'s developers drew inspiration from Ludgate, the site of the west gate in the former London Wall, and dug up more old maps to see how the area had changed 1,000 years after the Romans left London. ""', 'London changes, and it grows, but you can see that core Roman encampment,"" Mr Beach said.', 'The map, produced by Layers of London, part of the UK\'s Institute of Historical Research, shows the River Fleet still flows - but much of the Roman era buildings are no longer there. ""', 'It\'s all been built over by the buildings that you would expect in a medieval or renaissance era city,"" Mr Beach said. ""', 'We have inns, we have taverns, we still have religious buildings to the east side of the wall, but it\'s now St Paul\'s Cathedral, the very first version of it, before it got burned in the Fire of London. ""', 'And we see that the river has been rerouted a little bit so that they can have a prison to hold some of those miscreants from the Middle Ages and keep them at bay.""', 'This difference formed the foundation of the new game - building on top of what came before, to craft distinctly different eras.', 'Finally, the developers jumped forward in time to the Victorian era, to see how the Ludgate area had changed once more.', 'This map, reproduced with the permission of the National Library of Scotland, shows another significant set of changes - with the River Fleet now no longer visible after it was rerouted underground to be used for sewage in the mid-1800s. ""', 'Now the prison is totally replaced, the needs of the industrial revolution dictate we need a rail line in there, and Ludgate rail station is exactly on top of where the prison used to be,"" Mr Beach said. ""', 'All those buildings that used to support religious activity have pretty much been overtaken, except for St Paul\'s Cathedral.""', 'This third stage of change - which the new game calls the modern era - solidified the concept for the developers.', ""In London's example, gamers could play as the Romans, then the Normans, then as Britain - all the while building a growing England that goes beyond just the capital city."", 'But while the big shift in style may be exciting for some, hardcore fans of the series might be concerned about just how different it is.', ""It comes amid many other changes which will be meaningful to fans - though they won't make too much sense to people who haven't played the game."", ""The game's developers tell me civilisations controlled by the computer will behave more intelligently."", 'They list the seemingly endless changes like checking off a list - each civilisation has its own unique set of civics it can discover, units can now travel through rivers, and there are no more builders.', ""There are expected changes - like a graphical overhaul that makes the game look modern - and unexpected ones too - like shifting the leaders you play as to include important historical figures that didn't lead their country, like Benjamin Franklin and Confucius."", ""Meanwhile Hatshepsut, one of Egypt's historical female leaders, is now playable."", ""The game's narrator - Game of Thrones and Star Wars actress Gwendoline Christie - adds a layer of gravitas to the visual upgrade."", ""But not everything was directly taken from a fan's wishlist."", 'Roads will still be built automatically by traders, which has long been a sore point for some players.', ""There are some changes to the game's take on religion, but it still sounds to me like players will be micro-managing missionaries around the map."", ""And big promises of fixing the AI are well-received, but without seeing the final product it's hard to be convinced."", 'Moving between ages seems to be linked to crises - like barbarian invasions, civil wars and plagues - though exactly how this will work is unclear.', 'Mr Beach said it develops a ""cool cycle that you go through three times in the game that we\'re releasing here at launch"" - a sentence I told him sounded suspiciously like Firaxis might be considering adding further cycles and empires in the future.', ""He wouldn't be drawn on it."", ""But one thing that seems certain is that by having what is effectively a big reset button between eras, no one player can storm ahead and take an unassailable lead at the start of each game, which will be music to fans' ears."", ""We'll find out when the game comes next year.""]",0.1398979160428969,"There are expected changes - like a graphical overhaul that makes the game look modern - and unexpected ones too - like shifting the leaders you play as to include important historical figures that didn't lead their country, like Benjamin Franklin and Confucius.","Now the prison is totally replaced, the needs of the industrial revolution dictate we need a rail line in there, and Ludgate rail station is exactly on top of where the prison used to be,"" Mr Beach said. """,0.6361728211243948,"And big promises of fixing the AI are well-received, but without seeing the final product it's hard to be convinced.","Roads will still be built automatically by traders, which has long been a sore point for some players.",2024-08-19
+Cost of public services drives up UK government borrowing,https://www.bbc.co.uk/news/articles/cq5d3xjl764o,2024-08-21T06:16:24.777Z,"The rising cost of public services and benefits pushed government borrowing to higher levels than expected in July, official figures show. Borrowing, the difference between spending and tax income, hit £3.1bn last month, the highest level for July since 2021, the Office for National Statistics (ONS) said. The unexpected increase has prompted analysts to speculate over what tax and spending decisions the chancellor will announce at the autumn Budget. One economist said Rachel Reeves faced ""tough choices"", while another added the government would likely raise taxes. The chancellor has previously said some taxes will be increased, but has reiterated she would not raise VAT, national insurance or income tax. Jessica Barnaby, deputy director for public sector finances at the ONS, said the latest public finance figures showed income tax receipts had grown ""strongly"" and debt interest payments had fallen last month. But she added this was more than offset by rises in the cost of public services and inflation-linked benefits increases, leading to higher borrowing. While the overall tax take increased by £2.1bn in July, compulsory social contributions fell by £1.1bn last month largely because of the reductions in the rates of National Insurance, which were cut by the previous Conservative government. The rise in government borrowing was £1.1bn higher than most economists had expected. Borrowing is usually lower in July compared to other months because the government has taken a higher number of self-assessed income taxes by that point in the year. This year's July figure was up by £1.8bn on 2023. Rob Wood, chief UK economist at Pantheon Macroeconomics, said the latest borrowing figures showed public spending was ""already overshooting Budget forecasts"". ""Further revisions could easily change the picture, but Chancellor Rachel Reeves will likely have to raise taxes and borrow more in the medium term to cover spending more on public services,"" he added. Isabel Stockton, senior research economist at the Institute for Fiscal Studies, added Ms Reeves faced ""tough choices"" in her first Budget on 30 October, which is where the government will set out its taxation and spending plans. The choices, made by the chancellor, will impact what public money is used to pay for things such as hospitals, schools and the police. Ms Reeves will also base decisions on meeting the government's own, self-imposed, fiscal rules, which are designed to maintain credibility with financial markets. Most governments in rich countries have such rules. Darren Jones, chief secretary to the Treasury, said Wednesday's borrowing figures were ""yet more proof of the dire inheritance left to us by the previous government"". He said taxpayers’ money was being ""wasted on debt interest payments rather than on our public services"". A row between Labour and the Conservatives has been rumbling over the current state of the public finances. Ms Reeves has previously said the government will have to raise some taxes due to what she claims is a £22bn ""hole"" in the public finances, left by the previous Conservative government. However, the Conservatives have denied this and have instead accused Labour of misleading the public on tax rises. As well as the borrowing figures, the ONS revealed the UK's national debt remained at its highest level since the early 1960s last month. It said government spent £107.4bn in total this July, £3.5bn more than in the previous July. The interest payable on central government debt in July was £7bn, the second highest interest payable for that month since it started recording that data in 1997. However, the amount was still lower than the Office for Budget Responsibility, the government's official forecaster, had estimated. The latest ONS spending figures are provisional, so the they could change ahead of the Budget, and prompt different policy decisions. ",BBC,21/08/2024,"['The rising cost of public services and benefits pushed government borrowing to higher levels than expected in July, official figures show.', 'Borrowing, the difference between spending and tax income, hit £3.1bn last month, the highest level for July since 2021, the Office for National Statistics (ONS) said.', 'The unexpected increase has prompted analysts to speculate over what tax and spending decisions the chancellor will announce at the autumn Budget.', 'One economist said Rachel Reeves faced ""tough choices"", while another added the government would likely raise taxes.', 'The chancellor has previously said some taxes will be increased, but has reiterated she would not raise VAT, national insurance or income tax.', 'Jessica Barnaby, deputy director for public sector finances at the ONS, said the latest public finance figures showed income tax receipts had grown ""strongly"" and debt interest payments had fallen last month.', 'But she added this was more than offset by rises in the cost of public services and inflation-linked benefits increases, leading to higher borrowing.', 'While the overall tax take increased by £2.1bn in July, compulsory social contributions fell by £1.1bn last month largely because of the reductions in the rates of National Insurance, which were cut by the previous Conservative government.', 'The rise in government borrowing was £1.1bn higher than most economists had expected.', 'Borrowing is usually lower in July compared to other months because the government has taken a higher number of self-assessed income taxes by that point in the year.', ""This year's July figure was up by £1.8bn on 2023."", 'Rob Wood, chief UK economist at Pantheon Macroeconomics, said the latest borrowing figures showed public spending was ""already overshooting Budget forecasts"". ""', 'Further revisions could easily change the picture, but Chancellor Rachel Reeves will likely have to raise taxes and borrow more in the medium term to cover spending more on public services,"" he added.', 'Isabel Stockton, senior research economist at the Institute for Fiscal Studies, added Ms Reeves faced ""tough choices"" in her first Budget on 30 October, which is where the government will set out its taxation and spending plans.', 'The choices, made by the chancellor, will impact what public money is used to pay for things such as hospitals, schools and the police.', ""Ms Reeves will also base decisions on meeting the government's own, self-imposed, fiscal rules, which are designed to maintain credibility with financial markets."", 'Most governments in rich countries have such rules.', 'Darren Jones, chief secretary to the Treasury, said Wednesday\'s borrowing figures were ""yet more proof of the dire inheritance left to us by the previous government"".', 'He said taxpayers’ money was being ""wasted on debt interest payments rather than on our public services"".', 'A row between Labour and the Conservatives has been rumbling over the current state of the public finances.', 'Ms Reeves has previously said the government will have to raise some taxes due to what she claims is a £22bn ""hole"" in the public finances, left by the previous Conservative government.', 'However, the Conservatives have denied this and have instead accused Labour of misleading the public on tax rises.', ""As well as the borrowing figures, the ONS revealed the UK's national debt remained at its highest level since the early 1960s last month."", 'It said government spent £107.4bn in total this July, £3.5bn more than in the previous July.', 'The interest payable on central government debt in July was £7bn, the second highest interest payable for that month since it started recording that data in 1997.', ""However, the amount was still lower than the Office for Budget Responsibility, the government's official forecaster, had estimated."", 'The latest ONS spending figures are provisional, so the they could change ahead of the Budget, and prompt different policy decisions.']",-0.015697936372082,Most governments in rich countries have such rules.,"However, the Conservatives have denied this and have instead accused Labour of misleading the public on tax rises.",-0.3179063598314921,This year's July figure was up by £1.8bn on 2023.,"Rob Wood, chief UK economist at Pantheon Macroeconomics, said the latest borrowing figures showed public spending was ""already overshooting Budget forecasts"". """,2024-08-19
+"GM lays off more than 1,000 salaried software and services employees",https://www.cnbc.com/2024/08/19/gm-lays-off-more-than-1000-salaried-software-and-services-employees.html,2024-08-19T15:28:43+0000,"In this articleDETROIT — General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit's operations, CNBC has learned.The layoffs, including roughly 600 jobs at GM's tech campus near Detroit, come less than six months after leadership changes overseeing the operations, including former Apple executive Mike Abbott leaving the automaker after less than a year in March due to health reasons.""As we build GM's future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""As a result, we're reducing certain teams within the Software and Services organization. We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.""GM declined to disclose the full number of layoffs, but a source familiar with the matter, who declined to be named because the information is private, confirmed more than 1,000 salaried employees would be laid off, including 600 in Warren, Michigan. Impacted employees were notified Monday morning.The layoffs represent about 1.3% of the company's global salaried workforce of 76,000 as of the end of last year. That included about 53,000 U.S. salaried employees.The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles.Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.The software and services division covers a wide variety of areas for the automaker, including infotainment, its OnStar brand, and emerging areas such as subscriptions and other vehicle features and development.Two GM executives — Baris Cetinok and Dave Richardson — succeeded Abbott, who was named GM's first executive vice president of software in May 2023. They are based at GM's Mountain View Technical Center in California.Cetinok, a veteran software executive, serves as senior vice president of software and services product management, program management, and design. He oversees the teams responsible for GM's software roadmap design and the process for software program development, launch and improvements. Richardson, GM senior vice president of software and services engineering, leads software engineering, including areas like embedded platforms, digital products, commercial solutions and advanced driver-assistance systems such as GM's Super Cruise.",CNBC,19/08/2024,"[""In this articleDETROIT — General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit's operations, CNBC has learned."", ""The layoffs, including roughly 600 jobs at GM's tech campus near Detroit, come less than six months after leadership changes overseeing the operations, including former Apple executive Mike Abbott leaving the automaker after less than a year in March due to health reasons."", '""As we build GM\'s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""', ""As a result, we're reducing certain teams within the Software and Services organization."", 'We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.', '""GM declined to disclose the full number of layoffs, but a source familiar with the matter, who declined to be named because the information is private, confirmed more than 1,000 salaried employees would be laid off, including 600 in Warren, Michigan.', 'Impacted employees were notified Monday morning.', ""The layoffs represent about 1.3% of the company's global salaried workforce of 76,000 as of the end of last year."", 'That included about 53,000 U.S. salaried employees.', ""The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles."", 'Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.', 'The software and services division covers a wide variety of areas for the automaker, including infotainment, its OnStar brand, and emerging areas such as subscriptions and other vehicle features and development.', ""Two GM executives — Baris Cetinok and Dave Richardson — succeeded Abbott, who was named GM's first executive vice president of software in May 2023."", ""They are based at GM's Mountain View Technical Center in California."", 'Cetinok, a veteran software executive, serves as senior vice president of software and services product management, program management, and design.', ""He oversees the teams responsible for GM's software roadmap design and the process for software program development, launch and improvements."", ""Richardson, GM senior vice president of software and services engineering, leads software engineering, including areas like embedded platforms, digital products, commercial solutions and advanced driver-assistance systems such as GM's Super Cruise.""]",0.2355324836580565,"""As we build GM's future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""","The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles.",0.322678804397583,"Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.","As a result, we're reducing certain teams within the Software and Services organization.",2024-08-19
+"Bangladesh to raise rates and seek assistance, says bank chief",https://www.bbc.co.uk/news/articles/cdjw28pvrl9o,2024-08-21T18:54:49.081Z,"Bangladesh will announce a decision to raise interest rates from 8.5% to 9% in a day or two, the new central bank chief has told the BBC in an exclusive interview. Dr Ahsan H Mansur said he will raise rates further to 10% or more in the coming months to tame inflation. Soaring prices have been a major concern for Bangladesh, with its currency also under pressure with remittances drying up and garments exports badly impacted by political unrest. The International Monetary Fund (IMF) had asked Bangladesh to tighten its monetary policy and keep exchange rates flexible while extending a $4.7bn (£3.6bn) bailout for the South Asian nation. Dr Mansur said he was in conversation with the body to ""augment"" and ""front load"" this amount by an additional $3bn. He said Bangladesh was also seeking an additional $1.5bn from the World Bank and $1bn each from the Asian Development Bank and the Japan International Cooperation Agency. Internet blackouts and curfews preceding the ousting of Prime Minister Sheikh Hasina’s regime earlier this month have also put pressure on prices. Dr Mansur, a veteran economist who spent three decades at the IMF, was named governor of Bangladesh Bank last week by the interim government headed by Nobel laureate Muhammad Yunus. The former Governor Abdur Rouf Talukder and two other deputy governors resigned as part of string of bureaucratic departures following the recent fall of the previous government. In his first sit-down interview since, Dr Mansur emphasised that cleaning up the country’s banking sector was his top priority when speaking to the BBC at the central bank's headquarters in the commercial heart of Dhaka. There has been a ""designed robbery of the financial system"" which has caused significant damage to banks and has serious implications for the stock market and the broader economy, he suggested. Bangladesh’s banks have seen a flight of deposits and an alarming rise in non-performing assets following defaults by groups allegedly linked with the ousted Awami League government. The non-performing assets were “just robbery of the banks. They took the money and put it in Singapore, Dubai, London and elsewhere. So the first effort would be to try to take people to task and get the money back,” said Dr Mansur. ""While doing this in parallel, we will have to reconstruct the banking system. So we are trying to establish a Banking Commission."" The job of this commission will be to do a comprehensive audit of the banks and suggest remedies such as change of board, change of management, injection of capital, or in the case of some smaller banks, mergers. Dr Mansur also expects the government will need to inject $15-30bn to recapitalise some of Bangladesh’s Islamic banks which could effectively mean they will be nationalised. ""We do not want it.. but [a] lot of loans have been incurred by these people, and they are not going to pay it back... We have to at least cover the depositors' money,"" he added. Along with reforms in monetary policy, the governor also expects Bangladesh's new government to announce a sharp reduction in spending despite the ongoing economic turmoil. Prime Minister Sheikh Hasina’s government had cut spending and lowered the country’s fiscal deficit target to 4.6% - the lowest since 2015, according to Bloomberg. But there will need to be a further 9-10% cut in budgetary spending ""so that more credit is more available for the private sector"", said Dr Mansur. Late last week, Muhammad Yunus, the Chief Adviser to Bangladesh's interim government, is reported to have told a gathering of diplomats that his government will undertake ""comprehensive reforms"" before holding the next general election. When asked how long it will be before the elections could be called, Dr Mansur said it could be another three years or more. ",BBC,21/08/2024,"['Bangladesh will announce a decision to raise interest rates from 8.5% to 9% in a day or two, the new central bank chief has told the BBC in an exclusive interview.', 'Dr Ahsan H Mansur said he will raise rates further to 10% or more in the coming months to tame inflation.', 'Soaring prices have been a major concern for Bangladesh, with its currency also under pressure with remittances drying up and garments exports badly impacted by political unrest.', 'The International Monetary Fund (IMF) had asked Bangladesh to tighten its monetary policy and keep exchange rates flexible while extending a $4.7bn (£3.6bn) bailout for the South Asian nation.', 'Dr Mansur said he was in conversation with the body to ""augment"" and ""front load"" this amount by an additional $3bn.', 'He said Bangladesh was also seeking an additional $1.5bn from the World Bank and $1bn each from the Asian Development Bank and the Japan International Cooperation Agency.', 'Internet blackouts and curfews preceding the ousting of Prime Minister Sheikh Hasina’s regime earlier this month have also put pressure on prices.', 'Dr Mansur, a veteran economist who spent three decades at the IMF, was named governor of Bangladesh Bank last week by the interim government headed by Nobel laureate Muhammad Yunus.', 'The former Governor Abdur Rouf Talukder and two other deputy governors resigned as part of string of bureaucratic departures following the recent fall of the previous government.', ""In his first sit-down interview since, Dr Mansur emphasised that cleaning up the country’s banking sector was his top priority when speaking to the BBC at the central bank's headquarters in the commercial heart of Dhaka."", 'There has been a ""designed robbery of the financial system"" which has caused significant damage to banks and has serious implications for the stock market and the broader economy, he suggested.', 'Bangladesh’s banks have seen a flight of deposits and an alarming rise in non-performing assets following defaults by groups allegedly linked with the ousted Awami League government.', 'The non-performing assets were “just robbery of the banks.', 'They took the money and put it in Singapore, Dubai, London and elsewhere.', 'So the first effort would be to try to take people to task and get the money back,” said Dr Mansur. ""', 'While doing this in parallel, we will have to reconstruct the banking system.', 'So we are trying to establish a Banking Commission.""', 'The job of this commission will be to do a comprehensive audit of the banks and suggest remedies such as change of board, change of management, injection of capital, or in the case of some smaller banks, mergers.', 'Dr Mansur also expects the government will need to inject $15-30bn to recapitalise some of Bangladesh’s Islamic banks which could effectively mean they will be nationalised. ""', 'We do not want it.. but [a] lot of loans have been incurred by these people, and they are not going to pay it back... We have to at least cover the depositors\' money,"" he added.', ""Along with reforms in monetary policy, the governor also expects Bangladesh's new government to announce a sharp reduction in spending despite the ongoing economic turmoil."", 'Prime Minister Sheikh Hasina’s government had cut spending and lowered the country’s fiscal deficit target to 4.6% - the lowest since 2015, according to Bloomberg.', 'But there will need to be a further 9-10% cut in budgetary spending ""so that more credit is more available for the private sector"", said Dr Mansur.', 'Late last week, Muhammad Yunus, the Chief Adviser to Bangladesh\'s interim government, is reported to have told a gathering of diplomats that his government will undertake ""comprehensive reforms"" before holding the next general election.', 'When asked how long it will be before the elections could be called, Dr Mansur said it could be another three years or more.']",-0.0094072026774944,"Bangladesh will announce a decision to raise interest rates from 8.5% to 9% in a day or two, the new central bank chief has told the BBC in an exclusive interview.","Prime Minister Sheikh Hasina’s government had cut spending and lowered the country’s fiscal deficit target to 4.6% - the lowest since 2015, according to Bloomberg.",-0.1286487802863121,"Prime Minister Sheikh Hasina’s government had cut spending and lowered the country’s fiscal deficit target to 4.6% - the lowest since 2015, according to Bloomberg.",Bangladesh’s banks have seen a flight of deposits and an alarming rise in non-performing assets following defaults by groups allegedly linked with the ousted Awami League government.,2024-08-19
+Looming Canada rail shutdown threatens US supply chains,https://www.bbc.co.uk/news/articles/cy76nnpyrnlo,2024-08-21T14:37:40.933Z,"A labour dispute between Canada’s two main national rail carriers and workers could lead to a possible lockout as soon as Thursday morning, threatening crucial supply chains across North America. Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) plan to lock out nearly 9,300  workers as of 00:01 EST (04:01 GMT) failing an eleventh-hour deal. Canada sends around 75% of all the goods it exports to the US, mostly over rail, and a prolonged dispute could disrupt shipments of a wide range of goods, from grains and beans to potash, coal and timber. Negotiations have stalled over shift scheduling, fatigue provisions and wages.  On Wednesday, Prime Minister Justin Trudeau urged both sides to continue talks. ""Millions of Canadians, of workers, of farmers, of businesses right across the country are counting on both sides to do the work and get to a resolution,"" he said in brief remarks, without taking questions. Dozens of industry and trade organisations warned last week in an open letter that the disruption would have ""an immediate impact"" from coast-to-coast and damage  Canada's reputation as a trading partner.   ""Factoring in the millions of Canadian jobs that would be impacted, the magnitude of the disruption is daunting,"" it said.  On Tuesday, a joint statement from the US and Canadian chambers of commerce warned of the potential ""devastating"" impact of the stoppage.  It ""will be devastating to Canadian businesses and families and impose significant impacts on the US economy"", they said.  A group of agriculture trade associations has urged Ottawa to step in, but the government has declined so far. Federal Labour Minister Steve MacKinnon is meeting both sides this week but has resisted calls for binding arbitration.  Labour agreements for both railways expired at the end of last year.  Both CPKC and CN have told the union they will begin locking out members on Thursday. Teamsters Canada Rail Conference separately issued a 72-hour strike notice to CPKC on Sunday.  Rail networks in the US and Mexico will continue to operate but a stoppage north of the border could be felt across North America.  On Monday, US Transport Secretary Peter said on X/Twitter that he is monitoring rail negotiations and the potential impact on the cross-border flow of goods.  Some C$380bn (£214bn) in goods is moved by rail each year and railways move half of the country's goods for export, according to the Railway Association of Canada.  This week, both CPKC and CN have already begun pausing some shipments in preparation for a stoppage. Embargoes are now in place on chemicals such as ammonia, used as a fertiliser, and chlorine, used in water treatment, to avoid them being stranded on the rails if work stops.  Shipping firm Maersk on Monday stopped accepting shipments destined for Canada meant to move by rail and that could not be transported on heavy trucks instead.  The Canadian Pork Council warned that since the industry relies on rail to get feed to its animals, their welfare is at risk. “Canada’s red meat processors need stable, reliable supply chains to run their businesses,"" said Chris White, CEO, Canadian Meat Council in a statement. ""Interruption in service will result in millions of dollars in losses, irreversible reputational damage, environmental disposal challenges, and enormous waste.” The shutdown could also snarl commuter transit in major Canadian cities like Toronto or Montreal as some dispatchers will be on a work stoppage. Professor Barry Prentice, director at the University of Manitoba Transport Institute, said the government would likely pass back-to-work legislation in the coming days if the sides couldn't come to an agreement, as has been done in similar past disputes.  ""This isn't the best way to run the show,"" he told the BBC.  ""But it seems to be the playbook and and we're back on this merry-go-round again,""  With additional reporting from Michelle Fleury  ",BBC,21/08/2024,"['A labour dispute between Canada’s two main national rail carriers and workers could lead to a possible lockout as soon as Thursday morning, threatening crucial supply chains across North America.', 'Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) plan to lock out nearly 9,300 workers as of 00:01 EST (04:01 GMT) failing an eleventh-hour deal.', 'Canada sends around 75% of all the goods it exports to the US, mostly over rail, and a prolonged dispute could disrupt shipments of a wide range of goods, from grains and beans to potash, coal and timber.', 'Negotiations have stalled over shift scheduling, fatigue provisions and wages.', 'On Wednesday, Prime Minister Justin Trudeau urged both sides to continue talks. ""', 'Millions of Canadians, of workers, of farmers, of businesses right across the country are counting on both sides to do the work and get to a resolution,"" he said in brief remarks, without taking questions.', 'Dozens of industry and trade organisations warned last week in an open letter that the disruption would have ""an immediate impact"" from coast-to-coast and damage Canada\'s reputation as a trading partner. ""', 'Factoring in the millions of Canadian jobs that would be impacted, the magnitude of the disruption is daunting,"" it said.', 'On Tuesday, a joint statement from the US and Canadian chambers of commerce warned of the potential ""devastating"" impact of the stoppage.', 'It ""will be devastating to Canadian businesses and families and impose significant impacts on the US economy"", they said.', 'A group of agriculture trade associations has urged Ottawa to step in, but the government has declined so far.', 'Federal Labour Minister Steve MacKinnon is meeting both sides this week but has resisted calls for binding arbitration.', 'Labour agreements for both railways expired at the end of last year.', 'Both CPKC and CN have told the union they will begin locking out members on Thursday.', 'Teamsters Canada Rail Conference separately issued a 72-hour strike notice to CPKC on Sunday.', 'Rail networks in the US and Mexico will continue to operate but a stoppage north of the border could be felt across North America.', 'On Monday, US Transport Secretary Peter said on X/Twitter that he is monitoring rail negotiations and the potential impact on the cross-border flow of goods.', ""Some C$380bn (£214bn) in goods is moved by rail each year and railways move half of the country's goods for export, according to the Railway Association of Canada."", 'This week, both CPKC and CN have already begun pausing some shipments in preparation for a stoppage.', 'Embargoes are now in place on chemicals such as ammonia, used as a fertiliser, and chlorine, used in water treatment, to avoid them being stranded on the rails if work stops.', 'Shipping firm Maersk on Monday stopped accepting shipments destined for Canada meant to move by rail and that could not be transported on heavy trucks instead.', 'The Canadian Pork Council warned that since the industry relies on rail to get feed to its animals, their welfare is at risk. “', 'Canada’s red meat processors need stable, reliable supply chains to run their businesses,"" said Chris White, CEO, Canadian Meat Council in a statement. ""', 'Interruption in service will result in millions of dollars in losses, irreversible reputational damage, environmental disposal challenges, and enormous waste.”', 'The shutdown could also snarl commuter transit in major Canadian cities like Toronto or Montreal as some dispatchers will be on a work stoppage.', 'Professor Barry Prentice, director at the University of Manitoba Transport Institute, said the government would likely pass back-to-work legislation in the coming days if the sides couldn\'t come to an agreement, as has been done in similar past disputes. ""', 'This isn\'t the best way to run the show,"" he told the BBC. ""', 'But it seems to be the playbook and and we\'re back on this merry-go-round again,"" With additional reporting from Michelle Fleury']",-0.1363519919282046,"But it seems to be the playbook and and we're back on this merry-go-round again,"" With additional reporting from Michelle Fleury","Interruption in service will result in millions of dollars in losses, irreversible reputational damage, environmental disposal challenges, and enormous waste.”",-0.9521785179773966,,"Interruption in service will result in millions of dollars in losses, irreversible reputational damage, environmental disposal challenges, and enormous waste.”",2024-08-19
+Panicked Kenyan and Ethiopian workers prevented from leaving Lebanon,https://www.bbc.co.uk/news/articles/c86lgnnw4y3o,2024-08-21T00:00:12.625Z,"“I want to go home,” Kenyan Eulita Jerop tells the BBC from Lebanon, where she is employed as a domestic worker. But the terms of her employment make it difficult for her to leave, despite fears of an all-out war in the country. She has been terrified by the unfamiliar sounds she has heard overhead on the outskirts of the capital, Beirut. The 35-year-old has been working there for the past 14 months. “It was so scary. We were told it wasn’t bombs, but it was [planes breaking] the sound barrier,” she says. “But the sounds were hitting so hard.” Her panic is shared by many others in her WhatsApp group of fellow domestic workers, she adds. The loud booms in the sky came from fighter planes. There are fears that they could foreshadow a full-on war. Israel and Lebanon-based group Hezbollah have traded near-daily fire across the border since the 7 October Hamas attack on Israel. It prompted the Israeli invasion of Gaza, with the aim of eliminating Hamas. Hezbollah, a political movement and Iran-backed militia, says it is attacking Israel in support of the Palestinian people. The shells have mostly fallen in southern Lebanon and northern Israel, but there are concerns that the rest of Lebanon could get caught up as the conflict transforms into a wider regional struggle. The US, UK, Australia, France and Canada have all issued official advice for their citizens to leave Lebanon as soon as possible. But getting out is easier for some than others. Ms Jerop said it was common for employers to take their passports on arrival in Lebanon. Even with a passport, domestic workers still need an exit visa to leave - paperwork which must be approved by their boss. This is allowed to happen under the country’s “kafala” (sponsorship) system for foreign workers – which employs an estimated 250,000 people. “Kafala” gives individuals or companies permits to employ foreign workers. This means that their immigration status is entirely dependent on their employer and they have limited rights. Employers can take advantage of their position and many women are overworked, underpaid and physically abused – though this is not the case for Ms Jerop. Despite calls for significant reforms, the system continues in several Arab states. Daniela Rovina, communications officer at the International Organization for Migration, told the BBC that under international law a person must be allowed to leave a country if a conflict occurs. In Ms Jerop’s case, her employers want her to continue working in Lebanon. ""They are saying the situation has been here in Lebanon for many years, and there is nothing to worry about,” she says. “But for us the tension is high. We are not used to these kinds of [bombing] sounds.” But even with papers, Ms Jerop and her fellow domestic workers face other challenges to leave. “Few flights are available and they are very expensive,” she says. Flights to Kenya cost up to $1,000 (£770). Banchi Yimer, who founded an organisation supporting the rights of Ethiopian domestic workers, says the average monthly salary used to be $150 but since the cost-of-living crisis, which hit Lebanon hard, “many are not getting paid at all”. “Every day we receive calls from women panicking… they ask us if we have any [evacuation] plan, if we can do anything about it.” Chiku, another domestic worker from Kenya, whose name we have changed to protect her safety, cannot pay for the flight. She has been living in Baabda, in the west of Lebanon, for almost a year. “I personally would like to go back home. But the tickets are so costly,” she says. “And my mum and dad also can’t afford that money.” She has been living in fear for the past few weeks, but like Ms Jerop, her employer has told her to stay. “They say I can’t leave because I haven’t finished my contract,” Chiku says. “But is this contract more important than my life?” The Lebanese labour ministry has not yet responded to a BBC request for comment. The Kenyan authorities say that if war does break out, they will put an evacuation plan in place. Roseline Kathure Njogu, in charge of diaspora affairs for the Kenyan government, told the BBC the department can issue emergency travel documents for those without their passports. She assured that the Kenyan government would be able to provide emergency flights. “We have around 26,000 Kenyans in Lebanon, and 1,500 have registered with us for evacuation,” she said. But many want to leave right now. Ethiopian government spokesperson Nebiyu Tedla told the BBC they are “preparing contingency plans to evacuate diplomats and citizens from Lebanon if necessary”. However, Ms Banchi makes the point that even before the Israel-Gaza conflict, there were already many Ethiopian women stranded in Lebanon desperate to leave. A collapse in Lebanon’s economy in 2020 left many Ethiopian domestic workers out of a job. “Many cannot even afford rent or medical assistance, let alone a flight home,” she says. While foreign embassies continue to work on evacuation plans, many feel they have been abandoned by their governments to fend for themselves. Chiku is trying to set aside money to pay for a flight home. “But what about the others who can’t?” she asks. 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,21/08/2024,"['“I want to go home,” Kenyan Eulita Jerop tells the BBC from Lebanon, where she is employed as a domestic worker.', 'But the terms of her employment make it difficult for her to leave, despite fears of an all-out war in the country.', 'She has been terrified by the unfamiliar sounds she has heard overhead on the outskirts of the capital, Beirut.', 'The 35-year-old has been working there for the past 14 months. “', 'It was so scary.', 'We were told it wasn’t bombs, but it was [planes breaking] the sound barrier,” she says. “', 'But the sounds were hitting so hard.”', 'Her panic is shared by many others in her WhatsApp group of fellow domestic workers, she adds.', 'The loud booms in the sky came from fighter planes.', 'There are fears that they could foreshadow a full-on war.', 'Israel and Lebanon-based group Hezbollah have traded near-daily fire across the border since the 7 October Hamas attack on Israel.', 'It prompted the Israeli invasion of Gaza, with the aim of eliminating Hamas.', 'Hezbollah, a political movement and Iran-backed militia, says it is attacking Israel in support of the Palestinian people.', 'The shells have mostly fallen in southern Lebanon and northern Israel, but there are concerns that the rest of Lebanon could get caught up as the conflict transforms into a wider regional struggle.', 'The US, UK, Australia, France and Canada have all issued official advice for their citizens to leave Lebanon as soon as possible.', 'But getting out is easier for some than others.', 'Ms Jerop said it was common for employers to take their passports on arrival in Lebanon.', 'Even with a passport, domestic workers still need an exit visa to leave - paperwork which must be approved by their boss.', 'This is allowed to happen under the country’s “kafala” (sponsorship) system for foreign workers – which employs an estimated 250,000 people. “', 'Kafala” gives individuals or companies permits to employ foreign workers.', 'This means that their immigration status is entirely dependent on their employer and they have limited rights.', 'Employers can take advantage of their position and many women are overworked, underpaid and physically abused – though this is not the case for Ms Jerop.', 'Despite calls for significant reforms, the system continues in several Arab states.', 'Daniela Rovina, communications officer at the International Organization for Migration, told the BBC that under international law a person must be allowed to leave a country if a conflict occurs.', 'In Ms Jerop’s case, her employers want her to continue working in Lebanon. ""', 'They are saying the situation has been here in Lebanon for many years, and there is nothing to worry about,” she says. “', 'But for us the tension is high.', 'We are not used to these kinds of [bombing] sounds.”', 'But even with papers, Ms Jerop and her fellow domestic workers face other challenges to leave. “', 'Few flights are available and they are very expensive,” she says.', 'Flights to Kenya cost up to $1,000 (£770).', 'Banchi Yimer, who founded an organisation supporting the rights of Ethiopian domestic workers, says the average monthly salary used to be $150 but since the cost-of-living crisis, which hit Lebanon hard, “many are not getting paid at all”. “', 'Every day we receive calls from women panicking… they ask us if we have any [evacuation] plan, if we can do anything about it.”', 'Chiku, another domestic worker from Kenya, whose name we have changed to protect her safety, cannot pay for the flight.', 'She has been living in Baabda, in the west of Lebanon, for almost a year. “', 'I personally would like to go back home.', 'But the tickets are so costly,” she says. “', 'And my mum and dad also can’t afford that money.”', 'She has been living in fear for the past few weeks, but like Ms Jerop, her employer has told her to stay. “', 'They say I can’t leave because I haven’t finished my contract,” Chiku says. “', 'But is this contract more important than my life?”', 'The Lebanese labour ministry has not yet responded to a BBC request for comment.', 'The Kenyan authorities say that if war does break out, they will put an evacuation plan in place.', 'Roseline Kathure Njogu, in charge of diaspora affairs for the Kenyan government, told the BBC the department can issue emergency travel documents for those without their passports.', 'She assured that the Kenyan government would be able to provide emergency flights. “', 'We have around 26,000 Kenyans in Lebanon, and 1,500 have registered with us for evacuation,” she said.', 'But many want to leave right now.', 'Ethiopian government spokesperson Nebiyu Tedla told the BBC they are “preparing contingency plans to evacuate diplomats and citizens from Lebanon if necessary”.', 'However, Ms Banchi makes the point that even before the Israel-Gaza conflict, there were already many Ethiopian women stranded in Lebanon desperate to leave.', 'A collapse in Lebanon’s economy in 2020 left many Ethiopian domestic workers out of a job. “', 'Many cannot even afford rent or medical assistance, let alone a flight home,” she says.', 'While foreign embassies continue to work on evacuation plans, many feel they have been abandoned by their governments to fend for themselves.', 'Chiku is trying to set aside money to pay for a flight home. “', 'But what about the others who can’t?”', 'she asks.', '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']",-0.1301920816409105,"Chiku, another domestic worker from Kenya, whose name we have changed to protect her safety, cannot pay for the flight.","But the terms of her employment make it difficult for her to leave, despite fears of an all-out war in the country.",-0.7958835164705912,,A collapse in Lebanon’s economy in 2020 left many Ethiopian domestic workers out of a job. “,2024-08-19
+"How much money is the UK government borrowing, and does it matter?",https://www.bbc.co.uk/news/business-50504151,2019-11-21T15:27:10.000Z,"The government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.  The government gets most of its income from taxes. For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits. It could, in theory, cover all of its spending from taxes, and in some years that happens. But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing. Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages. Lower profits also mean companies pay less tax. So, governments often borrow to boost the economy. They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy. The government borrows money by selling financial products called bonds. A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments over the bond's lifetime.  UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid. Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.  The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"". The amount the government borrows varies from month to month.  For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.  So it is more helpful to look at the whole year, or the year-to-date. In the last financial year, to March 2024, the government borrowed £122.1bn. The most recent monthly figures show that borrowing was £3.1bn in July, an increase of £1.8bn on the same month last year. The total amount the government owes is called the national debt. It is currently about £2.7 trillion. That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP. That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.  The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level. But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies. The larger the national debt gets, the more interest the government has to pay.  That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates. The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023. Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation. When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing. If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.  Some economists fear the government is borrowing too much, at too great a cost. Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run. With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.  It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.  But the OBR has previously warned that public debt could soar as the population ages and tax income falls. In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.  In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year. Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated. The deficit is the gap between the government's income and the amount it spends. When a government spends less than its income, it has what is known as a surplus.  Debt is the total amount of money owed by the government that has built up over years.  It rises when there is a deficit, and falls in those years when there is a surplus.   ",BBC,21/11/2019,"['The government generally spends more than it raises in tax.', 'To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.', 'The government gets most of its income from taxes.', 'For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits.', 'It could, in theory, cover all of its spending from taxes, and in some years that happens.', ""But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing."", 'Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages.', 'Lower profits also mean companies pay less tax.', 'So, governments often borrow to boost the economy.', 'They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy.', 'The government borrows money by selling financial products called bonds.', 'A bond is a promise to pay money in the future.', ""Most require the borrower to make regular interest payments over the bond's lifetime."", 'UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid.', 'Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.', 'The Bank of England has also bought hundreds of billions of pounds\' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".', 'The amount the government borrows varies from month to month.', 'For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.', 'So it is more helpful to look at the whole year, or the year-to-date.', 'In the last financial year, to March 2024, the government borrowed £122.1bn.', 'The most recent monthly figures show that borrowing was £3.1bn in July, an increase of £1.8bn on the same month last year.', 'The total amount the government owes is called the national debt.', 'It is currently about £2.7 trillion.', 'That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP.', 'That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.', ""The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level."", 'But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies.', 'The larger the national debt gets, the more interest the government has to pay.', 'That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates.', 'The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023.', 'Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation.', 'When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing.', 'If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.', 'Some economists fear the government is borrowing too much, at too great a cost.', 'Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run.', 'With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.', 'It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.', 'But the OBR has previously warned that public debt could soar as the population ages and tax income falls.', 'In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.', 'In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year.', 'Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated.', ""The deficit is the gap between the government's income and the amount it spends."", 'When a government spends less than its income, it has what is known as a surplus.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit, and falls in those years when there is a surplus.']",-0.0217727246550876,"The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".",The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level.,0.1522367907607037,"The most recent monthly figures show that borrowing was £3.1bn in July, an increase of £1.8bn on the same month last year.",But the OBR has previously warned that public debt could soar as the population ages and tax income falls.,2024-08-19
+Target CEO addresses 'price gouging' accusations in retail,https://www.cnbc.com/2024/08/21/target-ceo-brian-cornell-weighs-in-on-price-gouging.html,2024-08-21T14:32:59+0000,"In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday.In an interview on CNBC's ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices. He said retailers have to be responsive to customers or risk losing business.He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging. Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.""We're in a penny business,"" Cornell responded, noting the small profit margins in the retail industry. He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance. It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%. Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target. A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers' concerns by lowering prices. It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales. Others, such as McDonald's, have debuted value meals.So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.On an earnings call with investors, he said some brands ""are still talking about cost increases, and we're fighting back on that aggressively because we think prices need to come down.""",CNBC,21/08/2024,"[""In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday."", 'In an interview on CNBC\'s ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices.', 'He said retailers have to be responsive to customers or risk losing business.', ""He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging."", 'Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.', '""We\'re in a penny business,"" Cornell responded, noting the small profit margins in the retail industry.', 'He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.', ""Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance."", 'It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%.', ""Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target."", ""A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending."", 'Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers\' concerns by lowering prices.', 'It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales.', ""Others, such as McDonald's, have debuted value meals."", ""So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago."", 'Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.', 'On an earnings call with investors, he said some brands ""are still talking about cost increases, and we\'re fighting back on that aggressively because we think prices need to come down.""']",-0.1228633347866972,"He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging.","Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.",0.0781544230201027,"So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.","A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.",2024-08-19
+FBI is reviewing some unruly passenger cases after FAA referral,https://www.bbc.co.uk/news/articles/cgm72n1mmmdo,2024-08-21T16:19:29.843Z,"The Federal Bureau of Investigation (FBI) is reviewing more than 40 cases of unruly passengers on airlines across the country. The US Federal Aviation Administration (FAA) referred 43 cases of people misbehaving on airplanes to the law enforcement agency during the past year.  The referred cases represent a small portion of airplane mayhem: there have been 1,375 unruly passenger reports made this year alone.  The rate of unruly passengers peaked in 2021 and has since dropped by over 80%, according to FAA data.  The two agencies adopted an information-sharing protocol in 2021 that allows the FAA to refer some cases to the FBI for review.  The partnership aims to ensure that unruly passengers face criminal prosecution when warranted.  During the height of the Covid-19, reports of such incidents surged, reaching a peak  in 2021 with nearly 6,000 reports filed. That number included more than 4,000 incidents that involved airlines enforcing mask mandates aboard aircraft.   Since 2021, the FAA has referred more than 310 cases in total to the FBI.  Most incidents this year involved passengers exhibiting aggressive and threatening behaviour towards crew members and other passengers.  Among the referred cases:  The FAA pursues legal enforcement action against passengers who assault, threaten, intimidate or interfere with airline crewmembers.  The violations can carry civil penalties up to $37,000 (€33,200) per charge.  Last year, the FAA imposed $7.5m in fines after handling over 2,000 unruly passenger reports, with 512 investigations initiated.  ",BBC,21/08/2024,"['The Federal Bureau of Investigation (FBI) is reviewing more than 40 cases of unruly passengers on airlines across the country.', 'The US Federal Aviation Administration (FAA) referred 43 cases of people misbehaving on airplanes to the law enforcement agency during the past year.', 'The referred cases represent a small portion of airplane mayhem: there have been 1,375 unruly passenger reports made this year alone.', 'The rate of unruly passengers peaked in 2021 and has since dropped by over 80%, according to FAA data.', 'The two agencies adopted an information-sharing protocol in 2021 that allows the FAA to refer some cases to the FBI for review.', 'The partnership aims to ensure that unruly passengers face criminal prosecution when warranted.', 'During the height of the Covid-19, reports of such incidents surged, reaching a peak in 2021 with nearly 6,000 reports filed.', 'That number included more than 4,000 incidents that involved airlines enforcing mask mandates aboard aircraft.', 'Since 2021, the FAA has referred more than 310 cases in total to the FBI.', 'Most incidents this year involved passengers exhibiting aggressive and threatening behaviour towards crew members and other passengers.', 'Among the referred cases: The FAA pursues legal enforcement action against passengers who assault, threaten, intimidate or interfere with airline crewmembers.', 'The violations can carry civil penalties up to $37,000 (€33,200) per charge.', 'Last year, the FAA imposed $7.5m in fines after handling over 2,000 unruly passenger reports, with 512 investigations initiated.']",-0.1942992587837056,The two agencies adopted an information-sharing protocol in 2021 that allows the FAA to refer some cases to the FBI for review.,"Among the referred cases: The FAA pursues legal enforcement action against passengers who assault, threaten, intimidate or interfere with airline crewmembers.",-0.290993332862854,"During the height of the Covid-19, reports of such incidents surged, reaching a peak in 2021 with nearly 6,000 reports filed.","The rate of unruly passengers peaked in 2021 and has since dropped by over 80%, according to FAA data.",2024-08-19
+Pensioners urged to claim help as winter fuel payments cut,https://www.bbc.co.uk/news/articles/c9v8r9x17pzo,2024-08-20T11:42:59.338Z,"Hundreds of thousands of pensioners have been urged to claim a pension top-up that will enable them to beat government cuts in energy bill support. An estimated 880,000 low-income pensioner households eligible for pension credit currently fail to claim it and a deadline is approaching. The government says it is worth an average of £3,900 a year, but it also a gateway to other financial support such as winter fuel payments. Ministers will cut this help with fuel bills for 10 million pensioners in England and Wales this autumn, but not for those on pension credit or other means-tested benefits. The policy is expected to reduce the number of pensioners who receive the winter fuel payment from 11.4 million to 1.5 million, saving the Treasury £1.4bn this financial year. The payment is a devolved matter in Scotland and Northern Ireland. Work and Pensions Secretary Liz Kendall said the new Labour government had been forced to take ""difficult decisions"". ""But I am determined to ensure low-income pensioners are supported,"" she said. However, Conservative Laura Trott, shadow chief secretary to the Treasury, claimed the government was ""absurdly trying to claim it is committed to pensioners"". ""Instead of desperately trying to mitigate the impact of their own decisions, the chancellor should come clean and publish the internal impact assessment so the public can truly see the damage of this policy,"" she added. In July, Chancellor Rachel Reeves claimed a public spending audit she commissioned from Treasury officials revealed an ""unforgivable"" economic legacy she had been left.  That prompted a series of decisions designed to reduce spending, including the scaling back of the winter fuel payment which is worth between £100 and £300 for pensioner households each winter. Pensioners whose weekly income is below £218.15 for a single person or £332.95 for a couple should check to see if they could be eligible for pension credit.  On top of the benefit, it is a gateway to support with housing costs, council tax, the TV licence, and the winter fuel payment worth up to £300. The government’s new pension credit awareness drive will help identify households not claiming the benefit, and encourage them to apply by 21 December. That is the final date for making a backdated claim for pension credit, in order to receive the winter fuel payment. About 1.4 million pensioners already receive pension credit but up to an estimated 880,000 households eligible for the support fail to claim. Many incorrectly believe they are not entitled, have been ruled out owing to savings, or say they do not like to accept what they regard as handouts. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us. ",BBC,20/08/2024,"['Hundreds of thousands of pensioners have been urged to claim a pension top-up that will enable them to beat government cuts in energy bill support.', 'An estimated 880,000 low-income pensioner households eligible for pension credit currently fail to claim it and a deadline is approaching.', 'The government says it is worth an average of £3,900 a year, but it also a gateway to other financial support such as winter fuel payments.', 'Ministers will cut this help with fuel bills for 10 million pensioners in England and Wales this autumn, but not for those on pension credit or other means-tested benefits.', 'The policy is expected to reduce the number of pensioners who receive the winter fuel payment from 11.4 million to 1.5 million, saving the Treasury £1.4bn this financial year.', 'The payment is a devolved matter in Scotland and Northern Ireland.', 'Work and Pensions Secretary Liz Kendall said the new Labour government had been forced to take ""difficult decisions"". ""', 'But I am determined to ensure low-income pensioners are supported,"" she said.', 'However, Conservative Laura Trott, shadow chief secretary to the Treasury, claimed the government was ""absurdly trying to claim it is committed to pensioners"". ""', 'Instead of desperately trying to mitigate the impact of their own decisions, the chancellor should come clean and publish the internal impact assessment so the public can truly see the damage of this policy,"" she added.', 'In July, Chancellor Rachel Reeves claimed a public spending audit she commissioned from Treasury officials revealed an ""unforgivable"" economic legacy she had been left.', 'That prompted a series of decisions designed to reduce spending, including the scaling back of the winter fuel payment which is worth between £100 and £300 for pensioner households each winter.', 'Pensioners whose weekly income is below £218.15 for a single person or £332.95 for a couple should check to see if they could be eligible for pension credit.', 'On top of the benefit, it is a gateway to support with housing costs, council tax, the TV licence, and the winter fuel payment worth up to £300.', 'The government’s new pension credit awareness drive will help identify households not claiming the benefit, and encourage them to apply by 21 December.', 'That is the final date for making a backdated claim for pension credit, in order to receive the winter fuel payment.', 'About 1.4 million pensioners already receive pension credit but up to an estimated 880,000 households eligible for the support fail to claim.', 'Many incorrectly believe they are not entitled, have been ruled out owing to savings, or say they do not like to accept what they regard as handouts.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.']",0.228550072565136,"On top of the benefit, it is a gateway to support with housing costs, council tax, the TV licence, and the winter fuel payment worth up to £300.","Work and Pensions Secretary Liz Kendall said the new Labour government had been forced to take ""difficult decisions"". """,-0.0515241771936416,Hundreds of thousands of pensioners have been urged to claim a pension top-up that will enable them to beat government cuts in energy bill support.,"In July, Chancellor Rachel Reeves claimed a public spending audit she commissioned from Treasury officials revealed an ""unforgivable"" economic legacy she had been left.",2024-08-19
+7-Eleven: Canadian retail giant makes £29.2bn takeover bid,https://www.bbc.co.uk/news/articles/cjdk2nyngx9o,2024-08-19T06:46:48.268Z,"A Canadian convenience store giant has made a bid worth $38bn (£29.2bn) for the Japanese-owned 7-Eleven in what could be the country's record foreign takeover. Circle K owner Alimentation Couche-Tard (ACT) made the approach for the chain - a staple across Asia and North America - on Monday. ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead. The news comes after the Japanese stock market was rocked by record swings earlier this month. The offer of 5.6 trillion Japanese yen valued 7-Eleven at a fifth more than its pre-bid price on the Japanese stock market. ACT said it had ""submitted a friendly, non-binding proposal"" to buy the retail chain but that there was no guarantee it would go ahead. ""The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders,"" ACT said. Meanwhile, Tokyo-based Seven & i Holdings, which owns 7-Eleven, said it has formed a special committee to consider the offer. It said it had ""received a confidential, non-binding and preliminary proposal by ACT to acquire all [of its] outstanding shares"". ""[The] special committee intends to conduct a prompt, careful and comprehensive review of the proposal,"" it added. If a deal is agreed it could face challenges from competition watchdogs in North America. The 7-Eleven chain runs more than 13,000 stores in the US and Canada, while Couche-Tard has more than 9,000. In recent years, activist investors have pressed Seven & i to sell some of its assets to focus the company on the 7-Eleven brand. The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central bank's decision to raise borrowing costs. 7-Eleven was first brought to Japan from the US in 1974 by retail tycoon Masatoshi Ito. Ito, who died in 2023 aged 98, is credited with turning the convenience store chain into a global business empire. Today, 7-Eleven has 85,000 shops worldwide in 20 countries and territories and has a large footprint in Asia. Quebec-based ACT is listed on the Toronto Stock Exchange and runs around 17,000 shops in more than 30 countries and territories across North America Europe and Asia under the Circle K and Couche-Tard brands. It has a stock market valuation of about 80bn Canadian dollars ($58.2bn; £45bn). ",BBC,19/08/2024,"[""A Canadian convenience store giant has made a bid worth $38bn (£29.2bn) for the Japanese-owned 7-Eleven in what could be the country's record foreign takeover."", 'Circle K owner Alimentation Couche-Tard (ACT) made the approach for the chain - a staple across Asia and North America - on Monday.', ""ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead."", 'The news comes after the Japanese stock market was rocked by record swings earlier this month.', 'The offer of 5.6 trillion Japanese yen valued 7-Eleven at a fifth more than its pre-bid price on the Japanese stock market.', 'ACT said it had ""submitted a friendly, non-binding proposal"" to buy the retail chain but that there was no guarantee it would go ahead. ""', 'The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders,"" ACT said.', 'Meanwhile, Tokyo-based Seven & i Holdings, which owns 7-Eleven, said it has formed a special committee to consider the offer.', 'It said it had ""received a confidential, non-binding and preliminary proposal by ACT to acquire all [of its] outstanding shares"". ""[', 'The] special committee intends to conduct a prompt, careful and comprehensive review of the proposal,"" it added.', 'If a deal is agreed it could face challenges from competition watchdogs in North America.', 'The 7-Eleven chain runs more than 13,000 stores in the US and Canada, while Couche-Tard has more than 9,000.', 'In recent years, activist investors have pressed Seven & i to sell some of its assets to focus the company on the 7-Eleven brand.', ""The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central bank's decision to raise borrowing costs."", '7-Eleven was first brought to Japan from the US in 1974 by retail tycoon Masatoshi Ito.', 'Ito, who died in 2023 aged 98, is credited with turning the convenience store chain into a global business empire.', 'Today, 7-Eleven has 85,000 shops worldwide in 20 countries and territories and has a large footprint in Asia.', 'Quebec-based ACT is listed on the Toronto Stock Exchange and runs around 17,000 shops in more than 30 countries and territories across North America Europe and Asia under the Circle K and Couche-Tard brands.', 'It has a stock market valuation of about 80bn Canadian dollars ($58.2bn; £45bn).']",0.1107340034371501,"The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders,"" ACT said.",Circle K owner Alimentation Couche-Tard (ACT) made the approach for the chain - a staple across Asia and North America - on Monday.,0.1453426650592259,"ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead.",The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central bank's decision to raise borrowing costs.,2024-08-19
+Macy’s cuts sales forecast as department stores struggle to draw shoppers,https://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.html,2024-08-21T20:04:45+0000,"In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions.The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue.Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated. That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%. It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%. That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace.The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.""In an interview with CNBC, CEO Tony Spring said customers aren't spending as freely across all of Macy's brands — even higher-end department store Bloomingdale's.""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago.""He said ""there's a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company closed nearly 13% lower Wednesday.The iconic department store is pushing to get back to steadier footing and sustained growth. Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain. It plans to close the locations by early 2027. It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury.Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs. Net sales fell from $5.13 billion in the year-ago period.The namesake Macy's brand continued to be the company's weakest performer. Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace. At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace. And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period.Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster. Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace. Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role. At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis. It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags. He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response.Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private. Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital.Shares of Macy's closed at $15.45 on Wednesday, bringing the company's market cap to $4.3 billion. As of Wednesday's close, the company's stock is down about 23% so far this year. That trails behind the greater than 17% gains of the S&P 500 during the same period.",CNBC,21/08/2024,"[""In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions."", ""The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue."", ""Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated."", ""That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%."", 'It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.', ""That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace."", 'The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.', '""In an interview with CNBC, CEO Tony Spring said customers aren\'t spending as freely across all of Macy\'s brands — even higher-end department store Bloomingdale\'s.', '""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""', ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago."", '""He said ""there\'s a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.', ""Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company closed nearly 13% lower Wednesday."", 'The iconic department store is pushing to get back to steadier footing and sustained growth.', 'Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain.', ""It plans to close the locations by early 2027.It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury."", ""Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs."", 'Net sales fell from $5.13 billion in the year-ago period.', ""The namesake Macy's brand continued to be the company's weakest performer."", 'Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace.', ""At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace."", 'And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.', ""In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period."", ""Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster."", ""Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace."", ""Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role."", 'At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.', 'It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.', ""Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags."", ""He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response."", ""Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private."", ""Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital."", ""Shares of Macy's closed at $15.45 on Wednesday, bringing the company's market cap to $4.3 billion."", ""As of Wednesday's close, the company's stock is down about 23% so far this year."", 'That trails behind the greater than 17% gains of the S&P 500 during the same period.']",0.1345330848568225,"And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.",The namesake Macy's brand continued to be the company's weakest performer.,-0.2928903443472726,"At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.",It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.,2024-08-19
+Ford scales back EV plans citing price pressures,https://www.bbc.co.uk/news/articles/cevj21kjv1wo,2024-08-21T15:08:44.086Z,"Ford is shaking up its strategy for electric vehicles (EVs), scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck. Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"". The move comes as growth in demand for electric cars has faltered, leading to price wars and other pressures.  Ford said the new timetable would allow it to take advantage of technological advances in batteries and other areas that are expected to lower costs and expand how far the cars can go without charging.  Overall, the Michigan carmaker said changes would reduce the share of annual capital expenditures dedicated to ""pure"" electric vehicles from 40% to 30%. They are expected to cost about $1.9bn (£1.5bn) in write-downs and new spending. Chief executive Jim Farley said the firm had ""learned a lot"" from its efforts and had built a new plan that would give customers choice and ""play to our strengths"".  Just a few years ago, Ford outlined plans for an aggressive push to electric vehicles, with hopes to produce some two million a year by 2026. It launched an electric version of its best-selling F-150 pickup truck in 2022 to great fanfare.  But Ford, like others in the industry including rival General Motors, had already said it would scale back its investments and ambitions, spooked by signs of weaker than expected consumer demand and preference for hybrids, which use a combination of fossil fuels and battery power.  Though sales of electric cars in the US have picked up again in recent months,  competition has kept pressure on carmakers.  Ford reported last month it had sold more than 50,000 electric cars since the start of the year, up more than 60%.  But its electric business also lost nearly $2.5bn. Ford said it was moving some battery production to the US from Poland, as part of its strategy to lower costs. The move will allow the firm to access government incentives from the Inflation Reduction Act.  ""An affordable electric vehicle starts with an affordable battery,” Mr Farley said. “If you are not competitive on battery cost, you are not competitive."" Ford had initially expected to begin production of its next electric pickup truck next year at a new factory in Tennessee. That launch has been postponed until 2027, it said. Ford will also offer a hybrid version of its large, three-row SUV, instead of an all electric, battery-powered model as planned.  It said it was focusing its all-electric efforts on a van for business customers, with assembly starting in Ohio in 2026. ",BBC,21/08/2024,"['Ford is shaking up its strategy for electric vehicles (EVs), scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck.', 'Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"".', 'The move comes as growth in demand for electric cars has faltered, leading to price wars and other pressures.', 'Ford said the new timetable would allow it to take advantage of technological advances in batteries and other areas that are expected to lower costs and expand how far the cars can go without charging.', 'Overall, the Michigan carmaker said changes would reduce the share of annual capital expenditures dedicated to ""pure"" electric vehicles from 40% to 30%.', 'They are expected to cost about $1.9bn (£1.5bn) in write-downs and new spending.', 'Chief executive Jim Farley said the firm had ""learned a lot"" from its efforts and had built a new plan that would give customers choice and ""play to our strengths"".', 'Just a few years ago, Ford outlined plans for an aggressive push to electric vehicles, with hopes to produce some two million a year by 2026.', 'It launched an electric version of its best-selling F-150 pickup truck in 2022 to great fanfare.', 'But Ford, like others in the industry including rival General Motors, had already said it would scale back its investments and ambitions, spooked by signs of weaker than expected consumer demand and preference for hybrids, which use a combination of fossil fuels and battery power.', 'Though sales of electric cars in the US have picked up again in recent months, competition has kept pressure on carmakers.', 'Ford reported last month it had sold more than 50,000 electric cars since the start of the year, up more than 60%.', 'But its electric business also lost nearly $2.5bn.', 'Ford said it was moving some battery production to the US from Poland, as part of its strategy to lower costs.', 'The move will allow the firm to access government incentives from the Inflation Reduction Act. ""', 'An affordable electric vehicle starts with an affordable battery,” Mr Farley said. “', 'If you are not competitive on battery cost, you are not competitive.""', 'Ford had initially expected to begin production of its next electric pickup truck next year at a new factory in Tennessee.', 'That launch has been postponed until 2027, it said.', 'Ford will also offer a hybrid version of its large, three-row SUV, instead of an all electric, battery-powered model as planned.', 'It said it was focusing its all-electric efforts on a van for business customers, with assembly starting in Ohio in 2026.']",0.0317231800619106,It launched an electric version of its best-selling F-150 pickup truck in 2022 to great fanfare.,"The move comes as growth in demand for electric cars has faltered, leading to price wars and other pressures.",0.2293413189741281,"Ford reported last month it had sold more than 50,000 electric cars since the start of the year, up more than 60%.","The move comes as growth in demand for electric cars has faltered, leading to price wars and other pressures.",2024-08-19
+"Shein sues Temu over copyright infringement, alleges rival loses money on every sale",https://www.cnbc.com/2024/08/20/shein-sues-temu-over-copyright-infringement-trade-secret-theft.html,2024-08-21T12:20:27+0000,"Chinese-linked fast-fashion giant Shein is suing rival Temu, alleging the retailer stole its designs and built an empire using counterfeiting, intellectual property infringement and fraud. The suit, filed Monday in Washington, D.C., federal court, comes as Shein itself fends off similar allegations from a wide variety of brands and independent artists, including Levi Strauss and H&M. In its complaint, Shein alleges that Temu, owned by PDD Holdings, is ""masquerading"" as a legitimate online marketplace because it encourages its sellers to steal other brands' designs and then prevents them from removing products from the platform, even after they have admitted to infringement.""Temu draws U.S. consumers into downloading and using its mobile application with promises of extremely low pricing. But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said. ""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.In response, a Temu spokesperson said Shein's ""audacity is unbelievable.""""SHEIN, buried under its own mountain of IP lawsuits, has the nerve to fabricate accusations against others for the very misconduct they're repeatedly sued for,"" the spokesperson said.The dueling e-tailers have taken the retail industry by storm with their ultra low-priced products and their ability to respond to trends far faster than their legacy competitors. Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs. As the two jockey for market share, they have taken to the courts to accuse each other of a series of scandalous allegations. Last year, Temu sued Shein over copyright concerns and allegations that it uses ""mafia-style intimidation of suppliers"" to bully them into exclusivity agreements. In Shein's complaint, the company accused Temu of ""brazen"" illicit behavior. It said at least one of Temu's employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete. ""Armed with this stolen information, Temu then directed its sellers to copy those and other best-selling Shein products and sell knock-off versions on Temu's website and mobile application,"" the complaint said. ""Temu is no garden-variety infringer,"" the suit said. ""In order to advertise the counterfeit versions of Shein products, Temu has reproduced virtually identical copyrighted images of Shein products and used them, or instructed sellers to use them, as promotional images on the Temu website and mobile application.""The company goes as far as to say that Temu has falsely pretended to be Shein on social media site X in an effort to ""misdirect customers away from the Shein platform to the Temu platform."" The complaint includes a screenshot of a Temu-sponsored Google ad that shows Shein in the headline, but Temu as the web address. ""To further deceive consumers, Temu has instructed its paid social media influencers to falsely claim that Temu products which are often counterfeits of Shein products are cheaper and of higher quality than genuine Shein goods,"" the complaint said. ""Temu has gone to great lengths to imitate Shein, including by poaching resources, employees, and suppliers from Shein."" Shein's 80-page complaint includes more than a dozen examples of clothes and designs that Temu allegedly ripped off. It has asked the court to rule in its favor and enter an order that would prohibit Temu from using Shein's confidential information, among other requests.",CNBC,21/08/2024,"['Chinese-linked fast-fashion giant Shein is suing rival Temu, alleging the retailer stole its designs and built an empire using counterfeiting, intellectual property infringement and fraud.', 'The suit, filed Monday in Washington, D.C., federal court, comes as Shein itself fends off similar allegations from a wide variety of brands and independent artists, including Levi Strauss and H&M.In its complaint, Shein alleges that Temu, owned by PDD Holdings, is ""masquerading"" as a legitimate online marketplace because it encourages its sellers to steal other brands\' designs and then prevents them from removing products from the platform, even after they have admitted to infringement.', '""Temu draws U.S. consumers into downloading and using its mobile application with promises of extremely low pricing.', 'But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said.', '""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.', 'In response, a Temu spokesperson said Shein\'s ""audacity is unbelievable.', '""""SHEIN, buried under its own mountain of IP lawsuits, has the nerve to fabricate accusations against others for the very misconduct they\'re repeatedly sued for,"" the spokesperson said.', 'The dueling e-tailers have taken the retail industry by storm with their ultra low-priced products and their ability to respond to trends far faster than their legacy competitors.', ""Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs."", 'As the two jockey for market share, they have taken to the courts to accuse each other of a series of scandalous allegations.', 'Last year, Temu sued Shein over copyright concerns and allegations that it uses ""mafia-style intimidation of suppliers"" to bully them into exclusivity agreements.', 'In Shein\'s complaint, the company accused Temu of ""brazen"" illicit behavior.', 'It said at least one of Temu\'s employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete.', '""Armed with this stolen information, Temu then directed its sellers to copy those and other best-selling Shein products and sell knock-off versions on Temu\'s website and mobile application,"" the complaint said.', '""Temu is no garden-variety infringer,"" the suit said. ""', 'In order to advertise the counterfeit versions of Shein products, Temu has reproduced virtually identical copyrighted images of Shein products and used them, or instructed sellers to use them, as promotional images on the Temu website and mobile application.', '""The company goes as far as to say that Temu has falsely pretended to be Shein on social media site X in an effort to ""misdirect customers away from the Shein platform to the Temu platform.', '""The complaint includes a screenshot of a Temu-sponsored Google ad that shows Shein in the headline, but Temu as the web address.', '""To further deceive consumers, Temu has instructed its paid social media influencers to falsely claim that Temu products which are often counterfeits of Shein products are cheaper and of higher quality than genuine Shein goods,"" the complaint said. ""', 'Temu has gone to great lengths to imitate Shein, including by poaching resources, employees, and suppliers from Shein.', '""Shein\'s 80-page complaint includes more than a dozen examples of clothes and designs that Temu allegedly ripped off.', ""It has asked the court to rule in its favor and enter an order that would prohibit Temu from using Shein's confidential information, among other requests.""]",-0.1420864331575691,"It said at least one of Temu's employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete.","But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said.",-0.1114418268203735,"""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.","Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs.",2024-08-19
+UK tech tycoon Mike Lynch among six missing after yacht sinks,https://www.bbc.co.uk/news/articles/c0k4751jrm8o,2024-08-19T08:35:36.547Z,"British tech tycoon Mike Lynch and his 18-year-old daughter are among the six people missing after a luxury yacht sank off the coast of the Italian island of Sicily in the early hours of Monday morning.  The 56m (183ft) vessel was carrying 22 people including British, American and Canadian nationals. Fifteen people were rescued, including a one-year-old British girl, and authorities are continuing their search into the night.  Local media reported the yacht, named Bayesian, capsized at about 05:00 local time after encountering a heavy storm overnight that caused waterspouts, or rotating columns of air, to appear over the sea. Mr Lynch, known by some as ""the British Bill Gates"", co-founded software company Autonomy, which was later bought by tech giant Hewlett-Packard for $11bn (£8.6bn).  Witnesses told Italian news agency Ansa that the Bayesian’s anchor was down when the storm struck, causing the mast to break and the ship to lose its balance and sink off the coast of village Porticello, near Sicilian capital Palermo.  A waterspout is similar to a tornado and can form over oceans, seas or large lakes.  Divers have identified a wreckage 50m below the water's surface and are searching for those missing.  The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC Mr Lynch, his daughter Hannah Lynch and the yacht's chef were among the missing. He said the search, involving caving and rescue diving teams, would continue overnight.   The body of one man was found outside of the wreckage. His nationality has not been confirmed.  BBC Verify looked at corporate records and found the Bayesian's ownership is tied to Mr Lynch's wife, Angela Bacares.  Sources close to the matter have confirmed to the BBC Ms Bacares has been rescued.   Fifteen people managed to get to safety after the storm hit.  Ansa news agency reported a 35-year-old mother held her one-year-old daughter in her arms in the sea.  The woman, named as locally as Charlotte Golunski, said: ""For two seconds I lost the little girl in the sea, then I immediately hugged her again amidst the fury of the waves. ""I held her tightly, close to me, while the sea was stormy. Many were screaming. ""Luckily the lifeboat inflated and 11 of us managed to get on board."" The baby is fine and the mother was treated with stitches, the agency said.  She added she had been on the boat with her husband, who is also safe, and colleagues from a London company.  A doctor based at the Di Cristina Hospital in Palermo, where some of the survivors were taken, said they were ""very tired"" and ""constantly asking about the missing people"".  Dr Domenico Cipolla told Reuters news agency: ""We have given the survivors this information, but they are talking and crying all the time because they have realised that there is little hope of finding their friends alive."" Survivors said the trip has been organised by Mr Lynch for his work colleagues.  In the initial aftermath, a nearby Dutch-flagged vessel rescued survivors from the waves, tending to them until emergency services arrived. Captain Karsten Borner said after the storm had passed, the crew noticed that the yacht that had been behind them had disappeared. ""We saw a red flare, so my first mate and I went to the position, and we found this life raft drifting,"" he told Reuters. That life raft was carrying 15 survivors, three of whom were ""heavily injured"", he said. A local fisherman told Reuters news agency he had seen people being rescued by an inflatable boat dispatched from another yacht.  The captain of a local fishing trawler said he saw debris, including cushions from the deck, floating in the sea. Footage from the wreckage site showed helicopters circling over several coastguard vessels as divers wearing bright orange descended into the water. Eight of those rescued are receiving treatment in hospital, the Italian coastguard said.  The western half of the Mediterranean has experienced severe storms since the middle of last week. Through Sunday night and into Monday morning, a clutch of bad weather passed by the north coast of Sicily.  BBC Weather forecaster Matt Taylor said: ""A waterspout is a tornado that has occurred over water rather than land. ""They can form during intense storms, on the base of cumulonimbus/thunder clouds.  ""Turbulence, and the wind blowing in slightly different directions around the cloud, can cause rotation under the base of the cloud and the spout to form. ""Like tornadoes, they bring powerful winds, but instead of picking up dust and debris they cause a water mist around the column of rotating air."" The UK Foreign Office said it is supporting a number of British nationals and their families following an incident in Sicily. Britain's Marine Accident Investigation Branch is also sending a team of inspectors to conduct a ""preliminary assessment"" into the sinking of the UK registered-boat. The Bayesian's registered owner is listed as Revtom Ltd. The superyacht can accommodate up to 12 guests in six suites.  The yacht's name is understood to be based on the Bayesian theory, which Mr Lynch's PhD thesis was based on. Mr Lynch's wife Ms Bacares is named as the sole legal owner of Revtom registered in the Isle of Man.  A spokesperson for Camper and Nicholsons International, the firm that manages the 2008-built boat, told BBC Verify: ""Our priority is assisting with the ongoing search and providing all necessary support to the rescued passengers and crew."" Mr Lynch sold his company Autonomy to American computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn). But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for over a decade. He was acquitted in the US in June on multiple fraud charges, for which he had been facing two decades in jail. The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday.  Additional reporting by BBC Verify's Joshua Cheetham ",BBC,19/08/2024,"['British tech tycoon Mike Lynch and his 18-year-old daughter are among the six people missing after a luxury yacht sank off the coast of the Italian island of Sicily in the early hours of Monday morning.', 'The 56m (183ft) vessel was carrying 22 people including British, American and Canadian nationals.', 'Fifteen people were rescued, including a one-year-old British girl, and authorities are continuing their search into the night.', 'Local media reported the yacht, named Bayesian, capsized at about 05:00 local time after encountering a heavy storm overnight that caused waterspouts, or rotating columns of air, to appear over the sea.', 'Mr Lynch, known by some as ""the British Bill Gates"", co-founded software company Autonomy, which was later bought by tech giant Hewlett-Packard for $11bn (£8.6bn).', 'Witnesses told Italian news agency Ansa that the Bayesian’s anchor was down when the storm struck, causing the mast to break and the ship to lose its balance and sink off the coast of village Porticello, near Sicilian capital Palermo.', 'A waterspout is similar to a tornado and can form over oceans, seas or large lakes.', ""Divers have identified a wreckage 50m below the water's surface and are searching for those missing."", ""The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC Mr Lynch, his daughter Hannah Lynch and the yacht's chef were among the missing."", 'He said the search, involving caving and rescue diving teams, would continue overnight.', 'The body of one man was found outside of the wreckage.', 'His nationality has not been confirmed.', ""BBC Verify looked at corporate records and found the Bayesian's ownership is tied to Mr Lynch's wife, Angela Bacares."", 'Sources close to the matter have confirmed to the BBC Ms Bacares has been rescued.', 'Fifteen people managed to get to safety after the storm hit.', 'Ansa news agency reported a 35-year-old mother held her one-year-old daughter in her arms in the sea.', 'The woman, named as locally as Charlotte Golunski, said: ""For two seconds I lost the little girl in the sea, then I immediately hugged her again amidst the fury of the waves. ""', 'I held her tightly, close to me, while the sea was stormy.', 'Many were screaming. ""', 'Luckily the lifeboat inflated and 11 of us managed to get on board.""', 'The baby is fine and the mother was treated with stitches, the agency said.', 'She added she had been on the boat with her husband, who is also safe, and colleagues from a London company.', 'A doctor based at the Di Cristina Hospital in Palermo, where some of the survivors were taken, said they were ""very tired"" and ""constantly asking about the missing people"".', 'Dr Domenico Cipolla told Reuters news agency: ""We have given the survivors this information, but they are talking and crying all the time because they have realised that there is little hope of finding their friends alive.""', 'Survivors said the trip has been organised by Mr Lynch for his work colleagues.', 'In the initial aftermath, a nearby Dutch-flagged vessel rescued survivors from the waves, tending to them until emergency services arrived.', 'Captain Karsten Borner said after the storm had passed, the crew noticed that the yacht that had been behind them had disappeared. ""', 'We saw a red flare, so my first mate and I went to the position, and we found this life raft drifting,"" he told Reuters.', 'That life raft was carrying 15 survivors, three of whom were ""heavily injured"", he said.', 'A local fisherman told Reuters news agency he had seen people being rescued by an inflatable boat dispatched from another yacht.', 'The captain of a local fishing trawler said he saw debris, including cushions from the deck, floating in the sea.', 'Footage from the wreckage site showed helicopters circling over several coastguard vessels as divers wearing bright orange descended into the water.', 'Eight of those rescued are receiving treatment in hospital, the Italian coastguard said.', 'The western half of the Mediterranean has experienced severe storms since the middle of last week.', 'Through Sunday night and into Monday morning, a clutch of bad weather passed by the north coast of Sicily.', 'BBC Weather forecaster Matt Taylor said: ""A waterspout is a tornado that has occurred over water rather than land. ""', 'They can form during intense storms, on the base of cumulonimbus/thunder clouds. ""', 'Turbulence, and the wind blowing in slightly different directions around the cloud, can cause rotation under the base of the cloud and the spout to form. ""', 'Like tornadoes, they bring powerful winds, but instead of picking up dust and debris they cause a water mist around the column of rotating air.""', 'The UK Foreign Office said it is supporting a number of British nationals and their families following an incident in Sicily.', 'Britain\'s Marine Accident Investigation Branch is also sending a team of inspectors to conduct a ""preliminary assessment"" into the sinking of the UK registered-boat.', ""The Bayesian's registered owner is listed as Revtom Ltd. The superyacht can accommodate up to 12 guests in six suites."", ""The yacht's name is understood to be based on the Bayesian theory, which Mr Lynch's PhD thesis was based on."", ""Mr Lynch's wife Ms Bacares is named as the sole legal owner of Revtom registered in the Isle of Man."", 'A spokesperson for Camper and Nicholsons International, the firm that manages the 2008-built boat, told BBC Verify: ""Our priority is assisting with the ongoing search and providing all necessary support to the rescued passengers and crew.""', 'Mr Lynch sold his company Autonomy to American computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn).', 'But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for over a decade.', 'He was acquitted in the US in June on multiple fraud charges, for which he had been facing two decades in jail.', ""The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday."", ""Additional reporting by BBC Verify's Joshua Cheetham""]",-0.0035074446418244,"Dr Domenico Cipolla told Reuters news agency: ""We have given the survivors this information, but they are talking and crying all the time because they have realised that there is little hope of finding their friends alive.""","The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday.",-0.5661106109619141,"Luckily the lifeboat inflated and 11 of us managed to get on board.""","Witnesses told Italian news agency Ansa that the Bayesian’s anchor was down when the storm struck, causing the mast to break and the ship to lose its balance and sink off the coast of village Porticello, near Sicilian capital Palermo.",2024-08-19
+GMC expects to outsell its electric truck competitors as it launches new Sierra pickup,https://www.cnbc.com/2024/08/20/gmc-targets-electric-truck-leadership-against-tesla-ford-rivian.html,2024-08-20T22:13:55+0000,"In this articleMILFORD, Mich. — General Motors' premium GMC brand wants to become the leader in all-electric truck sales for U.S. consumers as it launches its new electric Sierra pickup.The Sierra EV joins electric versions of the Hummer, including an SUV and pickup, in GMC's electric ""truck"" lineup. The automaker is expecting the Sierra will become GMC's top seller for its EV lineup as lower-priced variants become available next year. A roughly $100,000 ""Edition 1"" of the vehicle recently started reaching customers.""We believe this is a totally different proposition than anything that's been launched by anybody else before. So, we're confident about the demand,"" Duncan Aldred, global vice president of GMC, told CNBC at GM's proving grounds in suburban Detroit.GMC did not disclose a timeline for when the brand expects to lead retail electric truck sales. But to do so, it will have to outsell its sibling Chevrolet Silverado EV as well as competitors from Ford Motor, Rivian Automotive and Tesla, which Motor Intelligence reports led such sales with its Cybertruck in the second quarter.Aldred said he believes there will be cross-shopping between the Sierra and Cybertruck, but he doesn't necessarily believe they are primary competitors, despite the vehicles being similarly priced. Citing internal data, he said many Cybertruck buyers already own Teslas, while roughly 80% of GMC's reservation holders for the Sierra previously had non-GMC vehicles.""What we know is about 70% of Cybertruck buyers are Tesla owners,"" he said during a media event. ""So, they're not necessarily truck buyers, they're Tesla buyers.""Automakers such as GM rushed to release all-electric pickup trucks, in part because Tesla planned to build such a vehicle. That led to fears that the U.S. EV leader would dominate the truck market, which is crucial to the Detroit automakers, like it did for electric cars.But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.The all-electric pickup truck market was roughly 38,500 vehicles during the first half of the year, including retail and fleet sales, according to Motor Intelligence. That compares with the more than 1 million traditional or hybrid full-size pickup trucks sold this year through June.Leading all-electric pickup truck sales through June was Ford's F-150 Lightning at 15,645 vehicles, according to Motor Intelligence. It was followed by the Tesla Cybertruck at nearly 11,600 units during that time, including a segment-leading 8,755 during the second quarter, according to the automotive data and analytics firm.GMC's Hummer pickup, which has been slow to ramp up production and sales, was last at less than 1,500 vehicles, including about 1,100 during the second quarter, according to Motor Intelligence.""This is a very infant market. This is just the baby steps. For General Motors to have confidence that they can be a leader in the space is justified in their history with trucks and their understanding of being able to make a transition to electric vehicles,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""The big question now is how quickly consumers [adopt electric trucks], more so than the product attributes.""Including all-electric SUVs from the brands, which some companies such as GM report under truck sales, Rivian is the clear leader through the first half of the year at more than 22,700 R1S SUV and R1T pickups sold. That compares with GMC's Hummer SUV and pickup models, with sales of roughly 4,600 units.  Aldred said GM expects to ramp up production of the Sierra EV — including the AT4 off-road and entry-level Elevation models coming next year — faster than the Hummer models that took years. Denali versions of the vehicle are expected to begin production during the fourth quarter, GM said.The Sierra EV is now GM's third electric pickup, including the Hummer and a new Chevrolet Silverado that began arriving in dealerships in December.The Sierra EV's closest competitor is arguably the Chevy Silverado EV. Both are built on GM's ""Ultium"" vehicle platform and share many parts, features and performance characteristics.The Detroit automaker has differentiated the vehicles through their interior and exterior designs, as well as brand personalities.""Chevrolet really focused on the fleet side. We're really focused on the retail side, same as on [GMC's internal combustion engine] trucks. When you look at it, the EV truck space is a premium space,"" Aldred said.The Silverado currently has a sporty, pricey edition for about $96,500 and a work truck, meant for fleet and commercial customers, that starts at roughly $67,000.The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, standard hands-free highway Super Cruise driving, GMC's ""crab mode"" with four-wheel steering and other features.""General Motors has been good with their differentiation between GMC and Chevrolet,"" S&P Global's Brinley said. ""The GMC Sierra and the Chevrolet Silverado EVs look different enough from each other, and General Motors has worked those two customers very well for decades. They understand what they need to do to make something appeal to a GMC buyer versus a Chevrolet buyer, and that they're very subtly different.""Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque. Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger.A unique feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and large cargo area.The Sierra EV, including the Denali edition, is expected to continue to assist GMC with its pricing power and reputation as a premium truck brand, according to Patrick Finnegan, senior marketing manager for GMC trucks and SUVs.GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.For example, GMC's traditional Sierra pickup truck has an average transaction price of roughly $60,000. That includes the Denali models at about $71,000, and a Denali ""Ultimate"" model at $78,500, according to the company.GM has not released pricing for the electric GMC Sierra Denali, AT4 and Elevation models that will follow the 2,500-unit ""Edition 1"" models. But Aldred did say the Sierra could potentially be eligible for up to $7,500 federal tax credits, which would mean it would have a price of less than $80,000.Denali models have grown from simple tweaks differentiating them from other vehicles to offering their own interiors, parts and features. The vehicles still largely share the same ""bones"" but offer more luxurious features and materials.About 34% of GMC's retail sales are Denali models, GMC said. That's up from 18% a decade ago and 30% in 2019. The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand.""This is going to continue to help protect our space in that premium average transaction price space. It's going to help us open the door to new customers,"" Finnegan said. ""We intend to be the retail leader in the electric vehicle truck space, and we're going to have a fuller breadth of product to really help us achieve that.""",CNBC,20/08/2024,"[""In this articleMILFORD, Mich. — General Motors' premium GMC brand wants to become the leader in all-electric truck sales for U.S. consumers as it launches its new electric Sierra pickup."", 'The Sierra EV joins electric versions of the Hummer, including an SUV and pickup, in GMC\'s electric ""truck"" lineup.', ""The automaker is expecting the Sierra will become GMC's top seller for its EV lineup as lower-priced variants become available next year."", 'A roughly $100,000 ""Edition 1"" of the vehicle recently started reaching customers.', '""We believe this is a totally different proposition than anything that\'s been launched by anybody else before.', 'So, we\'re confident about the demand,"" Duncan Aldred, global vice president of GMC, told CNBC at GM\'s proving grounds in suburban Detroit.', 'GMC did not disclose a timeline for when the brand expects to lead retail electric truck sales.', 'But to do so, it will have to outsell its sibling Chevrolet Silverado EV as well as competitors from Ford Motor, Rivian Automotive and Tesla, which Motor Intelligence reports led such sales with its Cybertruck in the second quarter.', ""Aldred said he believes there will be cross-shopping between the Sierra and Cybertruck, but he doesn't necessarily believe they are primary competitors, despite the vehicles being similarly priced."", ""Citing internal data, he said many Cybertruck buyers already own Teslas, while roughly 80% of GMC's reservation holders for the Sierra previously had non-GMC vehicles."", '""What we know is about 70% of Cybertruck buyers are Tesla owners,"" he said during a media event. ""', ""So, they're not necessarily truck buyers, they're Tesla buyers."", '""Automakers such as GM rushed to release all-electric pickup trucks, in part because Tesla planned to build such a vehicle.', 'That led to fears that the U.S. EV leader would dominate the truck market, which is crucial to the Detroit automakers, like it did for electric cars.', 'But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.', 'The all-electric pickup truck market was roughly 38,500 vehicles during the first half of the year, including retail and fleet sales, according to Motor Intelligence.', 'That compares with the more than 1 million traditional or hybrid full-size pickup trucks sold this year through June.', ""Leading all-electric pickup truck sales through June was Ford's F-150 Lightning at 15,645 vehicles, according to Motor Intelligence."", 'It was followed by the Tesla Cybertruck at nearly 11,600 units during that time, including a segment-leading 8,755 during the second quarter, according to the automotive data and analytics firm.', ""GMC's Hummer pickup, which has been slow to ramp up production and sales, was last at less than 1,500 vehicles, including about 1,100 during the second quarter, according to Motor Intelligence."", '""This is a very infant market.', 'This is just the baby steps.', 'For General Motors to have confidence that they can be a leader in the space is justified in their history with trucks and their understanding of being able to make a transition to electric vehicles,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""', 'The big question now is how quickly consumers [adopt electric trucks], more so than the product attributes.', '""Including all-electric SUVs from the brands, which some companies such as GM report under truck sales, Rivian is the clear leader through the first half of the year at more than 22,700 R1S SUV and R1T pickups sold.', ""That compares with GMC's Hummer SUV and pickup models, with sales of roughly 4,600 units."", 'Aldred said GM expects to ramp up production of the Sierra EV — including the AT4 off-road and entry-level Elevation models coming next year — faster than the Hummer models that took years.', 'Denali versions of the vehicle are expected to begin production during the fourth quarter, GM said.', ""The Sierra EV is now GM's third electric pickup, including the Hummer and a new Chevrolet Silverado that began arriving in dealerships in December."", ""The Sierra EV's closest competitor is arguably the Chevy Silverado EV."", 'Both are built on GM\'s ""Ultium"" vehicle platform and share many parts, features and performance characteristics.', 'The Detroit automaker has differentiated the vehicles through their interior and exterior designs, as well as brand personalities.', '""Chevrolet really focused on the fleet side.', ""We're really focused on the retail side, same as on [GMC's internal combustion engine] trucks."", 'When you look at it, the EV truck space is a premium space,"" Aldred said.', 'The Silverado currently has a sporty, pricey edition for about $96,500 and a work truck, meant for fleet and commercial customers, that starts at roughly $67,000.The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, standard hands-free highway Super Cruise driving, GMC\'s ""crab mode"" with four-wheel steering and other features.', '""General Motors has been good with their differentiation between GMC and Chevrolet,"" S&P Global\'s Brinley said. ""', 'The GMC Sierra and the Chevrolet Silverado EVs look different enough from each other, and General Motors has worked those two customers very well for decades.', ""They understand what they need to do to make something appeal to a GMC buyer versus a Chevrolet buyer, and that they're very subtly different."", '""Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque.', 'Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger.', 'A unique feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and large cargo area.', 'The Sierra EV, including the Denali edition, is expected to continue to assist GMC with its pricing power and reputation as a premium truck brand, according to Patrick Finnegan, senior marketing manager for GMC trucks and SUVs.', 'GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.', ""For example, GMC's traditional Sierra pickup truck has an average transaction price of roughly $60,000."", 'That includes the Denali models at about $71,000, and a Denali ""Ultimate"" model at $78,500, according to the company.', 'GM has not released pricing for the electric GMC Sierra Denali, AT4 and Elevation models that will follow the 2,500-unit ""Edition 1"" models.', 'But Aldred did say the Sierra could potentially be eligible for up to $7,500 federal tax credits, which would mean it would have a price of less than $80,000.Denali models have grown from simple tweaks differentiating them from other vehicles to offering their own interiors, parts and features.', 'The vehicles still largely share the same ""bones"" but offer more luxurious features and materials.', ""About 34% of GMC's retail sales are Denali models, GMC said."", ""That's up from 18% a decade ago and 30% in 2019."", ""The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand."", '""This is going to continue to help protect our space in that premium average transaction price space.', 'It\'s going to help us open the door to new customers,"" Finnegan said. ""', 'We intend to be the retail leader in the electric vehicle truck space, and we\'re going to have a fuller breadth of product to really help us achieve that.""']",0.1916320636657732,"GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.",The Sierra EV's closest competitor is arguably the Chevy Silverado EV.,0.6607641478379568,The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand.,"But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.",2024-08-19
+Here's why Walgreens and CVS retail pharmacies are struggling — and what they're doing to fix it,https://www.cnbc.com/2024/08/18/why-walgreens-cvs-retail-pharmacies-are-struggling.html,2024-08-19T12:21:27+0000,"In this articleThe abundance of Walgreens and CVS Health stores makes them convenient for whenever Shriya Raghavan, a research associate based in Philadelphia, needs to pick up necessities like gum, deodorant and soap. But she said she often has to wait for employees to unlock cabinets or stand in lengthy lines to pick up prescriptions as pharmacists juggle tasks.Those are just some of the ways Walgreens and CVS are falling out of favor with consumers, in a trend that has hit their profits and stock prices and forced them to reconsider their strategies. They are symptoms of deeper issues plaguing retail pharmacy chains, which pivoted from years of store expansions to shuttering hundreds of locations across the U.S. to shore up profits. Among the biggest problems for the chains, reimbursement rates for prescription drugs have fallen. Inflation, softer consumer spending, theft, and competition from Amazon and grocery stores are also making it difficult for drugstores to turn a profit at the front of the store, where they sell everything from pantry staples to makeup and cleaning supplies.There's also widespread burnout among pharmacy staff, many of whom complain about understaffing and increasing workloads.Many of those issues aren't new. While CVS and Walgreens got a temporary boost from Covid vaccinations and test sales during the peak of the pandemic, they now face a harsh reality: the retail pharmacy model may be broken. ""As things have started to normalize, we're reverting back to the challenges that the retail pharmacy industry had faced even before Covid,"" Jefferies analyst Brian Tanquilut told CNBC. ""I think most of these pharmacies are realizing that fundamentally, their businesses have not really changed."" Falling retail pharmacy profit margins only add to the woes at both Walgreens and CVS. While Walgreens struggles with its push into primary care, CVS' bottom line is getting battered by higher medical costs in its insurance business. CVS earlier this month slashed its full-year profit outlook for the third consecutive quarter and announced $2 billion in new cost cuts over several years as those higher medical costs squeeze the insurance industry. It's not just those two chains: Rite Aid, once a viable competitor, declared bankruptcy last year and is closing hundreds of store locations as it restructures.Wall Street hasn't been happy. Shares of Walgreens are down nearly 60% this year and 80% over the last decade. CVS' stock is down almost 30% both for this year and the last 10 years. Meanwhile, Rite Aid's common stock was delisted from the New York Stock Exchange in October. Still, retail pharmacy chains remain an important fixture of the U.S. health-care system that tens of millions of Americans rely on. They may just need to reinvent themselves. ""The retail pharmacy industry is going through a period of soul-searching, trying to understand the best model to reach the consumer,"" said GlobalData retail managing director Neil Saunders. ""Consumer habits have changed, some of the economics of running drugstores and pharmacies have changed and the retailers in the sector are really having to reappraise how they do business to maintain profitability and maintain a viable business model.""Here are the main factors challenging the pharmacy business, and what CVS and Walgreens are doing to adapt.Much of the pain for retail pharmacies comes from lower prescription drug reimbursement rates. Pharmacies typically buy their medications from a distributor and then get reimbursed by pharmacy benefit managers, or PBMs. The powerful drug supply middlemen also negotiate discounts with manufacturers on behalf of insurers and create lists of medications covered by health plans.The three largest PBMs – CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts – handle almost 80% of all prescriptions in the U.S.Pharmacies have accused PBMs of setting lower reimbursement rates, which, in some cases, can mean pharmacies get paid less than the cost of buying and dispensing a prescription. Those middlemen are also accused of offering ""take it or leave it"" contracts when negotiating reimbursements with pharmacies, effectively forcing them to accept lower rates so they can maintain access to patients covered by PBMs. ""There's no leverage. There's no negotiating power on the side of the retail pharmacies,"" Tanquilut told CNBC. ""So we've seen a consistent pressure on margins on the pharmacy side over the last several years to the point where that's a huge challenge."" The operating margin for Walgreens' U.S. retail pharmacy unit was -5% last year, down from 3.9% in 2019 and 4.4% in 2015. Meanwhile, CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.Walgreens CEO Tim Wentworth acknowledged those headwinds during an earnings call in June. ""We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently,"" he said. ""For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly.""CVS has a slight competitive advantage over Walgreens since it has its own PBM, and the margin pressure from Caremark is likely ""not as severe"" as it is for other PBMs, Tanquilut said.CVS in December also introduced a new pharmacy reimbursement model called CostVantage, which will launch at the beginning of next year and use what the company calls a ""transparent"" formula to determine a medication's price. A CVS spokesperson said it will provide more clarity and predictability for consumers.But some analysts told CNBC that it's still unclear how effective that new model will be.Meanwhile, Saunders said more consumers are using online pharmacy services such as PillPack, a subsidiary of Amazon Pharmacy, to get their prescription medications. He noted that online pharmacy fulfillment remains ""fairly small in the scheme of things,"" but said it is ""definitely growing and putting a little bit of pressure on some of the traditional pharmacy chains.""  E-commerce rivals, discounters and big-box retailers are an even bigger threat to the retail side of Walgreens' and CVS' pharmacy businesses. As competition mounts, the chains' online retail presence has also lagged behind those of Amazon and other retailers like Walmart and Target, according to Leerink Partners analyst Michael Cherny. ""It wasn't as likely that an individual pre-Covid, or even the early days of Covid, would think first and foremost of going to CVS.com or Walgreens.com for shopping,"" Cherny said. ""[CVS and Walgreens] were behind on e-commerce."" Inflation is also squeezing consumers, who have become more prudent with their purchases. A budget-conscious shopper is more likely to shop at retailers including Walmart, a dollar store or Costco, despite the convenience the retail pharmacies offer, Cherny noted.Brittainy Lynn, a 38-year-old freelancer based in Austin, Texas, said it ""seems like prices are really high"" at Walgreens and CVS compared with other stores. ""It is not my first choice,"" Lynn told CNBC. ""Walmart or Target is generally where I find things I need for the cheapest price. I do frequent Dollar Tree as well, but not really for essentials."" Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.Earlier this month, CVS said same-store sales at the front of the store were down roughly 4% during the second quarter from the same period a year ago, which reflects a ""general softening of consumer demand."" Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period. The company said its U.S. retail pharmacy business faced ""significant challenges"" in a ""worse-than-expected consumer environment."" Walgreens and CVS have both increased their focus on their private-label products to lure in shoppers who have traded down from national brands to beat inflation. In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely."" They added that the company is expanding its variety of products, adding 37 new items alone in the second quarter. That ""perfectly complements consumer focus on value,"" the spokesperson said.While the major chains face many of the same hurdles, Walgreens is likely more exposed to the pressures on its retail pharmacy business than CVS is, Evercore ISI analyst Elizabeth Anderson told CNBC. CVS operates a PBM and the nation's third-largest health insurer, Aetna, which could help offset issues on the retail pharmacy side. CVS' retail pharmacy unit was the second-biggest contributor to sales last year, raking in $116.76 billion. The company's health services segment, which operates Caremark and primary-care provider Oak Street Health, booked nearly $187 billion in sales. Meanwhile, Walgreens gets the vast majority of its revenue from its U.S. retail pharmacies. That business unit took in more than $109 billion last year, dwarfing the $21.83 billion from its international segment and nearly $1.8 billion from its health-care unit. Walgreens' international segment operates more than 3,000 retail stores abroad, including locations of U.K.-based health and beauty retailer Boots. The company's health-care unit offers primary care, urgent care and post-acute care services, as well as a specialty pharmacy, among other services. Even as Walgreens tries to diversify its business, the company has been ""playing catch-up"" with CVS in the health-care space, according to Jeffries' Tanquilut. Retail giants and pharmacies have been pushing to deliver medical care directly to patients, which could help them capture a larger slice of the more than $4 trillion U.S. health-care industry. But several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care. That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut. Unlike CVS, Walgreens could potentially exit that market altogether. The company said in a securities filing last week it is considering a sale of its primary-care provider VillageMD.Walgreens invested $1 billion in VillageMD in 2020, then another $5.2 billion a year later to become its majority owner. But Walgreens started closing clinic locations last year. In March, the company recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD. Retail pharmacies likely won't disappear soon, especially as the American population ages and more people need to pick up prescriptions, Evercore's Anderson said. But she said they may not need to ""exist in their current form."" That could potentially mean increasing their online presence, no longer selling certain products like greeting cards and shrinking store footprints.""I think there'll be some experimentation with models there. It's more of a question of what the new retail pharmacy model will look like,"" Anderson told CNBC. Walgreens has opened roughly 100 smaller-format stores, which have fewer front-of-store items and over-the-counter medicines and feature the company's branded products, a spokesperson said in a statement. Walgreens plans to add more ""mini drugstores"" this year.The company is also piloting a Chicago store location that focuses on ""convenience and speed through digital pickup, pharmacy and grab-and-go solutions,"" Walgreens said on its website. Most prescription or retail orders can be placed and filled at a counter, which could deter theft. Another location in Aubrey, Texas, moves the pharmacy to the front of the store in a departure from the traditional model.The company's website said it does not plan to roll out additional pilot stores until ""learnings about what works and what doesn't are better understood."" Meanwhile, a CVS spokesperson said the company is ""innovating to meet our customers' and patients' varying needs."" The spokesperson pointed to the company's private-label brands, assortment of national brands, and loyalty program that offers discounts and benefits for patients. The company has also opened Oak Street Health primary-care centers side by side with CVS pharmacies in Texas and Illinois, with plans to introduce around two dozen more by the end of the year. In the meantime, CVS and Walgreens are cutting costs. Walgreens in June announced plans to shutter a ""significant"" number of its 8,600 U.S. stores. The company's CEO, Wentworth, said only 75% of the chain's locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.""In 2021, CVS announced it was shuttering 900 stores, or nearly 10% of its U.S. retail locations, over a three-year period. CVS executives earlier this month said the company is on track to meet that goal by the end of the year, with 851 stores closed to date. In a statement, a CVS spokesperson said the store closure decisions are based on population shifts, consumer spending patterns and a given community's store density, among other factors. Even after the closures, 85% of people in the U.S. will still live within 10 miles of a CVS pharmacy, the spokesperson noted.Amar Singh, senior director at retail consulting company Kantar Group, said shuttering underperforming locations could help Walgreens and CVS right-size their business and figure out ""the right equation"" for their stores that will win back shoppers and shore up profits. But store closures could make it harder for many Americans to get prescriptions, as pharmacy deserts become more common in underserved communities across the U.S. They also may do little to fix some of the deeper issues plaguing retail pharmacies, according to Saunders. For example, he said addressing declining pharmacy reimbursement rates may require legislation and lobbying, and ""getting that done is almost possible."" ""In some ways, closing stores is a reaction to the problem. It's not the solution to the problem,"" Saunders said. ""But longer term, if other things don't change, they'll probably find themselves in the same position in 10 years time where they have to close more stores.""",CNBC,19/08/2024,"['In this articleThe abundance of Walgreens and CVS Health stores makes them convenient for whenever Shriya Raghavan, a research associate based in Philadelphia, needs to pick up necessities like gum, deodorant and soap.', 'But she said she often has to wait for employees to unlock cabinets or stand in lengthy lines to pick up prescriptions as pharmacists juggle tasks.', 'Those are just some of the ways Walgreens and CVS are falling out of favor with consumers, in a trend that has hit their profits and stock prices and forced them to reconsider their strategies.', 'They are symptoms of deeper issues plaguing retail pharmacy chains, which pivoted from years of store expansions to shuttering hundreds of locations across the U.S. to shore up profits.', 'Among the biggest problems for the chains, reimbursement rates for prescription drugs have fallen.', 'Inflation, softer consumer spending, theft, and competition from Amazon and grocery stores are also making it difficult for drugstores to turn a profit at the front of the store, where they sell everything from pantry staples to makeup and cleaning supplies.', ""There's also widespread burnout among pharmacy staff, many of whom complain about understaffing and increasing workloads."", ""Many of those issues aren't new."", 'While CVS and Walgreens got a temporary boost from Covid vaccinations and test sales during the peak of the pandemic, they now face a harsh reality: the retail pharmacy model may be broken.', '""As things have started to normalize, we\'re reverting back to the challenges that the retail pharmacy industry had faced even before Covid,"" Jefferies analyst Brian Tanquilut told CNBC. ""', 'I think most of these pharmacies are realizing that fundamentally, their businesses have not really changed.', '""Falling retail pharmacy profit margins only add to the woes at both Walgreens and CVS.While Walgreens struggles with its push into primary care, CVS\' bottom line is getting battered by higher medical costs in its insurance business.', 'CVS earlier this month slashed its full-year profit outlook for the third consecutive quarter and announced $2 billion in new cost cuts over several years as those higher medical costs squeeze the insurance industry.', ""It's not just those two chains: Rite Aid, once a viable competitor, declared bankruptcy last year and is closing hundreds of store locations as it restructures."", ""Wall Street hasn't been happy."", 'Shares of Walgreens are down nearly 60% this year and 80% over the last decade.', ""CVS' stock is down almost 30% both for this year and the last 10 years."", ""Meanwhile, Rite Aid's common stock was delisted from the New York Stock Exchange in October."", 'Still, retail pharmacy chains remain an important fixture of the U.S. health-care system that tens of millions of Americans rely on.', 'They may just need to reinvent themselves.', '""The retail pharmacy industry is going through a period of soul-searching, trying to understand the best model to reach the consumer,"" said GlobalData retail managing director Neil Saunders. ""', 'Consumer habits have changed, some of the economics of running drugstores and pharmacies have changed and the retailers in the sector are really having to reappraise how they do business to maintain profitability and maintain a viable business model.', '""Here are the main factors challenging the pharmacy business, and what CVS and Walgreens are doing to adapt.', 'Much of the pain for retail pharmacies comes from lower prescription drug reimbursement rates.', 'Pharmacies typically buy their medications from a distributor and then get reimbursed by pharmacy benefit managers, or PBMs.', 'The powerful drug supply middlemen also negotiate discounts with manufacturers on behalf of insurers and create lists of medications covered by health plans.', ""The three largest PBMs – CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts – handle almost 80% of all prescriptions in the U.S.Pharmacies have accused PBMs of setting lower reimbursement rates, which, in some cases, can mean pharmacies get paid less than the cost of buying and dispensing a prescription."", 'Those middlemen are also accused of offering ""take it or leave it"" contracts when negotiating reimbursements with pharmacies, effectively forcing them to accept lower rates so they can maintain access to patients covered by PBMs.', '""There\'s no leverage.', 'There\'s no negotiating power on the side of the retail pharmacies,"" Tanquilut told CNBC. ""', ""So we've seen a consistent pressure on margins on the pharmacy side over the last several years to the point where that's a huge challenge."", '""The operating margin for Walgreens\' U.S. retail pharmacy unit was -5% last year, down from 3.9% in 2019 and 4.4% in 2015.', 'Meanwhile, CVS\' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.Walgreens CEO Tim Wentworth acknowledged those headwinds during an earnings call in June. ""', 'We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently,"" he said. ""', 'For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly.', '""CVS has a slight competitive advantage over Walgreens since it has its own PBM, and the margin pressure from Caremark is likely ""not as severe"" as it is for other PBMs, Tanquilut said.', 'CVS in December also introduced a new pharmacy reimbursement model called CostVantage, which will launch at the beginning of next year and use what the company calls a ""transparent"" formula to determine a medication\'s price.', 'A CVS spokesperson said it will provide more clarity and predictability for consumers.', ""But some analysts told CNBC that it's still unclear how effective that new model will be."", 'Meanwhile, Saunders said more consumers are using online pharmacy services such as PillPack, a subsidiary of Amazon Pharmacy, to get their prescription medications.', 'He noted that online pharmacy fulfillment remains ""fairly small in the scheme of things,"" but said it is ""definitely growing and putting a little bit of pressure on some of the traditional pharmacy chains.', '""E-commerce rivals, discounters and big-box retailers are an even bigger threat to the retail side of Walgreens\' and CVS\' pharmacy businesses.', ""As competition mounts, the chains' online retail presence has also lagged behind those of Amazon and other retailers like Walmart and Target, according to Leerink Partners analyst Michael Cherny."", '""It wasn\'t as likely that an individual pre-Covid, or even the early days of Covid, would think first and foremost of going to CVS.com or Walgreens.com for shopping,"" Cherny said. ""[', 'CVS and Walgreens] were behind on e-commerce.', '""Inflation is also squeezing consumers, who have become more prudent with their purchases.', 'A budget-conscious shopper is more likely to shop at retailers including Walmart, a dollar store or Costco, despite the convenience the retail pharmacies offer, Cherny noted.', 'Brittainy Lynn, a 38-year-old freelancer based in Austin, Texas, said it ""seems like prices are really high"" at Walgreens and CVS compared with other stores.', '""It is not my first choice,"" Lynn told CNBC. ""', 'Walmart or Target is generally where I find things I need for the cheapest price.', 'I do frequent Dollar Tree as well, but not really for essentials.', '""Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.', 'Earlier this month, CVS said same-store sales at the front of the store were down roughly 4% during the second quarter from the same period a year ago, which reflects a ""general softening of consumer demand.', '""Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period.', 'The company said its U.S. retail pharmacy business faced ""significant challenges"" in a ""worse-than-expected consumer environment.', '""Walgreens and CVS have both increased their focus on their private-label products to lure in shoppers who have traded down from national brands to beat inflation.', 'In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely.""', 'They added that the company is expanding its variety of products, adding 37 new items alone in the second quarter.', 'That ""perfectly complements consumer focus on value,"" the spokesperson said.', ""While the major chains face many of the same hurdles, Walgreens is likely more exposed to the pressures on its retail pharmacy business than CVS is, Evercore ISI analyst Elizabeth Anderson told CNBC.CVS operates a PBM and the nation's third-largest health insurer, Aetna, which could help offset issues on the retail pharmacy side."", ""CVS' retail pharmacy unit was the second-biggest contributor to sales last year, raking in $116.76 billion."", ""The company's health services segment, which operates Caremark and primary-care provider Oak Street Health, booked nearly $187 billion in sales."", 'Meanwhile, Walgreens gets the vast majority of its revenue from its U.S. retail pharmacies.', 'That business unit took in more than $109 billion last year, dwarfing the $21.83 billion from its international segment and nearly $1.8 billion from its health-care unit.', ""Walgreens' international segment operates more than 3,000 retail stores abroad, including locations of U.K.-based health and beauty retailer Boots."", ""The company's health-care unit offers primary care, urgent care and post-acute care services, as well as a specialty pharmacy, among other services."", 'Even as Walgreens tries to diversify its business, the company has been ""playing catch-up"" with CVS in the health-care space, according to Jeffries\' Tanquilut.', 'Retail giants and pharmacies have been pushing to deliver medical care directly to patients, which could help them capture a larger slice of the more than $4 trillion U.S. health-care industry.', 'But several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care.', ""That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut."", 'Unlike CVS, Walgreens could potentially exit that market altogether.', 'The company said in a securities filing last week it is considering a sale of its primary-care provider VillageMD.Walgreens invested $1 billion in VillageMD in 2020, then another $5.2 billion a year later to become its majority owner.', 'But Walgreens started closing clinic locations last year.', ""In March, the company recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD.Retail pharmacies likely won't disappear soon, especially as the American population ages and more people need to pick up prescriptions, Evercore's Anderson said."", 'But she said they may not need to ""exist in their current form.""', 'That could potentially mean increasing their online presence, no longer selling certain products like greeting cards and shrinking store footprints.', '""I think there\'ll be some experimentation with models there.', 'It\'s more of a question of what the new retail pharmacy model will look like,"" Anderson told CNBC.Walgreens has opened roughly 100 smaller-format stores, which have fewer front-of-store items and over-the-counter medicines and feature the company\'s branded products, a spokesperson said in a statement.', 'Walgreens plans to add more ""mini drugstores"" this year.', 'The company is also piloting a Chicago store location that focuses on ""convenience and speed through digital pickup, pharmacy and grab-and-go solutions,"" Walgreens said on its website.', 'Most prescription or retail orders can be placed and filled at a counter, which could deter theft.', 'Another location in Aubrey, Texas, moves the pharmacy to the front of the store in a departure from the traditional model.', 'The company\'s website said it does not plan to roll out additional pilot stores until ""learnings about what works and what doesn\'t are better understood.', '""Meanwhile, a CVS spokesperson said the company is ""innovating to meet our customers\' and patients\' varying needs.""', ""The spokesperson pointed to the company's private-label brands, assortment of national brands, and loyalty program that offers discounts and benefits for patients."", 'The company has also opened Oak Street Health primary-care centers side by side with CVS pharmacies in Texas and Illinois, with plans to introduce around two dozen more by the end of the year.', 'In the meantime, CVS and Walgreens are cutting costs.', 'Walgreens in June announced plans to shutter a ""significant"" number of its 8,600 U.S. stores.', 'The company\'s CEO, Wentworth, said only 75% of the chain\'s locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.', '""In 2021, CVS announced it was shuttering 900 stores, or nearly 10% of its U.S. retail locations, over a three-year period.', 'CVS executives earlier this month said the company is on track to meet that goal by the end of the year, with 851 stores closed to date.', ""In a statement, a CVS spokesperson said the store closure decisions are based on population shifts, consumer spending patterns and a given community's store density, among other factors."", 'Even after the closures, 85% of people in the U.S. will still live within 10 miles of a CVS pharmacy, the spokesperson noted.', 'Amar Singh, senior director at retail consulting company Kantar Group, said shuttering underperforming locations could help Walgreens and CVS right-size their business and figure out ""the right equation"" for their stores that will win back shoppers and shore up profits.', 'But store closures could make it harder for many Americans to get prescriptions, as pharmacy deserts become more common in underserved communities across the U.S.They also may do little to fix some of the deeper issues plaguing retail pharmacies, according to Saunders.', 'For example, he said addressing declining pharmacy reimbursement rates may require legislation and lobbying, and ""getting that done is almost possible.', '""""In some ways, closing stores is a reaction to the problem.', 'It\'s not the solution to the problem,"" Saunders said. ""', 'But longer term, if other things don\'t change, they\'ll probably find themselves in the same position in 10 years time where they have to close more stores.""']",0.1420033534894789,"The company's CEO, Wentworth, said only 75% of the chain's locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.","""Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.",-0.1717767514744583,"In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely.""","""Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period.",2024-08-19
+"T.J. Maxx owner raises full-year guidance, posts 5.6% sales gain for the most recent quarter",https://www.cnbc.com/2024/08/21/tjx-companies-tjx-earnings-q2-2025.html,2024-08-21T19:31:45+0000,"In this articleTJX Cos. raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve. Shares of TJX rose nearly 6% in afternoon trading.Here's how the discounter did for the fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier. Sales rose to $13.47 billion, up from $12.76 billion a year earlier.Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing.The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million. The privately held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release.""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""The Company's ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""Europe has been more challenging for TJX, especially the U.K., according to CEO Ernie Herrman.""We were a little disappointed in our Europe business,"" Herrman said in the earnings conference call. ""A decent size of that is our own execution.""Nonetheless, Herrman said TJX is on the right path forward.During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said. That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores. During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount. HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.TJX also benefited from operational improvements and lower freight costs, though those were partially offset by higher supply chain costs, according to CFO John Klinger.As Marmaxx gains momentum, Klinger said the company has ""opportunities to keep growing our largest division.""In the current quarter, performance is already ""off to a strong start,"" said Herrman.""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons. We marked a milestone for our Company in the second quarter by opening our 5,000th store,"" said Herrman. ""Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday's close, TJX's stock is up about about 21% year to date. The shares reached a new high in May after the company reported strong quarterly earnings.The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes.""Consumers will keep seeking value,"" said Herrman.In May, Herrman said the company is winning in part because it's ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.In Wednesday's earnings call, Herrman said TJX is attracting an ""outsized number"" of younger customers.Some analysts say the nature of TJX's business model means it does well in any economic environment. In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher-income shoppers come to its stores looking for deals on the branded clothes they're accustomed to.Even as consumers face rising prices at places like the grocery store, Herrman and Klinger said TJX's average selling prices have been ""pretty consistent.""""If you look at our merchandise market, the story is becoming more about the buying better, and not just the retails,"" Herrman said.However, a sharp downturn in consumer spending, which some analysts have warned may be ahead, could impact the company regardless of its value offering.",CNBC,21/08/2024,"['In this articleTJX Cos.', ""raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations."", ""The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve."", 'Shares of TJX rose nearly 6% in afternoon trading.', ""Here's how the discounter did for the fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier."", 'Sales rose to $13.47 billion, up from $12.76 billion a year earlier.', ""Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing."", 'The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million.', ""The privately held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release."", '""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""', 'The Company\'s ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""Europe has been more challenging for TJX, especially the U.K., according to CEO Ernie Herrman.', '""We were a little disappointed in our Europe business,"" Herrman said in the earnings conference call. ""', 'A decent size of that is our own execution.', '""Nonetheless, Herrman said TJX is on the right path forward.', 'During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said.', 'That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.', ""The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores."", 'During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount.', 'HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.', 'TJX also benefited from operational improvements and lower freight costs, though those were partially offset by higher supply chain costs, according to CFO John Klinger.', 'As Marmaxx gains momentum, Klinger said the company has ""opportunities to keep growing our largest division.', '""In the current quarter, performance is already ""off to a strong start,"" said Herrman.', '""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.', 'We marked a milestone for our Company in the second quarter by opening our 5,000thstore,"" said Herrman. ""', 'Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday\'s close, TJX\'s stock is up about about 21% year to date.', 'The shares reached a new high in May after the company reported strong quarterly earnings.', ""The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes."", '""Consumers will keep seeking value,"" said Herrman.', 'In May, Herrman said the company is winning in part because it\'s ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.', 'In Wednesday\'s earnings call, Herrman said TJX is attracting an ""outsized number"" of younger customers.', ""Some analysts say the nature of TJX's business model means it does well in any economic environment."", ""In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher-income shoppers come to its stores looking for deals on the branded clothes they're accustomed to."", 'Even as consumers face rising prices at places like the grocery store, Herrman and Klinger said TJX\'s average selling prices have been ""pretty consistent.', '""""If you look at our merchandise market, the story is becoming more about the buying better, and not just the retails,"" Herrman said.', 'However, a sharp downturn in consumer spending, which some analysts have warned may be ahead, could impact the company regardless of its value offering.']",0.3146543423582668,"""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.","The discounter behind Marshalls, HomeGoods and T.J. Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve.",0.7327762484550476,"During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said.","raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.",2024-08-19
+"Ford delays new EV plant, cancels electric three-row SUV as it shifts strategy",https://www.cnbc.com/2024/08/21/ford-delays-new-ev-plant-cancels-electric-three-row-suv.html,2024-08-21T14:09:40+0000,"In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be a full-size truck, which will be produced in 2027 at the Tennessee plant that's currently under construction, and a new midsize truck being developed by a specialized ""skunkworks"" team in California.""As we've learned in the marketplace, and we've seen where people have gravitated, we're going to focus in where we have competitive advantage, and that's on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker. But, in the short term, they will cost the company.Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion. Ford will reflect those in the quarter in which they are incurred, as a special item.Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%. He did not give a timeline for the change.Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year. The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices.""The rollout of Ford's next generation of EVs will begin with a commercial van that will be assembled at Ford's Ohio Assembly Plant starting in 2026, according to the company.The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year. It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.",CNBC,21/08/2024,"['In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.', 'Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be afull-size truck, which will be produced in 2027 at the Tennessee plant that\'s currently under construction,and a new midsize truck being developed by a specialized ""skunkworks"" team in California.', '""As we\'ve learned in the marketplace, and we\'ve seen where people have gravitated, we\'re going to focus in where we have competitive advantage, and that\'s on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.', 'The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.', 'But, in the short term, they will cost the company.', 'Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion.', 'Ford will reflect those in the quarter in which they are incurred, as a special item.', ""Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%."", 'He did not give a timeline for the change.', 'Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year.', 'The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.', 'The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""', ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices."", '""The rollout of Ford\'s next generation of EVs will begin with a commercial van that will be assembled at Ford\'s Ohio Assembly Plant starting in 2026, according to the company.', ""The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year."", 'It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.', 'Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.', 'The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.']",0.2066772679754198,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.","The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. """,0.133549948533376,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.",The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.,2024-08-19
+"Target shares spike as profits rise, despite cautious sales outlook",https://www.cnbc.com/2024/08/21/target-tgt-q2-2024-earnings.html,2024-08-21T20:05:56+0000,"In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing.Even so, the company stuck by its previous full-year sales forecast and struck a cautious note. Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range. Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits.On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it's hard to predict consumers' mindsets and the state of the economy in the coming months.""While we've been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing. The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter. That's a more than 40% year-over-year increase.Total revenue rose from $24.77 billion in the prior year.Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain. The industry metric tracks sales online and at stores open at least 13 months.Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery. Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts. The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries. Target threw its own sales event in July to compete with Amazon's Prime Day. And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels. CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter. Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period. The average size of customers' shopping baskets, however, declined slightly, Fiddelke said.Discretionary sales, which have been under pressure across the retail industry, improved. Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period. Back-to-school has also been an important season for the retailer. Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents. He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.Shares of Target closed Wednesday at $159.25 after accounting for a dividend payment. As of Wednesday's close, the company's stock is up about 12% so far this year. That's trailed behind the S&P 500's greater than 17% gains during the same period.",CNBC,21/08/2024,"['In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.', ""The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing."", 'Even so, the company stuck by its previous full-year sales forecast and struck a cautious note.', 'Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range.', ""Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits."", 'On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it\'s hard to predict consumers\' mindsets and the state of the economy in the coming months.', '""While we\'ve been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.', ""Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing."", 'The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.', 'Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.', ""Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter."", ""That's a more than 40% year-over-year increase."", 'Total revenue rose from $24.77 billion in the prior year.', 'Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain.', 'The industry metric tracks sales online and at stores open at least 13 months.', 'Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery.', 'Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts.', 'The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries.', ""Target threw its own sales event in July to compete with Amazon's Prime Day."", 'And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels.', 'CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter.', ""Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period."", ""The average size of customers' shopping baskets, however, declined slightly, Fiddelke said."", 'Discretionary sales, which have been under pressure across the retail industry, improved.', 'Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period.', 'Back-to-school has also been an important season for the retailer.', ""Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents."", 'He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.', 'Shares of Target closed Wednesday at $159.25 after accounting for a dividend payment.', ""As of Wednesday's close, the company's stock is up about 12% so far this year."", ""That's trailed behind the S&P 500's greater than 17% gains during the same period.""]",0.2379670763507107,"Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares closed about 11% higher Wednesday as Target showed improvement in generating profits.","The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",0.5834868599971136,Total revenue rose from $24.77 billion in the prior year.,"The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",2024-08-19
+"GM reveals GMC Yukon 'AT4 Ultimate' to expand reach, profits of high-end SUVs",https://www.cnbc.com/2024/08/19/gm-gmc-yukon-at4-suv.html,2024-08-19T15:17:13+0000,"In this articleDETROIT — General Motors is expanding its high-end GMC Yukon lineup to include a new ""AT4 Ultimate"" model as part of updates to the large SUV for the 2025 model year.The new model will slate in between the luxury ""Denali"" and ""Denali Ultimate"" models. The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively. The current AT4 model starts at $73,500.Denali models, now in their 25th year, have become a cash machine for GMC. In recent years, the automaker added ""Ultimate"" and ""AT4"" models, with off-road styling and some unique parts, to further expand the reach and pricing of the high-end models.""We're raising the bar on what our customers expect from GMC's flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.AT4 sales represent about 17% of Yukon's overall sales. That compares with the Denali models at more than 50% of sales for the large SUVs.The new AT4 Ultimate models include a front skid plate and 20-inch wheels with all-terrain tires; four-corner adaptive air suspension that can raise the vehicle up to 2 inches; and other features.The higher-trim models have helped GMC reach an average transaction price of roughly $80,000 for Yukon, according to GM.Aside from the AT4 Ultimate, the 2025 Yukon will get updates including new styling, larger screens, second-row executive seating, and expanded availability of a 3.0-liter diesel engine to assist range and fuel economy compared with gas-powered models.The 2025 GMC Yukon will be produced at GM's Arlington Assembly plant in Texas and is expected to be available by the end of 2024.",CNBC,19/08/2024,"['In this articleDETROIT — General Motors is expanding its high-end GMC Yukon lineup to include a new ""AT4 Ultimate"" model as part of updates to the large SUV for the 2025 model year.', 'The new model will slate in between the luxury ""Denali"" and ""Denali Ultimate"" models.', 'The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively.', 'The current AT4 model starts at $73,500.Denali models, now in their 25th year, have become a cash machine for GMC.', 'In recent years, the automaker added ""Ultimate"" and ""AT4"" models, with off-road styling and some unique parts, to further expand the reach and pricing of the high-end models.', '""We\'re raising the bar on what our customers expect from GMC\'s flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.', ""AT4 sales represent about 17% of Yukon's overall sales."", 'That compares with the Denali models at more than 50% of sales for the large SUVs.', 'The new AT4 Ultimate models include a front skid plate and 20-inch wheels with all-terrain tires; four-corner adaptive air suspension that can raise the vehicle up to 2 inches; and other features.', 'The higher-trim models have helped GMC reach an average transaction price of roughly $80,000 for Yukon, according to GM.Aside from the AT4 Ultimate, the 2025 Yukon will get updates including new styling, larger screens, second-row executive seating, and expanded availability of a 3.0-liter diesel engine to assist range and fuel economy compared with gas-powered models.', ""The 2025 GMC Yukon will be produced at GM's Arlington Assembly plant in Texas and is expected to be available by the end of 2024.""]",0.085922913039373,"The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively.",,0.8957941651344299,"""We're raising the bar on what our customers expect from GMC's flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.",,2024-08-19
+California cracks down on organized retail crime with new package of laws,https://www.cnbc.com/2024/08/19/california-retail-crime-laws-crack-down-on-organized-rings.html,2024-08-19T21:10:34+0000,"California Democratic Gov. Gavin Newsom has signed 10 new bills into law that aim to combat retail crime in the state.The package, announced Friday, includes new laws that crack down on shoplifting, theft from a vehicle, organized theft, and online marketplaces where these stolen goods are sometimes resold. The new laws come after retailers have called on both local and federal governments to do more to combat retail theft, citing it as a growing challenge that's impacted profits, customers and staff.One of the bills in the package, SB 1416, establishes tougher penalties for middlemen in organized retail crime rings and was introduced in response to a CNBC investigation published in March, according to the office of state Sen. Josh Newman, a Democrat, who introduced the bill.""As author of the bill, I used examples of your reporting in each of the policy committee hearings at which I presented the bill, and I think it made real for my colleagues something that otherwise seemed kind of abstract. And it also, I think, encapsulated just how powerful the incentives are,"" Newman told CNBC.The law Newman authored establishes additional prison time and fines for the sale, exchange or return of stolen property — the bread and butter of retail resale crime rings. Prior to the law's passage, those charged with being involved in organized retail crime rings could face up to three years in prison. Critics said that sentence and penalty were not enough of a deterrence.Newman said the law was designed to go after middlemen like Michelle Mack — the organized retail crime ""queenpin"" who was exposed in CNBC's investigation. Police say she made millions reselling stolen goods on Amazon at a fraction of their typical retail price. ""It's necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.Mack was arrested in December and received a delayed sentence of five years and four months in state prison. Mack's husband, Kenneth, received the same sentence and is already incarcerated. The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack's ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience. Others have countered these claims, saying that retailers are overstating the impact of theft and downplaying the operational issues behind lower profits.Commercial burglary and commercial robbery rates in California have been steadily rising over the past few years, according to data from the Public Policy Institute of California. Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.Since January, the California Highway Patrol's Organized Retail Crime Task Force has made 884 arrests and recovered more than 250,000 stolen items valued collectively at over $7.2 million, according to the press release announcing the new legislation.Retailers have been urging Congress to crack down on organized retail crime nationally, with the retail lobby group National Retail Federation pushing to make it easier to prosecute theft as a federal felony.With the 2024 presidential election looming, Democrats are also looking to appear tough on crime to address Republican criticism of the nation's rising crime rates. However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.Another bill, SB 1144, also passed in the new package of laws aims to prevent the trafficking of stolen goods on online marketplaces like Amazon. The bill, introduced by state Sen. Nancy Skinner, a Democrat, builds on a previous California law by updating compliance criteria for high-volume, third-party sellers and making it easier for civil charges to be filed against online marketplaces selling stolen goods, among other measures.— CNBC's Gabrielle Fonrouge, Scott Zamost and Courtney Reagan contributed to this report.",CNBC,19/08/2024,"['California Democratic Gov. Gavin Newsom has signed 10 new bills into law that aim to combat retail crime in the state.', 'The package, announced Friday, includes new laws that crack down on shoplifting, theft from a vehicle, organized theft, and online marketplaces where these stolen goods are sometimes resold.', ""The new laws come after retailers have called on both local and federal governments to do more to combat retail theft, citing it as a growing challenge that's impacted profits, customers and staff."", 'One of the bills in the package, SB 1416, establishes tougher penalties for middlemen in organized retail crime rings and was introduced in response to a CNBC investigation published in March, according to the office of state Sen. Josh Newman, a Democrat, who introduced the bill.', '""As author of the bill, I used examples of your reporting in each of the policy committee hearings at which I presented the bill, and I think it made real for my colleagues something that otherwise seemed kind of abstract.', 'And it also, I think, encapsulated just how powerful the incentives are,"" Newman told CNBC.The law Newman authored establishes additional prison time and fines for the sale, exchange or return of stolen property — the bread and butter of retail resale crime rings.', ""Prior to the law's passage, those charged with being involved in organized retail crime rings could face up to three years in prison."", 'Critics said that sentence and penalty were not enough of a deterrence.', 'Newman said the law was designed to go after middlemen like Michelle Mack — the organized retail crime ""queenpin"" who was exposed in CNBC\'s investigation.', 'Police say she made millions reselling stolen goods on Amazon at a fraction of their typical retail price. ""', 'It\'s necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.', 'Mack was arrested in December and received a delayed sentence of five years and four months in state prison.', ""Mack's husband, Kenneth, received the same sentence and is already incarcerated."", 'The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack\'s ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience.', 'Others have countered these claims, saying that retailers are overstating the impact of theft and downplaying the operational issues behind lower profits.', 'Commercial burglary and commercial robbery rates in California have been steadily rising over the past few years, according to data from the Public Policy Institute of California.', 'Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.', ""Since January, the California Highway Patrol's Organized Retail Crime Task Force has made 884 arrests and recovered more than 250,000 stolen items valued collectively at over $7.2 million, according to the press release announcing the new legislation."", 'Retailers have been urging Congress to crack down on organized retail crime nationally, with the retail lobby group National Retail Federation pushing to make it easier to prosecute theft as a federal felony.', ""With the 2024 presidential election looming, Democrats are also looking to appear tough on crime to address Republican criticism of the nation's rising crime rates."", 'However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.', 'Another bill, SB 1144, also passed in the new package of laws aims to prevent the trafficking of stolen goods on online marketplaces like Amazon.', 'The bill, introduced by state Sen. Nancy Skinner, a Democrat, builds on a previous California law by updating compliance criteria for high-volume, third-party sellers and making it easier for civil charges to be filed against online marketplaces selling stolen goods, among other measures.—', ""CNBC's Gabrielle Fonrouge, Scott Zamost and Courtney Reagan contributed to this report.""]",-0.2662607653161937,"It's necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.","However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.",-0.0002859458327293,"Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.","The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack's ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience.",2024-08-19
+Health-care marketplace Sesame to offer compounded versions of Wegovy through new $249 weight loss program,https://www.cnbc.com/2024/08/21/sesame-to-offer-compounded-wegovy-through-weight-loss-program.html,2024-08-21T17:22:39+0000,"Health-care marketplace Sesame on Wednesday announced a new clinical weight loss program that will help eligible consumers access compounded versions of Novo Nordisk's blockbuster obesity drug Wegovy for $249 per month.Sesame allows patients to book and pay for appointments with doctors and specialists directly through its website, so it cuts out middlemen such as insurers.The company said it is adding compounded semaglutide — the active ingredient in Wegovy and Novo Nordisk's diabetes injection Ozempic — to its platform to help users safely access obesity and diabetes treatments at a time when many of the branded drugs are in short supply. Sesame already offers branded weight loss and diabetes drugs through its platform, including through a partnership with Costco. But the company's new program could serve as a more affordable weight loss alternative, as compounded medications are typically cheaper than their branded counterparts. Wegovy and Ozempic both cost roughly $1,000 per month before insurance, and most weight loss programs from competing digital health companies do not include the cost of those medications. ""We are, based on this drug supply shortage, on behalf of American consumers, making a version of compounded semaglutide available to our users at … [a] very accessible price point,"" Michael Botta, president and co-founder of Sesame, told CNBC in an interview. ""In fact, we think it's probably the most affordable price point the consumer can find on an apples to apples basis.""Wegovy and Ozempic are part of a highly popular class of weight loss and diabetes medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar. The treatments have exploded in popularity in recent years, and some analysts predict the industry could generate more than $100 billion in annual revenue by 2030.Supply shortages are one of the biggest hurdles for Novo Nordisk and its main rival, Eli Lilly, since spiking demand can make it difficult for many patients to find the treatments. When brand-name GLP-1 medications are in shortage, certain manufacturers can prepare compounded versions if they meet U.S. Food and Drug Administration requirements.The lowest dose of Wegovy is in short supply, but all other doses of the drug and Ozempic are available, according to the FDA's drug shortage database. Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs, such as not being able to swallow a pill or being allergic to the dye of a certain product. Those compounded drugs can be prescribed, made and dispensed under two sections of the Federal Food, Drug and Cosmetic Act. That law created two classes of compounding pharmacies. The FDA regulates so-called 503B pharmacies, which can make larger batches of medications without individual prescriptions. Meanwhile, 503A compounding pharmacies can create custom medications for individual patients and are largely regulated by states rather than the FDA. But both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and Eli Lilly do not supply the active ingredients in their drugs to outside groups. The companies say that raises questions about what some manufacturers are selling and marketing to consumers.Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year. The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment. Botta said Sesame initially ""stayed very far away"" from compounded medications because the company felt uncertain about their purity and quality. But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they're effective, they seem to be quite safe. People tend to have a good experience taking them."" Sesame then sent its teams to inspect several 503B compounding pharmacies. ""What we decided to do was work with a compounding pharmacy that certainly meets our bar when it comes to inspecting their processes, their quality, their output,"" Botta said. The compounding pharmacy partnered with Sesame will manufacture prefilled, single-use syringes rather than a single vial of medicine that patients have to measure themselves. Botta said that could help patients ""avoid the risk that comes from overfilling a syringe, over-injecting, taking too much — overdosing on this medication."" To participate in Sesame's new program, patients will have to fill out an intake form and select a health-care provider. They will have a consultation with the provider via video, complete some lab work and receive a prescription if the provider decides it is appropriate. Patients will be able to access ongoing consultations via video chat, as well as a nutrition, fitness and mindfulness content library. The content will not be immediately available upon the launch of the new program Wednesday, but Sesame said it will be live in about two weeks. Anyone who signs up in the interim will automatically get access to it when it is available, the company added. ""There are millions upon millions of Americans who are struggling both with obesity itself and with all of the downstream effects of obesity,"" Botta said. ""Being able to connect patients who otherwise are struggling with the supply shortage is something we think is worth doing.""",CNBC,21/08/2024,"[""Health-care marketplace Sesame on Wednesday announced a new clinical weight loss program that will help eligible consumers access compounded versions of Novo Nordisk's blockbuster obesity drug Wegovy for $249 per month."", 'Sesame allows patients to book and pay for appointments with doctors and specialists directly through its website, so it cuts out middlemen such as insurers.', ""The company said it is adding compounded semaglutide — the active ingredient in Wegovy and Novo Nordisk's diabetes injection Ozempic — to its platform to help users safely access obesity and diabetes treatments at a time when many of the branded drugs are in short supply."", 'Sesame already offers branded weight loss and diabetes drugs through its platform, including through a partnership with Costco.', ""But the company's new program could serve as a more affordable weight loss alternative, as compounded medications are typically cheaper than their branded counterparts."", 'Wegovy and Ozempic both cost roughly $1,000 per month before insurance, and most weight loss programs from competing digital health companies do not include the cost of those medications.', '""We are, based on this drug supply shortage, on behalf of American consumers, making a version of compounded semaglutide available to our users at … [a] very accessible price point,"" Michael Botta, president and co-founder of Sesame, told CNBC in an interview. ""', ""In fact, we think it's probably the most affordable price point the consumer can find on an apples to apples basis."", '""Wegovy and Ozempic are part of a highly popular class of weight loss and diabetes medications called GLP-1s, which mimic certain gut hormones to tamp down a patient\'s appetite and regulate their blood sugar.', 'The treatments have exploded in popularity in recent years, and some analysts predict the industry could generate more than $100 billion in annual revenue by 2030.Supply shortages are one of the biggest hurdles for Novo Nordisk and its main rival, Eli Lilly, since spiking demand can make it difficult for many patients to find the treatments.', 'When brand-name GLP-1 medications are in shortage, certain manufacturers can prepare compounded versions if they meet U.S. Food and Drug Administration requirements.', ""The lowest dose of Wegovy is in short supply, but all other doses of the drug and Ozempic are available, according to the FDA's drug shortage database."", ""Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs, such as not being able to swallow a pill or being allergic to the dye of a certain product."", 'Those compounded drugs can be prescribed, made and dispensed under two sections of the Federal Food, Drug and Cosmetic Act.', 'That law created two classes of compounding pharmacies.', 'The FDA regulates so-called 503B pharmacies, which can make larger batches of medications without individual prescriptions.', 'Meanwhile, 503A compounding pharmacies can create custom medications for individual patients and are largely regulated by states rather than the FDA.But both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and Eli Lilly do not supply the active ingredients in their drugs to outside groups.', 'The companies say that raises questions about what some manufacturers are selling and marketing to consumers.', 'Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.', 'The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment.', 'Botta said Sesame initially ""stayed very far away"" from compounded medications because the company felt uncertain about their purity and quality.', 'But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they\'re effective, they seem to be quite safe.', 'People tend to have a good experience taking them.', '""Sesame then sent its teams to inspect several 503B compounding pharmacies.', '""What we decided to do was work with a compounding pharmacy that certainly meets our bar when it comes to inspecting their processes, their quality, their output,"" Botta said.', 'The compounding pharmacy partnered with Sesame will manufacture prefilled, single-use syringes rather than a single vial of medicine that patients have to measure themselves.', 'Botta said that could help patients ""avoid the risk that comes from overfilling a syringe, over-injecting, taking too much — overdosing on this medication.', '""To participate in Sesame\'s new program, patients will have to fill out an intake form and select a health-care provider.', 'They will have a consultation with the provider via video, complete some lab work and receive a prescription if the provider decides it is appropriate.', 'Patients will be able to access ongoing consultations via video chat, as well as a nutrition, fitness and mindfulness content library.', 'The content will not be immediately available upon the launch of the new program Wednesday, but Sesame said it will be live in about two weeks.', 'Anyone who signs up in the interim will automatically get access to it when it is available, the company added.', '""There are millions upon millions of Americans who are struggling both with obesity itself and with all of the downstream effects of obesity,"" Botta said. ""', 'Being able to connect patients who otherwise are struggling with the supply shortage is something we think is worth doing.""']",0.005803572843723,"But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they're effective, they seem to be quite safe.","Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.",0.4187814430757002,"But he said the more Sesame learned about compounded versions of GLP-1s, the ""more we see that they're effective, they seem to be quite safe.",The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment.,2024-08-19
+Streaming is getting more expensive for consumers. Here's why,https://www.cnbc.com/2024/08/16/streaming-getting-more-expensive-for-consumers.html,2024-08-16T16:57:45+0000,"In this articleStreaming is finally starting to pay off for media companies, but there's a catch — to get there, consumers are facing higher subscription costs and increasingly frequent price hikes.Legacy media companies entered the streaming market with a focus on gaining subscribers and competing with category leader Netflix as traditional cable TV bundles lose customers. Now, looking for a return on their content investments, Disney, Warner Bros. Discovery and others are aiming for streaming profits.Their strategies include rolling out cheaper, ad-supported models; launching platform bundles; and cracking down on password sharing, but price hikes have shown more immediate results toward profitability.""The years of prioritizing user growth with low prices are over,"" said Mike Proulx, vice president and research director at Forrester.Disney said last week that its combined streaming services — Disney+, Hulu and ESPN+ — were profitable for the first time during its fiscal third quarter. Although the company added new subscribers, that milestone was largely due to price increases.CEO Bob Iger said during an earnings call that Disney has ""earned"" its pricing in the marketplace due to the company's creative contributions and product improvements. He noted that with past price increases, the company hasn't seen a ""significant"" number of customer departures.""When we look across our portfolio … we're seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage that we believe we have,"" Iger said.The major streaming services have gone through a number of price hikes and changes throughout the past few years.In just the past five months, four streamers have announced price increases: Warner Bros. Discovery's Max, Comcast's Peacock, Disney and Paramount.Ahead of earnings, Disney announced it's raising streaming prices by $1 to $2 a month for Hulu, Disney+ and ESPN+.Similar to Disney, Paramount Global said last week in its quarterly earnings conference call that its streaming business, centered on flagship service Paramount+, reached profitability.Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023. Meanwhile, additional price increases for Paramount+ go into effect this month, and the company expects to see a financial impact for that during the fourth quarter.Though Comcast's Peacock offered a limited-time annual subscription for $19.99 ahead of the Olympics, the company raised the monthly cost of the service's ad-supported tier by $2 this summer, marking its second price hike of the year. Warner Bros. Discovery also increased the cost of Max without ads by $1 per month in June.""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value. And I think that's in the process of being corrected,"" Warner Bros. Discovery finance chief Gunnar Wiedenfels said during an industry conference last year. ""We've seen price increases across essentially the entire competitive set.""When Disney reported a revenue increase in its most recent quarter, it was primarily driven by higher subscription prices, said Forrester's Proulx, since user growth and ad revenue alone won't sustain profitability.That puts the burden of revenue growth somewhat on consumers' shoulders, he said. And users are feeling the strain.In a survey of 3,000 consumers, 90% agreed that streaming video subscriptions are raising their prices more often than they were in the past, according to Hub Entertainment Research.Meanwhile, companies are pushing consumers toward ad-supported tiers — which are often cheaper than commercial-free streaming — in a bid to attract more advertisers, Proulx said.And many of those consumers are taking the option.""We expect meaningful growth ahead as more subscribers opt for the ad-lite tier, which represented over 40% of global gross adds last quarter,"" Warner Bros. Discovery's Wiedenfels said during last week's earnings call. Ad lite references Max's cheapest subscription tierMedia companies have noted that advertising has grown for streaming. Warner Bros. Discovery said during its second-quarter earnings conference call that streaming ad revenue doubled year over year.Similarly, revenue from advertising grew 16% in Paramount's second quarter, driven by Paramount+ and Pluto TV, according to the company.At Peacock, 75% of subscribers were on the ad-supported tier as of February of last year, according to research from Antenna. At the time it was the largest share of any of the major streamers, followed by Hulu at 57% and Paramount+ at 43%. The streaming companies don't typically disclose the breakdown of subscriptions by tier.""The advertising tier for all these companies is appealing because they can make as much off of ad revenues as they make off of the subscription fee on the ad tier,"" said Tim Nollen, senior media tech analyst at Macquarie.Netflix executives chafed against advertising for some time but pivoted in 2022 following a slowdown in subscriber growth. The company also recently nixed its cheapest, ad-free basic plan — leaving consumers with the choice of a $6.99 ad-supported option, or two ad-free plans that cost $15.49 or $22.99.Netflix co-CEO Ted Sarandos said in the company's second-quarter earnings call that the ad tier makes Netflix more accessible to users due to the low entry price. For both tiers, when it comes to raising prices, Sarandos said Netflix aims to increase value and engagement before having subscribers pay more.Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research. Still, ad tiers aren't immune to price increases. Disney+ is now raising prices of its ad-supported plan, for example.Disney took a unique approach to launching its ad tier in December 2022, giving existing subscribers the option to either pay an additional $3 per month or accept ads. Nearly 95% of Disney+ premium plan subscribers paid to maintain ad-free streaming, according to Antenna.Warner Bros. Discovery said in an earnings conference call that it suffered fewer customer losses than expected in July, following its $1 price increase on ad-free streaming.""Until there's a mass exodus of users, Disney (and others) will continue to increase prices,"" Proulx said.There's one key thing that's working to streamers' advantage: Across platforms, users aren't often willing to sacrifice their desired content even when costs go up, said Hub Entertainment Research founder Jon Giegengack.However, the total cost of streaming can sometimes exceed that of cable for certain consumers because the content they're consuming is broken up across the different platforms, according to Proulx.In response, companies including Disney, Paramount and Warner Bros. Discovery have turned to bundling their services into a single, discounted offering. In cases where streaming is no longer cheaper than traditional television, bundles allow consumers to save money while accessing TV content across different services, according to Proulx.For providers, bundles are an opportunity to increase revenue because they expect fewer people to cancel their bundled subscriptions than stand-alone ones, according to Nollen.""The new world of streaming is not as lucrative as the old world of pay TV was,"" Nollen said. ""Everybody has woken up to that, and they are coming up with ways to try to at least improve its fortunes, and bundling is one."" Streamers are also growing their total users by cracking down on password sharing. Last year, Netflix alerted members that accounts can only be shared within a single household, and Disney made a similar announcement earlier this year. Warner Bros. Discovery will soon follow suit.Nonetheless, as consumers continue to face rising subscription costs, Giegengack points to a broader streaming competition. While low subscription prices initially helped other streamers grow subscribers, he said they can't afford to keep doing that.""The amount that people have been able to pay for, the volume of content they get up until now, is just an absurdly good deal, and I don't think it's sustainable,"" Giegengack said.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC, and is a co-owner of Hulu. NBCUniversal also owns NBC Sports and NBC Olympics, which is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.",CNBC,16/08/2024,"[""In this articleStreaming is finally starting to pay off for media companies, but there's a catch — to get there, consumers are facing higher subscription costs and increasingly frequent price hikes."", 'Legacy media companies entered the streaming market with a focus on gaining subscribers and competing with category leader Netflix as traditional cable TV bundles lose customers.', 'Now, looking for a return on their content investments, Disney, Warner Bros. Discovery and others are aiming for streaming profits.', 'Their strategies include rolling out cheaper, ad-supported models; launching platform bundles; and cracking down on password sharing, but price hikes have shown more immediate results toward profitability.', '""The years of prioritizing user growth with low prices are over,"" said Mike Proulx, vice president and research director at Forrester.', 'Disney said last week that its combined streaming services — Disney+, Hulu and ESPN+ — were profitable for the first time during its fiscal third quarter.', 'Although the company added new subscribers, that milestone was largely due to price increases.', 'CEO Bob Iger said during an earnings call that Disney has ""earned"" its pricing in the marketplace due to the company\'s creative contributions and product improvements.', 'He noted that with past price increases, the company hasn\'t seen a ""significant"" number of customer departures.', '""When we look across our portfolio … we\'re seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage that we believe we have,"" Iger said.', 'The major streaming services have gone through a number of price hikes and changes throughout the past few years.', ""In just the past five months, four streamers have announced price increases: Warner Bros. Discovery's Max, Comcast's Peacock, Disney and Paramount."", ""Ahead of earnings, Disney announced it's raising streaming prices by $1 to $2 a month for Hulu, Disney+ and ESPN+.Similar to Disney, Paramount Global said last week in its quarterly earnings conference call that its streaming business, centered on flagship service Paramount+, reached profitability."", 'Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023.', 'Meanwhile, additional price increases for Paramount+ go into effect this month, and the company expects to see a financial impact for that during the fourth quarter.', ""Though Comcast's Peacock offered a limited-time annual subscription for $19.99 ahead of the Olympics, the company raised the monthly cost of the service's ad-supported tier by $2 this summer, marking its second price hike of the year."", 'Warner Bros. Discovery also increased the cost of Max without ads by $1 per month in June.', '""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.', 'And I think that\'s in the process of being corrected,"" Warner Bros. Discovery finance chief Gunnar Wiedenfels said during an industry conference last year. ""', ""We've seen price increases across essentially the entire competitive set."", '""When Disney reported a revenue increase in its most recent quarter, it was primarily driven by higher subscription prices, said Forrester\'s Proulx, since user growth and ad revenue alone won\'t sustain profitability.', ""That puts the burden of revenue growth somewhat on consumers' shoulders, he said."", 'And users are feeling the strain.', 'In a survey of 3,000 consumers, 90% agreed that streaming video subscriptions are raising their prices more often than they were in the past, according to Hub Entertainment Research.', 'Meanwhile, companies are pushing consumers toward ad-supported tiers — which are often cheaper than commercial-free streaming — in a bid to attract more advertisers, Proulx said.', 'And many of those consumers are taking the option.', '""We expect meaningful growth ahead as more subscribers opt for the ad-lite tier, which represented over 40% of global gross adds last quarter,"" Warner Bros. Discovery\'s Wiedenfels said during last week\'s earnings call.', ""Ad lite references Max's cheapest subscription tierMedia companies have noted that advertising has grown for streaming."", 'Warner Bros. Discovery said during its second-quarter earnings conference call that streaming ad revenue doubled year over year.', ""Similarly, revenue from advertising grew 16% in Paramount's second quarter, driven by Paramount+ and Pluto TV, according to the company."", 'At Peacock, 75% of subscribers were on the ad-supported tier as of February of last year, according to research from Antenna.', 'At the time it was the largest share of any of the major streamers, followed by Hulu at 57% and Paramount+ at 43%.', ""The streaming companies don't typically disclose the breakdown of subscriptions by tier."", '""The advertising tier for all these companies is appealing because they can make as much off of ad revenues as they make off of the subscription fee on the ad tier,"" said Tim Nollen, senior media tech analyst at Macquarie.', 'Netflix executives chafed against advertising for some time but pivoted in 2022 following a slowdown in subscriber growth.', ""The company also recently nixed its cheapest, ad-free basic plan — leaving consumers with the choice of a $6.99 ad-supported option, or two ad-free plans that cost $15.49 or $22.99.Netflix co-CEO Ted Sarandos said in the company's second-quarter earnings call that the ad tier makes Netflix more accessible to users due to the low entry price."", 'For both tiers, when it comes to raising prices, Sarandos said Netflix aims to increase value and engagement before having subscribers pay more.', ""Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research."", ""Still, ad tiers aren't immune to price increases."", 'Disney+ is now raising prices of its ad-supported plan, for example.', 'Disney took a unique approach to launching its ad tier in December 2022, giving existing subscribers the option to either pay an additional $3 per month or accept ads.', 'Nearly 95% of Disney+ premium plan subscribers paid to maintain ad-free streaming, according to Antenna.', 'Warner Bros. Discovery said in an earnings conference call that it suffered fewer customer losses than expected in July, following its $1 price increase on ad-free streaming.', '""Until there\'s a mass exodus of users, Disney (and others) will continue to increase prices,"" Proulx said.', ""There's one key thing that's working to streamers' advantage: Across platforms, users aren't often willing to sacrifice their desired content even when costs go up, said Hub Entertainment Research founder Jon Giegengack."", ""However, the total cost of streaming can sometimes exceed that of cable for certain consumers because the content they're consuming is broken up across the different platforms, according to Proulx."", 'In response, companies including Disney, Paramount and Warner Bros. Discovery have turned to bundling their services into a single, discounted offering.', 'In cases where streaming is no longer cheaper than traditional television, bundles allow consumers to save money while accessing TV content across different services, according to Proulx.', 'For providers, bundles are an opportunity to increase revenue because they expect fewer people to cancel their bundled subscriptions than stand-alone ones, according to Nollen.', '""The new world of streaming is not as lucrative as the old world of pay TV was,"" Nollen said. ""', 'Everybody has woken up to that, and they are coming up with ways to try to at least improve its fortunes, and bundling is one.', '""Streamers are also growing their total users by cracking down on password sharing.', 'Last year, Netflix alerted members that accounts can only be shared within a single household, and Disney made a similar announcement earlier this year.', 'Warner Bros. Discovery will soon follow suit.', 'Nonetheless, as consumers continue to face rising subscription costs, Giegengack points to a broader streaming competition.', ""While low subscription prices initially helped other streamers grow subscribers, he said they can't afford to keep doing that."", '""The amount that people have been able to pay for, the volume of content they get up until now, is just an absurdly good deal, and I don\'t think it\'s sustainable,"" Giegengack said.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC, and is a co-owner of Hulu.', 'NBCUniversal also owns NBC Sports and NBC Olympics, which is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.']",0.2441558592462889,"""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.","Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research.",0.6455951549790122,"Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023.","""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.",2024-08-19
+Cost of public services drives up UK government borrowing,https://www.bbc.co.uk/news/articles/cq5d3xjl764o,2024-08-21T06:16:24.777Z,"The rising cost of public services and benefits pushed government borrowing to higher levels than expected in July, official figures show. Borrowing, the difference between spending and tax income, hit £3.1bn last month, the highest level for July since 2021, the Office for National Statistics (ONS) said. The unexpected increase has prompted analysts to speculate over what tax and spending decisions the chancellor will announce at the autumn Budget. One economist said Rachel Reeves faced ""tough choices"", while another added the government would likely raise taxes. The chancellor has previously said some taxes will be increased, but has reiterated she would not raise VAT, national insurance or income tax. Jessica Barnaby, deputy director for public sector finances at the ONS, said the latest public finance figures showed income tax receipts had grown ""strongly"" and debt interest payments had fallen last month. But she added this was more than offset by rises in the cost of public services and inflation-linked benefits increases, leading to higher borrowing. While the overall tax take increased by £2.1bn in July, compulsory social contributions fell by £1.1bn last month largely because of the reductions in the rates of National Insurance, which were cut by the previous Conservative government. The rise in government borrowing was £1.1bn higher than most economists had expected. Borrowing is usually lower in July compared to other months because the government has taken a higher number of self-assessed income taxes by that point in the year. This year's July figure was up by £1.8bn on 2023. Rob Wood, chief UK economist at Pantheon Macroeconomics, said the latest borrowing figures showed public spending was ""already overshooting Budget forecasts"". ""Further revisions could easily change the picture, but Chancellor Rachel Reeves will likely have to raise taxes and borrow more in the medium term to cover spending more on public services,"" he added. Isabel Stockton, senior research economist at the Institute for Fiscal Studies, added Ms Reeves faced ""tough choices"" in her first Budget on 30 October, which is where the government will set out its taxation and spending plans. The choices, made by the chancellor, will impact what public money is used to pay for things such as hospitals, schools and the police. Ms Reeves will also base decisions on meeting the government's own, self-imposed, fiscal rules, which are designed to maintain credibility with financial markets. Most governments in rich countries have such rules. Darren Jones, chief secretary to the Treasury, said Wednesday's borrowing figures were ""yet more proof of the dire inheritance left to us by the previous government"". He said taxpayers’ money was being ""wasted on debt interest payments rather than on our public services"". A row between Labour and the Conservatives has been rumbling over the current state of the public finances. Ms Reeves has previously said the government will have to raise some taxes due to what she claims is a £22bn ""hole"" in the public finances, left by the previous Conservative government. However, the Conservatives have denied this and have instead accused Labour of misleading the public on tax rises. As well as the borrowing figures, the ONS revealed the UK's national debt remained at its highest level since the early 1960s last month. It said government spent £107.4bn in total this July, £3.5bn more than in the previous July. The interest payable on central government debt in July was £7bn, the second highest interest payable for that month since it started recording that data in 1997. However, the amount was still lower than the Office for Budget Responsibility, the government's official forecaster, had estimated. The latest ONS spending figures are provisional, so the they could change ahead of the Budget, and prompt different policy decisions. ",BBC,21/08/2024,"['The rising cost of public services and benefits pushed government borrowing to higher levels than expected in July, official figures show.', 'Borrowing, the difference between spending and tax income, hit £3.1bn last month, the highest level for July since 2021, the Office for National Statistics (ONS) said.', 'The unexpected increase has prompted analysts to speculate over what tax and spending decisions the chancellor will announce at the autumn Budget.', 'One economist said Rachel Reeves faced ""tough choices"", while another added the government would likely raise taxes.', 'The chancellor has previously said some taxes will be increased, but has reiterated she would not raise VAT, national insurance or income tax.', 'Jessica Barnaby, deputy director for public sector finances at the ONS, said the latest public finance figures showed income tax receipts had grown ""strongly"" and debt interest payments had fallen last month.', 'But she added this was more than offset by rises in the cost of public services and inflation-linked benefits increases, leading to higher borrowing.', 'While the overall tax take increased by £2.1bn in July, compulsory social contributions fell by £1.1bn last month largely because of the reductions in the rates of National Insurance, which were cut by the previous Conservative government.', 'The rise in government borrowing was £1.1bn higher than most economists had expected.', 'Borrowing is usually lower in July compared to other months because the government has taken a higher number of self-assessed income taxes by that point in the year.', ""This year's July figure was up by £1.8bn on 2023."", 'Rob Wood, chief UK economist at Pantheon Macroeconomics, said the latest borrowing figures showed public spending was ""already overshooting Budget forecasts"". ""', 'Further revisions could easily change the picture, but Chancellor Rachel Reeves will likely have to raise taxes and borrow more in the medium term to cover spending more on public services,"" he added.', 'Isabel Stockton, senior research economist at the Institute for Fiscal Studies, added Ms Reeves faced ""tough choices"" in her first Budget on 30 October, which is where the government will set out its taxation and spending plans.', 'The choices, made by the chancellor, will impact what public money is used to pay for things such as hospitals, schools and the police.', ""Ms Reeves will also base decisions on meeting the government's own, self-imposed, fiscal rules, which are designed to maintain credibility with financial markets."", 'Most governments in rich countries have such rules.', 'Darren Jones, chief secretary to the Treasury, said Wednesday\'s borrowing figures were ""yet more proof of the dire inheritance left to us by the previous government"".', 'He said taxpayers’ money was being ""wasted on debt interest payments rather than on our public services"".', 'A row between Labour and the Conservatives has been rumbling over the current state of the public finances.', 'Ms Reeves has previously said the government will have to raise some taxes due to what she claims is a £22bn ""hole"" in the public finances, left by the previous Conservative government.', 'However, the Conservatives have denied this and have instead accused Labour of misleading the public on tax rises.', ""As well as the borrowing figures, the ONS revealed the UK's national debt remained at its highest level since the early 1960s last month."", 'It said government spent £107.4bn in total this July, £3.5bn more than in the previous July.', 'The interest payable on central government debt in July was £7bn, the second highest interest payable for that month since it started recording that data in 1997.', ""However, the amount was still lower than the Office for Budget Responsibility, the government's official forecaster, had estimated."", 'The latest ONS spending figures are provisional, so the they could change ahead of the Budget, and prompt different policy decisions.']",-0.015697936372082,Most governments in rich countries have such rules.,"However, the Conservatives have denied this and have instead accused Labour of misleading the public on tax rises.",-0.3179063598314921,This year's July figure was up by £1.8bn on 2023.,"Rob Wood, chief UK economist at Pantheon Macroeconomics, said the latest borrowing figures showed public spending was ""already overshooting Budget forecasts"". """,2024-08-18
+The first SpaceX spacewalk: What the Polaris Dawn commander says about the bold upcoming mission,https://www.cnbc.com/2024/08/17/first-spacex-spacewalk-polaris-dawn-mission-launch-date-details.html,2024-08-17T14:29:51+0000,"SpaceX is preparing to launch its next private mission by the end of the month, featuring the first attempt to have the astronauts step out into space.The Polaris Dawn mission — the first of three flights billionaire and Shift4 founder Jared Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program — is set to launch from Florida in the early hours of Aug. 26.""We don't get the freedom of any time of day to launch but I think it'll work out to [be] pretty close to dawn, which is very appropriate given the mission,"" Isaacman told CNBC's Investing in Space during an interview last month.Isaacman will be commanding the mission, as he did while leading the historic Inspiration4 flight in 2021. He's once again leading a crew of four, with longtime colleague Scott Poteet joining him as the pilot and Anna Menon and Sarah Gillis, a pair of SpaceX employees, serving as the flight's medical officer and mission specialist, respectively.The multi-day trip isn't headed to a destination, but instead will be a free-flying mission tracing orbits that the crew hopes will go far from Earth.""We're going to a very high altitude that humans haven't gone to in 50-plus years,"" Isaacman said.But the centerpiece of Polaris Dawn is the planned spacewalk.Extravehicular activities, or EVAs, have been a regular part of NASA's astronaut missions for years, such as when the agency needs maintenance done outside the International Space Station. But no private venture has attempted an EVA before.Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they've been training extensively.""The only thing that comes close to that is the vacuum chamber, and that's where you're pretty much feeling as close as it's like to be in the vacuum conditions or space. … That definitely gives you the actual sensations of the pressure changes and the temperature changes, as well as just the psychological stressors of being in a very harsh environment,"" Isaacman said.Isaacman also detailed the day-to-day schedule for Polaris Dawn, which will be in space for up to five days.Day one is all about looking for a time when there's minimal risk from micrometeorite orbital debris, which will determine exactly when Polaris Dawn will launch. After reaching an orbit of 190 kilometers by 1,200 kilometers, Isaacman said the crew will do extensive checks of SpaceX's Dragon capsule Resilience.""It's really important to know that the vehicle has no faults before going up to 1,400 kilometers"" altitude, Isaacman said.The spacecraft will also take early passes through the high radiation zone known as the South Atlantic Anomaly.""You ideally want to take that at the lowest altitude as you can because even down at 200 kilometers, the radiation level there is substantially higher … Our two or three passes at high altitude through the South Atlantic Anomaly will be almost the entirety of the radiation load on the mission and like an equivalency of three months on the International Space Station,"" Isaacman said.Day two will focus on some of the science and research that Polaris Dawn plans to accomplish — which will total about 40 experiments. The crew will also prep for the spacewalk, testing out the EVA suits.""So we can make sure that ... there's nothing unexpected in microgravity versus what we were able to test on Earth,"" Isaacman said.Day three is the big one: The EVA.So who on the crew will perform the spacewalk?""We'd say all four of us are doing it — there's no airlock and it's being vented down to vacuum"" inside the spacecraft, Isaacman said.Two of the crew will journey outside of Dragon: Isaacman and Gillis, while Poteet and Menon stay inside as support.The EVA is expected to last two hours long from start to finish. Isaacman stressed that the spacewalk ""is really a test and development"" process.""We want to learn as much as we can about the suit and the operation as possible, but we only have so much oxygen and nitrogen to work with,"" Isaacman said.Polaris Dawn plans to livestream the spacewalk, and the mission commander emphasized that there are going to be ""a lot of cameras"" scattered inside and out of the capsule.The crucial piece of equipment intended to make the EVA possible is SpaceX's spacesuits.The company has spent the past couple years taking its minimalist-looking, black-and-white IVA suit —meaning intravehicular activity, and worn by astronauts in case of emergencies — and using it to create its EVA suit. Isaacman said the EVA suits are the results of hundreds of hours of testing different materials over years.""So our primary goal is learn as much as we can about the suit,"" Isaacman said.""Everything is about building the next generation. We're continuing to iterate on this suit design so that SpaceX can have hundreds or thousands someday for the moon, Mars, working in [low Earth orbit], what have you. Building a new EVA suit is no easy task,"" he added.Polaris Dawn aims to push the boundaries of private spaceflight and, like his first trip to orbit, Isaacman hopes the mission inspires.""This is the inspiration side of it … anything that's different than what we've seen over the last 20 or 30 years is what gets people excited, thinking: 'Well if this is what I'm seeing today, I wonder what tomorrow's gonna look like or a year after.""Read Isaacman's Q&A with CNBC's Investing in Space newsletter here.",CNBC,17/08/2024,"['SpaceX is preparing to launch its next private mission by the end of the month, featuring the first attempt to have the astronauts step out into space.', 'The Polaris Dawn mission — the first of three flights billionaire and Shift4 founder Jared Isaacman purchased from SpaceX in 2022 for his human spaceflight effort known as the Polaris Program — is set to launch from Florida in the early hours of Aug. 26.""We don\'t get the freedom of any time of day to launch but I think it\'ll work out to [be] pretty close to dawn, which is very appropriate given the mission,"" Isaacman told CNBC\'s Investing in Space during an interview last month.', 'Isaacman will be commanding the mission, as he did while leading the historic Inspiration4 flight in 2021.', ""He's once again leading a crew of four, with longtime colleague Scott Poteet joining him as the pilot and Anna Menon and Sarah Gillis, a pair of SpaceX employees, serving as the flight's medical officer and mission specialist, respectively."", ""The multi-day trip isn't headed to a destination, but instead will be a free-flying mission tracing orbits that the crew hopes will go far from Earth."", '""We\'re going to a very high altitude that humans haven\'t gone to in 50-plus years,"" Isaacman said.', 'But the centerpiece of Polaris Dawn is the planned spacewalk.', ""Extravehicular activities, or EVAs, have been a regular part of NASA's astronaut missions for years, such as when the agency needs maintenance done outside the International Space Station."", 'But no private venture has attempted an EVA before.', 'Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they\'ve been training extensively.', '""The only thing that comes close to that is the vacuum chamber, and that\'s where you\'re pretty much feeling as close as it\'s like to be in the vacuum conditions or space. …', 'That definitely gives you the actual sensations of the pressure changes and the temperature changes, as well as just the psychological stressors of being in a very harsh environment,"" Isaacman said.', 'Isaacman also detailed the day-to-day schedule for Polaris Dawn, which will be in space for up to five days.', ""Day one is all about looking for a time when there's minimal risk from micrometeorite orbital debris, which will determine exactly when Polaris Dawn will launch."", ""After reaching an orbit of 190 kilometers by 1,200 kilometers, Isaacman said the crew will do extensive checks of SpaceX's Dragon capsule Resilience."", '""It\'s really important to know that the vehicle has no faults before going up to 1,400 kilometers"" altitude, Isaacman said.', 'The spacecraft will also take early passes through the high radiation zone known as the South Atlantic Anomaly.', '""You ideally want to take that at the lowest altitude as you can because even down at 200 kilometers, the radiation level there is substantially higher … Our two or three passes at high altitude through the South Atlantic Anomaly will be almost the entirety of the radiation load on the mission and like an equivalency of three months on the International Space Station,"" Isaacman said.', 'Day two will focus on some of the science and research that Polaris Dawn plans to accomplish — which will total about 40 experiments.', 'The crew will also prep for the spacewalk, testing out the EVA suits.', '""So we can make sure that ... there\'s nothing unexpected in microgravity versus what we were able to test on Earth,"" Isaacman said.', 'Day three is the big one: The EVA.So who on the crew will perform the spacewalk?""We\'d say all four of us are doing it — there\'s no airlock and it\'s being vented down to vacuum"" inside the spacecraft, Isaacman said.', 'Two of the crew will journey outside of Dragon: Isaacman and Gillis, while Poteet and Menon stay inside as support.', 'The EVA is expected to last two hours long from start to finish.', 'Isaacman stressed that the spacewalk ""is really a test and development"" process.', '""We want to learn as much as we can about the suit and the operation as possible, but we only have so much oxygen and nitrogen to work with,"" Isaacman said.', 'Polaris Dawn plans to livestream the spacewalk, and the mission commander emphasized that there are going to be ""a lot of cameras"" scattered inside and out of the capsule.', ""The crucial piece of equipment intended to make the EVA possible is SpaceX's spacesuits."", 'The company has spent the past couple years taking its minimalist-looking, black-and-white IVA suit —meaning intravehicular activity, and worn by astronauts in case of emergencies — and using it to create its EVA suit.', 'Isaacman said the EVA suits are the results of hundreds of hours of testing different materials over years.', '""So our primary goal is learn as much as we can about the suit,"" Isaacman said.', '""Everything is about building the next generation.', ""We're continuing to iterate on this suit design so that SpaceX can have hundreds or thousands someday for the moon, Mars, working in [low Earth orbit], what have you."", 'Building a new EVA suit is no easy task,"" he added.', 'Polaris Dawn aims to push the boundaries of private spaceflight and, like his first trip to orbit, Isaacman hopes the mission inspires.', '""This is the inspiration side of it … anything that\'s different than what we\'ve seen over the last 20 or 30 years is what gets people excited, thinking: \'Well if this is what I\'m seeing today, I wonder what tomorrow\'s gonna look like or a year after.', '""Read Isaacman\'s Q&A with CNBC\'s Investing in Space newsletter here.']",0.0834501306210707,"""This is the inspiration side of it … anything that's different than what we've seen over the last 20 or 30 years is what gets people excited, thinking: 'Well if this is what I'm seeing today, I wonder what tomorrow's gonna look like or a year after.","Isaacman said he understands that going for a spacewalk means he and his crew will be ""surrounded by death,"" a moment for which they've been training extensively.",,,,2024-08-18
+"UAW president slams Stellantis CEO over job cuts, alleged price gouging",https://www.cnbc.com/2024/08/16/uaw-president-slams-stellantis-ceo.html,2024-08-20T12:31:55+0000,"In this articleDETROIT – United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon, accusing the chief executive of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker.The comments are the latest in an ongoing back-and-forth between the CEO and union leader following contentious collective bargaining talks last year between the UAW and Detroit automakers, including Stellantis.""Something is rotten at Stellantis,"" Fain said to begin the 2:30-minute video posted Friday. ""Sales are down, profits are down, and CEO pay is way, way up. The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers. The problem is this man, Carlos Tavares.""Spokespeople for the union and automaker did not immediately respond for comment regarding the accusations or video.Several of the criticisms, including those around job cuts and Tarvares' pay, aren't new. But Fain's comments Friday took the claims a step further, accusing Tavares of price gouging consumers in the name of profits. He also alleges that Stellantis is not honoring parts of the company's worker contract, citing specifically that Stellantis is halting plans to reopen an assembly plat in Illinois.""Fact, for years, Stellantis has sold fewer cars, but made more in profits. What does that tell you? They're price gouging. Now they've gone too far, and they're tanking their own sales,"" Fain said. ""Fact, Stellantis CEO Carlos Tavares is trying to go back on commitments the company made in our last contract, including putting the brakes on reopening the Belvidere Assembly.""Tavares recently criticized the UAW-Stellantis workforce, noting quality problems at a truck plant in metro Detroit producing the Ram 1500 pickup truck. The company also has announced thousands of layoffs at U.S. plants amid declining sales and product changes.""The direct run rate of some of our plans starting with SHAP, Sterling Heights, is not good,"" Tavares told reporters July 25 while discussing ongoing issues with the company. ""That is something that we need to fix with our plant management team as well with our people.""Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021. It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings. That doesn't include further headcount reductions and layoffs this year.Several executives previously described the cuts to CNBC as grueling to the point of excessiveness. Tavares last month pushed back on the idea that the company's cost-cutting efforts have led to its current problems.Correction: This story has been updated to correct the spelling of Belvidere Assembly Plant.",CNBC,20/08/2024,"[""In this articleDETROIT – United Auto Workers President Shawn Fain ratcheted up criticism of Stellantis CEO Carlos Tavares in a video Friday afternoon, accusing the chief executive of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker."", 'The comments are the latest in an ongoing back-and-forth between the CEO and union leader following contentious collective bargaining talks last year between the UAW and Detroit automakers, including Stellantis.', '""Something is rotten at Stellantis,"" Fain said to begin the 2:30-minute video posted Friday. ""', 'Sales are down, profits are down, and CEO pay is way, way up.', ""The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers."", 'The problem is this man, Carlos Tavares.', '""Spokespeople for the union and automaker did not immediately respond for comment regarding the accusations or video.', ""Several of the criticisms, including those around job cuts and Tarvares' pay, aren't new."", ""But Fain's comments Friday took the claims a step further, accusing Tavares of price gouging consumers in the name of profits."", ""He also alleges that Stellantis is not honoring parts of the company's worker contract, citing specifically that Stellantis is halting plans to reopen an assembly plat in Illinois."", '""Fact, for years, Stellantis has sold fewer cars, but made more in profits.', 'What does that tell you?', ""They're price gouging."", 'Now they\'ve gone too far, and they\'re tanking their own sales,"" Fain said. ""', 'Fact, Stellantis CEO Carlos Tavares is trying to go back on commitments the company made in our last contract, including putting the brakes on reopening the Belvidere Assembly.', '""Tavares recently criticized the UAW-Stellantis workforce, noting quality problems at a truck plant in metro Detroit producing the Ram 1500 pickup truck.', 'The company also has announced thousands of layoffs at U.S. plants amid declining sales and product changes.', '""The direct run rate of some of our plans starting with SHAP, Sterling Heights, is not good,"" Tavares told reporters July 25 while discussing ongoing issues with the company. ""', 'That is something that we need to fix with our plant management team as well with our people.', '""Tavares has been on a cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France\'s PSA Groupe in January 2021.', 'It\'s part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company\'s supply chain and operations as well as headcount reductions for both salaried and hourly workers.', 'Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings.', ""That doesn't include further headcount reductions and layoffs this year."", 'Several executives previouslydescribed the cuts to CNBCas grueling to the point of excessiveness.', ""Tavares last month pushed back on the idea that the company's cost-cutting efforts have led to its current problems."", 'Correction: This story has been updated to correct the spelling of Belvidere Assembly Plant.']",-0.118473860371526,"It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.","The problem isn't the market at GM and Ford, auto sales are up, and the problem isn't the auto workers.",-0.4370242357254028,"It's part of his ""Dare Forward 2030"" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.The cost-saving measures have included reshaping the company's supply chain and operations as well as headcount reductions for both salaried and hourly workers.","Sales are down, profits are down, and CEO pay is way, way up.",2024-08-18
+Eli Lilly's weight loss drug slashes the risk of developing diabetes in long-term trial,https://www.cnbc.com/2024/08/20/eli-lilly-weight-loss-drug-cuts-risk-of-developing-diabetes-in-trial.html,2024-08-20T20:31:25+0000,"In this articleEli Lilly's highly popular weight loss drug reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes compared with a placebo, according to initial results from a long-term study released Tuesday. The late-stage trial on tirzepatide, the active ingredient in the company's weight loss injection Zepbound and diabetes drug Mounjaro, also found that patients experienced sustained weight loss over the roughly three-year treatment period. Adults on the highest weekly dose of the drug saw a 22.9% decrease in body weight on average after 176 weeks, compared with 2.1% for those who received a placebo. Shares of the pharmaceutical giant gained 3% on Tuesday.The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes. More than 1 in 3 Americans have prediabetes, according to the latest government data, which health experts say can be reversed with lifestyle changes such as diet and exercise. People who are overweight or have obesity are at a higher risk for prediabetes. The new data also shows the potential long-term health benefits of taking a buzzy class of obesity and diabetes medications called GLP-1s, which mimic hormones produced in the gut to tamp down appetite and regulate blood sugar. As Eli Lilly's Zepbound and Mounjaro and injections from rival Novo Nordisk have skyrocketed in popularity over the last two years, the companies have raced to study other clinical uses for their drugs.The results are ""another reminder of the huge investment which Lilly has made to prove not only do you lose weight but when you do on this medicine, it converts to health benefits. This is our fourth study this year that does such a thing,"" Eli Lilly CEO David Ricks told CNBC in an interview, adding that tirzepatide has shown promise as a treatment for heart failure, sleep apnea and fatty liver disease in three other clinical trials.Eli Lilly tested tirzepatide in more than 1,000 adults over 176 weeks in the phase three trial, followed by a 17-week period where patients stopped treatment. It is the longest completed study on the drug to date, according to the company. The drugmaker will submit the latest results to a peer-reviewed journal and present them at an upcoming medical conference in November. Eli Lilly published 72-week weight loss results on a larger group of patients from the same trial, called SUMOUNT-1, back in 2022. Patients in the trial who stopped taking tirzepatide during the 17 weeks began to regain weight and saw an increase in progression to diabetes. But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.""On the drug, we can keep healthy body weight down for three years and ward off diabetes,"" Ricks told CNBC. ""When you come of the drug, a percentage of people do begin to gain weight and then…begin the advance again toward diabetes."" Still, Ricks noted that patients don't ""snap all the way back as if they were never on the drug.""The safety data on tirzepatide during the trial was consistent with previous studies on the drug, according to Eli Lilly. The most common side effects were gastrointestinal, such as diarrhea, nausea, constipation and vomiting, and were generally mild to moderate in severity.Eli Lilly's Zepbound works by imitating two naturally produced gut hormones called GLP-1 and GIP. GLP helps reduce food intake and appetite. GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.",CNBC,20/08/2024,"[""In this articleEli Lilly's highly popular weight loss drug reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes compared with a placebo, according to initial results from a long-term study released Tuesday."", ""The late-stage trial on tirzepatide, the active ingredient in the company's weight loss injection Zepbound and diabetes drug Mounjaro, also found that patients experienced sustained weight loss over the roughly three-year treatment period."", 'Adults on the highest weekly dose of the drug saw a 22.9% decrease in body weight on average after 176 weeks, compared with 2.1% for those who received a placebo.', 'Shares of the pharmaceutical giant gained 3% on Tuesday.', ""The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes."", 'More than 1 in 3 Americans have prediabetes, according to the latest government data, which health experts say can be reversed with lifestyle changes such as diet and exercise.', 'People who are overweight or have obesity are at a higher risk for prediabetes.', 'The new data also shows the potential long-term health benefits of taking a buzzy class of obesity and diabetes medications called GLP-1s, which mimic hormones produced in the gut to tamp down appetite and regulate blood sugar.', ""As Eli Lilly's Zepbound and Mounjaro and injections from rival Novo Nordisk have skyrocketed in popularity over the last two years, the companies have raced to study other clinical uses for their drugs."", 'The results are ""another reminder of the huge investment which Lilly has made to prove not only do you lose weight but when you do on this medicine, it converts to health benefits.', 'This is our fourth study this year that does such a thing,"" Eli Lilly CEO David Ricks told CNBC in an interview, adding that tirzepatide has shown promise as a treatment for heart failure, sleep apnea and fatty liver disease in three other clinical trials.', 'Eli Lilly tested tirzepatide in more than 1,000 adults over 176 weeks in the phase three trial, followed by a 17-week period where patients stopped treatment.', 'It is the longest completed study on the drug to date, according to the company.', 'The drugmaker will submit the latest results to a peer-reviewed journal and present them at an upcoming medical conference in November.', 'Eli Lilly published 72-week weight loss results on a larger group of patients from the same trial, called SUMOUNT-1, back in 2022.Patients in the trial who stopped taking tirzepatide during the 17 weeks began to regain weight and saw an increase in progression to diabetes.', 'But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.', '""On the drug, we can keep healthy body weight down for three years and ward off diabetes,"" Ricks told CNBC. ""', 'When you come of the drug, a percentage of people do begin to gain weight and then…begin the advance again toward diabetes.', '""Still, Ricks noted that patients don\'t ""snap all the way back as if they were never on the drug.', '""The safety data on tirzepatide during the trial was consistent with previous studies on the drug, according to Eli Lilly.', 'The most common side effects were gastrointestinal, such as diarrhea, nausea, constipation and vomiting, and were generally mild to moderate in severity.', ""Eli Lilly's Zepbound works by imitating two naturally produced gut hormones called GLP-1 and GIP.GLP helps reduce food intake and appetite."", 'GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.']",0.0574816336995719,Shares of the pharmaceutical giant gained 3% on Tuesday.,"But those participants still had an 88% lower risk of developing diabetes compared with a placebo, according to the latest phase three results.",0.8422815845562861,Shares of the pharmaceutical giant gained 3% on Tuesday.,"The results suggest that Eli Lilly's treatment could meaningfully delay a potential diagnosis for people with prediabetes, or those with blood sugar levels that are higher than normal but not high enough to be classified as Type 2 diabetes.",2024-08-18
+United CEO expresses 'renewed confidence' in Boeing after meeting with new leader Ortberg,https://www.cnbc.com/2024/08/15/united-ceo-scott-kirby-expresses-renewed-confidence-in-boeing-after-meeting-ceo-kelly-ortberg.html,2024-08-15T18:49:44+0000,"In this articleUnited Airlines CEO Scott Kirby says he is optimistic about Boeing's recovery after meeting with the manufacturer's new chief executive.It's an upbeat change of tune from the head of United, a top Boeing customer that has been among the most publicly frustrated about the plane maker's problems, which have led to delayed deliveries of dozens of aircraft.Kirby and Boeing's new CEO, Robert ""Kelly"" Ortberg, had lunch earlier this week in the Dallas area. Kirby said in a LinkedIn post on Thursday that he ""was not only encouraged by what I heard, but I also came away with a renewed confidence that Boeing is on the right path and will recover faster than most expect.""United has 484 unfilled orders with Boeing, according to the manufacturer's website.Ortberg also met with American Airlines CEO Robert Isom earlier this week, according to a person familiar with the matter who wasn't authorized to speak with the media.Ortberg, who previously ran commercial and defense supplier Rockwell Collins and has more than three decades of experience in the aerospace industry, took the reins at Boeing a week ago, spending part of his first day at Boeing's 737 factory floor in Renton, Washington. Ortberg will be based in Seattle, a shift from previous leaders.""His engineering background at Rockwell Collins, combined with an instinct to be close to his frontline teams in Seattle, makes for a winning combination,"" Kirby wrote on Thursday. ""It was clear from our discussion that he's 100% engaged, understands the cultural changes needed to turn things around and is committed to listening to his employees and customers.""United and other major customers such as Southwest Airlines have been grappling with delayed jetliners as Boeing tries to recover from its latest safety crisis in the wake of a door plug blowout on an Alaska Airlines 737 Max 9 earlier this year.No one was seriously injured in the accident — which occurred after bolts that hold the door plug in place weren't installed before the airline received the plane — but it came after a host of other manufacturing defects on Boeing planes.""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Ortberg said in a note to staff on his first day last Thursday. ""In many cases, they NEED us to succeed.""",CNBC,15/08/2024,"[""In this articleUnited Airlines CEO Scott Kirby says he is optimistic about Boeing's recovery after meeting with the manufacturer's new chief executive."", ""It's an upbeat change of tune from the head of United, a top Boeing customer that has been among the most publicly frustrated about the plane maker's problems, which have led to delayed deliveries of dozens of aircraft."", 'Kirby and Boeing\'s new CEO, Robert ""Kelly"" Ortberg, had lunch earlier this week in the Dallas area.', 'Kirby said in a LinkedIn post on Thursday that he ""was not only encouraged by what I heard, but I also came away with a renewed confidence that Boeing is on the right path and will recover faster than most expect.', '""United has 484 unfilled orders with Boeing, according to the manufacturer\'s website.', ""Ortberg also met with American Airlines CEO Robert Isom earlier this week, according to a person familiar with the matter who wasn't authorized to speak with the media."", ""Ortberg, who previously ran commercial and defense supplier Rockwell Collins and has more than three decades of experience in the aerospace industry, took the reins at Boeing a week ago, spending part of his first day at Boeing's 737 factory floor in Renton, Washington."", 'Ortberg will be based in Seattle, a shift from previous leaders.', '""His engineering background at Rockwell Collins, combined with an instinct to be close to his frontline teams in Seattle, makes for a winning combination,"" Kirby wrote on Thursday. ""', ""It was clear from our discussion that he's 100% engaged, understands the cultural changes needed to turn things around and is committed to listening to his employees and customers."", '""United and other major customers such as Southwest Airlines have been grappling with delayed jetliners as Boeing tries to recover from its latest safety crisis in the wake of a door plug blowout on an Alaska Airlines 737 Max 9 earlier this year.', ""No one was seriously injured in the accident — which occurred after bolts that hold the door plug in place weren't installed before the airline received the plane — but it came after a host of other manufacturing defects on Boeing planes."", '""In speaking with our customers and industry partners leading up to today, I can tell you that without exception, everyone wants us to succeed,"" Ortberg said in a note to staff on his first day last Thursday. ""', 'In many cases, they NEED us to succeed.""']",0.1623792582958869,"It was clear from our discussion that he's 100% engaged, understands the cultural changes needed to turn things around and is committed to listening to his employees and customers.",No one was seriously injured in the accident — which occurred after bolts that hold the door plug in place weren't installed before the airline received the plane — but it came after a host of other manufacturing defects on Boeing planes.,0.5006574913859367,"Kirby said in a LinkedIn post on Thursday that he ""was not only encouraged by what I heard, but I also came away with a renewed confidence that Boeing is on the right path and will recover faster than most expect.","""United and other major customers such as Southwest Airlines have been grappling with delayed jetliners as Boeing tries to recover from its latest safety crisis in the wake of a door plug blowout on an Alaska Airlines 737 Max 9 earlier this year.",2024-08-18
+Panicked Kenyan and Ethiopian workers prevented from leaving Lebanon,https://www.bbc.co.uk/news/articles/c86lgnnw4y3o,2024-08-21T00:00:12.625Z,"“I want to go home,” Kenyan Eulita Jerop tells the BBC from Lebanon, where she is employed as a domestic worker. But the terms of her employment make it difficult for her to leave, despite fears of an all-out war in the country. She has been terrified by the unfamiliar sounds she has heard overhead on the outskirts of the capital, Beirut. The 35-year-old has been working there for the past 14 months. “It was so scary. We were told it wasn’t bombs, but it was [planes breaking] the sound barrier,” she says. “But the sounds were hitting so hard.” Her panic is shared by many others in her WhatsApp group of fellow domestic workers, she adds. The loud booms in the sky came from fighter planes. There are fears that they could foreshadow a full-on war. Israel and Lebanon-based group Hezbollah have traded near-daily fire across the border since the 7 October Hamas attack on Israel. It prompted the Israeli invasion of Gaza, with the aim of eliminating Hamas. Hezbollah, a political movement and Iran-backed militia, says it is attacking Israel in support of the Palestinian people. The shells have mostly fallen in southern Lebanon and northern Israel, but there are concerns that the rest of Lebanon could get caught up as the conflict transforms into a wider regional struggle. The US, UK, Australia, France and Canada have all issued official advice for their citizens to leave Lebanon as soon as possible. But getting out is easier for some than others. Ms Jerop said it was common for employers to take their passports on arrival in Lebanon. Even with a passport, domestic workers still need an exit visa to leave - paperwork which must be approved by their boss. This is allowed to happen under the country’s “kafala” (sponsorship) system for foreign workers – which employs an estimated 250,000 people. “Kafala” gives individuals or companies permits to employ foreign workers. This means that their immigration status is entirely dependent on their employer and they have limited rights. Employers can take advantage of their position and many women are overworked, underpaid and physically abused – though this is not the case for Ms Jerop. Despite calls for significant reforms, the system continues in several Arab states. Daniela Rovina, communications officer at the International Organization for Migration, told the BBC that under international law a person must be allowed to leave a country if a conflict occurs. In Ms Jerop’s case, her employers want her to continue working in Lebanon. ""They are saying the situation has been here in Lebanon for many years, and there is nothing to worry about,” she says. “But for us the tension is high. We are not used to these kinds of [bombing] sounds.” But even with papers, Ms Jerop and her fellow domestic workers face other challenges to leave. “Few flights are available and they are very expensive,” she says. Flights to Kenya cost up to $1,000 (£770). Banchi Yimer, who founded an organisation supporting the rights of Ethiopian domestic workers, says the average monthly salary used to be $150 but since the cost-of-living crisis, which hit Lebanon hard, “many are not getting paid at all”. “Every day we receive calls from women panicking… they ask us if we have any [evacuation] plan, if we can do anything about it.” Chiku, another domestic worker from Kenya, whose name we have changed to protect her safety, cannot pay for the flight. She has been living in Baabda, in the west of Lebanon, for almost a year. “I personally would like to go back home. But the tickets are so costly,” she says. “And my mum and dad also can’t afford that money.” She has been living in fear for the past few weeks, but like Ms Jerop, her employer has told her to stay. “They say I can’t leave because I haven’t finished my contract,” Chiku says. “But is this contract more important than my life?” The Lebanese labour ministry has not yet responded to a BBC request for comment. The Kenyan authorities say that if war does break out, they will put an evacuation plan in place. Roseline Kathure Njogu, in charge of diaspora affairs for the Kenyan government, told the BBC the department can issue emergency travel documents for those without their passports. She assured that the Kenyan government would be able to provide emergency flights. “We have around 26,000 Kenyans in Lebanon, and 1,500 have registered with us for evacuation,” she said. But many want to leave right now. Ethiopian government spokesperson Nebiyu Tedla told the BBC they are “preparing contingency plans to evacuate diplomats and citizens from Lebanon if necessary”. However, Ms Banchi makes the point that even before the Israel-Gaza conflict, there were already many Ethiopian women stranded in Lebanon desperate to leave. A collapse in Lebanon’s economy in 2020 left many Ethiopian domestic workers out of a job. “Many cannot even afford rent or medical assistance, let alone a flight home,” she says. While foreign embassies continue to work on evacuation plans, many feel they have been abandoned by their governments to fend for themselves. Chiku is trying to set aside money to pay for a flight home. “But what about the others who can’t?” she asks. 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,21/08/2024,"['“I want to go home,” Kenyan Eulita Jerop tells the BBC from Lebanon, where she is employed as a domestic worker.', 'But the terms of her employment make it difficult for her to leave, despite fears of an all-out war in the country.', 'She has been terrified by the unfamiliar sounds she has heard overhead on the outskirts of the capital, Beirut.', 'The 35-year-old has been working there for the past 14 months. “', 'It was so scary.', 'We were told it wasn’t bombs, but it was [planes breaking] the sound barrier,” she says. “', 'But the sounds were hitting so hard.”', 'Her panic is shared by many others in her WhatsApp group of fellow domestic workers, she adds.', 'The loud booms in the sky came from fighter planes.', 'There are fears that they could foreshadow a full-on war.', 'Israel and Lebanon-based group Hezbollah have traded near-daily fire across the border since the 7 October Hamas attack on Israel.', 'It prompted the Israeli invasion of Gaza, with the aim of eliminating Hamas.', 'Hezbollah, a political movement and Iran-backed militia, says it is attacking Israel in support of the Palestinian people.', 'The shells have mostly fallen in southern Lebanon and northern Israel, but there are concerns that the rest of Lebanon could get caught up as the conflict transforms into a wider regional struggle.', 'The US, UK, Australia, France and Canada have all issued official advice for their citizens to leave Lebanon as soon as possible.', 'But getting out is easier for some than others.', 'Ms Jerop said it was common for employers to take their passports on arrival in Lebanon.', 'Even with a passport, domestic workers still need an exit visa to leave - paperwork which must be approved by their boss.', 'This is allowed to happen under the country’s “kafala” (sponsorship) system for foreign workers – which employs an estimated 250,000 people. “', 'Kafala” gives individuals or companies permits to employ foreign workers.', 'This means that their immigration status is entirely dependent on their employer and they have limited rights.', 'Employers can take advantage of their position and many women are overworked, underpaid and physically abused – though this is not the case for Ms Jerop.', 'Despite calls for significant reforms, the system continues in several Arab states.', 'Daniela Rovina, communications officer at the International Organization for Migration, told the BBC that under international law a person must be allowed to leave a country if a conflict occurs.', 'In Ms Jerop’s case, her employers want her to continue working in Lebanon. ""', 'They are saying the situation has been here in Lebanon for many years, and there is nothing to worry about,” she says. “', 'But for us the tension is high.', 'We are not used to these kinds of [bombing] sounds.”', 'But even with papers, Ms Jerop and her fellow domestic workers face other challenges to leave. “', 'Few flights are available and they are very expensive,” she says.', 'Flights to Kenya cost up to $1,000 (£770).', 'Banchi Yimer, who founded an organisation supporting the rights of Ethiopian domestic workers, says the average monthly salary used to be $150 but since the cost-of-living crisis, which hit Lebanon hard, “many are not getting paid at all”. “', 'Every day we receive calls from women panicking… they ask us if we have any [evacuation] plan, if we can do anything about it.”', 'Chiku, another domestic worker from Kenya, whose name we have changed to protect her safety, cannot pay for the flight.', 'She has been living in Baabda, in the west of Lebanon, for almost a year. “', 'I personally would like to go back home.', 'But the tickets are so costly,” she says. “', 'And my mum and dad also can’t afford that money.”', 'She has been living in fear for the past few weeks, but like Ms Jerop, her employer has told her to stay. “', 'They say I can’t leave because I haven’t finished my contract,” Chiku says. “', 'But is this contract more important than my life?”', 'The Lebanese labour ministry has not yet responded to a BBC request for comment.', 'The Kenyan authorities say that if war does break out, they will put an evacuation plan in place.', 'Roseline Kathure Njogu, in charge of diaspora affairs for the Kenyan government, told the BBC the department can issue emergency travel documents for those without their passports.', 'She assured that the Kenyan government would be able to provide emergency flights. “', 'We have around 26,000 Kenyans in Lebanon, and 1,500 have registered with us for evacuation,” she said.', 'But many want to leave right now.', 'Ethiopian government spokesperson Nebiyu Tedla told the BBC they are “preparing contingency plans to evacuate diplomats and citizens from Lebanon if necessary”.', 'However, Ms Banchi makes the point that even before the Israel-Gaza conflict, there were already many Ethiopian women stranded in Lebanon desperate to leave.', 'A collapse in Lebanon’s economy in 2020 left many Ethiopian domestic workers out of a job. “', 'Many cannot even afford rent or medical assistance, let alone a flight home,” she says.', 'While foreign embassies continue to work on evacuation plans, many feel they have been abandoned by their governments to fend for themselves.', 'Chiku is trying to set aside money to pay for a flight home. “', 'But what about the others who can’t?”', 'she asks.', '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']",-0.1301920816409105,"Chiku, another domestic worker from Kenya, whose name we have changed to protect her safety, cannot pay for the flight.","But the terms of her employment make it difficult for her to leave, despite fears of an all-out war in the country.",-0.7958835164705912,,A collapse in Lebanon’s economy in 2020 left many Ethiopian domestic workers out of a job. “,2024-08-18
+7-Eleven: Why the retail giant is on a rival's shopping list,https://www.bbc.co.uk/news/articles/c72829pl8z4o,2024-08-20T23:29:29.764Z,"When the owner of 7-Eleven announced this week that it had received a buyout offer from a Canadian rival it triggered shockwaves in Japan. A Japanese company of this size has never been bought by a foreign firm.  Historically, companies from Japan were more likely to buy overseas businesses. 7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories.  And it's been especially successful at selling itself as an option for a quick and cheap yet tasty meal, and in places where there is already an abundance of that, such as Japan and Thailand.  ""We have more stores than McDonald's or Starbucks,"" the chief executive of Seven & i Holdings, Ryuichi Isaka, told BBC News before the firm received the buyout offer. Around a quarter of those 85,000 shops are in Japan, while there are roughly 10,000 in the US.  In comparison, Quebec-based Alimentation Couche-Tard, which operates the Circle K chain, has almost 17,000 stores in 31 countries and territories. More than half of its outlets are in North America. The approach valued Seven & i at more than $30bn (£23bn) before news of the preliminary offer emerged.  7-Eleven's shares jumped by over 20% on Monday, before giving up some of those gains the following day. Analysts point to the Japanese yen's weakness against the US dollar and other major currencies for helping to make Seven & i affordable. Along with the weakness of the yen, efforts by the Japanese government to promote mergers and acquisitions appear to be working, said Manoj Jain from Hong Kong-based hedge fund Maso Capital. However, the proposal is still at the preliminary stage and given the potential size of any deal it could face scrutiny from competition authorities. 7-Eleven has been keen to capitalise on the popularity of the food it sells - a  wide range, including rice balls, sandwiches, cooked pasta, fried chicken and dumplings. While in much of the world convenience stores are where people grab a bar of chocolate or a bag of crisps in an emergency, in Japan, shops like 7-Eleven are popular with visitors searching for culinary delights. These 7-Eleven dishes have turned the chain into a social media sensation in Asia. Dropping into a 7-Eleven store has even been touted as one of the top things to do in Thailand, where its ham and cheese toastie has become a TikTok hit. British singer Ed Sheeran is among the celebrities who have helped raise 7-Eleven's profile - a video of him trying snacks from a store in Thailand went viral. Mr Isaka has been aiming to repeat that success in the US and European markets as the company came under pressure from investors to sell some of its businesses and focus on the 7-Eleven brand. The firm has been updating its strategy so more stores could follow the approach of its Japanese shops. ""What we found is that stores which sell fresh food are attracting many more shoppers,"" Mr Isaka said.  ""We want to grow with high quality - not just increase the quantity. We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added. Seven & i has also been on a shopping spree. In January, it bought more than 200 stores in the US from petrol station chain Sunoco for around $1bn (£770m).  In April, it bought back more than 750 stores from a franchisee in Australia. For most of its almost century-long history 7-Eleven was an American brand. Starting out in 1927 selling blocks of ice that were used to keep fridges cool, it later stocked essential items like eggs, milk and bread. At the time, the stores were open between 07:00 and 23:00 - hence the name. As the business grew, 7-Eleven began offering franchises outside the US. In 1974, Japanese retail firm Ito-Yokado struck a deal to open the country's first 7-Eleven. In 1991, it bought a 70% stake in the chain's US parent company. The founder of Ito-Yokado, Masatoshi Ito, who died in 2023 at the age of 98, is often credited with transforming 7-Eleven into a global empire. Ito-Yokado was renamed Seven & i Holdings in 2005 with the ""i"" in its name being a nod to Ito-Yokado and Mr Ito, who was by then the company's honorary chairman. Now, as the company decides whether it  will remain under Japanese ownership or return to its North American roots, experts are wondering whether more of Japan's big firms could become takeover targets. There is now a ""greater willingness of Japanese boards and management teams to accept offshore capital and be receptive to foreign approaches,” Mr Jain said. More foreign investors may now be encouraged to pursue their interest in Japanese companies, he added. ",BBC,20/08/2024,"['When the owner of 7-Eleven announced this week that it had received a buyout offer from a Canadian rival it triggered shockwaves in Japan.', 'A Japanese company of this size has never been bought by a foreign firm.', 'Historically, companies from Japan were more likely to buy overseas businesses.', ""7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories."", 'And it\'s been especially successful at selling itself as an option for a quick and cheap yet tasty meal, and in places where there is already an abundance of that, such as Japan and Thailand. ""', 'We have more stores than McDonald\'s or Starbucks,"" the chief executive of Seven & i Holdings, Ryuichi Isaka, told BBC News before the firm received the buyout offer.', 'Around a quarter of those 85,000 shops are in Japan, while there are roughly 10,000 in the US.', 'In comparison, Quebec-based Alimentation Couche-Tard, which operates the Circle K chain, has almost 17,000 stores in 31 countries and territories.', 'More than half of its outlets are in North America.', 'The approach valued Seven & i at more than $30bn (£23bn) before news of the preliminary offer emerged.', ""7-Eleven's shares jumped by over 20% on Monday, before giving up some of those gains the following day."", ""Analysts point to the Japanese yen's weakness against the US dollar and other major currencies for helping to make Seven & i affordable."", 'Along with the weakness of the yen, efforts by the Japanese government to promote mergers and acquisitions appear to be working, said Manoj Jain from Hong Kong-based hedge fund Maso Capital.', 'However, the proposal is still at the preliminary stage and given the potential size of any deal it could face scrutiny from competition authorities.', '7-Eleven has been keen to capitalise on the popularity of the food it sells - a wide range, including rice balls, sandwiches, cooked pasta, fried chicken and dumplings.', 'While in much of the world convenience stores are where people grab a bar of chocolate or a bag of crisps in an emergency, in Japan, shops like 7-Eleven are popular with visitors searching for culinary delights.', 'These 7-Eleven dishes have turned the chain into a social media sensation in Asia.', 'Dropping into a 7-Eleven store has even been touted as one of the top things to do in Thailand, where its ham and cheese toastie has become a TikTok hit.', ""British singer Ed Sheeran is among the celebrities who have helped raise 7-Eleven's profile - a video of him trying snacks from a store in Thailand went viral."", 'Mr Isaka has been aiming to repeat that success in the US and European markets as the company came under pressure from investors to sell some of its businesses and focus on the 7-Eleven brand.', 'The firm has been updating its strategy so more stores could follow the approach of its Japanese shops. ""', 'What we found is that stores which sell fresh food are attracting many more shoppers,"" Mr Isaka said. ""', 'We want to grow with high quality - not just increase the quantity.', 'We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added.', 'Seven & i has also been on a shopping spree.', 'In January, it bought more than 200 stores in the US from petrol station chain Sunoco for around $1bn (£770m).', 'In April, it bought back more than 750 stores from a franchisee in Australia.', 'For most of its almost century-long history 7-Eleven was an American brand.', 'Starting out in 1927 selling blocks of ice that were used to keep fridges cool, it later stocked essential items like eggs, milk and bread.', 'At the time, the stores were open between 07:00 and 23:00 - hence the name.', 'As the business grew, 7-Eleven began offering franchises outside the US.', ""In 1974, Japanese retail firm Ito-Yokado struck a deal to open the country's first 7-Eleven."", ""In 1991, it bought a 70% stake in the chain's US parent company."", 'The founder of Ito-Yokado, Masatoshi Ito, who died in 2023 at the age of 98, is often credited with transforming 7-Eleven into a global empire.', 'Ito-Yokado was renamed Seven & i Holdings in 2005 with the ""i"" in its name being a nod to Ito-Yokado and Mr Ito, who was by then the company\'s honorary chairman.', ""Now, as the company decides whether it will remain under Japanese ownership or return to its North American roots, experts are wondering whether more of Japan's big firms could become takeover targets."", 'There is now a ""greater willingness of Japanese boards and management teams to accept offshore capital and be receptive to foreign approaches,” Mr Jain said.', 'More foreign investors may now be encouraged to pursue their interest in Japanese companies, he added.']",0.156475811775821,"We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added.","In comparison, Quebec-based Alimentation Couche-Tard, which operates the Circle K chain, has almost 17,000 stores in 31 countries and territories.",0.8656485160191854,"We want to make sure customers are happy, and increase sales of each store whilst increasing the number of stores,"" he added.",Analysts point to the Japanese yen's weakness against the US dollar and other major currencies for helping to make Seven & i affordable.,2024-08-18
+Bola Tinubu's new presidential plane sparks Nigerian outrage,https://www.bbc.co.uk/news/articles/cy4ydd2x5x2o,2024-08-21T12:04:53.032Z,"Many Nigerians have reacted with outrage after a new plane was bought for President Bola Tinubu at a time when the economy is experiencing its worst crisis in a generation. The purchase comes less than two weeks after thousands took to the streets across the country to protest at rising hunger and the cost of living. Elected last year to lead Africa’s most populous country, Mr Tinubu has introduced several economic reforms, including the removal of fuel subsidies, which have contributed to high inflation, currently over 30%. President Tinubu said the reforms were necessary to cut government spending and stimulate long-term growth.  In January, the Nigerian president announced a 60% reduction in the size of official travel delegations, including his own entourage. However on Monday, the president departed for France using a newly acquired Airbus A330, which has become the latest addition to the presidential fleet of more than five aircraft.  The cost of the plane has not been disclosed, and nor has the reason for his trip.  X user @Fdmlearn said it wasn’t right that Nigerians were being told to undergo economic pain while the government was buying a new plane for the president. “Wait so despite the Tinubu led Government telling Nigerians to bear the economic hardship and wait for a better tomorrow, they were busy paying cash for a new private Jet to add to the presidential fleet that has over 6 aircraft’s already?”. Another X user @RealOlaudah was even more angry. “Let's tell ourselves the truth. Tinubu's new Airbus presidential aircraft purchase for N150 billion at a time of penury, hunger, and want shows how wicked, selfish, self-indulgent, and insensitive to the plight of the average Nigerian he really is.” However, @Timi_The_Law says he supports the president’s decision as the plane is not personal but belongs to the office of the president. “Tinubu's decision to buy a new plane is the right one.  The plane belongs to the office of the president, and future presidents will enjoy it,” he posted. It is not known if lawmakers approved the purchase, which was not mentioned in this year’s budget. In a statement on X, President Tinubu’s media aide Bayo Onanuga said the new plane would actually save money. “The new plane, bought far below the market price, saves Nigeria huge maintenance and fuel costs, running into millions of dollars yearly,” the statement read in part. The new presidential jet was recently released to the Nigerian government after it was seized by a Chinese firm, Zhangson Investment Co. Limited, which obtained a Paris court order to seize some Nigerian government assets following an investment dispute with Ogun state in south-west Nigeria. The 15-year-old plane, with a market value of $600m (£460m) is said to have an elaborate configuration for VIPs and replaces the country’s 19-year-old Boeing BBJ 737-700.  Nigerian officials have previously said that the presidential fleet had a high maintenance cost due to the age of its planes. In June, lawmakers recommended the purchase of two new aircraft for the president and his deputy, saying the old ones were not safe. Last month, lawmakers passed a supplementary budget, which sought to raise the 2024 budget from 28.7 trillion naira ($18bn; £14bn) to 35.06 trillion naira.  It is not known if the purchase of the new plane was included in this budget. The BBC has reached out to the Senate President and the Office of the National Security Adviser but is yet to get a response. 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,21/08/2024,"['Many Nigerians have reacted with outrage after a new plane was bought for President Bola Tinubu at a time when the economy is experiencing its worst crisis in a generation.', 'The purchase comes less than two weeks after thousands took to the streets across the country to protest at rising hunger and the cost of living.', 'Elected last year to lead Africa’s most populous country, Mr Tinubu has introduced several economic reforms, including the removal of fuel subsidies, which have contributed to high inflation, currently over 30%.', 'President Tinubu said the reforms were necessary to cut government spending and stimulate long-term growth.', 'In January, the Nigerian president announced a 60% reduction in the size of official travel delegations, including his own entourage.', 'However on Monday, the president departed for France using a newly acquired Airbus A330, which has become the latest addition to the presidential fleet of more than five aircraft.', 'The cost of the plane has not been disclosed, and nor has the reason for his trip.', 'X user @Fdmlearn said it wasn’t right that Nigerians were being told to undergo economic pain while the government was buying a new plane for the president. “', 'Wait so despite the Tinubu led Government telling Nigerians to bear the economic hardship and wait for a better tomorrow, they were busy paying cash for a new private Jet to add to the presidential fleet that has over 6 aircraft’s already?”.', 'Another X user @RealOlaudah was even more angry. “', ""Let's tell ourselves the truth."", ""Tinubu's new Airbus presidential aircraft purchase for N150 billion at a time of penury, hunger, and want shows how wicked, selfish, self-indulgent, and insensitive to the plight of the average Nigerian he really is.”"", 'However, @Timi_The_Law says he supports the president’s decision as the plane is not personal but belongs to the office of the president. “', ""Tinubu's decision to buy a new plane is the right one."", 'The plane belongs to the office of the president, and future presidents will enjoy it,” he posted.', 'It is not known if lawmakers approved the purchase, which was not mentioned in this year’s budget.', 'In a statement on X, President Tinubu’s media aide Bayo Onanuga said the new plane would actually save money. “', 'The new plane, bought far below the market price, saves Nigeria huge maintenance and fuel costs, running into millions of dollars yearly,” the statement read in part.', 'The new presidential jet was recently released to the Nigerian government after it was seized by a Chinese firm, Zhangson Investment Co. Limited, which obtained a Paris court order to seize some Nigerian government assets following an investment dispute with Ogun state in south-west Nigeria.', 'The 15-year-old plane, with a market value of $600m (£460m) is said to have an elaborate configuration for VIPs and replaces the country’s 19-year-old Boeing BBJ 737-700.', 'Nigerian officials have previously said that the presidential fleet had a high maintenance cost due to the age of its planes.', 'In June, lawmakers recommended the purchase of two new aircraft for the president and his deputy, saying the old ones were not safe.', 'Last month, lawmakers passed a supplementary budget, which sought to raise the 2024 budget from 28.7 trillion naira ($18bn; £14bn) to 35.06 trillion naira.', 'It is not known if the purchase of the new plane was included in this budget.', 'The BBC has reached out to the Senate President and the Office of the National Security Adviser but is yet to get a response.', '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']",-0.0214750065638751,"The plane belongs to the office of the president, and future presidents will enjoy it,” he posted.",Many Nigerians have reacted with outrage after a new plane was bought for President Bola Tinubu at a time when the economy is experiencing its worst crisis in a generation.,-0.1776020743630149,"In a statement on X, President Tinubu’s media aide Bayo Onanuga said the new plane would actually save money. “",X user @Fdmlearn said it wasn’t right that Nigerians were being told to undergo economic pain while the government was buying a new plane for the president. “,2024-08-18
+Penderyn whisky chairman says protected status has boosted credibility,https://www.bbc.co.uk/news/articles/cy54w6vnd03o,2024-08-20T21:46:08.740Z,"Granting protection to single malt Welsh whisky has added ""credibility and status"" to the drink, the chairman of one of Wales' leading distilleries has said. Nigel Short, of Penderyn, said the drink was ""genuinely world class"" and the protected status, secured last year, had confirmed that. Single malt is one of 20 Welsh food and drink products to be given protected geographical indication (PGI) status. Welsh lamb, leeks and Caerphilly cheese also benefit from PGI status to guarantee and promote their authenticity. PGI status is used to protect and promote products from a particular region or country. It took three years for Welsh whisky to receive its protection, which involved an audit to confirm the single malt had been made in Wales. Penderyn is one of five single malt producers in Wales that can use the PGI status, which defends them from impersonation, affording similar protection to Scotch and Irish whiskies. “Around the world, at the British embassies and some of the Welsh government offices, you get a credibility and a status that you wouldn't otherwise enjoy. So it's a big tick in the box in terms of what we are doing,” Mr Short said. The company has its headquarters at Penderyn in the Bannau Brycheiniog National Park - also known as the Brecon Beacons - with two other distilleries in Llandudno and Swansea. Welsh whisky production is dwarfed by the Scottish market, which is worth almost £6bn to the UK economy. A slowdown in luxury goods sales has recently hit the industry, and Penderyn hopes PGI status can add to its appeal. “At the moment we export to around 40 countries, with the bigger markets being the USA, France, Germany.” Mr Short said. “I think the credibility, last year, of getting [PGI] just helped that, because it gave us a status equivalent to a Scots or an Irish whiskey.” Among the other Welsh food and drink products with protected status are: At Glynhynod Farm in Ceredigion, a family-run business produces two products that benefit from PGI status. The Da Mhile distillery produces a single malt whisky, while Caws Teifi is one of three producers of Caerphilly cheese to receive the protection. “I think it's really great when you're trying to keep certain products alive, because it's so easy to follow trends,” Rob Savage-Onstwedder said. His parents established Caws Teifi in the early 1980s and it is the oldest artisan cheesemaker in Wales. Caerphilly cheese was named after the town where it was sold, but it had traditionally been made in farmhouses across Wales. Getting protection from imitation is also an important way of preserving Welsh cheesemaking methods and recipes, according to Mr Savage-Onstwedder. “In France, these PGIs make a huge difference. “There are so many varieties of cheese still alive there because of the protection that's given to certain cheeses from certain regions, and I think that PGI can do the same in Wales,” he said. Caerphilly was originally granted the status in 2018. Caws Teifi was audited “to make sure that we’re making the cheese within the specification, and it has to be milk from Wales”, Mr Savage-Onstwedder said. “There are lots of other indicators and factors that we have to stick to in our recipe, and in the end product, which is great,” he added. ",BBC,20/08/2024,"['Granting protection to single malt Welsh whisky has added ""credibility and status"" to the drink, the chairman of one of Wales\' leading distilleries has said.', 'Nigel Short, of Penderyn, said the drink was ""genuinely world class"" and the protected status, secured last year, had confirmed that.', 'Single malt is one of 20 Welsh food and drink products to be given protected geographical indication (PGI) status.', 'Welsh lamb, leeks and Caerphilly cheese also benefit from PGI status to guarantee and promote their authenticity.', 'PGI status is used to protect and promote products from a particular region or country.', 'It took three years for Welsh whisky to receive its protection, which involved an audit to confirm the single malt had been made in Wales.', 'Penderyn is one of five single malt producers in Wales that can use the PGI status, which defends them from impersonation, affording similar protection to Scotch and Irish whiskies. “', ""Around the world, at the British embassies and some of the Welsh government offices, you get a credibility and a status that you wouldn't otherwise enjoy."", ""So it's a big tick in the box in terms of what we are doing,” Mr Short said."", 'The company has its headquarters at Penderyn in the Bannau Brycheiniog National Park - also known as the Brecon Beacons - with two other distilleries in Llandudno and Swansea.', 'Welsh whisky production is dwarfed by the Scottish market, which is worth almost £6bn to the UK economy.', 'A slowdown in luxury goods sales has recently hit the industry, and Penderyn hopes PGI status can add to its appeal. “', 'At the moment we export to around 40 countries, with the bigger markets being the USA, France, Germany.”', 'Mr Short said. “', 'I think the credibility, last year, of getting [PGI] just helped that, because it gave us a status equivalent to a Scots or an Irish whiskey.”', 'Among the other Welsh food and drink products with protected status are: At Glynhynod Farm in Ceredigion, a family-run business produces two products that benefit from PGI status.', 'The Da Mhile distillery produces a single malt whisky, while Caws Teifi is one of three producers of Caerphilly cheese to receive the protection. “', ""I think it's really great when you're trying to keep certain products alive, because it's so easy to follow trends,” Rob Savage-Onstwedder said."", 'His parents established Caws Teifi in the early 1980s and it is the oldest artisan cheesemaker in Wales.', 'Caerphilly cheese was named after the town where it was sold, but it had traditionally been made in farmhouses across Wales.', 'Getting protection from imitation is also an important way of preserving Welsh cheesemaking methods and recipes, according to Mr Savage-Onstwedder. “', 'In France, these PGIs make a huge difference. “', ""There are so many varieties of cheese still alive there because of the protection that's given to certain cheeses from certain regions, and I think that PGI can do the same in Wales,” he said."", 'Caerphilly was originally granted the status in 2018.', 'Caws Teifi was audited “to make sure that we’re making the cheese within the specification, and it has to be milk from Wales”, Mr Savage-Onstwedder said. “', 'There are lots of other indicators and factors that we have to stick to in our recipe, and in the end product, which is great,” he added.']",0.2616043991061078,"Welsh lamb, leeks and Caerphilly cheese also benefit from PGI status to guarantee and promote their authenticity.","Getting protection from imitation is also an important way of preserving Welsh cheesemaking methods and recipes, according to Mr Savage-Onstwedder. “",0.7734651684761047,"I think the credibility, last year, of getting [PGI] just helped that, because it gave us a status equivalent to a Scots or an Irish whiskey.”","A slowdown in luxury goods sales has recently hit the industry, and Penderyn hopes PGI status can add to its appeal. “",2024-08-18
+"GM reveals GMC Yukon 'AT4 Ultimate' to expand reach, profits of high-end SUVs",https://www.cnbc.com/2024/08/19/gm-gmc-yukon-at4-suv.html,2024-08-19T15:17:13+0000,"In this articleDETROIT — General Motors is expanding its high-end GMC Yukon lineup to include a new ""AT4 Ultimate"" model as part of updates to the large SUV for the 2025 model year.The new model will slate in between the luxury ""Denali"" and ""Denali Ultimate"" models. The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively. The current AT4 model starts at $73,500.Denali models, now in their 25th year, have become a cash machine for GMC. In recent years, the automaker added ""Ultimate"" and ""AT4"" models, with off-road styling and some unique parts, to further expand the reach and pricing of the high-end models.""We're raising the bar on what our customers expect from GMC's flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.AT4 sales represent about 17% of Yukon's overall sales. That compares with the Denali models at more than 50% of sales for the large SUVs.The new AT4 Ultimate models include a front skid plate and 20-inch wheels with all-terrain tires; four-corner adaptive air suspension that can raise the vehicle up to 2 inches; and other features.The higher-trim models have helped GMC reach an average transaction price of roughly $80,000 for Yukon, according to GM.Aside from the AT4 Ultimate, the 2025 Yukon will get updates including new styling, larger screens, second-row executive seating, and expanded availability of a 3.0-liter diesel engine to assist range and fuel economy compared with gas-powered models.The 2025 GMC Yukon will be produced at GM's Arlington Assembly plant in Texas and is expected to be available by the end of 2024.",CNBC,19/08/2024,"['In this articleDETROIT — General Motors is expanding its high-end GMC Yukon lineup to include a new ""AT4 Ultimate"" model as part of updates to the large SUV for the 2025 model year.', 'The new model will slate in between the luxury ""Denali"" and ""Denali Ultimate"" models.', 'The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively.', 'The current AT4 model starts at $73,500.Denali models, now in their 25th year, have become a cash machine for GMC.', 'In recent years, the automaker added ""Ultimate"" and ""AT4"" models, with off-road styling and some unique parts, to further expand the reach and pricing of the high-end models.', '""We\'re raising the bar on what our customers expect from GMC\'s flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.', ""AT4 sales represent about 17% of Yukon's overall sales."", 'That compares with the Denali models at more than 50% of sales for the large SUVs.', 'The new AT4 Ultimate models include a front skid plate and 20-inch wheels with all-terrain tires; four-corner adaptive air suspension that can raise the vehicle up to 2 inches; and other features.', 'The higher-trim models have helped GMC reach an average transaction price of roughly $80,000 for Yukon, according to GM.Aside from the AT4 Ultimate, the 2025 Yukon will get updates including new styling, larger screens, second-row executive seating, and expanded availability of a 3.0-liter diesel engine to assist range and fuel economy compared with gas-powered models.', ""The 2025 GMC Yukon will be produced at GM's Arlington Assembly plant in Texas and is expected to be available by the end of 2024.""]",0.085922913039373,"The automaker declined to discuss pricing for the new AT4 Ultimate, but the Denali models currently start at roughly $77,300 and just under $100,000, respectively.",,0.8957941651344299,"""We're raising the bar on what our customers expect from GMC's flagship and the addition of the AT4 Ultimate trim fuses ruggedness and capability with craftsmanship and refinement,"" Duncan Aldred, global vice president of GMC, said in a release.",,2024-08-18
+Harley-Davidson drops diversity efforts after online pressure,https://www.cnbc.com/2024/08/20/harley-davidson-drops-diversity-efforts-after-online-pressure-.html,2024-08-20T16:52:10+0000,"In this articleHarley-Davidson is dropping some of its diversity, equity and inclusion efforts, according to a statement released Monday on social media site X.The motorcycle company said it has stopped consulting the Human Rights Campaign's metric for treatment of LGBTQ+ employees, and that its sponsorship decisions will now be determined by the company and foundation, which will focus on ""retaining our loyal riding community.""""We do not have a DEI function today,"" and Harley-Davidson has not since April, according to the statement.Harley-Davidson also affirmed its rejection of hiring quotas and ""socially motivated content"" included in training. In the statement, the brand maintained support for first responders, active military members and veterans.The moves come after an online campaign by conservative activist Robby Starbuck, who has taken on similar fights against DEI initiatives at other companies. He posted a list of grievances against Harley-Davidson in July, claiming ""they've gone totally woke."" The company also conducted an internal stakeholder review from earlier this year, according to the statement.""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.Eric Bloem, HRC's vice president of programs and corporate advocacy, called Harley-Davidson's decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.Starbuck praised the move Monday, saying it was ""another win for our movement.""Harley-Davidson's anti-DEI sentiment follows retail chain Tractor Supply's decision in June to eliminate DEI roles, as well as walk back its support for the LGBTQ+ community and commitment to carbon emission goals.Both changes follow a U.S. Supreme Court decision in 2023 to strike down affirmative action in colleges, which experts predicted could have implications for corporate hiring and recruiting. Since then, Starbucks, Disney and Target have faced legal challenges over DEI initiatives for LGBTQ+ customers and employees.",CNBC,20/08/2024,"['In this articleHarley-Davidson is dropping some of its diversity, equity and inclusion efforts, according to a statement released Monday on social media site X.The motorcycle company said it has stopped consulting the Human Rights Campaign\'s metric for treatment of LGBTQ+ employees, and that its sponsorship decisions will now be determined by the company and foundation, which will focus on ""retaining our loyal riding community.', '""""We do not have a DEI function today,"" and Harley-Davidson has not since April, according to the statement.', 'Harley-Davidson also affirmed its rejection of hiring quotas and ""socially motivated content"" included in training.', 'In the statement, the brand maintained support for first responders, active military members and veterans.', 'The moves come after an online campaign by conservative activist Robby Starbuck, who has taken on similar fights against DEI initiatives at other companies.', 'He posted a list of grievances against Harley-Davidson in July, claiming ""they\'ve gone totally woke.""', 'The company also conducted an internal stakeholder review from earlier this year, according to the statement.', '""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.', 'Eric Bloem, HRC\'s vice president of programs and corporate advocacy, called Harley-Davidson\'s decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.', 'Starbuck praised the move Monday, saying it was ""another win for our movement.', '""Harley-Davidson\'s anti-DEI sentiment follows retail chain Tractor Supply\'s decision in June to eliminate DEI roles, as well as walk back its support for the LGBTQ+ community and commitment to carbon emission goals.', 'Both changes follow a U.S. Supreme Court decision in 2023 tostrike down affirmative actionin colleges, which experts predicted could have implications for corporate hiring and recruiting.', 'Since then, Starbucks,DisneyandTarget have faced legal challenges over DEI initiatives for LGBTQ+ customers and employees.']",0.1310425711554404,"Starbuck praised the move Monday, saying it was ""another win for our movement.","""We are saddened by the negativity on social media over the last few weeks, designed to divide the Harley-Davidson community,"" the statement said.",-0.5087488368153572,"Starbuck praised the move Monday, saying it was ""another win for our movement.","Eric Bloem, HRC's vice president of programs and corporate advocacy, called Harley-Davidson's decision to cut DEI initiatives ""impulsive,"" saying it put politics ahead of the interests of workers and consumers.",2024-08-18
+"Frequent media bidder Byron Allen draws ire with late payments to ABC, CBS and NBC",https://www.cnbc.com/2024/08/16/byron-allen-draws-abc-cbs-and-nbc-ire-with-late-payments.html,2024-08-18T20:10:43+0000,"Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media assets for billions of dollars — have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.The stations owned by Allen Media Group have been as much as 90 days past due on the payments to networks including ABC, CBS and NBC, according to people familiar with the matter. The payments total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, said the people, who asked not to be named because the financial transactions are private.Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website.ABC, CBS and NBC have all grown increasingly frustrated after what feels like a perpetual chase for the fees — even after agreeing to payment plans at Allen's request, the people familiar said. Paying consistently late is uncommon among local broadcasters, which pay hefty sums to the larger network owners to carry the brand and some content, particularly live sports like the NFL and many postseason games across leagues, the people said.It's unclear why Allen Media Group has been repeatedly late with payments.After CNBC reached Allen Media for comment this week, the group made a payment on the outstanding fees, according to people familiar with the matter. The amount of the payment couldn't immediately be determined.Networks often collect fees from local affiliates every one to three months, depending on the contract. The funds to pay come in large part from so-called retransmission fees that cable TV operators pay to the stations, which can create a situation where money may need to go out before it comes in. Recently, broadcast station group executives have argued this structure should change as cord cutting accelerates and networks move more of their content over to streaming platforms.Various divisions of Allen's company, including stations located across markets in the Midwest, Southeast, West Coast and Hawaii, have also reportedly undergone layoffs in recent months. Another round of job cuts is expected at the end of August, one of the people familiar with the matter said.Representatives for Allen Media Group declined to address the details of this story but said in a statement: ""Mr. Allen started Allen Media Group 31 years ago from his dining room table. Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned.""Like most media companies and private equity firms, we evaluate many acquisition opportunities. In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets. Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history,"" the statement says.Representatives for ABC, CBS and NBC declined to comment on the matter.Allen's late payments of tens of millions of dollars stand in stark contrast to his frequent multibillion-dollar bids for media assets. In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter.Allen's recent M&A interest includes a $30 billion bid for Paramount Global earlier this year, a $10 billion offer for ABC and other Disney networks last year, and a reported $3.5 billion offer for Paramount's BET Media Group, which he resubmitted in December after the process was ended.There has also been a recent report that Allen is weighing another bid for Paramount before its ""go-shop"" period with buyer Skydance expires later this month.Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.""We have quite a few banks that support us and stand with us and even private equity firms,"" Allen told CNBC in September about the potential deal for ABC and other Disney assets. ""I think other assets will start to become available, and I think we will eventually get them.""Allen Media Group has taken to reposting public media reports on its own website of its interest in bidding on media properties — even for unconfirmed reports of interest, such as a reported $8.5 billion offer for Tegna.Previously a comedian, Allen founded Entertainment Studios, now known as Allen Media Group, in 1993. In 2019 Allen Media Group Broadcasting was formed, and Allen has been building up his broadcast media empire since with a string of smaller deals.In addition to The Weather Channel and broadcast TV stations, Allen Media also owns a group of small TV networks like Pets.tv and Comedy.tv, as well as Black news and entertainment network TheGrio.And, in April 2021, Allen Media paid $380 million to Gray Television for seven stations as part of Gray's required divestitures for its acquisition of Quincy Media.Allen's broadcast stations generate revenue, as most other stations do, through advertising revenue and so-called retransmission fees — payment that stations receive from pay TV operators for the right to carry their feed. Broadcast station groups, however, have also suffered as millions of people have switched from traditional TV to streaming.A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.Disclosure: Comcast's NBCUniversal is the parent company of CNBC and broadcast network NBC.Correction: Allen Media Group paid $380 million to Gray Television for seven stations in April 2021. A previous version of this article misstated the timing of the transaction.",CNBC,18/08/2024,"['Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media assets for billions of dollars — have been consistently late in making payments to network owners, angering media allies and creating distance between Allen and his would-be deal partners, CNBC has learned.', 'The stations owned by Allen Media Group have been as much as 90 days past due on the payments to networks including ABC, CBS and NBC, according to people familiar with the matter.', 'The payments total tens of millions of dollars throughout the year, and the extent of the lateness has grown worse over time, said the people, who asked not to be named because the financial transactions are private.', ""Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website."", ""ABC, CBS and NBC have all grown increasingly frustrated after what feels like a perpetual chase for the fees — even after agreeing to payment plans at Allen's request, the people familiar said."", 'Paying consistently late is uncommon among local broadcasters, which pay hefty sums to the larger network owners to carry the brand and some content, particularly live sports like the NFL and many postseason games across leagues, the people said.', ""It's unclear why Allen Media Group has been repeatedly late with payments."", 'After CNBC reached Allen Media for commentthis week, the group made a payment on the outstanding fees, according to people familiar with the matter.', ""The amount of the payment couldn't immediately be determined."", 'Networks often collect fees from local affiliates every one to three months, depending on the contract.', 'The funds to pay come in large part from so-called retransmission fees that cable TV operators pay to the stations, which can create a situation where money may need to go out before it comes in.', 'Recently, broadcast station group executives have argued this structure should change as cord cutting accelerates and networks move more of their content over to streaming platforms.', ""Various divisions of Allen's company, including stations located across markets in the Midwest, Southeast, West Coast and Hawaii, have also reportedly undergone layoffs in recent months."", 'Another round of job cuts is expected at the end of August, one of the people familiar with the matter said.', 'Representatives for Allen Media Group declined to address the details of this story but said in a statement: ""Mr. Allen started Allen Media Group 31 years ago from his dining room table.', 'Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned.', '""Like most media companies and private equity firms, we evaluate many acquisition opportunities.', 'In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets.', 'Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history,"" the statement says.', 'Representatives for ABC, CBS and NBC declined to comment on the matter.', ""Allen's late payments of tens of millions of dollars stand in stark contrast to his frequent multibillion-dollar bids for media assets."", ""In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter."", ""Allen's recent M&A interest includes a $30 billion bid for Paramount Global earlier this year, a $10 billion offer for ABC and other Disney networks last year, and a reported $3.5 billion offer for Paramount's BET Media Group, which he resubmitted in December after the process was ended."", 'There has also been a recent report that Allen is weighing another bid for Paramount before its ""go-shop"" period with buyer Skydance expires later this month.', 'Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.', '""We have quite a few banks that support us and stand with us and even private equity firms,"" Allen told CNBC in September about the potential deal for ABC and other Disney assets. ""', 'I think other assets will start to become available, and I think we will eventually get them.', '""Allen Media Group has taken to reposting public media reports on its own website of its interest in bidding on media properties — even for unconfirmed reports of interest, such as a reported $8.5 billion offer for Tegna.', 'Previously a comedian, Allen founded Entertainment Studios, now known as Allen Media Group, in 1993.', 'In 2019 Allen Media Group Broadcasting was formed, and Allen has been building up his broadcast media empire since with a string of smaller deals.', 'In addition to The Weather Channel and broadcast TV stations, Allen Media also owns a group of small TV networks like Pets.tv and Comedy.tv, as well as Black news and entertainment network TheGrio.', ""And, in April 2021, Allen Media paid $380 million to Gray Television for seven stations as part of Gray's required divestitures for its acquisition of Quincy Media."", ""Allen's broadcast stations generate revenue, as most other stations do, through advertising revenue and so-called retransmission fees — payment that stations receive from pay TV operators for the right to carry their feed."", 'Broadcast station groups, however, have also suffered as millions of people have switched from traditional TV to streaming.', 'A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.', ""Disclosure: Comcast's NBCUniversal is the parent company of CNBC and broadcast network NBC.Correction: Allen Media Group paid $380 million to Gray Television for seven stations in April 2021."", 'A previous version of this article misstated the timing of the transaction.']",0.1428638733052129,"In the last few years, the company has successfully completed well over $1 billion in acquisitions with the continued support of the capital markets.","Allen has been vocal about his ambitions to grow his media holdings, defending his track record of failed bids and telling CNBC in January that recent acquisition attempts had fallen through because some owners ultimately decided not to sell.",-0.4681193878253301,"A record uptick in political advertising is expected ahead of the presidential election, as some of the largest broadcast station owners like Nexstar Media Group and Sinclair have documented in recent earnings releases.","In recent years, his pursuit of deals that haven't panned out has led investment bankers and financial institutions to lose faith in Allen as a serious buyer for large assets, according to three investment bankers and a person close to the matter.",2024-08-18
+California cracks down on organized retail crime with new package of laws,https://www.cnbc.com/2024/08/19/california-retail-crime-laws-crack-down-on-organized-rings.html,2024-08-19T21:10:34+0000,"California Democratic Gov. Gavin Newsom has signed 10 new bills into law that aim to combat retail crime in the state.The package, announced Friday, includes new laws that crack down on shoplifting, theft from a vehicle, organized theft, and online marketplaces where these stolen goods are sometimes resold. The new laws come after retailers have called on both local and federal governments to do more to combat retail theft, citing it as a growing challenge that's impacted profits, customers and staff.One of the bills in the package, SB 1416, establishes tougher penalties for middlemen in organized retail crime rings and was introduced in response to a CNBC investigation published in March, according to the office of state Sen. Josh Newman, a Democrat, who introduced the bill.""As author of the bill, I used examples of your reporting in each of the policy committee hearings at which I presented the bill, and I think it made real for my colleagues something that otherwise seemed kind of abstract. And it also, I think, encapsulated just how powerful the incentives are,"" Newman told CNBC.The law Newman authored establishes additional prison time and fines for the sale, exchange or return of stolen property — the bread and butter of retail resale crime rings. Prior to the law's passage, those charged with being involved in organized retail crime rings could face up to three years in prison. Critics said that sentence and penalty were not enough of a deterrence.Newman said the law was designed to go after middlemen like Michelle Mack — the organized retail crime ""queenpin"" who was exposed in CNBC's investigation. Police say she made millions reselling stolen goods on Amazon at a fraction of their typical retail price. ""It's necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.Mack was arrested in December and received a delayed sentence of five years and four months in state prison. Mack's husband, Kenneth, received the same sentence and is already incarcerated. The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack's ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience. Others have countered these claims, saying that retailers are overstating the impact of theft and downplaying the operational issues behind lower profits.Commercial burglary and commercial robbery rates in California have been steadily rising over the past few years, according to data from the Public Policy Institute of California. Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.Since January, the California Highway Patrol's Organized Retail Crime Task Force has made 884 arrests and recovered more than 250,000 stolen items valued collectively at over $7.2 million, according to the press release announcing the new legislation.Retailers have been urging Congress to crack down on organized retail crime nationally, with the retail lobby group National Retail Federation pushing to make it easier to prosecute theft as a federal felony.With the 2024 presidential election looming, Democrats are also looking to appear tough on crime to address Republican criticism of the nation's rising crime rates. However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.Another bill, SB 1144, also passed in the new package of laws aims to prevent the trafficking of stolen goods on online marketplaces like Amazon. The bill, introduced by state Sen. Nancy Skinner, a Democrat, builds on a previous California law by updating compliance criteria for high-volume, third-party sellers and making it easier for civil charges to be filed against online marketplaces selling stolen goods, among other measures.— CNBC's Gabrielle Fonrouge, Scott Zamost and Courtney Reagan contributed to this report.",CNBC,19/08/2024,"['California Democratic Gov. Gavin Newsom has signed 10 new bills into law that aim to combat retail crime in the state.', 'The package, announced Friday, includes new laws that crack down on shoplifting, theft from a vehicle, organized theft, and online marketplaces where these stolen goods are sometimes resold.', ""The new laws come after retailers have called on both local and federal governments to do more to combat retail theft, citing it as a growing challenge that's impacted profits, customers and staff."", 'One of the bills in the package, SB 1416, establishes tougher penalties for middlemen in organized retail crime rings and was introduced in response to a CNBC investigation published in March, according to the office of state Sen. Josh Newman, a Democrat, who introduced the bill.', '""As author of the bill, I used examples of your reporting in each of the policy committee hearings at which I presented the bill, and I think it made real for my colleagues something that otherwise seemed kind of abstract.', 'And it also, I think, encapsulated just how powerful the incentives are,"" Newman told CNBC.The law Newman authored establishes additional prison time and fines for the sale, exchange or return of stolen property — the bread and butter of retail resale crime rings.', ""Prior to the law's passage, those charged with being involved in organized retail crime rings could face up to three years in prison."", 'Critics said that sentence and penalty were not enough of a deterrence.', 'Newman said the law was designed to go after middlemen like Michelle Mack — the organized retail crime ""queenpin"" who was exposed in CNBC\'s investigation.', 'Police say she made millions reselling stolen goods on Amazon at a fraction of their typical retail price. ""', 'It\'s necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.', 'Mack was arrested in December and received a delayed sentence of five years and four months in state prison.', ""Mack's husband, Kenneth, received the same sentence and is already incarcerated."", 'The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack\'s ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience.', 'Others have countered these claims, saying that retailers are overstating the impact of theft and downplaying the operational issues behind lower profits.', 'Commercial burglary and commercial robbery rates in California have been steadily rising over the past few years, according to data from the Public Policy Institute of California.', 'Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.', ""Since January, the California Highway Patrol's Organized Retail Crime Task Force has made 884 arrests and recovered more than 250,000 stolen items valued collectively at over $7.2 million, according to the press release announcing the new legislation."", 'Retailers have been urging Congress to crack down on organized retail crime nationally, with the retail lobby group National Retail Federation pushing to make it easier to prosecute theft as a federal felony.', ""With the 2024 presidential election looming, Democrats are also looking to appear tough on crime to address Republican criticism of the nation's rising crime rates."", 'However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.', 'Another bill, SB 1144, also passed in the new package of laws aims to prevent the trafficking of stolen goods on online marketplaces like Amazon.', 'The bill, introduced by state Sen. Nancy Skinner, a Democrat, builds on a previous California law by updating compliance criteria for high-volume, third-party sellers and making it easier for civil charges to be filed against online marketplaces selling stolen goods, among other measures.—', ""CNBC's Gabrielle Fonrouge, Scott Zamost and Courtney Reagan contributed to this report.""]",-0.2662607653161937,"It's necessary to account for just how easy it is to recruit people to go steal for you, and then just how easy and profitable it is to then clean this stuff up and sell it,"" Newman said.","However, critics of the push to combat retail crime fear the measures may disproportionately harm marginalized groups.",-0.0002859458327293,"Shoplifting, although still well below pre-pandemic levels, is seeing an increase as well.","The couple was ordered to pay about $3 million in restitution to beauty retailer Ulta and another $13,000 to Sephora, a court official previously told CNBC.Theft and organized retail crime rings like that of Mack's ""California Girls"" have been cited by retailers as a reason for lower profits, difficulty in hiring and retaining staff, and the degradation of the in-store experience.",2024-08-18
+7-Eleven: Canadian retail giant makes £29.2bn takeover bid,https://www.bbc.co.uk/news/articles/cjdk2nyngx9o,2024-08-19T06:46:48.268Z,"A Canadian convenience store giant has made a bid worth $38bn (£29.2bn) for the Japanese-owned 7-Eleven in what could be the country's record foreign takeover. Circle K owner Alimentation Couche-Tard (ACT) made the approach for the chain - a staple across Asia and North America - on Monday. ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead. The news comes after the Japanese stock market was rocked by record swings earlier this month. The offer of 5.6 trillion Japanese yen valued 7-Eleven at a fifth more than its pre-bid price on the Japanese stock market. ACT said it had ""submitted a friendly, non-binding proposal"" to buy the retail chain but that there was no guarantee it would go ahead. ""The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders,"" ACT said. Meanwhile, Tokyo-based Seven & i Holdings, which owns 7-Eleven, said it has formed a special committee to consider the offer. It said it had ""received a confidential, non-binding and preliminary proposal by ACT to acquire all [of its] outstanding shares"". ""[The] special committee intends to conduct a prompt, careful and comprehensive review of the proposal,"" it added. If a deal is agreed it could face challenges from competition watchdogs in North America. The 7-Eleven chain runs more than 13,000 stores in the US and Canada, while Couche-Tard has more than 9,000. In recent years, activist investors have pressed Seven & i to sell some of its assets to focus the company on the 7-Eleven brand. The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central bank's decision to raise borrowing costs. 7-Eleven was first brought to Japan from the US in 1974 by retail tycoon Masatoshi Ito. Ito, who died in 2023 aged 98, is credited with turning the convenience store chain into a global business empire. Today, 7-Eleven has 85,000 shops worldwide in 20 countries and territories and has a large footprint in Asia. Quebec-based ACT is listed on the Toronto Stock Exchange and runs around 17,000 shops in more than 30 countries and territories across North America Europe and Asia under the Circle K and Couche-Tard brands. It has a stock market valuation of about 80bn Canadian dollars ($58.2bn; £45bn). ",BBC,19/08/2024,"[""A Canadian convenience store giant has made a bid worth $38bn (£29.2bn) for the Japanese-owned 7-Eleven in what could be the country's record foreign takeover."", 'Circle K owner Alimentation Couche-Tard (ACT) made the approach for the chain - a staple across Asia and North America - on Monday.', ""ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead."", 'The news comes after the Japanese stock market was rocked by record swings earlier this month.', 'The offer of 5.6 trillion Japanese yen valued 7-Eleven at a fifth more than its pre-bid price on the Japanese stock market.', 'ACT said it had ""submitted a friendly, non-binding proposal"" to buy the retail chain but that there was no guarantee it would go ahead. ""', 'The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders,"" ACT said.', 'Meanwhile, Tokyo-based Seven & i Holdings, which owns 7-Eleven, said it has formed a special committee to consider the offer.', 'It said it had ""received a confidential, non-binding and preliminary proposal by ACT to acquire all [of its] outstanding shares"". ""[', 'The] special committee intends to conduct a prompt, careful and comprehensive review of the proposal,"" it added.', 'If a deal is agreed it could face challenges from competition watchdogs in North America.', 'The 7-Eleven chain runs more than 13,000 stores in the US and Canada, while Couche-Tard has more than 9,000.', 'In recent years, activist investors have pressed Seven & i to sell some of its assets to focus the company on the 7-Eleven brand.', ""The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central bank's decision to raise borrowing costs."", '7-Eleven was first brought to Japan from the US in 1974 by retail tycoon Masatoshi Ito.', 'Ito, who died in 2023 aged 98, is credited with turning the convenience store chain into a global business empire.', 'Today, 7-Eleven has 85,000 shops worldwide in 20 countries and territories and has a large footprint in Asia.', 'Quebec-based ACT is listed on the Toronto Stock Exchange and runs around 17,000 shops in more than 30 countries and territories across North America Europe and Asia under the Circle K and Couche-Tard brands.', 'It has a stock market valuation of about 80bn Canadian dollars ($58.2bn; £45bn).']",0.1107340034371501,"The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders,"" ACT said.",Circle K owner Alimentation Couche-Tard (ACT) made the approach for the chain - a staple across Asia and North America - on Monday.,0.1453426650592259,"ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead.",The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central bank's decision to raise borrowing costs.,2024-08-18
+Pensioners urged to claim help as winter fuel payments cut,https://www.bbc.co.uk/news/articles/c9v8r9x17pzo,2024-08-20T11:42:59.338Z,"Hundreds of thousands of pensioners have been urged to claim a pension top-up that will enable them to beat government cuts in energy bill support. An estimated 880,000 low-income pensioner households eligible for pension credit currently fail to claim it and a deadline is approaching. The government says it is worth an average of £3,900 a year, but it also a gateway to other financial support such as winter fuel payments. Ministers will cut this help with fuel bills for 10 million pensioners in England and Wales this autumn, but not for those on pension credit or other means-tested benefits. The policy is expected to reduce the number of pensioners who receive the winter fuel payment from 11.4 million to 1.5 million, saving the Treasury £1.4bn this financial year. The payment is a devolved matter in Scotland and Northern Ireland. Work and Pensions Secretary Liz Kendall said the new Labour government had been forced to take ""difficult decisions"". ""But I am determined to ensure low-income pensioners are supported,"" she said. However, Conservative Laura Trott, shadow chief secretary to the Treasury, claimed the government was ""absurdly trying to claim it is committed to pensioners"". ""Instead of desperately trying to mitigate the impact of their own decisions, the chancellor should come clean and publish the internal impact assessment so the public can truly see the damage of this policy,"" she added. In July, Chancellor Rachel Reeves claimed a public spending audit she commissioned from Treasury officials revealed an ""unforgivable"" economic legacy she had been left.  That prompted a series of decisions designed to reduce spending, including the scaling back of the winter fuel payment which is worth between £100 and £300 for pensioner households each winter. Pensioners whose weekly income is below £218.15 for a single person or £332.95 for a couple should check to see if they could be eligible for pension credit.  On top of the benefit, it is a gateway to support with housing costs, council tax, the TV licence, and the winter fuel payment worth up to £300. The government’s new pension credit awareness drive will help identify households not claiming the benefit, and encourage them to apply by 21 December. That is the final date for making a backdated claim for pension credit, in order to receive the winter fuel payment. About 1.4 million pensioners already receive pension credit but up to an estimated 880,000 households eligible for the support fail to claim. Many incorrectly believe they are not entitled, have been ruled out owing to savings, or say they do not like to accept what they regard as handouts. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us. ",BBC,20/08/2024,"['Hundreds of thousands of pensioners have been urged to claim a pension top-up that will enable them to beat government cuts in energy bill support.', 'An estimated 880,000 low-income pensioner households eligible for pension credit currently fail to claim it and a deadline is approaching.', 'The government says it is worth an average of £3,900 a year, but it also a gateway to other financial support such as winter fuel payments.', 'Ministers will cut this help with fuel bills for 10 million pensioners in England and Wales this autumn, but not for those on pension credit or other means-tested benefits.', 'The policy is expected to reduce the number of pensioners who receive the winter fuel payment from 11.4 million to 1.5 million, saving the Treasury £1.4bn this financial year.', 'The payment is a devolved matter in Scotland and Northern Ireland.', 'Work and Pensions Secretary Liz Kendall said the new Labour government had been forced to take ""difficult decisions"". ""', 'But I am determined to ensure low-income pensioners are supported,"" she said.', 'However, Conservative Laura Trott, shadow chief secretary to the Treasury, claimed the government was ""absurdly trying to claim it is committed to pensioners"". ""', 'Instead of desperately trying to mitigate the impact of their own decisions, the chancellor should come clean and publish the internal impact assessment so the public can truly see the damage of this policy,"" she added.', 'In July, Chancellor Rachel Reeves claimed a public spending audit she commissioned from Treasury officials revealed an ""unforgivable"" economic legacy she had been left.', 'That prompted a series of decisions designed to reduce spending, including the scaling back of the winter fuel payment which is worth between £100 and £300 for pensioner households each winter.', 'Pensioners whose weekly income is below £218.15 for a single person or £332.95 for a couple should check to see if they could be eligible for pension credit.', 'On top of the benefit, it is a gateway to support with housing costs, council tax, the TV licence, and the winter fuel payment worth up to £300.', 'The government’s new pension credit awareness drive will help identify households not claiming the benefit, and encourage them to apply by 21 December.', 'That is the final date for making a backdated claim for pension credit, in order to receive the winter fuel payment.', 'About 1.4 million pensioners already receive pension credit but up to an estimated 880,000 households eligible for the support fail to claim.', 'Many incorrectly believe they are not entitled, have been ruled out owing to savings, or say they do not like to accept what they regard as handouts.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.']",0.228550072565136,"On top of the benefit, it is a gateway to support with housing costs, council tax, the TV licence, and the winter fuel payment worth up to £300.","Work and Pensions Secretary Liz Kendall said the new Labour government had been forced to take ""difficult decisions"". """,-0.0515241771936416,Hundreds of thousands of pensioners have been urged to claim a pension top-up that will enable them to beat government cuts in energy bill support.,"In July, Chancellor Rachel Reeves claimed a public spending audit she commissioned from Treasury officials revealed an ""unforgivable"" economic legacy she had been left.",2024-08-18
+Peak-time ScotRail fare scheme scrapped over passenger numbers,https://www.bbc.co.uk/news/articles/cvge98qj0e5o,2024-08-20T10:07:54.638Z,"A pilot scheme scrapping peak-time ScotRail fares will end in September following “limited success”. Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel. Analysis by the body recommended ending the scheme due to financial pressures, while also increasing fares on popular peak-time routes including those between Edinburgh and Glasgow. Critics have described the decision to terminate the scheme from 27 September as a “hammer blow” for commuters and the climate. Transport Secretary Fiona Hyslop said there had been an increase in passenger levels of about 6.8% during the pilot but it would need to be 10% in order for the policy to be self-financing. She said the pilot ""primarily benefitted existing train passengers and those with medium to higher incomes"". She added: “The pilot will have been welcome in saving many passengers hundreds and in some cases thousands of pounds during the cost of living crisis but this level of subsidy cannot continue in the current financial climate on that measure alone."" First Minister John Swinney announced the extension of the scheme, introduced in October 2023, until the end of September on a visit to Edinburgh’s Waverley Station in May. It had initially been due to last six months and saw the cost of a rush hour ticket between the capital and Glasgow nearly halved from £28.90 to £14.90. When the scheme ends, the price of the top ticket on that route will rise by 8.6% to £31.40. However, super off-peak returns will also be reintroduced on certain routes, including Inverness to Elgin and Glasgow to Stirling. A 12-month discount on ScotRail season tickets and new “flexipasses” – allowing commuters to book 12 single journeys for the price of 10 – will also be rolled out. The move has been described as “derailing” Scotland’s climate targets by the Scottish Greens. The party’s transport spokesman, Mark Ruskell, described the impact on passengers as “deeply disappointing"". “Behavioural change doesn’t happen overnight and by making the move permanent we could have encouraged more people to change the way they travel,"" he said. Scottish Conservative transport spokesman Graham Simpson said the government should have done more to promote the peak fare removal.  ""In the end, it should never have been mere numbers but having a rail system and fare system that is fair and affordable. We have gone backwards,"" he said. Labour transport spokesman Alex Rowley accused the SNP of ""forcing workers back into cars"". He said: ""Peak fares exist purely as a tax on workers trying to travel to work in a more sustainable way – this is simply another way that working Scots are paying the price for the SNP’s financial mismanagement. “An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.” ScotRail staff are already working to rule, resulting in a reduced, temporary timetable amid a pay dispute. The publicly-owned rail firm cut 600 services and introduced an emergency timetable after four unions turned down a pay offer earlier this month. Aslef, Unite, RMT and TSSA all rejected the three-year deal backdated from April this year until 2027 which would see workers receive a 2% rise each April and a 1% increase the following January. Jim Baxter, executive council member for train drivers' union Aslef, said the decision was a ""disaster for workers"". He said: ""If Scotland is to meet its climate targets it has to properly invest in transport and make fares affordable. ""This does the opposite and will take money out the pockets of Scotland's already hard pressed workers, encouraging many back into their cars and damaging the environment as a consequence."" Linda Somerville, STUC deputy general secretary, said: ""This is a short-sighted, regressive decision from the Scottish government which makes a mockery of their sustainable travel and net-zero targets. “Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets. Fares have increased an eye-watering 9% during the trial alone with commuters now facing a double whammy of increased and peak fares next time they board."" The return of peak time fares will be a huge disappointment to commuters. The cost of a daily journey between Glasgow and Edinburgh will almost double. The initial pilot project to scrap peak time fares was due to last for six months and was extended twice. But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer. The Scottish government argues that those who benefited most were existing train travellers and people on medium to high incomes. It’s facing tough spending decisions and believes it cannot continue with the subsidy in the current financial climate. The risk is that the increase will go down like a lead balloon with some commuters. It is worth noting that the fare they will be paying from the end of September will be no higher than it would have been anyway had the pilot project not taken place. But some will have got used to the lower fares and feel the impact of such a significant rise. Scotrail will be hoping season ticket discounts and the return of super off-peak tickets can soften the blow. ",BBC,20/08/2024,"['A pilot scheme scrapping peak-time ScotRail fares will end in September following “limited success”.', 'Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.', 'Analysis by the body recommended ending the scheme due to financial pressures, while also increasing fares on popular peak-time routes including those between Edinburgh and Glasgow.', 'Critics have described the decision to terminate the scheme from 27 September as a “hammer blow” for commuters and the climate.', 'Transport Secretary Fiona Hyslop said there had been an increase in passenger levels of about 6.8% during the pilot but it would need to be 10% in order for the policy to be self-financing.', 'She said the pilot ""primarily benefitted existing train passengers and those with medium to higher incomes"".', 'She added: “The pilot will have been welcome in saving many passengers hundreds and in some cases thousands of pounds during the cost of living crisis but this level of subsidy cannot continue in the current financial climate on that measure alone.""', 'First Minister John Swinney announced the extension of the scheme, introduced in October 2023, until the end of September on a visit to Edinburgh’s Waverley Station in May.', 'It had initially been due to last six months and saw the cost of a rush hour ticket between the capital and Glasgow nearly halved from £28.90 to £14.90.', 'When the scheme ends, the price of the top ticket on that route will rise by 8.6% to £31.40.', 'However, super off-peak returns will also be reintroduced on certain routes, including Inverness to Elgin and Glasgow to Stirling.', 'A 12-month discount on ScotRail season tickets and new “flexipasses” – allowing commuters to book 12 single journeys for the price of 10 – will also be rolled out.', 'The move has been described as “derailing” Scotland’s climate targets by the Scottish Greens.', 'The party’s transport spokesman, Mark Ruskell, described the impact on passengers as “deeply disappointing"". “', 'Behavioural change doesn’t happen overnight and by making the move permanent we could have encouraged more people to change the way they travel,"" he said.', 'Scottish Conservative transport spokesman Graham Simpson said the government should have done more to promote the peak fare removal. ""', 'In the end, it should never have been mere numbers but having a rail system and fare system that is fair and affordable.', 'We have gone backwards,"" he said.', 'Labour transport spokesman Alex Rowley accused the SNP of ""forcing workers back into cars"".', 'He said: ""Peak fares exist purely as a tax on workers trying to travel to work in a more sustainable way – this is simply another way that working Scots are paying the price for the SNP’s financial mismanagement. “', 'An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.”', 'ScotRail staff are already working to rule, resulting in a reduced, temporary timetable amid a pay dispute.', 'The publicly-owned rail firm cut 600 services and introduced an emergency timetable after four unions turned down a pay offer earlier this month.', 'Aslef, Unite, RMT and TSSA all rejected the three-year deal backdated from April this year until 2027 which would see workers receive a 2% rise each April and a 1% increase the following January.', 'Jim Baxter, executive council member for train drivers\' union Aslef, said the decision was a ""disaster for workers"".', 'He said: ""If Scotland is to meet its climate targets it has to properly invest in transport and make fares affordable. ""', 'This does the opposite and will take money out the pockets of Scotland\'s already hard pressed workers, encouraging many back into their cars and damaging the environment as a consequence.""', 'Linda Somerville, STUC deputy general secretary, said: ""This is a short-sighted, regressive decision from the Scottish government which makes a mockery of their sustainable travel and net-zero targets. “', 'Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets.', 'Fares have increased an eye-watering 9% during the trial alone with commuters now facing a double whammy of increased and peak fares next time they board.""', 'The return of peak time fares will be a huge disappointment to commuters.', 'The cost of a daily journey between Glasgow and Edinburgh will almost double.', 'The initial pilot project to scrap peak time fares was due to last for six months and was extended twice.', 'But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer.', 'The Scottish government argues that those who benefited most were existing train travellers and people on medium to high incomes.', 'It’s facing tough spending decisions and believes it cannot continue with the subsidy in the current financial climate.', 'The risk is that the increase will go down like a lead balloon with some commuters.', 'It is worth noting that the fare they will be paying from the end of September will be no higher than it would have been anyway had the pilot project not taken place.', 'But some will have got used to the lower fares and feel the impact of such a significant rise.', 'Scotrail will be hoping season ticket discounts and the return of super off-peak tickets can soften the blow.']",0.0243066094828966,"An affordable and reliable rail service can unlock huge environmental and economic benefits, but it is clear that the SNP are incapable of taking the bold action required to do this as they keep squandering the opportunities of public ownership.”","Peak fares are a stealth tax on workers which is bad for the climate, bad for our communities and bad for people’s wallets.",-0.054955905675888,But there had been a genuine hope that passenger numbers would increase by enough to allow the scheme to pay for itself and become permanent at no ongoing cost to the taxpayer.,The return of peak time fares will be a huge disappointment to commuters.,2024-08-18
+Target CEO addresses 'price gouging' accusations in retail,https://www.cnbc.com/2024/08/21/target-ceo-brian-cornell-weighs-in-on-price-gouging.html,2024-08-21T14:32:59+0000,"In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday.In an interview on CNBC's ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices. He said retailers have to be responsive to customers or risk losing business.He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging. Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.""We're in a penny business,"" Cornell responded, noting the small profit margins in the retail industry. He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance. It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%. Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target. A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers' concerns by lowering prices. It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales. Others, such as McDonald's, have debuted value meals.So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.On an earnings call with investors, he said some brands ""are still talking about cost increases, and we're fighting back on that aggressively because we think prices need to come down.""",CNBC,21/08/2024,"[""In this articleThere's no room for price gouging in an ultracompetitive business like retail, Target CEO Brian Cornell said Wednesday."", 'In an interview on CNBC\'s ""Squawk Box,"" the retail chief disputed campaign talking points accusing grocers of inflating prices.', 'He said retailers have to be responsive to customers or risk losing business.', ""He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging."", 'Harris last week proposed the first-ever federal ban on ""corporate price-gouging in the food and grocery industries,"" saying some companies are charging excessively and fueling household inflation.', '""We\'re in a penny business,"" Cornell responded, noting the small profit margins in the retail industry.', 'He described the many places that customers can turn to check for lower prices or to find merchandise elsewhere, from going to stores to browsing on their phones to compare the prices of a gallon of milk at different retailers.', ""Target's retail chief made the comments after the discounter beat Wall Street's expectations for earnings and revenue on Wednesday, but struck a cautious note with its full-year guidance."", 'It said it expects comparable sales, which take out the impact of store openings and closures, to be on the lower side of its range of flat to up 2%.', ""Yet it raised its profit guidance, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous outlook of $8.60 and $9.60.Inflation and consumers' outrage about high prices have continued to loom large for companies like Target."", ""A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending."", 'Cornell said on ""Squawk Box"" that the retailer is trying to appeal to ""a consumer who is managing their budget carefully"" and said ""value is in our DNA.""Target is one of the consumer brands that has responded to shoppers\' concerns by lowering prices.', 'It cut prices on about 5,000 everyday items, such as diapers and peanut butter, to try to drive higher traffic and sales.', ""Others, such as McDonald's, have debuted value meals."", ""So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago."", 'Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.', 'On an earnings call with investors, he said some brands ""are still talking about cost increases, and we\'re fighting back on that aggressively because we think prices need to come down.""']",-0.1228633347866972,"He was asked by CNBC's Joe Kernen, who referred to comments by Democratic presidential nominee Vice President Kamala Harris and asked if Target or its competitors ever benefit from price gouging.","Walmart CEO Doug McMillon said last week that prices have come down in many merchandise categories, but said that inflation ""has been more stubborn"" in the aisles that carry dry groceries and processed foods.",0.0781544230201027,"So far, those discounts have shown signs of resonating at Target: In the quarter, customer traffic across Target's stores and website rose 3% — even as shoppers put a little less in their shopping carts than they did a year ago.","A wide range of retailers, including Home Depot, Walmart and Macy's, have reported over the past two weeks that cautious consumers are being picky about where they're spending.",2024-08-18
+What is the EU visa waiver scheme and how will it work?,https://www.bbc.co.uk/news/articles/cx29nzd1drgo,2024-08-20T17:01:04.949Z,"The EU is planning to introduce a €7 (£6) EU visa waiver for some non-EU citizens, including Britons, by summer 2025. Under new rules, visitors from a list of non-EU countries, including the UK, will need to apply for a waiver, similar to a US Esta, before travelling to 30 countries in Europe.  The waiver will cover travel to the Schengen area, which includes every EU state except for Ireland and Cyprus, as well as Iceland, Liechtenstein, Norway and Switzerland.  Here's what you need to know about how the new scheme will operate and when it will start.  The new scheme will be called the European Travel Information and Authorisation System (Etias). Currently, visitors from the UK can visit the EU's borderless Schengen area for up to 90 days every 180 days without a visa.  This is also the case for citizens of more than 60 non-EU countries, including the US, Japan and Australia.  Under the Etias scheme, this will change.  Visitors from the non-EU countries on the list will need to apply for a visa waiver to travel to the EU for the same duration of 90 days every 180 days. Longer stays will require a visa. The document will be checked by border guards when crossing the EU border. The full list of non-EU countries eligible for Etias is published by the EU. The visa waiver will last for three years and allow an unlimited number of visits.  It will be linked to your passport, so if your passport expires in less than three years, you will need to apply for a new Etias when you get a new one.  The waiver will cost €7 for most people, which the EU Commission says is ""way cheaper"" than the US Esta, which costs $14 (€12.50; £10.75). The fee will apply to anyone between the ages of 18 and 70.  The waiver will be free for children and the over-70s. The EU has not announced a firm start date for the waiver scheme yet. Its website says it will start in ""the first half of 2025"". The EU says the Etias requirement will not be enforced for a period of ""at least six months"" at first, although it recommends all visitors apply for a visa waiver. A Home Office spokesperson said the UK expects the EU to provide more information on the rollout of the scheme ""in due course"". Passengers will need to apply online or via a mobile app. The form - which the EU describes as a ""necessary and small procedural step"" - will take around 10 minutes to complete, authorities say. The details needed for the application form will include passport information as well as background questions about criminal records and medical conditions. More than 95% of applications will be approved automatically within minutes, the EU says. However, it warns that in some cases may take up to 72 hours. Applications may also be denied or take up to four weeks to process in exceptional circumstances. The EU has decided to bring in more border controls as a response to the migrant crisis and concerns over terrorism.  It says the Etias system will ""strengthen security checks on those persons who travel visa-free to the EU"". According to the EU website, the Etias will help EU states ""assess potential risks"" posed by people entering their borders.  It is aimed at preventing ""cross-border crime and terrorism,"" the website says. Another EU border scheme, called the Entry/Exit System (ESS), is launching on 10 November after a series of delays. Commissioner Johansson says the EES system will mean strict digital border controls at ""every single airport,"" ""harbour"" and ""road into Europe"". The rules will mean ""we will know if people stay too long"" and ""will make it harder for criminals, terrorists or Russian spies to use fake passports,"" she says. Under the EES scheme, people entering the EU will have to register fingerprints, a photo and passport details. That initial registration will be valid for three years, during which time it will need to be validated every time someone crosses the border. This will replace passport stamping. However, long queues have been predicted, with experts warning the EES could add at least two minutes processing time per passenger, compared with the current 45 seconds. ",BBC,20/08/2024,"['The EU is planning to introduce a €7 (£6) EU visa waiver for some non-EU citizens, including Britons, by summer 2025.', 'Under new rules, visitors from a list of non-EU countries, including the UK, will need to apply for a waiver, similar to a US Esta, before travelling to 30 countries in Europe.', 'The waiver will cover travel to the Schengen area, which includes every EU state except for Ireland and Cyprus, as well as Iceland, Liechtenstein, Norway and Switzerland.', ""Here's what you need to know about how the new scheme will operate and when it will start."", 'The new scheme will be called the European Travel Information and Authorisation System (Etias).', ""Currently, visitors from the UK can visit the EU's borderless Schengen area for up to 90 days every 180 days without a visa."", 'This is also the case for citizens of more than 60 non-EU countries, including the US, Japan and Australia.', 'Under the Etias scheme, this will change.', 'Visitors from the non-EU countries on the list will need to apply for a visa waiver to travel to the EU for the same duration of 90 days every 180 days.', 'Longer stays will require a visa.', 'The document will be checked by border guards when crossing the EU border.', 'The full list of non-EU countries eligible for Etias is published by the EU.', 'The visa waiver will last for three years and allow an unlimited number of visits.', 'It will be linked to your passport, so if your passport expires in less than three years, you will need to apply for a new Etias when you get a new one.', 'The waiver will cost €7 for most people, which the EU Commission says is ""way cheaper"" than the US Esta, which costs $14 (€12.50; £10.75).', 'The fee will apply to anyone between the ages of 18 and 70.', 'The waiver will be free for children and the over-70s.', 'The EU has not announced a firm start date for the waiver scheme yet.', 'Its website says it will start in ""the first half of 2025"".', 'The EU says the Etias requirement will not be enforced for a period of ""at least six months"" at first, although it recommends all visitors apply for a visa waiver.', 'A Home Office spokesperson said the UK expects the EU to provide more information on the rollout of the scheme ""in due course"".', 'Passengers will need to apply online or via a mobile app.', 'The form - which the EU describes as a ""necessary and small procedural step"" - will take around 10 minutes to complete, authorities say.', 'The details needed for the application form will include passport information as well as background questions about criminal records and medical conditions.', 'More than 95% of applications will be approved automatically within minutes, the EU says.', 'However, it warns that in some cases may take up to 72 hours.', 'Applications may also be denied or take up to four weeks to process in exceptional circumstances.', 'The EU has decided to bring in more border controls as a response to the migrant crisis and concerns over terrorism.', 'It says the Etias system will ""strengthen security checks on those persons who travel visa-free to the EU"".', 'According to the EU website, the Etias will help EU states ""assess potential risks"" posed by people entering their borders.', 'It is aimed at preventing ""cross-border crime and terrorism,"" the website says.', 'Another EU border scheme, called the Entry/Exit System (ESS), is launching on 10 November after a series of delays.', 'Commissioner Johansson says the EES system will mean strict digital border controls at ""every single airport,"" ""harbour"" and ""road into Europe"".', 'The rules will mean ""we will know if people stay too long"" and ""will make it harder for criminals, terrorists or Russian spies to use fake passports,"" she says.', 'Under the EES scheme, people entering the EU will have to register fingerprints, a photo and passport details.', 'That initial registration will be valid for three years, during which time it will need to be validated every time someone crosses the border.', 'This will replace passport stamping.', 'However, long queues have been predicted, with experts warning the EES could add at least two minutes processing time per passenger, compared with the current 45 seconds.']",-0.0240924023538149,"It says the Etias system will ""strengthen security checks on those persons who travel visa-free to the EU"".","The rules will mean ""we will know if people stay too long"" and ""will make it harder for criminals, terrorists or Russian spies to use fake passports,"" she says.",0.0330670624971389,"The waiver will cost €7 for most people, which the EU Commission says is ""way cheaper"" than the US Esta, which costs $14 (€12.50; £10.75).","However, long queues have been predicted, with experts warning the EES could add at least two minutes processing time per passenger, compared with the current 45 seconds.",2024-08-18
+Disney's 'Deadpool & Wolverine' becomes the highest-grossing R-rated film of all time,https://www.cnbc.com/2024/08/16/deadpool-wolverine-is-the-highest-grossing-r-rated-film-of-all-time.html,2024-08-16T18:35:22+0000,"In this articleThe trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with ""Deadpool & Wolverine.""As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.' ""Joker.""With $516.8 million in domestic ticket sales and $568.8 million from international audiences, ""Deadpool & Wolverine"" has exceeded $1.085 billion globally. Of note, a sequel to ""Joker"" arrives in theaters this October.The feat not only showcases the Marvel Cinematic Universe's durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers.""The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel,"" said Shawn Robbins, founder and owner of Box Office Theory. ""It's important to remember that the rating was organic and necessary for the characters. That's helped audiences and fans respond so favorably. They knew going in that this wouldn't be a watered-down translation of a formula which has already proven itself.""The previous Deadpool films were produced through 20th Century Fox and held R-ratings as well. When the Merc with a Mouth transitioned to Disney's ownership in 2019, it was unclear if the company would embrace his fourth wall-breaking crudeness or leave him on the shelf while producing other Marvel projects.So when Marvel head Kevin Feige revealed in 2021 that a third Deadpool feature would retain its R-rating, there was a collective sigh of relief from the MCU fan community. Additionally, Marvel gave Reynolds and Levy leeway to poke fun at company executives, the franchise as a whole and even use the iconic ""Frozen"" line, ""Do you want to build a snowman?"" to make a drug reference.""Disney will probably be very selective in deciding what future films they're comfortable with distributing under the more mature rating because they still have to consider their enormous family audience, as does Marvel, but this at least offers a blueprint of how and when it's appropriate to do so,"" Robbins said.""Deadpool & Wolverine"" arrived in theaters late July on the back of a string of hits and misses from one of Disney's most bulletproof franchises. The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.Now there is renewed confidence in the MCU, especially as Marvel used San Diego Comic-Con and Disney's biannual D23 Expo to tout its upcoming slate of features and share exclusive footage.Going forward, the studio appears to be limiting the number of series it is producing for its streaming platform, Disney+, and keeping its focus on the big screen. Previously, Marvel had produced nearly a dozen shows for the streaming platform, flooding the market and estranging some fans.Marvel has six theatrical titles coming in the next three years and three television series set for release in 2025 — ""Agatha All Along,"" ""Ironheart"" and ""Daredevil: Born Again.""Both Comic Con and D23 audiences cheered the announcements to Marvel's slate, a sign that interest has not waned for the superhero genre. That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.",CNBC,16/08/2024,"['In this articleThe trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with ""Deadpool & Wolverine.', '""As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.\' ""Joker.', '""With $516.8 million in domestic ticket sales and $568.8 million from international audiences, ""Deadpool & Wolverine"" has exceeded $1.085 billion globally.', 'Of note, a sequel to ""Joker"" arrives in theaters this October.', ""The feat not only showcases the Marvel Cinematic Universe's durability at the box office after a series of recent misfires, but it also suggests that Marvel Studios can delve into darker content in the future without alienating moviegoers."", '""The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel,"" said Shawn Robbins, founder and owner of Box Office Theory. ""', ""It's important to remember that the rating was organic and necessary for the characters."", ""That's helped audiences and fans respond so favorably."", ""They knew going in that this wouldn't be a watered-down translation of a formula which has already proven itself."", '""The previous Deadpool films were produced through 20th Century Fox and held R-ratings as well.', ""When the Merc with a Mouth transitioned to Disney's ownership in 2019, it was unclear if the company would embrace his fourth wall-breaking crudeness or leave him on the shelf while producing other Marvel projects."", 'So when Marvel head Kevin Feige revealed in 2021 that a third Deadpool feature would retain its R-rating, there was a collective sigh of relief from the MCU fan community.', 'Additionally, Marvel gave Reynolds and Levy leeway to poke fun at company executives, the franchise as a whole and even use the iconic ""Frozen"" line, ""Do you want to build a snowman?""', 'to make a drug reference.', '""Disney will probably be very selective in deciding what future films they\'re comfortable with distributing under the more mature rating because they still have to consider their enormous family audience, as does Marvel, but this at least offers a blueprint of how and when it\'s appropriate to do so,"" Robbins said.', '""Deadpool & Wolverine"" arrived in theaters late July on the back of a string of hits and misses from one of Disney\'s most bulletproof franchises.', 'The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.', ""Now there is renewed confidence in the MCU, especially as Marvel used San Diego Comic-Con and Disney's biannual D23 Expo to tout its upcoming slate of features and share exclusive footage."", 'Going forward, the studio appears to be limiting the number of series it is producing for its streaming platform, Disney+, and keeping its focus on the big screen.', 'Previously, Marvel had produced nearly a dozen shows for the streaming platform, flooding the market and estranging some fans.', 'Marvel has six theatrical titles coming in the next three years and three television series set for release in 2025 — ""Agatha All Along,"" ""Ironheart"" and ""Daredevil: Born Again.', '""Both Comic Con and D23 audiences cheered the announcements to Marvel\'s slate, a sign that interest has not waned for the superhero genre.', 'That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.']",0.3380992557401993,"""Both Comic Con and D23 audiences cheered the announcements to Marvel's slate, a sign that interest has not waned for the superhero genre.","The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.",0.6377383904023604,"That is good news for the MCU, which has generated more than $30 billion at the box office since ""Iron Man"" was released in 2008.","The last film released by the studio was ""The Marvels,"" which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.",2024-08-18
+Ted Baker: What went wrong for the British fashion label?,https://www.bbc.co.uk/news/articles/czxle8zyzgxo,2024-08-19T12:14:00.968Z,"Ted Baker - a fixture on UK High Streets since the late 1980s - is the latest casualty in the battle facing brick-and-mortar shops. Known for its quirky advertising and signature floral prints, the brand has long been synonymous with British fashion and heritage. But in recent years, it has faced huge challenges such as fierce competition, the shift to online shopping and the departure of its founder Ray Kelvin. It is now set to close its remaining stores this week, putting more than 500 jobs at risk in the UK. ""This is an iconic brand with a signature design,"" Diane Wehrle, retail expert and chief executive at Rendle Intelligence and Insights told the BBC.  During the brand's 36-year history, it has been forced to compete with other, higher-end, High Street fashion outfits such as Reiss, Whistles, Mango and Massimo Dutti, ""all of which have eaten away at its market share"", she noted. It has had to fend off competition while facing huge overheads with some 1,000 employees across 46 stores, concessions and the online business, she said. But its fatal error? A failure to evolve with consumer tastes. ""Over the last three decades their signature floral design, whilst iconic, simply became too tired for current consumers,"" Ms Wehrle said. According to Ms Wehrle, the brand's ""instability and poor media profile"" has also been exacerbated by allegations of misconduct against its founder, further impacting sales. Founder Ray Kelvin stepped down as chief executive in March 2019 after allegations of inappropriate behaviour, which he denied.  His successor Lindsay Page and chairman David Bernstein then resigned in late 2019 after the firm issued a profit warning. Ted Baker started out as a menswear brand in Glasgow in 1988. Eventually, it had set up shops all across the UK and in the United States, with licensing agreements in place for stores in cities in Asia and the Middle East. Danni Hewson, head of financial analysis at AJ Bell, told the BBC that Ted Baker achieved massive success in the nineties and noughties, by creating highly sought-after product for special occasions.  ""Teenage boys bought their first suits for prom, twenty-something women picked up signature florals to wear at friend’s wedding and Christmas stockings were packed full of branded fragrances and lotions,"" she said. But she suggests its charm began to fade as its footprint expanded, and once consumers recognised in lockdown that they could opt for athleisure instead of being ""suited and booted"", it struggled to stand out. “Retail is brutal and fashion retail particularly so,"" she said.  ""What strikes a chord with shoppers one season might be off key the next and social media has made being 'on trend' even more important"". Plenty of other names have seen similar struggles. Although the likes of Karen Millen and Coast still exist as part of bigger online stables, they don’t have the same brand recognition they once did. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that while bigger operations like Next and M&S were able to ""switch focus"" to establish digital channels and more laid-back ranges, ""Ted Baker floundered as the company failed to shift gears"". She said that when Authentic Brands Group snapped up Ted Baker in 2022, there were ""high hopes of a revival, but the investment needed to rejuvenate the brand didn’t materialise"". The cost-of-living squeeze has also squeezed customers' budgets in another blow for brands positioning themselves in the middle of the market.  The firm which ran Ted Baker's UK stores, No Ordinary Designer Label (NODL), fell into administration in March this year. US firm Authentic Brands Group owns the intellectual property for Ted Baker, while NODL was the holding company for the brand in the UK. When NODL collapsed, Authentic said the ""damage done"" during a tie-up with another firm was ""too much to overcome"". Authentic has been in talks with other retailers about a possible licensing partnership for the brand. However, reports suggest these talks have stalled and so for now the future of the Ted Baker brand remains in the balance. ",BBC,19/08/2024,"['Ted Baker - a fixture on UK High Streets since the late 1980s - is the latest casualty in the battle facing brick-and-mortar shops.', 'Known for its quirky advertising and signature floral prints, the brand has long been synonymous with British fashion and heritage.', 'But in recent years, it has faced huge challenges such as fierce competition, the shift to online shopping and the departure of its founder Ray Kelvin.', 'It is now set to close its remaining stores this week, putting more than 500 jobs at risk in the UK. ""', 'This is an iconic brand with a signature design,"" Diane Wehrle, retail expert and chief executive at Rendle Intelligence and Insights told the BBC.', 'During the brand\'s 36-year history, it has been forced to compete with other, higher-end, High Street fashion outfits such as Reiss, Whistles, Mango and Massimo Dutti, ""all of which have eaten away at its market share"", she noted.', 'It has had to fend off competition while facing huge overheads with some 1,000 employees across 46 stores, concessions and the online business, she said.', 'But its fatal error?', 'A failure to evolve with consumer tastes. ""', 'Over the last three decades their signature floral design, whilst iconic, simply became too tired for current consumers,"" Ms Wehrle said.', 'According to Ms Wehrle, the brand\'s ""instability and poor media profile"" has also been exacerbated by allegations of misconduct against its founder, further impacting sales.', 'Founder Ray Kelvin stepped down as chief executive in March 2019 after allegations of inappropriate behaviour, which he denied.', 'His successor Lindsay Page and chairman David Bernstein then resigned in late 2019 after the firm issued a profit warning.', 'Ted Baker started out as a menswear brand in Glasgow in 1988.', 'Eventually, it had set up shops all across the UK and in the United States, with licensing agreements in place for stores in cities in Asia and the Middle East.', 'Danni Hewson, head of financial analysis at AJ Bell, told the BBC that Ted Baker achieved massive success in the nineties and noughties, by creating highly sought-after product for special occasions. ""', 'Teenage boys bought their first suits for prom, twenty-something women picked up signature florals to wear at friend’s wedding and Christmas stockings were packed full of branded fragrances and lotions,"" she said.', 'But she suggests its charm began to fade as its footprint expanded, and once consumers recognised in lockdown that they could opt for athleisure instead of being ""suited and booted"", it struggled to stand out. “', 'Retail is brutal and fashion retail particularly so,"" she said. ""', 'What strikes a chord with shoppers one season might be off key the next and social media has made being \'on trend\' even more important"".', 'Plenty of other names have seen similar struggles.', 'Although the likes of Karen Millen and Coast still exist as part of bigger online stables, they don’t have the same brand recognition they once did.', 'Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that while bigger operations like Next and M&S were able to ""switch focus"" to establish digital channels and more laid-back ranges, ""Ted Baker floundered as the company failed to shift gears"".', 'She said that when Authentic Brands Group snapped up Ted Baker in 2022, there were ""high hopes of a revival, but the investment needed to rejuvenate the brand didn’t materialise"".', ""The cost-of-living squeeze has also squeezed customers' budgets in another blow for brands positioning themselves in the middle of the market."", ""The firm which ran Ted Baker's UK stores, No Ordinary Designer Label (NODL), fell into administration in March this year."", 'US firm Authentic Brands Group owns the intellectual property for Ted Baker, while NODL was the holding company for the brand in the UK.', 'When NODL collapsed, Authentic said the ""damage done"" during a tie-up with another firm was ""too much to overcome"".', 'Authentic has been in talks with other retailers about a possible licensing partnership for the brand.', 'However, reports suggest these talks have stalled and so for now the future of the Ted Baker brand remains in the balance.']",-0.0579893197182967,"Danni Hewson, head of financial analysis at AJ Bell, told the BBC that Ted Baker achieved massive success in the nineties and noughties, by creating highly sought-after product for special occasions. """,But its fatal error?,-0.7498895839640969,"Danni Hewson, head of financial analysis at AJ Bell, told the BBC that Ted Baker achieved massive success in the nineties and noughties, by creating highly sought-after product for special occasions. ""","According to Ms Wehrle, the brand's ""instability and poor media profile"" has also been exacerbated by allegations of misconduct against its founder, further impacting sales.",2024-08-18
+"Mynaric stock tanks after space lasers company slashes revenue guidance, announces CFO departure",https://www.cnbc.com/2024/08/20/mynaric-myna-stock-tanks-after-slashing-revenue-guidance-cfo-exit.html,2024-08-20T20:56:45+0000,"In this articleSpace stock Mynaric tanked in trading Tuesday after the company announced heavy cuts to its previous revenue forecast and the departure of the company's chief financial officer.Germany-based Mynaric slashed its 2024 revenue guidance nearly 70% at the midpoint, cutting its previous range of 50 million euros to 70 million euros, to a range of 16 million euros to 24 million euros, or $18 million.The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.At the same time, Mynaric announced ""the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week."" Berndt von-Bulow has been with the company since 2018, serving in the CFO role for the past four years.The German space lasers company debuted on the Nasdaq in late 2021 at a market value of about $325 million. But the stock has fallen steadily since, dropping below $2 a share and trading below a market value of $50 million, according to FactSet.Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.Mynaric makes optical communication terminals, devices that use a laser to send data from one point to another. Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imagery uses.Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.The company warned that, as of Friday, it had cash reserves totaling 6.3 million euros.""With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp,"" Mynaric said.",CNBC,20/08/2024,"[""In this articleSpace stock Mynaric tanked in trading Tuesday after the company announced heavy cuts to its previous revenue forecast and the departure of the company's chief financial officer."", 'Germany-based Mynaric slashed its 2024 revenue guidance nearly 70% at the midpoint, cutting its previous range of 50 million euros to 70 million euros, to a range of 16 million euros to 24 million euros, or $18 million.', 'The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.', 'At the same time, Mynaric announced ""the voluntary departure of CFO Stefan Berndt von-Bulow for personal reasons, effective last week.""', 'Berndt von-Bulow has been with the company since 2018, serving in the CFO role for the past four years.', 'The German space lasers company debuted on the Nasdaq in late 2021 at a market value of about $325 million.', 'But the stock has fallen steadily since, dropping below $2 a share and trading below a market value of $50 million, according to FactSet.', 'Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.', 'Mynaric makes optical communication terminals, devices that use a laser to send data from one point to another.', 'Its target market is supplying companies and government organizations building satellite constellations, including for broadband and imagery uses.', ""Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals."", 'The company warned that, as of Friday, it had cash reserves totaling 6.3 million euros.', '""With the lower than previously expected revenue and cash-in from customers for fiscal year 2024, we will need to pursue additional capital sources to secure our on-going operations and production ramp,"" Mynaric said.']",0.0046913181676825,"Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.","Mynaric shares fell 56% on Tuesday to close at $1.83, their worst single day of trading since going public.",-0.7129226156643459,"Mynaric has won several contracts — notably for companies building satellites for the network being built by the Space Force's Space Development Agency — and has a backlog representing orders for as many as 1,000 of its terminals.","The company had stated that revenue outlook as recently as June 20.""The guidance decrease is due to production delays of [our satellite laser communication terminal] CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components,"" Mynaric said in a press release.",2024-08-18
+"Shein sues Temu over copyright infringement, alleges rival loses money on every sale",https://www.cnbc.com/2024/08/20/shein-sues-temu-over-copyright-infringement-trade-secret-theft.html,2024-08-21T12:20:27+0000,"Chinese-linked fast-fashion giant Shein is suing rival Temu, alleging the retailer stole its designs and built an empire using counterfeiting, intellectual property infringement and fraud. The suit, filed Monday in Washington, D.C., federal court, comes as Shein itself fends off similar allegations from a wide variety of brands and independent artists, including Levi Strauss and H&M. In its complaint, Shein alleges that Temu, owned by PDD Holdings, is ""masquerading"" as a legitimate online marketplace because it encourages its sellers to steal other brands' designs and then prevents them from removing products from the platform, even after they have admitted to infringement.""Temu draws U.S. consumers into downloading and using its mobile application with promises of extremely low pricing. But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said. ""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.In response, a Temu spokesperson said Shein's ""audacity is unbelievable.""""SHEIN, buried under its own mountain of IP lawsuits, has the nerve to fabricate accusations against others for the very misconduct they're repeatedly sued for,"" the spokesperson said.The dueling e-tailers have taken the retail industry by storm with their ultra low-priced products and their ability to respond to trends far faster than their legacy competitors. Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs. As the two jockey for market share, they have taken to the courts to accuse each other of a series of scandalous allegations. Last year, Temu sued Shein over copyright concerns and allegations that it uses ""mafia-style intimidation of suppliers"" to bully them into exclusivity agreements. In Shein's complaint, the company accused Temu of ""brazen"" illicit behavior. It said at least one of Temu's employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete. ""Armed with this stolen information, Temu then directed its sellers to copy those and other best-selling Shein products and sell knock-off versions on Temu's website and mobile application,"" the complaint said. ""Temu is no garden-variety infringer,"" the suit said. ""In order to advertise the counterfeit versions of Shein products, Temu has reproduced virtually identical copyrighted images of Shein products and used them, or instructed sellers to use them, as promotional images on the Temu website and mobile application.""The company goes as far as to say that Temu has falsely pretended to be Shein on social media site X in an effort to ""misdirect customers away from the Shein platform to the Temu platform."" The complaint includes a screenshot of a Temu-sponsored Google ad that shows Shein in the headline, but Temu as the web address. ""To further deceive consumers, Temu has instructed its paid social media influencers to falsely claim that Temu products which are often counterfeits of Shein products are cheaper and of higher quality than genuine Shein goods,"" the complaint said. ""Temu has gone to great lengths to imitate Shein, including by poaching resources, employees, and suppliers from Shein."" Shein's 80-page complaint includes more than a dozen examples of clothes and designs that Temu allegedly ripped off. It has asked the court to rule in its favor and enter an order that would prohibit Temu from using Shein's confidential information, among other requests.",CNBC,21/08/2024,"['Chinese-linked fast-fashion giant Shein is suing rival Temu, alleging the retailer stole its designs and built an empire using counterfeiting, intellectual property infringement and fraud.', 'The suit, filed Monday in Washington, D.C., federal court, comes as Shein itself fends off similar allegations from a wide variety of brands and independent artists, including Levi Strauss and H&M.In its complaint, Shein alleges that Temu, owned by PDD Holdings, is ""masquerading"" as a legitimate online marketplace because it encourages its sellers to steal other brands\' designs and then prevents them from removing products from the platform, even after they have admitted to infringement.', '""Temu draws U.S. consumers into downloading and using its mobile application with promises of extremely low pricing.', 'But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said.', '""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.', 'In response, a Temu spokesperson said Shein\'s ""audacity is unbelievable.', '""""SHEIN, buried under its own mountain of IP lawsuits, has the nerve to fabricate accusations against others for the very misconduct they\'re repeatedly sued for,"" the spokesperson said.', 'The dueling e-tailers have taken the retail industry by storm with their ultra low-priced products and their ability to respond to trends far faster than their legacy competitors.', ""Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs."", 'As the two jockey for market share, they have taken to the courts to accuse each other of a series of scandalous allegations.', 'Last year, Temu sued Shein over copyright concerns and allegations that it uses ""mafia-style intimidation of suppliers"" to bully them into exclusivity agreements.', 'In Shein\'s complaint, the company accused Temu of ""brazen"" illicit behavior.', 'It said at least one of Temu\'s employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete.', '""Armed with this stolen information, Temu then directed its sellers to copy those and other best-selling Shein products and sell knock-off versions on Temu\'s website and mobile application,"" the complaint said.', '""Temu is no garden-variety infringer,"" the suit said. ""', 'In order to advertise the counterfeit versions of Shein products, Temu has reproduced virtually identical copyrighted images of Shein products and used them, or instructed sellers to use them, as promotional images on the Temu website and mobile application.', '""The company goes as far as to say that Temu has falsely pretended to be Shein on social media site X in an effort to ""misdirect customers away from the Shein platform to the Temu platform.', '""The complaint includes a screenshot of a Temu-sponsored Google ad that shows Shein in the headline, but Temu as the web address.', '""To further deceive consumers, Temu has instructed its paid social media influencers to falsely claim that Temu products which are often counterfeits of Shein products are cheaper and of higher quality than genuine Shein goods,"" the complaint said. ""', 'Temu has gone to great lengths to imitate Shein, including by poaching resources, employees, and suppliers from Shein.', '""Shein\'s 80-page complaint includes more than a dozen examples of clothes and designs that Temu allegedly ripped off.', ""It has asked the court to rule in its favor and enter an order that would prohibit Temu from using Shein's confidential information, among other requests.""]",-0.1420864331575691,"It said at least one of Temu's employees stole ""valuable trade secrets"" that identified best-selling Shein products, along with internal pricing information, to help it in its efforts to compete.","But Temu is not profiting from the sale of these products, which are priced so low that Temu must subsidize each sale, losing money on every transaction,"" the complaint said.",-0.1114418268203735,"""Only by encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods can Temu hope to minimize the massive losses it is subsidizing,"" the lawsuit added.","Along the way, the two have racked up a mountain of criticism related to their labor practices, their connections to the Chinese government and their alleged use of other brands' designs.",2024-08-18
+"How much money is the UK government borrowing, and does it matter?",https://www.bbc.co.uk/news/business-50504151,2019-11-21T15:27:10.000Z,"The government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.  The government gets most of its income from taxes. For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits. It could, in theory, cover all of its spending from taxes, and in some years that happens. But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing. Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages. Lower profits also mean companies pay less tax. So, governments often borrow to boost the economy. They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy. The government borrows money by selling financial products called bonds. A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments over the bond's lifetime.  UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid. Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.  The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"". The amount the government borrows varies from month to month.  For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.  So it is more helpful to look at the whole year, or the year-to-date. In the last financial year, to March 2024, the government borrowed £122.1bn. The most recent monthly figures show that borrowing was £3.1bn in July, an increase of £1.8bn on the same month last year. The total amount the government owes is called the national debt. It is currently about £2.7 trillion. That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP. That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.  The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level. But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies. The larger the national debt gets, the more interest the government has to pay.  That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates. The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023. Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation. When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing. If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.  Some economists fear the government is borrowing too much, at too great a cost. Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run. With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.  It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.  But the OBR has previously warned that public debt could soar as the population ages and tax income falls. In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.  In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year. Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated. The deficit is the gap between the government's income and the amount it spends. When a government spends less than its income, it has what is known as a surplus.  Debt is the total amount of money owed by the government that has built up over years.  It rises when there is a deficit, and falls in those years when there is a surplus.   ",BBC,21/11/2019,"['The government generally spends more than it raises in tax.', 'To fill this gap it borrows money, but that has to be paid back - with interest - and that can influence wider tax and spending plans.', 'The government gets most of its income from taxes.', 'For example, workers pay income tax, everyone pays VAT on certain goods, and companies pay tax on their profits.', 'It could, in theory, cover all of its spending from taxes, and in some years that happens.', ""But if it can't, it will cover the gap by raising taxes, cutting spending or borrowing."", 'Higher taxes mean people have less money to spend, so businesses make less profit, which can be bad for jobs and wages.', 'Lower profits also mean companies pay less tax.', 'So, governments often borrow to boost the economy.', 'They also borrow to pay for big projects - such as new railways and roads - which they hope will help the economy.', 'The government borrows money by selling financial products called bonds.', 'A bond is a promise to pay money in the future.', ""Most require the borrower to make regular interest payments over the bond's lifetime."", 'UK government bonds - known as ""gilts"" - are normally considered very safe, with little risk the money will not be repaid.', 'Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.', 'The Bank of England has also bought hundreds of billions of pounds\' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".', 'The amount the government borrows varies from month to month.', 'For instance, when people submit tax returns in January, they often pay a large chunk of their annual tax bill in one go, so the government sees a jump in the amount of money it takes in.', 'So it is more helpful to look at the whole year, or the year-to-date.', 'In the last financial year, to March 2024, the government borrowed £122.1bn.', 'The most recent monthly figures show that borrowing was £3.1bn in July, an increase of £1.8bn on the same month last year.', 'The total amount the government owes is called the national debt.', 'It is currently about £2.7 trillion.', 'That is roughly the same as the value of all the goods and services produced in the UK in a year, known as the gross domestic product, or GDP.', 'That current level is more than double what was seen from the 1980s through to the financial crisis of 2008.', ""The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level."", 'But in relation to the size of the economy, UK debt figures are still low compared with much of the last century, and also compared with some other leading economies.', 'The larger the national debt gets, the more interest the government has to pay.', 'That extra cost was not as big when the interest rates due were low through the 2010s, but it became more noticeable after the Bank of England raised interest rates.', 'The amount of interest the government pays on national debt fluctuates, and by one measure, hit a 20-year high in early October 2023.', 'Around a quarter of UK debt is index-linked, meaning payments are directly linked to the rate of inflation.', 'When inflation rose it pushed up the bill for servicing debt significantly, although these payments are now easing.', 'If the government has to set aside more cash for paying its debts, it may mean it has less to spend on the public services which it borrowed to fund in the first place.', 'Some economists fear the government is borrowing too much, at too great a cost.', 'Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run.', 'With measures such as a cut in National Insurance announced at the March Budget, the OBR expects borrowing to rise slightly in the next financial year, before remaining in line with previous forecasts.', 'It would fall below 3% of GDP by 2025-26, meeting one of the financial rules the previous government decided to set itself.', 'But the OBR has previously warned that public debt could soar as the population ages and tax income falls.', 'In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.', 'In its latest forecasts in March, the OBR said debt, measured against the size of the economy, is still set to rise over the next four years, before falling back marginally in the fifth year.', 'Other economists argue that big economies like the UK could borrow much more than they currently do, and the negative impact is greatly exaggerated.', ""The deficit is the gap between the government's income and the amount it spends."", 'When a government spends less than its income, it has what is known as a surplus.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit, and falls in those years when there is a surplus.']",-0.0217727246550876,"The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called ""quantitative easing"".",The combination of the financial crash and the Covid pandemic pushed the UK's debt up from those historic lows to its current level.,0.1522367907607037,"The most recent monthly figures show that borrowing was £3.1bn in July, an increase of £1.8bn on the same month last year.",But the OBR has previously warned that public debt could soar as the population ages and tax income falls.,2024-08-18
+Waitrose to open 100 new convenience shops,https://www.bbc.co.uk/news/articles/cd6yngde8v1o,2024-08-21T11:30:07.357Z,"Waitrose has announced plans to open 100 new convenience shops over the next five years. The supermarket said the new stores would be opened across England, Wales and Scotland but said it could not share the exact locations of all of them. Waitrose confirmed the move towards convenience shops was in response to changing consumer habits and demand, with the first new store confirmed for Hampton Hill in London later this year. The company, which is part of the John Lewis partnership, currently has about 45 Little Waitrose stores, which are largely located in the south of England. ""We know the opportunity is there yet we have currently only circa 45 little Waitrose convenience shops,"" said a Waitrose spokesperson. The supermarket said it planned to invest £1bn on its expansion plans and to improve its existing 329 stores, some of which are part of motorway services and petrol stations. Clive Black, an analyst at Shore Capital, said the general shift of supermarkets focusing on convenience stores could be due to planning permission constraints and affordability. ""Such stores are easier to gain planning permission with greater site availability than traditional, larger, supermarkets whilst they are also cheaper and quicker to develop,"" he said. Waitrose is not alone in its plan to focus on smaller stores, Asda previously revealed plans to open 300 convenience stores by 2026. Eleanor Simpson-Gould, senior retail analyst at GlobalData, said ""traditional"" supermarkets were ramping up investment in smaller stores in response to ""gains"" made by the discounters such as Aldi and Lidl. ""Convenience stores enable grocers to enter new locations with smaller investment costs than large format stores,"" she said. ""Consumer habits are changing, and expediency drives this demand for smaller stores."" GlobalData predicts that online shopping will see a 6% increase in sales in 2024. ""This demand can be supported by smaller format stores, providing a base for rapid-delivery capabilities to expand,"" Ms Simpson-Gould added. ",BBC,21/08/2024,"['Waitrose has announced plans to open 100 new convenience shops over the next five years.', 'The supermarket said the new stores would be opened across England, Wales and Scotland but said it could not share the exact locations of all of them.', 'Waitrose confirmed the move towards convenience shops was in response to changing consumer habits and demand, with the first new store confirmed for Hampton Hill in London later this year.', 'The company, which is part of the John Lewis partnership, currently has about 45 Little Waitrose stores, which are largely located in the south of England. ""', 'We know the opportunity is there yet we have currently only circa 45 little Waitrose convenience shops,"" said a Waitrose spokesperson.', 'The supermarket said it planned to invest £1bn on its expansion plans and to improve its existing 329 stores, some of which are part of motorway services and petrol stations.', 'Clive Black, an analyst at Shore Capital, said the general shift of supermarkets focusing on convenience stores could be due to planning permission constraints and affordability. ""', 'Such stores are easier to gain planning permission with greater site availability than traditional, larger, supermarkets whilst they are also cheaper and quicker to develop,"" he said.', 'Waitrose is not alone in its plan to focus on smaller stores, Asda previously revealed plans to open 300 convenience stores by 2026.', 'Eleanor Simpson-Gould, senior retail analyst at GlobalData, said ""traditional"" supermarkets were ramping up investment in smaller stores in response to ""gains"" made by the discounters such as Aldi and Lidl. ""', 'Convenience stores enable grocers to enter new locations with smaller investment costs than large format stores,"" she said. ""', 'Consumer habits are changing, and expediency drives this demand for smaller stores.""', 'GlobalData predicts that online shopping will see a 6% increase in sales in 2024. ""', 'This demand can be supported by smaller format stores, providing a base for rapid-delivery capabilities to expand,"" Ms Simpson-Gould added.']",0.1735871431348549,"Such stores are easier to gain planning permission with greater site availability than traditional, larger, supermarkets whilst they are also cheaper and quicker to develop,"" he said.","The supermarket said the new stores would be opened across England, Wales and Scotland but said it could not share the exact locations of all of them.",0.9978993790490288,"GlobalData predicts that online shopping will see a 6% increase in sales in 2024. """,,2024-08-18
+Scottish government spending constraints unavoidable - Robison,https://www.bbc.co.uk/news/articles/c3w6d1vl58lo,2024-08-18T16:55:13.283Z,"Finance Secretary Shona Robison has defended spending constraints as the only option available to her in the current climate. Last week the Scottish government confirmed it would follow the UK government in no longer providing winter fuel payments to all pensioners. Ms Robison told BBC Radio Scotland's The Sunday Show that the devolved nations need more ""fiscal flexibility"". Chancellor Rachel Reeves previously said the new Labour government had to make “difficult decisions” due to a £22bn hole in public finances as a result of overspend from the previous Conservative administration. The finance secretary accepted the Barnett Formula allocated more public spending to Scotland to deal with issues such as poverty and rurality. But she added: ""We have the same spending challenges in the devolved administrations without the levers to be able to address them. ""This is not just exceptional to Scotland."" Ms Robison said ministers have had to deal with ""huge fiscal headwinds"" in recent years due to the Covid pandemic, the cost of living crisis and soaring inflation. She added: ""All of these things impact on devolved administrations and the only lever we have, in-year, are spending controls."" The minister defended the SNP administration's record since 2007 and said the country's finances were being run ""efficiently"". She also recognised that many pensioners would miss out on a winter fuel payment but added: ""It has been an incredibly difficult decision for us to make."" The UK benefit is due to be replaced by a Holyrood-run alternative - but ministers have confirmed it will be means tested, while the roll out has been delayed. News of it being scrapped came as ministers were ordered to ""constrain all but essential"" spending to help pay for public sector pay deals. Ms Robison has written to cabinet colleagues advising of stricter rules on discretionary spending, including a recruitment freeze on ""all but essential"" posts. She said the government would have to make ""difficult"" choices to fund pay increases for public sector staff after Ms Reeves signalled cuts in the next UK budget. The chancellor announced last month that those not on pension credit or other means-tested benefits in England and Wales would no longer get annual winter fuel payments, worth between £100 and £300. Responsibility for the winter fuel payment was set to be transferred to the Scottish government in September and replaced with a Holyrood-managed equivalent - the Pension Age Winter Heating Payment (PAWHP).  That has now been pushed back to winter 2025. Holyrood ministers had previously said the benefit would not be means tested, with universal entitlement based on reaching state pension age. The development came as Gers figures revealed Scotland's public spending deficit increased by £3.6bn to £22.7bn in 2023-24 due to lower oil and gas revenues. SNP ministers recently provided additional funds to Cosla to help avert bin strikes. First Minister John Swinney said funding the new offer would mean tough choices ahead for the government. NHS staff in Scotland are expected to push for a pay rise in line with increases south of the border. Last week a UK government spokesperson said: ""We are working closely with the Scottish government to make this as smooth a transition as possible, and more importantly ensure eligible pensioners continue to receive support. “The UK government has protected the poorest pensioners by ensuring people on pension credit or certain other income-related benefits will continue to receive the payment.” Meanwhile, Ms Robison warned reports suggesting Scottish Secretary Ian Murray might bypass Holyrood to fund anti-poverty measures could jeopardise positive devolution steps. The Sunday Mail newspaper reported the Westminster Government could introduce new legislation to allow the Scotland Office to allocate £150m for local authority measures to combat poverty. But Ms Robison said such a move would be ""out of kilter"" with the ""positive"" relationship being built between the Scottish and UK governments. And Ms Robison said Mr Murray would be bypassing Holyrood if the plan went ahead. She said: ""If that is new money, there is definitely a question mark about why that money is not coming to the Scottish government, given all of these funding pressures that we have."" But Ms Robison added there had a been a ""far more open and collaborative"" relationship between both governments since Labour was elected in July. Prime Minister Sir Keir Starmer met First Minister John Swinney in an effort to improve intergovernmental relations following the General Election. A UK Government spokeswoman stressed that the Westminster Government wanted to work with the Scottish Government and not go around them. The spokeswoman added: ""The Scotland Office is at the heart of delivering the UK Government's missions in Scotland, working with the Scottish Government to grow our economy, create jobs and reduce poverty."" ",BBC,18/08/2024,"['Finance Secretary Shona Robison has defended spending constraints as the only option available to her in the current climate.', 'Last week the Scottish government confirmed it would follow the UK government in no longer providing winter fuel payments to all pensioners.', 'Ms Robison told BBC Radio Scotland\'s The Sunday Show that the devolved nations need more ""fiscal flexibility"".', 'Chancellor Rachel Reeves previously said the new Labour government had to make “difficult decisions” due to a £22bn hole in public finances as a result of overspend from the previous Conservative administration.', 'The finance secretary accepted the Barnett Formula allocated more public spending to Scotland to deal with issues such as poverty and rurality.', 'But she added: ""We have the same spending challenges in the devolved administrations without the levers to be able to address them. ""', 'This is not just exceptional to Scotland.""', 'Ms Robison said ministers have had to deal with ""huge fiscal headwinds"" in recent years due to the Covid pandemic, the cost of living crisis and soaring inflation.', 'She added: ""All of these things impact on devolved administrations and the only lever we have, in-year, are spending controls.""', 'The minister defended the SNP administration\'s record since 2007 and said the country\'s finances were being run ""efficiently"".', 'She also recognised that many pensioners would miss out on a winter fuel payment but added: ""It has been an incredibly difficult decision for us to make.""', 'The UK benefit is due to be replaced by a Holyrood-run alternative - but ministers have confirmed it will be means tested, while the roll out has been delayed.', 'News of it being scrapped came as ministers were ordered to ""constrain all but essential"" spending to help pay for public sector pay deals.', 'Ms Robison has written to cabinet colleagues advising of stricter rules on discretionary spending, including a recruitment freeze on ""all but essential"" posts.', 'She said the government would have to make ""difficult"" choices to fund pay increases for public sector staff after Ms Reeves signalled cuts in the next UK budget.', 'The chancellor announced last month that those not on pension credit or other means-tested benefits in England and Wales would no longer get annual winter fuel payments, worth between £100 and £300.', 'Responsibility for the winter fuel payment was set to be transferred to the Scottish government in September and replaced with a Holyrood-managed equivalent - the Pension Age Winter Heating Payment (PAWHP).', 'That has now been pushed back to winter 2025.', 'Holyrood ministers had previously said the benefit would not be means tested, with universal entitlement based on reaching state pension age.', ""The development came as Gers figures revealed Scotland's public spending deficit increased by £3.6bn to £22.7bn in 2023-24 due to lower oil and gas revenues."", 'SNP ministers recently provided additional funds to Cosla to help avert bin strikes.', 'First Minister John Swinney said funding the new offer would mean tough choices ahead for the government.', 'NHS staff in Scotland are expected to push for a pay rise in line with increases south of the border.', 'Last week a UK government spokesperson said: ""We are working closely with the Scottish government to make this as smooth a transition as possible, and more importantly ensure eligible pensioners continue to receive support. “', 'The UK government has protected the poorest pensioners by ensuring people on pension credit or certain other income-related benefits will continue to receive the payment.”', 'Meanwhile, Ms Robison warned reports suggesting Scottish Secretary Ian Murray might bypass Holyrood to fund anti-poverty measures could jeopardise positive devolution steps.', 'The Sunday Mail newspaper reported the Westminster Government could introduce new legislation to allow the Scotland Office to allocate £150m for local authority measures to combat poverty.', 'But Ms Robison said such a move would be ""out of kilter"" with the ""positive"" relationship being built between the Scottish and UK governments.', 'And Ms Robison said Mr Murray would be bypassing Holyrood if the plan went ahead.', 'She said: ""If that is new money, there is definitely a question mark about why that money is not coming to the Scottish government, given all of these funding pressures that we have.""', 'But Ms Robison added there had a been a ""far more open and collaborative"" relationship between both governments since Labour was elected in July.', 'Prime Minister Sir Keir Starmer met First Minister John Swinney in an effort to improve intergovernmental relations following the General Election.', 'A UK Government spokeswoman stressed that the Westminster Government wanted to work with the Scottish Government and not go around them.', 'The spokeswoman added: ""The Scotland Office is at the heart of delivering the UK Government\'s missions in Scotland, working with the Scottish Government to grow our economy, create jobs and reduce poverty.""']",-0.0123950374131499,"Last week a UK government spokesperson said: ""We are working closely with the Scottish government to make this as smooth a transition as possible, and more importantly ensure eligible pensioners continue to receive support. “","She said the government would have to make ""difficult"" choices to fund pay increases for public sector staff after Ms Reeves signalled cuts in the next UK budget.",0.0068111585246192,"But Ms Robison added there had a been a ""far more open and collaborative"" relationship between both governments since Labour was elected in July.",Chancellor Rachel Reeves previously said the new Labour government had to make “difficult decisions” due to a £22bn hole in public finances as a result of overspend from the previous Conservative administration.,2024-08-18
+Civilization VII: How Roman London inspired the upcoming game,https://www.bbc.co.uk/news/articles/c8dp64e0r85o,2024-08-20T21:07:53.084Z,"Fans of Civilization have been waiting almost a decade for the latest instalment of the cult video game series.  Now it has been revealed that theme of time passing is pretty appropriate: the inspiration at the heart of Civilization VII, to be released in February, is how the capital of the UK has changed from the Roman era to now. And it all started with a map of Londinium - as London was known to the Romans. ""Londinium looked like pretty much any frontier Roman town with an amphitheatre, baths, and a shaky bridge that crossed to the south side of the Thames,"" observed the game's lead developer Ed Beach, as he showed me the below map - used here courtesy of Encyclopaedia Britannica. ""But I wanted to look at how this evolved, and how this changed as London grew and prospered.""  It is the lessons from those changes that will lie at the heart of the new game. The Civilization series has sold 70 million copies since it began in 1991 - with the last edition released in 2016. The question of what direction developers Firaxis would take the next version of the game in has been a hot topic among fans. I include myself in that group - my brother first introduced me to Civ II on our PlayStation back in the 90s, and I was recently slightly horrified to discover I've spent more than 500 hours playing the sixth iteration of the series. For those that don't know, Civilization is at times more like a board game than a video game. You move units around a map, placing down cities and developing them, while fighting others to conquer their land for your own. Previous games in the series have locked players into playing as a particular leader and civilisation combination, such as Teddy Roosevelt and the United States, or Cleopatra and Egypt. But the developers say this isn't truly representative of how cities developed, where multiple different ruling groups leave their mark - just as they have with London. In the new game, a player might start off as the Romans, building their own Londinium in what it calls the antiquity era.  But after progressing to the next stage - the exploration era in the game's lingo - players might become the Normans and build over what came before. The game's developers drew inspiration from Ludgate, the site of the west gate in the former London Wall, and dug up more old maps to see how the area had changed 1,000 years after the Romans left London. ""London changes, and it grows, but you can see that core Roman encampment,"" Mr Beach said. The map, produced by Layers of London, part of the UK's Institute of Historical Research, shows the River Fleet still flows - but much of the Roman era buildings are no longer there. ""It's all been built over by the buildings that you would expect in a medieval or renaissance era city,"" Mr Beach said. ""We have inns, we have taverns, we still have religious buildings to the east side of the wall, but it's now St Paul's Cathedral, the very first version of it, before it got burned in the Fire of London.  ""And we see that the river has been rerouted a little bit so that they can have a prison to hold some of those miscreants from the Middle Ages and keep them at bay."" This difference formed the foundation of the new game - building on top of what came before, to craft distinctly different eras. Finally, the developers jumped forward in time to the Victorian era, to see how the Ludgate area had changed once more. This map, reproduced with the permission of the National Library of Scotland, shows another significant set of changes - with the River Fleet now no longer visible after it was rerouted underground to be used for sewage in the mid-1800s. ""Now the prison is totally replaced, the needs of the industrial revolution dictate we need a rail line in there, and Ludgate rail station is exactly on top of where the prison used to be,"" Mr Beach said. ""All those buildings that used to support religious activity have pretty much been overtaken, except for St Paul's Cathedral."" This third stage of change - which the new game calls the modern era - solidified the concept for the developers. In London's example, gamers could play as the Romans, then the Normans, then as Britain - all the while building a growing England that goes beyond just the capital city. But while the big shift in style may be exciting for some, hardcore fans of the series might be concerned about just how different it is. It comes amid many other changes which will be meaningful to fans - though they won't make too much sense to people who haven't played the game. The game's developers tell me civilisations controlled by the computer will behave more intelligently. They list the seemingly endless changes like checking off a list - each civilisation has its own unique set of civics it can discover, units can now travel through rivers, and there are no more builders. There are expected changes - like a graphical overhaul that makes the game look modern - and unexpected ones too - like shifting the leaders you play as to include important historical figures that didn't lead their country, like Benjamin Franklin and Confucius. Meanwhile Hatshepsut, one of Egypt's historical female leaders, is now playable. The game's narrator - Game of Thrones and Star Wars actress Gwendoline Christie - adds a layer of gravitas to the visual upgrade. But not everything was directly taken from a fan's wishlist. Roads will still be built automatically by traders, which has long been a sore point for some players. There are some changes to the game's take on religion, but it still sounds to me like players will be micro-managing missionaries around the map. And big promises of fixing the AI are well-received, but without seeing the final product it's hard to be convinced. Moving between ages seems to be linked to crises - like barbarian invasions, civil wars and plagues - though exactly how this will work is unclear. Mr Beach said it develops a ""cool cycle that you go through three times in the game that we're releasing here at launch"" - a sentence I told him sounded suspiciously like Firaxis might be considering adding further cycles and empires in the future. He wouldn't be drawn on it. But one thing that seems certain is that by having what is effectively a big reset button between eras, no one player can storm ahead and take an unassailable lead at the start of each game, which will be music to fans' ears. We'll find out when the game comes next year. ",BBC,20/08/2024,"['Fans of Civilization have been waiting almost a decade for the latest instalment of the cult video game series.', 'Now it has been revealed that theme of time passing is pretty appropriate: the inspiration at the heart of Civilization VII, to be released in February, is how the capital of the UK has changed from the Roman era to now.', 'And it all started with a map of Londinium - as London was known to the Romans. ""', 'Londinium looked like pretty much any frontier Roman town with an amphitheatre, baths, and a shaky bridge that crossed to the south side of the Thames,"" observed the game\'s lead developer Ed Beach, as he showed me the below map - used here courtesy of Encyclopaedia Britannica. ""', 'But I wanted to look at how this evolved, and how this changed as London grew and prospered.""', 'It is the lessons from those changes that will lie at the heart of the new game.', 'The Civilization series has sold 70 million copies since it began in 1991 - with the last edition released in 2016.', 'The question of what direction developers Firaxis would take the next version of the game in has been a hot topic among fans.', ""I include myself in that group - my brother first introduced me to Civ II on our PlayStation back in the 90s, and I was recently slightly horrified to discover I've spent more than 500 hours playing the sixth iteration of the series."", ""For those that don't know, Civilization is at times more like a board game than a video game."", 'You move units around a map, placing down cities and developing them, while fighting others to conquer their land for your own.', 'Previous games in the series have locked players into playing as a particular leader and civilisation combination, such as Teddy Roosevelt and the United States, or Cleopatra and Egypt.', ""But the developers say this isn't truly representative of how cities developed, where multiple different ruling groups leave their mark - just as they have with London."", 'In the new game, a player might start off as the Romans, building their own Londinium in what it calls the antiquity era.', ""But after progressing to the next stage - the exploration era in the game's lingo - players might become the Normans and build over what came before."", 'The game\'s developers drew inspiration from Ludgate, the site of the west gate in the former London Wall, and dug up more old maps to see how the area had changed 1,000 years after the Romans left London. ""', 'London changes, and it grows, but you can see that core Roman encampment,"" Mr Beach said.', 'The map, produced by Layers of London, part of the UK\'s Institute of Historical Research, shows the River Fleet still flows - but much of the Roman era buildings are no longer there. ""', 'It\'s all been built over by the buildings that you would expect in a medieval or renaissance era city,"" Mr Beach said. ""', 'We have inns, we have taverns, we still have religious buildings to the east side of the wall, but it\'s now St Paul\'s Cathedral, the very first version of it, before it got burned in the Fire of London. ""', 'And we see that the river has been rerouted a little bit so that they can have a prison to hold some of those miscreants from the Middle Ages and keep them at bay.""', 'This difference formed the foundation of the new game - building on top of what came before, to craft distinctly different eras.', 'Finally, the developers jumped forward in time to the Victorian era, to see how the Ludgate area had changed once more.', 'This map, reproduced with the permission of the National Library of Scotland, shows another significant set of changes - with the River Fleet now no longer visible after it was rerouted underground to be used for sewage in the mid-1800s. ""', 'Now the prison is totally replaced, the needs of the industrial revolution dictate we need a rail line in there, and Ludgate rail station is exactly on top of where the prison used to be,"" Mr Beach said. ""', 'All those buildings that used to support religious activity have pretty much been overtaken, except for St Paul\'s Cathedral.""', 'This third stage of change - which the new game calls the modern era - solidified the concept for the developers.', ""In London's example, gamers could play as the Romans, then the Normans, then as Britain - all the while building a growing England that goes beyond just the capital city."", 'But while the big shift in style may be exciting for some, hardcore fans of the series might be concerned about just how different it is.', ""It comes amid many other changes which will be meaningful to fans - though they won't make too much sense to people who haven't played the game."", ""The game's developers tell me civilisations controlled by the computer will behave more intelligently."", 'They list the seemingly endless changes like checking off a list - each civilisation has its own unique set of civics it can discover, units can now travel through rivers, and there are no more builders.', ""There are expected changes - like a graphical overhaul that makes the game look modern - and unexpected ones too - like shifting the leaders you play as to include important historical figures that didn't lead their country, like Benjamin Franklin and Confucius."", ""Meanwhile Hatshepsut, one of Egypt's historical female leaders, is now playable."", ""The game's narrator - Game of Thrones and Star Wars actress Gwendoline Christie - adds a layer of gravitas to the visual upgrade."", ""But not everything was directly taken from a fan's wishlist."", 'Roads will still be built automatically by traders, which has long been a sore point for some players.', ""There are some changes to the game's take on religion, but it still sounds to me like players will be micro-managing missionaries around the map."", ""And big promises of fixing the AI are well-received, but without seeing the final product it's hard to be convinced."", 'Moving between ages seems to be linked to crises - like barbarian invasions, civil wars and plagues - though exactly how this will work is unclear.', 'Mr Beach said it develops a ""cool cycle that you go through three times in the game that we\'re releasing here at launch"" - a sentence I told him sounded suspiciously like Firaxis might be considering adding further cycles and empires in the future.', ""He wouldn't be drawn on it."", ""But one thing that seems certain is that by having what is effectively a big reset button between eras, no one player can storm ahead and take an unassailable lead at the start of each game, which will be music to fans' ears."", ""We'll find out when the game comes next year.""]",0.1398979160428969,"There are expected changes - like a graphical overhaul that makes the game look modern - and unexpected ones too - like shifting the leaders you play as to include important historical figures that didn't lead their country, like Benjamin Franklin and Confucius.","Now the prison is totally replaced, the needs of the industrial revolution dictate we need a rail line in there, and Ludgate rail station is exactly on top of where the prison used to be,"" Mr Beach said. """,0.6361728211243948,"And big promises of fixing the AI are well-received, but without seeing the final product it's hard to be convinced.","Roads will still be built automatically by traders, which has long been a sore point for some players.",2024-08-18
+Artificial Intelligence: Vogue publisher and OpenAI strike deal,https://www.bbc.co.uk/news/articles/cpqjvl9z9w1o,2024-08-21T01:06:45.622Z,"OpenAI and global magazine giant Condé Nast have announced a partnership to allow ChatGPT and its search engine SearchGPT to display content from Vogue, The New Yorker, GQ and other well known publications. The multi-year deal is the latest such agreement struck by OpenAI with major media firms. The content produced by media organisations is sought after by technology companies that use it to train their AI (Artificial Intelligence) models. Some media firms including the New York Times and the Chicago Tribune have resisted this and taken legal action to protect their content. OpenAI and Condé Nast did not disclose the financial terms of the agreement. “We’re committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting,” said Brad Lightcap, OpenAI's chief operating officer. News media organisations have seen their business models challenged by the rise of social media and other digital platforms. ""Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,"" said Condé Nast's chief executive officer Roger Lynch. OpenAI launched its prototype AI-powered search engine, SearchGPT, last month.  In a statement at the time, the company said it was gathering feedback and insights from its partners in the news industry to develop the new platform. Others that have partnered with the AI firm include Time Magazine, the Financial Times and the Associated Press. AI chatbot technology is seen by many analysts as a key part of internet search engines in the future. Search engine giant Google has also been racing to add AI-powered tools to its products. While other AI companies are pursuing search products, Google remains by far the dominant player, claiming more than 90% of the global market. The changes to how search engines respond to queries - offering conversational paragraphs instead of directing users to links - have also raised alarm among news media firms, many of which rely on search traffic for audiences and revenue. Last year, the BBC said it was taking steps to prevent content on its websites from being used by OpenAI and other firms without permission. The blog post also said the BBC would explore opportunities offered by generative AI ""to deliver more value to our audiences and to society."" ",BBC,21/08/2024,"['OpenAI and global magazine giant Condé Nast have announced a partnership to allow ChatGPT and its search engine SearchGPT to display content from Vogue, The New Yorker, GQ and other well known publications.', 'The multi-year deal is the latest such agreement struck by OpenAI with major media firms.', 'The content produced by media organisations is sought after by technology companies that use it to train their AI (Artificial Intelligence) models.', 'Some media firms including the New York Times and the Chicago Tribune have resisted this and taken legal action to protect their content.', 'OpenAI and Condé Nast did not disclose the financial terms of the agreement. “', ""We’re committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting,” said Brad Lightcap, OpenAI's chief operating officer."", 'News media organisations have seen their business models challenged by the rise of social media and other digital platforms. ""', 'Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,"" said Condé Nast\'s chief executive officer Roger Lynch.', 'OpenAI launched its prototype AI-powered search engine, SearchGPT, last month.', 'In a statement at the time, the company said it was gathering feedback and insights from its partners in the news industry to develop the new platform.', 'Others that have partnered with the AI firm include Time Magazine, the Financial Times and the Associated Press.', 'AI chatbot technology is seen by many analysts as a key part of internet search engines in the future.', 'Search engine giant Google has also been racing to add AI-powered tools to its products.', 'While other AI companies are pursuing search products, Google remains by far the dominant player, claiming more than 90% of the global market.', 'The changes to how search engines respond to queries - offering conversational paragraphs instead of directing users to links - have also raised alarm among news media firms, many of which rely on search traffic for audiences and revenue.', 'Last year, the BBC said it was taking steps to prevent content on its websites from being used by OpenAI and other firms without permission.', 'The blog post also said the BBC would explore opportunities offered by generative AI ""to deliver more value to our audiences and to society.""']",0.2422006283197025,"We’re committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting,” said Brad Lightcap, OpenAI's chief operating officer.","The changes to how search engines respond to queries - offering conversational paragraphs instead of directing users to links - have also raised alarm among news media firms, many of which rely on search traffic for audiences and revenue.",0.051283041636149,"Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,"" said Condé Nast's chief executive officer Roger Lynch.","News media organisations have seen their business models challenged by the rise of social media and other digital platforms. """,2024-08-18
+Macy’s cuts sales forecast as department stores struggle to draw shoppers,https://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.html,2024-08-21T13:32:18+0000,"In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions.The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue.Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated. That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%. It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%. That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace.The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.""In an interview with CNBC, CEO Tony Spring said customers aren't spending as freely across all of Macy's brands — even higher-end department store Bloomingdale's.""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago.""He said ""there's a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company fell more than 9% in premarket trading.The iconic department store is pushing to get back to steadier footing and sustained growth. Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain. It plans to close the locations by early 2027. It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury.Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs. Net sales fell from $5.13 billion in the year-ago period.The namesake Macy's brand continued to be the company's weakest performer. Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace. At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace. And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period.Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster. Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace. Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role. At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis. It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags. He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response.Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private. Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital.Shares of Macy's closed Tuesday at $17.74, bringing the company's market cap to $4.9 billion. As of Tuesday's close, the company's stock is down about 12% so far this year. That trails behind the approximately 17% gains of the S&P 500 during the same period.",CNBC,21/08/2024,"[""In this articleMacy's cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions."", ""The retailer posted a mixed quarter, as it topped Wall Street's earnings expectations but missed on revenue."", ""Macy's said it now anticipates net sales of between $22.1 billion and $22.4 billion, which is lower than the $22.3 billion to $22.9 billion range it had previously anticipated."", ""That also would be a year-over-year decline from the $23.09 billion it reported for fiscal 2023.Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%."", 'It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.', ""That metric includes owned and licensed sales, which encompass merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace."", 'The department store operator said in a news release that the new outlook range ""gives the flexibility to address the ongoing uncertainty in the discretionary consumer market.', '""In an interview with CNBC, CEO Tony Spring said customers aren\'t spending as freely across all of Macy\'s brands — even higher-end department store Bloomingdale\'s.', '""We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,"" he said. ""', ""And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago."", '""He said ""there\'s a lot of noise out there,"" which is distracting customers or causing them to hold off on spending, including higher interest rates, inconsistent weather patterns and a busy news cycle.', ""Here's what Macy's reported for the fiscal second quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Shares of the company fell more than 9% in premarket trading."", 'The iconic department store is pushing to get back to steadier footing and sustained growth.', 'Spring announced in February that the retailer would shutter about 150 – or nearly a third – of its namesake stores and invest in the roughly 350 locations that remain.', ""It plans to close the locations by early 2027.It is also opening new, smaller Macy's stores in suburban strip malls and adding locations of its better-performing brands, Bloomingdale's and Bluemercury."", ""Yet Macy's results in the recent quarter revealed its struggles to pull off that comeback at a time when consumers have been pickier about purchases – especially items that are wants rather than needs."", 'Net sales fell from $5.13 billion in the year-ago period.', ""The namesake Macy's brand continued to be the company's weakest performer."", 'Comparable sales fell 3.6% on an owned-plus-licensed basis, including the third-party marketplace.', ""At Bloomingdale's, comparable sales declined 1.4% on an owned-plus-licensed basis, including the third-party marketplace."", 'And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.', ""In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period."", ""Yet even when excluding the weaker stores that Macy's is shutting, sales were lackluster."", ""Comparable sales for its go-forward namesake brand – which includes the Macy's stores that will remain open and online sales – declined 3.3% on an owned-plus-licensed basis, including the third-party marketplace."", ""Macy's stressed it has made progress in its turnaround plan, which it unveiled in February soon after Spring stepped into the company's top role."", 'At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.', 'It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.', ""Spring said those 50 stores have outperformed Macy's other locations, even in hard-hit categories like handbags."", ""He said the company will share its plans for expanding the strategy beyond those stores in the fourth quarter, but it's already decided it will bulk up staffing in the women's shoes and handbags departments at more of its locations because of the customer response."", ""Along with a choppy sales environment, Macy's leaders had also faced a bid by an activist group to take the company private."", ""Macy's said last month that its board had unanimously decided to end negotiations with Arkhouse Management and Brigade Capital."", ""Shares of Macy's closed Tuesday at $17.74, bringing the company's market cap to $4.9 billion."", ""As of Tuesday's close, the company's stock is down about 12% so far this year."", 'That trails behind the approximately 17% gains of the S&P 500 during the same period.']",0.1356076456318852,"And Bluemercury comparable sales rose 2%, marking the 14th consecutive quarter of comparable sales growth for the beauty brand.",The namesake Macy's brand continued to be the company's weakest performer.,-0.2896526902914047,"At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis.",It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%.,2024-08-18
+"Alaska Airlines and Hawaiian Airlines merger clears Justice Department hurdle, now faces DOT",https://www.cnbc.com/2024/08/20/alaska-airlines-hawaiian-airlines-merger.html,2024-08-20T16:22:44+0000,"In this articleAlaska Airlines said its plan to acquire Hawaiian Airlines has cleared the U.S. Justice Department after the period for antitrust regulators to finish an investigation of the deal ended without a lawsuit to block the transaction, eight months after the two carriers announced a $1.9 billion agreement to combine.The two airlines now have to win approval from the U.S. Transportation Department before the deal closes. It wasn't immediately clear how long that process will take.The combination would become the biggest U.S. airline merger since Alaska combined with Virgin America in 2016, according to Mergermarket.""The time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the [Hart-Scott-Rodino Antitrust Improvements] Act has expired,"" Alaska Airlines said in a statement. ""This is a significant milestone in the process to join our airlines.""The development comes after the DOJ won a court ruling in January that blocked JetBlue Airways' acquisition of Spirit Airlines. Last year, the DOJ won another suit that undid a partnership in the Northeast between JetBlue and American Airlines.Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including the Maui wildfires, increased competition from Southwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.Hawaiian has posted net losses in all but one quarter since the start of 2020, but executives have recently said booking trends are improving. Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement. The stock has nearly doubled over the past year, while rivals' shares have dropped.The two airlines said in December when they announced the deal that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet covering over 130 destinations.The Transportation Department said Tuesday it ""is reviewing the application and can only approve a transfer if it is in the public interest.""The Justice Department didn't immediately comment.Correction: Hawaiian's stock has nearly doubled over the past year, while rivals' shares have dropped. An earlier version misstated the time period.",CNBC,20/08/2024,"['In this articleAlaska Airlines said its plan to acquire Hawaiian Airlines has cleared the U.S. Justice Department after the period for antitrust regulators to finish an investigation of the deal ended without a lawsuit to block the transaction, eight months after the two carriers announced a $1.9 billion agreement to combine.', 'The two airlines now have to win approval from the U.S. Transportation Department before the deal closes.', ""It wasn't immediately clear how long that process will take."", 'The combination would become the biggest U.S. airline merger since Alaska combined with Virgin America in 2016, according to Mergermarket.', '""The time period for the U.S. Department of Justice to complete its regulatory investigation of the proposed combination of Alaska Airlines and Hawaiian Airlines under the [Hart-Scott-Rodino Antitrust Improvements] Act has expired,"" Alaska Airlines said in a statement. ""', 'This is a significant milestone in the process to join our airlines.', '""The development comes after the DOJ won a court ruling in January that blocked JetBlue Airways\' acquisition of Spirit Airlines.', 'Last year, the DOJ won another suit that undid a partnership in the Northeast between JetBlue and American Airlines.', 'Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including theMaui wildfires, increased competition fromSouthwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.', 'Hawaiian has posted net losses in all but one quarter since the start of 2020, but executives have recently said booking trends are improving.', ""Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement."", ""The stock has nearly doubled over the past year, while rivals' shares have dropped."", ""The two airlines said in December when they announced the deal that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet covering over 130 destinations."", 'The Transportation Department said Tuesday it ""is reviewing the application and can only approve a transfer if it is in the public interest.', '""The Justice Department didn\'t immediately comment.', ""Correction: Hawaiian's stock has nearly doubled over the past year, while rivals' shares have dropped."", 'An earlier version misstated the time period.']",0.3964704643276605,The two airlines now have to win approval from the U.S. Transportation Department before the deal closes.,,0.5233165754212273,Hawaiian's shares surged more than 11% on Tuesday after Alaska's announcement.,"Hawaiian had faced a host of challenges in the months leading up to the deal — which the two carriers announced last December — including theMaui wildfires, increased competition fromSouthwest Airlines, and the slower recovery of travel to and from Asia after the Covid-19 pandemic.",2024-08-18
+Streaming is getting more expensive for consumers. Here's why,https://www.cnbc.com/2024/08/16/streaming-getting-more-expensive-for-consumers.html,2024-08-16T16:57:45+0000,"In this articleStreaming is finally starting to pay off for media companies, but there's a catch — to get there, consumers are facing higher subscription costs and increasingly frequent price hikes.Legacy media companies entered the streaming market with a focus on gaining subscribers and competing with category leader Netflix as traditional cable TV bundles lose customers. Now, looking for a return on their content investments, Disney, Warner Bros. Discovery and others are aiming for streaming profits.Their strategies include rolling out cheaper, ad-supported models; launching platform bundles; and cracking down on password sharing, but price hikes have shown more immediate results toward profitability.""The years of prioritizing user growth with low prices are over,"" said Mike Proulx, vice president and research director at Forrester.Disney said last week that its combined streaming services — Disney+, Hulu and ESPN+ — were profitable for the first time during its fiscal third quarter. Although the company added new subscribers, that milestone was largely due to price increases.CEO Bob Iger said during an earnings call that Disney has ""earned"" its pricing in the marketplace due to the company's creative contributions and product improvements. He noted that with past price increases, the company hasn't seen a ""significant"" number of customer departures.""When we look across our portfolio … we're seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage that we believe we have,"" Iger said.The major streaming services have gone through a number of price hikes and changes throughout the past few years.In just the past five months, four streamers have announced price increases: Warner Bros. Discovery's Max, Comcast's Peacock, Disney and Paramount.Ahead of earnings, Disney announced it's raising streaming prices by $1 to $2 a month for Hulu, Disney+ and ESPN+.Similar to Disney, Paramount Global said last week in its quarterly earnings conference call that its streaming business, centered on flagship service Paramount+, reached profitability.Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023. Meanwhile, additional price increases for Paramount+ go into effect this month, and the company expects to see a financial impact for that during the fourth quarter.Though Comcast's Peacock offered a limited-time annual subscription for $19.99 ahead of the Olympics, the company raised the monthly cost of the service's ad-supported tier by $2 this summer, marking its second price hike of the year. Warner Bros. Discovery also increased the cost of Max without ads by $1 per month in June.""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value. And I think that's in the process of being corrected,"" Warner Bros. Discovery finance chief Gunnar Wiedenfels said during an industry conference last year. ""We've seen price increases across essentially the entire competitive set.""When Disney reported a revenue increase in its most recent quarter, it was primarily driven by higher subscription prices, said Forrester's Proulx, since user growth and ad revenue alone won't sustain profitability.That puts the burden of revenue growth somewhat on consumers' shoulders, he said. And users are feeling the strain.In a survey of 3,000 consumers, 90% agreed that streaming video subscriptions are raising their prices more often than they were in the past, according to Hub Entertainment Research.Meanwhile, companies are pushing consumers toward ad-supported tiers — which are often cheaper than commercial-free streaming — in a bid to attract more advertisers, Proulx said.And many of those consumers are taking the option.""We expect meaningful growth ahead as more subscribers opt for the ad-lite tier, which represented over 40% of global gross adds last quarter,"" Warner Bros. Discovery's Wiedenfels said during last week's earnings call. Ad lite references Max's cheapest subscription tierMedia companies have noted that advertising has grown for streaming. Warner Bros. Discovery said during its second-quarter earnings conference call that streaming ad revenue doubled year over year.Similarly, revenue from advertising grew 16% in Paramount's second quarter, driven by Paramount+ and Pluto TV, according to the company.At Peacock, 75% of subscribers were on the ad-supported tier as of February of last year, according to research from Antenna. At the time it was the largest share of any of the major streamers, followed by Hulu at 57% and Paramount+ at 43%. The streaming companies don't typically disclose the breakdown of subscriptions by tier.""The advertising tier for all these companies is appealing because they can make as much off of ad revenues as they make off of the subscription fee on the ad tier,"" said Tim Nollen, senior media tech analyst at Macquarie.Netflix executives chafed against advertising for some time but pivoted in 2022 following a slowdown in subscriber growth. The company also recently nixed its cheapest, ad-free basic plan — leaving consumers with the choice of a $6.99 ad-supported option, or two ad-free plans that cost $15.49 or $22.99.Netflix co-CEO Ted Sarandos said in the company's second-quarter earnings call that the ad tier makes Netflix more accessible to users due to the low entry price. For both tiers, when it comes to raising prices, Sarandos said Netflix aims to increase value and engagement before having subscribers pay more.Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research. Still, ad tiers aren't immune to price increases. Disney+ is now raising prices of its ad-supported plan, for example.Disney took a unique approach to launching its ad tier in December 2022, giving existing subscribers the option to either pay an additional $3 per month or accept ads. Nearly 95% of Disney+ premium plan subscribers paid to maintain ad-free streaming, according to Antenna.Warner Bros. Discovery said in an earnings conference call that it suffered fewer customer losses than expected in July, following its $1 price increase on ad-free streaming.""Until there's a mass exodus of users, Disney (and others) will continue to increase prices,"" Proulx said.There's one key thing that's working to streamers' advantage: Across platforms, users aren't often willing to sacrifice their desired content even when costs go up, said Hub Entertainment Research founder Jon Giegengack.However, the total cost of streaming can sometimes exceed that of cable for certain consumers because the content they're consuming is broken up across the different platforms, according to Proulx.In response, companies including Disney, Paramount and Warner Bros. Discovery have turned to bundling their services into a single, discounted offering. In cases where streaming is no longer cheaper than traditional television, bundles allow consumers to save money while accessing TV content across different services, according to Proulx.For providers, bundles are an opportunity to increase revenue because they expect fewer people to cancel their bundled subscriptions than stand-alone ones, according to Nollen.""The new world of streaming is not as lucrative as the old world of pay TV was,"" Nollen said. ""Everybody has woken up to that, and they are coming up with ways to try to at least improve its fortunes, and bundling is one."" Streamers are also growing their total users by cracking down on password sharing. Last year, Netflix alerted members that accounts can only be shared within a single household, and Disney made a similar announcement earlier this year. Warner Bros. Discovery will soon follow suit.Nonetheless, as consumers continue to face rising subscription costs, Giegengack points to a broader streaming competition. While low subscription prices initially helped other streamers grow subscribers, he said they can't afford to keep doing that.""The amount that people have been able to pay for, the volume of content they get up until now, is just an absurdly good deal, and I don't think it's sustainable,"" Giegengack said.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC, and is a co-owner of Hulu. NBCUniversal also owns NBC Sports and NBC Olympics, which is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.",CNBC,16/08/2024,"[""In this articleStreaming is finally starting to pay off for media companies, but there's a catch — to get there, consumers are facing higher subscription costs and increasingly frequent price hikes."", 'Legacy media companies entered the streaming market with a focus on gaining subscribers and competing with category leader Netflix as traditional cable TV bundles lose customers.', 'Now, looking for a return on their content investments, Disney, Warner Bros. Discovery and others are aiming for streaming profits.', 'Their strategies include rolling out cheaper, ad-supported models; launching platform bundles; and cracking down on password sharing, but price hikes have shown more immediate results toward profitability.', '""The years of prioritizing user growth with low prices are over,"" said Mike Proulx, vice president and research director at Forrester.', 'Disney said last week that its combined streaming services — Disney+, Hulu and ESPN+ — were profitable for the first time during its fiscal third quarter.', 'Although the company added new subscribers, that milestone was largely due to price increases.', 'CEO Bob Iger said during an earnings call that Disney has ""earned"" its pricing in the marketplace due to the company\'s creative contributions and product improvements.', 'He noted that with past price increases, the company hasn\'t seen a ""significant"" number of customer departures.', '""When we look across our portfolio … we\'re seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage that we believe we have,"" Iger said.', 'The major streaming services have gone through a number of price hikes and changes throughout the past few years.', ""In just the past five months, four streamers have announced price increases: Warner Bros. Discovery's Max, Comcast's Peacock, Disney and Paramount."", ""Ahead of earnings, Disney announced it's raising streaming prices by $1 to $2 a month for Hulu, Disney+ and ESPN+.Similar to Disney, Paramount Global said last week in its quarterly earnings conference call that its streaming business, centered on flagship service Paramount+, reached profitability."", 'Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023.', 'Meanwhile, additional price increases for Paramount+ go into effect this month, and the company expects to see a financial impact for that during the fourth quarter.', ""Though Comcast's Peacock offered a limited-time annual subscription for $19.99 ahead of the Olympics, the company raised the monthly cost of the service's ad-supported tier by $2 this summer, marking its second price hike of the year."", 'Warner Bros. Discovery also increased the cost of Max without ads by $1 per month in June.', '""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.', 'And I think that\'s in the process of being corrected,"" Warner Bros. Discovery finance chief Gunnar Wiedenfels said during an industry conference last year. ""', ""We've seen price increases across essentially the entire competitive set."", '""When Disney reported a revenue increase in its most recent quarter, it was primarily driven by higher subscription prices, said Forrester\'s Proulx, since user growth and ad revenue alone won\'t sustain profitability.', ""That puts the burden of revenue growth somewhat on consumers' shoulders, he said."", 'And users are feeling the strain.', 'In a survey of 3,000 consumers, 90% agreed that streaming video subscriptions are raising their prices more often than they were in the past, according to Hub Entertainment Research.', 'Meanwhile, companies are pushing consumers toward ad-supported tiers — which are often cheaper than commercial-free streaming — in a bid to attract more advertisers, Proulx said.', 'And many of those consumers are taking the option.', '""We expect meaningful growth ahead as more subscribers opt for the ad-lite tier, which represented over 40% of global gross adds last quarter,"" Warner Bros. Discovery\'s Wiedenfels said during last week\'s earnings call.', ""Ad lite references Max's cheapest subscription tierMedia companies have noted that advertising has grown for streaming."", 'Warner Bros. Discovery said during its second-quarter earnings conference call that streaming ad revenue doubled year over year.', ""Similarly, revenue from advertising grew 16% in Paramount's second quarter, driven by Paramount+ and Pluto TV, according to the company."", 'At Peacock, 75% of subscribers were on the ad-supported tier as of February of last year, according to research from Antenna.', 'At the time it was the largest share of any of the major streamers, followed by Hulu at 57% and Paramount+ at 43%.', ""The streaming companies don't typically disclose the breakdown of subscriptions by tier."", '""The advertising tier for all these companies is appealing because they can make as much off of ad revenues as they make off of the subscription fee on the ad tier,"" said Tim Nollen, senior media tech analyst at Macquarie.', 'Netflix executives chafed against advertising for some time but pivoted in 2022 following a slowdown in subscriber growth.', ""The company also recently nixed its cheapest, ad-free basic plan — leaving consumers with the choice of a $6.99 ad-supported option, or two ad-free plans that cost $15.49 or $22.99.Netflix co-CEO Ted Sarandos said in the company's second-quarter earnings call that the ad tier makes Netflix more accessible to users due to the low entry price."", 'For both tiers, when it comes to raising prices, Sarandos said Netflix aims to increase value and engagement before having subscribers pay more.', ""Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research."", ""Still, ad tiers aren't immune to price increases."", 'Disney+ is now raising prices of its ad-supported plan, for example.', 'Disney took a unique approach to launching its ad tier in December 2022, giving existing subscribers the option to either pay an additional $3 per month or accept ads.', 'Nearly 95% of Disney+ premium plan subscribers paid to maintain ad-free streaming, according to Antenna.', 'Warner Bros. Discovery said in an earnings conference call that it suffered fewer customer losses than expected in July, following its $1 price increase on ad-free streaming.', '""Until there\'s a mass exodus of users, Disney (and others) will continue to increase prices,"" Proulx said.', ""There's one key thing that's working to streamers' advantage: Across platforms, users aren't often willing to sacrifice their desired content even when costs go up, said Hub Entertainment Research founder Jon Giegengack."", ""However, the total cost of streaming can sometimes exceed that of cable for certain consumers because the content they're consuming is broken up across the different platforms, according to Proulx."", 'In response, companies including Disney, Paramount and Warner Bros. Discovery have turned to bundling their services into a single, discounted offering.', 'In cases where streaming is no longer cheaper than traditional television, bundles allow consumers to save money while accessing TV content across different services, according to Proulx.', 'For providers, bundles are an opportunity to increase revenue because they expect fewer people to cancel their bundled subscriptions than stand-alone ones, according to Nollen.', '""The new world of streaming is not as lucrative as the old world of pay TV was,"" Nollen said. ""', 'Everybody has woken up to that, and they are coming up with ways to try to at least improve its fortunes, and bundling is one.', '""Streamers are also growing their total users by cracking down on password sharing.', 'Last year, Netflix alerted members that accounts can only be shared within a single household, and Disney made a similar announcement earlier this year.', 'Warner Bros. Discovery will soon follow suit.', 'Nonetheless, as consumers continue to face rising subscription costs, Giegengack points to a broader streaming competition.', ""While low subscription prices initially helped other streamers grow subscribers, he said they can't afford to keep doing that."", '""The amount that people have been able to pay for, the volume of content they get up until now, is just an absurdly good deal, and I don\'t think it\'s sustainable,"" Giegengack said.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC, and is a co-owner of Hulu.', 'NBCUniversal also owns NBC Sports and NBC Olympics, which is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.']",0.2441558592462889,"""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.","Generally, price-pinched streaming consumers are willing to tolerate ads in order to pay lower subscription fees, according to Forrester's research.",0.6455951549790122,"Paramount noted on the call that global average revenue per user grew 26% for Paramount+, which reflected a price increase during the third quarter of 2023.","""For a decade in streaming, an enormously valuable amount of quality content has been given away well below fair market value.",2024-08-18
+Disney axes bid to stop wrongful death lawsuit over Disney+ terms,https://www.bbc.co.uk/news/articles/cr7r9djxj0do,2024-08-20T11:41:39.429Z,"Disney has withdrawn its claim that a man could not sue it over the death of his wife because of terms he signed up to in a free trial of Disney+. Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida. Disney had argued the case should instead go to arbitration because of a clause in the terms and conditions of its Disney+ streaming service, which Mr Piccolo had briefly signed up for in 2019. But, following a backlash, it has decided the matter can now be heard in court. ""We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney's Josh D'Amaro told the BBC in a statement. ""As such, we've decided to waive our right to arbitration and have the matter proceed in court."" Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said. In arbitration, a dispute is overseen by a neutral third party. It benefits those wanting to avoid a lengthy trial, but means evidence would not be put in front of a jury. Jamie Cartwright, partner at the law firm Charles Russell Speechlys, suggested Disney's change of heart was motivated by the ""adverse publicity"" its initial approach had generated. ""In attempting to push the claim into a confidential setting on what were very tenuous grounds, it succeeded only in creating the very publicity and attention it likely wanted to avoid,"" he told the BBC. Mr Piccolo and his wife, Dr Kanokporn Tangsuan, ate a meal at Raglan Road, an Ireland-themed pub located at the Disney Springs site, in Orlando, but operated by an independent company.  He alleges that the restaurant did not take enough care over his wife's severe allergies to dairy and nuts, despite being repeatedly told about them. She died in hospital later that day. According to the legal filing, her death was confirmed by a medical examiner ""as a result of anaphylaxis due to elevated levels of dairy and nut in her system."" Mr Piccolo is suing Disney for a sum in excess of $50,000 (£38,400), in addition to other damages relating to suffering, loss of income, and medical and legal costs. Disney has argued it had no control over the management and operation of the restaurant. Lawyers for Mr Piccolo had said Disney's argument that the lawsuit should not be heard in court ""borders on the surreal.""  It is not known whether Disney would have been successful had a judge ruled on its arbitration claim.  Disney had argued that the legal circumstances surrounding the case were unique. But legal experts told the BBC they had been ""pushing the envelope of contract law"". ""Disney’s argument that accepting their terms and conditions for one product covers all interactions with that company is novel and potentially far-reaching,"" Ernest Aduwa, partner at Stokoe Partnership Solicitors, who are not involved in the proceedings, said. Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"". Disney says it is in the process of submitting a filing to the court to withdraw its call for arbitration. Additional reporting by Graham Fraser ",BBC,20/08/2024,"['Disney has withdrawn its claim that a man could not sue it over the death of his wife because of terms he signed up to in a free trial of Disney+.', 'Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida.', 'Disney had argued the case should instead go to arbitration because of a clause in the terms and conditions of its Disney+ streaming service, which Mr Piccolo had briefly signed up for in 2019.', 'But, following a backlash, it has decided the matter can now be heard in court. ""', 'We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss,"" Disney\'s Josh D\'Amaro told the BBC in a statement. ""', 'As such, we\'ve decided to waive our right to arbitration and have the matter proceed in court.""', 'Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""', 'He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said.', 'In arbitration, a dispute is overseen by a neutral third party.', 'It benefits those wanting to avoid a lengthy trial, but means evidence would not be put in front of a jury.', 'Jamie Cartwright, partner at the law firm Charles Russell Speechlys, suggested Disney\'s change of heart was motivated by the ""adverse publicity"" its initial approach had generated. ""', 'In attempting to push the claim into a confidential setting on what were very tenuous grounds, it succeeded only in creating the very publicity and attention it likely wanted to avoid,"" he told the BBC.', 'Mr Piccolo and his wife, Dr Kanokporn Tangsuan, ate a meal at Raglan Road, an Ireland-themed pub located at the Disney Springs site, in Orlando, but operated by an independent company.', ""He alleges that the restaurant did not take enough care over his wife's severe allergies to dairy and nuts, despite being repeatedly told about them."", 'She died in hospital later that day.', 'According to the legal filing, her death was confirmed by a medical examiner ""as a result of anaphylaxis due to elevated levels of dairy and nut in her system.""', 'Mr Piccolo is suing Disney for a sum in excess of $50,000 (£38,400), in addition to other damages relating to suffering, loss of income, and medical and legal costs.', 'Disney has argued it had no control over the management and operation of the restaurant.', 'Lawyers for Mr Piccolo had said Disney\'s argument that the lawsuit should not be heard in court ""borders on the surreal.""', 'It is not known whether Disney would have been successful had a judge ruled on its arbitration claim.', 'Disney had argued that the legal circumstances surrounding the case were unique.', 'But legal experts told the BBC they had been ""pushing the envelope of contract law"". ""', 'Disney’s argument that accepting their terms and conditions for one product covers all interactions with that company is novel and potentially far-reaching,"" Ernest Aduwa, partner at Stokoe Partnership Solicitors, who are not involved in the proceedings, said.', 'Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"".', 'Disney says it is in the process of submitting a filing to the court to withdraw its call for arbitration.', 'Additional reporting by Graham Fraser']",-0.1648144357065449,"Lawyers for Mr Piccolo said: ""Attempts by corporations like Disney to avoid jury trials should be looked at with skepticism"", adding that Mr Piccolo will ""continue to pursue justice on behalf of his beloved wife at the trial court level"". ""","Jeffrey Piccolo filed a wrongful death lawsuit against Disney and the owners of a restaurant after his wife died in 2023 from a severe allergic reaction following a meal at Disney World, in Florida.",0.0734307542443275,"He also hopes these recent events have raised awareness of the millions of people of all ages and walks of life who suffer with food allergies"", his lawyers said.","Meanwhile, Jibreel Tramboo, barrister at Church Court Chambers, said the terms in the Disney+ trial were a ""weak argument for Disney to rely on"".",2024-08-18
+Here's why Walgreens and CVS retail pharmacies are struggling — and what they're doing to fix it,https://www.cnbc.com/2024/08/18/why-walgreens-cvs-retail-pharmacies-are-struggling.html,2024-08-19T12:21:27+0000,"In this articleThe abundance of Walgreens and CVS Health stores makes them convenient for whenever Shriya Raghavan, a research associate based in Philadelphia, needs to pick up necessities like gum, deodorant and soap. But she said she often has to wait for employees to unlock cabinets or stand in lengthy lines to pick up prescriptions as pharmacists juggle tasks.Those are just some of the ways Walgreens and CVS are falling out of favor with consumers, in a trend that has hit their profits and stock prices and forced them to reconsider their strategies. They are symptoms of deeper issues plaguing retail pharmacy chains, which pivoted from years of store expansions to shuttering hundreds of locations across the U.S. to shore up profits. Among the biggest problems for the chains, reimbursement rates for prescription drugs have fallen. Inflation, softer consumer spending, theft, and competition from Amazon and grocery stores are also making it difficult for drugstores to turn a profit at the front of the store, where they sell everything from pantry staples to makeup and cleaning supplies.There's also widespread burnout among pharmacy staff, many of whom complain about understaffing and increasing workloads.Many of those issues aren't new. While CVS and Walgreens got a temporary boost from Covid vaccinations and test sales during the peak of the pandemic, they now face a harsh reality: the retail pharmacy model may be broken. ""As things have started to normalize, we're reverting back to the challenges that the retail pharmacy industry had faced even before Covid,"" Jefferies analyst Brian Tanquilut told CNBC. ""I think most of these pharmacies are realizing that fundamentally, their businesses have not really changed."" Falling retail pharmacy profit margins only add to the woes at both Walgreens and CVS. While Walgreens struggles with its push into primary care, CVS' bottom line is getting battered by higher medical costs in its insurance business. CVS earlier this month slashed its full-year profit outlook for the third consecutive quarter and announced $2 billion in new cost cuts over several years as those higher medical costs squeeze the insurance industry. It's not just those two chains: Rite Aid, once a viable competitor, declared bankruptcy last year and is closing hundreds of store locations as it restructures.Wall Street hasn't been happy. Shares of Walgreens are down nearly 60% this year and 80% over the last decade. CVS' stock is down almost 30% both for this year and the last 10 years. Meanwhile, Rite Aid's common stock was delisted from the New York Stock Exchange in October. Still, retail pharmacy chains remain an important fixture of the U.S. health-care system that tens of millions of Americans rely on. They may just need to reinvent themselves. ""The retail pharmacy industry is going through a period of soul-searching, trying to understand the best model to reach the consumer,"" said GlobalData retail managing director Neil Saunders. ""Consumer habits have changed, some of the economics of running drugstores and pharmacies have changed and the retailers in the sector are really having to reappraise how they do business to maintain profitability and maintain a viable business model.""Here are the main factors challenging the pharmacy business, and what CVS and Walgreens are doing to adapt.Much of the pain for retail pharmacies comes from lower prescription drug reimbursement rates. Pharmacies typically buy their medications from a distributor and then get reimbursed by pharmacy benefit managers, or PBMs. The powerful drug supply middlemen also negotiate discounts with manufacturers on behalf of insurers and create lists of medications covered by health plans.The three largest PBMs – CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts – handle almost 80% of all prescriptions in the U.S.Pharmacies have accused PBMs of setting lower reimbursement rates, which, in some cases, can mean pharmacies get paid less than the cost of buying and dispensing a prescription. Those middlemen are also accused of offering ""take it or leave it"" contracts when negotiating reimbursements with pharmacies, effectively forcing them to accept lower rates so they can maintain access to patients covered by PBMs. ""There's no leverage. There's no negotiating power on the side of the retail pharmacies,"" Tanquilut told CNBC. ""So we've seen a consistent pressure on margins on the pharmacy side over the last several years to the point where that's a huge challenge."" The operating margin for Walgreens' U.S. retail pharmacy unit was -5% last year, down from 3.9% in 2019 and 4.4% in 2015. Meanwhile, CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.Walgreens CEO Tim Wentworth acknowledged those headwinds during an earnings call in June. ""We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently,"" he said. ""For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly.""CVS has a slight competitive advantage over Walgreens since it has its own PBM, and the margin pressure from Caremark is likely ""not as severe"" as it is for other PBMs, Tanquilut said.CVS in December also introduced a new pharmacy reimbursement model called CostVantage, which will launch at the beginning of next year and use what the company calls a ""transparent"" formula to determine a medication's price. A CVS spokesperson said it will provide more clarity and predictability for consumers.But some analysts told CNBC that it's still unclear how effective that new model will be.Meanwhile, Saunders said more consumers are using online pharmacy services such as PillPack, a subsidiary of Amazon Pharmacy, to get their prescription medications. He noted that online pharmacy fulfillment remains ""fairly small in the scheme of things,"" but said it is ""definitely growing and putting a little bit of pressure on some of the traditional pharmacy chains.""  E-commerce rivals, discounters and big-box retailers are an even bigger threat to the retail side of Walgreens' and CVS' pharmacy businesses. As competition mounts, the chains' online retail presence has also lagged behind those of Amazon and other retailers like Walmart and Target, according to Leerink Partners analyst Michael Cherny. ""It wasn't as likely that an individual pre-Covid, or even the early days of Covid, would think first and foremost of going to CVS.com or Walgreens.com for shopping,"" Cherny said. ""[CVS and Walgreens] were behind on e-commerce."" Inflation is also squeezing consumers, who have become more prudent with their purchases. A budget-conscious shopper is more likely to shop at retailers including Walmart, a dollar store or Costco, despite the convenience the retail pharmacies offer, Cherny noted.Brittainy Lynn, a 38-year-old freelancer based in Austin, Texas, said it ""seems like prices are really high"" at Walgreens and CVS compared with other stores. ""It is not my first choice,"" Lynn told CNBC. ""Walmart or Target is generally where I find things I need for the cheapest price. I do frequent Dollar Tree as well, but not really for essentials."" Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.Earlier this month, CVS said same-store sales at the front of the store were down roughly 4% during the second quarter from the same period a year ago, which reflects a ""general softening of consumer demand."" Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period. The company said its U.S. retail pharmacy business faced ""significant challenges"" in a ""worse-than-expected consumer environment."" Walgreens and CVS have both increased their focus on their private-label products to lure in shoppers who have traded down from national brands to beat inflation. In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely."" They added that the company is expanding its variety of products, adding 37 new items alone in the second quarter. That ""perfectly complements consumer focus on value,"" the spokesperson said.While the major chains face many of the same hurdles, Walgreens is likely more exposed to the pressures on its retail pharmacy business than CVS is, Evercore ISI analyst Elizabeth Anderson told CNBC. CVS operates a PBM and the nation's third-largest health insurer, Aetna, which could help offset issues on the retail pharmacy side. CVS' retail pharmacy unit was the second-biggest contributor to sales last year, raking in $116.76 billion. The company's health services segment, which operates Caremark and primary-care provider Oak Street Health, booked nearly $187 billion in sales. Meanwhile, Walgreens gets the vast majority of its revenue from its U.S. retail pharmacies. That business unit took in more than $109 billion last year, dwarfing the $21.83 billion from its international segment and nearly $1.8 billion from its health-care unit. Walgreens' international segment operates more than 3,000 retail stores abroad, including locations of U.K.-based health and beauty retailer Boots. The company's health-care unit offers primary care, urgent care and post-acute care services, as well as a specialty pharmacy, among other services. Even as Walgreens tries to diversify its business, the company has been ""playing catch-up"" with CVS in the health-care space, according to Jeffries' Tanquilut. Retail giants and pharmacies have been pushing to deliver medical care directly to patients, which could help them capture a larger slice of the more than $4 trillion U.S. health-care industry. But several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care. That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut. Unlike CVS, Walgreens could potentially exit that market altogether. The company said in a securities filing last week it is considering a sale of its primary-care provider VillageMD.Walgreens invested $1 billion in VillageMD in 2020, then another $5.2 billion a year later to become its majority owner. But Walgreens started closing clinic locations last year. In March, the company recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD. Retail pharmacies likely won't disappear soon, especially as the American population ages and more people need to pick up prescriptions, Evercore's Anderson said. But she said they may not need to ""exist in their current form."" That could potentially mean increasing their online presence, no longer selling certain products like greeting cards and shrinking store footprints.""I think there'll be some experimentation with models there. It's more of a question of what the new retail pharmacy model will look like,"" Anderson told CNBC. Walgreens has opened roughly 100 smaller-format stores, which have fewer front-of-store items and over-the-counter medicines and feature the company's branded products, a spokesperson said in a statement. Walgreens plans to add more ""mini drugstores"" this year.The company is also piloting a Chicago store location that focuses on ""convenience and speed through digital pickup, pharmacy and grab-and-go solutions,"" Walgreens said on its website. Most prescription or retail orders can be placed and filled at a counter, which could deter theft. Another location in Aubrey, Texas, moves the pharmacy to the front of the store in a departure from the traditional model.The company's website said it does not plan to roll out additional pilot stores until ""learnings about what works and what doesn't are better understood."" Meanwhile, a CVS spokesperson said the company is ""innovating to meet our customers' and patients' varying needs."" The spokesperson pointed to the company's private-label brands, assortment of national brands, and loyalty program that offers discounts and benefits for patients. The company has also opened Oak Street Health primary-care centers side by side with CVS pharmacies in Texas and Illinois, with plans to introduce around two dozen more by the end of the year. In the meantime, CVS and Walgreens are cutting costs. Walgreens in June announced plans to shutter a ""significant"" number of its 8,600 U.S. stores. The company's CEO, Wentworth, said only 75% of the chain's locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.""In 2021, CVS announced it was shuttering 900 stores, or nearly 10% of its U.S. retail locations, over a three-year period. CVS executives earlier this month said the company is on track to meet that goal by the end of the year, with 851 stores closed to date. In a statement, a CVS spokesperson said the store closure decisions are based on population shifts, consumer spending patterns and a given community's store density, among other factors. Even after the closures, 85% of people in the U.S. will still live within 10 miles of a CVS pharmacy, the spokesperson noted.Amar Singh, senior director at retail consulting company Kantar Group, said shuttering underperforming locations could help Walgreens and CVS right-size their business and figure out ""the right equation"" for their stores that will win back shoppers and shore up profits. But store closures could make it harder for many Americans to get prescriptions, as pharmacy deserts become more common in underserved communities across the U.S. They also may do little to fix some of the deeper issues plaguing retail pharmacies, according to Saunders. For example, he said addressing declining pharmacy reimbursement rates may require legislation and lobbying, and ""getting that done is almost possible."" ""In some ways, closing stores is a reaction to the problem. It's not the solution to the problem,"" Saunders said. ""But longer term, if other things don't change, they'll probably find themselves in the same position in 10 years time where they have to close more stores.""",CNBC,19/08/2024,"['In this articleThe abundance of Walgreens and CVS Health stores makes them convenient for whenever Shriya Raghavan, a research associate based in Philadelphia, needs to pick up necessities like gum, deodorant and soap.', 'But she said she often has to wait for employees to unlock cabinets or stand in lengthy lines to pick up prescriptions as pharmacists juggle tasks.', 'Those are just some of the ways Walgreens and CVS are falling out of favor with consumers, in a trend that has hit their profits and stock prices and forced them to reconsider their strategies.', 'They are symptoms of deeper issues plaguing retail pharmacy chains, which pivoted from years of store expansions to shuttering hundreds of locations across the U.S. to shore up profits.', 'Among the biggest problems for the chains, reimbursement rates for prescription drugs have fallen.', 'Inflation, softer consumer spending, theft, and competition from Amazon and grocery stores are also making it difficult for drugstores to turn a profit at the front of the store, where they sell everything from pantry staples to makeup and cleaning supplies.', ""There's also widespread burnout among pharmacy staff, many of whom complain about understaffing and increasing workloads."", ""Many of those issues aren't new."", 'While CVS and Walgreens got a temporary boost from Covid vaccinations and test sales during the peak of the pandemic, they now face a harsh reality: the retail pharmacy model may be broken.', '""As things have started to normalize, we\'re reverting back to the challenges that the retail pharmacy industry had faced even before Covid,"" Jefferies analyst Brian Tanquilut told CNBC. ""', 'I think most of these pharmacies are realizing that fundamentally, their businesses have not really changed.', '""Falling retail pharmacy profit margins only add to the woes at both Walgreens and CVS.While Walgreens struggles with its push into primary care, CVS\' bottom line is getting battered by higher medical costs in its insurance business.', 'CVS earlier this month slashed its full-year profit outlook for the third consecutive quarter and announced $2 billion in new cost cuts over several years as those higher medical costs squeeze the insurance industry.', ""It's not just those two chains: Rite Aid, once a viable competitor, declared bankruptcy last year and is closing hundreds of store locations as it restructures."", ""Wall Street hasn't been happy."", 'Shares of Walgreens are down nearly 60% this year and 80% over the last decade.', ""CVS' stock is down almost 30% both for this year and the last 10 years."", ""Meanwhile, Rite Aid's common stock was delisted from the New York Stock Exchange in October."", 'Still, retail pharmacy chains remain an important fixture of the U.S. health-care system that tens of millions of Americans rely on.', 'They may just need to reinvent themselves.', '""The retail pharmacy industry is going through a period of soul-searching, trying to understand the best model to reach the consumer,"" said GlobalData retail managing director Neil Saunders. ""', 'Consumer habits have changed, some of the economics of running drugstores and pharmacies have changed and the retailers in the sector are really having to reappraise how they do business to maintain profitability and maintain a viable business model.', '""Here are the main factors challenging the pharmacy business, and what CVS and Walgreens are doing to adapt.', 'Much of the pain for retail pharmacies comes from lower prescription drug reimbursement rates.', 'Pharmacies typically buy their medications from a distributor and then get reimbursed by pharmacy benefit managers, or PBMs.', 'The powerful drug supply middlemen also negotiate discounts with manufacturers on behalf of insurers and create lists of medications covered by health plans.', ""The three largest PBMs – CVS Health's Caremark, UnitedHealth Group's Optum Rx and Cigna's Express Scripts – handle almost 80% of all prescriptions in the U.S.Pharmacies have accused PBMs of setting lower reimbursement rates, which, in some cases, can mean pharmacies get paid less than the cost of buying and dispensing a prescription."", 'Those middlemen are also accused of offering ""take it or leave it"" contracts when negotiating reimbursements with pharmacies, effectively forcing them to accept lower rates so they can maintain access to patients covered by PBMs.', '""There\'s no leverage.', 'There\'s no negotiating power on the side of the retail pharmacies,"" Tanquilut told CNBC. ""', ""So we've seen a consistent pressure on margins on the pharmacy side over the last several years to the point where that's a huge challenge."", '""The operating margin for Walgreens\' U.S. retail pharmacy unit was -5% last year, down from 3.9% in 2019 and 4.4% in 2015.', 'Meanwhile, CVS\' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.Walgreens CEO Tim Wentworth acknowledged those headwinds during an earnings call in June. ""', 'We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently,"" he said. ""', 'For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly.', '""CVS has a slight competitive advantage over Walgreens since it has its own PBM, and the margin pressure from Caremark is likely ""not as severe"" as it is for other PBMs, Tanquilut said.', 'CVS in December also introduced a new pharmacy reimbursement model called CostVantage, which will launch at the beginning of next year and use what the company calls a ""transparent"" formula to determine a medication\'s price.', 'A CVS spokesperson said it will provide more clarity and predictability for consumers.', ""But some analysts told CNBC that it's still unclear how effective that new model will be."", 'Meanwhile, Saunders said more consumers are using online pharmacy services such as PillPack, a subsidiary of Amazon Pharmacy, to get their prescription medications.', 'He noted that online pharmacy fulfillment remains ""fairly small in the scheme of things,"" but said it is ""definitely growing and putting a little bit of pressure on some of the traditional pharmacy chains.', '""E-commerce rivals, discounters and big-box retailers are an even bigger threat to the retail side of Walgreens\' and CVS\' pharmacy businesses.', ""As competition mounts, the chains' online retail presence has also lagged behind those of Amazon and other retailers like Walmart and Target, according to Leerink Partners analyst Michael Cherny."", '""It wasn\'t as likely that an individual pre-Covid, or even the early days of Covid, would think first and foremost of going to CVS.com or Walgreens.com for shopping,"" Cherny said. ""[', 'CVS and Walgreens] were behind on e-commerce.', '""Inflation is also squeezing consumers, who have become more prudent with their purchases.', 'A budget-conscious shopper is more likely to shop at retailers including Walmart, a dollar store or Costco, despite the convenience the retail pharmacies offer, Cherny noted.', 'Brittainy Lynn, a 38-year-old freelancer based in Austin, Texas, said it ""seems like prices are really high"" at Walgreens and CVS compared with other stores.', '""It is not my first choice,"" Lynn told CNBC. ""', 'Walmart or Target is generally where I find things I need for the cheapest price.', 'I do frequent Dollar Tree as well, but not really for essentials.', '""Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.', 'Earlier this month, CVS said same-store sales at the front of the store were down roughly 4% during the second quarter from the same period a year ago, which reflects a ""general softening of consumer demand.', '""Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period.', 'The company said its U.S. retail pharmacy business faced ""significant challenges"" in a ""worse-than-expected consumer environment.', '""Walgreens and CVS have both increased their focus on their private-label products to lure in shoppers who have traded down from national brands to beat inflation.', 'In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely.""', 'They added that the company is expanding its variety of products, adding 37 new items alone in the second quarter.', 'That ""perfectly complements consumer focus on value,"" the spokesperson said.', ""While the major chains face many of the same hurdles, Walgreens is likely more exposed to the pressures on its retail pharmacy business than CVS is, Evercore ISI analyst Elizabeth Anderson told CNBC.CVS operates a PBM and the nation's third-largest health insurer, Aetna, which could help offset issues on the retail pharmacy side."", ""CVS' retail pharmacy unit was the second-biggest contributor to sales last year, raking in $116.76 billion."", ""The company's health services segment, which operates Caremark and primary-care provider Oak Street Health, booked nearly $187 billion in sales."", 'Meanwhile, Walgreens gets the vast majority of its revenue from its U.S. retail pharmacies.', 'That business unit took in more than $109 billion last year, dwarfing the $21.83 billion from its international segment and nearly $1.8 billion from its health-care unit.', ""Walgreens' international segment operates more than 3,000 retail stores abroad, including locations of U.K.-based health and beauty retailer Boots."", ""The company's health-care unit offers primary care, urgent care and post-acute care services, as well as a specialty pharmacy, among other services."", 'Even as Walgreens tries to diversify its business, the company has been ""playing catch-up"" with CVS in the health-care space, according to Jeffries\' Tanquilut.', 'Retail giants and pharmacies have been pushing to deliver medical care directly to patients, which could help them capture a larger slice of the more than $4 trillion U.S. health-care industry.', 'But several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care.', ""That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut."", 'Unlike CVS, Walgreens could potentially exit that market altogether.', 'The company said in a securities filing last week it is considering a sale of its primary-care provider VillageMD.Walgreens invested $1 billion in VillageMD in 2020, then another $5.2 billion a year later to become its majority owner.', 'But Walgreens started closing clinic locations last year.', ""In March, the company recorded a hefty nearly $6 billion charge related to the decline in value of its investment in VillageMD.Retail pharmacies likely won't disappear soon, especially as the American population ages and more people need to pick up prescriptions, Evercore's Anderson said."", 'But she said they may not need to ""exist in their current form.""', 'That could potentially mean increasing their online presence, no longer selling certain products like greeting cards and shrinking store footprints.', '""I think there\'ll be some experimentation with models there.', 'It\'s more of a question of what the new retail pharmacy model will look like,"" Anderson told CNBC.Walgreens has opened roughly 100 smaller-format stores, which have fewer front-of-store items and over-the-counter medicines and feature the company\'s branded products, a spokesperson said in a statement.', 'Walgreens plans to add more ""mini drugstores"" this year.', 'The company is also piloting a Chicago store location that focuses on ""convenience and speed through digital pickup, pharmacy and grab-and-go solutions,"" Walgreens said on its website.', 'Most prescription or retail orders can be placed and filled at a counter, which could deter theft.', 'Another location in Aubrey, Texas, moves the pharmacy to the front of the store in a departure from the traditional model.', 'The company\'s website said it does not plan to roll out additional pilot stores until ""learnings about what works and what doesn\'t are better understood.', '""Meanwhile, a CVS spokesperson said the company is ""innovating to meet our customers\' and patients\' varying needs.""', ""The spokesperson pointed to the company's private-label brands, assortment of national brands, and loyalty program that offers discounts and benefits for patients."", 'The company has also opened Oak Street Health primary-care centers side by side with CVS pharmacies in Texas and Illinois, with plans to introduce around two dozen more by the end of the year.', 'In the meantime, CVS and Walgreens are cutting costs.', 'Walgreens in June announced plans to shutter a ""significant"" number of its 8,600 U.S. stores.', 'The company\'s CEO, Wentworth, said only 75% of the chain\'s locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.', '""In 2021, CVS announced it was shuttering 900 stores, or nearly 10% of its U.S. retail locations, over a three-year period.', 'CVS executives earlier this month said the company is on track to meet that goal by the end of the year, with 851 stores closed to date.', ""In a statement, a CVS spokesperson said the store closure decisions are based on population shifts, consumer spending patterns and a given community's store density, among other factors."", 'Even after the closures, 85% of people in the U.S. will still live within 10 miles of a CVS pharmacy, the spokesperson noted.', 'Amar Singh, senior director at retail consulting company Kantar Group, said shuttering underperforming locations could help Walgreens and CVS right-size their business and figure out ""the right equation"" for their stores that will win back shoppers and shore up profits.', 'But store closures could make it harder for many Americans to get prescriptions, as pharmacy deserts become more common in underserved communities across the U.S.They also may do little to fix some of the deeper issues plaguing retail pharmacies, according to Saunders.', 'For example, he said addressing declining pharmacy reimbursement rates may require legislation and lobbying, and ""getting that done is almost possible.', '""""In some ways, closing stores is a reaction to the problem.', 'It\'s not the solution to the problem,"" Saunders said. ""', 'But longer term, if other things don\'t change, they\'ll probably find themselves in the same position in 10 years time where they have to close more stores.""']",0.1420033534894789,"The company's CEO, Wentworth, said only 75% of the chain's locations were profitable, and that a significant portion of the other quarter could shutter by 2027.In a statement, a Walgreens spokesperson said, ""We have recently exhibited the ability to, and will continue to make difficult decisions that benefit our business, as we identify opportunities that unlock value, validate existing pathways and lead [Walgreens] into a successful future.","""Walgreens and CVS have blamed weaker retail sales in part on consumers watching their spending.",-0.1717767514744583,"In a statement, a Walgreens spokesperson said the company is seeing ""strong success among our own brand products,"" with brand penetration ""growing quite nicely.""","""Walgreens in June said same-store retail sales decreased 2.3% during the fiscal third quarter compared with the year-earlier period.",2024-08-18
+Lowe's cuts full-year outlook as it expects weaker home improvement sales,https://www.cnbc.com/2024/08/20/lowes-low-q2-2024-earnings.html,2024-08-20T14:05:20+0000,"In this articleLowe's on Tuesday cut its full-year forecast, as the retailer's quarterly sales declined and it projected weak home improvement spending in the second half of the year.The company said it now projects total sales of between $82.7 billion and $83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected. It said it expects comparable sales to fall by 3.5% to 4%, compared with its prior forecast of a decline of 2% to 3%. It anticipates adjusted earnings per share will be about $11.70 to $11.90, compared with the prior outlook of between $12 and $12.30.In an interview with CNBC, CEO Marvin Ellison said consumers are waiting for the Federal Reserve to cut interest rates. He added shoppers also under pressure from the economic backdrop.""Inflation remains high,"" he said. ""And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.""Fed Chair Jerome Powell has signaled a rate cut could come as soon as September, but Ellison said it's difficult to predict how soon home improvement activity would gain momentum again after that.About 90% of Lowe's customers are homeowners and most have a fixed 30-year mortgage rate of less than 4%, he said. That explains customers' hesitance to get a new mortgage or take out a loan for a major home project with higher interest rate, he added.He said Lowe's has not seen ""a dramatic shift one way or another in overall consumer sentiment,"" but is waiting for housing turnover to go up.Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 2, Lowe's net income fell to $2.38 billion, or $4.17 per share, compared with $2.67 billion, or $4.56 per share, in the year-ago period.Lowe's got a $43 million pretax gain from the sale of its Canadian retail business in 2022, which lifted its earnings in the second quarter. That boosted the company's earnings per share in the period by 7 cents. Excluding the gain, the company earned $4.10 per share.Net sales dropped from $24.96 billion in the prior year. Lowe's posted a year-over-year sales decline for the sixth straight quarter.Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.Those declines were partially offset by growth in Lowe's online business and sales to home professionals, such as contractors and electricians. For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.About 25% of Lowe's sales come from pros compared with about half of Home Depot's sales. Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program. Ellison said that effort has paid off, with pros now ""the strongest segment of our overall business.""Lowe's shared its quarterly results and outlook at a time when investors and economists are watching consumer spending particularly closely. Recent economic data and corporate earnings have given mixed indications about American households' financial health, as the Federal Reserve weighs a much-awaited rate cut.Jobs growth in July came in much lower than expected. Yet on the other hand, Walmart's CFO, John David Rainey, told CNBC that the largest U.S. retailer does not ""see any additional fraying of consumer health."" Goldman Sachs also cut the odds of a recession to 20%.For home improvement retailers, the strain may be greater because of higher mortgage rates and elevated costs for borrowing. Lowe's rival, Home Depot, last week beat Wall Street's quarterly expectations for earnings and revenue. Yet the company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.""In an interview with CNBC, Home Depot CFO Richard McPhail said customers are not only putting off projects because of higher interest rates. He said they also have ""a sense of greater uncertainty in the economy,"" even though most of Home Depot's customers own homes and have seen sharp property value gains.Ellison told CNBC that the medium- and long-term outlook for the home improvement industry is bright. He said U.S. housing stock is aging, more millennials are forming households and Baby Boomers are choosing to adapt their current homes rather than move as they get older — all factors that will boost the segment.""We're just waiting for that inflection to happen, and when it happens, we believe that we're in a great position to take [market] share,"" he said.Shares of Lowe's closed Monday at $243.21. As of Monday's close, the company's stock is up about 9% year to date, trailing behind the nearly 18% gains of the S&P 500.Clarification: This story has been updated to clarify that the percentages for Lowe's stock and the S&P 500 are for the year to date.",CNBC,20/08/2024,"[""In this articleLowe's on Tuesday cut its full-year forecast, as the retailer's quarterly sales declined and it projected weak home improvement spending in the second half of the year."", 'The company said it now projects total sales of between $82.7 billionand$83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected.', 'It said it expects comparable sales to fall by 3.5% to 4%, compared with its prior forecast of a decline of 2% to 3%.', 'It anticipates adjusted earnings per share will be about $11.70to$11.90,compared with the prior outlook of between $12 and$12.30.In an interview with CNBC, CEO Marvin Ellison said consumers are waiting for the Federal Reserve to cut interest rates.', 'He added shoppers also under pressure from the economic backdrop.', '""Inflation remains high,"" he said. ""', 'And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.', '""Fed Chair Jerome Powell has signaled a rate cut could come as soon as September, but Ellison said it\'s difficult to predict how soon home improvement activity would gain momentum again after that.', ""About 90% of Lowe's customers are homeowners and most have a fixed 30-year mortgage rate of less than 4%, he said."", ""That explains customers' hesitance to get a new mortgage or take out a loan for a major home project with higher interest rate, he added."", 'He said Lowe\'s has not seen ""a dramatic shift one way or another in overall consumer sentiment,"" but is waiting for housing turnover to go up.', ""Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:In the three-month period that ended Aug. 2, Lowe's net income fell to $2.38 billion, or $4.17 per share, compared with $2.67 billion, or $4.56 per share, in the year-ago period."", ""Lowe's got a $43 million pretax gain from the sale of its Canadian retail business in 2022, which lifted its earnings in the second quarter."", ""That boosted the company's earnings per share in the period by 7 cents."", 'Excluding the gain, the company earned $4.10 per share.', 'Net sales dropped from $24.96 billion in the prior year.', ""Lowe's posted a year-over-year sales decline for the sixth straight quarter."", 'Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.', ""Those declines were partially offset by growth in Lowe's online business and sales to home professionals, such as contractors and electricians."", 'For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.', ""About 25% of Lowe's sales come from pros compared with about half of Home Depot's sales."", ""Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program."", 'Ellison said that effort has paid off, with pros now ""the strongest segment of our overall business.', '""Lowe\'s shared its quarterly results and outlook at a time when investors and economists are watching consumer spending particularly closely.', ""Recent economic data and corporate earnings have given mixed indications about American households' financial health, as the Federal Reserve weighs a much-awaited rate cut."", 'Jobs growth in July came in much lower than expected.', 'Yet on the other hand, Walmart\'s CFO, John David Rainey, told CNBC that the largest U.S. retailer does not ""see any additional fraying of consumer health.""', 'Goldman Sachs also cut the odds of a recession to 20%.For home improvement retailers, the strain may be greater because of higher mortgage rates and elevated costs for borrowing.', ""Lowe's rival, Home Depot, last week beat Wall Street's quarterly expectations for earnings and revenue."", 'Yetthe company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.', '""In an interview with CNBC, Home Depot CFO Richard McPhail said customers are not only putting off projects because of higher interest rates.', 'He said they alsohave ""a sense of greater uncertainty in the economy,""even thoughmost of Home Depot\'s customersownhomes andhave seen sharp property value gains.', 'Ellison told CNBC that the medium- and long-term outlook for the home improvement industry is bright.', 'He said U.S. housing stock is aging, more millennials are forming households and Baby Boomers are choosing to adapt their current homes rather than move as they get older — all factors that will boost the segment.', '""We\'re just waiting for that inflection to happen, and when it happens, we believe that we\'re in a great position to take [market] share,"" he said.', ""Shares of Lowe's closed Monday at $243.21."", ""As of Monday's close, the company's stock is up about 9% year to date, trailing behind the nearly 18% gains of the S&P 500.Clarification: This story has been updated to clarify that the percentages for Lowe's stock and the S&P 500 are for the year to date.""]",0.2783190261243994,"Over the past five years, Lowe's has been trying to attract more home professionals, which tend to be steadier and more lucrative customers, by tailoring its merchandising assortment, delivering orders to job sites and offering a loyalty program.","Yetthe company said it expects the back half of the year to be weaker than anticipated as consumers continue to have a ""deferral mindset.",0.0182513613253831,"For pros, comparable sales rose by mid-single digits and online sales increased by 2.9%, Ellison said.","Comparable sales, an industry metric that takes out one-time factors like store openings and closures, dropped 5.1%, as the company said customers took on fewer discretionary home projects and unfavorable weather hurt sales of outdoor and seasonal items.",2024-08-18
+"Judge temporarily blocks sports streaming service Venu, siding with Fubo on antitrust concerns",https://www.cnbc.com/2024/08/16/judge-temporarily-blocks-sports-streaming-service-venu-ruling-in-favor-of-fubo-tv-on-antitrust-concerns.html,2024-08-16T21:08:49+0000,"In this articleA U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the National Football League season. The companies had planned to launch their service by that date.Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business. Fubo's stock gained 16% Friday on the news of the injunction.""Today's ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.Warner Bros. Discovery, Fox and Disney's ESPN announced the formation of the joint venture streaming service in February. Soon after, Fubo filed an antitrust lawsuit against the venture.On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices. In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass.; Sen. Bernie Sanders, I-Vt.; and Rep. Joaquin Castro, D-Texas, sent a letter pushing to scrutinize Venu.""We respectfully disagree with the court's ruling and are appealing it,"" Warner Bros. Discovery, Fox and Disney's ESPN said in a joint statement on Friday.""We believe that Fubo's arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction. Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.""Earlier this month, Venu announced pricing of $42.99 per month.The service would offer the complete suite of live sports rights owned by the parent companies, which includes the National Basketball Association, National Hockey League, Major League Baseball, college football and basketball, among others. Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.The expensive price point is common when it comes to streaming live sports so it doesn't shake up any carriage agreements with traditional pay TV distributors.In court documents, U.S. Judge Margaret Garnett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.""There is significant evidence in the record that the true figures may be even larger,"" Garnett said in court papers.""This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming. But together, they are dominant,"" Garnett said in her decision.Outside of these companies, Paramount Global's CBS and Comcast's NBC are the other largest holders of U.S. sports rights. Streaming services, such as Amazon's Prime Video, have also begun offering live sports exclusively.Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle. Meanwhile, companies such as Fubo — a streaming option of the bundle — have seen their prices rise due to the high programming costs related to the networks they carry.The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.A multiday hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar's Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses.During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would ""terminate"" Venu, Front Office Sports reported.""This ruling is a major victory for consumers and competition in the video marketplace,"" Jeff Blum, executive vice president of external and government affairs at EchoStar, said in a statement.""We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,"" DirecTV said in a statement Friday.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.",CNBC,16/08/2024,"['In this articleA U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.', 'The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the National Football League season.', 'The companies had planned to launch their service by that date.', 'Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business.', ""Fubo's stock gained 16% Friday on the news of the injunction."", '""Today\'s ruling is a victory not only for Fubo but also for consumers.', 'This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.', ""Warner Bros. Discovery, Fox and Disney's ESPN announced the formation of the joint venture streaming service in February."", 'Soon after, Fubo filed an antitrust lawsuit against the venture.', 'On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices.', 'In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass.; Sen. Bernie Sanders, I-Vt.;', 'and Rep. Joaquin Castro, D-Texas, sent a letter pushing to scrutinize Venu.', '""We respectfully disagree with the court\'s ruling and are appealing it,"" Warner Bros. Discovery, Fox and Disney\'s ESPN said in a joint statement on Friday.', '""We believe that Fubo\'s arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction.', 'Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.', '""Earlier this month, Venu announced pricing of $42.99 per month.', 'The service would offer the complete suite of live sports rights owned by the parent companies, which includes the National Basketball Association, National Hockey League, Major League Baseball, college football and basketball, among others.', ""Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.The expensive price point is common when it comes to streaming live sports so it doesn't shake up any carriage agreements with traditional pay TV distributors."", 'In court documents, U.S. Judge Margaret Garnett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.', '""There is significant evidence in the record that the true figures may be even larger,"" Garnett said in court papers.', '""This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming.', 'But together, they are dominant,"" Garnett said in her decision.', ""Outside of these companies, Paramount Global's CBS and Comcast's NBC are the other largest holders of U.S. sports rights."", ""Streaming services, such as Amazon's Prime Video, have also begun offering live sports exclusively."", 'Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle.', 'Meanwhile, companies such as Fubo — a streaming option of the bundle — have seen their prices rise due to the high programming costs related to the networks they carry.', 'The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.', ""But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies."", ""A multiday hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar's Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses."", 'During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would ""terminate"" Venu, Front Office Sports reported.', '""This ruling is a major victory for consumers and competition in the video marketplace,"" Jeff Blum, executive vice president of external and government affairs at EchoStar, said in a statement.', '""We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,"" DirecTV said in a statement Friday.', 'Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.']",0.0271076714137857,"This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,"" said Fubo CEO David Gandler in a press release after the court decision.","But Fubo's lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.",0.019161398921694,Fubo's stock gained 16% Friday on the news of the injunction.,Traditional pay TV distributors have been losing customers at a fast clip as they opt for streaming services and out of the notoriously expensive bundle.,2024-08-18
+Energy price cap expected to rise by 9% in October,https://www.bbc.co.uk/news/articles/cy54r9r1355o,2024-08-19T06:21:22.365Z,"Domestic energy prices are expected to rise in the run-up to winter, according to consultancy Cornwall Insight. The forecaster, which is widely regarded for its accurate predictions, said a household using a typical amount of gas and electricity would pay £1,714 a year from October. That would be a £146 a year rise compared with a current typical annual bill - the lowest for two years - of £1,568. Energy regulator Ofgem will announce the next official quarterly price cap on Friday, with charities concerned about the prospect of prices rising again. Although the price cap is changed every three months, it is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity. People in larger properties will tend to pay more overall owing to higher energy usage, and those in smaller properties will pay less. That is because the cap limits the maximum price that can be charged for each unit of gas and electricity, rather than the total bill.  It affects 28 million households in England, Wales and Scotland. The sector is regulated separately in Northern Ireland.  Cornwall Insight said prices paid by households, although protected to some degree by the price cap, were affected by volatility in the fragile global energy market. Wholesale costs, paid by suppliers, had risen by about 20% in the last few months, it said. These are reflected in consumer bills, accounting for about half of what customers pay.  With prices set to rise, some billpayers might look at the options available to fix their energy tariff. Cornwall Insight said that the average saving from the top 10 cheapest tariffs on the market in August was only £5 a year, compared with a default tariff set by the price cap.  That may change in the coming weeks, and Richard Neudegg, from price comparison website Uswitch, said there were options for those who wanted certainty. ""Just because it is a fix, it doesn't mean it is a good price fix,"" he said. ""The question for consumers is, if they want that level of certainty, how cheaply can they get it.""  Cornwall Insight also said it expected costs to rise again during the winter, when the January price cap is announced.   It said a ""modest"" rise was anticipated. However, recent tensions in the Russia-Ukraine war could see prices rise further, it added. ""While we don't expect a return to the extreme prices of recent years, it's unlikely that bills will return to what was once considered normal. Without significant intervention, this may well be the new normal,"" said Craig Lowrey, principal consultant at the forecaster. Charity National Energy Action said any increases in prices, alongside less support from the government, could stretch some households' finances ""beyond breaking point"". Standing charges, a fixed daily fee covering the costs of connecting to a supply, currently stand at at 60p a day for electricity and 31p a day for gas, although they vary by region. Ofgem is currently considering whether to change the standing charge billing system. Energy bills are considerably lower than the peak after Russia's invasion of Ukraine, when the government stepped in to limit bill rises, but are much higher than before the pandemic. Experts have shared three tips to keep on top of energy use during the warmer months: Read more here if you are struggling to pay energy bills ",BBC,19/08/2024,"['Domestic energy prices are expected to rise in the run-up to winter, according to consultancy Cornwall Insight.', 'The forecaster, which is widely regarded for its accurate predictions, said a household using a typical amount of gas and electricity would pay £1,714 a year from October.', 'That would be a £146 a year rise compared with a current typical annual bill - the lowest for two years - of £1,568.', 'Energy regulator Ofgem will announce the next official quarterly price cap on Friday, with charities concerned about the prospect of prices rising again.', 'Although the price cap is changed every three months, it is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity.', 'People in larger properties will tend to pay more overall owing to higher energy usage, and those in smaller properties will pay less.', 'That is because the cap limits the maximum price that can be charged for each unit of gas and electricity, rather than the total bill.', 'It affects 28 million households in England, Wales and Scotland.', 'The sector is regulated separately in Northern Ireland.', 'Cornwall Insight said prices paid by households, although protected to some degree by the price cap, were affected by volatility in the fragile global energy market.', 'Wholesale costs, paid by suppliers, had risen by about 20% in the last few months, it said.', 'These are reflected in consumer bills, accounting for about half of what customers pay.', 'With prices set to rise, some billpayers might look at the options available to fix their energy tariff.', 'Cornwall Insight said that the average saving from the top 10 cheapest tariffs on the market in August was only £5 a year, compared with a default tariff set by the price cap.', 'That may change in the coming weeks, and Richard Neudegg, from price comparison website Uswitch, said there were options for those who wanted certainty. ""', 'Just because it is a fix, it doesn\'t mean it is a good price fix,"" he said. ""', 'The question for consumers is, if they want that level of certainty, how cheaply can they get it.""', 'Cornwall Insight also said it expected costs to rise again during the winter, when the January price cap is announced.', 'It said a ""modest"" rise was anticipated.', 'However, recent tensions in the Russia-Ukraine war could see prices rise further, it added. ""', ""While we don't expect a return to the extreme prices of recent years, it's unlikely that bills will return to what was once considered normal."", 'Without significant intervention, this may well be the new normal,"" said Craig Lowrey, principal consultant at the forecaster.', 'Charity National Energy Action said any increases in prices, alongside less support from the government, could stretch some households\' finances ""beyond breaking point"".', 'Standing charges, a fixed daily fee covering the costs of connecting to a supply, currently stand at at 60p a day for electricity and 31p a day for gas, although they vary by region.', 'Ofgem is currently considering whether to change the standing charge billing system.', ""Energy bills are considerably lower than the peak after Russia's invasion of Ukraine, when the government stepped in to limit bill rises, but are much higher than before the pandemic."", 'Experts have shared three tips to keep on top of energy use during the warmer months: Read more here if you are struggling to pay energy bills']",0.102748036595514,"Energy regulator Ofgem will announce the next official quarterly price cap on Friday, with charities concerned about the prospect of prices rising again.","However, recent tensions in the Russia-Ukraine war could see prices rise further, it added. """,0.149156249486483,"It said a ""modest"" rise was anticipated.","Charity National Energy Action said any increases in prices, alongside less support from the government, could stretch some households' finances ""beyond breaking point"".",2024-08-18
+Mike Lynch: Who is the missing tech tycoon?,https://www.bbc.co.uk/news/articles/cdxl5kpvrg9o,2024-08-19T16:15:46.791Z,"Mike Lynch, a British tech entrepreneur, and his daughter Hannah are missing after a luxury yacht sank off the coast of the Italian island of Sicily. After co-founding British tech firm Autonomy in 1996, and backing several successful tech firms, the businessman was regarded by some as the UK's answer to Microsoft founder Bill Gates. One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather. His wife, Angela Bacares, has been rescued. The British tech tycoon made his riches by selling his company Autonomy to US computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn). But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for more than a decade. He was acquitted in the US in June on multiple fraud charges, over which he had been facing two decades in jail. In an interview on BBC Radio 4 in August, Mr Lynch said that he believed he had only been able to prove his innocence in a US court due to his wealth. The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday. Born on 16 June 1965, Mr Lynch is the son of a nurse and a fireman, and was raised near Chelmsford in Essex.  He studied Natural Sciences at the University of Cambridge, where he earned a PhD in mathematical computing, and later undertook a research fellowship. In 1991, Mr Lynch helped establish Cambridge Neurodynamics - a firm which specialised in using computer-based detection and recognition of fingerprints. His tech firm Autonomy was created five years later, using a statistical method known as ""Bayesian inference"" at the core of its software. The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades. In 2006 he was awarded an OBE in recognition of his service to UK enterprise. He served on the board of the BBC as a non-executive director, and in 2011 was appointed to the government's council for science and technology - advising then-Prime Minister David Cameron on the risks and possibilities of AI development. After Autonomy's sale to HP in 2011 - from which Mr Lynch is believed to have netted £500m - he went on to establish tech investment firm Invoke Capital. The venture capital fund invested in the creation of British cyber security company Darktrace in 2013. Mr Lynch, a shareholder in the firm, held a seat on its board until earlier this year. Mr Lynch and his wife Angela Bacares have two daughters, and live at the Loudham Hall estate in Suffolk. His daughter Hannah, 18, was also on the yacht which sank. The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC that Mr Lynch, his daughter and the yacht's chef were among the missing. BBC Verify looked at corporate records and found the Bayesian's ownership is tied to the family. Sources close to the matter have confirmed to the BBC that Ms Bacares has been rescued. Meanwhile, Stephen Chamberlain, Mr Lynch's co-defendant in the Autonomy trial, has also died, after being hit by a car. Mr Chamberlain was out running in Cambridgeshire on Saturday when he was fatally struck by the vehicle. Autonomy became successful for its software's ability to extract useful information from data such as phone calls, emails and video. It would then use this data to do things like suggest answers to a call-centre operator or monitor TV channels for words or subjects. Prior to its purchase by HP in 2011, Autonomy had headquarters in San Francisco and Cambridge. But the price tag came under scrutiny following the sale and Autonomy's value was written down by billions just a year later. In 2018, US prosecutors brought charges against Mr Lynch - accusing him of artificially inflating the company's value. They said he had concealed the firm's loss-making business reselling hardware, and also accused him of intimidating or paying off people who raised concerns. Mr Lynch told BBC Radio 4 at the start of August that while convinced of his innocence throughout the lengthy trial, he felt he was only able to prove his this in US court due to his wealth. ""You shouldn't need to have funds to protect yourself as a British citizen,"" he said. ""The reason I'm sitting here, let's be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that's set up to sweep you away."" He added that following the lengthy legal saga, he wanted ""to get back to what I love doing, which is innovating"". ",BBC,19/08/2024,"['Mike Lynch, a British tech entrepreneur, and his daughter Hannah are missing after a luxury yacht sank off the coast of the Italian island of Sicily.', ""After co-founding British tech firm Autonomy in 1996, and backing several successful tech firms, the businessman was regarded by some as the UK's answer to Microsoft founder Bill Gates."", ""One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather."", 'His wife, Angela Bacares, has been rescued.', 'The British tech tycoon made his riches by selling his company Autonomy to US computing giant Hewlett-Packard (HP) in 2011 for $11bn (£8.6bn).', 'But an intense legal battle following the high-profile acquisition loomed over Mr Lynch for more than a decade.', 'He was acquitted in the US in June on multiple fraud charges, over which he had been facing two decades in jail.', 'In an interview on BBC Radio 4 in August, Mr Lynch said that he believed he had only been able to prove his innocence in a US court due to his wealth.', ""The sinking of the yacht came on the same day that Mr Lynch's co-defendant in the fraud case, Stephen Chamberlain, was confirmed by his lawyer as having died after being hit by a car in Cambridgeshire on Saturday."", 'Born on 16 June 1965, Mr Lynch is the son of a nurse and a fireman, and was raised near Chelmsford in Essex.', 'He studied Natural Sciences at the University of Cambridge, where he earned a PhD in mathematical computing, and later undertook a research fellowship.', 'In 1991, Mr Lynch helped establish Cambridge Neurodynamics - a firm which specialised in using computer-based detection and recognition of fingerprints.', 'His tech firm Autonomy was created five years later, using a statistical method known as ""Bayesian inference"" at the core of its software.', ""The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades."", 'In 2006 he was awarded an OBE in recognition of his service to UK enterprise.', ""He served on the board of the BBC as a non-executive director, and in 2011 was appointed to the government's council for science and technology - advising then-Prime Minister David Cameron on the risks and possibilities of AI development."", ""After Autonomy's sale to HP in 2011 - from which Mr Lynch is believed to have netted £500m - he went on to establish tech investment firm Invoke Capital."", 'The venture capital fund invested in the creation of British cyber security company Darktrace in 2013.', 'Mr Lynch, a shareholder in the firm, held a seat on its board until earlier this year.', 'Mr Lynch and his wife Angela Bacares have two daughters, and live at the Loudham Hall estate in Suffolk.', 'His daughter Hannah, 18, was also on the yacht which sank.', ""The director general of Sicily's civil protection agency, Salvatore Cocina, told the BBC that Mr Lynch, his daughter and the yacht's chef were among the missing."", ""BBC Verify looked at corporate records and found the Bayesian's ownership is tied to the family."", 'Sources close to the matter have confirmed to the BBC that Ms Bacares has been rescued.', ""Meanwhile, Stephen Chamberlain, Mr Lynch's co-defendant in the Autonomy trial, has also died, after being hit by a car."", 'Mr Chamberlain was out running in Cambridgeshire on Saturday when he was fatally struck by the vehicle.', ""Autonomy became successful for its software's ability to extract useful information from data such as phone calls, emails and video."", 'It would then use this data to do things like suggest answers to a call-centre operator or monitor TV channels for words or subjects.', 'Prior to its purchase by HP in 2011, Autonomy had headquarters in San Francisco and Cambridge.', ""But the price tag came under scrutiny following the sale and Autonomy's value was written down by billions just a year later."", ""In 2018, US prosecutors brought charges against Mr Lynch - accusing him of artificially inflating the company's value."", ""They said he had concealed the firm's loss-making business reselling hardware, and also accused him of intimidating or paying off people who raised concerns."", 'Mr Lynch told BBC Radio 4 at the start of August that while convinced of his innocence throughout the lengthy trial, he felt he was only able to prove his this in US court due to his wealth. ""', 'You shouldn\'t need to have funds to protect yourself as a British citizen,"" he said. ""', 'The reason I\'m sitting here, let\'s be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that\'s set up to sweep you away.""', 'He added that following the lengthy legal saga, he wanted ""to get back to what I love doing, which is innovating"".']",0.0892994625773302,The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades.,"One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather.",0.3229077339172363,The company's fast-paced growth and success throughout the late 1990s and early 2000s saw Mr Lynch earn a number of awards and accolades.,"One person is dead and six are missing after a 56m superyacht called Bayesian, which has been linked to Mr Lynch's family, sank following bad weather.",2024-08-18
+"Ford upgrades Lincoln Navigator to include spa mode, 48-inch display for videos and gaming",https://www.cnbc.com/2024/08/15/ford-2025-lincoln-navigator-spa-mode-48-inch-display-for-gaming.html,2024-08-16T14:46:10+0000,"In this articleFord Motor is updating its Lincoln Navigator to include a 48-inch front display that can be used as a ""sanctuary"" for spa lovers and gamers alike.The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.The ""sanctuary"" mode is part of the ""Lincoln Rejuvenate"" feature, which is meant to create a calming environment for the driver. Once initiated when parked, the driver's seat automatically slides backward, reclines, warms slightly and makes massaging motions.The mode — in five- or 10-minute increments — also changes the vehicle's climate, releases refreshing scents and plays relaxing videos and sounds such as a waterfall. Scent choices are mystic forest, ozonic azure and violet cashmere.The vehicle comes preloaded with a ""waterfall meditation"" experience in partnership with meditation and sleep app company Calm; two other themes — ""aurora borealis"" and ""elements"" — are included with purchase.""Navigator is the flagship of the Lincoln brand and represents our ultimate expression of sanctuary,"" Craig said.The large, horizontal screen and rejuvenate modes initially debuted on the 2024 Lincoln Nautilus, but the Navigator's bigger interior allowed for further enhancements.If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked. Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque. It also comes standard with the BlueCruise advanced driver-assistance system, which allows for hands-free driving on highways.Ford said pricing for the 2025 Navigator will start under $100,000, but more detailed pricing will be released closer to the vehicle going on sale in spring 2025. The starting pricing for current models ranges from $83,000 to more than $114,000.The Navigator's current average transaction price is more than $101,300, according to Lincoln.Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time.The redesigned Navigator was revealed in connection to Monterey Car Week and the Pebble Beach Concours d'Elegance car show in California.",CNBC,16/08/2024,"['In this articleFord Motor is updating its Lincoln Navigator to include a 48-inch front display that can be used as a ""sanctuary"" for spa lovers and gamers alike.', 'The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.', 'The ""sanctuary"" mode is part of the ""Lincoln Rejuvenate"" feature, which is meant to create a calming environment for the driver.', ""Once initiated when parked, the driver's seat automatically slides backward, reclines, warms slightly and makes massaging motions."", ""The mode — in five- or 10-minute increments — also changes the vehicle's climate, releases refreshing scents and plays relaxing videos and sounds such as a waterfall."", 'Scent choices are mystic forest, ozonic azure and violet cashmere.', 'The vehicle comes preloaded with a ""waterfall meditation"" experience in partnership with meditation and sleep app company Calm; two other themes — ""aurora borealis"" and ""elements"" — are included with purchase.', '""Navigator is the flagship of the Lincoln brand and represents our ultimate expression of sanctuary,"" Craig said.', ""The large, horizontal screen and rejuvenate modes initially debuted on the 2024 Lincoln Nautilus, but the Navigator's bigger interior allowed for further enhancements."", 'If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked.', 'Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque.', 'It also comes standard with the BlueCruise advanced driver-assistance system, which allows for hands-free driving on highways.', 'Ford said pricing for the 2025 Navigator will start under $100,000, but more detailed pricing will be released closer to the vehicle going on sale in spring 2025.', ""The starting pricing for current models ranges from $83,000 to more than $114,000.The Navigator's current average transaction price is more than $101,300, according to Lincoln."", ""Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time."", ""The redesigned Navigator was revealed in connection to Monterey Car Week and the Pebble Beach Concours d'Elegance car show in California.""]",0.2051268193359368,"If a driver prefers to turn to media for relaxation instead of having a spa experience, the front display can be split to play video and gaming apps while the vehicle is parked.","Games currently include Asphalt Nitro 2, Angry Birds and Beach Buggy Racing 2.The up-to-eight passenger SUV will continue to be powered by a twin-turbocharged 3.5-liter V6 engine with 440 horsepower and 510 pound-feet of torque.",0.0636908710002899,"Lincoln's sales were up 23.4% year over year through July, however, sales of the Navigator were off roughly 21% during that time.","The new feature comes as the automaker has redesigned the exterior and interior of the vehicle for the 2025 model year — and as the Ford luxury brand attempts to differentiate Navigator amid declining sales of the large SUV.""The all-new Navigator is more than just a vehicle; it can become a home away from home and a third space that rejuvenates clients in an entirely new way on and off the road,"" Lincoln president Dianne Craig said in a release.",2024-08-18
+Red-hot rents for homes start to cool as tenants struggle,https://www.bbc.co.uk/news/articles/cj627rr3wk9o,2024-08-20T23:02:24.309Z,"The ""red-hot"" rental market is starting to cool, exclusive data provided to the BBC reveals, but tenants say they are still caught in a price trap. The cost for renters who move home and take on a new tenancy has risen at its slowest rate for nearly three years, according to property portal Zoopla. But it is still going up, and 17 prospective tenants on average are chasing every available home. The picture also varies considerably in different areas. One couple in Birmingham said they felt ""defeated, isolated, panicky and angry"". ""It’s hard to stay motivated at work when it feels like all of the hard work that you do is just to keep your head above water,"" said Mike Buller, who is aged in his 40s and lives with his wife Lisa. Rent rises for new lets - people moving home to take on a new tenancy - have slowed in the UK's second largest city but - as in the vast majority of areas - are still going up.  The couple, who are trying to save to buy their own home, said only a big drop in rents would have a noticeable impact.  The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings. The data does not include those people who are renewing a rental agreement in existing properties.   The 5.7% increase in UK rents in the year to the end of June was the slowest rise recorded since September 2021, the data suggests. The cost went up by only 1.6% in the first six months of this year - again the slowest rise during any half year for three years. ""We have moved from a red-hot market over the last couple of years, to one which is still hot, but cooling,"" said Richard Donnell, executive director at Zoopla. Despite the slowdown, renting is still 20% more expensive than a couple of years ago, he said, forcing some tenants to share with other tenants or lower their expectations.   Less intense competition is partly behind the slowdown. Last year, about 30 to 35 tenants were chasing every available property. That has dropped to 17, according to Zoopla figures, but that is still two or three times the level of competition seen before the pandemic. Various lettings agencies have also reported shorter queues to view. A number of factors are at play when it comes to falling demand, with students and graduates among the key drivers. A drop in student numbers, partly those from overseas, has lowered competition in some areas. Meanwhile, some graduates - spooked by the costs involved - have moved back into the family home. ""About 80% of my friends finished university and went straight home to live with their parents,"" said Monty Savage, who shares a flat with his cousin in Nottingham. He graduated last year, has a job, and after he has paid his rent of £1,100 a month, relies on his parents to help financially with other bills. Separate research from estate agency Savills suggests parental support continues into homeownership. Its analysis of industry data found that 57% of first-time buyers - a total of 164,000 - had family assistance in buying their first home with a mortgage in 2023. That was the highest proportion for 11 years. Renters moving home in Monty's home city of Nottingham saw prices actually falling slightly in the first half of the year compared with the same period in 2023, according to the Zoopla study.  The cost of rents in Brighton, London and Glasgow also dipped. Mr Donnell said local markets differed, with some seeing more investment in rental property, and some having ""overshot"" with rising rents. That meant they had to fall to become affordable for prospective local tenants. On the flipside, some first-time buyers had seen mortgage rates fall sufficiently to be able to stop renting and buy a home. In Derby, despite the proximity to Nottingham, rents are increasing. Imogen Pearson said the intensity of competition had been ridiculous. She said she had lost out on some properties because people paid a deposit before even going to a viewing. ""I would understand that in somewhere like London or Manchester, but not in the suburbs of Derby,"" she said. ""The more money you spend, the longer you have to rent."" Ultimately, the number of properties available to rent has failed to grow since 2016, according to Mr Donnell, while demand has risen - hence the rising costs for tenants. Despite a 39% fall in rental demand in the past year, he said the situation would only become more affordable for those on low incomes or reliant on benefits when more homes become available. In the meantime, people have to hunt around, work out what they can afford and where, and talk to local agents with knowledge about what is available. Zoopla bases its figures on its listings data, which covers about 80% of homes listed for let. Agents say there are some simple ways to make it easier to secure a rental property, including: There are more tips here and help on your renting rights here. ",BBC,20/08/2024,"['The ""red-hot"" rental market is starting to cool, exclusive data provided to the BBC reveals, but tenants say they are still caught in a price trap.', 'The cost for renters who move home and take on a new tenancy has risen at its slowest rate for nearly three years, according to property portal Zoopla.', 'But it is still going up, and 17 prospective tenants on average are chasing every available home.', 'The picture also varies considerably in different areas.', 'One couple in Birmingham said they felt ""defeated, isolated, panicky and angry"". ""', 'It’s hard to stay motivated at work when it feels like all of the hard work that you do is just to keep your head above water,"" said Mike Buller, who is aged in his 40s and lives with his wife Lisa.', ""Rent rises for new lets - people moving home to take on a new tenancy - have slowed in the UK's second largest city but - as in the vast majority of areas - are still going up."", 'The couple, who are trying to save to buy their own home, said only a big drop in rents would have a noticeable impact.', 'The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings.', 'The data does not include those people who are renewing a rental agreement in existing properties.', 'The 5.7% increase in UK rents in the year to the end of June was the slowest rise recorded since September 2021, the data suggests.', 'The cost went up by only 1.6% in the first six months of this year - again the slowest rise during any half year for three years. ""', 'We have moved from a red-hot market over the last couple of years, to one which is still hot, but cooling,"" said Richard Donnell, executive director at Zoopla.', 'Despite the slowdown, renting is still 20% more expensive than a couple of years ago, he said, forcing some tenants to share with other tenants or lower their expectations.', 'Less intense competition is partly behind the slowdown.', 'Last year, about 30 to 35 tenants were chasing every available property.', 'That has dropped to 17, according to Zoopla figures, but that is still two or three times the level of competition seen before the pandemic.', 'Various lettings agencies have also reported shorter queues to view.', 'A number of factors are at play when it comes to falling demand, with students and graduates among the key drivers.', 'A drop in student numbers, partly those from overseas, has lowered competition in some areas.', 'Meanwhile, some graduates - spooked by the costs involved - have moved back into the family home. ""', 'About 80% of my friends finished university and went straight home to live with their parents,"" said Monty Savage, who shares a flat with his cousin in Nottingham.', 'He graduated last year, has a job, and after he has paid his rent of £1,100 a month, relies on his parents to help financially with other bills.', 'Separate research from estate agency Savills suggests parental support continues into homeownership.', 'Its analysis of industry data found that 57% of first-time buyers - a total of 164,000 - had family assistance in buying their first home with a mortgage in 2023.', 'That was the highest proportion for 11 years.', ""Renters moving home in Monty's home city of Nottingham saw prices actually falling slightly in the first half of the year compared with the same period in 2023, according to the Zoopla study."", 'The cost of rents in Brighton, London and Glasgow also dipped.', 'Mr Donnell said local markets differed, with some seeing more investment in rental property, and some having ""overshot"" with rising rents.', 'That meant they had to fall to become affordable for prospective local tenants.', 'On the flipside, some first-time buyers had seen mortgage rates fall sufficiently to be able to stop renting and buy a home.', 'In Derby, despite the proximity to Nottingham, rents are increasing.', 'Imogen Pearson said the intensity of competition had been ridiculous.', 'She said she had lost out on some properties because people paid a deposit before even going to a viewing. ""', 'I would understand that in somewhere like London or Manchester, but not in the suburbs of Derby,"" she said. ""', 'The more money you spend, the longer you have to rent.""', 'Ultimately, the number of properties available to rent has failed to grow since 2016, according to Mr Donnell, while demand has risen - hence the rising costs for tenants.', 'Despite a 39% fall in rental demand in the past year, he said the situation would only become more affordable for those on low incomes or reliant on benefits when more homes become available.', 'In the meantime, people have to hunt around, work out what they can afford and where, and talk to local agents with knowledge about what is available.', 'Zoopla bases its figures on its listings data, which covers about 80% of homes listed for let.', 'Agents say there are some simple ways to make it easier to secure a rental property, including: There are more tips here and help on your renting rights here.']",0.0430138188063649,"Agents say there are some simple ways to make it easier to secure a rental property, including: There are more tips here and help on your renting rights here.","One couple in Birmingham said they felt ""defeated, isolated, panicky and angry"". """,0.1136905528031862,"The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings.","A drop in student numbers, partly those from overseas, has lowered competition in some areas.",2024-08-18
+Flights cancelled in Japan after scissors go missing,https://www.bbc.co.uk/news/articles/cd9d7gg2599o,2024-08-20T03:30:32.681Z,"Thirty-six flights were cancelled and 201 delayed at a Japanese airport on the weekend after a pair of scissors went missing in a store near the boarding gates. Security checks at Hokkaido’s New Chitose Airport domestic terminal were suspended for about two hours on Saturday morning, leaving hundreds of travellers temporarily stranded. There were huge bottlenecks and queues as passengers in the departure lounge were forced to retake security checks.  Authorities tried to locate the missing scissors, which were found at the same store the following day.  Although the scissors weren’t located on Saturday, the day they went missing, security checks and flights eventually resumed that day. Hokkaido Airport, the operator of New Chitose airport, announced on Monday that the scissors had been found by a worker at the store on Sunday.  Authorities explained that they held off on making the announcement until they had confirmed that the scissors were the same as the ones that were lost. Many travellers affected by the cancellations and delays were flying home after Japan’s annual Bon holiday. “I don't think we have any choice (but to wait),” one traveller told local media at the time. “But I do hope they are bit more careful about it.” Another traveller said there were “So many things to worry about these days… it never ends. And I don't feel safe until I get home.” The Ministry of Land, Infrastructure, Transport and Tourism has asked Hokkaido Airports to investigate the cause and prevent it from happening again. ""We recognise that this occurred as a result of insufficient storage and management systems at the store,” Hokkaido Airport said. “We are aware that this is also an incident that could be linked to hijacking or terrorism, and will once again work to ensure thorough management awareness."" Social media users on X praised the airport's response to the incident, with several saying it reaffirmed their confidence in Japanese air safety. ""This incident showcased the safety of Japanese aviation and the thoroughness of its manuals!"" one user wrote. Another said it ""made me realise once again that New Chitose Airport is a safe airport to use."" New Chitose is one of Japan’s busiest airports, serving the world's second-most travelled domestic air route – between Tokyo and Sapporo – according to aviation analytics company OAG. More than 15 million travellers used the airport in 2022. Additional reporting by Chika Nakayama in Tokyo   ",BBC,20/08/2024,"['Thirty-six flights were cancelled and 201 delayed at a Japanese airport on the weekend after a pair of scissors went missing in a store near the boarding gates.', 'Security checks at Hokkaido’s New Chitose Airport domestic terminal were suspended for about two hours on Saturday morning, leaving hundreds of travellers temporarily stranded.', 'There were huge bottlenecks and queues as passengers in the departure lounge were forced to retake security checks.', 'Authorities tried to locate the missing scissors, which were found at the same store the following day.', 'Although the scissors weren’t located on Saturday, the day they went missing, security checks and flights eventually resumed that day.', 'Hokkaido Airport, the operator of New Chitose airport, announced on Monday that the scissors had been found by a worker at the store on Sunday.', 'Authorities explained that they held off on making the announcement until they had confirmed that the scissors were the same as the ones that were lost.', 'Many travellers affected by the cancellations and delays were flying home after Japan’s annual Bon holiday. “', ""I don't think we have any choice (but to wait),” one traveller told local media at the time. “"", 'But I do hope they are bit more careful about it.”', 'Another traveller said there were “So many things to worry about these days… it never ends.', ""And I don't feel safe until I get home.”"", 'The Ministry of Land, Infrastructure, Transport and Tourism has asked Hokkaido Airports to investigate the cause and prevent it from happening again. ""', 'We recognise that this occurred as a result of insufficient storage and management systems at the store,” Hokkaido Airport said. “', 'We are aware that this is also an incident that could be linked to hijacking or terrorism, and will once again work to ensure thorough management awareness.""', 'Social media users on X praised the airport\'s response to the incident, with several saying it reaffirmed their confidence in Japanese air safety. ""', 'This incident showcased the safety of Japanese aviation and the thoroughness of its manuals!""', 'one user wrote.', 'Another said it ""made me realise once again that New Chitose Airport is a safe airport to use.""', ""New Chitose is one of Japan’s busiest airports, serving the world's second-most travelled domestic air route – between Tokyo and Sapporo – according to aviation analytics company OAG."", 'More than 15 million travellers used the airport in 2022.', 'Additional reporting by Chika Nakayama in Tokyo']",0.0524810948187078,"Social media users on X praised the airport's response to the incident, with several saying it reaffirmed their confidence in Japanese air safety. """,Thirty-six flights were cancelled and 201 delayed at a Japanese airport on the weekend after a pair of scissors went missing in a store near the boarding gates.,-0.3048679331938426,"Social media users on X praised the airport's response to the incident, with several saying it reaffirmed their confidence in Japanese air safety. ""","We recognise that this occurred as a result of insufficient storage and management systems at the store,” Hokkaido Airport said. “",2024-08-18
+King Charles III £1 coin enters circulation,https://www.bbc.co.uk/news/articles/c3ejnv74dwno,2024-08-20T03:30:12.732Z,"The first £1 coins featuring King Charles III are entering circulation this week. Almost three million coins have been issued to post offices and banks across the country. The coins mark the King's new reign and celebrate his love of the natural world, with the reverse side featuring a pair of bees. Even as the King becomes a familiar sight on coins, those featuring Queen Elizabeth II will remain in circulation. New sets of coins are struck in response to demand. ""It is an honour to reveal that King Charles III’s £1 coin is now in circulation,"" said Rebecca Morgan, director at the Royal Mint. ""We know there’ll be a buzz of excitement amongst collectors and the public to get this special piece of history in their change."" The bees are one of eight new designs that will appear on the nation’s coins, from the 1p to the £2. The new designs of the coins were revealed back in October.  The tails side of every coin will feature the country's flora and fauna. Animals ranging from the red squirrel to the capercaillie grouse are also depicted, as part of an effort to show the importance, and precariousness, of the natural world. Ms Morgan said she hoped the designs across all denominations would spark ""important conversations about the conservation of these important species”. Each coin has been created with the support of the Royal Horticultural Society and the Royal Society for the Protection of Birds. The size and shape of the coins remain unchanged, which is key because of the still widespread use of coins in vending machines, supermarket self-checkouts and parking meters. But the numbers on the coins have been enlarged, to help children identify figures and learn to count. The Royal Mint, based in Llantrisant, Rhondda Cynon Taf, has made the circulating coinage of each of Britain’s monarchs since Alfred the Great, Ms Morgan said. Although there have been commemorative coins circulating featuring King Charles, these new designs - officially known as definitives - mark the transition on to coinage that will be used daily. Definitive coins feature the standard designs seen on the majority of official currency. These designs stay the same for years or even decades. The previous set featured a shield formation and was introduced under Queen Elizabeth II in 2008, and will still dominate the 29 billion coins in circulation in the UK for some time yet. ",BBC,20/08/2024,"['The first £1 coins featuring King Charles III are entering circulation this week.', 'Almost three million coins have been issued to post offices and banks across the country.', ""The coins mark the King's new reign and celebrate his love of the natural world, with the reverse side featuring a pair of bees."", 'Even as the King becomes a familiar sight on coins, those featuring Queen Elizabeth II will remain in circulation.', 'New sets of coins are struck in response to demand. ""', 'It is an honour to reveal that King Charles III’s £1 coin is now in circulation,"" said Rebecca Morgan, director at the Royal Mint. ""', 'We know there’ll be a buzz of excitement amongst collectors and the public to get this special piece of history in their change.""', 'The bees are one of eight new designs that will appear on the nation’s coins, from the 1p to the £2.', 'The new designs of the coins were revealed back in October.', ""The tails side of every coin will feature the country's flora and fauna."", 'Animals ranging from the red squirrel to the capercaillie grouse are also depicted, as part of an effort to show the importance, and precariousness, of the natural world.', 'Ms Morgan said she hoped the designs across all denominations would spark ""important conversations about the conservation of these important species”.', 'Each coin has been created with the support of the Royal Horticultural Society and the Royal Society for the Protection of Birds.', 'The size and shape of the coins remain unchanged, which is key because of the still widespread use of coins in vending machines, supermarket self-checkouts and parking meters.', 'But the numbers on the coins have been enlarged, to help children identify figures and learn to count.', 'The Royal Mint, based in Llantrisant, Rhondda Cynon Taf, has made the circulating coinage of each of Britain’s monarchs since Alfred the Great, Ms Morgan said.', 'Although there have been commemorative coins circulating featuring King Charles, these new designs - officially known as definitives - mark the transition on to coinage that will be used daily.', 'Definitive coins feature the standard designs seen on the majority of official currency.', 'These designs stay the same for years or even decades.', 'The previous set featured a shield formation and was introduced under Queen Elizabeth II in 2008, and will still dominate the 29 billion coins in circulation in the UK for some time yet.']",0.2382125926436159,"The coins mark the King's new reign and celebrate his love of the natural world, with the reverse side featuring a pair of bees.","New sets of coins are struck in response to demand. """,0.980395644903183,"Ms Morgan said she hoped the designs across all denominations would spark ""important conversations about the conservation of these important species”.",,2024-08-18
+"Tata Steel: No false hopes on jobs, says prime minister",https://www.bbc.co.uk/news/articles/cvg48y48570o,2024-08-20T11:09:40.721Z,"Sir Keir Starmer has said he cannot give ""false hope"" to Port Talbot steel workers ahead of the planned closure of the town's last blast furnace next month. The Labour UK government is in discussions to save jobs at Tata Steel, where thousands face redundancy. The prime minister said his ministers will do ""everything we can"" but added: ""I'm not going to pretend it's [anything] other than tough."" Welsh Conservative Senedd leader Andrew RT Davies claimed Labour ministers had led Port Talbot ""up the garden path"". Plaid Cymru said Labour was on the ""backfoot"" in responding to Tata. The UK Labour leader was speaking to journalists at the 57.4-megawatt Brechfa Forest West windfarm in Carmarthenshire, as part of a two day trip to Wales. Sir Keir met Eluned Morgan in Cathays Park, in Cardiff, on Monday for his first meeting with her since she became first minister. The Labour leader claimed to have ""turbocharged"" the party's action on steel since he has been in power. Asked if he was risking giving false hope to Port Talbot steel workers, he said: ""No. ""We're working really hard on this, both the first minister and myself jointly on this, because it's so important we do everything we can to preserve those jobs."" He later added: ""I don't want to give anybody false hope. I'm not going to give up on trying to preserve as many jobs as we can.  ""I'm not going to give up on making sure that those in the supply chains have the money they need to diversify, where they need to diversify, which is why we put money behind this just seven days ago. ""It is very important that we have steel production here in south Wales, very important that the government is committed to that. ""This is a tough time, there's no doubt about that but we will do everything we can to preserve those jobs."" By Huw Thomas, BBC Wales business correspondent  In opposition Labour had been accused by the Conservative government of giving false hope to Tata Steel workers, and it’s a charge Sir Keir Starmer continues to resist as Prime Minister. While it is true that the new Labour government has announced funding for supply chain businesses, this was formed at the cross-party transition board whose remit and budget was set by the previous Westminster administration. Tata Steel, meanwhile, is pressing ahead with its plans. It has already invited workers to volunteer for redundancy, and will close the second of two blast furnaces in September. Since the steelmaker announced its original proposals at the beginning of this year, barely any changes have been made to the overall plan to cut 2,800 jobs and shut the heavy end of Port Talbot’s operation by the autumn. That’s despite industrial action and political pressure. With just weeks remaining, the blueprint for Tata Steel’s restructure seems unlikely to change. Any additional investment or job creation is likely to be secondary, and small in scale, compared with what’s being lost. Eluned Morgan told BBC Wales: ""We're all very aware that there's a Damocles sword hanging over the Tata situation."" ""The situation is difficult, and you know, we have to be prepared for all options."" The first tranche of cash from a £100m fund to help workers and firms affected by restructuring plans was announced last week. The £13.5m announced was to support local firms whose main customer is Tata Steel find new markets and to help workers find new jobs, access training and gain skills and qualifications in areas where there are vacancies. No.10 has promised to reset the relationship between the Welsh and UK governments, with the same party now running both. Asked whether there will be extra cash for the Welsh government to bring down waiting lists, Ms Morgan said: ""There's a whole array of issues that we discussed yesterday. ""Because they will be putting some money on the table in England to bring those waiting lists down, we will get some money as a result of that, we'll decide to spend that how we want. ""I'm very keen to make sure that we use that money to bring waiting lists down."" She said the UK government can learn things from the Welsh government. ""We've changed the rules, for example, around around GPs and how they should see patients. We've changed their contracts. They haven't done that in England yet,"" she said. Ms Morgan added: ""We will work together on things that we agree on, but they need to understand that there some things are devolved."" On the visit to the hillside windfarm seven miles north of Carmarthen on Tuesday, Sir Keir said renewable energy was a ""massive opportunity"" for the country. ""There's a huge opportunity here for Wales, which has got the resources, it's got the natural resources, it's got the shallow seas, and it's got the skilled people here in Wales that can operate this,"" he said. He and  Eluned Morgan saw inside one of the turbines, which are up to 100m tall, after a technician stopped it for safety reasons. Andrew RT Davies criticised Sir Keir's comments on Tata. He said: ""Clearly now the realisation is coming that what the Conservatives did in government offered real hope to maintain steel production in Port Talbot with arc furnaces."" He added: ""The steel workers and communities in Port Talbot have been misled by Labour and led up the garden path"". Ann Davies, Plaid Cymru MP for Caerfyrddin, said: ""Labour has known about Tata's plans and associated job losses in Port Talbot for months. But it has constantly found itself on the back foot in responding to them. ‘We were told by Labour Welsh government to wait for a UK Labour government - with its £3bn plan for steel - to deliver new hope and a new plan for primary steel-making in Wales. It is clearer now than ever that there was no plan."" Additional reporting by PA Media. ",BBC,20/08/2024,"['Sir Keir Starmer has said he cannot give ""false hope"" to Port Talbot steel workers ahead of the planned closure of the town\'s last blast furnace next month.', 'The Labour UK government is in discussions to save jobs at Tata Steel, where thousands face redundancy.', 'The prime minister said his ministers will do ""everything we can"" but added: ""I\'m not going to pretend it\'s [anything] other than tough.""', 'Welsh Conservative Senedd leader Andrew RT Davies claimed Labour ministers had led Port Talbot ""up the garden path"".', 'Plaid Cymru said Labour was on the ""backfoot"" in responding to Tata.', 'The UK Labour leader was speaking to journalists at the 57.4-megawatt Brechfa Forest West windfarm in Carmarthenshire, as part of a two day trip to Wales.', 'Sir Keir met Eluned Morgan in Cathays Park, in Cardiff, on Monday for his first meeting with her since she became first minister.', 'The Labour leader claimed to have ""turbocharged"" the party\'s action on steel since he has been in power.', 'Asked if he was risking giving false hope to Port Talbot steel workers, he said: ""No. ""', 'We\'re working really hard on this, both the first minister and myself jointly on this, because it\'s so important we do everything we can to preserve those jobs.""', 'He later added: ""I don\'t want to give anybody false hope.', 'I\'m not going to give up on trying to preserve as many jobs as we can. ""', 'I\'m not going to give up on making sure that those in the supply chains have the money they need to diversify, where they need to diversify, which is why we put money behind this just seven days ago. ""', 'It is very important that we have steel production here in south Wales, very important that the government is committed to that. ""', 'This is a tough time, there\'s no doubt about that but we will do everything we can to preserve those jobs.""', 'By Huw Thomas, BBC Wales business correspondent In opposition Labour had been accused by the Conservative government of giving false hope to Tata Steel workers, and it’s a charge Sir Keir Starmer continues to resist as Prime Minister.', 'While it is true that the new Labour government has announced funding for supply chain businesses, this was formed at the cross-party transition board whose remit and budget was set by the previous Westminster administration.', 'Tata Steel, meanwhile, is pressing ahead with its plans.', 'It has already invited workers to volunteer for redundancy, and will close the second of two blast furnaces in September.', 'Since the steelmaker announced its original proposals at the beginning of this year, barely any changes have been made to the overall plan to cut 2,800 jobs and shut the heavy end of Port Talbot’s operation by the autumn.', 'That’s despite industrial action and political pressure.', 'With just weeks remaining, the blueprint for Tata Steel’s restructure seems unlikely to change.', 'Any additional investment or job creation is likely to be secondary, and small in scale, compared with what’s being lost.', 'Eluned Morgan told BBC Wales: ""We\'re all very aware that there\'s a Damocles sword hanging over the Tata situation."" ""', 'The situation is difficult, and you know, we have to be prepared for all options.""', 'The first tranche of cash from a £100m fund to help workers and firms affected by restructuring plans was announced last week.', 'The £13.5m announced was to support local firms whose main customer is Tata Steel find new markets and to help workers find new jobs, access training and gain skills and qualifications in areas where there are vacancies.', 'No.10 has promised to reset the relationship between the Welsh and UK governments, with the same party now running both.', 'Asked whether there will be extra cash for the Welsh government to bring down waiting lists, Ms Morgan said: ""There\'s a whole array of issues that we discussed yesterday. ""', 'Because they will be putting some money on the table in England to bring those waiting lists down, we will get some money as a result of that, we\'ll decide to spend that how we want. ""', 'I\'m very keen to make sure that we use that money to bring waiting lists down.""', 'She said the UK government can learn things from the Welsh government. ""', ""We've changed the rules, for example, around around GPs and how they should see patients."", ""We've changed their contracts."", 'They haven\'t done that in England yet,"" she said.', 'Ms Morgan added: ""We will work together on things that we agree on, but they need to understand that there some things are devolved.""', 'On the visit to the hillside windfarm seven miles north of Carmarthen on Tuesday, Sir Keir said renewable energy was a ""massive opportunity"" for the country. ""', 'There\'s a huge opportunity here for Wales, which has got the resources, it\'s got the natural resources, it\'s got the shallow seas, and it\'s got the skilled people here in Wales that can operate this,"" he said.', 'He and Eluned Morgan saw inside one of the turbines, which are up to 100m tall, after a technician stopped it for safety reasons.', ""Andrew RT Davies criticised Sir Keir's comments on Tata."", 'He said: ""Clearly now the realisation is coming that what the Conservatives did in government offered real hope to maintain steel production in Port Talbot with arc furnaces.""', 'He added: ""The steel workers and communities in Port Talbot have been misled by Labour and led up the garden path"".', 'Ann Davies, Plaid Cymru MP for Caerfyrddin, said: ""Labour has known about Tata\'s plans and associated job losses in Port Talbot for months.', 'But it has constantly found itself on the back foot in responding to them. ‘', 'We were told by Labour Welsh government to wait for a UK Labour government - with its £3bn plan for steel - to deliver new hope and a new plan for primary steel-making in Wales.', 'It is clearer now than ever that there was no plan.""', 'Additional reporting by PA Media.']",0.1609287782200049,"The £13.5m announced was to support local firms whose main customer is Tata Steel find new markets and to help workers find new jobs, access training and gain skills and qualifications in areas where there are vacancies.",Andrew RT Davies criticised Sir Keir's comments on Tata.,0.067912682890892,"He said: ""Clearly now the realisation is coming that what the Conservatives did in government offered real hope to maintain steel production in Port Talbot with arc furnaces.""","Ann Davies, Plaid Cymru MP for Caerfyrddin, said: ""Labour has known about Tata's plans and associated job losses in Port Talbot for months.",2024-08-18
+"TJX Companies raises full-year guidance, posts 5.6% sales gain for the most recent quarter",https://www.cnbc.com/2024/08/21/tjx-companies-tjx-earnings-q2-2025.html,2024-08-21T12:26:08+0000,"In this articleTJX Companies raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.The discounter behind Marshalls, HomeGoods and TJ Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve. Shares of TJX rose about 4% in premarket trading.Here's how the discounter did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier. Sales rose to $13.47 billion, up from $12.76 billion a year earlier.Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing.The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million. The privately-held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release.""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""The Company's ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said. That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores. During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount. HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.In the current quarter, performance is already ""off to a strong start,"" said CEO Ernie Herrman.""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons. We marked a milestone for our Company in the second quarter by opening our 5,000th store,"" said Herrman. ""Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday's close, TJX's stock is up about about 21% year to date. Shares reached a new high in May after the company reported strong quarterly earnings.The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes.In May, Herrman said the company is winning in part because it's ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.Some analysts say the nature of TJX's business model means it does well in any economic environment. In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher income shoppers come to its stores looking for deals on the branded clothes they're accustomed to.However, a sharp downturn in consumer spending, which some analysts have warned could be ahead, could impact the company regardless of its value offering.",CNBC,21/08/2024,"[""In this articleTJX Companies raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations."", ""The discounter behind Marshalls, HomeGoods and TJ Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve."", 'Shares of TJX rose about 4% in premarket trading.', ""Here's how the discounter did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 3 was $1.1 billion, or 96 cents per share, compared with $989 million, or 85 cents per share, a year earlier."", 'Sales rose to $13.47 billion, up from $12.76 billion a year earlier.', ""Throughout TJX's fiscal 2024 year, which ended in February, the company posted strong sales gains and robust guidance, but investors have been keen to see how it will lap those numbers in the quarters ahead and if it can keep growing."", 'The company has looked abroad as a primary growth avenue and on Wednesday, it announced that it was taking 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million.', ""The privately-held brand is the region's only major off-price player and operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business, TJX said in a news release."", '""As TJX seeks to continue its global growth, this transaction gives the Company an opportunity to invest in an established, off-price retailer with significant growth potential,"" TJX said. ""', 'The Company\'s ownership in BFL is expected to be slightly accretive to earnings per share beginning in Fiscal 2026.""During the quarter, consolidated comparable store sales increased by 4% and were ""entirely driven by an increase in customer transactions,"" indicating more shoppers are coming to its stores, TJX said.', 'That jump is ahead of the 2.8% uptick that analysts had expected, according to StreetAccount.', ""The growth was primarily driven by TJX's Marmaxx division in the U.S., which includes TJ Maxx, Marshalls and Sierra stores."", 'During the quarter, Marmaxx comparable sales were up 5%, compared with estimates of up 2.9%, according to StreetAccount.', 'HomeGoods posted comparable sales up 2% — short of the 3% that analysts had been looking for, according to StreetAccount — as the overall home furnishings market remains stagnant.', 'In the current quarter, performance is already ""off to a strong start,"" said CEO Ernie Herrman.', '""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.', 'We marked a milestone for our Company in the second quarter by opening our 5,000thstore,"" said Herrman. ""', 'Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday\'s close, TJX\'s stock is up about about 21% year to date.', 'Shares reached a new high in May after the company reported strong quarterly earnings.', ""The retailer has been taking market share from competitors like Target and Macy's and has become a haven for price-sensitive consumers who may be watching their dollars but still want to spring for new clothes."", 'In May, Herrman said the company is winning in part because it\'s ""become a cooler place to shop"" and has made inroads with younger Gen Z customers, who tend to be more concerned with snagging good, high-quality deals than shopping at high-end names.', ""Some analysts say the nature of TJX's business model means it does well in any economic environment."", ""In good times, its core lower- to middle-income consumer has the extra cash to buy discretionary items like new clothes, shoes and home decor and in bad times, higher income shoppers come to its stores looking for deals on the branded clothes they're accustomed to."", 'However, a sharp downturn in consumer spending, which some analysts have warned could be ahead, could impact the company regardless of its value offering.']",0.3499949498200299,"""We see excellent buying opportunities in the marketplace and are strongly positioned to ship fresh and compelling merchandise to our stores and online throughout the fall and holiday selling seasons.","The discounter behind Marshalls, HomeGoods and TJ Maxx is now expecting full-year earnings to be between $4.09 and $4.13, compared with estimates of $4.14, according to LSEG.For the current quarter, TJX is expecting earnings per share to be between $1.06 and $1.08, compared with estimates of $1.10.So far this earnings season, retailers that disappoint with guidance haven't seen much negative impact to their shares, suggesting investors are prepared for uncertainty in the second half of the year ahead of the U.S. presidential election and a potential rate cut from the Federal Reserve.",0.7144834597905477,"Longer term, we are excited about our potential to capture additional market share in all of our geographies and to continue our global growth""As of Tuesday's close, TJX's stock is up about about 21% year to date.","In this articleTJX Companies raised its full-year guidance on Wednesday after posting another quarter of strong sales, but its outlook still fell just short of Wall Street's expectations.",2024-08-18
+"Target shares spike as profits rise, despite cautious sales outlook",https://www.cnbc.com/2024/08/21/target-tgt-q2-2024-earnings.html,2024-08-21T13:37:34+0000,"In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing.Even so, the company stuck by its previous full-year sales forecast and struck a cautious note. Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range. Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares rose more than 10% in premarket trading as Target showed improvement in generating profits.On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it's hard to predict consumers' mindsets and the state of the economy in the coming months.""While we've been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing. The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter. That's a more than 40% year-over-year increase.Total revenue rose from $24.77 billion in the prior year.Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain. The industry metric tracks sales online and at stores open at least 13 months.Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery. Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts. The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries. Target threw its own sales event in July to compete with Amazon's Prime Day. And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels. CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter. Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period. The average size of customers' shopping baskets, however, declined slightly, Fiddelke said.Discretionary sales, which have been under pressure across the retail industry, improved. Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period. Back-to-school has also been an important season for the retailer. Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents. He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.Shares of Target closed Tuesday at $143.21 after accounting for a dividend payment. As of Tuesday's close, the company's stock is up about 1% so far this year. That's trailed behind the S&P 500's approximately 17% gains during the same period.",CNBC,21/08/2024,"['In this articleTarget said Wednesday that sales grew about 3% in its fiscal second quarter, a return to growth after a prolonged stretch of sluggish sales and squeezed profits.', ""The discounter beat Wall Street's earnings and revenue expectations, as shoppers made more visits to Target's stores and website, and bought more discretionary items like clothing."", 'Even so, the company stuck by its previous full-year sales forecast and struck a cautious note.', 'Target said it expects comparable sales for the full year to range from flat to up 2%, but said it now expects the increase will likely be in the lower half of the range.', ""Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares rose more than 10% in premarket trading as Target showed improvement in generating profits."", 'On a call with reporters, Chief Operating Officer Michael Fiddelke said Target took a ""measured approach"" with its outlook because it\'s hard to predict consumers\' mindsets and the state of the economy in the coming months.', '""While we\'ve been pleased with our performance so far this year, and our view of the consumer remains largely the same, the range of possibilities and the macroeconomic backdrop in consumer data and in our business remains unusually high,"" he said.', ""Here's what Target reported for the three-month period that ended Aug. 3 compared with what Wall Street expected, based on a survey of analysts by LSEG:Target, known for its wide array of trendy but low-priced merchandise, has been hurt as consumers buy fewer items like new outfits or home decor while they pay more for everyday expenses like food and housing."", 'The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.', 'Those trends improved in the second quarter, as Target attracted shoppers with new merchandise and reduced prices.', ""Target's net income jumped to $1.19 billion, or $2.57 per share, from $835 million, or $1.80 per share, in the year-ago quarter."", ""That's a more than 40% year-over-year increase."", 'Total revenue rose from $24.77 billion in the prior year.', 'Comparable sales climbed 2% in the quarter, the first time in five quarters that Target posted a gain.', 'The industry metric tracks sales online and at stores open at least 13 months.', 'Digital sales drove most of those gains, growing 8.7% in the quarter, as more customers used same-day services like curbside pickup and home delivery.', 'Comparable store sales rose slightly, up 0.7%.Target has tried to rev up sales and drive higher foot traffic by deepening loyalty and offering discounts.', 'The company relaunched its loyalty program early this year and introduced a new paid membership, Target Circle 360, that includes perks like free same-day deliveries.', ""Target threw its own sales event in July to compete with Amazon's Prime Day."", 'And it announced in May that it would cut prices on about 5,000 frequently bought items, including diapers, milk and paper towels.', 'CEO Brian Cornell said customers have responded well to the price reductions and credited them for contributing to traffic growth in the quarter.', ""Customer traffic across Target's website and store grew 3% in the second quarter compared with the year-ago period."", ""The average size of customers' shopping baskets, however, declined slightly, Fiddelke said."", 'Discretionary sales, which have been under pressure across the retail industry, improved.', 'Target said apparel sales, for instance, grew more than 3% in the quarter compared with the year-ago period.', 'Back-to-school has also been an important season for the retailer.', ""Chief Commercial Officer Rick Gomez said on the call with reporters that the shopping season has matched Target's expectations, as many customers gravitate toward items with good value like backpacks that cost $5 and crayons that cost 25 cents."", 'He said back-to-college shopping tends to be a longer season, as students gradually decorate their apartments and dorms.', 'Shares of Target closed Tuesday at $143.21 after accounting for a dividend payment.', ""As of Tuesday's close, the company's stock is up about 1% so far this year."", ""That's trailed behind the S&P 500's approximately 17% gains during the same period.""]",0.2295985890007731,"Target raised its profit guidance, however, saying it expects adjusted earnings per share to range from $9 to $9.70, up from the previous range of $8.60 and $9.60.The company's shares rose more than 10% in premarket trading as Target showed improvement in generating profits.","The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",0.5833544333775839,Total revenue rose from $24.77 billion in the prior year.,"The big-box retailer has also struggled with reduced profits in recent quarters, as customers purchased items like groceries that tend to be lower margin, and losses from damaged inventory and theft, including organized retail crime, took a toll.",2024-08-18
+Beyoncé launches whiskey line with LVMH's Moët Hennessy,https://www.cnbc.com/2024/08/20/beyonce-launches-whiskey-lvmh-moet-hennessy-sirdavis.html,2024-08-20T20:27:28+0000,"In this articleBeyoncé is holding her whiskey up high.The megastar is entering the luxury liquor business with the launch of a new whiskey line in collaboration with LVMH's Moët Hennessy, the brand announced in a press release Tuesday.Beyoncé shared the news holding up a glass of the whiskey, dubbed SirDavis, in a promotional Instagram post with the caption, ""DAVIS IN MY BONES,"" and a link to the liquor's website.Following a growing trend of consumers seeking luxury spirits, Beyoncé joins Mark Wahlberg, George Clooney and more celebrities who are using their status to elevate premium liquor brands.As LVMH's wine and spirits division expands in the American whiskey market, SirDavis also serves to honor Beyoncé's heritage. SirDavis is named for Davis Hogue, Beyoncé's great-grandfather who stashed whiskey bottles as a farmer during Prohibition in the South, according to the release.""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. ""SirDavis is a way for me to pay homage to him, uniting us through a new shared legacy.""The whiskey line is headquartered out of Houston, Beyoncé's hometown. Crafted and bottled in Texas, SirDavis marks Moët Hennessy's first spirit brand developed by the company entirely in the U.S., according to the release.SirDavis comprises 51% rye and 49% malted barley and is matured in sherry casks, which the distiller said creates a profile of ""bold sophistication.""The tall bottle, which features a bronzed horse, is also a nod to Beyoncé's most recent albums.Retailing for $89 a bottle, SirDavis will be available in September.",CNBC,20/08/2024,"['In this articleBeyoncé is holding her whiskey up high.', ""The megastar is entering the luxury liquor business with the launch of a new whiskey line in collaboration with LVMH's Moët Hennessy, the brand announced in a press release Tuesday."", 'Beyoncé shared the news holding up a glass of the whiskey, dubbed SirDavis, in a promotional Instagram post with the caption, ""DAVIS IN MY BONES,"" and a link to the liquor\'s website.', 'Following a growing trend of consumers seeking luxury spirits, Beyoncé joins Mark Wahlberg, George Clooney and more celebrities who are using their status to elevate premium liquor brands.', ""As LVMH's wine and spirits division expands in the American whiskey market, SirDavis also serves to honor Beyoncé's heritage."", ""SirDavis is named for Davis Hogue, Beyoncé's great-grandfather who stashed whiskey bottles as a farmer during Prohibition in the South, according to the release."", '""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. ""', 'SirDavis is a way for me to pay homage to him, uniting us through a new shared legacy.', '""The whiskey line is headquartered out of Houston, Beyoncé\'s hometown.', ""Crafted and bottled in Texas, SirDavis marks Moët Hennessy's first spirit brand developed by the company entirely in the U.S., according to the release."", 'SirDavis comprises 51% rye and 49% malted barley and is matured in sherry casks, which the distiller said creates a profile of ""bold sophistication.', '""The tall bottle, which features a bronzed horse, is also a nod to Beyoncé\'s most recent albums.', 'Retailing for $89 a bottle, SirDavis will be available in September.']",0.2765752767088455,"""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. """,,0.9636331796646118,"""When I discovered that my great-grandfather had been a moonshine man, it felt like my love for whisky was fated,"" Beyoncé said. """,,2024-08-18
+GMC expects to outsell its electric truck competitors as it launches new Sierra pickup,https://www.cnbc.com/2024/08/20/gmc-targets-electric-truck-leadership-against-tesla-ford-rivian.html,2024-08-20T22:13:55+0000,"In this articleMILFORD, Mich. — General Motors' premium GMC brand wants to become the leader in all-electric truck sales for U.S. consumers as it launches its new electric Sierra pickup.The Sierra EV joins electric versions of the Hummer, including an SUV and pickup, in GMC's electric ""truck"" lineup. The automaker is expecting the Sierra will become GMC's top seller for its EV lineup as lower-priced variants become available next year. A roughly $100,000 ""Edition 1"" of the vehicle recently started reaching customers.""We believe this is a totally different proposition than anything that's been launched by anybody else before. So, we're confident about the demand,"" Duncan Aldred, global vice president of GMC, told CNBC at GM's proving grounds in suburban Detroit.GMC did not disclose a timeline for when the brand expects to lead retail electric truck sales. But to do so, it will have to outsell its sibling Chevrolet Silverado EV as well as competitors from Ford Motor, Rivian Automotive and Tesla, which Motor Intelligence reports led such sales with its Cybertruck in the second quarter.Aldred said he believes there will be cross-shopping between the Sierra and Cybertruck, but he doesn't necessarily believe they are primary competitors, despite the vehicles being similarly priced. Citing internal data, he said many Cybertruck buyers already own Teslas, while roughly 80% of GMC's reservation holders for the Sierra previously had non-GMC vehicles.""What we know is about 70% of Cybertruck buyers are Tesla owners,"" he said during a media event. ""So, they're not necessarily truck buyers, they're Tesla buyers.""Automakers such as GM rushed to release all-electric pickup trucks, in part because Tesla planned to build such a vehicle. That led to fears that the U.S. EV leader would dominate the truck market, which is crucial to the Detroit automakers, like it did for electric cars.But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.The all-electric pickup truck market was roughly 38,500 vehicles during the first half of the year, including retail and fleet sales, according to Motor Intelligence. That compares with the more than 1 million traditional or hybrid full-size pickup trucks sold this year through June.Leading all-electric pickup truck sales through June was Ford's F-150 Lightning at 15,645 vehicles, according to Motor Intelligence. It was followed by the Tesla Cybertruck at nearly 11,600 units during that time, including a segment-leading 8,755 during the second quarter, according to the automotive data and analytics firm.GMC's Hummer pickup, which has been slow to ramp up production and sales, was last at less than 1,500 vehicles, including about 1,100 during the second quarter, according to Motor Intelligence.""This is a very infant market. This is just the baby steps. For General Motors to have confidence that they can be a leader in the space is justified in their history with trucks and their understanding of being able to make a transition to electric vehicles,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""The big question now is how quickly consumers [adopt electric trucks], more so than the product attributes.""Including all-electric SUVs from the brands, which some companies such as GM report under truck sales, Rivian is the clear leader through the first half of the year at more than 22,700 R1S SUV and R1T pickups sold. That compares with GMC's Hummer SUV and pickup models, with sales of roughly 4,600 units.  Aldred said GM expects to ramp up production of the Sierra EV — including the AT4 off-road and entry-level Elevation models coming next year — faster than the Hummer models that took years. Denali versions of the vehicle are expected to begin production during the fourth quarter, GM said.The Sierra EV is now GM's third electric pickup, including the Hummer and a new Chevrolet Silverado that began arriving in dealerships in December.The Sierra EV's closest competitor is arguably the Chevy Silverado EV. Both are built on GM's ""Ultium"" vehicle platform and share many parts, features and performance characteristics.The Detroit automaker has differentiated the vehicles through their interior and exterior designs, as well as brand personalities.""Chevrolet really focused on the fleet side. We're really focused on the retail side, same as on [GMC's internal combustion engine] trucks. When you look at it, the EV truck space is a premium space,"" Aldred said.The Silverado currently has a sporty, pricey edition for about $96,500 and a work truck, meant for fleet and commercial customers, that starts at roughly $67,000.The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, standard hands-free highway Super Cruise driving, GMC's ""crab mode"" with four-wheel steering and other features.""General Motors has been good with their differentiation between GMC and Chevrolet,"" S&P Global's Brinley said. ""The GMC Sierra and the Chevrolet Silverado EVs look different enough from each other, and General Motors has worked those two customers very well for decades. They understand what they need to do to make something appeal to a GMC buyer versus a Chevrolet buyer, and that they're very subtly different.""Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque. Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger.A unique feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and large cargo area.The Sierra EV, including the Denali edition, is expected to continue to assist GMC with its pricing power and reputation as a premium truck brand, according to Patrick Finnegan, senior marketing manager for GMC trucks and SUVs.GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.For example, GMC's traditional Sierra pickup truck has an average transaction price of roughly $60,000. That includes the Denali models at about $71,000, and a Denali ""Ultimate"" model at $78,500, according to the company.GM has not released pricing for the electric GMC Sierra Denali, AT4 and Elevation models that will follow the 2,500-unit ""Edition 1"" models. But Aldred did say the Sierra could potentially be eligible for up to $7,500 federal tax credits, which would mean it would have a price of less than $80,000.Denali models have grown from simple tweaks differentiating them from other vehicles to offering their own interiors, parts and features. The vehicles still largely share the same ""bones"" but offer more luxurious features and materials.About 34% of GMC's retail sales are Denali models, GMC said. That's up from 18% a decade ago and 30% in 2019. The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand.""This is going to continue to help protect our space in that premium average transaction price space. It's going to help us open the door to new customers,"" Finnegan said. ""We intend to be the retail leader in the electric vehicle truck space, and we're going to have a fuller breadth of product to really help us achieve that.""",CNBC,20/08/2024,"[""In this articleMILFORD, Mich. — General Motors' premium GMC brand wants to become the leader in all-electric truck sales for U.S. consumers as it launches its new electric Sierra pickup."", 'The Sierra EV joins electric versions of the Hummer, including an SUV and pickup, in GMC\'s electric ""truck"" lineup.', ""The automaker is expecting the Sierra will become GMC's top seller for its EV lineup as lower-priced variants become available next year."", 'A roughly $100,000 ""Edition 1"" of the vehicle recently started reaching customers.', '""We believe this is a totally different proposition than anything that\'s been launched by anybody else before.', 'So, we\'re confident about the demand,"" Duncan Aldred, global vice president of GMC, told CNBC at GM\'s proving grounds in suburban Detroit.', 'GMC did not disclose a timeline for when the brand expects to lead retail electric truck sales.', 'But to do so, it will have to outsell its sibling Chevrolet Silverado EV as well as competitors from Ford Motor, Rivian Automotive and Tesla, which Motor Intelligence reports led such sales with its Cybertruck in the second quarter.', ""Aldred said he believes there will be cross-shopping between the Sierra and Cybertruck, but he doesn't necessarily believe they are primary competitors, despite the vehicles being similarly priced."", ""Citing internal data, he said many Cybertruck buyers already own Teslas, while roughly 80% of GMC's reservation holders for the Sierra previously had non-GMC vehicles."", '""What we know is about 70% of Cybertruck buyers are Tesla owners,"" he said during a media event. ""', ""So, they're not necessarily truck buyers, they're Tesla buyers."", '""Automakers such as GM rushed to release all-electric pickup trucks, in part because Tesla planned to build such a vehicle.', 'That led to fears that the U.S. EV leader would dominate the truck market, which is crucial to the Detroit automakers, like it did for electric cars.', 'But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.', 'The all-electric pickup truck market was roughly 38,500 vehicles during the first half of the year, including retail and fleet sales, according to Motor Intelligence.', 'That compares with the more than 1 million traditional or hybrid full-size pickup trucks sold this year through June.', ""Leading all-electric pickup truck sales through June was Ford's F-150 Lightning at 15,645 vehicles, according to Motor Intelligence."", 'It was followed by the Tesla Cybertruck at nearly 11,600 units during that time, including a segment-leading 8,755 during the second quarter, according to the automotive data and analytics firm.', ""GMC's Hummer pickup, which has been slow to ramp up production and sales, was last at less than 1,500 vehicles, including about 1,100 during the second quarter, according to Motor Intelligence."", '""This is a very infant market.', 'This is just the baby steps.', 'For General Motors to have confidence that they can be a leader in the space is justified in their history with trucks and their understanding of being able to make a transition to electric vehicles,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""', 'The big question now is how quickly consumers [adopt electric trucks], more so than the product attributes.', '""Including all-electric SUVs from the brands, which some companies such as GM report under truck sales, Rivian is the clear leader through the first half of the year at more than 22,700 R1S SUV and R1T pickups sold.', ""That compares with GMC's Hummer SUV and pickup models, with sales of roughly 4,600 units."", 'Aldred said GM expects to ramp up production of the Sierra EV — including the AT4 off-road and entry-level Elevation models coming next year — faster than the Hummer models that took years.', 'Denali versions of the vehicle are expected to begin production during the fourth quarter, GM said.', ""The Sierra EV is now GM's third electric pickup, including the Hummer and a new Chevrolet Silverado that began arriving in dealerships in December."", ""The Sierra EV's closest competitor is arguably the Chevy Silverado EV."", 'Both are built on GM\'s ""Ultium"" vehicle platform and share many parts, features and performance characteristics.', 'The Detroit automaker has differentiated the vehicles through their interior and exterior designs, as well as brand personalities.', '""Chevrolet really focused on the fleet side.', ""We're really focused on the retail side, same as on [GMC's internal combustion engine] trucks."", 'When you look at it, the EV truck space is a premium space,"" Aldred said.', 'The Silverado currently has a sporty, pricey edition for about $96,500 and a work truck, meant for fleet and commercial customers, that starts at roughly $67,000.The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, standard hands-free highway Super Cruise driving, GMC\'s ""crab mode"" with four-wheel steering and other features.', '""General Motors has been good with their differentiation between GMC and Chevrolet,"" S&P Global\'s Brinley said. ""', 'The GMC Sierra and the Chevrolet Silverado EVs look different enough from each other, and General Motors has worked those two customers very well for decades.', ""They understand what they need to do to make something appeal to a GMC buyer versus a Chevrolet buyer, and that they're very subtly different."", '""Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque.', 'Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger.', 'A unique feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and large cargo area.', 'The Sierra EV, including the Denali edition, is expected to continue to assist GMC with its pricing power and reputation as a premium truck brand, according to Patrick Finnegan, senior marketing manager for GMC trucks and SUVs.', 'GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.', ""For example, GMC's traditional Sierra pickup truck has an average transaction price of roughly $60,000."", 'That includes the Denali models at about $71,000, and a Denali ""Ultimate"" model at $78,500, according to the company.', 'GM has not released pricing for the electric GMC Sierra Denali, AT4 and Elevation models that will follow the 2,500-unit ""Edition 1"" models.', 'But Aldred did say the Sierra could potentially be eligible for up to $7,500 federal tax credits, which would mean it would have a price of less than $80,000.Denali models have grown from simple tweaks differentiating them from other vehicles to offering their own interiors, parts and features.', 'The vehicles still largely share the same ""bones"" but offer more luxurious features and materials.', ""About 34% of GMC's retail sales are Denali models, GMC said."", ""That's up from 18% a decade ago and 30% in 2019."", ""The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand."", '""This is going to continue to help protect our space in that premium average transaction price space.', 'It\'s going to help us open the door to new customers,"" Finnegan said. ""', 'We intend to be the retail leader in the electric vehicle truck space, and we\'re going to have a fuller breadth of product to really help us achieve that.""']",0.1916320636657732,"GMC has grown its average transaction prices and high-end models thanks to the newer off-road AT4 vehicles as well as Denali, which is celebrating its 25th year as a GMC sub-brand.",The Sierra EV's closest competitor is arguably the Chevy Silverado EV.,0.6607641478379568,The sales have assisted GMC in what's expected to be seven consecutive years of growth for the brand.,"But EV adoption has been slower than many expected, and the electric truck market remains in its infancy.",2024-08-18
+"Ford delays new EV plant, cancels electric three-row SUV as it shifts strategy",https://www.cnbc.com/2024/08/21/ford-delays-new-ev-plant-cancels-electric-three-row-suv.html,2024-08-21T14:09:40+0000,"In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be a full-size truck, which will be produced in 2027 at the Tennessee plant that's currently under construction, and a new midsize truck being developed by a specialized ""skunkworks"" team in California.""As we've learned in the marketplace, and we've seen where people have gravitated, we're going to focus in where we have competitive advantage, and that's on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker. But, in the short term, they will cost the company.Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion. Ford will reflect those in the quarter in which they are incurred, as a special item.Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%. He did not give a timeline for the change.Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year. The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices.""The rollout of Ford's next generation of EVs will begin with a commercial van that will be assembled at Ford's Ohio Assembly Plant starting in 2026, according to the company.The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year. It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.",CNBC,21/08/2024,"['In this articleDETROIT – Ford Motor is delaying production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV, the company said Wednesday.', 'Instead, Ford said it will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two EV pickup trucks in 2027.The pickups are expected to be afull-size truck, which will be produced in 2027 at the Tennessee plant that\'s currently under construction,and a new midsize truck being developed by a specialized ""skunkworks"" team in California.', '""As we\'ve learned in the marketplace, and we\'ve seen where people have gravitated, we\'re going to focus in where we have competitive advantage, and that\'s on commercial land trucks and SUVs,"" Ford CFO John Lawler said Wednesday.', 'The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.', 'But, in the short term, they will cost the company.', 'Ford said it will incur a special noncash charge of about $400 million for the write-down of certain product-specific manufacturing assets, including the cancellation of the three-row SUV.The company said the changes may also result in additional expenses and cash expenditures of up to $1.5 billion.', 'Ford will reflect those in the quarter in which they are incurred, as a special item.', ""Lawler said the company's future capital expenditure plans will shift from spending about 40% on all-electric vehicles to spending 30%."", 'He did not give a timeline for the change.', 'Vehicle production at the new $5.6 billion Tennessee site was initially expected to begin next year.', 'The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.', 'The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. ""', ""We've been out in the [EV] market here for over two years, and we've learned a lot, and what we're understanding is that customers want more electrification choices."", '""The rollout of Ford\'s next generation of EVs will begin with a commercial van that will be assembled at Ford\'s Ohio Assembly Plant starting in 2026, according to the company.', ""The automaker previously said it would not launch a vehicle if there wasn't a clear path to profitability within the first year."", 'It was a change from selling EVs at a loss to grow share and assist in meeting fuel and emissions standards.', 'Ford said it will continue to produce and update its current all-electric vehicles such as the Ford Mustang Mach-E crossover and F-150 Lightning pickup truck.', 'The company said it plans to provide investors with an ""update on electrification, technology, profitability and capital requirements"" in the first half of 2025.']",0.2066772679754198,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.","The new plans come roughly five months after Ford said it would delay production of the three-row SUV and next-generation pickup, codenamed ""T3.""""This is really about us being nimble and listening to responses from our customers,"" Lawler said during a call Wednesday morning. """,0.133549948533376,"The actions are meant to better deliver a capital-efficient, profitable electric vehicle business, said Lawler, who also serves as vice chair of the automaker.",The company said it still expects to start battery cell production at the site in 2025.The changes are the latest for Ford and come amid slower-than-expected adoption of EVs as well as automakers not being able to profitably produce the vehicles.,2024-08-18
+Boeing pauses tests of 777X aircraft after finding damage to one of the jets' structures,https://www.cnbc.com/2024/08/20/boeing-pauses-tests-of-777x-aircraft-after-finding-damage-to-one-of-the-jets-structures.html,2024-08-20T13:58:48+0000,"In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.The company said it discovered the damage to the custom part, which it said is between the engine and the airplane structure, during scheduled maintenance. It has since grounded the three other 777-9 airplanes in its test fleet. No other flight testing was scheduled for the other aircraft, Boeing said.""Our team is replacing the part and capturing any learnings from the component and will resume flight testing when ready,"" Boeing said in a statement. It said it has informed the Federal Aviation Administration and its customers, which have ordered 481 of the 777X, according to the company's website.It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule. Boeing began flight tests of the aircraft with the FAA in July, a major milestone.The news, reported earlier by The Air Current, comes as Boeing's leaders, including new CEO Kelly Ortberg, are trying to move the company past a safety crisis that started with a door plug blowout at the start of the year.",CNBC,20/08/2024,"['In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.', 'The company said it discovered the damage to the custom part, which it said is between the engine and the airplane structure, during scheduled maintenance.', 'It has since grounded the three other 777-9 airplanes in its test fleet.', 'No other flight testing was scheduled for the other aircraft, Boeing said.', '""Our team is replacing the part and capturing any learnings from the component and will resume flight testing when ready,"" Boeing said in a statement.', ""It said it has informed the Federal Aviation Administration and its customers, which have ordered 481 of the 777X, according to the company's website."", ""It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule."", 'Boeing began flight tests of the aircraft with the FAA in July, a major milestone.', ""The news, reported earlier by The Air Current, comes as Boeing's leaders, including new CEO Kelly Ortberg, are trying to move the company past a safety crisis that started with a door plug blowout at the start of the year.""]",-0.0954468449931902,"It wasn't immediately clear whether the grounding and issue would impact certification and delivery of the new wide-body jetliners, which are slated for 2025, about five years behind schedule.",In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.,-0.9729455709457396,,In this articleBoeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.,2024-08-18
+"GM lays off more than 1,000 salaried software and services employees",https://www.cnbc.com/2024/08/19/gm-lays-off-more-than-1000-salaried-software-and-services-employees.html,2024-08-19T15:28:43+0000,"In this articleDETROIT — General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit's operations, CNBC has learned.The layoffs, including roughly 600 jobs at GM's tech campus near Detroit, come less than six months after leadership changes overseeing the operations, including former Apple executive Mike Abbott leaving the automaker after less than a year in March due to health reasons.""As we build GM's future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""As a result, we're reducing certain teams within the Software and Services organization. We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.""GM declined to disclose the full number of layoffs, but a source familiar with the matter, who declined to be named because the information is private, confirmed more than 1,000 salaried employees would be laid off, including 600 in Warren, Michigan. Impacted employees were notified Monday morning.The layoffs represent about 1.3% of the company's global salaried workforce of 76,000 as of the end of last year. That included about 53,000 U.S. salaried employees.The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles.Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.The software and services division covers a wide variety of areas for the automaker, including infotainment, its OnStar brand, and emerging areas such as subscriptions and other vehicle features and development.Two GM executives — Baris Cetinok and Dave Richardson — succeeded Abbott, who was named GM's first executive vice president of software in May 2023. They are based at GM's Mountain View Technical Center in California.Cetinok, a veteran software executive, serves as senior vice president of software and services product management, program management, and design. He oversees the teams responsible for GM's software roadmap design and the process for software program development, launch and improvements. Richardson, GM senior vice president of software and services engineering, leads software engineering, including areas like embedded platforms, digital products, commercial solutions and advanced driver-assistance systems such as GM's Super Cruise.",CNBC,19/08/2024,"[""In this articleDETROIT — General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit's operations, CNBC has learned."", ""The layoffs, including roughly 600 jobs at GM's tech campus near Detroit, come less than six months after leadership changes overseeing the operations, including former Apple executive Mike Abbott leaving the automaker after less than a year in March due to health reasons."", '""As we build GM\'s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""', ""As a result, we're reducing certain teams within the Software and Services organization."", 'We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.', '""GM declined to disclose the full number of layoffs, but a source familiar with the matter, who declined to be named because the information is private, confirmed more than 1,000 salaried employees would be laid off, including 600 in Warren, Michigan.', 'Impacted employees were notified Monday morning.', ""The layoffs represent about 1.3% of the company's global salaried workforce of 76,000 as of the end of last year."", 'That included about 53,000 U.S. salaried employees.', ""The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles."", 'Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.', 'The software and services division covers a wide variety of areas for the automaker, including infotainment, its OnStar brand, and emerging areas such as subscriptions and other vehicle features and development.', ""Two GM executives — Baris Cetinok and Dave Richardson — succeeded Abbott, who was named GM's first executive vice president of software in May 2023."", ""They are based at GM's Mountain View Technical Center in California."", 'Cetinok, a veteran software executive, serves as senior vice president of software and services product management, program management, and design.', ""He oversees the teams responsible for GM's software roadmap design and the process for software program development, launch and improvements."", ""Richardson, GM senior vice president of software and services engineering, leads software engineering, including areas like embedded platforms, digital products, commercial solutions and advanced driver-assistance systems such as GM's Super Cruise.""]",0.2355324836580565,"""As we build GM's future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,"" a GM spokesman said in an emailed statement. ""","The cuts come as automakers attempt to reduce costs and, in many instances, employee headcount amid fears of an industry downturn — and as they're spending billions of dollars on emerging markets such as all-electric vehicles and so-called software-defined vehicles.",0.322678804397583,"Software, specifically monetizing it, has been a major focus for automakers, including GM, as it eyes recurring revenue opportunities such as subscriptions to boost profits.","As a result, we're reducing certain teams within the Software and Services organization.",2024-08-18