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
TV junk food ads to be banned before 9pm from next year,https://www.bbc.co.uk/news/articles/cx2n2g5wze4o,2024-09-12T15:34:18.308Z,"A ban on junk food adverts being shown on TV before 21:00 will come into force on 1 October 2025, the government has confirmed.  Labour said the watershed on junk food advertising would be enforced alongside a total ban on paid-for online adverts, both aimed at tackling childhood obesity. The Conservatives had previously committed to the ban in 2021 when Boris Johnson was prime minister, but it was pushed back to give the industry more time to prepare.  Health Minister Andrew Gwynne said confirming the scope of restrictions and the date they would be implemented provided clarity for businesses. Gwynne said the government wanted ""to tackle the problem head on"" and ""without further delay"".  ""These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,"" he said in his written statement to the Commons on Thursday. The pre-watershed ban was a pledge in Labour's manifesto during this year's general election campaign.  The party also made a manifesto pledge to ban under-16s from buying high-caffeine energy drinks in England, as part of a wider push to improve children's health. The Royal Society for Public Health (RSPH), which works to reduce childhood obesity, called the advertising ban a ""welcome step"". Simon Dixon, head of policy and public affairs at the RSPH told the BBC that childhood nutrition is ""a long-term priority"" that is ""key to building a healthier future for the next generation"".  The government has now published its response to a 2022 consultation on draft measures for the ban, confirming definitions for the products, businesses and services covered by the restrictions. Under the proposals, there is a two-stage approach for defining a product that is considered ""less healthy"" for the purposes of the restrictions. This was originally referred to as products ""high in fat, salt or sugar (HFSS)"". In response to the 2022 consultation, the government said it recognised the need for greater clarity on the scope of the restrictions. It said further guidance will be provided to explain product categories, with clearer examples of which food and drink items fall within each category. A number of items will be exempt from the new restrictions as they are already subject to separate regulations. This includes baby formula, processed cereal-based foods for infants, diet replacement products, medicinal drinks and approved meal replacement products. Gwynne said the government would also hold a four-week targeted consultation to then be able to clarify how restrictions would apply to Internet Protocol Television (IPTV), which delivers TV live over the internet.  It comes as Prime Minister Sir Keir Starmer promised significant reforms for the NHS following the publication of a report by surgeon and former Labour minister Lord Darzi. Among Sir Keir's plans is a transition to a digital NHS, moving more care from hospitals to communities and a focus on sickness prevention to alleviate pressure. ""One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. ""More than one in five children in England are overweight or living with obesity by the time they start primary school, and this rises to more than one third by the time they leave."" Healthy living charity Impact on Urban Health also welcomed the new restrictions, but urged the government to enact similar measures for junk food adverts on the street, public transport and social media. Its Executive Director Peter Babudu told the BBC that ""it is not right that children face a flood of unhealthy options and junk food advertising in the places they spend most of their time"". The previous government introduced legislation in 2022 to restrict the promotion of unhealthy products in shops, and to ensure healthier food are more easily accessible. But Mr Babudu pointed to research which suggests this has not been enforced properly, and said that children from low-income families were ""disproportionately"" exposed to junk food advertising. ",BBC,12/09/2024,"['A ban on junk food adverts being shown on TV before 21:00 will come into force on 1 October 2025, the government has confirmed.', 'Labour said the watershed on junk food advertising would be enforced alongside a total ban on paid-for online adverts, both aimed at tackling childhood obesity.', 'The Conservatives had previously committed to the ban in 2021 when Boris Johnson was prime minister, but it was pushed back to give the industry more time to prepare.', 'Health Minister Andrew Gwynne said confirming the scope of restrictions and the date they would be implemented provided clarity for businesses.', 'Gwynne said the government wanted ""to tackle the problem head on"" and ""without further delay"". ""', 'These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,"" he said in his written statement to the Commons on Thursday.', ""The pre-watershed ban was a pledge in Labour's manifesto during this year's general election campaign."", ""The party also made a manifesto pledge to ban under-16s from buying high-caffeine energy drinks in England, as part of a wider push to improve children's health."", 'The Royal Society for Public Health (RSPH), which works to reduce childhood obesity, called the advertising ban a ""welcome step"".', 'Simon Dixon, head of policy and public affairs at the RSPH told the BBC that childhood nutrition is ""a long-term priority"" that is ""key to building a healthier future for the next generation"".', 'The government has now published its response to a 2022 consultation on draft measures for the ban, confirming definitions for the products, businesses and services covered by the restrictions.', 'Under the proposals, there is a two-stage approach for defining a product that is considered ""less healthy"" for the purposes of the restrictions.', 'This was originally referred to as products ""high in fat, salt or sugar (HFSS)"".', 'In response to the 2022 consultation, the government said it recognised the need for greater clarity on the scope of the restrictions.', 'It said further guidance will be provided to explain product categories, with clearer examples of which food and drink items fall within each category.', 'A number of items will be exempt from the new restrictions as they are already subject to separate regulations.', 'This includes baby formula, processed cereal-based foods for infants, diet replacement products, medicinal drinks and approved meal replacement products.', 'Gwynne said the government would also hold a four-week targeted consultation to then be able to clarify how restrictions would apply to Internet Protocol Television (IPTV), which delivers TV live over the internet.', 'It comes as Prime Minister Sir Keir Starmer promised significant reforms for the NHS following the publication of a report by surgeon and former Labour minister Lord Darzi.', 'Among Sir Keir\'s plans is a transition to a digital NHS, moving more care from hospitals to communities and a focus on sickness prevention to alleviate pressure. ""', 'One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. ""', 'More than one in five children in England are overweight or living with obesity by the time they start primary school, and this rises to more than one third by the time they leave.""', 'Healthy living charity Impact on Urban Health also welcomed the new restrictions, but urged the government to enact similar measures for junk food adverts on the street, public transport and social media.', 'Its Executive Director Peter Babudu told the BBC that ""it is not right that children face a flood of unhealthy options and junk food advertising in the places they spend most of their time"".', 'The previous government introduced legislation in 2022 to restrict the promotion of unhealthy products in shops, and to ensure healthier food are more easily accessible.', 'But Mr Babudu pointed to research which suggests this has not been enforced properly, and said that children from low-income families were ""disproportionately"" exposed to junk food advertising.']",-0.026114837068485,"These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,"" he said in his written statement to the Commons on Thursday.","One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. """,-0.0154899954795837,"The Royal Society for Public Health (RSPH), which works to reduce childhood obesity, called the advertising ban a ""welcome step"".","One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. """,2024-09-15
How the world’s smelliest fruit is making coffee more expensive,https://www.bbc.co.uk/news/articles/c5y37dvlr70o,2024-09-15T02:33:23.991Z,"How much is too much for a caffeine fix? Prices like £5 in London or $7 in New York for a cup of coffee may be unthinkable for some - but could soon be a reality thanks to a ""perfect storm"" of economic and environmental factors in the world's top coffee-producing regions. The cost of unroasted beans traded in global markets is now at a ""historically high level"", says analyst Judy Ganes. Experts blame a mix of troubled crops, market forces, depleted stockpiles - and the world’s smelliest fruit. So how did we get here, and just how much will it impact your morning latte? In 2021, a freak frost wiped out coffee crops in Brazil, the world's largest producer of Arabica beans - those commonly used in barista-made coffee. This bean shortfall meant buyers turned to countries like Vietnam, the primary producer of Robusta beans, that are typically used in instant blends. But farmers there faced the region’s worst drought in nearly a decade. Climate change has been affecting the development of coffee plants, according to Will Frith, a coffee consultant based in Ho Chi Minh City, in turn impacting bean yields. And then Vietnamese farmers pivoted to a smelly, yellow fruit - the durian. The fruit - which is banned on public transport in Thailand, Japan, Singapore and Hong Kong because of its odour - is proving popular in China. And Vietnamese farmers are replacing their coffee crops with durian to cash in on this emerging market. Vietnam's durian market share in China almost doubled between 2023 and 2024, and some estimate the crop is five times more lucrative than coffee. ""There’s a history of growers in Vietnam being fickle in response to market price fluctuations, overcommitting, and then flooding the market with quantities of their new crop,"" Mr Frith says. As they flooded China with durian, Robusta coffee exports were down 50% in June compared to the previous June, and stocks were now ""near depleted"", according to the International Coffee Organisation. Exporters in Colombia, Ethiopia, Peru and Uganda have stepped up, but have not produced enough to ease a tight market. ""Right at [the] time when things started to rev up for demand of Robusta, is right when the world was scrambling for more supply,"" explains Ms Ganes. This means Robusta and Arabica beans are now trading at near-record highs on commodity markets. Is the shifting global coffee economy actually impacting the price of your coffee on a high street? The short answer: potentially. Wholesaler Paul Armstrong believes coffee drinkers may soon face the ""crazy"" prospect of paying more than £5 in the UK for their caffeine fix. “It’s a perfect storm at the minute.” Mr Armstrong, who runs Carrara Coffee Roasters based in the East Midlands, imports beans from South America and Asia, which are then roasted and sent to cafés around the UK. He tells the BBC he recently increased his prices, hoping it would account for the higher asking prices - but says costs have “only intensified” since. He adds that with some of his contracts ending in the coming months, cafés he serves will soon have to decide whether to pass the higher costs on to their customers. Mr Frith says some segments of the industry will be more exposed than others, though. ""It’s really the commercial quantity coffee that will experience the most disuption. Instant coffee, supermarket coffee, stuff at the gas station - that's all going up."" Industry figures caution that a high market price for coffee may not necessarily translate into higher retail prices. Felipe Barretto Croce, CEO of FAFCoffees in Brazil, agrees that consumers are ""feeling the pinch"" as consumer prices have risen. But he argues that is ""mostly due to inflationary costs in general"", such as rent and labour, rather than the cost of beans. Consultancy Allegra Strategies estimates beans contribute less than 10% of the price of a cup of coffee. ""Coffee is still very cheap, as a luxury good, if you make it at home."" He also says that the cost of lower-quality beans rising means high-quality coffee may now be seen as better value. ""If you go into a speciality coffee shop in London and get a coffee, versus a coffee in Costa Coffee, the difference [in price] between that cup and the speciality coffee is much smaller than it used to be."" But there is hope of price relief on the horizon. The upcoming spring crop in Brazil, which produces a third of the world's coffee, is now ""crucial"", according to Mr Croce. ""What everyone is looking at is when the rains will return,"" he says. ""If they return early, the plants should be healthy enough and the flowering should be good."" But if the rains come as late as October, he adds, yield predictions for next year’s crop will fall and market stress will continue. In the long term, climate change poses serious challenges for the global coffee industry. A study from 2022 concluded that even if we drastically reduce greenhouse gas emissions, the area most highly suited for growing coffee could decline by 50% by 2050. One measure to future-proof the industry that has the support of Mr Croce is a ""green premium"" - a small tax levied on coffee given to farmers to invest in regenerative agricultural practices, which help protect and sustain the viability of farmlands. So while smelly fruit is partly responsible for price rises now - a changing climate may ultimately strain the affordability of coffee in the years to come. ",BBC,15/09/2024,"['How much is too much for a caffeine fix?', 'Prices like £5 in London or $7 in New York for a cup of coffee may be unthinkable for some - but could soon be a reality thanks to a ""perfect storm"" of economic and environmental factors in the world\'s top coffee-producing regions.', 'The cost of unroasted beans traded in global markets is now at a ""historically high level"", says analyst Judy Ganes.', 'Experts blame a mix of troubled crops, market forces, depleted stockpiles - and the world’s smelliest fruit.', 'So how did we get here, and just how much will it impact your morning latte?', ""In 2021, a freak frost wiped out coffee crops in Brazil, the world's largest producer of Arabica beans - those commonly used in barista-made coffee."", 'This bean shortfall meant buyers turned to countries like Vietnam, the primary producer of Robusta beans, that are typically used in instant blends.', 'But farmers there faced the region’s worst drought in nearly a decade.', 'Climate change has been affecting the development of coffee plants, according to Will Frith, a coffee consultant based in Ho Chi Minh City, in turn impacting bean yields.', 'And then Vietnamese farmers pivoted to a smelly, yellow fruit - the durian.', 'The fruit - which is banned on public transport in Thailand, Japan, Singapore and Hong Kong because of its odour - is proving popular in China.', 'And Vietnamese farmers are replacing their coffee crops with durian to cash in on this emerging market.', 'Vietnam\'s durian market share in China almost doubled between 2023 and 2024, and some estimate the crop is five times more lucrative than coffee. ""', 'There’s a history of growers in Vietnam being fickle in response to market price fluctuations, overcommitting, and then flooding the market with quantities of their new crop,"" Mr Frith says.', 'As they flooded China with durian, Robusta coffee exports were down 50% in June compared to the previous June, and stocks were now ""near depleted"", according to the International Coffee Organisation.', 'Exporters in Colombia, Ethiopia, Peru and Uganda have stepped up, but have not produced enough to ease a tight market. ""', 'Right at [the] time when things started to rev up for demand of Robusta, is right when the world was scrambling for more supply,"" explains Ms Ganes.', 'This means Robusta and Arabica beans are now trading at near-record highs on commodity markets.', 'Is the shifting global coffee economy actually impacting the price of your coffee on a high street?', 'The short answer: potentially.', 'Wholesaler Paul Armstrong believes coffee drinkers may soon face the ""crazy"" prospect of paying more than £5 in the UK for their caffeine fix. “', 'It’s a perfect storm at the minute.”', 'Mr Armstrong, who runs Carrara Coffee Roasters based in the East Midlands, imports beans from South America and Asia, which are then roasted and sent to cafés around the UK.', 'He tells the BBC he recently increased his prices, hoping it would account for the higher asking prices - but says costs have “only intensified” since.', 'He adds that with some of his contracts ending in the coming months, cafés he serves will soon have to decide whether to pass the higher costs on to their customers.', 'Mr Frith says some segments of the industry will be more exposed than others, though. ""', 'It’s really the commercial quantity coffee that will experience the most disuption.', 'Instant coffee, supermarket coffee, stuff at the gas station - that\'s all going up.""', 'Industry figures caution that a high market price for coffee may not necessarily translate into higher retail prices.', 'Felipe Barretto Croce, CEO of FAFCoffees in Brazil, agrees that consumers are ""feeling the pinch"" as consumer prices have risen.', 'But he argues that is ""mostly due to inflationary costs in general"", such as rent and labour, rather than the cost of beans.', 'Consultancy Allegra Strategies estimates beans contribute less than 10% of the price of a cup of coffee. ""', 'Coffee is still very cheap, as a luxury good, if you make it at home.""', 'He also says that the cost of lower-quality beans rising means high-quality coffee may now be seen as better value. ""', 'If you go into a speciality coffee shop in London and get a coffee, versus a coffee in Costa Coffee, the difference [in price] between that cup and the speciality coffee is much smaller than it used to be.""', 'But there is hope of price relief on the horizon.', 'The upcoming spring crop in Brazil, which produces a third of the world\'s coffee, is now ""crucial"", according to Mr Croce. ""', 'What everyone is looking at is when the rains will return,"" he says. ""', 'If they return early, the plants should be healthy enough and the flowering should be good.""', 'But if the rains come as late as October, he adds, yield predictions for next year’s crop will fall and market stress will continue.', 'In the long term, climate change poses serious challenges for the global coffee industry.', 'A study from 2022 concluded that even if we drastically reduce greenhouse gas emissions, the area most highly suited for growing coffee could decline by 50% by 2050.', 'One measure to future-proof the industry that has the support of Mr Croce is a ""green premium"" - a small tax levied on coffee given to farmers to invest in regenerative agricultural practices, which help protect and sustain the viability of farmlands.', 'So while smelly fruit is partly responsible for price rises now - a changing climate may ultimately strain the affordability of coffee in the years to come.']",0.0827427004149333,"Prices like £5 in London or $7 in New York for a cup of coffee may be unthinkable for some - but could soon be a reality thanks to a ""perfect storm"" of economic and environmental factors in the world's top coffee-producing regions.",But farmers there faced the region’s worst drought in nearly a decade.,-0.0702911714712778,"Vietnam's durian market share in China almost doubled between 2023 and 2024, and some estimate the crop is five times more lucrative than coffee. ""","As they flooded China with durian, Robusta coffee exports were down 50% in June compared to the previous June, and stocks were now ""near depleted"", according to the International Coffee Organisation.",2024-09-15
Coffee alternatives: Start-ups claim beanless coffee more ethical,https://www.bbc.co.uk/news/articles/c4gv0rvx0dvo,2024-09-12T23:02:19.760Z,"I am in a high-end coffee shop in a tech-heavy area of San Francisco, staring suspiciously into a cup of espresso. This is no conventional coffee: it is made without using a single coffee bean. It comes from Atomo, one of a band of alt-coffee start-ups hoping to revolutionise the world of brewed coffee. “We take great offence when someone says that we're a coffee substitute,” says Andy Kleitsch, the chief executive of Seattle based start-up Atomo, from whose pure, beanless ground product my espresso has been made. Traditional coffee substitutes have a reputation for not tasting much like coffee and are usually caffeine-free. However, the newcomers intend to replicate one of the world’s most popular beverages from taste, to caffeine punch, to drinking experience – and the first of this nascent industry’s beanless concoctions have begun to appear. They say there's a strong environmental argument for their beanless brews. According to the World Wide Fund for Nature, coffee cultivation is currently the sixth largest cause of deforestation. That impact is expected to widen as demand increases: consumption is fast rising in traditional tea drinking countries like India and China. Meanwhile, climate change is pushing plantations to higher altitudes to escape the heat. So, beanless coffee is potentially a less environmentally damaging alternative. The newcomers also argue that, if scaled up, beanless coffee could be cheaper than its conventional competition. And, with coffee prices reaching record levels on the international markets this year, that point is timely.  Also, in December, a new EU regulation is set to come into effect that outlaws the sale of products, coffee included, that can’t prove they are not linked to deforestation. “A lot of big coffee companies are watching this field,” says Chahan Yeretzian, a professor of analytical chemistry, who heads the Coffee Excellence Centre at the Zurich University of Applied Sciences in Switzerland. Niels Haak, director of sustainable coffee partnerships at Conservation International, an environmental non-profit, welcomes the innovative approaches to tackling coffee’s deforestation problem, but he also doubts if beanless coffee will be able to make much dent. Coffee growing provides livelihoods and income to many smallholder farming families globally, he further notes. The conundrum is if they move away from growing coffee, they will likely instead turn to growing more coca – the plant cocaine derives from – which has similar deforestation issues. “There are no silver bullets,” he says. He notes there is work ongoing – from coffee certification schemes, to efforts aimed at strengthening so-called shade coffee farming where coffee is grown under a canopy of other trees – to make coffee growing more sustainable and support communities. “[The coffee sector] is on a journey to transform,” he says. Yet the beanless companies counter that transformation isn’t wide enough or quick enough. Coffee is causing massive deforestation and coffee farmers live in poverty. If alt-coffee could offset even just the extra projected coffee demand it would be a win for the planet that wouldn’t put anyone out of business. And, as the climate changes, there are plenty of crops beyond illicit ones that coffee farmers could switch to that don’t require slashing more forest. Atomo, which launched in 2019, is currently sold in more than 70 coffee shops in the US. Coffee shop chain Bluestone Lane added it to the menu at all its locations in early August, including in San Francisco. Since June, Atomo has also been selling through its website a blend of beanless and conventional coffee intended for home brewing that I have also purchased to try. It currently costs slightly more than premium conventional coffee. For example, to make my espresso with Atomo adds on 50 cents (38p). Atomo’s ingredients aren’t particularly high tech: date seeds, ramón seeds, sunflower seed extract, fructose, pea protein, millet, lemon, guava, fenugreek seeds, caffeine and baking soda. Things begin with waste date seeds or pits. Rock hard, they are granulated then infused with a secret marinade of ingredients from the list above, before being roasted to create new flavours, aromas and compounds. Further ingredients then finish things off. Atomo’s caffeine is sourced from green tea decaffeination, though synthetically-made caffeine is also used to provide beanless coffee’s kick. Atomo operates a facility in southern California, where the date pits are cleaned and washed, and a second facility in Seattle where the manufacturing takes place. Current capacity is four million pounds a year, which Mr Kleitsch describes as a “rounding error” in the world of coffee production: Starbucks buys about 800 million. As for trying Atomo, both the coffee shop espresso and the brew-at-home version tasted close enough to good coffee for me. Perhaps luckily for these companies, coffee can have many different undertones. Others have different ingredients and methods. Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland. Roasted and ground lupin, chickpea, malted barley, and chicory are amongst the major ingredients the company works with, along with an undisclosed natural flavouring. Though notes David Klingen, the company’s boss, operations are still in the research and development phase. Ingredients may change as it perfects its brew. Other companies on the scene include Singapore-based Prefer and San Francisco's Minus. And, though it is further from market, also being pursued is the tantalising possibility of lab-grown or cultured coffee. In the same way animal cells can be cultivated in a bioreactor and harvested to produce meat cell products – so cells extracted from coffee plants could be similarly grown, then fermented and roasted to produce a brew. Proof of concept was demonstrated in 2021 by Finnish government researchers, who are now trying to help accelerate commercialisation. Cell-based coffee start-ups include Swiss-based Foodbrewer, US-based California Cultured, and Singapore-based Another. The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money. There are also doubts the technology will be able to scale economically. Meanwhile, challenges for the beanless firms remain. The house-filling aroma that real coffee generates is still elusive for them. And bean-free coffee doesn’t provide emotional connections to faraway places – Colombia, Ethiopia, Indonesia – the way real coffee can. Atomo’s main business hurdle now is finding large coffee partners who want to offer their consumers a new choice, while Northern Wonder’s is finding the right investors. “People aren’t completely sure how big the category will be and when,” says Mr Klingen. I don’t think I’ll be switching – I can’t help but like that real coffee is grown by people somewhere – but beanless coffee certainly left me thinking I should investigate the sustainability and ethics of my conventional brew. ",BBC,12/09/2024,"['I am in a high-end coffee shop in a tech-heavy area of San Francisco, staring suspiciously into a cup of espresso.', 'This is no conventional coffee: it is made without using a single coffee bean.', 'It comes from Atomo, one of a band of alt-coffee start-ups hoping to revolutionise the world of brewed coffee. “', ""We take great offence when someone says that we're a coffee substitute,” says Andy Kleitsch, the chief executive of Seattle based start-up Atomo, from whose pure, beanless ground product my espresso has been made."", 'Traditional coffee substitutes have a reputation for not tasting much like coffee and are usually caffeine-free.', 'However, the newcomers intend to replicate one of the world’s most popular beverages from taste, to caffeine punch, to drinking experience – and the first of this nascent industry’s beanless concoctions have begun to appear.', ""They say there's a strong environmental argument for their beanless brews."", 'According to the World Wide Fund for Nature, coffee cultivation is currently the sixth largest cause of deforestation.', 'That impact is expected to widen as demand increases: consumption is fast rising in traditional tea drinking countries like India and China.', 'Meanwhile, climate change is pushing plantations to higher altitudes to escape the heat.', 'So, beanless coffee is potentially a less environmentally damaging alternative.', 'The newcomers also argue that, if scaled up, beanless coffee could be cheaper than its conventional competition.', 'And, with coffee prices reaching record levels on the international markets this year, that point is timely.', 'Also, in December, a new EU regulation is set to come into effect that outlaws the sale of products, coffee included, that can’t prove they are not linked to deforestation. “', 'A lot of big coffee companies are watching this field,” says Chahan Yeretzian, a professor of analytical chemistry, who heads the Coffee Excellence Centre at the Zurich University of Applied Sciences in Switzerland.', 'Niels Haak, director of sustainable coffee partnerships at Conservation International, an environmental non-profit, welcomes the innovative approaches to tackling coffee’s deforestation problem, but he also doubts if beanless coffee will be able to make much dent.', 'Coffee growing provides livelihoods and income to many smallholder farming families globally, he further notes.', 'The conundrum is if they move away from growing coffee, they will likely instead turn to growing more coca – the plant cocaine derives from – which has similar deforestation issues. “', 'There are no silver bullets,” he says.', 'He notes there is work ongoing – from coffee certification schemes, to efforts aimed at strengthening so-called shade coffee farming where coffee is grown under a canopy of other trees – to make coffee growing more sustainable and support communities. “[', 'The coffee sector] is on a journey to transform,” he says.', 'Yet the beanless companies counter that transformation isn’t wide enough or quick enough.', 'Coffee is causing massive deforestation and coffee farmers live in poverty.', 'If alt-coffee could offset even just the extra projected coffee demand it would be a win for the planet that wouldn’t put anyone out of business.', 'And, as the climate changes, there are plenty of crops beyond illicit ones that coffee farmers could switch to that don’t require slashing more forest.', 'Atomo, which launched in 2019, is currently sold in more than 70 coffee shops in the US.', 'Coffee shop chain Bluestone Lane added it to the menu at all its locations in early August, including in San Francisco.', 'Since June, Atomo has also been selling through its website a blend of beanless and conventional coffee intended for home brewing that I have also purchased to try.', 'It currently costs slightly more than premium conventional coffee.', 'For example, to make my espresso with Atomo adds on 50 cents (38p).', 'Atomo’s ingredients aren’t particularly high tech: date seeds, ramón seeds, sunflower seed extract, fructose, pea protein, millet, lemon, guava, fenugreek seeds, caffeine and baking soda.', 'Things begin with waste date seeds or pits.', 'Rock hard, they are granulated then infused with a secret marinade of ingredients from the list above, before being roasted to create new flavours, aromas and compounds.', 'Further ingredients then finish things off.', 'Atomo’s caffeine is sourced from green tea decaffeination, though synthetically-made caffeine is also used to provide beanless coffee’s kick.', 'Atomo operates a facility in southern California, where the date pits are cleaned and washed, and a second facility in Seattle where the manufacturing takes place.', 'Current capacity is four million pounds a year, which Mr Kleitsch describes as a “rounding error” in the world of coffee production: Starbucks buys about 800 million.', 'As for trying Atomo, both the coffee shop espresso and the brew-at-home version tasted close enough to good coffee for me.', 'Perhaps luckily for these companies, coffee can have many different undertones.', 'Others have different ingredients and methods.', 'Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland.', 'Roasted and ground lupin, chickpea, malted barley, and chicory are amongst the major ingredients the company works with, along with an undisclosed natural flavouring.', 'Though notes David Klingen, the company’s boss, operations are still in the research and development phase.', 'Ingredients may change as it perfects its brew.', ""Other companies on the scene include Singapore-based Prefer and San Francisco's Minus."", 'And, though it is further from market, also being pursued is the tantalising possibility of lab-grown or cultured coffee.', 'In the same way animal cells can be cultivated in a bioreactor and harvested to produce meat cell products – so cells extracted from coffee plants could be similarly grown, then fermented and roasted to produce a brew.', 'Proof of concept was demonstrated in 2021 by Finnish government researchers, who are now trying to help accelerate commercialisation.', 'Cell-based coffee start-ups include Swiss-based Foodbrewer, US-based California Cultured, and Singapore-based Another.', 'The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money.', 'There are also doubts the technology will be able to scale economically.', 'Meanwhile, challenges for the beanless firms remain.', 'The house-filling aroma that real coffee generates is still elusive for them.', 'And bean-free coffee doesn’t provide emotional connections to faraway places – Colombia, Ethiopia, Indonesia – the way real coffee can.', 'Atomo’s main business hurdle now is finding large coffee partners who want to offer their consumers a new choice, while Northern Wonder’s is finding the right investors. “', 'People aren’t completely sure how big the category will be and when,” says Mr Klingen.', 'I don’t think I’ll be switching – I can’t help but like that real coffee is grown by people somewhere – but beanless coffee certainly left me thinking I should investigate the sustainability and ethics of my conventional brew.']",0.1284109723957253,"The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money.",Coffee is causing massive deforestation and coffee farmers live in poverty.,0.4469227155049642,"Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland.",Coffee is causing massive deforestation and coffee farmers live in poverty.,2024-09-15
Mortgages: Dangers of being a FOMO customer as rates fall,https://www.bbc.co.uk/news/articles/cze5el25kjno,2024-09-13T21:24:55.428Z,"Falling mortgage rates may, at last, be bringing some relief to embattled homeowners and first-time buyers. In a market described as ""frenetic"", lenders are locked in intense competition for new customers while simultaneously trying to hold on to borrowers already on their books. On supposedly unlucky Friday the 13th alone, big-name providers such as the Nationwide, HSBC and NatWest reduced their fixed rates. In an unusual move, TSB did so for the second time in a week. Analysts expect further cuts to come, but brokers say the fear of missing out (FOMO) on better deals is paralysing some borrowers.  Failing to act before their current deal expires leaves them exposed to a much more expensive variable rate. During the last couple of years, mortgage rates have featured in discussions from chats around the dinner table to election debates. About 1.6 million existing borrowers had relatively cheap fixed-rate deals expiring this year. Hundreds of thousands of potential first-time buyers have been hoping to get a place of their own. Yet, rates have been volatile and much higher than what was the norm for more than a decade. The interest rate on a fixed mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.  Average rates on new deals are now 5.49% for a two-year deal, the lowest for more than a year. Five-year deals have an average rate of 5.15%, according to the financial information service Moneyfacts. However, the best, so-called headline, rates are reserved for those borrowing a small proportion of the value of the home (known as loan-to-value). A few are at levels not seen since rates shot up following the mini-Budget in the short-lived premiership of Liz Truss. ""Momentum is really starting to build now and the cuts are coming thick and fast.,"" said Emma Jones, managing director at broker When The Bank Says No. ""Borrowers are the winners as lenders seek to compete for all-important market share as we head into the final months of the year."" The Bank of England's interest rate cut in August, with the potential for more to come, is part of the reason for falling mortgage rates. That came slightly too late for Johnny and Sophie Abbott, whose last mortgage deal expired at the end of July.   When they spoke to the BBC in March, the couple from Loughborough, who have three children, admitted every option seemed like a gamble.  In the end, they chose to buy a home that needed renovation. ""We took the plunge and can just about deal with the mortgage,"" said Mr Abbott. ""It will be great when it's done."" In June, the Bank of England said three million households would see their mortgage payments rise in the next two years, and about 400,000 mortgage holders were facing some “very large"" payment increases. A few months ago, Gary Rees expected to have to make serious lifestyle changes when his current deal expires in October. Now, things are looking better. Yet, typical of many, the benefit is a smaller rise in his monthly mortgage repayments, not a fall. To be blunt, the financial punch won't hurt as much. ""It's improved, but my mortgage rate is still likely to double, rather than triple,"" he said. He is expecting to settle on a two-year deal, in the hope of further rate falls. The Bank of England's next interest rate decision is on Thursday, although analysts are predicting a hold at 5%. These two cases show that, although things are looking more positive for borrowers, not all are getting an equal benefit. Savers, meanwhile, are seeing the interest they receive worsen. Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging. With relatively few buyers, providers are trying to get a piece of a small pie, according to David Hollingworth, of broker L&C. That includes offering loans at higher multiples of income, up to 5.5 times. He said that while the lowest rates were ""not divebombing"", the market was frenetic. The market could also improve for remortgagers, he said, as lenders try to hit year-end targets. Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing. If a fixed deal expires, then borrowers automatically move on to their lender's standard variable rate - which currently carries an average interest demand of 7.99%, which is two-and-a-half percentage points higher than a new two-year deal. Adviser Jo Jingree, director of Mortgage Confidence, said people in the process of buying or remortgaging could still switch to a better deal if rates continued to fall before their personal deadline. ""I’ve seen first-hand that customers have been able to achieve revised mortgage offers on the lower rates which will save them money on their monthly payments,"" she said. Borrowers should monitor their rates, particularly a few weeks before their mortgage completes, to ensure they are getting the best possible rate, said Aaron Strutt, of broker Trinity Financial. He expected rates to keep falling, especially if the Bank of England cuts the base rate on Thursday, or later this year. With the cost of funding mortgages coming down, some in the industry suggest lenders could have cut rates more quickly. They say lenders are making smaller price cuts week after week when they could be making larger reductions in one go. Read more here. ",BBC,13/09/2024,"['Falling mortgage rates may, at last, be bringing some relief to embattled homeowners and first-time buyers.', 'In a market described as ""frenetic"", lenders are locked in intense competition for new customers while simultaneously trying to hold on to borrowers already on their books.', 'On supposedly unlucky Friday the 13th alone, big-name providers such as the Nationwide, HSBC and NatWest reduced their fixed rates.', 'In an unusual move, TSB did so for the second time in a week.', 'Analysts expect further cuts to come, but brokers say the fear of missing out (FOMO) on better deals is paralysing some borrowers.', 'Failing to act before their current deal expires leaves them exposed to a much more expensive variable rate.', 'During the last couple of years, mortgage rates have featured in discussions from chats around the dinner table to election debates.', 'About 1.6 million existing borrowers had relatively cheap fixed-rate deals expiring this year.', 'Hundreds of thousands of potential first-time buyers have been hoping to get a place of their own.', 'Yet, rates have been volatile and much higher than what was the norm for more than a decade.', 'The interest rate on a fixed mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.', 'Average rates on new deals are now 5.49% for a two-year deal, the lowest for more than a year.', 'Five-year deals have an average rate of 5.15%, according to the financial information service Moneyfacts.', 'However, the best, so-called headline, rates are reserved for those borrowing a small proportion of the value of the home (known as loan-to-value).', 'A few are at levels not seen since rates shot up following the mini-Budget in the short-lived premiership of Liz Truss. ""', 'Momentum is really starting to build now and the cuts are coming thick and fast.,""', 'said Emma Jones, managing director at broker When The Bank Says No. ""', 'Borrowers are the winners as lenders seek to compete for all-important market share as we head into the final months of the year.""', ""The Bank of England's interest rate cut in August, with the potential for more to come, is part of the reason for falling mortgage rates."", 'That came slightly too late for Johnny and Sophie Abbott, whose last mortgage deal expired at the end of July.', 'When they spoke to the BBC in March, the couple from Loughborough, who have three children, admitted every option seemed like a gamble.', 'In the end, they chose to buy a home that needed renovation. ""', 'We took the plunge and can just about deal with the mortgage,"" said Mr Abbott. ""', 'It will be great when it\'s done.""', 'In June, the Bank of England said three million households would see their mortgage payments rise in the next two years, and about 400,000 mortgage holders were facing some “very large"" payment increases.', 'A few months ago, Gary Rees expected to have to make serious lifestyle changes when his current deal expires in October.', 'Now, things are looking better.', 'Yet, typical of many, the benefit is a smaller rise in his monthly mortgage repayments, not a fall.', 'To be blunt, the financial punch won\'t hurt as much. ""', 'It\'s improved, but my mortgage rate is still likely to double, rather than triple,"" he said.', 'He is expecting to settle on a two-year deal, in the hope of further rate falls.', ""The Bank of England's next interest rate decision is on Thursday, although analysts are predicting a hold at 5%."", 'These two cases show that, although things are looking more positive for borrowers, not all are getting an equal benefit.', 'Savers, meanwhile, are seeing the interest they receive worsen.', 'Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.', 'With relatively few buyers, providers are trying to get a piece of a small pie, according to David Hollingworth, of broker L&C. That includes offering loans at higher multiples of income, up to 5.5 times.', 'He said that while the lowest rates were ""not divebombing"", the market was frenetic.', 'The market could also improve for remortgagers, he said, as lenders try to hit year-end targets.', 'Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing.', ""If a fixed deal expires, then borrowers automatically move on to their lender's standard variable rate - which currently carries an average interest demand of 7.99%, which is two-and-a-half percentage points higher than a new two-year deal."", 'Adviser Jo Jingree, director of Mortgage Confidence, said people in the process of buying or remortgaging could still switch to a better deal if rates continued to fall before their personal deadline. ""', 'I’ve seen first-hand that customers have been able to achieve revised mortgage offers on the lower rates which will save them money on their monthly payments,"" she said.', 'Borrowers should monitor their rates, particularly a few weeks before their mortgage completes, to ensure they are getting the best possible rate, said Aaron Strutt, of broker Trinity Financial.', 'He expected rates to keep falling, especially if the Bank of England cuts the base rate on Thursday, or later this year.', 'With the cost of funding mortgages coming down, some in the industry suggest lenders could have cut rates more quickly.', 'They say lenders are making smaller price cuts week after week when they could be making larger reductions in one go.', 'Read more here.']",0.1138991542811494,"However, the best, so-called headline, rates are reserved for those borrowing a small proportion of the value of the home (known as loan-to-value).",Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing.,0.3008822585855211,"It's improved, but my mortgage rate is still likely to double, rather than triple,"" he said.","Analysts expect further cuts to come, but brokers say the fear of missing out (FOMO) on better deals is paralysing some borrowers.",2024-09-15
Microsoft lays off more gaming staff in new cuts,https://www.bbc.co.uk/news/articles/cq82852kkz8o,2024-09-12T14:00:56.496Z,"Xbox owner Microsoft is to cut about 650 staff from its gaming division in a new round of job losses after its $69bn (£54.3bn) merger deal. The software giant said staff working in ""mostly corporate and supporting functions"" worldwide would be affected. It laid off 1,900 staff in January and, in May, closed four studios bought before its purchase of Call of Duty maker Activision-Blizzard. In a memo to workers shared online and verified by the BBC, Xbox boss Phil Spencer said ""no games, devices or experiences are being cancelled and no studios are being closed"" due to the latest layoffs. Microsoft's purchase of Activision-Blizzard in October also included Candy Crush maker King and followed its buyout of Zenimax, which owns Fallout maker Bethesda. Mr Spencer told staff Microsoft had tried to ""minimise disruption"" as it brought in new teams in the months since the multibillion-dollar acquisition. He said the decision to cut more jobs - about 3% of its gaming staff - was made ""as part of aligning our post-acquisition team structure"" and organising the business ""for long-term success"".  Although he said games and studios would not be affected he said there would be ""some impacts to other teams as they adapt to shifting priorities and manage the lifecycle and performance of games"". Mr Spencer acknowledged the news would be ""difficult"" for workers and thanked those affected for their contributions to the company. The games industry has been hit by mass layoffs over the past two years following a rush of investments and acquisitions amid record profits and player numbers during the Covid-19 pandemic. PlayStation maker Sony, League of Legends creator Riot Games and Fortnite owner Epic have been among those to lay off hundreds of workers.  Microsoft received particular criticism over the closures of critically acclaimed studios Arkane Austin and Tango Gameworks earlier this year. Xbox boss Mr Spencer told gaming website IGN he was expected to run a ""sustainable"" gaming business and show growth during a June interview. And speaking during an official Xbox stream at Gamescom last month, he said the was ""a high bar"" inside Microsoft for the company's gaming division.  In its latest finance report Microsoft said its gaming revenues had increased, mostly due to its ownership of Activision-Blizzard, which also produces World of Warcraft, Diablo and Overwatch. Sales of Xbox hardware have fallen since last year though, and the company has been trying to expand its software sales.  Xbox showed off a string of upcoming games from its studios in June, including Call of Duty: Black Ops 6. The showcase was praised as one of its best in years, but the company has also upset fans by raising the prices of its Netflix-style Game Pass service and by announcing plans to release certain games on rival consoles. Indiana Jones and the Great Circle - one of the biggest Xbox releases this year - is set to be released on PlayStation 5, although the movie hero's adventure will come to Sony's machine months after Xbox. That followed an earlier announcement that four previously exclusive games were coming to the PS5 and Nintendo Switch. Microsoft has been contacted for comment on the latest announcement. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,12/09/2024,"['Xbox owner Microsoft is to cut about 650 staff from its gaming division in a new round of job losses after its $69bn (£54.3bn) merger deal.', 'The software giant said staff working in ""mostly corporate and supporting functions"" worldwide would be affected.', 'It laid off 1,900 staff in January and, in May, closed four studios bought before its purchase of Call of Duty maker Activision-Blizzard.', 'In a memo to workers shared online and verified by the BBC, Xbox boss Phil Spencer said ""no games, devices or experiences are being cancelled and no studios are being closed"" due to the latest layoffs.', ""Microsoft's purchase of Activision-Blizzard in October also included Candy Crush maker King and followed its buyout of Zenimax, which owns Fallout maker Bethesda."", 'Mr Spencer told staff Microsoft had tried to ""minimise disruption"" as it brought in new teams in the months since the multibillion-dollar acquisition.', 'He said the decision to cut more jobs - about 3% of its gaming staff - was made ""as part of aligning our post-acquisition team structure"" and organising the business ""for long-term success"".', 'Although he said games and studios would not be affected he said there would be ""some impacts to other teams as they adapt to shifting priorities and manage the lifecycle and performance of games"".', 'Mr Spencer acknowledged the news would be ""difficult"" for workers and thanked those affected for their contributions to the company.', 'The games industry has been hit by mass layoffs over the past two years following a rush of investments and acquisitions amid record profits and player numbers during the Covid-19 pandemic.', 'PlayStation maker Sony, League of Legends creator Riot Games and Fortnite owner Epic have been among those to lay off hundreds of workers.', 'Microsoft received particular criticism over the closures of critically acclaimed studios Arkane Austin and Tango Gameworks earlier this year.', 'Xbox boss Mr Spencer told gaming website IGN he was expected to run a ""sustainable"" gaming business and show growth during a June interview.', 'And speaking during an official Xbox stream at Gamescom last month, he said the was ""a high bar"" inside Microsoft for the company\'s gaming division.', 'In its latest finance report Microsoft said its gaming revenues had increased, mostly due to its ownership of Activision-Blizzard, which also produces World of Warcraft, Diablo and Overwatch.', 'Sales of Xbox hardware have fallen since last year though, and the company has been trying to expand its software sales.', 'Xbox showed off a string of upcoming games from its studios in June, including Call of Duty: Black Ops 6.', 'The showcase was praised as one of its best in years, but the company has also upset fans by raising the prices of its Netflix-style Game Pass service and by announcing plans to release certain games on rival consoles.', ""Indiana Jones and the Great Circle - one of the biggest Xbox releases this year - is set to be released on PlayStation 5, although the movie hero's adventure will come to Sony's machine months after Xbox."", 'That followed an earlier announcement that four previously exclusive games were coming to the PS5 and Nintendo Switch.', 'Microsoft has been contacted for comment on the latest announcement.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.0319191391881699,"Indiana Jones and the Great Circle - one of the biggest Xbox releases this year - is set to be released on PlayStation 5, although the movie hero's adventure will come to Sony's machine months after Xbox.",Xbox owner Microsoft is to cut about 650 staff from its gaming division in a new round of job losses after its $69bn (£54.3bn) merger deal.,-0.0759036866101351,"In its latest finance report Microsoft said its gaming revenues had increased, mostly due to its ownership of Activision-Blizzard, which also produces World of Warcraft, Diablo and Overwatch.","Sales of Xbox hardware have fallen since last year though, and the company has been trying to expand its software sales.",2024-09-15
Jared Isaacman: The billionaire behind first private spacewalk,https://www.bbc.co.uk/news/articles/c3ejevknlvvo,2024-09-12T13:11:30.261Z,"American entrepreneur and billionaire Jared Isaacman became the first non-professional astronaut to walk in space on Thursday. The 41-year-old bankrolled the Polaris Dawn mission that launched him and three others into space aboard a SpaceX Crew Dragon spaceship. Worth an estimated $1.9bn (£1.46bn), Mr Isaacman made his fortune from  payment processing company Shift4 Payments, which he founded in 1999 aged 16. The businessman had long been passionate about flying, first taking pilot lessons in 2004 and later setting a world record for circumnavigating the world in a light jet. Stepping out into space for his first time on Thursday, the businessman said: “Back at home we all have a lot of work to do. “But from here Earth sure looks like a perfect world.” SpaceX engineer Sarah Gillis also did a spacewalk after Isaacman returned. Ms Gillis, the violinist-turned-aerospace-engineer, is the Polaris Dawn's mission specialist.  Polaris Dawn is not Mr Isaacman's first space mission. In 2021, he bankrolled and led the first private, all-civilian team to ever orbit the Earth. That crew - named Inspiration4 - left on a SpaceX capsule from Florida and spent three days in space before splashing down successfully in the Atlantic Ocean. Time magazine estimated that Mr Isaacman paid $200m (£153m) to fellow billionaire Elon Musk for all four seats aboard the SpaceX craft. “That was a heck of a ride for us,” Mr Isaacman radioed shortly after landing at the time. “We're just getting started.” Mr Isaacman was born in Union, New Jersey, where, from an early age, he wasn't afraid to go against the grain and push boundaries.  At the age of 15, he dropped out of high school and later took a GED (a high-school equivalency exam), according to the Netflix docuseries Countdown: Inspiration4 Mission to Space. ""I was a horrible student,"" Mr Isaacman said in the series. ""And I wasn't, like, happy in school, either."" A year later, he launched his successful company Shift4 Payments from his parents’ basement, according to a report by Forbes. The company now handles payments for a third of restaurants and hotels in the US, including big names like Hilton, Four Seasons, KFC and Arby’s; and processes over $260bn (£199bn) annually, according to its website. Mr Isaacman also founded Draken International in 2011, a defence firm that trains Air Force pilots and owns the world’s largest fleet of private military aircrafts. In 2019, Mr Isaacman sold a majority stake in Draken to Blackstone, a Wall Street firm, for a nine-figure sum, Forbes reported, launching himself into billionaire status. The magazine dubbed him a ""thrill seeker"" in a 2020 profile, reporting that for fun, Mr Isaacman “bullets the MiG faster than the speed of sound and climbs mountains to unwind from non-stop, intense 80-plus-hour weeks"". He also set a world speed record in 2009 for flying around the globe. In the docuseries, Mr Isaacman said: ""I do believe you only get one crack at life.""  ""To the extent you have the means to do so, you have this obligation to live life to the fullest,"" he added. ""You never know when it's going to be your last day."" Mr Isaacman is married, has two daughters and lives with his family in New Jersey. He and the others on board the Polaris Dawn are expected to return on Saturday. ",BBC,12/09/2024,"['American entrepreneur and billionaire Jared Isaacman became the first non-professional astronaut to walk in space on Thursday.', 'The 41-year-old bankrolled the Polaris Dawn mission that launched him and three others into space aboard a SpaceX Crew Dragon spaceship.', 'Worth an estimated $1.9bn (£1.46bn), Mr Isaacman made his fortune from payment processing company Shift4 Payments, which he founded in 1999 aged 16.', 'The businessman had long been passionate about flying, first taking pilot lessons in 2004 and later setting a world record for circumnavigating the world in a light jet.', 'Stepping out into space for his first time on Thursday, the businessman said: “Back at home we all have a lot of work to do. “', 'But from here Earth sure looks like a perfect world.”', 'SpaceX engineer Sarah Gillis also did a spacewalk after Isaacman returned.', ""Ms Gillis, the violinist-turned-aerospace-engineer, is the Polaris Dawn's mission specialist."", ""Polaris Dawn is not Mr Isaacman's first space mission."", 'In 2021, he bankrolled and led the first private, all-civilian team to ever orbit the Earth.', 'That crew - named Inspiration4 - left on a SpaceX capsule from Florida and spent three days in space before splashing down successfully in the Atlantic Ocean.', 'Time magazine estimated that Mr Isaacman paid $200m (£153m) to fellow billionaire Elon Musk for all four seats aboard the SpaceX craft. “', 'That was a heck of a ride for us,” Mr Isaacman radioed shortly after landing at the time. “', ""We're just getting started.”"", ""Mr Isaacman was born in Union, New Jersey, where, from an early age, he wasn't afraid to go against the grain and push boundaries."", 'At the age of 15, he dropped out of high school and later took a GED (a high-school equivalency exam), according to the Netflix docuseries Countdown: Inspiration4 Mission to Space. ""', 'I was a horrible student,"" Mr Isaacman said in the series. ""', 'And I wasn\'t, like, happy in school, either.""', 'A year later, he launched his successful company Shift4 Payments from his parents’ basement, according to a report by Forbes.', 'The company now handles payments for a third of restaurants and hotels in the US, including big names like Hilton, Four Seasons, KFC and Arby’s; and processes over $260bn (£199bn) annually, according to its website.', 'Mr Isaacman also founded Draken International in 2011, a defence firm that trains Air Force pilots and owns the world’s largest fleet of private military aircrafts.', 'In 2019, Mr Isaacman sold a majority stake in Draken to Blackstone, a Wall Street firm, for a nine-figure sum, Forbes reported, launching himself into billionaire status.', 'The magazine dubbed him a ""thrill seeker"" in a 2020 profile, reporting that for fun, Mr Isaacman “bullets the MiG faster than the speed of sound and climbs mountains to unwind from non-stop, intense 80-plus-hour weeks"".', 'He also set a world speed record in 2009 for flying around the globe.', 'In the docuseries, Mr Isaacman said: ""I do believe you only get one crack at life."" ""', 'To the extent you have the means to do so, you have this obligation to live life to the fullest,"" he added. ""', 'You never know when it\'s going to be your last day.""', 'Mr Isaacman is married, has two daughters and lives with his family in New Jersey.', 'He and the others on board the Polaris Dawn are expected to return on Saturday.']",0.1460608352942637,But from here Earth sure looks like a perfect world.”,"I was a horrible student,"" Mr Isaacman said in the series. """,0.944260984659195,He also set a world speed record in 2009 for flying around the globe.,,2024-09-15
"MLB is aiming for a more national strategy, commissioner says",https://www.cnbc.com/2024/09/10/mlb-major-league-baseball-new-course-national-strategy.html,2024-09-11T16:22:44+0000,"Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game.As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred. The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.""We need a more national strategy,"" Manfred told CNBC's Scott Wapner. ""We're blessed with a huge amount of content: 2,430 games. Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country. Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.As for MLB's star power, all three panelists said they're excited about the talent the game has to offer. But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.""I don't know if it's more stars because I think we have stars,"" Sabathia said. ""I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto. It's star pitchers, it's starting pitchers.""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced. The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently. The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons. The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.All three panelists also said it's important to diversify the MLB's audience. They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.', ""Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game."", 'As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred.', 'The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.', '""We need a more national strategy,"" Manfred told CNBC\'s Scott Wapner. ""', ""We're blessed with a huge amount of content: 2,430 games."", 'Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.', '""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country.', 'Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.', ""As for MLB's star power, all three panelists said they're excited about the talent the game has to offer."", 'But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.', '""I don\'t know if it\'s more stars because I think we have stars,"" Sabathia said. ""', 'I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto.', ""It's star pitchers, it's starting pitchers."", '""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.', 'The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently.', 'The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.', 'The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.', ""All three panelists also said it's important to diversify the MLB's audience."", 'They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2628424095610402,But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.",0.6657184064388275,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.","""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.",2024-09-15
"Moderna shares plunge on plans to cut $1.1 billion in costs, launch 10 new products by 2027",https://www.cnbc.com/2024/09/12/moderna-rd-day-1-billion-in-cost-cuts-10-product-launches-planned.html,2024-09-12T15:50:55+0000,"In this articleModerna on Thursday said it plans to cut around $1.1 billion in expenses by 2027 and win approvals for several new products as it charts a path forward after the rapid decline of its Covid business. The biotech company said it expects 10 new product approvals through 2027. But Moderna said it will also pause work on some products in its pipeline and scrap others, as it aims to ""pace ourselves"" in new research and development spending. The company aims to trim R&D spending to a range of $3.6 billion to $3.8 billion in 2027, down from an expected $4.8 billion at the end of this year, according to a release.""You're going to start seeing things come down because there are some studies that we are going to basically sunset and we're not going to start,"" Moderna CEO Stephane Bancel told CNBC, adding that the company is putting its latent product portfolio ""on hold."" That refers to a category of viruses that linger inside patients for prolonged periods without causing any symptoms but can reactivate and cause serious health complications later in their lives. Still, shares of Moderna fell more than 15% on Thursday.Leerink Partners analyst Mani Foroohar said in an email Thursday that the company's updates ""put to rest key elements of the bull thesis"" for its stock and ""reflect a worsening financial position.""""R&D reductions are too far out chronologically to be credible from a management team that we think has proven serially unable to project the performance of their business,"" Foroohar said.In a research note Thursday, Jefferies analyst Michael Yee said that the bulk of the cost savings won't be achieved until 2027, which ""now delays profitability until 2028.""Moderna said it plans to ""break even"" on an operating cash cost basis with $6 billion in revenue in 2028. The company previously said it expects to break even and return to growth in 2026. The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion. From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch. While Moderna expects some product approvals in 2025, the company is ""not expecting meaningful revenue contributions until the year after,"" Moderna CFO Jamey Mock told investors during the event.Also on Thursday, Moderna announced positive late-stage trial results for its vaccine against respiratory syncytial virus in high-risk adults ages 18 to 59, with plans to file for approval for that age group this year. It also announced positive data on its experimental stand-alone flu shot for adults ages 65 and older. The company unveiled those updates during its annual research and development day investor event in New York on Thursday, which focuses on its product pipeline and long-term business updates. It comes around four months after U.S. regulators cleared Moderna's RSV vaccine for seniors, its second commercially available product after its Covid vaccine. The company said it now has five respiratory shots with positive phase three results and expects to submit three of those jabs for approval this year. That includes Moderna's combination shot targeting Covid and the flu, which it expects to file for approval in the U.S. this year, along with a new and more effective version of its Covid shot. Moderna also has five nonrespiratory products across cancer, latent viruses and rare diseases that could be approved by 2027, according to the company's release. The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion. From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch. ""That's really a remarkable achievement that the team has accomplished, leaving us with a lot of drugs that are working, which is why we need to pace ourselves in terms of R&D investment,"" he told CNBC. Moderna presented new data on its RSV vaccine, mRESVIA, which is cleared in the U.S. and European Union for adults 60 and above. The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus. There were no safety concerns observed, Moderna added.There are currently no RSV shots approved worldwide for younger, high-risk adults, such as those with weakened immune systems or underlying chronic conditions like asthma and diabetes. Moderna's main rivals in the RSV space, Pfizer and GSK, are also seeking an expanded approval for the age group. Bancel said the company plans to use a ""priority review voucher"" when it files for approval for people ages 18 to 59, which would reduce the amount of time it takes for the Food and Drug Administration to review the product to six months instead of 10 months. Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025. ""It's in the millions of people who could benefit. … We are also doing so just to be competitive in the marketplace because if you are a large retail pharmacy, you want your product to be available for all of your customers that show up,"" Bancel said. But the company is also discontinuing development of its RSV vaccine for infants under 2 years old based on ""emerging clinical data."" Moderna said its experimental stand-alone flu vaccine, mRNA-1010, produced a higher immune response against the virus compared with an existing flu shot in a recent phase three trial. The shot has also demonstrated ""consistently acceptable safety and tolerability"" across three late-stage trials, the company added.Meanwhile, Moderna said it plans to move its shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea, to a phase three trial ""imminently."" Bancel said he believes the company could finish the study within a year and file for approval immediately after if the data is positive. ""This could be a product that is two years away from launch, which is great because there's nothing today to treat norovirus,"" he said. ""A lot of health-care professionals get infected by their patients.""Moderna is also partnering with Merck to develop a personalized cancer vaccine, which is being studied in combination with Keytruda in patients with different forms of the disease. The companies are studying the shot in a phase three trial in patients with a deadly skin cancer and discussing an approval with regulators based on data from a mid-stage study on the jab.But Moderna said the FDA has ""not been supportive"" of a so-called accelerated approval of the shot based on its existing data. That refers to an FDA designation that clears drugs faster if they fill an unmet medical need for serious conditions.Bancel said, ""we're going to keep having discussions"" with regulators, and ""we're also generating more data.""-- CNBC's Angelica Peebles contributed to this report.",CNBC,12/09/2024,"['In this articleModerna on Thursday said it plans to cut around $1.1 billion in expenses by 2027 and win approvals for several new products as it charts a path forward after the rapid decline of its Covid business.', 'The biotech company said it expects 10 new product approvals through 2027.', 'But Moderna said it will also pause work on some products in its pipeline and scrap others, as it aims to ""pace ourselves"" in new research and development spending.', 'The company aims to trim R&D spending to a range of $3.6 billion to $3.8 billion in 2027, down from an expected $4.8 billion at the end of this year, according to a release.', '""You\'re going to start seeing things come down because there are some studies that we are going to basically sunset and we\'re not going to start,"" Moderna CEO Stephane Bancel told CNBC, adding that the company is putting its latent product portfolio ""on hold.""', 'That refers to a category of viruses that linger inside patients for prolonged periods without causing any symptoms but can reactivate and cause serious health complications later in their lives.', 'Still, shares of Moderna fell more than 15% on Thursday.', 'Leerink Partners analyst Mani Foroohar said in an email Thursday that the company\'s updates ""put to rest key elements of the bull thesis"" for its stock and ""reflect a worsening financial position.', '""""R&D reductions are too far out chronologically to be credible from a management team that we think has proven serially unable to project the performance of their business,"" Foroohar said.', 'In a research note Thursday, Jefferies analyst Michael Yee said that the bulk of the cost savings won\'t be achieved until 2027, which ""now delays profitability until 2028.""Moderna said it plans to ""break even"" on an operating cash cost basis with $6 billion in revenue in 2028.', 'The company previously said it expects to break even and return to growth in 2026.', 'The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion.', 'From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.', 'While Moderna expects some product approvals in 2025, the company is ""not expecting meaningful revenue contributions until the year after,"" Moderna CFO Jamey Mock told investors during the event.', 'Also on Thursday, Moderna announced positive late-stage trial results for its vaccine against respiratory syncytial virus in high-risk adults ages 18 to 59, with plans to file for approval for that age group this year.', 'It also announced positive data on its experimental stand-alone flu shot for adults ages 65 and older.', 'The company unveiled those updates during its annual research and development day investor event in New York on Thursday, which focuses on its product pipeline and long-term business updates.', ""It comes around four months after U.S. regulators cleared Moderna's RSV vaccine for seniors, its second commercially available product after its Covid vaccine."", 'The company said it now has five respiratory shots with positive phase three results and expects to submit three of those jabs for approval this year.', ""That includes Moderna's combination shot targeting Covid and the flu, which it expects to file for approval in the U.S. this year, along with a new and more effective version of its Covid shot."", ""Moderna also has five nonrespiratory products across cancer, latent viruses and rare diseases that could be approved by 2027, according to the company's release."", 'The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion.', 'From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.', '""That\'s really a remarkable achievement that the team has accomplished, leaving us with a lot of drugs that are working, which is why we need to pace ourselves in terms of R&D investment,"" he told CNBC.Moderna presented new data on its RSV vaccine, mRESVIA, which is cleared in the U.S. and European Union for adults 60 and above.', 'The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus.', 'There were no safety concerns observed, Moderna added.', 'There are currently no RSV shots approved worldwide for younger, high-risk adults, such as those with weakened immune systems or underlying chronic conditions like asthma and diabetes.', ""Moderna's main rivals in the RSV space, Pfizer and GSK, are also seeking an expanded approval for the age group."", 'Bancel said the company plans to use a ""priority review voucher"" when it files for approval for people ages 18 to 59, which would reduce the amount of time it takes for the Food and Drug Administration to review the product to six months instead of 10 months.', 'Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025.""It\'s in the millions of people who could benefit. …', 'We are also doing so just to be competitive in the marketplace because if you are a large retail pharmacy, you want your product to be available for all of your customers that show up,"" Bancel said.', 'But the company is also discontinuing development of its RSV vaccine for infants under 2 years old based on ""emerging clinical data.', '""Moderna said its experimental stand-alone flu vaccine, mRNA-1010, produced a higher immune response against the virus compared with an existing flu shot in a recent phase three trial.', 'The shot has also demonstrated ""consistently acceptable safety and tolerability"" across three late-stage trials, the company added.', 'Meanwhile, Moderna said it plans to move its shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea, to a phase three trial ""imminently.""', 'Bancel said he believes the company could finish the study within a year and file for approval immediately after if the data is positive.', '""This could be a product that is two years away from launch, which is great because there\'s nothing today to treat norovirus,"" he said. ""', 'A lot of health-care professionals get infected by their patients.', '""Moderna is also partnering with Merck to develop a personalized cancer vaccine, which is being studied in combination with Keytruda in patients with different forms of the disease.', 'The companies are studying the shot in a phase three trial in patients with a deadly skin cancer and discussing an approval with regulators based on data from a mid-stage study on the jab.', 'But Moderna said the FDA has ""not been supportive"" of a so-called accelerated approval of the shot based on its existing data.', 'That refers to an FDA designation that clears drugs faster if they fill an unmet medical need for serious conditions.', 'Bancel said, ""we\'re going to keep having discussions"" with regulators, and ""we\'re also generating more data.""--', ""CNBC's Angelica Peebles contributed to this report.""]",0.1205978998745196,"Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025.""It's in the millions of people who could benefit. …",The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus.,0.410499544247337,"From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.","Still, shares of Moderna fell more than 15% on Thursday.",2024-09-15
China to raise retirement age for first time since 1950s,https://www.bbc.co.uk/news/articles/c62421le4j6o,2024-09-13T08:34:20.645Z,"China will ""gradually raise"" its retirement age for the first time since the 1950s, as the country confronts an ageing population and a dwindling pension budget. The top legislative body on Friday approved proposals to raise the statutory retirement age from 50 to 55 for women in blue-collar jobs, and from 55 to 58 for females in white-collar jobs. Men will see an increase from 60 to 63.  China's current retirement ages are among the lowest in the world.  According to the plan passed on Friday, the change will set in from 1 January 2025, with the respective retirement ages raised every few months over the next 15 years, said Chinese state media.  Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years. Starting 2030, employees will also have to make more contributions to the social security system in order to receive pensions. By 2039, they would have to clock 20 years of contributions to access their pensions. The state-run Chinese Academy of Social Sciences said in 2019 that the country's main state pension fund will run out of money by 2035 - and that was an estimate before the Covid-19 pandemic, which hit China's economy hard. The plan to raise retirement ages and adjust the pension policy was based on ""a comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education and workforce supply in China,"" Xinhua reported.  But the announcement has drawn some scepticism and discontent on the Chinese internet. ""In the next 10 years, there will be another bill that will delay retirement until we are 80,"" one user wrote on a Chinese social media site Weibo.  ""What a miserable year! Middle-aged workers are faced with pay cuts and raised retirement ages. Those who are unemployed find it increasingly difficult to get jobs,"" another chimed in.  Others said they had anticipated the announcement. ""This was expected, there isn't much to discuss. ""Men in most European countries retire when they are 65 or 67, while women do at 60. This is going to be the trend in our country as well,"" one Weibo user said. China's huge population has fallen for a second consecutive year in 2023 as its birth rate continues to decline.  Meanwhile, its average life expectancy has risen to 78.2 years, officials said earlier this year. According to the World Health Organization, almost a third of China's population - about 402 million people - will be aged over 60 by 2040, up from 254 million in 2019. A slowing economy, shrinking government benefits and a decades-long one-child policy have created a creeping demographic crisis in China, our China correspondent Laura Bicker wrote earlier this year. China's pension pot is running dry and the country is running out of time to build enough of a fund to care for the growing number of elderly. Over the next decade, about 300 million people, who are currently aged 50 to 60, are set to leave the Chinese workforce. This is the country's largest age group, nearly equivalent to the size of the US population. So who will look after them? The answer depends on where you go and who you ask. Read our analysis here ",BBC,13/09/2024,"['China will ""gradually raise"" its retirement age for the first time since the 1950s, as the country confronts an ageing population and a dwindling pension budget.', 'The top legislative body on Friday approved proposals to raise the statutory retirement age from 50 to 55 for women in blue-collar jobs, and from 55 to 58 for females in white-collar jobs.', 'Men will see an increase from 60 to 63.', ""China's current retirement ages are among the lowest in the world."", 'According to the plan passed on Friday, the change will set in from 1 January 2025, with the respective retirement ages raised every few months over the next 15 years, said Chinese state media.', 'Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years.', 'Starting 2030, employees will also have to make more contributions to the social security system in order to receive pensions.', 'By 2039, they would have to clock 20 years of contributions to access their pensions.', ""The state-run Chinese Academy of Social Sciences said in 2019 that the country's main state pension fund will run out of money by 2035 - and that was an estimate before the Covid-19 pandemic, which hit China's economy hard."", 'The plan to raise retirement ages and adjust the pension policy was based on ""a comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education and workforce supply in China,"" Xinhua reported.', 'But the announcement has drawn some scepticism and discontent on the Chinese internet. ""', 'In the next 10 years, there will be another bill that will delay retirement until we are 80,"" one user wrote on a Chinese social media site Weibo. ""', 'What a miserable year!', 'Middle-aged workers are faced with pay cuts and raised retirement ages.', 'Those who are unemployed find it increasingly difficult to get jobs,"" another chimed in.', 'Others said they had anticipated the announcement. ""', 'This was expected, there isn\'t much to discuss. ""', 'Men in most European countries retire when they are 65 or 67, while women do at 60.', 'This is going to be the trend in our country as well,"" one Weibo user said.', ""China's huge population has fallen for a second consecutive year in 2023 as its birth rate continues to decline."", 'Meanwhile, its average life expectancy has risen to 78.2 years, officials said earlier this year.', ""According to the World Health Organization, almost a third of China's population - about 402 million people - will be aged over 60 by 2040, up from 254 million in 2019."", 'A slowing economy, shrinking government benefits and a decades-long one-child policy have created a creeping demographic crisis in China, our China correspondent Laura Bicker wrote earlier this year.', ""China's pension pot is running dry and the country is running out of time to build enough of a fund to care for the growing number of elderly."", 'Over the next decade, about 300 million people, who are currently aged 50 to 60, are set to leave the Chinese workforce.', ""This is the country's largest age group, nearly equivalent to the size of the US population."", 'So who will look after them?', 'The answer depends on where you go and who you ask.', 'Read our analysis here']",-0.0201894058856361,China's pension pot is running dry and the country is running out of time to build enough of a fund to care for the growing number of elderly.,"Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years.",-0.3489936888217926,"Meanwhile, its average life expectancy has risen to 78.2 years, officials said earlier this year.",China's huge population has fallen for a second consecutive year in 2023 as its birth rate continues to decline.,2024-09-15
Union wins Tesco 'fire and rehire' case,https://www.bbc.co.uk/news/articles/ceq5qj0l4j5o,2024-09-12T10:43:16.089Z,"A shop workers' union has won a Supreme Court battle against Tesco over so-called ""fire and rehire"" plans put forward by the supermarket giant. The row erupted in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay. The Usdaw union said it was ""delighted to get this outcome"". Tesco said it accepted the Supreme Court judgement which it said affected ""a very small number of colleagues"". In 2007, Tesco planned to close some of its distribution centres, and offered staff increased ""retained pay"" so they would relocate. The union took legal action in 2021 after Tesco proposed getting rid of this retained pay by either offering staff a lump sum to replace it, or terminating their contracts and rehiring them without the increased salary. Usdaw argued that the retained pay had been described as ""permanent"" in their contracts, so should be ongoing. But Tesco described the pay as a ""contractual mechanism"" open to employers. Usdaw brought the legal action with three Tesco employees who work at distribution centres in Daventry and Lichfield. The employees are also voluntary union representatives, a union spokesman said. The case affects roughly 50 people who work in those centres, he said. There is a separate case involving workers at the Livingston distribution centre going through the Scottish courts which also affects about 50 people. Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal. On Thursday the Supreme Court reversed that decision, saying Tesco's right to stop employees' contracts could not be used to take away their enhanced pay. Five justices unanimously agreed that Tesco should be blocked from dismissing the staff. The Supreme Court judges ruled that it was ""inconceivable"" that both Tesco and the union members intended for the supermarket to have the right to fire workers and rehire them on lower pay ""whenever it suited Tesco's business purposes to do so"". ""This would have been viewed, objectively, as unrealistic and as flouting industrial common sense by both sides,"" the judges said in their ruling. When it offered the retained pay deal at the beginning, Tesco could have stipulated that the deal would end, or that it could fire and rehire, but didn't, the judges said. Using the word ""permanent"" conveys that retained pay is not time-limited ""in any way"", they added. Paddy Lillis, Usdaw's general secretary, said the union had been ""determined to stand by its members"" and that the ""valuable benefit"" was ""a key component of their pay"". The union had been ""appalled when Tesco threatened these individuals with fire and rehire to remove this benefit"" and said the ""tactics have no place in industrial relations"". Tesco said the ""vast majority"" of distribution centre workers ""do not receive this top-up"". It decided to ""phase it out"" in 2021 and ""made a competitive offer to affected colleagues at that time and many of them chose to accept this"". It added that distribution centre workers ""play a really critical role in helping us to serve our customers and we value all their hard work"". As part of its election manifesto, Labour pledged to ban the practice of fire and rehire. A Department for Business and Trade spokesman said new legislation on that would be brought in ""soon"". Fire and rehire picked up pace during the coronavirus pandemic when a number of big businesses tried to dismiss workers and hire them back on worse deals. British Airways, British Gas, bus company Go North West and coffee maker Jacobs Douwe Egberts were all accused of using the tactic. Ferry operator P&O was also accused of similar tactics when it fired 800 of its workers in 2022, and then used an agency to replace the sacked staff.  ",BBC,12/09/2024,"['A shop workers\' union has won a Supreme Court battle against Tesco over so-called ""fire and rehire"" plans put forward by the supermarket giant.', 'The row erupted in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay.', 'The Usdaw union said it was ""delighted to get this outcome"".', 'Tesco said it accepted the Supreme Court judgement which it said affected ""a very small number of colleagues"".', 'In 2007, Tesco planned to close some of its distribution centres, and offered staff increased ""retained pay"" so they would relocate.', 'The union took legal action in 2021 after Tesco proposed getting rid of this retained pay by either offering staff a lump sum to replace it, or terminating their contracts and rehiring them without the increased salary.', 'Usdaw argued that the retained pay had been described as ""permanent"" in their contracts, so should be ongoing.', 'But Tesco described the pay as a ""contractual mechanism"" open to employers.', 'Usdaw brought the legal action with three Tesco employees who work at distribution centres in Daventry and Lichfield.', 'The employees are also voluntary union representatives, a union spokesman said.', 'The case affects roughly 50 people who work in those centres, he said.', 'There is a separate case involving workers at the Livingston distribution centre going through the Scottish courts which also affects about 50 people.', 'Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal.', ""On Thursday the Supreme Court reversed that decision, saying Tesco's right to stop employees' contracts could not be used to take away their enhanced pay."", 'Five justices unanimously agreed that Tesco should be blocked from dismissing the staff.', 'The Supreme Court judges ruled that it was ""inconceivable"" that both Tesco and the union members intended for the supermarket to have the right to fire workers and rehire them on lower pay ""whenever it suited Tesco\'s business purposes to do so"". ""', 'This would have been viewed, objectively, as unrealistic and as flouting industrial common sense by both sides,"" the judges said in their ruling.', ""When it offered the retained pay deal at the beginning, Tesco could have stipulated that the deal would end, or that it could fire and rehire, but didn't, the judges said."", 'Using the word ""permanent"" conveys that retained pay is not time-limited ""in any way"", they added.', 'Paddy Lillis, Usdaw\'s general secretary, said the union had been ""determined to stand by its members"" and that the ""valuable benefit"" was ""a key component of their pay"".', 'The union had been ""appalled when Tesco threatened these individuals with fire and rehire to remove this benefit"" and said the ""tactics have no place in industrial relations"".', 'Tesco said the ""vast majority"" of distribution centre workers ""do not receive this top-up"".', 'It decided to ""phase it out"" in 2021 and ""made a competitive offer to affected colleagues at that time and many of them chose to accept this"".', 'It added that distribution centre workers ""play a really critical role in helping us to serve our customers and we value all their hard work"".', 'As part of its election manifesto, Labour pledged to ban the practice of fire and rehire.', 'A Department for Business and Trade spokesman said new legislation on that would be brought in ""soon"".', 'Fire and rehire picked up pace during the coronavirus pandemic when a number of big businesses tried to dismiss workers and hire them back on worse deals.', 'British Airways, British Gas, bus company Go North West and coffee maker Jacobs Douwe Egberts were all accused of using the tactic.', 'Ferry operator P&O was also accused of similar tactics when it fired 800 of its workers in 2022, and then used an agency to replace the sacked staff.']",-0.0051904237689,"Paddy Lillis, Usdaw's general secretary, said the union had been ""determined to stand by its members"" and that the ""valuable benefit"" was ""a key component of their pay"".","The union had been ""appalled when Tesco threatened these individuals with fire and rehire to remove this benefit"" and said the ""tactics have no place in industrial relations"".",0.3792027168803745,Fire and rehire picked up pace during the coronavirus pandemic when a number of big businesses tried to dismiss workers and hire them back on worse deals.,"This would have been viewed, objectively, as unrealistic and as flouting industrial common sense by both sides,"" the judges said in their ruling.",2024-09-15
US targets China's Shein and Temu with new shipping rules,https://www.bbc.co.uk/news/articles/c36n6g164l6o,2024-09-13T16:18:06.208Z,"The US has proposed rules that would hit many low-value shipments from China with new taxes - a measure aimed at curbing the flood of packages from shopping sites such as Shein and Temu. The Biden administration said the plan was intended to stop ""abuse"" of an exemption that allowed packages worth less than $800 (£600) to enter the US without facing tariffs and other fees.  The US said the ""de minimis"" rule has helped firms such as Shein and Temu, which typically ship directly from the manufacturer to the customer, undercut competitors with lower prices.  In statements, the two companies defended their business models.  The US raised the exemption from tariffs and other fees for shipments from $200 to $800 in 2016 to facilitate trade and allow officials to focus on higher priority shipments. But lawmakers have voiced increasing alarm about ""exploitation"" by firms such as Temu and Shein, as the two make rapid inroads in the US market. The new rules would remove the exemption for Chinese goods that currently face tariffs from the US - a wide range of products including shoes, machinery and 70% of textiles and apparel.   They would also increase what information shippers must provide to authorities. Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"". It said it was reviewing the rules and remained committed to ""delivering value to consumers"". ""Temu's growth does not depend on the de minimis policy,"" it added. Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"". The company said compliance was a priority and that it was already participating in a trial programme with US Customs and Border Protection (CBP). ""We want to disclose more of what’s in every package and are working closely with CBP,"" the company said.  Since launching a few years ago, Temu and Shein have gained followers with flashy Super Bowl adverts and ultra-low prices. The popularity has put such pressure on Amazon, the dominant e-commerce company in the US, that the firm is reportedly exploring its own discount unit focusing on direct-to-consumer shipments. Their rise has also brought scrutiny from US politicians and regulators, who have  raised questions about the safety of products on their sites and warned of a ""high risk"" that Temu was selling products made using forced labour. Authorities have blamed their success for putting strains on US border and customs authorities, as the number of packages entering the US under the de minimis exemption has surged from 140 million in 2013 to more than 1 billion last year. In announcing the action, the Biden administration said ""several China-founded e-commerce platforms"" now accounted for a ""majority"" of shipments under the $800 threshold. It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments. It accused companies of looking to skirt consumer protection laws and avoid trade barriers. ""American workers and businesses can outcompete anyone on a level playing field, but for too long, Chinese e-commerce platforms have skirted tariffs by abusing the de minimis exemption,” said Commerce Secretary Gina Raimondo. The American Action Forum, a right-leaning policy group, has estimated that getting rid of the $800 exemption entirely would result in ""$8bn to $30bn in additional annual costs that would eventually be passed on to consumers"". The proposal will go through a comment period before being finalised and taking effect. Authorities in the European Union have been exploring similar measures aimed at low-value shipments, Bloomberg and the Financial Times reported earlier this year. Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.  ",BBC,13/09/2024,"['The US has proposed rules that would hit many low-value shipments from China with new taxes - a measure aimed at curbing the flood of packages from shopping sites such as Shein and Temu.', 'The Biden administration said the plan was intended to stop ""abuse"" of an exemption that allowed packages worth less than $800 (£600) to enter the US without facing tariffs and other fees.', 'The US said the ""de minimis"" rule has helped firms such as Shein and Temu, which typically ship directly from the manufacturer to the customer, undercut competitors with lower prices.', 'In statements, the two companies defended their business models.', 'The US raised the exemption from tariffs and other fees for shipments from $200 to $800 in 2016 to facilitate trade and allow officials to focus on higher priority shipments.', 'But lawmakers have voiced increasing alarm about ""exploitation"" by firms such as Temu and Shein, as the two make rapid inroads in the US market.', 'The new rules would remove the exemption for Chinese goods that currently face tariffs from the US - a wide range of products including shoes, machinery and 70% of textiles and apparel.', 'They would also increase what information shippers must provide to authorities.', 'Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"".', 'It said it was reviewing the rules and remained committed to ""delivering value to consumers"". ""', 'Temu\'s growth does not depend on the de minimis policy,"" it added.', 'Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"".', 'The company said compliance was a priority and that it was already participating in a trial programme with US Customs and Border Protection (CBP). ""', 'We want to disclose more of what’s in every package and are working closely with CBP,"" the company said.', 'Since launching a few years ago, Temu and Shein have gained followers with flashy Super Bowl adverts and ultra-low prices.', 'The popularity has put such pressure on Amazon, the dominant e-commerce company in the US, that the firm is reportedly exploring its own discount unit focusing on direct-to-consumer shipments.', 'Their rise has also brought scrutiny from US politicians and regulators, who have raised questions about the safety of products on their sites and warned of a ""high risk"" that Temu was selling products made using forced labour.', 'Authorities have blamed their success for putting strains on US border and customs authorities, as the number of packages entering the US under the de minimis exemption has surged from 140 million in 2013 to more than 1 billion last year.', 'In announcing the action, the Biden administration said ""several China-founded e-commerce platforms"" now accounted for a ""majority"" of shipments under the $800 threshold.', 'It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments.', 'It accused companies of looking to skirt consumer protection laws and avoid trade barriers. ""', 'American workers and businesses can outcompete anyone on a level playing field, but for too long, Chinese e-commerce platforms have skirted tariffs by abusing the de minimis exemption,” said Commerce Secretary Gina Raimondo.', 'The American Action Forum, a right-leaning policy group, has estimated that getting rid of the $800 exemption entirely would result in ""$8bn to $30bn in additional annual costs that would eventually be passed on to consumers"".', 'The proposal will go through a comment period before being finalised and taking effect.', 'Authorities in the European Union have been exploring similar measures aimed at low-value shipments, Bloomberg and the Financial Times reported earlier this year.', 'Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.']",0.0167538376614018,"Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"".","It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments.",0.2023664991060892,"Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"".","Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.",2024-09-15
Former Ticketmaster boss sentenced for hacking rival company CrowdSurge,https://www.bbc.co.uk/news/articles/cvg423n1erko,2024-09-12T17:46:15.213Z,"A former Ticketmaster boss who illegally accessed a rival company’s computer servers to steal information has been sentenced. British national Stephen Mead stole sensitive data from CrowdSurge – a smaller business he had previously worked for - between 2013 and 2015. His actions directly contributed to the company’s collapse, the Department of Justice, in New York, said. Mead pleaded guilty to conspiracy to commit computer intrusions against CrowdSurge, in June. He has now been ordered to pay $67,970 as a forfeiture (about £52,000), and sentenced to a year’s supervised release. Court papers filed in the US state Ticketmaster executives had asked Mead to share “competitive intelligence” about the company. Ticketmaster - which describes itself as the world’s biggest entertainment ticketing platform - did not respond to the BBC's request for comment. Another former Ticketmaster executive, Zeeshan Zaidi, also pleaded guilty to fraud charges of conspiracy to commit computer intrusions and wire fraud in 2019. He is yet to be sentenced. Mead was ordered to pay back a sum he received when he left CrowdSurge, as well as the pay rise he subsequently received at Ticketmaster. A Foreign Office spokesperson told the BBC: “We are providing consular assistance to a British man in the US and are in contact with the local authorities.” CrowdSurge - a website on which artists could sell pre-sale tickets to fans - was a rival ticketing company to Ticketmaster, with its headquarters in London and a US office in New York. US court documents say the company had an estimated value of more than $100m. From 2010, Mead was CrowdSurge’s senior vice president for global operations and general manager for North America. The BBC has seen court documents that state that when Mead left CrowdSurge in July 2012 he signed a “separation agreement”, which stated he must not retain or share any confidential information - including client lists, and marketing strategies - with any third party. According to the court filing, the agreement also stipulated Mead should not work for another ticketing company for a year and, as part of the arrangement, CrowdSurge paid Mead approximately $52,970. But he repeatedly breached the separation agreement, the court papers say. By the summer of 2013, Mead was employed by Ticketmaster’s parent company, Live Nation, in a division called TicketWeb. CrowdSurge computer server logs show at least 25 instances when its company data was accessed by computers with IP addresses registered to Ticketmaster and associated companies in New York, San Francisco, and Los Angeles, between August 2013 and December 2015, the prosecution stated. According to the prosecution, Mead shared CrowdSurge spreadsheets containing financial information and passwords without permission, and accessed competitive information about the company’s clients and technology at the request of Ticketmaster executives. He also supplied other Ticketmaster employees with information that enabled them to access password-protected CrowdSurge information. He advised them to “screengrab the hell out of the system”, and discussed “cut[ting] off CrowdSurge at the knees”, court documents show. They also state that on one occasion, at Zaidi’s request, Mead gave a presentation to at least 14 Live Nation and Ticketmaster executives and employees during which he used a CrowdSurge username and password to log in to their website without authorisation. During the presentation - which was projected onto a large screen in a conference room - Mead demonstrated one of CrowdSurge’s bespoke products called the Artists’ Toolbox - a web-based data analytics package for music artists. During his employment, Mead also shared real-time ticket sales data and the identities of the performers CrowdSurge was working with. The DoJ says the information was used by Ticketmaster to plan competitive responses to win pre-sale ticketing business and compare products and offerings. It added Mead’s actions led to monetary losses for CrowdSurge, which “were particularly significant in a highly competitive business environment”. It says Mead was later promoted to become director of client services in Ticketmaster’s artist services division, in early 2015, reporting directly to Zaidi. He also received a pay rise. Court documents say Mead did not engage in the criminal conduct to personally profit from the scheme, beyond the benefit he received by improving his standing and position within Ticketmaster. CrowdSurge discovered Mead’s hacking after a former Ticketmaster executive started working for the company in 2015 and warned them to change how their systems could be accessed. Mead’s employment was terminated by Live Nation and Ticketmaster around October 2017. Court documents show Mead left the US in 2019 and returned to the UK. He was arrested in Italy earlier this year and extradited to the US. In 2015, CrowdSurge’s parent company, Complete Entertainment Resources, filed a civil lawsuit against Ticketmaster alleging it dominated the market and “attempted to destroy competition in the artist pre-sale ticketing services market in a number of different ways”. These included “blocking” numerous artists from working with SongKick - a company CrowdSurge had merged with in June 2015 - and using its market power to “force” them to work with Ticketmaster instead. Ticketmaster and SongKick settled their legal dispute in 2018, resulting in Ticketmaster paying $110m to the owners of SongKick and buying SongKick’s ticketing technology for an undisclosed amount. Ticketmaster entered into a deferred prosecution agreement with the Department of Justice in New York after pleading guilty to five charges of fraud in 2020. This process involves a company reaching an agreement with a prosecutor, where the company is charged with a criminal offence but proceedings are automatically suspended. The ticketing giant was fined $10m and agreed “where necessary and appropriate to modify or maintain its existing compliance program”. The DoJ confirmed Ticketmaster completed the terms of the deferred prosecution in July 2024. ",BBC,12/09/2024,"['A former Ticketmaster boss who illegally accessed a rival company’s computer servers to steal information has been sentenced.', 'British national Stephen Mead stole sensitive data from CrowdSurge – a smaller business he had previously worked for - between 2013 and 2015.', 'His actions directly contributed to the company’s collapse, the Department of Justice, in New York, said.', 'Mead pleaded guilty to conspiracy to commit computer intrusions against CrowdSurge, in June.', 'He has now been ordered to pay $67,970 as a forfeiture (about £52,000), and sentenced to a year’s supervised release.', 'Court papers filed in the US state Ticketmaster executives had asked Mead to share “competitive intelligence” about the company.', ""Ticketmaster - which describes itself as the world’s biggest entertainment ticketing platform - did not respond to the BBC's request for comment."", 'Another former Ticketmaster executive, Zeeshan Zaidi, also pleaded guilty to fraud charges of conspiracy to commit computer intrusions and wire fraud in 2019.', 'He is yet to be sentenced.', 'Mead was ordered to pay back a sum he received when he left CrowdSurge, as well as the pay rise he subsequently received at Ticketmaster.', 'A Foreign Office spokesperson told the BBC: “We are providing consular assistance to a British man in the US and are in contact with the local authorities.”', 'CrowdSurge - a website on which artists could sell pre-sale tickets to fans - was a rival ticketing company to Ticketmaster, with its headquarters in London and a US office in New York.', 'US court documents say the company had an estimated value of more than $100m. From 2010, Mead was CrowdSurge’s senior vice president for global operations and general manager for North America.', 'The BBC has seen court documents that state that when Mead left CrowdSurge in July 2012 he signed a “separation agreement”, which stated he must not retain or share any confidential information - including client lists, and marketing strategies - with any third party.', 'According to the court filing, the agreement also stipulated Mead should not work for another ticketing company for a year and, as part of the arrangement, CrowdSurge paid Mead approximately $52,970.', 'But he repeatedly breached the separation agreement, the court papers say.', 'By the summer of 2013, Mead was employed by Ticketmaster’s parent company, Live Nation, in a division called TicketWeb.', 'CrowdSurge computer server logs show at least 25 instances when its company data was accessed by computers with IP addresses registered to Ticketmaster and associated companies in New York, San Francisco, and Los Angeles, between August 2013 and December 2015, the prosecution stated.', 'According to the prosecution, Mead shared CrowdSurge spreadsheets containing financial information and passwords without permission, and accessed competitive information about the company’s clients and technology at the request of Ticketmaster executives.', 'He also supplied other Ticketmaster employees with information that enabled them to access password-protected CrowdSurge information.', 'He advised them to “screengrab the hell out of the system”, and discussed “cut[ting] off CrowdSurge at the knees”, court documents show.', 'They also state that on one occasion, at Zaidi’s request, Mead gave a presentation to at least 14 Live Nation and Ticketmaster executives and employees during which he used a CrowdSurge username and password to log in to their website without authorisation.', 'During the presentation - which was projected onto a large screen in a conference room - Mead demonstrated one of CrowdSurge’s bespoke products called the Artists’ Toolbox - a web-based data analytics package for music artists.', 'During his employment, Mead also shared real-time ticket sales data and the identities of the performers CrowdSurge was working with.', 'The DoJ says the information was used by Ticketmaster to plan competitive responses to win pre-sale ticketing business and compare products and offerings.', 'It added Mead’s actions led to monetary losses for CrowdSurge, which “were particularly significant in a highly competitive business environment”.', 'It says Mead was later promoted to become director of client services in Ticketmaster’s artist services division, in early 2015, reporting directly to Zaidi.', 'He also received a pay rise.', 'Court documents say Mead did not engage in the criminal conduct to personally profit from the scheme, beyond the benefit he received by improving his standing and position within Ticketmaster.', 'CrowdSurge discovered Mead’s hacking after a former Ticketmaster executive started working for the company in 2015 and warned them to change how their systems could be accessed.', 'Mead’s employment was terminated by Live Nation and Ticketmaster around October 2017.', 'Court documents show Mead left the US in 2019 and returned to the UK.', 'He was arrested in Italy earlier this year and extradited to the US.', 'In 2015, CrowdSurge’s parent company, Complete Entertainment Resources, filed a civil lawsuit against Ticketmaster alleging it dominated the market and “attempted to destroy competition in the artist pre-sale ticketing services market in a number of different ways”.', 'These included “blocking” numerous artists from working with SongKick - a company CrowdSurge had merged with in June 2015 - and using its market power to “force” them to work with Ticketmaster instead.', 'Ticketmaster and SongKick settled their legal dispute in 2018, resulting in Ticketmaster paying $110m to the owners of SongKick and buying SongKick’s ticketing technology for an undisclosed amount.', 'Ticketmaster entered into a deferred prosecution agreement with the Department of Justice in New York after pleading guilty to five charges of fraud in 2020.', 'This process involves a company reaching an agreement with a prosecutor, where the company is charged with a criminal offence but proceedings are automatically suspended.', 'The ticketing giant was fined $10m and agreed “where necessary and appropriate to modify or maintain its existing compliance program”.', 'The DoJ confirmed Ticketmaster completed the terms of the deferred prosecution in July 2024.']",-0.0246941725278617,Court papers filed in the US state Ticketmaster executives had asked Mead to share “competitive intelligence” about the company.,"Another former Ticketmaster executive, Zeeshan Zaidi, also pleaded guilty to fraud charges of conspiracy to commit computer intrusions and wire fraud in 2019.",0.2272439375519752,He also received a pay rise.,"It added Mead’s actions led to monetary losses for CrowdSurge, which “were particularly significant in a highly competitive business environment”.",2024-09-15
"National debt set to treble over next 50 years, says OBR",https://www.bbc.co.uk/news/articles/cewlwkg82ggo,2024-09-12T09:41:02.793Z,"UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster. Those pressures include an ageing population, climate change, and rising geopolitical tensions, the Office for Budget Responsibility (OBR) said in a report. The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"". Chief Secretary to the Treasury Darren Jones said: “The OBR has laid bare the shocking state that our public finances were left in by the previous government."" Jones added that the UK was facing the ""highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP"". The Conservative Party has been contacted for comment. Debt is the total amount of money owed by the government that has built up over years. It rises when there is a deficit - when the government spends more than it receives in income - and falls in those years when there is a surplus - when it spends less than it receives. The higher the debt-to-GDP ratio, the less likely a country is to pay back its debt in full. UK national debt is currently at almost 100% of GDP. The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher. Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP. However, income generated is predicted to remain at around 40% of GDP. By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits. Its Fiscal Risks and Sustainability Report claims the previous and current UK government's aspirations to raise defence spending to 2.5% of GDP could add pressure to the public finances. In addition, the cost of transitioning to net zero, battling extreme weather linked to climate change, and a falling birth rate could also lead to more spending and less revenue, it said. The bill for state pensions and social care is set to rise substantially. Some of this would be mitigated by lower education and working-age benefit spending. The public finances are already under pressure due to ""a succession of extraordinary shocks"" over the past two decades, the report notes. This includes the global financial crisis, the pandemic and the energy crisis. Based on policy settings from March 2024, the analysis warns that public finances will be put on ""an unsustainable path"". A spokesperson for the Prime Minister said the government is seeking to ""restore economic stability"". ""Work has begun to support the economy and businesses, and that's what our focus will be on"", she said. ",BBC,12/09/2024,"['UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster.', 'Those pressures include an ageing population, climate change, and rising geopolitical tensions, the Office for Budget Responsibility (OBR) said in a report.', 'The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"".', 'Chief Secretary to the Treasury Darren Jones said: “The OBR has laid bare the shocking state that our public finances were left in by the previous government.""', 'Jones added that the UK was facing the ""highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP"".', 'The Conservative Party has been contacted for comment.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit - when the government spends more than it receives in income - and falls in those years when there is a surplus - when it spends less than it receives.', 'The higher the debt-to-GDP ratio, the less likely a country is to pay back its debt in full.', 'UK national debt is currently at almost 100% of GDP.', 'The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher.', ""Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP."", 'However, income generated is predicted to remain at around 40% of GDP.', 'By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits.', ""Its Fiscal Risks and Sustainability Report claims the previous and current UK government's aspirations to raise defence spending to 2.5% of GDP could add pressure to the public finances."", 'In addition, the cost of transitioning to net zero, battling extreme weather linked to climate change, and a falling birth rate could also lead to more spending and less revenue, it said.', 'The bill for state pensions and social care is set to rise substantially.', 'Some of this would be mitigated by lower education and working-age benefit spending.', 'The public finances are already under pressure due to ""a succession of extraordinary shocks"" over the past two decades, the report notes.', 'This includes the global financial crisis, the pandemic and the energy crisis.', 'Based on policy settings from March 2024, the analysis warns that public finances will be put on ""an unsustainable path"".', 'A spokesperson for the Prime Minister said the government is seeking to ""restore economic stability"". ""', 'Work has begun to support the economy and businesses, and that\'s what our focus will be on"", she said.']",-0.2147050713724526,"By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits.","The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher.",-0.3111509150928921,"Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP.","The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"".",2024-09-15
Fire-and-rehire: What is it and why is it controversial?,https://www.bbc.co.uk/news/business-57670287,2021-07-02T11:38:16.000Z,"Tesco has lost a Supreme Court battle over so-called ""fire-and-rehire"" plans put forward by the supermarket giant. The row began in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay, prompting the Usdaw union to take legal action. During the pandemic a number of big businesses tried to dismiss workers and hire them back straight away - on worse deals. It prompted calls from trade unions and opposition politicians for employment rights to be strengthened including banning the practice, commonly known as ""fire-and-rehire"". The most noticeable case was that of P&O Ferries, which fired 800 of its workers in 2022. It was not accused of adopting a straightforward ""fire-and-rehire"" strategy, because it used an agency to replace sacked staff.  But unions said there were lots of overlapping concerns particularly around job security. Employers sometimes want to change the terms and conditions of their workers.  Each case is different, but employers might want to reduce their pay, or reduce holiday allowances, change shift patterns - even reduce the breaks they are allowed. This will often happen when a company is losing money and needs to cut costs to stay in business. Normally, managers would negotiate with trade unions or workers' representatives to try to reach an agreement.  If they can't, employers sometimes dismiss the affected workers, and offer to hire them back on the same day - under new terms and conditions. That presents workers with a stark choice - accept worse terms and conditions which you said no to before, or lose your job.  It's not illegal but it is considered acceptable only as a last resort.  Tesco was blocked from firing and rehiring its workers on lower pay in September, with Supreme Court judges calling the expectation ""unrealistic"". In 2023 trade unions accused Carnival UK, which operates P&O Cruises and Cunard, of considering using the strategy, although the firm said it was ""categorically"" not making any redundancies. Unions compared Carnival's approach to what happened at P&O Ferries - which is owned by a completely separate company, DP World. In that case there were some reports that sacked workers were told they could reapply for their old jobs via the agency that was filling their vacant roles if they wished to, which would have made it something very like a ""fire-and-rehire"" strategy. The controversy around fire-and-rehire had already become more intense following the pandemic. Many companies lost business because of Covid, and some used fire-and-rehire to reduce the amount they spend on their workers.  Len McCluskey, the then-leader of Britain's largest trade union, Unite, called it ""a disease that is ripping through our workplaces"" at the time. High-profile disputes about alleged fire-and-rehire tactics include: The government does not record the number of times fire-and-rehire happens. A report commissioned by the government in 2021 found little hard data about how many disputes there are.  But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020. Many of the people the researchers spoke to said they felt the practice was becoming more common, not just among big companies, but smaller employers too.  Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed. The Usdaw union successfully challenged Tesco in the courts when it tried to fire and rehire some of its distribution workers, although it was a hard-fought battle. Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court. Fire-and-rehire is not illegal, but employers have to follow a long process, formally consulting workers and unions and observing set notice periods.  If it is not followed correctly, employers open themselves up to legal challenges through employment tribunals or the courts. Employees and unions can also challenge a fire-and-rehire process on the grounds that it is not done fairly - for example, if some groups of workers get better treatment than others.  Labour pledged that it would ban fire-and-rehire in its 2024 election manifesto, and, after the Tesco ruling in September, the government said it intends to bring forward legislation to do that ""soon"".  A spokesperson said the government wanted to ""put an end to unscrupulous fire-and-rehire practices, which have no place in a modern labour market"". Many employment rights only start after two years' service. Until then workers can be dismissed with a week's notice. At many firms, employees acquire more rights - such as better redundancy terms - the longer they work. In most cases, going through a fire-and-rehire process should not reset years of service back to zero, says Neil Todd of Thompsons Solicitors. Long-serving employees should not be treated as new hires if they are dismissed and rehired straight away, or even as late as the following week. ",BBC,02/07/2021,"['Tesco has lost a Supreme Court battle over so-called ""fire-and-rehire"" plans put forward by the supermarket giant.', 'The row began in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay, prompting the Usdaw union to take legal action.', 'During the pandemic a number of big businesses tried to dismiss workers and hire them back straight away - on worse deals.', 'It prompted calls from trade unions and opposition politicians for employment rights to be strengthened including banning the practice, commonly known as ""fire-and-rehire"".', 'The most noticeable case was that of P&O Ferries, which fired 800 of its workers in 2022.', 'It was not accused of adopting a straightforward ""fire-and-rehire"" strategy, because it used an agency to replace sacked staff.', 'But unions said there were lots of overlapping concerns particularly around job security.', 'Employers sometimes want to change the terms and conditions of their workers.', 'Each case is different, but employers might want to reduce their pay, or reduce holiday allowances, change shift patterns - even reduce the breaks they are allowed.', 'This will often happen when a company is losing money and needs to cut costs to stay in business.', ""Normally, managers would negotiate with trade unions or workers' representatives to try to reach an agreement."", ""If they can't, employers sometimes dismiss the affected workers, and offer to hire them back on the same day - under new terms and conditions."", 'That presents workers with a stark choice - accept worse terms and conditions which you said no to before, or lose your job.', ""It's not illegal but it is considered acceptable only as a last resort."", 'Tesco was blocked from firing and rehiring its workers on lower pay in September, with Supreme Court judges calling the expectation ""unrealistic"".', 'In 2023 trade unions accused Carnival UK, which operates P&O Cruises and Cunard, of considering using the strategy, although the firm said it was ""categorically"" not making any redundancies.', ""Unions compared Carnival's approach to what happened at P&O Ferries - which is owned by a completely separate company, DP World."", 'In that case there were some reports that sacked workers were told they could reapply for their old jobs via the agency that was filling their vacant roles if they wished to, which would have made it something very like a ""fire-and-rehire"" strategy.', 'The controversy around fire-and-rehire had already become more intense following the pandemic.', 'Many companies lost business because of Covid, and some used fire-and-rehire to reduce the amount they spend on their workers.', 'Len McCluskey, the then-leader of Britain\'s largest trade union, Unite, called it ""a disease that is ripping through our workplaces"" at the time.', 'High-profile disputes about alleged fire-and-rehire tactics include: The government does not record the number of times fire-and-rehire happens.', 'A report commissioned by the government in 2021 found little hard data about how many disputes there are.', 'But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020.', 'Many of the people the researchers spoke to said they felt the practice was becoming more common, not just among big companies, but smaller employers too.', 'Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed.', 'The Usdaw union successfully challenged Tesco in the courts when it tried to fire and rehire some of its distribution workers, although it was a hard-fought battle.', 'Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.', 'Fire-and-rehire is not illegal, but employers have to follow a long process, formally consulting workers and unions and observing set notice periods.', 'If it is not followed correctly, employers open themselves up to legal challenges through employment tribunals or the courts.', 'Employees and unions can also challenge a fire-and-rehire process on the grounds that it is not done fairly - for example, if some groups of workers get better treatment than others.', 'Labour pledged that it would ban fire-and-rehire in its 2024 election manifesto, and, after the Tesco ruling in September, the government said it intends to bring forward legislation to do that ""soon"".', 'A spokesperson said the government wanted to ""put an end to unscrupulous fire-and-rehire practices, which have no place in a modern labour market"".', ""Many employment rights only start after two years' service."", ""Until then workers can be dismissed with a week's notice."", 'At many firms, employees acquire more rights - such as better redundancy terms - the longer they work.', 'In most cases, going through a fire-and-rehire process should not reset years of service back to zero, says Neil Todd of Thompsons Solicitors.', 'Long-serving employees should not be treated as new hires if they are dismissed and rehired straight away, or even as late as the following week.']",-0.1306970157193663,"Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.","Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed.",-0.026538610458374,"Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.","But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020.",2024-09-15
"Number of trans people may have been overestimated in census, ONS says",https://www.bbc.co.uk/news/articles/c3030519849o,2024-09-13T11:14:34.808Z,"The number of transgender people living in the UK may have been overestimated by the 2021 census, the Office for National Statistics (ONS) has confirmed. Following the survey in England and Wales, it was reported that around one in 200 people aged over 16 self-identified as a different gender to their sex at birth. However, a review found that people who do not speak fluent English may have misunderstood the wording of the relevant question and mistakenly answered that they consider themselves to be trans. The ONS had previously defended its methodology, despite some academics raising concerns over its accuracy. People who filled out the 2021 census in England and Wales were asked: ""Is the gender you identify with the same as your sex registered at birth?"" According to the ONS, 262,000 people - around 0.5% of the population - answered ""no"". But on Wednesday, Mary Gregory - a deputy director at the ONS - said some people may have misunderstood the question. Writing on the ONS's website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"". The number of people who answered the question mistakenly is thought to be ""relatively small"", she added, but enough to paint an inaccurate picture in areas ""where there are higher levels of non-English speakers"". Michael Biggs, a professor of sociology at Oxford University, publicly questioned the statistics in April. Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language. While only 10% of people said they did not speak English as their main language on the census, it appeared they made up 29% of the total number of transgender people, Prof Biggs said. For example, the London Borough of Newham had the highest proportion of people who identified as transgender (1.51%). The area also has one of the highest rates of non-English speakers - 35%, compared to 9% nationally. The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws. The regulator said other statistics produced by the 2021 census are still considered to be fully accurate. The ONS had previously said its estimates on the transgender population were in line with “international comparators”. ",BBC,13/09/2024,"['The number of transgender people living in the UK may have been overestimated by the 2021 census, the Office for National Statistics (ONS) has confirmed.', 'Following the survey in England and Wales, it was reported that around one in 200 people aged over 16 self-identified as a different gender to their sex at birth.', 'However, a review found that people who do not speak fluent English may have misunderstood the wording of the relevant question and mistakenly answered that they consider themselves to be trans.', 'The ONS had previously defended its methodology, despite some academics raising concerns over its accuracy.', 'People who filled out the 2021 census in England and Wales were asked: ""Is the gender you identify with the same as your sex registered at birth?""', 'According to the ONS, 262,000 people - around 0.5% of the population - answered ""no"".', 'But on Wednesday, Mary Gregory - a deputy director at the ONS - said some people may have misunderstood the question.', 'Writing on the ONS\'s website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"".', 'The number of people who answered the question mistakenly is thought to be ""relatively small"", she added, but enough to paint an inaccurate picture in areas ""where there are higher levels of non-English speakers"".', 'Michael Biggs, a professor of sociology at Oxford University, publicly questioned the statistics in April.', 'Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language.', 'While only 10% of people said they did not speak English as their main language on the census, it appeared they made up 29% of the total number of transgender people, Prof Biggs said.', 'For example, the London Borough of Newham had the highest proportion of people who identified as transgender (1.51%).', 'The area also has one of the highest rates of non-English speakers - 35%, compared to 9% nationally.', 'The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws.', 'The regulator said other statistics produced by the 2021 census are still considered to be fully accurate.', 'The ONS had previously said its estimates on the transgender population were in line with “international comparators”.']",-0.0946752615519191,"Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language.","Writing on the ONS's website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"".",-0.8640307784080505,,"The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws.",2024-09-15
Titanic maker Harland & Wolff to run out of cash within weeks,https://www.bbc.co.uk/news/articles/ce383d414p0o,2024-09-13T16:57:38.009Z,"Belfast shipbuilder Harland & Wolff is running out of cash, putting hundreds of jobs at risk, the BBC understands. The firm, famed for building the ill-fated Titanic, is in crisis talks to save it from collapse. One of the unions representing workers at the shipyard has sent a memo to its members suggesting there is ""only funding for the business until the end of this month"" and is calling for the government to step in. A review looking at options for the shipyard by Rothschild bank is expected to be finished in the coming weeks. Harland & Wolff and the government have been approached by the BBC for comment. Rothschild declined to comment. The GMB union reiterated the seriousness of the firm's financial position in a letter sent to the business secretary and defence secretary on Friday. It described the situation as ""critical"" and said time was ""fast running out for the UK government to find a solution"". ""Workers, families, and communities will potentially be thrown into turmoil once again, in just days or weeks, because of abject failure in national industrial strategy and corporate mismanagement,"" the GMB said. The company's main site is the historic Titanic shipyard in Belfast. It also has yards at Appledore in Devon, and at Methil and Arnish in Scotland. It employs 1,500 people in total. The union memo to workers, which has been seen by the BBC, indicated there had been 21 expressions of interest from buyers for the company so far. In its letter to ministers, the GMB expressed concerns over private bids for parts of the business. ""No private company in the bidding should be allowed to cherry pick what yards or contracts they wish to save – especially with huge taxpayer contracts in the mix.  ""All four Harland & Wolff yards are needed for our country and can thrive under a proper industrial strategy,"" the letter said.  However, the firm is heavily loss-making and its shares have been suspended since the beginning of July, after it failed to publish audited accounts. Later that month, ministers rejected the firm’s application for a £200m loan guarantee.  Business Secretary Jonathan Reynolds told parliament at the time: ""Government funding would not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.” Ministers were working with the company, unions, and devolved governments to “support a positive outcome for all affected sites across the UK”, he added. The firm’s existing creditor, US-based lender Riverstone, lent a further £19.5m in August, but it is understood Harland & Wolff is still in talks to secure further funding beyond the end of September. There has been an exodus of senior directors in recent weeks with the chairman, chief executive, chief financial officer, and two non-executive directors all walking away. Meanwhile, some existing investors have voiced their concerns about the company going into administration.  Last month a group of shareholders said they feared the business was being lined up for a pre-pack administration – enabling the company to sell itself or its assets before administrators are appointed. The 163-year-old company has been rescued from administration once before. In 2019, it was saved by a three-year contract with the Spanish shipbuilder Navantia to build three Royal Navy support ships.  ",BBC,13/09/2024,"['Belfast shipbuilder Harland & Wolff is running out of cash, putting hundreds of jobs at risk, the BBC understands.', 'The firm, famed for building the ill-fated Titanic, is in crisis talks to save it from collapse.', 'One of the unions representing workers at the shipyard has sent a memo to its members suggesting there is ""only funding for the business until the end of this month"" and is calling for the government to step in.', 'A review looking at options for the shipyard by Rothschild bank is expected to be finished in the coming weeks.', 'Harland & Wolff and the government have been approached by the BBC for comment.', 'Rothschild declined to comment.', ""The GMB union reiterated the seriousness of the firm's financial position in a letter sent to the business secretary and defence secretary on Friday."", 'It described the situation as ""critical"" and said time was ""fast running out for the UK government to find a solution"". ""', 'Workers, families, and communities will potentially be thrown into turmoil once again, in just days or weeks, because of abject failure in national industrial strategy and corporate mismanagement,"" the GMB said.', ""The company's main site is the historic Titanic shipyard in Belfast."", 'It also has yards at Appledore in Devon, and at Methil and Arnish in Scotland.', 'It employs 1,500 people in total.', 'The union memo to workers, which has been seen by the BBC, indicated there had been 21 expressions of interest from buyers for the company so far.', 'In its letter to ministers, the GMB expressed concerns over private bids for parts of the business. ""', 'No private company in the bidding should be allowed to cherry pick what yards or contracts they wish to save – especially with huge taxpayer contracts in the mix. ""', 'All four Harland & Wolff yards are needed for our country and can thrive under a proper industrial strategy,"" the letter said.', 'However, the firm is heavily loss-making and its shares have been suspended since the beginning of July, after it failed to publish audited accounts.', 'Later that month, ministers rejected the firm’s application for a £200m loan guarantee.', 'Business Secretary Jonathan Reynolds told parliament at the time: ""Government funding would not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.”', 'Ministers were working with the company, unions, and devolved governments to “support a positive outcome for all affected sites across the UK”, he added.', 'The firm’s existing creditor, US-based lender Riverstone, lent a further £19.5m in August, but it is understood Harland & Wolff is still in talks to secure further funding beyond the end of September.', 'There has been an exodus of senior directors in recent weeks with the chairman, chief executive, chief financial officer, and two non-executive directors all walking away.', 'Meanwhile, some existing investors have voiced their concerns about the company going into administration.', 'Last month a group of shareholders said they feared the business was being lined up for a pre-pack administration – enabling the company to sell itself or its assets before administrators are appointed.', 'The 163-year-old company has been rescued from administration once before.', 'In 2019, it was saved by a three-year contract with the Spanish shipbuilder Navantia to build three Royal Navy support ships.']",-0.0097545342963398,"No private company in the bidding should be allowed to cherry pick what yards or contracts they wish to save – especially with huge taxpayer contracts in the mix. ""","The firm, famed for building the ill-fated Titanic, is in crisis talks to save it from collapse.",-0.4667221407095591,"Ministers were working with the company, unions, and devolved governments to “support a positive outcome for all affected sites across the UK”, he added.","Business Secretary Jonathan Reynolds told parliament at the time: ""Government funding would not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.”",2024-09-15
"Winter fuel payment: We spend it on holidays, say some pensioners",https://www.bbc.co.uk/news/articles/c4gegy4r9ndo,2024-09-14T01:49:16.380Z,"“The money is just for the holiday kitty,” says Jon Harvey of the £300 he was given every winter to help with heating bills. “I could also use it to go out for a nice meal.” The 80-year-old, like all pensioners in England and Wales, was given the winter fuel payment (WFP) automatically – until this week when the new Labour government voted to change the rules. Now only pensioners who qualify for certain benefits will receive it, an estimated 1.5 million people. Last winter 10.8 million people got the payment. Jon, a retired police officer, tells us “it’s about time” the rules changed as “there are people who need it more than me”. The policy, launched by the last Labour government in 1997, costs nearly £2bn per year but Sir Keir Starmer hopes the changes will save taxpayers £1.5bn. The prime minister says it could help plug the £22bn ""black hole"" he says exists in the national finances - but the Tories and charities fear it could leave some over-65s cold this winter. Beyond the political fray, the argument is nuanced - so the BBC spoke to pensioners to hear the full range of views. Some told us they rely on the payment for heating, while others said they spend the money on things like holidays, restaurants or their grandchildren. Olwen Jones, 70, has been receiving the payment for the last four years since retiring from her job in IT. “I thought about giving it to my brother the last time I was given the payment, except he started getting it himself. Now, I give the money to charity,” she says. The payment acts as a bonus to the bank balance for Nick Plowright. “My mother, who died back in 2019, was also receiving it for many years. When she did, she'd tell us to give it to the grandchildren,” the 68-year-old explains. He adds: “The government needs to make the means testing rigorous, right minded and focused on helping those most in need. Above all, stop paying it to the millions who very obviously do not need it, like me.” The issue of who needs the support is at the heart of the change to the WFP. Office for National Statistics (ONS) figures show that the proportion of wealthy over-65s has grown. In 2010, 9% of this group lived in a household that had a total wealth – including assets like their home and pensions – above £1 million. Ten years later, this rose to 27%. Liz Emerson, CEO of the Intergenerational Foundation, a charity that campaigns for youth-friendly government policy, says it is being fuelled by rising property values. “Alongside that, they have more generous private pensions than young people,” she explains. “So when you combine housing wealth and pension wealth, older people have been doing far better than the younger generation over recent years.” Yet this isn’t just about millionaires - many of those who say they do not need WFP, like those the BBC spoke to, are simply on healthy pensions after years of working. Others are more wealthy, especially if they have sold high-value property and downsized to a house that is far less expensive to heat, ending up with leftover cash in the process. For those who don't sell up, Ms Emerson asks: “Should these pensioners be subsidised by younger taxpayers to stay in a valuable home? It seems to us to be intergenerationally unfair.” The vast majority of over-65s receive a state pension and it’s the main income for those who don’t get a private pension - which their former employer paid into. The state pension increases every year through the triple lock - in line with whichever is highest out of inflation, earnings or 2.5%. This year it increased by £690 for people who reached retirement age before April 2016 and £900 for those after that date. Next year the increases are projected to be £353 and £460 respectively, driven by high inflation and energy costs. The government points out that these increases are worth more than the annual WFP payments, which is £300 for those who retired before April 2016 and £200 for those after. Under the new rules, WFP will be paid only to over-65s who are receiving one of seven benefits: pension credit, universal credit, income-related employment and support allowance, income-based jobseeker’s allowance, income support, child tax credit or working tax credit. Critics argue these alternative measures are not enough. Age UK estimates 2.5 million pensioners on low incomes – but not low enough to get pension credit – will struggle to pay their bills this winter. The Conservatives and other opposition parties have criticised the government for not publishing an impact assessment that would have analysed which older people would have been most affected by the changes. Shelagh Lind, 70, is £2 per week over the pension credit threshold, so will lose WFP. She now fears for the months ahead - and says she’s lost faith in Labour as a lifelong supporter of the party. “I am so cross - I had that money earmarked and now it’s gone,” she says. “I can’t predict how much the bills are going to be. We will suffer.” Rose Brooks, 77, says her WFP money had been dedicated to paying the gas bill. “Without it, I cannot afford to put my central heating on. I honestly don’t know how I am going stay warm this winter.” She adds: “I think I’m just going to have to go to bed early in hope of avoiding the coldest temperatures.” Age UK have started a petition calling for the rule changes to be delayed - and more than 500,000 people have signed it. Chris Brooks, head of policy at the charity, says: “The big problem is that a lot of pensioners, often those who are on very low incomes, don't claim what they're entitled to. “Because they don't claim these benefits, they won’t get the WFP. This puts them in a really difficult financial position and lots of them tell us that they won't be able to turn their heating on this winter.” Both Mr Brooks and Ms Emerson told us they are in favour of giving more support to pensioners on low incomes or those who are medically vulnerable. And not just pensioners - others argue the payment should be widened to some families. Among them is Joan Jones, 76, who says the WFP sits in her bank account as she has “enough income to live on reasonably comfortably”. “There are families with young children who are struggling,” she warns. “Whatever their age, those people who need it should have it first.” Money Box examines who will be affected by the changing rules to winter fuel payments and how you can still receive it if you claim pension credit - are you eligible? BBC Radio 4 - Winter fuel payment and using cash ",BBC,14/09/2024,"['“The money is just for the holiday kitty,” says Jon Harvey of the £300 he was given every winter to help with heating bills. “', 'I could also use it to go out for a nice meal.”', 'The 80-year-old, like all pensioners in England and Wales, was given the winter fuel payment (WFP) automatically – until this week when the new Labour government voted to change the rules.', 'Now only pensioners who qualify for certain benefits will receive it, an estimated 1.5 million people.', 'Last winter 10.8 million people got the payment.', 'Jon, a retired police officer, tells us “it’s about time” the rules changed as “there are people who need it more than me”.', 'The policy, launched by the last Labour government in 1997, costs nearly £2bn per year but Sir Keir Starmer hopes the changes will save taxpayers £1.5bn.', 'The prime minister says it could help plug the £22bn ""black hole"" he says exists in the national finances - but the Tories and charities fear it could leave some over-65s cold this winter.', 'Beyond the political fray, the argument is nuanced - so the BBC spoke to pensioners to hear the full range of views.', 'Some told us they rely on the payment for heating, while others said they spend the money on things like holidays, restaurants or their grandchildren.', 'Olwen Jones, 70, has been receiving the payment for the last four years since retiring from her job in IT. “', 'I thought about giving it to my brother the last time I was given the payment, except he started getting it himself.', 'Now, I give the money to charity,” she says.', 'The payment acts as a bonus to the bank balance for Nick Plowright. “', 'My mother, who died back in 2019, was also receiving it for many years.', ""When she did, she'd tell us to give it to the grandchildren,” the 68-year-old explains."", 'He adds: “The government needs to make the means testing rigorous, right minded and focused on helping those most in need.', 'Above all, stop paying it to the millions who very obviously do not need it, like me.”', 'The issue of who needs the support is at the heart of the change to the WFP.', 'Office for National Statistics (ONS) figures show that the proportion of wealthy over-65s has grown.', 'In 2010, 9% of this group lived in a household that had a total wealth – including assets like their home and pensions – above £1 million.', 'Ten years later, this rose to 27%.', 'Liz Emerson, CEO of the Intergenerational Foundation, a charity that campaigns for youth-friendly government policy, says it is being fuelled by rising property values. “', 'Alongside that, they have more generous private pensions than young people,” she explains. “', 'So when you combine housing wealth and pension wealth, older people have been doing far better than the younger generation over recent years.”', 'Yet this isn’t just about millionaires - many of those who say they do not need WFP, like those the BBC spoke to, are simply on healthy pensions after years of working.', 'Others are more wealthy, especially if they have sold high-value property and downsized to a house that is far less expensive to heat, ending up with leftover cash in the process.', ""For those who don't sell up, Ms Emerson asks: “Should these pensioners be subsidised by younger taxpayers to stay in a valuable home?"", 'It seems to us to be intergenerationally unfair.”', 'The vast majority of over-65s receive a state pension and it’s the main income for those who don’t get a private pension - which their former employer paid into.', 'The state pension increases every year through the triple lock - in line with whichever is highest out of inflation, earnings or 2.5%.', 'This year it increased by £690 for people who reached retirement age before April 2016 and £900 for those after that date.', 'Next year the increases are projected to be £353 and £460 respectively, driven by high inflation and energy costs.', 'The government points out that these increases are worth more than the annual WFP payments, which is £300 for those who retired before April 2016 and £200 for those after.', 'Under the new rules, WFP will be paid only to over-65s who are receiving one of seven benefits: pension credit, universal credit, income-related employment and support allowance, income-based jobseeker’s allowance, income support, child tax credit or working tax credit.', 'Critics argue these alternative measures are not enough.', 'Age UK estimates 2.5 million pensioners on low incomes – but not low enough to get pension credit – will struggle to pay their bills this winter.', 'The Conservatives and other opposition parties have criticised the government for not publishing an impact assessment that would have analysed which older people would have been most affected by the changes.', 'Shelagh Lind, 70, is £2 per week over the pension credit threshold, so will lose WFP.', 'She now fears for the months ahead - and says she’s lost faith in Labour as a lifelong supporter of the party. “', 'I am so cross - I had that money earmarked and now it’s gone,” she says. “', 'I can’t predict how much the bills are going to be.', 'We will suffer.”', 'Rose Brooks, 77, says her WFP money had been dedicated to paying the gas bill. “', 'Without it, I cannot afford to put my central heating on.', 'I honestly don’t know how I am going stay warm this winter.”', 'She adds: “I think I’m just going to have to go to bed early in hope of avoiding the coldest temperatures.”', 'Age UK have started a petition calling for the rule changes to be delayed - and more than 500,000 people have signed it.', ""Chris Brooks, head of policy at the charity, says: “The big problem is that a lot of pensioners, often those who are on very low incomes, don't claim what they're entitled to. “"", ""Because they don't claim these benefits, they won’t get the WFP."", ""This puts them in a really difficult financial position and lots of them tell us that they won't be able to turn their heating on this winter.”"", 'Both Mr Brooks and Ms Emerson told us they are in favour of giving more support to pensioners on low incomes or those who are medically vulnerable.', 'And not just pensioners - others argue the payment should be widened to some families.', 'Among them is Joan Jones, 76, who says the WFP sits in her bank account as she has “enough income to live on reasonably comfortably”. “', 'There are families with young children who are struggling,” she warns. “', 'Whatever their age, those people who need it should have it first.”', 'Money Box examines who will be affected by the changing rules to winter fuel payments and how you can still receive it if you claim pension credit - are you eligible?', 'BBC Radio 4 - Winter fuel payment and using cash']",0.2072407419331086,"Under the new rules, WFP will be paid only to over-65s who are receiving one of seven benefits: pension credit, universal credit, income-related employment and support allowance, income-based jobseeker’s allowance, income support, child tax credit or working tax credit.","My mother, who died back in 2019, was also receiving it for many years.",0.0905422002077102,This year it increased by £690 for people who reached retirement age before April 2016 and £900 for those after that date.,This puts them in a really difficult financial position and lots of them tell us that they won't be able to turn their heating on this winter.”,2024-09-15
Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection,https://www.cnbc.com/2024/09/11/restaurant-chain-burgerfi-files-for-chapter-11-bankruptcy-protection.html,2024-09-11T17:59:27+0000,"In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo. Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.BurgerFi, known for its higher-quality burgers, was founded in 2011. It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny. Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million. Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",CNBC,11/09/2024,"['In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.', 'The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo.', 'Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.', 'BurgerFi, known for its higher-quality burgers, was founded in 2011.', 'It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.', ""Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million."", 'BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.', 'For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million.', 'Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.']",0.0222703114031558,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.",-0.5973716616630554,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",2024-09-15
McDonald's to extend $5 value meal offer into December in most U.S. markets,https://www.cnbc.com/2024/09/12/mcdonalds-to-extend-5-value-meal-offer-into-december.html,2024-09-13T14:31:00+0000,"In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers.Franchisees have been voting on extending the value meal, and roughly 80% of local markets have opted to extend the deal into December. Votes on extensions are ongoing, so additional locations may be added in the weeks to come.The value meal offers a McDouble or McChicken sandwich, small fries, four-piece chicken nuggets and a small soft drink for $5.Owners will also be offering local promotions in the weeks and months to come, in addition to the value bundle, the company said. Deals will also be available in McDonald's app.""Together with our franchisees, we're committed to keeping our prices as affordable as possible, which is why we're doubling down with even more ways to save,"" McDonald's U.S. President Joe Erlinger said in a statement about the meal's extension into December.The restaurant sector focused on value this summer, as companies including McDonald's, Burger King and even Starbucks attempted to lure consumers in with discounted offerings. Diners have pulled back on their restaurant spending after years of persistent inflation.After McDonald's posted declining second-quarter same-store sales in July, executives told restaurant operators and analysts the company would focus on how to recapture consumers with deals, as they pushed for an extension of the $5 value meal. The offer ran through the end of August, after 93% of restaurants had agreed to keep it on the menu following its initial four-week run in June and July.In a memo to the U.S. system obtained by CNBC after the July earnings report, Erlinger said McDonald's struggled to sell diners on affordability in the most recent quarter, adding that he expects ""industry and competitive challenges"" to continue throughout the year. Erlinger encouraged operators to look ahead to building momentum for next year, adding that ""channeling a long-term mindset is crucial"" to the company's success. ""Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight,"" he wrote at the time. ""It will happen through sustained and coordinated actions that show the customer we're on their side.""The $5 meal trial performed well among low-income consumers, and sentiment around the company's value had started to improve, Erlinger said in the July memo.",CNBC,13/09/2024,"[""In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers."", 'Franchisees have been voting on extending the value meal, and roughly 80% of local markets have opted to extend the deal into December.', 'Votes on extensions are ongoing, so additional locations may be added in the weeks to come.', 'The value meal offers a McDouble or McChicken sandwich, small fries, four-piece chicken nuggets and a small soft drink for $5.Owners will also be offering local promotions in the weeks and months to come, in addition to the value bundle, the company said.', ""Deals will also be available in McDonald's app."", '""Together with our franchisees, we\'re committed to keeping our prices as affordable as possible, which is why we\'re doubling down with even more ways to save,"" McDonald\'s U.S. President Joe Erlinger said in a statement about the meal\'s extension into December.', ""The restaurant sector focused on value this summer, as companies including McDonald's, Burger King and even Starbucks attempted to lure consumers in with discounted offerings."", 'Diners have pulled back on their restaurant spending after years of persistent inflation.', ""After McDonald's posted declining second-quarter same-store sales in July,executives told restaurant operators and analysts the company would focus on how to recapture consumers with deals, as they pushed for an extension of the $5 value meal."", 'The offer ran through the end of August, after 93% of restaurants had agreed to keep it on the menu following its initial four-week run in June and July.', 'In a memo to the U.S. system obtained by CNBC after the July earnings report, Erlinger said McDonald\'s struggled to sell diners on affordability in the most recent quarter, adding that he expects ""industry and competitive challenges"" to continue throughout the year.', 'Erlingerencouraged operators to look ahead to building momentum for next year, adding that ""channeling a long-term mindset is crucial"" to the company\'s success.', '""Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight,"" he wrote at the time. ""', ""It will happen through sustained and coordinated actions that show the customer we're on their side."", '""The $5 meal trialperformed wellamong low-income consumers, and sentiment around the company\'svaluehad started to improve, Erlinger said in the July memo.']",0.3019892570715103,In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers.,,0.2471036091446876,"""The $5 meal trialperformed wellamong low-income consumers, and sentiment around the company'svaluehad started to improve, Erlinger said in the July memo.",Diners have pulled back on their restaurant spending after years of persistent inflation.,2024-09-15
Three key questions that will shape whether Coach and Michael Kors owners will merge,https://www.cnbc.com/2024/09/12/tapestry-capri-antitrust-trial-key-questions-about-merger.html,2024-09-12T21:12:43+0000,"In this articleJust a few miles from the birthplace of Coach in New York City, a federal judge will soon decide whether its owner Tapestry can become a bag behemoth — in a decision that will weigh big questions about how much consumers are paying for goods and the choices they have when they shop.Investors, lawyers and reporters have flocked this week to a courtroom in Manhattan for an antitrust trial over a Federal Trade Commission lawsuit that seeks to stop the merger of Tapestry and Capri. The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors. Tapestry and Capri announced the $8.5 billion deal more than a year ago, but the FTC sued to block it in April. It argued the combined companies would take away competition and leave consumers with fewer affordable handbag options and employees with worse pay and benefits.Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company. Both brands sell directly to customers on their websites and in stores, but also are carried by stores that cater to Americans across incomes including department stores Macy's and Dillard's, off-price retailers like T.J. Maxx and outlet stores.Tapestry and Capri, on the other hand, have argued the deal will allow them to keep up in a trend-driven industry where newer brands and changing consumer tastes are a competitive threat. At the time when the companies announced the deal, Tapestry's CEO Joanne Crevoiserat told CNBC that it'll allow Tapestry to reach more customers across age groups and incomes across the global, especially in the luxury and higher-end markets.The outcome of the antitrust case could shape the outlook for the industry that makes the bags, eyeglasses and apparel that many Americans carry and wear across the country. It comes as Americans increasingly balk at high prices after years of high inflation — and the Biden administration takes aim at mergers in the grocery, technology and apparel spaces.Investors are watching the trial closely for how it could affect shares of Tapestry and Capri. Shares of Tapestry are up more than 13% this year. On the other hand, Capri's stock has tumbled about 21% this year.Here are key questions that have defined the first three days of the trial, including highlights from some of the testimony:In a fast-moving world where a new product can become the ""it"" bag from a TikTok video or celebrity sighting, Tapestry and Capri have argued that competition is fierce — even for the biggest handbag players.With the transaction, Tapestry and Capri's executives have argued the brand could better compete with the wide variety of other retailers and brands that consumers choose from, ranging from fast-fashion brands like Zara and H&M to European luxury names like Burberry and LVMH's Louis Vuitton.One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors. Are they each other's main rivals, or do they compete with a vast mix of brands that steal away sales? The FTC has defined the relevant market for two brands as ""accessible luxury,"" a term that Tapestry has used with its investors and board of directors to describe how it offers higher-end fashion looks at a better value.Yet attorneys for Tapestry and Capri have pushed back, saying that the field of rivals is growing to include more price points.Crevoiserat said she's seen that dynamic close to home. Lululemon, known for its popular leggings and other athletic apparel, is the maker of belt bags, a hands-free, fanny pack-like bag that can be wrapped around the waist or slung across the body. The bags have been a hit, especially with younger shoppers.""What really pains me about that is my daughter has one,"" she said. ""They're a meaningful brand.""In her testimony, Crevoiserat said the competition isn't just with other handbag or fashion brands. She said the company is fighting to woo consumers who have many ways that they could spend their dollars.""They could go anywhere,"" she said. ""They could buy a pair of yoga pants or go out to dinner. It's discretionary.""During the trial, attorneys have showed off industry data from market research companies and internal documents, such as consumer surveys and research on the competition. The research has related to not only Tapestry and Capri, but also other fashion brands including Chanel and Rebecca Minkoff.Attorneys for Tapestry and Capri have argued that competition has intensified, as consumers have new ways to shop and their style preferences change. On the other hand, attorneys for the FTC have said the combined companies would corner the ""accessible luxury"" market.Some executives from other brands have also testified on the state of play in the industry. Suwon Yang, Chanel's head of merchandising for accessories and leather goods, took the stand on Wednesday. She said customers buy from many brands, but Chanel in its own research focuses on how it stacks up against European luxury lines like Saint Laurent and Hermes. She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition.She also described the rigor of the craftsmanship behind Chanel's bags, which she said sets the brand apart and leads to its price points of about $5,000 to $11,000 or even higher. Handbags are made in Italy and France, and for artisans, it takes a decade to make the company's highest level of handbag.The FTC argues the deal would bring more sticker shock for American consumers already facing higher prices on many items.On Wednesday, economist Loren Smith, one of the FTC's key witnesses, took the stand and contended that the merger would turn the combined companies into a handbag giant that would raise prices for shoppers and have little reason to invest in sharper styles or better materials. Smith is a Washington, D.C.-based consultant and former staff economist for the FTC.He laid out financial models and methodology he used to define the market for Tapestry and Capri, and particularly Coach and Michael Kors, saying they primarily compete with other ""accessible luxury"" players even if its consumers shop with other cheaper and pricier brands. He zeroed in on the handbag market in the U.S., and included common styles like cross-body bags and totes in the calculations.Ultimately, he said he found the merger raises ""significant competitive concerns"" and his simulation indicated that it would lead to an average price increase of 15% to 17% for the combined company's goods and a decrease in the quality of products.If the two companies became one, he said the combined company would have about 58% market share in the handbag market in the U.S. He said Tapestry could get away with raising prices on Michael Kors handbags since it could recapture lost sales by attracting enough of those same shoppers to Coach and Kate Spade bags.And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged.""Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand,"" he said.Plus, he said, the handbag industry has margins of 60% to 80%, a high number that makes the risk of diverting customers to another of their brands or losing customers to other brands less significant.He estimated annual consumer harm would add up to $365 million per year from a combination of price increases and merchandise that wouldn't be as well made.Attorneys for Tapestry and Capri pushed back on how he defined the competition, questioned his calculations and said he did not account for shoppers' newer habits, such as the ability to buy a Louis Vuitton or Prada bag at a lower price because of the rise of secondhand marketplaces.They also argued Smith is out of touch on the handbag market. The attorney for Tapestry and Capri noted that he's only bought one handbag before, and his wife instructed him what to buy.When Tapestry CEO Joanne Crevoiserat took the stand on Tuesday, she said her goal for the merger is straightforward: Putting more handbags in the hands of more customers.Attorneys for the fashion brands rolled carts of dozens of handbags from the two companies and from competitors into the courtroom on Monday, the day the trial began. Since then, a mix of executives and industry players have taken the stand, including Capri CEO John Idol and Coach CEO Todd Kahn.In her testimony on Tuesday, Crevoiserat held up a few of the handbags in the room. She spoke about their contrasts and how the bags illustrate the range of brands that Tapestry owns. She said Tapestry benefits from having a portfolio of distinct brands to cater to customers who shop for a variety of occasions and have different senses of style.She showed off Coach's Rogue, a maple colored leather tote bag that a customer might use to carry what she needs to the office. Then, she held up another bag, a more playful looking smaller green and white Kate Spade bag that's made of woven fabric and has been featured in Netflix's ""Emily in Paris.""Capri has its own distinctive brands too, she said.Internal documents also flashed on the courtroom screen, showing some emails and slide decks from a more than year long process that Tapestry pursued as it looked for an acquisition target and deliberated whether to buy a still emerging brand or a more established player like Capri. The names of other acquisition targets were redacted, but the code name for Capri was ""Comet.""Crevoiserat said Tuesday that if the deal closes, Tapestry would want to grow all of its brands — especially those of Capri, which has had weaker sales in recent quarters.""I believe we can inject more relevancy, more vibrancy into the Capri brands,"" she said.Instead of operating as a top-down company, Tapestry is a house of brands, Crevoiserat said. She added Coach, Kate Spade and Stuart Weitzman each have independent teams that select merchandise, set pricing and shape marketing.As the FTC raises questions about whether the deal will raise prices, she said Tapestry as a whole offers cost-savings benefits that come from having more scale, such as manufacturing and transporting products at a lower price.She said that way of operating wouldn't change. She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.""The deal simply wouldn't pencil if all brands couldn't grow,"" she said.The antitrust trial continues on Thursday and is expected to run through early next week. Attorneys for the FTC have hinted that other key witnesses are poised to testify, including more executives from Tapestry and Capri and the namesake of one of the top brands in the merger, American fashion designer Michael Kors.",CNBC,12/09/2024,"['In this articleJust a few miles from the birthplace of Coach in New York City, a federal judge will soon decide whether its owner Tapestry can become a bag behemoth — in a decision that will weigh big questions about how much consumers are paying for goods and the choices they have when they shop.', 'Investors, lawyers and reporters have flocked this week to a courtroom in Manhattan for an antitrust trial over a Federal Trade Commission lawsuit that seeks to stop the merger of Tapestry and Capri.', ""The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors."", 'Tapestry and Capri announced the $8.5 billion deal more than a year ago, but the FTC sued to block it in April.', 'It argued the combined companies would take away competition and leave consumers with fewer affordable handbag options and employees with worse pay and benefits.', 'Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company.', ""Both brands sell directly to customers on their websites and in stores, but also are carried by stores that cater to Americans across incomes including department stores Macy's and Dillard's, off-price retailers like T.J. Maxx and outlet stores."", 'Tapestry and Capri, on the other hand, have argued the deal will allow them to keep up in a trend-driven industry where newer brands and changing consumer tastes are a competitive threat.', ""At the time when the companies announced the deal, Tapestry's CEO Joanne Crevoiserat told CNBC that it'll allow Tapestry to reach more customers across age groups and incomes across the global, especially in the luxury and higher-end markets."", 'The outcome of the antitrust case could shape the outlook for the industry that makes the bags, eyeglasses and apparel that many Americans carry and wear across the country.', 'It comes as Americans increasingly balk at high prices after years of high inflation — and the Biden administration takes aim at mergers in the grocery, technology and apparel spaces.', 'Investors are watching the trial closely for how it could affect shares of Tapestry and Capri.', 'Shares of Tapestry are up more than 13% this year.', ""On the other hand, Capri's stock has tumbled about 21% this year."", 'Here are key questions that have defined the first three days of the trial, including highlights from some of the testimony:In a fast-moving world where a new product can become the ""it"" bag from a TikTok video or celebrity sighting, Tapestry and Capri have argued that competition is fierce — even for the biggest handbag players.', ""With the transaction, Tapestry and Capri's executives have argued the brand could better compete with the wide variety of other retailers and brands that consumers choose from, ranging from fast-fashion brands like Zara and H&M to European luxury names like Burberry and LVMH's Louis Vuitton."", ""One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors."", ""Are they each other's main rivals, or do they compete with a vast mix of brands that steal away sales?"", 'The FTC has defined the relevant market for two brands as ""accessible luxury,"" a term that Tapestry has used with its investors and board of directors to describe how it offers higher-end fashion looks at a better value.', 'Yet attorneys for Tapestry and Capri have pushed back, saying that the field of rivals is growing to include more price points.', ""Crevoiserat said she's seen that dynamic close to home."", 'Lululemon, known for its popular leggings and other athletic apparel, is the maker of belt bags, a hands-free, fanny pack-like bag that can be wrapped around the waist or slung across the body.', 'The bags have been a hit, especially with younger shoppers.', '""What really pains me about that is my daughter has one,"" she said. ""', ""They're a meaningful brand."", '""In her testimony, Crevoiserat said the competition isn\'t just with other handbag or fashion brands.', 'She said the company is fighting to woo consumers who have many ways that they could spend their dollars.', '""They could go anywhere,"" she said. ""', 'They could buy a pair of yoga pants or go out to dinner.', ""It's discretionary."", '""During the trial, attorneys have showed off industry data from market research companies and internal documents, such as consumer surveys and research on the competition.', 'The research has related to not only Tapestry and Capri, but also other fashion brands including Chanel and Rebecca Minkoff.', 'Attorneys for Tapestry and Capri have argued that competition has intensified, as consumers have new ways to shop and their style preferences change.', 'On the other hand, attorneys for the FTC have said the combined companies would corner the ""accessible luxury"" market.', 'Some executives from other brands have also testified on the state of play in the industry.', ""Suwon Yang, Chanel's head of merchandising for accessories and leather goods, took the stand on Wednesday."", 'She said customers buy from many brands, but Chanel in its own research focuses on how it stacks up against European luxury lines like Saint Laurent and Hermes.', 'She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition.', ""She also described the rigor of the craftsmanship behind Chanel's bags, which she said sets the brand apart and leads to its price points of about $5,000 to $11,000 or even higher."", ""Handbags are made in Italy and France, and for artisans, it takes a decade to make the company's highest level of handbag."", 'The FTC argues the deal would bring more sticker shock for American consumers already facing higher prices on many items.', ""On Wednesday, economist Loren Smith, one of the FTC's key witnesses, took the stand and contended that the merger would turn the combined companies into a handbag giant that would raise prices for shoppers and have little reason to invest in sharper styles or better materials."", 'Smith is a Washington, D.C.-based consultant and former staff economist for the FTC.He laid out financial models and methodology he used to define the market for Tapestry and Capri, and particularly Coach and Michael Kors, saying they primarily compete with other ""accessible luxury"" players even if its consumers shop with other cheaper and pricier brands.', 'He zeroed in on the handbag market in the U.S., and included common styles like cross-body bags and totes in the calculations.', 'Ultimately, he said he found the merger raises ""significant competitive concerns"" and his simulation indicated that it would lead to an average price increase of 15% to 17% for the combined company\'s goods and a decrease in the quality of products.', 'If the two companies became one, he said the combined company would have about 58% market share in the handbag market in the U.S. He said Tapestry could get away with raising prices on Michael Kors handbags since it could recapture lost sales by attracting enough of those same shoppers to Coach and Kate Spade bags.', ""And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged."", '""Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand,"" he said.', 'Plus, he said, the handbag industry has margins of 60% to 80%, a high number that makes the risk of diverting customers to another of their brands or losing customers to other brands less significant.', ""He estimated annual consumer harm would add up to $365 million per year from a combination of price increases and merchandise that wouldn't be as well made."", ""Attorneys for Tapestry and Capri pushed back on how he defined the competition, questioned his calculations and said he did not account for shoppers' newer habits, such as the ability to buy a Louis Vuitton or Prada bag at a lower price because of the rise of secondhand marketplaces."", 'They also argued Smith is out of touch on the handbag market.', ""The attorney for Tapestry and Capri noted that he's only bought one handbag before, and his wife instructed him what to buy."", 'When Tapestry CEO Joanne Crevoiserat took the stand on Tuesday, she said her goal for the merger is straightforward: Putting more handbags in the hands of more customers.', 'Attorneys for the fashion brands rolled carts of dozens of handbags from the two companies and from competitors into the courtroom on Monday, the day the trial began.', 'Since then, a mix of executives and industry players have taken the stand, including Capri CEO John Idol and Coach CEO Todd Kahn.', 'In her testimony on Tuesday, Crevoiserat held up a few of the handbags in the room.', 'She spoke about their contrasts and how the bags illustrate the range of brands that Tapestry owns.', 'She said Tapestry benefits from having a portfolio of distinct brands to cater to customers who shop for a variety of occasions and have different senses of style.', ""She showed off Coach's Rogue, a maple colored leather tote bag that a customer might use to carry what she needs to the office."", 'Then, she held up another bag, a more playful looking smaller green and white Kate Spade bag that\'s made of woven fabric and has been featured in Netflix\'s ""Emily in Paris.', '""Capri has its own distinctive brands too, she said.', 'Internal documents also flashed on the courtroom screen, showing some emails and slide decks from a more than year long process that Tapestry pursued as it looked for an acquisition target and deliberated whether to buy a still emerging brand or a more established player like Capri.', 'The names of other acquisition targets were redacted, but the code name for Capri was ""Comet.', '""Crevoiserat said Tuesday that if the deal closes, Tapestry would want to grow all of its brands — especially those of Capri, which has had weaker sales in recent quarters.', '""I believe we can inject more relevancy, more vibrancy into the Capri brands,"" she said.', 'Instead of operating as a top-down company, Tapestry is a house of brands, Crevoiserat said.', 'She added Coach, Kate Spade and Stuart Weitzman each have independent teams that select merchandise, set pricing and shape marketing.', 'As the FTC raises questions about whether the deal will raise prices, she said Tapestry as a whole offers cost-savings benefits that come from having more scale, such as manufacturing and transporting products at a lower price.', ""She said that way of operating wouldn't change."", 'She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.', '""The deal simply wouldn\'t pencil if all brands couldn\'t grow,"" she said.', 'The antitrust trial continues on Thursday and is expected to run through early next week.', 'Attorneys for the FTC have hinted that other key witnesses are poised to testify, including more executives from Tapestry and Capri and the namesake of one of the top brands in the merger, American fashion designer Michael Kors.']",0.0747010446628895,She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.,Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company.,0.0777899026870727,Shares of Tapestry are up more than 13% this year.,"On the other hand, Capri's stock has tumbled about 21% this year.",2024-09-15
"Boeing warns strike will 'jeopardize' recovery, hurt aircraft production",https://www.cnbc.com/2024/09/13/boeing-cfo-labor-strike-recovery-aircraft-production.html,2024-09-13T20:04:00+0000,"In this articleBoeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and ""jeopardize"" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes, including its cash cow bestseller, the 737 Max, which is produced in Renton, Washington.""The strike will impact production and deliveries and our operations and will jeopardize our recovery,"" West said at a Morgan Stanley conference on Friday. ""So our immediate focus is to the laser-like focus on actions to conserve cash, and we will.""He said Boeing's priority is to get back to the bargaining table and ""reach an agreement that's good for our people, their families, our community.""Boeing shares fell sharply on Friday after Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, actions that could drive up the borrowing costs of a manufacturer that already has mounting debt.Boeing shares closed nearly 4% lower Friday.West declined to say whether the company could meet a rate of producing 38 737 Max planes per month by the end of the year.Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing.West said Boeing's immediate focus would be ""on actions to conserve cash"" and added that new CEO Kelly Ortberg would be working to restore relationships with the union.Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits. But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living.Workers in the Seattle area and in Oregon voted 94.6% to reject the proposal, and 96% voted in favor of a strike.They walked off the job after midnight on Friday.Boeing machinists last went on strike in 2008, a work stoppage that lasted nearly two months.The potential production disruption comes as the manufacturer has been facing a slew of issues. It's struggled to ramp up production and restore its reputation following safety crises.A door plug blowout on a nearly new Boeing 737 Max 9 in January led the Federal Aviation Administration to bar Boeing from increasing output of its Max planes and the FAA to boost inspections at production plants, until the regulator is satisfied with its safety and quality procedures there.An FAA spokeswoman told CNBC on Friday that the agency will keep its inspectors at Boeing facilities during the strike.",CNBC,13/09/2024,"['In this articleBoeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and ""jeopardize"" the company\'s recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.', ""West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes, including its cash cow bestseller, the 737 Max, which is produced in Renton, Washington."", '""The strike will impact production and deliveries and our operations and will jeopardize our recovery,"" West said at a Morgan Stanley conference on Friday. ""', 'So our immediate focus is to the laser-like focus on actions to conserve cash, and we will.', '""He said Boeing\'s priority is to get back to the bargaining table and ""reach an agreement that\'s good for our people, their families, our community.', '""Boeing shares fell sharply on Friday after Moody\'s put all of Boeing\'s credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, actions that could drive up the borrowing costs of a manufacturer that already has mounting debt.', 'Boeing shares closed nearly 4% lower Friday.', 'West declined to say whether the company could meet a rate of producing 38 737 Max planes per month by the end of the year.', 'Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing.', 'West said Boeing\'s immediate focus would be ""on actions to conserve cash"" and added that new CEO Kelly Ortberg would be working to restore relationships with the union.', 'Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.', ""But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living."", 'Workers in the Seattle area and in Oregon voted 94.6% to reject the proposal, and 96% voted in favor of a strike.', 'They walked off the job after midnight on Friday.', 'Boeing machinists last went on strike in 2008, a work stoppage that lasted nearly two months.', 'The potential production disruption comes as the manufacturer has been facing a slew of issues.', ""It's struggled to ramp up production andrestore its reputationfollowing safety crises."", 'A door plug blowout on a nearly new Boeing 737 Max 9 in January led the Federal Aviation Administrationto barBoeing from increasing output of its Max planes and the FAA to boost inspections at production plants, until the regulator is satisfied with its safety and quality procedures there.', 'An FAA spokeswoman told CNBC on Friday that the agency will keep its inspectors at Boeing facilities during the strike.']",0.0378064642096232,Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.,"In this articleBoeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and ""jeopardize"" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.",-0.3134848529642278,Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.,"""Boeing shares fell sharply on Friday after Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, actions that could drive up the borrowing costs of a manufacturer that already has mounting debt.",2024-09-15
"Streaming deals are key to future of NFL viewership, fandom",https://www.cnbc.com/2024/09/10/streaming-deals-are-key-to-future-of-nfl-viewership-fandom.html,2024-09-11T16:22:47+0000,"The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience.When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""Thursday Night Football"" found its exclusive home on Amazon's Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.And that was just the beginning. The following year, the NFL's ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google's YouTube TV. Comcast's NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service. Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""That led us, in part, to retain the rights for live games on mobile phones.""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off. It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.The expansion into streaming has carried over into this season. Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers.""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games.Similarly, Lori Conkling, YouTube global head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.The majority of the NFL's media rights deals are sewn up with traditional broadcast partners. Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services. The majority of viewership still comes from traditional TV, according to ratings data.Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds. Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming. The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast's NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally."", ""Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience."", 'When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""', 'Thursday Night Football"" found its exclusive home on Amazon\'s Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.', 'And that was just the beginning.', 'The following year, the NFL\'s ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google\'s YouTube TV.', 'Comcast\'s NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service.', 'Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.', '""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""', 'That led us, in part, to retain the rights for live games on mobile phones.', '""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.', 'The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off.', 'It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.', '""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.', 'The expansion into streaming has carried over into this season.', ""Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers."", '""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.', ""He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games."", 'Similarly, Lori Conkling,YouTubeglobal head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.', ""The majority of the NFL's media rights deals are sewn up with traditional broadcast partners."", 'Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services.', 'The majority of viewership still comes from traditional TV, according to ratings data.', ""Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds."", 'Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming.', 'The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.', '""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""', ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states."", '""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1544150106787163,"""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""","And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.",0.9992067085372076,The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.,,2024-09-15
Ban on rental bidding wars is on the way - but will it work?,https://www.bbc.co.uk/news/articles/cqjlxxejreeo,2024-09-13T00:36:44.252Z,"With renters in popular areas facing intense competition for homes, many are increasingly finding themselves pitted against each other in bidding wars.  Housing campaigners have welcomed plans for new laws to ban the practice in England - but are warning more action will be needed to tackle unaffordable rents.  Jason Phillips had been living in his flat in Crouch End, north London, for 10 years when his landlady decided to sell up.  He spent more than a year looking for somewhere new to rent in the area. But despite going to around 40 viewings and having a good salary as a business analyst, he kept losing out to other applicants.  In one case he was told a two-bed flat on the market for £1,800 month had gone for £2,500, after someone offered £700 over the asking price.  “It's frustrating,"" he says. ""It made it not only unaffordable for me, but if I'd known that was going to be the price range I probably wouldn't have even gone to see it in the first place."" With at least a dozen prospective tenants viewing some of the properties, Jason said several estate agents had actively encouraged him to bid higher than the advertised price to give him the best chance.  Eventually Jason, 60, gave up and reluctantly moved to Stevenage, Hertfordshire, where it was easier to find somewhere within his budget and he was closer to work.  ""I'd got to know my neighbours and I'd built up a lot of friends,"" he says. ""I miss [Crouch End] and I would love to go back."" The government has set out plans to end bidding wars as part of a wider Renters' Rights Bill, which was published on Wednesday.  Under the legislation, which still needs to be approved by MPs and peers, landlords and letting agents would be legally required to publish an asking rent for their property and banned from encouraging or accepting any bids above this price. This goes further than proposals Labour set out when it was in opposition, which would have prevented landlords and agents from encouraging bids but would still have allowed prospective tenants to offer more than the advertised rent. Campaign group Generation Rent's Conor O'Shea says they are pleased the government has listened to the evidence from countries like Australia, where legislation has already been introduced to tackle bidding wars, and decided on a ""total ban"".  He argues allowing ""voluntary"" bids would have been ""open to abuse"", as tenants may still feel pressurised to offer above the asking price. In Australia, all states now restrict rental bidding in some form - but only Queensland and the Northern Territory have banned landlords and agents from accepting offers above the asking price completely. Three years after first introducing legislation to ban the encouraging of bids, Victoria is also planning to go further and make it an offence to accept rental bids, as the UK government is proposing.   The government there says with vacancy rates at record lows prospective tenants are under ""an incredible amount of pressure"" and people are increasingly making ""unsolicited bids"" to give them an edge over other applicants.  Joel Dignam, executive director of Australian campaign group Better Renting, says this suggests banning landlords from accepting as well as just encouraging bids is necessary to stop bidding wars.  He says enforcement is also an issue.  Generally, landlords or agents breaking the rules can be fined, but Mr Dignam says it is more likely they only get ""a slap on the wrist"".  Mr O’Shea says this is also a problem in the UK, where overstretched councils struggle to go after all landlords who break the rules. Under the planned legislation, landlords or agents could be fined up to £7,000 if they encourage or accept bids. But Mr O'Shea says any new laws must be properly enforced to be effective.  He argues tenants should also be incentivised to report when bidding is being encouraged, for example they could be given a rebate on their rent if their landlord is found to have broken the law. There are also questions over how effective banning rental bidding can be in curbing rising rents, with campaigners saying this does not address the root cause of the issue.  In Australia, rents have continued to increase in popular areas, where demand outstrips supply.  But Mr Dignam argues banning the practice is not just about affordability but also transparency.  ""I think what's tricky for renters is just not knowing what the real price of the property is,"" he says. ""Is it even worth going to this [viewing] if actually it's out of my price range?"" In the UK, the National Residential Landlords Association (NRLA) also agrees with the principle of ending bidding wars, saying neither landlords nor agents should be encouraging tenants to offer above the asking rent.  However, it is calling for more detail on how the policy would work in practice.  More broadly, the NRLA says there needs to be action to boost the supply of privately rented homes.  Mr O'Shea says ultimately banning bidding wars is ""not going to be the silver bullet that will deal with the affordability crisis for tenants"".  He says there are concerns that some landlords may simply list their property at an inflated price and accept lower offers if needed.  Generation Rent also wants to see tighter controls on how much landlords can increase rents by within tenancies and an increase in the supply of homes, he adds.  ""We don't have enough homes in the places that people want to live, at rates they can afford to rent."" ",BBC,13/09/2024,"['With renters in popular areas facing intense competition for homes, many are increasingly finding themselves pitted against each other in bidding wars.', 'Housing campaigners have welcomed plans for new laws to ban the practice in England - but are warning more action will be needed to tackle unaffordable rents.', 'Jason Phillips had been living in his flat in Crouch End, north London, for 10 years when his landlady decided to sell up.', 'He spent more than a year looking for somewhere new to rent in the area.', 'But despite going to around 40 viewings and having a good salary as a business analyst, he kept losing out to other applicants.', 'In one case he was told a two-bed flat on the market for £1,800 month had gone for £2,500, after someone offered £700 over the asking price. “', 'It\'s frustrating,"" he says. ""', 'It made it not only unaffordable for me, but if I\'d known that was going to be the price range I probably wouldn\'t have even gone to see it in the first place.""', 'With at least a dozen prospective tenants viewing some of the properties, Jason said several estate agents had actively encouraged him to bid higher than the advertised price to give him the best chance.', 'Eventually Jason, 60, gave up and reluctantly moved to Stevenage, Hertfordshire, where it was easier to find somewhere within his budget and he was closer to work. ""', 'I\'d got to know my neighbours and I\'d built up a lot of friends,"" he says. ""', 'I miss [Crouch End] and I would love to go back.""', ""The government has set out plans to end bidding wars as part of a wider Renters' Rights Bill, which was published on Wednesday."", 'Under the legislation, which still needs to be approved by MPs and peers, landlords and letting agents would be legally required to publish an asking rent for their property and banned from encouraging or accepting any bids above this price.', 'This goes further than proposals Labour set out when it was in opposition, which would have prevented landlords and agents from encouraging bids but would still have allowed prospective tenants to offer more than the advertised rent.', 'Campaign group Generation Rent\'s Conor O\'Shea says they are pleased the government has listened to the evidence from countries like Australia, where legislation has already been introduced to tackle bidding wars, and decided on a ""total ban"".', 'He argues allowing ""voluntary"" bids would have been ""open to abuse"", as tenants may still feel pressurised to offer above the asking price.', 'In Australia, all states now restrict rental bidding in some form - but only Queensland and the Northern Territory have banned landlords and agents from accepting offers above the asking price completely.', 'Three years after first introducing legislation to ban the encouraging of bids, Victoria is also planning to go further and make it an offence to accept rental bids, as the UK government is proposing.', 'The government there says with vacancy rates at record lows prospective tenants are under ""an incredible amount of pressure"" and people are increasingly making ""unsolicited bids"" to give them an edge over other applicants.', 'Joel Dignam, executive director of Australian campaign group Better Renting, says this suggests banning landlords from accepting as well as just encouraging bids is necessary to stop bidding wars.', 'He says enforcement is also an issue.', 'Generally, landlords or agents breaking the rules can be fined, but Mr Dignam says it is more likely they only get ""a slap on the wrist"".', 'Mr O’Shea says this is also a problem in the UK, where overstretched councils struggle to go after all landlords who break the rules.', 'Under the planned legislation, landlords or agents could be fined up to £7,000 if they encourage or accept bids.', ""But Mr O'Shea says any new laws must be properly enforced to be effective."", 'He argues tenants should also be incentivised to report when bidding is being encouraged, for example they could be given a rebate on their rent if their landlord is found to have broken the law.', 'There are also questions over how effective banning rental bidding can be in curbing rising rents, with campaigners saying this does not address the root cause of the issue.', 'In Australia, rents have continued to increase in popular areas, where demand outstrips supply.', 'But Mr Dignam argues banning the practice is not just about affordability but also transparency. ""', 'I think what\'s tricky for renters is just not knowing what the real price of the property is,"" he says. ""', 'Is it even worth going to this [viewing] if actually it\'s out of my price range?""', 'In the UK, the National Residential Landlords Association (NRLA) also agrees with the principle of ending bidding wars, saying neither landlords nor agents should be encouraging tenants to offer above the asking rent.', 'However, it is calling for more detail on how the policy would work in practice.', 'More broadly, the NRLA says there needs to be action to boost the supply of privately rented homes.', 'Mr O\'Shea says ultimately banning bidding wars is ""not going to be the silver bullet that will deal with the affordability crisis for tenants"".', 'He says there are concerns that some landlords may simply list their property at an inflated price and accept lower offers if needed.', 'Generation Rent also wants to see tighter controls on how much landlords can increase rents by within tenancies and an increase in the supply of homes, he adds. ""', 'We don\'t have enough homes in the places that people want to live, at rates they can afford to rent.""']",0.0456885709071851,"With at least a dozen prospective tenants viewing some of the properties, Jason said several estate agents had actively encouraged him to bid higher than the advertised price to give him the best chance.","Mr O'Shea says ultimately banning bidding wars is ""not going to be the silver bullet that will deal with the affordability crisis for tenants"".",-0.1164929310480753,"In Australia, rents have continued to increase in popular areas, where demand outstrips supply.","But despite going to around 40 viewings and having a good salary as a business analyst, he kept losing out to other applicants.",2024-09-15
"Winter fuel payment: 780,000 to miss out on allowance, says DWP",https://www.bbc.co.uk/news/articles/cr54n3r0l50o,2024-09-14T03:21:45.704Z,"Around 780,000 pensioners in England and Wales are set to lose their winter fuel allowance because they are not expected to apply for benefits they are entitled to, according to the government's own analysis.  The Department for Work and Pensions (DWP) estimates were released under freedom of information laws on Friday. The ""equalities analyses"" predicted many people entitled to pension credit - and therefore eligible for fuel payments under the new rules - will not submit a claim, and therefore lose the subsidy altogether.  The disclosure comes after the government told opposition parties it had not carried out a full assessment of the policy's impact, amid calls for analysis to be released. No 10 has previously said it was not legally obliged to produce a full impact assessment on the decision to means test the benefit. Under the changes, winter fuel allowance will still be available to those claiming pension credit and some other benefits, but around 10 million people are set to be stripped of the payment. A Treasury spokesman told the BBC that more than a million pensioners would still receive the winter fuel payment, and the government is encouraging people eligible for pension credit to apply. However, the DWP's internal analysis confirms the government is expecting hundreds of thousands of eligible people to miss out.  The government estimates around 100,000 more people could be persuaded to claim pension credit, but more than three quarters of a million pensioners who are eligible are still not expected to submit a claim, the document confirmed.  The analysis also suggested that nine in 10 pensioners aged between 66 and 79 would lose their allowance, and eight in 10 over 80s would do so. Since those over 80 receive a higher payment - £300 as opposed to £200 - they would take the greatest financial hit, it said. The analysis also found that while those with a disability would be most likely to retain the payment, around 71% will still lose their entitlement. Conservative Party chairman Richard Fuller called on Labour to ""immediately"" conduct and publish a full impact assessment of ""this harmful policy"", accusing the government of having ""sneaked out"" the analysis. Previously, the Liberal Democrats said not carrying out an impact assessment before cutting support was ""absolutely unthinkable"". Speaking on Thursday, Sir Keir Starmer said the decision to cut winter fuel payments was necessary to stabilise the economy, and that the government was putting ""mitigations in place"". The DWP said the document - which is more limited than a full impact assessment - was not ""routinely published alongside secondary legislation"" after it was published in response to a Freedom of Information request.  ",BBC,14/09/2024,"[""Around 780,000 pensioners in England and Wales are set to lose their winter fuel allowance because they are not expected to apply for benefits they are entitled to, according to the government's own analysis."", 'The Department for Work and Pensions (DWP) estimates were released under freedom of information laws on Friday.', 'The ""equalities analyses"" predicted many people entitled to pension credit - and therefore eligible for fuel payments under the new rules - will not submit a claim, and therefore lose the subsidy altogether.', ""The disclosure comes after the government told opposition parties it had not carried out a full assessment of the policy's impact, amid calls for analysis to be released."", 'No 10 has previously said it was not legally obliged to produce a full impact assessment on the decision to means test the benefit.', 'Under the changes, winter fuel allowance will still be available to those claiming pension credit and some other benefits, but around 10 million people are set to be stripped of the payment.', 'A Treasury spokesman told the BBC that more than a million pensioners would still receive the winter fuel payment, and the government is encouraging people eligible for pension credit to apply.', ""However, the DWP's internal analysis confirms the government is expecting hundreds of thousands of eligible people to miss out."", 'The government estimates around 100,000 more people could be persuaded to claim pension credit, but more than three quarters of a million pensioners who are eligible are still not expected to submit a claim, the document confirmed.', 'The analysis also suggested that nine in 10 pensioners aged between 66 and 79 would lose their allowance, and eight in 10 over 80s would do so.', 'Since those over 80 receive a higher payment - £300 as opposed to £200 - they would take the greatest financial hit, it said.', 'The analysis also found that while those with a disability would be most likely to retain the payment, around 71% will still lose their entitlement.', 'Conservative Party chairman Richard Fuller called on Labour to ""immediately"" conduct and publish a full impact assessment of ""this harmful policy"", accusing the government of having ""sneaked out"" the analysis.', 'Previously, the Liberal Democrats said not carrying out an impact assessment before cutting support was ""absolutely unthinkable"".', 'Speaking on Thursday, Sir Keir Starmer said the decision to cut winter fuel payments was necessary to stabilise the economy, and that the government was putting ""mitigations in place"".', 'The DWP said the document - which is more limited than a full impact assessment - was not ""routinely published alongside secondary legislation"" after it was published in response to a Freedom of Information request.']",0.215195718782454,"A Treasury spokesman told the BBC that more than a million pensioners would still receive the winter fuel payment, and the government is encouraging people eligible for pension credit to apply.","The analysis also suggested that nine in 10 pensioners aged between 66 and 79 would lose their allowance, and eight in 10 over 80s would do so.",-0.7277959329741341,"Speaking on Thursday, Sir Keir Starmer said the decision to cut winter fuel payments was necessary to stabilise the economy, and that the government was putting ""mitigations in place"".","Since those over 80 receive a higher payment - £300 as opposed to £200 - they would take the greatest financial hit, it said.",2024-09-15
Billionaire investor Ray Dalio warns of threat to democracy,https://www.bbc.co.uk/news/articles/c4gqgg4zdzlo,2024-09-13T21:17:17.126Z,"A billionaire investor who predicted the global financial crisis has warned that the US election risks tipping the world’s biggest economy into serious disorder. In a week when candidates Kamala Harris and Donald Trump finally faced each other in a televised debate, Ray Dalio said his biggest fear was for democracy no matter who wins on 4 November. Mr Dalio founded the world’s largest hedge fund and is closely-watched by other investors for his stock-picks. In an interview with the BBC, he said: “There's a possibility that the loser, particularly if it's the Republicans and Donald Trump, might not accept losing and you have a situation where it's a win-at-all-cost by both the left and the right, so neither side can compromise. “My great fear is for democracy,” he said. Regardless of the victor, Mr Dalio said he expected there to be internal migration between states based on political, economic and moral dividing lines. “A lot of people in states like California and New York and New Jersey and so on, will go to states like Florida and Texas, partially because of taxes, but partially because of values,” he said. “There's a big gap in values”. “This reminds me of the 1930 to 45 period in which there was an economic crisis followed by democracies becoming dictatorships. Germany, Italy, Spain and Japan had parliamentary systems, and they broke down in terms of internal conflict between the the hard left, the hard right, communism and fascism. We are today seeing modern day versions of some of these things”, he said. There is some evidence that US migration based on values is already happening. Elon Musk announced in July he would move the headquarters of his companies X and SpaceX from California to Texas citing new rules banning schools from notifying parents that children wanted their gender redefined. Dalio, now 75, is the founder of Bridgewater Associates - the world’s largest hedge fund with $124bn in assets . He says he thought the probability of civil war was ""low, but cannot be dismissed.” Dalio, mercifully, does not claim he is infallible. But he insists he is more often right than wrong. “He who lives by the crystal ball is destined to eat ground glass. But I've been right in the markets about 65% of the time”, he said. But on the most immediate question in the US he is hedging his bets and refuses to be drawn on whether he thinks Trump or Harris will win. “I do not know how this election is going to turn out and how these things will turn out. I do know that we have an exceptionally high probability of instability”, he concluded. ",BBC,13/09/2024,"['A billionaire investor who predicted the global financial crisis has warned that the US election risks tipping the world’s biggest economy into serious disorder.', 'In a week when candidates Kamala Harris and Donald Trump finally faced each other in a televised debate, Ray Dalio said his biggest fear was for democracy no matter who wins on 4 November.', 'Mr Dalio founded the world’s largest hedge fund and is closely-watched by other investors for his stock-picks.', ""In an interview with the BBC, he said: “There's a possibility that the loser, particularly if it's the Republicans and Donald Trump, might not accept losing and you have a situation where it's a win-at-all-cost by both the left and the right, so neither side can compromise. “"", 'My great fear is for democracy,” he said.', 'Regardless of the victor, Mr Dalio said he expected there to be internal migration between states based on political, economic and moral dividing lines. “', 'A lot of people in states like California and New York and New Jersey and so on, will go to states like Florida and Texas, partially because of taxes, but partially because of values,” he said. “', ""There's a big gap in values”. “"", 'This reminds me of the 1930 to 45 period in which there was an economic crisis followed by democracies becoming dictatorships.', 'Germany, Italy, Spain and Japan had parliamentary systems, and they broke down in terms of internal conflict between the the hard left, the hard right, communism and fascism.', 'We are today seeing modern day versions of some of these things”, he said.', 'There is some evidence that US migration based on values is already happening.', 'Elon Musk announced in July he would move the headquarters of his companies X and SpaceX from California to Texas citing new rules banning schools from notifying parents that children wanted their gender redefined.', 'Dalio, now 75, is the founder of Bridgewater Associates - the world’s largest hedge fund with $124bn in assets .', 'He says he thought the probability of civil war was ""low, but cannot be dismissed.”', 'Dalio, mercifully, does not claim he is infallible.', 'But he insists he is more often right than wrong. “', 'He who lives by the crystal ball is destined to eat ground glass.', ""But I've been right in the markets about 65% of the time”, he said."", 'But on the most immediate question in the US he is hedging his bets and refuses to be drawn on whether he thinks Trump or Harris will win. “', 'I do not know how this election is going to turn out and how these things will turn out.', 'I do know that we have an exceptionally high probability of instability”, he concluded.']",-0.0314578279417278,But on the most immediate question in the US he is hedging his bets and refuses to be drawn on whether he thinks Trump or Harris will win. “,A billionaire investor who predicted the global financial crisis has warned that the US election risks tipping the world’s biggest economy into serious disorder.,-0.9936045606931052,,A billionaire investor who predicted the global financial crisis has warned that the US election risks tipping the world’s biggest economy into serious disorder.,2024-09-15
Harvey Weinstein indicted on new charges by New York grand jury,https://www.cnbc.com/2024/09/12/harvey-weinstein-indicted-on-new-charges-by-new-york-grand-jury.html,2024-09-12T15:07:26+0000,"Harvey Weinstein, the disgraced Hollywood mogul whose alleged sexual misconduct fueled the #MeToo movement, has been indicted on new charges by a New York City grand jury.The new charges are under seal, prosecutors told a judge in Manhattan criminal court Thursday, adding that they could not yet get into specifics.NBC News was first to report this month that a grand jury had been convened to hear from women who had come forward with new accusations against Weinstein, 72.Weinstein, who was rushed to a hospital earlier this week for heart surgery, did not appear in court Thursday.In all, more than 80 women have accused the Oscar-winning ex-producer of sexual assault or harassment. He has repeatedly and vehemently denied those claims, insisting the encounters in question were consensual.Weinstein was convicted in 2020 of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison. But that conviction was overturned in April after a state appellate court, in a 4-3 decision, determined the judge had erred by allowing women to testify about allegations that were not part of the case.New York prosecutors announced months later that they intended to recharge Weinstein for the same crimes and possibly bring forward new charges.Read more NBC NewsThe former producer will head to trial in November, but it is unclear whether he will be tried at the same time on both the original and new charges. He will remain in custody until that retrial.In addition to the New York case, Weinstein was found guilty of one count of rape and two counts of sexual assault in a 2022 trial in Los Angeles, where he was sentenced to 16 years. Weinstein's legal team is in the process of appealing that conviction.In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King's Speech.""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse. The stories inspired a wider reckoning with abuses of power in entertainment and other high-profile industries.This is a breaking news story. Please refresh for updates.",CNBC,12/09/2024,"['Harvey Weinstein, the disgraced Hollywood mogul whose alleged sexual misconduct fueled the #MeToo movement, has been indicted on new charges by a New York City grand jury.', 'The new charges are under seal, prosecutors told a judge in Manhattan criminal court Thursday, adding that they could not yet get into specifics.', 'NBC News was first to reportthis month that a grand jury had been convened to hear from women who had come forward with new accusations against Weinstein, 72.Weinstein, who was rushed to a hospital earlier this week for heart surgery, did not appear in court Thursday.', 'In all, more than 80 women have accused the Oscar-winning ex-producer of sexual assault or harassment.', 'He has repeatedly and vehemently denied those claims, insisting the encounters in question were consensual.', 'Weinstein wasconvicted in 2020of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison.', 'But that conviction was overturned in April after a state appellate court, in a 4-3 decision, determined the judge had erred by allowing women to testify about allegations that were not part of the case.', 'New York prosecutors announced months later that they intended to recharge Weinstein for the same crimes and possibly bring forward new charges.', 'Read more NBC NewsThe former producer will head to trial in November, but it is unclear whether he will be tried at the same time on both the original and new charges.', 'He will remain in custody until that retrial.', 'In addition to the New York case, Weinstein was found guilty of one count of rape and two counts of sexual assault in a 2022 trial in Los Angeles, where he wassentenced to 16 years.', ""Weinstein's legal team is in the process ofappealing that conviction."", 'In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King\'s Speech.', '""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse.', 'The stories inspired a wider reckoning with abuses of power in entertainment and other high-profile industries.', 'This is a breaking news story.', 'Please refresh for updates.']",-0.1738874461184484,"In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King's Speech.","Weinstein wasconvicted in 2020of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison.",-0.7000432014465332,,"""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse.",2024-09-15
Boeing strike: Workers vote overwhelmingly to back the walkout,https://www.bbc.co.uk/news/articles/c8jlj3dnlw7o,2024-09-13T04:31:59.091Z,"Boeing workers have gone on strike after they overwhelmingly rejected a tentative deal between union representatives and the plane maker that included a 25% pay rise. More than 30,000 workers in Seattle and Portland downed their tools from midnight Pacific Time (07:00 GMT) on Friday. The walkout is another setback for the firm, which is facing deepening financial losses. It is also struggling to repair its reputation after a series of safety issues, including two fatal crashes. The stand-off adds to the challenges facing Boeing's new chief executive Kelly Ortberg, who was appointed last month with a mission to turn the business around. Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted in the ballot rejected the pay deal. Of those who voted, 96% back strike action until a new agreement is reached. ""Our members spoke loud and clear tonight,"" said Jon Holden, president of the International Association of Machinists and Aerospace Workers (IAM) District 751. ""We strike at midnight."" Speaking at an investor conference on Friday, Boeing chief financial officer Brian West said the impact on the firm would depend on the duration of the strike, which has shut down production of the firm's popular 737 planes. He warned that the stoppage ""will jeopardise"" the firm's recovery and said the firm was focused on repairing its relationship with workers and reaching a deal.  ""We want to get back to the table and we want to reach an agreement that is good for our people, their families, our community and our intent is to do just that,"" he said.  The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company's ""recovery in jeopardy"". The question now is how long it will go on for. Boeing seems ready to get back to the table. But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal. As well as a 25% pay rise over four years, the preliminary agreement that workers rejected included a commitment from Boeing to build its next commercial plane in the Seattle area if the project started during the lifetime of the contract. The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise. Mr West said it was clear there had been a ""disconnect"" and that Mr Ortberg was ""personally"" involved with finding a compromise.  On the face of it, it is hard to see a quick solution unless Boeing capitulates. Analysts say an extended shutdown could cost the company and its suppliers billions.  On Friday, shares in the firm fell as Moody's warned that the situation could lead to a downgrade of Boeing's credit rating, an action that would make it more expensive for the firm to borrow.  The current contract between Boeing and the unions was reached in 2008 after an eight-week strike.  That walkout cost the company about $1.5bn (£1.14bn) a month, according to credit rating agency Moody's. In 2014, the two sides agreed to extend the deal, which expired at midnight on Thursday. “It’s never a good time for a strike, at least from the perspective of management, the current situation makes it even more problematic,"" said Greg Waldron, Asia Managing Editor at aviation news website FlightGlobal. ""Still, a great deal will depend on how long the strike lasts. Airline CEOs with 737 Maxes on order will be watching this closely,” Mr Waldron added. Mr Ortberg's appointment came as Boeing found itself in a deepening crisis over its safety record. His predecessor Dave Calhoun had announced in the spring that he would step down. In July, Boeing agreed to plead guilty to a fraud charge and a criminal fine of nearly $244m in connection with the fatal crashes of two of its 737 Max planes more than five years ago. It is also facing other lawsuits and probes after a mid-air blowout in January of a door plug on a new plane flown by Alaska Airlines. On top of mounting financial losses, the plane maker has slowed down its assembly lines, so that it is not even meeting a 737 Max production cap imposed by the US Federal Aviation Administration. Mr West said the firm had been ramping back up its pace of production and had expected to meet that cap by the end of the year. ""There was very good momentum. Unfortunately there's now a strike,"" he said. ""My expectation is we'll pick right back up where we left off,"" he added. ""But I don't know when."" ",BBC,13/09/2024,"['Boeing workers have gone on strike after they overwhelmingly rejected a tentative deal between union representatives and the plane maker that included a 25% pay rise.', 'More than 30,000 workers in Seattle and Portland downed their tools from midnight Pacific Time (07:00 GMT) on Friday.', 'The walkout is another setback for the firm, which is facing deepening financial losses.', 'It is also struggling to repair its reputation after a series of safety issues, including two fatal crashes.', ""The stand-off adds to the challenges facing Boeing's new chief executive Kelly Ortberg, who was appointed last month with a mission to turn the business around."", 'Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted in the ballot rejected the pay deal.', 'Of those who voted, 96% back strike action until a new agreement is reached. ""', 'Our members spoke loud and clear tonight,"" said Jon Holden, president of the International Association of Machinists and Aerospace Workers (IAM) District 751. ""', 'We strike at midnight.""', ""Speaking at an investor conference on Friday, Boeing chief financial officer Brian West said the impact on the firm would depend on the duration of the strike, which has shut down production of the firm's popular 737 planes."", 'He warned that the stoppage ""will jeopardise"" the firm\'s recovery and said the firm was focused on repairing its relationship with workers and reaching a deal. ""', 'We want to get back to the table and we want to reach an agreement that is good for our people, their families, our community and our intent is to do just that,"" he said.', 'The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company\'s ""recovery in jeopardy"".', 'The question now is how long it will go on for.', 'Boeing seems ready to get back to the table.', 'But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal.', 'As well as a 25% pay rise over four years, the preliminary agreement that workers rejected included a commitment from Boeing to build its next commercial plane in the Seattle area if the project started during the lifetime of the contract.', ""The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise."", 'Mr West said it was clear there had been a ""disconnect"" and that Mr Ortberg was ""personally"" involved with finding a compromise.', 'On the face of it, it is hard to see a quick solution unless Boeing capitulates.', 'Analysts say an extended shutdown could cost the company and its suppliers billions.', ""On Friday, shares in the firm fell as Moody's warned that the situation could lead to a downgrade of Boeing's credit rating, an action that would make it more expensive for the firm to borrow."", 'The current contract between Boeing and the unions was reached in 2008 after an eight-week strike.', ""That walkout cost the company about $1.5bn (£1.14bn) a month, according to credit rating agency Moody's."", 'In 2014, the two sides agreed to extend the deal, which expired at midnight on Thursday. “', 'It’s never a good time for a strike, at least from the perspective of management, the current situation makes it even more problematic,"" said Greg Waldron, Asia Managing Editor at aviation news website FlightGlobal. ""', 'Still, a great deal will depend on how long the strike lasts.', 'Airline CEOs with 737 Maxes on order will be watching this closely,” Mr Waldron added.', ""Mr Ortberg's appointment came as Boeing found itself in a deepening crisis over its safety record."", 'His predecessor Dave Calhoun had announced in the spring that he would step down.', 'In July, Boeing agreed to plead guilty to a fraud charge and a criminal fine of nearly $244m in connection with the fatal crashes of two of its 737 Max planes more than five years ago.', 'It is also facing other lawsuits and probes after a mid-air blowout in January of a door plug on a new plane flown by Alaska Airlines.', 'On top of mounting financial losses, the plane maker has slowed down its assembly lines, so that it is not even meeting a 737 Max production cap imposed by the US Federal Aviation Administration.', 'Mr West said the firm had been ramping back up its pace of production and had expected to meet that cap by the end of the year. ""', 'There was very good momentum.', 'Unfortunately there\'s now a strike,"" he said. ""', 'My expectation is we\'ll pick right back up where we left off,"" he added. ""', 'But I don\'t know when.""']",-0.0009338012749189,"But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal.","The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company's ""recovery in jeopardy"".",-0.3661472201347351,"The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise.","On Friday, shares in the firm fell as Moody's warned that the situation could lead to a downgrade of Boeing's credit rating, an action that would make it more expensive for the firm to borrow.",2024-09-15
"What are the rules about renting and eviction, and how are they changing?",https://www.bbc.co.uk/news/technology-65038459,2023-03-26T23:05:39.000Z,"The government is introducing a law to ban so-called ""no-fault"" evictions. The Renters' Rights Bill will also outlaw rental ""bidding wars"", and stop landlords from blocking tenants on benefits or who have children or pets. Landlords already have to follow strict rules if they want a tenant to leave, which vary according to the type of tenancy. Failure to follow the correct process can mean the eviction is illegal. Most tenants in England's 4.6m privately rented homes have an assured shorthold tenancy, usually for a fixed term of six or 12 months, or rolling - with no end date. There are two main types of eviction notice for people with these tenancies, which the landlord must provide in writing: Once the notice period ends - at least two months under section 21 - the landlord can start eviction proceedings in court. According to the housing charity Shelter, there have been more than 26,000 no-fault evictions in England since 2019, when the Conservatives first promised to change the law.  But it is illegal for landlords to change the locks or use force to evict a tenant. Other tenancy contracts have different rules, and eviction rules also vary in Scotland, Wales and Northern Ireland.  The Renters' Rights Bill - which must be approved by MPs and peers - will ban section 21 evictions in England, and introduce a new system for evicting tenants where the landlord has grounds for asking them to leave.  If the bill becomes law, new tenants will have a 12-month ""protected period"" where they can't be evicted if the landlord wants to move in or sell the property. After this period, the landlord will have to give them four months' notice to leave.  The landlord will still be able to reclaim the property for other reasons, such as rent arrears or criminal behaviour. Once the protected period ends, tenancies will move to what the government calls ""a periodic basis"", with no fixed end date. Landlords will have to provide a specific reason and give notice to end a tenancy. When the new system is implemented, all existing tenancies - including rolling ones - will convert to the new system. Housing Minister Matthew Pennycook hopes the changes will take effect before summer 2025. A new system for private providers of social housing will be introduced separately. It depends on your rental agreement and where you live in the UK. If you are on a fixed term in England, the landlord: If you are on a rolling agreement, the landlord: In England, landlords can only increase your rent by a ""fair and realistic"" amount, in line with average local rents. Under the new plans, all private landlords will only be allowed one annual rent increase at the market rate. They will also have to publish how much rent they want when re-letting a property, banning rental bidding wars The rules about rent rises are different in Scotland, Wales and Northern Ireland. The most landlords can ask for is five weeks' rent - or six if you pay more than £50,000 a year. If you have an assured shorthold tenancy in England or Wales, landlords must put your deposit in a government approved tenancy deposit scheme (TDP). This means you will get your deposit back if you: At the end of your tenancy, the landlord must return the deposit within 10 days of agreeing the amount owed. The TDP can help resolve disputes.  Different schemes operate in Scotland and Northern Ireland. Tenants in England have the right to ""live in a property that's safe and in a good state of repair"".  Similar rules apply in Scotland, Wales, and Northern Ireland. A home could be unfit if, for example, the electrics are unsafe, it's damp, or there's a problem with mice. The new law will extend a series of mandatory building safety rules for social properties to private renters.  It also specifies a timeframe for landlords to resolve serious hazards. Failure to do so risks a fine of up to £7,000 or prosecution. No current laws explicitly stop landlords from rejecting families with children. However, since women are more likely to live with children, any such refusal in England, Wales and Scotland is likely to be indirect discrimination under the Equality Act 2010, says Shelter. The charity has a guide on how to challenge a ban. Housing Rights can advise in Northern Ireland.  Similarly, refusing to rent because someone is on benefits may break equality law, according to Citizen's Advice. The new bill directly outlaws blanket bans for tenants with children or who are on benefits.  A legal tenancy agreement can specify that no pets are allowed. But if it says permission can be sought for a pet, a landlord needs a reason to refuse. The new law will give all tenants a legal right to request to keep a pet. If passed, the landlord can only refuse on reasonable grounds, although they will be able to ask tenants to take out extra insurance.  In England, the landlord must give at least 24 hours' notice to enter. They must visit at a reasonable time of day, unless it's an emergency. After any initial inspection when a tenant moves in, visits should be at least three months apart, according to the National Residential Landlords Association. ",BBC,26/03/2023,"['The government is introducing a law to ban so-called ""no-fault"" evictions.', 'The Renters\' Rights Bill will also outlaw rental ""bidding wars"", and stop landlords from blocking tenants on benefits or who have children or pets.', 'Landlords already have to follow strict rules if they want a tenant to leave, which vary according to the type of tenancy.', 'Failure to follow the correct process can mean the eviction is illegal.', ""Most tenants in England's 4.6m privately rented homes have an assured shorthold tenancy, usually for a fixed term of six or 12 months, or rolling - with no end date."", 'There are two main types of eviction notice for people with these tenancies, which the landlord must provide in writing: Once the notice period ends - at least two months under section 21 - the landlord can start eviction proceedings in court.', 'According to the housing charity Shelter, there have been more than 26,000 no-fault evictions in England since 2019, when the Conservatives first promised to change the law.', 'But it is illegal for landlords to change the locks or use force to evict a tenant.', 'Other tenancy contracts have different rules, and eviction rules also vary in Scotland, Wales and Northern Ireland.', ""The Renters' Rights Bill - which must be approved by MPs and peers - will ban section 21 evictions in England, and introduce a new system for evicting tenants where the landlord has grounds for asking them to leave."", 'If the bill becomes law, new tenants will have a 12-month ""protected period"" where they can\'t be evicted if the landlord wants to move in or sell the property.', ""After this period, the landlord will have to give them four months' notice to leave."", 'The landlord will still be able to reclaim the property for other reasons, such as rent arrears or criminal behaviour.', 'Once the protected period ends, tenancies will move to what the government calls ""a periodic basis"", with no fixed end date.', 'Landlords will have to provide a specific reason and give notice to end a tenancy.', 'When the new system is implemented, all existing tenancies - including rolling ones - will convert to the new system.', 'Housing Minister Matthew Pennycook hopes the changes will take effect before summer 2025.', 'A new system for private providers of social housing will be introduced separately.', 'It depends on your rental agreement and where you live in the UK.', 'If you are on a fixed term in England, the landlord: If you are on a rolling agreement, the landlord: In England, landlords can only increase your rent by a ""fair and realistic"" amount, in line with average local rents.', 'Under the new plans, all private landlords will only be allowed one annual rent increase at the market rate.', 'They will also have to publish how much rent they want when re-letting a property, banning rental bidding wars The rules about rent rises are different in Scotland, Wales and Northern Ireland.', ""The most landlords can ask for is five weeks' rent - or six if you pay more than £50,000 a year."", 'If you have an assured shorthold tenancy in England or Wales, landlords must put your deposit in a government approved tenancy deposit scheme (TDP).', 'This means you will get your deposit back if you: At the end of your tenancy, the landlord must return the deposit within 10 days of agreeing the amount owed.', 'The TDP can help resolve disputes.', 'Different schemes operate in Scotland and Northern Ireland.', 'Tenants in England have the right to ""live in a property that\'s safe and in a good state of repair"".', 'Similar rules apply in Scotland, Wales, and Northern Ireland.', ""A home could be unfit if, for example, the electrics are unsafe, it's damp, or there's a problem with mice."", 'The new law will extend a series of mandatory building safety rules for social properties to private renters.', 'It also specifies a timeframe for landlords to resolve serious hazards.', 'Failure to do so risks a fine of up to £7,000 or prosecution.', 'No current laws explicitly stop landlords from rejecting families with children.', 'However, since women are more likely to live with children, any such refusal in England, Wales and Scotland is likely to be indirect discrimination under the Equality Act 2010, says Shelter.', 'The charity has a guide on how to challenge a ban.', 'Housing Rights can advise in Northern Ireland.', ""Similarly, refusing to rent because someone is on benefits may break equality law, according to Citizen's Advice."", 'The new bill directly outlaws blanket bans for tenants with children or who are on benefits.', 'A legal tenancy agreement can specify that no pets are allowed.', 'But if it says permission can be sought for a pet, a landlord needs a reason to refuse.', 'The new law will give all tenants a legal right to request to keep a pet.', 'If passed, the landlord can only refuse on reasonable grounds, although they will be able to ask tenants to take out extra insurance.', ""In England, the landlord must give at least 24 hours' notice to enter."", ""They must visit at a reasonable time of day, unless it's an emergency."", 'After any initial inspection when a tenant moves in, visits should be at least three months apart, according to the National Residential Landlords Association.']",-0.0473477963888067,"If you are on a fixed term in England, the landlord: If you are on a rolling agreement, the landlord: In England, landlords can only increase your rent by a ""fair and realistic"" amount, in line with average local rents.",Failure to follow the correct process can mean the eviction is illegal.,-0.8151961714029312,,Failure to follow the correct process can mean the eviction is illegal.,2024-09-15
German opens door to Kenyan workers in labour deal,https://www.bbc.co.uk/news/articles/c4gegkkg14ko,2024-09-13T14:59:55.071Z,"Berlin has agreed to allow skilled and semi-skilled Kenyan workers into Germany in a controlled and targeted labour migration deal.  Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour.  The German government has said the deal does not specify the number of workers who will be allowed in.  Migration agreements are a central pillar in the German government's efforts to curb immigration.  The agreement will also simplify the repatriation of Kenyans who are in Germany without legal permission. Five Kenyan bus drivers have already been welcomed to Flensburg, in the north of Germany, in a pilot project.  Immigration is a huge issue in Germany at the moment, following the rise in popularity of the far-right anti-immigration party, Alternative for Germany (AfD).  Successive governments in Berlin have allowed relatively large numbers of asylum seekers to settle in the country in recent years. Germany took in more than one million people, mostly fleeing war in countries such as Syria, during the 2015-2016 migrant crisis, and has received 1.2 million Ukrainians since Russia's full-scale invasion began in February 2022. The labour deal was signed in Berlin by Germany's Chancellor Olaf Scholz and Kenya's President William Ruto.  Germany agreed to ease some of its immigration laws to enable Kenyans to find employment in Europe's biggest economy.  Authorities in Berlin will also consider extending temporary residence permits for Kenyan workers who have secured an approved job. Kenyans will also be issued with long-term visas to study or do vocational training in Germany. ""On the expiry of the long-stay visa, Kenyans may receive a temporary residence permit for study purposes in Germany for up to two years,"" the agreement states.  The temporary residence permit may be extended if the purpose of residence has not yet been achieved but is achievable within a ""reasonable"" period, it adds.  According to the deal, IT specialists from Kenya will be allowed to enter and work in Germany, even if they do not have formal qualifications. Both governments will support the immigration of skilled workers who have finished vocational training or earned a university degree, as long as their qualifications are recognised by the relevant authorities of the other party.  The deal also includes provisions for the readmission and return of citizens between the two nations. It spells out guidelines to prevent and fight against labour exploitation, forced labour and human trafficking.  While welcoming five Kenyan drivers in Flensburg on Thursday, Schleswig-Holstein's Transport Minister Claus Ruhe Madsen said Germany was in need of  hard-working hands and clever minds.  ""We simply have to position ourselves in Germany in such a way that it is attractive to come here,"" Mr Madsen added.  The drivers are the first batch of Kenyan workers, who will be trained by the Aktiv bus company in a pilot project, hoping to get a job in Germany. Doctors, nurses and teachers are among those expected to take part in the programme. The International Labour Organisation (ILO) said the deal was expected to significantly increase access to decent foreign jobs for Kenyan workers in Germany and address labour shortages in Germany. ""It includes mechanisms to protect the rights and welfare of Kenyan migrant workers in Germany, ensuring safe, orderly, and productive migration,"" ILO added in a statement.  But there are concerns about a brain-drain in Kenya with professionals like doctors and nurses going abroad for jobs, leaving local hospitals with a huge shortage of medical workers.  ""It is sad that we are going to service other countries at the expense of our own country,"" Ekuru Aukot, a Kenyan lawyer and politician, told the BBC's Newsday programme.  But Roseline Njogu, a senior foreign affairs official, said Kenya was simply responding to the global labour market demands.   ""We have a youth bulge in Kenya and  every year we have a million people joining the local labour market. It takes time and resources to create job opportunities at home,"" she added.  Correction 14 September 2024:  An earlier version of this article put a figure on how many Kenyan workers would be allowed into Germany under the deal. The German interior ministry corrected this to state that the deal did not specify a figure.  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,13/09/2024,"['Berlin has agreed to allow skilled and semi-skilled Kenyan workers into Germany in a controlled and targeted labour migration deal.', 'Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour.', 'The German government has said the deal does not specify the number of workers who will be allowed in.', ""Migration agreements are a central pillar in the German government's efforts to curb immigration."", 'The agreement will also simplify the repatriation of Kenyans who are in Germany without legal permission.', 'Five Kenyan bus drivers have already been welcomed to Flensburg, in the north of Germany, in a pilot project.', 'Immigration is a huge issue in Germany at the moment, following the rise in popularity of the far-right anti-immigration party, Alternative for Germany (AfD).', 'Successive governments in Berlin have allowed relatively large numbers of asylum seekers to settle in the country in recent years.', ""Germany took in more than one million people, mostly fleeing war in countries such as Syria, during the 2015-2016 migrant crisis, and has received 1.2 million Ukrainians since Russia's full-scale invasion began in February 2022."", ""The labour deal was signed in Berlin by Germany's Chancellor Olaf Scholz and Kenya's President William Ruto."", ""Germany agreed to ease some of its immigration laws to enable Kenyans to find employment in Europe's biggest economy."", 'Authorities in Berlin will also consider extending temporary residence permits for Kenyan workers who have secured an approved job.', 'Kenyans will also be issued with long-term visas to study or do vocational training in Germany. ""', 'On the expiry of the long-stay visa, Kenyans may receive a temporary residence permit for study purposes in Germany for up to two years,"" the agreement states.', 'The temporary residence permit may be extended if the purpose of residence has not yet been achieved but is achievable within a ""reasonable"" period, it adds.', 'According to the deal, IT specialists from Kenya will be allowed to enter and work in Germany, even if they do not have formal qualifications.', 'Both governments will support the immigration of skilled workers who have finished vocational training or earned a university degree, as long as their qualifications are recognised by the relevant authorities of the other party.', 'The deal also includes provisions for the readmission and return of citizens between the two nations.', 'It spells out guidelines to prevent and fight against labour exploitation, forced labour and human trafficking.', 'While welcoming five Kenyan drivers in Flensburg on Thursday, Schleswig-Holstein\'s Transport Minister Claus Ruhe Madsen said Germany was in need of hard-working hands and clever minds. ""', 'We simply have to position ourselves in Germany in such a way that it is attractive to come here,"" Mr Madsen added.', 'The drivers are the first batch of Kenyan workers, who will be trained by the Aktiv bus company in a pilot project, hoping to get a job in Germany.', 'Doctors, nurses and teachers are among those expected to take part in the programme.', 'The International Labour Organisation (ILO) said the deal was expected to significantly increase access to decent foreign jobs for Kenyan workers in Germany and address labour shortages in Germany. ""', 'It includes mechanisms to protect the rights and welfare of Kenyan migrant workers in Germany, ensuring safe, orderly, and productive migration,"" ILO added in a statement.', 'But there are concerns about a brain-drain in Kenya with professionals like doctors and nurses going abroad for jobs, leaving local hospitals with a huge shortage of medical workers. ""', 'It is sad that we are going to service other countries at the expense of our own country,"" Ekuru Aukot, a Kenyan lawyer and politician, told the BBC\'s Newsday programme.', 'But Roseline Njogu, a senior foreign affairs official, said Kenya was simply responding to the global labour market demands. ""', 'We have a youth bulge in Kenya and every year we have a million people joining the local labour market.', 'It takes time and resources to create job opportunities at home,"" she added.', 'Correction 14 September 2024: An earlier version of this article put a figure on how many Kenyan workers would be allowed into Germany under the deal.', 'The German interior ministry corrected this to state that the deal did not specify a figure.', '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']",0.181176085587887,"It includes mechanisms to protect the rights and welfare of Kenyan migrant workers in Germany, ensuring safe, orderly, and productive migration,"" ILO added in a statement.","Germany took in more than one million people, mostly fleeing war in countries such as Syria, during the 2015-2016 migrant crisis, and has received 1.2 million Ukrainians since Russia's full-scale invasion began in February 2022.",0.4451243064620278,"The International Labour Organisation (ILO) said the deal was expected to significantly increase access to decent foreign jobs for Kenyan workers in Germany and address labour shortages in Germany. ""","Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour.",2024-09-15
Former Abercrombie & Fitch boss Mike Jeffries accused of sexual exploitation by more men,https://www.bbc.co.uk/news/articles/cj9l9dlgpmno,2024-09-13T23:02:20.089Z,"More men have come forward to the BBC accusing the former chief executive of Abercrombie & Fitch and his British partner of sexual exploitation. Some allege they were abused, and some that they were injected with drugs. Luke says he was shocked as he was guided into Mike Jeffries’ presidential suite in a hotel in Spain. ""It was like a movie set of an Abercrombie store,"" he recalls of the event in 2011. ""And I thought we were going to do a photoshoot."" He says the room was dimly lit with erotic photos of men’s abs adorning the dark walls. In the middle, a group of assistants dressed in Abercrombie & Fitch uniforms - polos, blue jeans and flip-flops - were casually folding clothes on a table, pretending to be shop workers, he says. Then aged 20, Luke says he had been offered the chance of being in a company advert if he flew from his home in Los Angeles to Madrid to meet the CEO of Abercrombie & Fitch (A&F). Luke says the proposal had come via a modelling website from a man who said he worked as a talent scout and executive assistant for Mr Jeffries - then head of the billion-dollar teen retailer. Warning: This story contains accounts of sexual violence In the suite, he says Mr Jeffries' assistants began engaging in role-play, encouraging him to act as a shirtless greeter, a hallmark of A&F stores at the time. Luke says he remembers the talent scout saying: ""Now I have two very important guests, and these are going to be the customers that you need to impress and entertain because they're going to be buying a lot of clothes from you."" At that moment, he says Mr Jeffries and his life partner, Matthew Smith, came out of a corner of the room. They immediately started touching him and Mr Jeffries forcibly kissed him, he says. ""I was trying to avoid the whole situation as much as I could, but Michael was very aggressive."" He says the Abercrombie boss then performed oral sex on him. “I tried to say no repeatedly. And then I just got kind of convinced to do something. But I constantly was saying no, and I wanted to go.” ___ Luke (not his real name) is one of eight more men who have spoken to the BBC in the past year since we revealed allegations of sexual exploitation at events hosted by Mr Jeffries and Mr Smith. The FBI launched an investigation following the BBC’s reporting, and 20 men in total have now told us they attended or helped organise these events. As well as Luke’s allegation, the new witnesses reveal fresh details about the scale of the events, which took place from at least 2009 until 2015 while Mr Jeffries was chief executive. The BBC previously found there had been a sophisticated operation involving a middleman tasked with finding men for these events, but the new testimonies detail additional recruitment methods. The men also raise new questions about the role of Mr Jeffries' assistants - a select group of young men in A&F uniforms who travelled around the world with him and supervised these sex events. According to multiple men, Mr Jeffries' assistants injected some attendees in the penis with what they were told was liquid Viagra.  Chris, not his real name, told the BBC he felt he was ""going to die"" after one of these injections caused an extreme reaction during an event at one of Mr Jeffries' New York homes. Feeling ""hot, dizzy"" and in shock, he said nobody called for an ambulance. Still disorientated, he said Mr Jeffries and Mr Smith, who had been waiting in another room, then tried to have sex with him. Former model Keith Milkie, 31, says one of Mr Jeffries' assistants had also ""bragged"" about having done some work for Abercrombie & Fitch at the same time as working at these sex events. He says this assistant was named on an event itinerary and the BBC found he also had an A&F company email. While personal assistants of Mr Jeffries’ were often dressed in A&F uniforms, this is the first claim that a member of A&F staff was involved in the running of Mr Jeffries' sex events. When the BBC asked the company about this, it declined to answer, saying it does not comment on legal matters. World Of Secrets - The Abercrombie Guys Hear two new episodes on BBC Sounds or here if you are outside the UK Mr Jeffries, 80, Mr Smith, 61, and A&F - which also owns the brand Hollister - are facing a civil lawsuit alleging the retailer funded a sex-trafficking operation over the two decades he had been in charge. Mr Smith and Mr Jeffries did not respond to requests for comment. However, their lawyers’ have previously said they deny allegations of wrongdoing, adding: ""The courtroom is where we will deal with this matter."" One former attendee, Diego Guillen, who says he has been interviewed by the FBI, told the BBC he was paid $500 (£380) every Saturday to make wake-up calls to men expected to attend these sex events in 2011. He estimated he made about 80 calls over seven months. Mr Guillen, 42, says there was also a roster of attendees. Other sources have said this ""database"" could have as many as 60 different men on it at any given time, revealing a snapshot of the scale of those recruited. He says he had initially attended sex events at Mr Jeffries' former New York homes after being recruited on the street by the couple’s middleman, James Jacobson. Mr Guillen, now a lawyer and real estate broker who runs his own firm, says he had never had sex for money before, but at the time he was unemployed and homeless, sleeping in a friend’s office. Despite his circumstances then, he says he did not feel exploited. After the FBI turned up at his door, Mr Guillen says he contacted Mr Jeffries' lawyer who sent a private investigator to interview him to help build their legal defence. Mr Guillen says the other men present at the events he attended had been ""under no obligation, under zero pressure"" and ""paid quite well"". ""Michael and Matthew are high profile gay men and liked having sex with young, handsome men. And being older, they knew that the real way to get this done was to be generous,"" he says. ""But with full consent and making sure that the [men] wanted it and liked it. And that's it."" Unlike other men who were recruited by the middleman, Luke says his initial contact was an assistant working for Mr Jeffries’ family office - a private company run by Mr Smith, which managed the then-CEO’s wealth and properties. Luke says this assistant interviewed him over Skype, telling him to expect to be topless for the Madrid hotel photoshoot, but there were no obvious red flags. This man then organised his travel and accommodation, he says. ""It didn't seem like anything too out of the ordinary for me because even working at an Abercrombie store when I was younger, there was guys who would stand outside shirtless. That was like a trademark thing,"" says Luke. Leaked travel plans show Mr Jeffries was scheduled to be in Madrid several times in 2011 ahead of opening a real A&F store. The night before the event, Luke says he was paid €3,500 (£2,950) in cash, which he believed was ""general spending money"" for the three days he was in Madrid. But he says the assistant was ""vague"" about the plan. He says in the hotel suite, Mr Jeffries and Mr Smith began having sex with two slightly older men - one he thought was in his 30s and the other in his 40s - present for the same event. Luke says Mr Jeffries' then started kissing him. Soon after, he says Mr Jeffries performed oral sex on him and Mr Smith attempted to do the same. He says he tried to perform ""some sort of oral"" sex on Mr Jeffries, but ""couldn't"". ""I'm getting fired because I didn't do what this guy wanted,"" Luke remembers thinking, believing he was about to lose his chance of a modelling job. ""I could have just ran out of that room, but I didn't even know how I would have gotten out."" Luke says he felt unable to leave as Mr Jeffries' assistants - whom he perceived as security staff - were ""watching exits"". Back home in the US, he says he felt unable to report what happened because of the non-disclosure agreement he had signed prior to the event. ""There's an immense amount of shame associated with this idea that you're not a masculine man if you've been molested or taken advantage of by another man,"" says Luke, who identifies as straight. ""My whole life I've struggled with people thinking that I'm gay and I got bullied in high school because I have a soft voice. The last thing on earth I was going to do is say something emasculating, like, I got molested and orally raped by a guy."" Luke says what happened in Madrid was ""rocket fuel"" for a drug addiction he later developed. In 2016, he was arrested for selling drugs and served six months in a correctional boot camp. He now runs his own business alongside helping people with addictions. Keith Milkie says he attended numerous events hosted by Mr Jeffries and Mr Smith between 2012 and 2014. He says he understood these events would be sexual but that nothing Mr Jacobson said could ""prepare you for what's going to happen"" next. Then aged about 20, Mr Milkie says he had been struggling to pay his rent after being invited to move to New York by an agent, who ran a house full of aspiring models. He says a housemate soon introduced the idea of escorting, and a contact later introduced him to Mr Jacobson. Mr Milkie, who identified as straight at the time, says he found some of the events ""uncomfortable"" and ""painful"". On one occasion, in Paris, he says Mr Jeffries instructed him to have sex with another man, which he ""did not want or enjoy"". During another, he says he was verbally abused by Mr Jeffries after saying ""no"" to a risky sexual act while on board the Queen Mary 2, an ocean liner which sails from England to New York. He says Mr Jeffries was drunk and tried to insert a ""bleeding finger"" into him. ""I was in the bed putting on a fake smile, crying on the inside,"" he says. ""Here I am in the middle of the ocean having this person four times my age in that position of power and influence belittle me to death and literally call me worthless… simply because I said no to something."" He says Mr Jacobson paid him about $24,000 (£18,400) in cash for the seven-night cruise. According to his event itineraries, which had been sent by Mr Jacobson, another of these sex events was just days after it had been publicly announced Mr Jeffries was stepping down as CEO of A&F in December 2014. Mr Milkie believes that final meeting marked the end of these events. ""The personification of Mike Jeffries is Abercrombie. He had the hair plugs, the plastic surgery, he wore the clothes, he wore the flip-flops. I mean, you talk about power. He projected his image on the entire country. His places where he lived were literally an Abercrombie store. It was like fantasy land,"" he says. ""Without that sort of power, that sort of fear and influence, I imagine it's just like a lot harder to keep people quiet, which is why years later people are talking about it."" After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised. When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer. Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded. Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape. The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees. The brand said it does not comment on legal matters. However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others. Mr Jacobson - the middleman - previously said in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"". ",BBC,13/09/2024,"['More men have come forward to the BBC accusing the former chief executive of Abercrombie & Fitch and his British partner of sexual exploitation.', 'Some allege they were abused, and some that they were injected with drugs.', 'Luke says he was shocked as he was guided into Mike Jeffries’ presidential suite in a hotel in Spain. ""', 'It was like a movie set of an Abercrombie store,"" he recalls of the event in 2011. ""', 'And I thought we were going to do a photoshoot.""', 'He says the room was dimly lit with erotic photos of men’s abs adorning the dark walls.', 'In the middle, a group of assistants dressed in Abercrombie & Fitch uniforms - polos, blue jeans and flip-flops - were casually folding clothes on a table, pretending to be shop workers, he says.', 'Then aged 20, Luke says he had been offered the chance of being in a company advert if he flew from his home in Los Angeles to Madrid to meet the CEO of Abercrombie & Fitch (A&F).', 'Luke says the proposal had come via a modelling website from a man who said he worked as a talent scout and executive assistant for Mr Jeffries - then head of the billion-dollar teen retailer.', ""Warning: This story contains accounts of sexual violence In the suite, he says Mr Jeffries' assistants began engaging in role-play, encouraging him to act as a shirtless greeter, a hallmark of A&F stores at the time."", 'Luke says he remembers the talent scout saying: ""Now I have two very important guests, and these are going to be the customers that you need to impress and entertain because they\'re going to be buying a lot of clothes from you.""', 'At that moment, he says Mr Jeffries and his life partner, Matthew Smith, came out of a corner of the room.', 'They immediately started touching him and Mr Jeffries forcibly kissed him, he says. ""', 'I was trying to avoid the whole situation as much as I could, but Michael was very aggressive.""', 'He says the Abercrombie boss then performed oral sex on him. “', 'I tried to say no repeatedly.', 'And then I just got kind of convinced to do something.', 'But I constantly was saying no, and I wanted to go.” ___', 'Luke (not his real name) is one of eight more men who have spoken to the BBC in the past year since we revealed allegations of sexual exploitation at events hosted by Mr Jeffries and Mr Smith.', 'The FBI launched an investigation following the BBC’s reporting, and 20 men in total have now told us they attended or helped organise these events.', 'As well as Luke’s allegation, the new witnesses reveal fresh details about the scale of the events, which took place from at least 2009 until 2015 while Mr Jeffries was chief executive.', 'The BBC previously found there had been a sophisticated operation involving a middleman tasked with finding men for these events, but the new testimonies detail additional recruitment methods.', ""The men also raise new questions about the role of Mr Jeffries' assistants - a select group of young men in A&F uniforms who travelled around the world with him and supervised these sex events."", ""According to multiple men, Mr Jeffries' assistants injected some attendees in the penis with what they were told was liquid Viagra."", 'Chris, not his real name, told the BBC he felt he was ""going to die"" after one of these injections caused an extreme reaction during an event at one of Mr Jeffries\' New York homes.', 'Feeling ""hot, dizzy"" and in shock, he said nobody called for an ambulance.', 'Still disorientated, he said Mr Jeffries and Mr Smith, who had been waiting in another room, then tried to have sex with him.', 'Former model Keith Milkie, 31, says one of Mr Jeffries\' assistants had also ""bragged"" about having done some work for Abercrombie & Fitch at the same time as working at these sex events.', 'He says this assistant was named on an event itinerary and the BBC found he also had an A&F company email.', ""While personal assistants of Mr Jeffries’ were often dressed in A&F uniforms, this is the first claim that a member of A&F staff was involved in the running of Mr Jeffries' sex events."", 'When the BBC asked the company about this, it declined to answer, saying it does not comment on legal matters.', 'World Of Secrets - The Abercrombie Guys Hear two new episodes on BBC Sounds or here if you are outside the UK Mr Jeffries, 80, Mr Smith, 61, and A&F - which also owns the brand Hollister - are facing a civil lawsuit alleging the retailer funded a sex-trafficking operation over the two decades he had been in charge.', 'Mr Smith and Mr Jeffries did not respond to requests for comment.', 'However, their lawyers’ have previously said they deny allegations of wrongdoing, adding: ""The courtroom is where we will deal with this matter.""', 'One former attendee, Diego Guillen, who says he has been interviewed by the FBI, told the BBC he was paid $500 (£380) every Saturday to make wake-up calls to men expected to attend these sex events in 2011.', 'He estimated he made about 80 calls over seven months.', 'Mr Guillen, 42, says there was also a roster of attendees.', 'Other sources have said this ""database"" could have as many as 60 different men on it at any given time, revealing a snapshot of the scale of those recruited.', ""He says he had initially attended sex events at Mr Jeffries' former New York homes after being recruited on the street by the couple’s middleman, James Jacobson."", 'Mr Guillen, now a lawyer and real estate broker who runs his own firm, says he had never had sex for money before, but at the time he was unemployed and homeless, sleeping in a friend’s office.', 'Despite his circumstances then, he says he did not feel exploited.', ""After the FBI turned up at his door, Mr Guillen says he contacted Mr Jeffries' lawyer who sent a private investigator to interview him to help build their legal defence."", 'Mr Guillen says the other men present at the events he attended had been ""under no obligation, under zero pressure"" and ""paid quite well"". ""', 'Michael and Matthew are high profile gay men and liked having sex with young, handsome men.', 'And being older, they knew that the real way to get this done was to be generous,"" he says. ""', 'But with full consent and making sure that the [men] wanted it and liked it.', 'And that\'s it.""', 'Unlike other men who were recruited by the middleman, Luke says his initial contact was an assistant working for Mr Jeffries’ family office - a private company run by Mr Smith, which managed the then-CEO’s wealth and properties.', 'Luke says this assistant interviewed him over Skype, telling him to expect to be topless for the Madrid hotel photoshoot, but there were no obvious red flags.', 'This man then organised his travel and accommodation, he says. ""', ""It didn't seem like anything too out of the ordinary for me because even working at an Abercrombie store when I was younger, there was guys who would stand outside shirtless."", 'That was like a trademark thing,"" says Luke.', 'Leaked travel plans show Mr Jeffries was scheduled to be in Madrid several times in 2011 ahead of opening a real A&F store.', 'The night before the event, Luke says he was paid €3,500 (£2,950) in cash, which he believed was ""general spending money"" for the three days he was in Madrid.', 'But he says the assistant was ""vague"" about the plan.', 'He says in the hotel suite, Mr Jeffries and Mr Smith began having sex with two slightly older men - one he thought was in his 30s and the other in his 40s - present for the same event.', ""Luke says Mr Jeffries' then started kissing him."", 'Soon after, he says Mr Jeffries performed oral sex on him and Mr Smith attempted to do the same.', 'He says he tried to perform ""some sort of oral"" sex on Mr Jeffries, but ""couldn\'t"". ""', 'I\'m getting fired because I didn\'t do what this guy wanted,"" Luke remembers thinking, believing he was about to lose his chance of a modelling job. ""', 'I could have just ran out of that room, but I didn\'t even know how I would have gotten out.""', 'Luke says he felt unable to leave as Mr Jeffries\' assistants - whom he perceived as security staff - were ""watching exits"".', 'Back home in the US, he says he felt unable to report what happened because of the non-disclosure agreement he had signed prior to the event. ""', 'There\'s an immense amount of shame associated with this idea that you\'re not a masculine man if you\'ve been molested or taken advantage of by another man,"" says Luke, who identifies as straight. ""', ""My whole life I've struggled with people thinking that I'm gay and I got bullied in high school because I have a soft voice."", 'The last thing on earth I was going to do is say something emasculating, like, I got molested and orally raped by a guy.""', 'Luke says what happened in Madrid was ""rocket fuel"" for a drug addiction he later developed.', 'In 2016, he was arrested for selling drugs and served six months in a correctional boot camp.', 'He now runs his own business alongside helping people with addictions.', 'Keith Milkie says he attended numerous events hosted by Mr Jeffries and Mr Smith between 2012 and 2014.', 'He says he understood these events would be sexual but that nothing Mr Jacobson said could ""prepare you for what\'s going to happen"" next.', 'Then aged about 20, Mr Milkie says he had been struggling to pay his rent after being invited to move to New York by an agent, who ran a house full of aspiring models.', 'He says a housemate soon introduced the idea of escorting, and a contact later introduced him to Mr Jacobson.', 'Mr Milkie, who identified as straight at the time, says he found some of the events ""uncomfortable"" and ""painful"".', 'On one occasion, in Paris, he says Mr Jeffries instructed him to have sex with another man, which he ""did not want or enjoy"".', 'During another, he says he was verbally abused by Mr Jeffries after saying ""no"" to a risky sexual act while on board the Queen Mary 2, an ocean liner which sails from England to New York.', 'He says Mr Jeffries was drunk and tried to insert a ""bleeding finger"" into him. ""', 'I was in the bed putting on a fake smile, crying on the inside,"" he says. ""', 'Here I am in the middle of the ocean having this person four times my age in that position of power and influence belittle me to death and literally call me worthless… simply because I said no to something.""', 'He says Mr Jacobson paid him about $24,000 (£18,400) in cash for the seven-night cruise.', 'According to his event itineraries, which had been sent by Mr Jacobson, another of these sex events was just days after it had been publicly announced Mr Jeffries was stepping down as CEO of A&F in December 2014.', 'Mr Milkie believes that final meeting marked the end of these events. ""', 'The personification of Mike Jeffries is Abercrombie.', 'He had the hair plugs, the plastic surgery, he wore the clothes, he wore the flip-flops.', 'I mean, you talk about power.', 'He projected his image on the entire country.', 'His places where he lived were literally an Abercrombie store.', 'It was like fantasy land,"" he says. ""', 'Without that sort of power, that sort of fear and influence, I imagine it\'s just like a lot harder to keep people quiet, which is why years later people are talking about it.""', 'After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised.', 'When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer.', 'Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded.', ""Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape."", 'The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees.', 'The brand said it does not comment on legal matters.', 'However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.', 'Mr Jacobson - the middleman - previously said in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"".']",-0.0493601489356194,"Luke says he remembers the talent scout saying: ""Now I have two very important guests, and these are going to be the customers that you need to impress and entertain because they're going to be buying a lot of clothes from you.""","However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.",-0.7062488496303558,"Mr Guillen says the other men present at the events he attended had been ""under no obligation, under zero pressure"" and ""paid quite well"". ""","Mr Milkie, who identified as straight at the time, says he found some of the events ""uncomfortable"" and ""painful"".",2024-09-15
JPMorgan Chase shares drop 5% after bank tempers guidance on interest income and expenses,https://www.cnbc.com/2024/09/10/jpmorgan-chase-shares-drop-nearly-7percent-after-bank-tempers-guidance-on-net-interest-income.html,2024-09-10T18:53:06+0000,"In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic.While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.""I think that that number will be lower,"" Pinto said. He declined to give a specific figure.Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected. But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities. When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds. But they also make new assets lower yielding, which complicates the picture.""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""But as you know, we are quite asset sensitive.""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.""There are a bunch of components that tell us that probably the number on expenses will be a bit higher than what is expected at the moment,"" Pinto said.When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",CNBC,10/09/2024,"[""In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic."", 'While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.', '""I think that that number will be lower,"" Pinto said.', 'He declined to give a specific figure.', 'Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.', 'JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.', 'But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.', ""NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities."", 'When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.', 'Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds.', 'But they also make new assets lower yielding, which complicates the picture.', '""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""', 'But as you know, we are quite asset sensitive.', '""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.', '""There are a bunch of components that tell us that probably the number on expenseswill be a bit higher than what is expected at the moment,"" Pinto said.', 'When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.', 'The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.']",0.1810416202853788,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",-0.5570460855960846,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.",2024-09-15
Jeep CEO enacts turnaround plan after significant sales declines,https://www.cnbc.com/2024/09/13/jeep-ceo-turnaround-plan-sales-declines.html,2024-09-13T15:27:31+0000,"In this articleDETROIT — Stellantis' Jeep brand is well known for scaling tough terrains, but its latest challenge of achieving 1 million vehicle sales domestically by 2027 will be a steep hill to climb.Jeep, a coveted brand in the automotive industry, has been in a U.S. sales rut that has included five years of annual sales declines, with 2024 on pace to potentially become the sixth.Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target. The company is executing a turnaround plan for the quintessential American SUV brand that he says is already beginning to pay dividends following a 9% sales decline in the U.S. during the first six months of the year.The plan has included lowering pricing across its lineup, including on high-volume models such as the Jeep Compass and Grand Cherokee SUVs; rolling out special offers such as incentives or 0% financing; and increasing spending on marketing and advertising, Filosa said. It also will include an upcoming roadshow with dealers to address additional problems and concerns.Such actions can eat into profits, but the brand's average transaction prices have skyrocketed from less than $40,000 in 2020 to north of $50,000 this year, according to Cox Automotive. Jeep's average transaction price has been above the industry average since 2021, Cox reports.""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.Filosa's comments were made a day before the chairman of the Stellantis National Dealer Council penned a scathing open letter targeting Stellantis CEO Carlos Tavares over the company's sales losses and other business decisions.Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022. That compared with an industry increase of 13% in 2023.Filosa said Jeep, which reports sales quarterly, saw U.S. sales rise last month: They were up 28% from August 2023 and 55% from July. Jeep also lowered its vehicle inventory by about 25,000 units during that time. But the brand has a ways to go to accomplish any notable turnaround in sales.Jeep's U.S. sales have plummeted 34% from an all-time high of more than 973,000 SUVs sold in 2018 to less than 643,000 units last year. While most auto brands increased sales last year, Jeep was off by about 6%.The most recent declines follow the company ending production last year of the entry-level Renegade and the Cherokee compact SUV — two mainstream models with peak U.S. sales of around 300,000 units annually from 2016 to 2019.""For Jeep to lose Jeep Cherokee … and Jeep Renegade has been an important hit to us,"" Filosa said. ""Our market coverage declined from an average of 80% to 45%.""Filosa said Jeep expects to recover market share ""very quickly"" and return to an 80% market share coverage, which includes the segments Jeep competes in, by the end of next year, when it introduces an unnamed replacement for the Cherokee as well as new electrified models.In addition to the termination of the new models, Stellantis' brands such as Jeep have focused on profits over market share under Tavares' time as CEO.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.As part of that plan, Jeep is targeting selling roughly 1.5 million SUVs globally by 2027, including 1 million in the U.S.To achieve such goals, Tavares earlier this year said he has allowed leniency in some pricing, incentives and other financial targets after speaking with the company's dealers.Filosa said he is continuing those efforts by meeting with dealers regarding the turnaround initiatives. He'll participate in a dealer roadshow beginning next month with the brand's new North American head, Bob Broderdorf.Also assisting Jeep, which is the top seller of plug-in hybrid electric vehicles in the U.S., will be several new vehicles. The brand is launching the all-electric Wagoneer S later this year, followed next year by a Jeep Wrangler-inspired ""Recon"" SUV and extended-range, plug-in versions of its large Wagoneer and Grand Wagoneer SUVs.Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.""Now it's time to push, and to accelerate, sales to recover as much as [they] need to do. Next year, obviously, we will talk all growth, since we have new products. … I believe [next year] will be a completely different story,"" Filosa said.Jeep also is attempting to increase the quality and reliability of its vehicles, which have historically ranked below average in third-party rankings. He said this includes delaying launches of its upcoming Wagoneer S and Recon by four to six weeks.However, building problem-free vehicles is easier said than done in the automotive industry. Jeep on Monday confirmed it is cooperating with U.S. auto safety regulators on an investigation into more than 781,000 newer Jeep Wrangler and Gladiator SUVs after reports of underhood fires.Filosa confirmed knowledge of the probe, but he declined to provide additional details. Tavares earlier this year highlighted quality problems within the automaker, specifically at a plant in suburban Detroit that makes the company's Ram 1500.""We are very carefully monitoring the evolution of quality of Jeep Wagoneer S in the plant, and Jeep Recon as well,"" Filosa said. ""The only mandate that the plants have from me is to just deliver the car when it's in perfect quality.""The new all-electric SUVs will be produced at Stellantis' Toluca Assembly Plant in Mexico. The company has not confirmed a production location for the replacement to the Cherokee SUV, which was produced at a now-dormant plant in Illinois.",CNBC,13/09/2024,"[""In this articleDETROIT — Stellantis' Jeep brand is well known for scaling tough terrains, but its latest challenge of achieving 1 million vehicle sales domestically by 2027 will be a steep hill to climb."", 'Jeep, a coveted brand in the automotive industry, has been in a U.S. sales rut that has included five years of annual sales declines, with 2024 on pace to potentially become the sixth.', ""Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target."", 'The company is executing a turnaround plan for the quintessential American SUV brand that he says is already beginning to pay dividends following a 9% sales decline in the U.S. during the first six months of the year.', 'The plan has included lowering pricing across its lineup, including on high-volume models such as the Jeep Compass and Grand Cherokee SUVs; rolling out special offers such as incentives or 0% financing; and increasing spending on marketing and advertising, Filosasaid.', 'It also will include an upcoming roadshow with dealers to address additional problems and concerns.', ""Such actions can eat into profits, but the brand's average transaction prices have skyrocketed from less than $40,000 in 2020 to north of $50,000 this year, according to Cox Automotive."", ""Jeep's average transaction price has been above the industry average since 2021, Cox reports."", '""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.', ""Filosa's comments were made a day before the chairman of the Stellantis National Dealer Council penned a scathing open letter targeting Stellantis CEO Carlos Tavares over the company's sales losses and other business decisions."", 'Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022.', 'That compared with an industry increase of 13% in 2023.Filosa said Jeep, which reports sales quarterly, saw U.S. sales rise last month: They were up 28% from August 2023 and 55% from July.', 'Jeep also lowered its vehicle inventory by about 25,000 units during that time.', 'But the brand has a ways to go to accomplish any notable turnaround in sales.', ""Jeep's U.S. sales have plummeted 34% from an all-time high of more than 973,000 SUVs sold in 2018 to less than 643,000 units last year."", 'While most auto brands increased sales last year, Jeep was off by about 6%.The most recent declines follow the company ending production last year of the entry-level Renegade and the Cherokee compact SUV — two mainstream models with peak U.S. sales of around 300,000 units annually from 2016 to 2019.""For Jeep to lose Jeep Cherokee … and Jeep Renegade has been an important hit to us,"" Filosa said. ""', 'Our market coverage declined from an average of 80% to 45%.""Filosa said Jeep expects to recover market share ""very quickly"" and return to an 80% market share coverage, which includes the segments Jeep competes in, by the end of next year, when it introduces an unnamed replacement for the Cherokee as well as new electrified models.', ""In addition to the termination of the new models, Stellantis' brands such as Jeep have focused on profits over market share under Tavares' time as CEO.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.As part of that plan, Jeep is targeting selling roughly 1.5 million SUVs globally by 2027, including 1 million in the U.S.To achieve such goals, Tavares earlier this year said he has allowed leniency in some pricing, incentives and other financial targets after speaking with the company\'s dealers.', 'Filosa said he is continuing those efforts by meeting with dealers regarding the turnaround initiatives.', ""He'll participate in a dealer roadshow beginning next month with the brand's new North American head, Bob Broderdorf."", 'Also assisting Jeep, which is the top seller of plug-in hybrid electric vehicles in the U.S., will be several new vehicles.', 'The brand is launching the all-electric Wagoneer S later this year, followed next year by a Jeep Wrangler-inspired ""Recon"" SUV and extended-range, plug-in versions of its large Wagoneer and Grand Wagoneer SUVs.', 'Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.', '""Now it\'s time to push, and to accelerate, sales to recover as much as [they] need to do.', 'Next year, obviously, we will talk all growth, since we have new products. …', 'I believe [next year] will be a completely different story,"" Filosa said.', 'Jeep also is attempting to increase the quality and reliability of its vehicles, which have historically ranked below average in third-party rankings.', 'He said this includes delaying launches of its upcoming Wagoneer S and Recon by four to six weeks.', 'However, building problem-free vehicles is easier said than done in the automotive industry.', 'Jeep on Monday confirmed it is cooperating with U.S. auto safety regulators on an investigation into more than 781,000 newer Jeep Wrangler and Gladiator SUVs after reports of underhood fires.', 'Filosa confirmed knowledge of the probe, but he declined to provide additional details.', 'Tavares earlier this year highlighted quality problems within the automaker, specifically at a plant in suburban Detroit that makes the company\'s Ram 1500.""We are very carefully monitoring the evolution of quality of Jeep Wagoneer S in the plant, and Jeep Recon as well,"" Filosa said. ""', ""The only mandate that the plants have from me is to just deliver the car when it's in perfect quality."", '""The new all-electric SUVs will be produced at Stellantis\' Toluca Assembly Plant in Mexico.', 'The company has not confirmed a production location for the replacement to the Cherokee SUV, which was produced at a now-dormant plant in Illinois.']",0.2013082239519548,"""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.","Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target.",0.1428580170585995,"Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.","Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022.",2024-09-15
"DirecTV, Disney reach deal to end blackout in time for college football",https://www.cnbc.com/2024/09/14/directv-disney-near-deal-to-end-blackout.html,2024-09-14T14:42:52+0000,"In this articleDirecTV and Disney have reached a deal that brings Disney's ESPN and other channels back to the pay-tv provider's customers after a roughly two week blackout.The deal comes in time for college football this Saturday, which airs on ABC, ESPN, as well as the SEC Network and ACC Network, as well as the Emmy Awards which air on ABC. CNBC earlier reported a deal could be made as early as Saturday.Disney's networks went dark on Sept. 1 after the two sides could not agree to terms on fees and bundle structures. The dispute left DirecTV's more than 11 million customers without access to the U.S. Open, college football and this season's opening ""Monday Night Football"" game.DirecTV executives began calling for the ability to offer skinnier, genre-specific bundles to customers in the weeks leading up to the dispute, and again when the Disney networks went dark. Disney had said that DirecTV's offers did not reflect the value that its networks provide. On Saturday, DirecTV and Disney said they reached a deal that called for ""market based terms"" on pricing.The deal also gives DirecTV the opportunity to offer multiple genre-specific options, such as sports, entertainment and kids and family, inclusive of Disney's traditional TV networks, along with its streaming services, Disney+, Hulu and ESPN+.DirecTV will be able to offer Disney's streaming services in its packages and a la carte, the company said in a release Saturday. DirecTV also won the rights to distribute Disney's upcoming ESPN flagship direct-to-consumer streaming service — expected to launch in fall 2025 — at no additional cost to its subscribers.The inclusion of Disney's streaming services and ESPN's future flagship service echoes the carriage agreement reached between Charter Communications and Disney last year after a similar blackout. Charter and Disney had reached a deal in time for the first week of ""Monday Night Football.""In a joint statement, DirecTV and Disney called this a ""first-of-its-kind collaboration"" as it gives ""customers the ability to tailor their video experience through more flexible options.""The blackout had underscored how valuable live sports is both for the media companies that own rights to air the games and the pay-TV providers who want to show them.Since Sept. 1, both sides accused the other of holding up an agreement. DirecTV called Disney anti-consumer, and ESPN Chairman Jimmy Pitaro called the responses DirecTV made to Disney's package offers ""basically hypotheticals.""Through the blackout the companies, their customers and other business owners appear to have lost out.""We never want to black out. It's not good for either side. It's not good for the customer, of course. We did everything we could,"" ESPN's Pitaro said on CNBC last week.The amount of customers DirecTV lost during the dispute was not ""immaterial,"" said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs' Communacopia & Technology Conference on Thursday.DirecTV offered its customers a $30 credit, financed by stopping payments to Disney as soon as the blackout began, Torres said.During the dispute, many small business owners were also unable to offer the full slate of sports that they usually do. Many bars and restaurants rely on DirecTV as a commercial distributor of the NFL's ""Sunday Ticket"" package of out of market games — which was unaffected by the blackout — and therein use the pay TV provider for the rest of its TV content, including ESPN.Beyond sports, the blackout also occurred during the presidential debate on Tuesday, leaving customers in certain markets without access to Disney's ABC broadcast network.Disney had sought to temporarily allow DirecTV to offer ABC to its customers for that night, but the pay TV provider refused. DirecTV called it a public relations play and said it did not believe it was necessary to open ABC since the debate was also being broadcast on several other news networks.Antitrust in media has been closely watched in recent weeks after Venu, the joint streaming venture between Warner Bros. Discovery, Fox Corp. and Disney, was temporarily blocked by a judge on antitrust concerns. Fubo TV initially brought the suit and DirecTV and EchoStar's Dish have since supported it. DirectTV last week said it filed a complaint with the Federal Communications Commission that said Disney did not negotiate in good faith. The FCC has rules that require broadcast owners to do so. The release on Saturday didn't state the status of the complaint, but sources tell CNBC it ""remains active.""The entire pay-tv bundle has been upended in recent years as customers have turned to streaming services and other forms of entertainment in place of the traditional structure. The shift has fragmented the media ecosystem, and live sports — especially Disney's ESPN — is considered the linchpin holding the bundle together due to its high viewership.DirecTV is in the midst of an ad campaign to remind consumers that it is more than a satellite TV company — it has a streaming bundle, too.",CNBC,14/09/2024,"[""In this articleDirecTV and Disney have reached a deal that brings Disney's ESPN and other channels back to the pay-tv provider's customers after a roughly two week blackout."", 'The deal comes in time for college football this Saturday, which airs on ABC, ESPN, as well as the SEC Network and ACC Network, as well as the Emmy Awards which air on ABC.', 'CNBC earlier reported a deal could be made as early as Saturday.', ""Disney's networks went dark on Sept. 1 after the two sides could not agree to terms on fees and bundle structures."", 'The dispute left DirecTV\'s more than 11 million customers without access to the U.S. Open, college football and this season\'s opening ""Monday Night Football"" game.', 'DirecTV executives began calling for the ability to offer skinnier, genre-specific bundles to customers in the weeks leading up to the dispute, and again when the Disney networks went dark.', ""Disney had said that DirecTV's offers did not reflect the value that its networks provide."", 'On Saturday, DirecTV and Disney said they reached a deal that called for ""market based terms"" on pricing.', ""The deal also gives DirecTV the opportunity to offer multiple genre-specific options, such as sports, entertainment and kids and family, inclusive of Disney's traditional TV networks, along with its streaming services, Disney+, Hulu and ESPN+.DirecTV will be able to offer Disney's streaming services in its packages and a la carte, the company said in a release Saturday."", ""DirecTV also won the rights to distribute Disney's upcoming ESPN flagship direct-to-consumer streaming service — expected to launch in fall 2025 — at no additional cost to its subscribers."", ""The inclusion of Disney's streaming services and ESPN's future flagship service echoes the carriage agreement reached between Charter Communications and Disney last year after a similar blackout."", 'Charter and Disney had reached a deal in time for the first week of ""Monday Night Football.', '""In a joint statement, DirecTV and Disney called this a ""first-of-its-kind collaboration"" as it gives ""customers the ability to tailor their video experience through more flexible options.', '""The blackout had underscored how valuable live sports is both for the media companies that own rights to air the games and the pay-TV providers who want to show them.', 'Since Sept. 1, both sides accused the other of holding up an agreement.', 'DirecTV called Disney anti-consumer, and ESPN Chairman Jimmy Pitaro called the responses DirecTV made to Disney\'s package offers ""basically hypotheticals.', '""Through the blackout the companies, their customers and other business owners appear to have lost out.', '""We never want to black out.', ""It's not good for either side."", ""It's not good for the customer, of course."", 'We did everything we could,"" ESPN\'s Pitaro said on CNBC last week.', 'The amount of customers DirecTV lost during the dispute was not ""immaterial,"" said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs\' Communacopia & Technology Conference on Thursday.', 'DirecTV offered its customers a $30 credit, financed by stopping payments to Disney as soon as the blackout began, Torres said.', 'During the dispute, many small business owners were also unable to offer the full slate of sports that they usually do.', 'Many bars and restaurants rely on DirecTV as a commercial distributor of the NFL\'s ""Sunday Ticket"" packageof out of market games — which was unaffected by the blackout — andtherein use the pay TV provider for the rest of its TV content, including ESPN.Beyond sports, the blackout also occurred during the presidential debate on Tuesday, leaving customers in certain markets without access to Disney\'s ABC broadcast network.', 'Disney had sought to temporarily allow DirecTV to offer ABC to its customers for that night, but the pay TV provider refused.', 'DirecTV called it a public relations play and said it did not believe it was necessary to open ABC since the debate was also being broadcast on several other news networks.', 'Antitrust in media has been closely watched in recent weeks after Venu, the joint streaming venture between Warner Bros. Discovery, Fox Corp. and Disney, was temporarily blocked by a judge on antitrust concerns.', ""Fubo TV initially brought the suit and DirecTV and EchoStar's Dish have since supported it."", 'DirectTV last week said it filed a complaint with the Federal Communications Commission that said Disney did not negotiate in good faith.', 'The FCC has rules that require broadcast owners to do so.', 'The release on Saturday didn\'t state the status of the complaint,but sources tell CNBC it ""remains active.', '""The entire pay-tv bundle has been upended in recent years as customers have turned to streaming services and other forms of entertainment in place of the traditional structure.', ""The shift has fragmented the media ecosystem, and live sports — especially Disney's ESPN — is considered the linchpin holding the bundle together due to its high viewership."", 'DirecTV is in the midst of an ad campaign to remind consumers that it is more than a satellite TV company — it has a streaming bundle, too.']",0.0482053539990189,"""In a joint statement, DirecTV and Disney called this a ""first-of-its-kind collaboration"" as it gives ""customers the ability to tailor their video experience through more flexible options.","The amount of customers DirecTV lost during the dispute was not ""immaterial,"" said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs' Communacopia & Technology Conference on Thursday.",-0.0392358408254735,In this articleDirecTV and Disney have reached a deal that brings Disney's ESPN and other channels back to the pay-tv provider's customers after a roughly two week blackout.,It's not good for either side.,2024-09-15
"After success in Paris, Los Angeles looks to elevate Olympic Games in 2028",https://www.cnbc.com/2024/09/10/paris-los-angeles-olympic-games-2028.html,2024-09-11T16:22:39+0000,"After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games. However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.That includes work on public transportation. Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby. Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""'s in the sign — which Wasserman noted was done with CGI.""That's obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""But I think it's a pretty spectacular opportunity if there was a way to do it.""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city's culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.""""LA is a main character,"" Alba said. ""We want it to be a main character during the Olympics.""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.', 'Los Angeles Mayor Karen Bass told CNBC\'s Andrew Ross Sorkin at CNBC x Boardroom\'s Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.', 'However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.', 'That includes work on public transportation.', 'Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.', 'Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.', 'Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.', '""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.', 'LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.', ""While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby."", 'Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""\'s in the sign — which Wasserman noted was done with CGI.""That\'s obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""', ""But I think it's a pretty spectacular opportunity if there was a way to do it."", '""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city\'s culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.', '""""LA is a main character,"" Alba said. ""', 'We want it to be a main character during the Olympics.', '""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2297720162737331,But I think it's a pretty spectacular opportunity if there was a way to do it.,"Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.",0.997119590640068,"However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.",,2024-09-15
SpaceX performs historic first spacewalk with Polaris Dawn crew,https://www.cnbc.com/2024/09/12/spacex-performs-historic-first-spacewalk-with-polaris-dawn-crew.html,2024-09-12T15:01:10+0000,"SpaceX pulled off its first spacewalk in the early hours of Thursday morning, in a historic first for a company.The marquee event of the private Polaris Dawn mission went smoothly, with two of the crew members — Jared Isaacman and Sarah Gillis — stepping outside of SpaceX's Dragon capsule ""Resilience."" It's the first time civilians, rather than government astronauts, have performed a spacewalk.""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission's benefactor and commander, said after emerging from the spacecraft.SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.SpaceX spent more than two years developing suits that can protect astronauts while in the harsh environment of space alongside the Polaris Program run by Isaacman, the billionaire founder of payments company Shift4. The mission is also the first to fly employees of the company, represented by mission specialist Gillis and medical officer Anna Menon.The Polaris Dawn event took about two hours in total, with the full crew of four exposed to the vacuum of space after the spacecraft's hatch opened. Isaacman and Gillis spent about seven minutes each outside the capsule, with a focus on testing the mobility of the spacesuits.SpaceX launched the mission Tuesday. In addition to the spacewalk, Polaris Dawn reached an orbit of more than 1,400 kilometers from Earth — the furthest humans have traveled in space since the Apollo program — and is performing about 40 science and research experiments, as well as raising funds for St. Jude Children's Research Hospital.Isaacman, who first traveled to space leading the Inspiration4 mission in 2021, said he is leading the Polaris Program in an effort to push the boundaries of private spaceflight.""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 told CNBC before the mission.",CNBC,12/09/2024,"['SpaceX pulled off its first spacewalk in the early hours of Thursday morning, in a historic first for a company.', 'The marquee event of the private Polaris Dawn mission went smoothly, with two of the crew members — Jared Isaacman and Sarah Gillis — stepping outside of SpaceX\'s Dragon capsule ""Resilience.""', ""It's the first time civilians, rather than government astronauts, have performed a spacewalk."", '""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission\'s benefactor and commander, said after emerging from the spacecraft.', 'SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.', 'SpaceX spent more than two years developing suits that can protect astronauts while in the harsh environment of space alongside the Polaris Program run by Isaacman, the billionaire founder of payments company Shift4.', 'The mission is also the first to fly employees of the company, represented by mission specialist Gillis and medical officer Anna Menon.', ""The Polaris Dawn event took about two hours in total, with the full crew of four exposed to the vacuum of space after the spacecraft's hatch opened."", 'Isaacman and Gillis spent about seven minutes each outside the capsule, with a focus on testing the mobility of the spacesuits.', 'SpaceX launched the mission Tuesday.', ""In addition to the spacewalk, Polaris Dawn reached an orbit of more than 1,400 kilometers from Earth — the furthest humans have traveled in space since the Apollo program — and is performing about 40 science and research experiments, as well as raising funds for St. Jude Children's Research Hospital."", 'Isaacman, who first traveled to space leading the Inspiration4 mission in 2021, said he is leading the Polaris Program in an effort to push the boundaries of private spaceflight.', '""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 told CNBC before the mission.']",0.1611918270754336,"""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission's benefactor and commander, said after emerging from the spacecraft.",,0.998739778995514,"SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.",,2024-09-15
Flights are getting more expensive again as airlines scale back their growth plans,https://www.cnbc.com/2024/09/12/flights-are-getting-more-expensive-as-airlines-scale-back-growth-plans.html,2024-09-12T20:59:16+0000,"In this articleAirlines are reporting better unit revenues for the tail end of summer, a sign customers will continue to have to shell out more to fly in the coming months.Alaska Airlines on Thursday raised its third-quarter profit forecast to a range of $2.15 to $2.25 per share from a previous outlook of no more than $1.60 per share. It also said it expects unit revenue to rise by as much as 2% after previously estimating flat to ""positive"" unit revenue growth over last year.Delta Air Lines said domestic and trans-Atlantic unit revenue would be up in September from last year, though it said the CrowdStrike outage in July will mean unit sales will rise no more than 1% compared with a previous forecast of as much as 4% higher for the quarter. Delta has said it expected a $500 million hit from the outage and its aftermath, when it canceled some 7,000 flights.Alaska said it had a tail wind from the outage, which affected Delta customers more than those on other airlines.""While capacity remains in line with prior expectations, revenue has performed better than anticipated driven by additional revenue in July related to CrowdStrike disruptions across the industry and stronger performance in August and September,"" Alaska said in a securities filing.Delta's president, Glen Hauenstein, told a Morgan Stanley conference on Thursday that Delta isn't seeing a lingering impact on bookings from the outage.Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power. That appears to be changing.Wednesday's U.S. inflation report showed an airfare price index rose 3.9% in August after five consecutive months of declines.Frontier Airlines said Wednesday that it might break even this quarter, on an adjusted basis, after a previous forecast of margins ranging from -3% to -6%, after it moderated capacity. Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines' cancellations due to technology outages in July.""Airlines from full-service carriers like Delta and United to budget airlines like Frontier and Spirit have been chasing higher-spending travelers with perks like more space on board.""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United's CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.U.S. airlines have also slowed if not halted hiring altogether this year as aircraft arrive late from Boeing and Airbus, and demand moderates after a massive hiring spree.",CNBC,12/09/2024,"['In this articleAirlines are reporting better unit revenues for the tail end of summer, a sign customers will continue to have to shell out more to fly in the coming months.', 'Alaska Airlines on Thursday raised its third-quarter profit forecast to a range of $2.15 to $2.25 per share from a previous outlook of no more than $1.60 per share.', 'It also said it expects unit revenue to rise by as much as 2% after previously estimating flat to ""positive"" unit revenue growth over last year.', 'Delta Air Lines said domestic and trans-Atlantic unit revenue would be up in September from last year, though it said the CrowdStrike outage in July will mean unit sales will rise no more than 1% compared with a previous forecast of as much as 4% higher for the quarter.', 'Delta has said it expected a $500 million hit from the outage and its aftermath, when it canceled some 7,000 flights.', 'Alaska said it had a tail wind from the outage, which affected Delta customers more than those on other airlines.', '""While capacity remains in line with prior expectations, revenue has performed better than anticipated driven by additional revenue in July related to CrowdStrike disruptions across the industry and stronger performance in August and September,"" Alaska said in a securities filing.', ""Delta's president, Glen Hauenstein, told a Morgan Stanley conference on Thursday that Delta isn't seeing a lingering impact on bookings from the outage."", 'Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.', 'That appears to be changing.', ""Wednesday's U.S. inflation report showed an airfare price index rose 3.9% in August after five consecutive months of declines."", 'Frontier Airlines said Wednesday that it might break even this quarter, on an adjusted basis, after a previous forecast of margins ranging from -3% to -6%, after it moderated capacity.', 'Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines\' cancellations due to technology outages in July.', '""Airlines from full-service carriers like Delta and United to budget airlines like Frontier and Spirit have been chasing higher-spending travelers with perks like more space on board.', '""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United\'s CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.', 'U.S. airlines have also slowed if not halted hiring altogether this year as aircraft arrive late from Boeing and Airbus, and demand moderates after a massive hiring spree.']",0.2176318050462712,"""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United's CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.",Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.,0.2049540479977925,"Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines' cancellations due to technology outages in July.",Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.,2024-09-15
American Airlines flight attendants ratify new contract with immediate raises topping 20%,https://www.cnbc.com/2024/09/12/american-airlines-flight-attendants-ratify-new-contract-with-immediate-raises-topping-20percent.html,2024-09-12T19:33:42+0000,"In this articleAmerican Airlines flight attendants approved a five-year labor deal, ending one of the industry's most contentious contract negotiations and giving cabin crews raises of up to 20.5% at the start of October.Eighty-seven percent of the American Airlines flight attendants who voted approved the contract, the union said Thursday, shortly after polls closed.""This contract marks a significant milestone for our Flight Attendants, providing immediate wage increases of up to 20.5%, along with significant retroactive pay to address time spent negotiating,"" said Julie Hedrick, president of the Association of Professional Flight Attendants, which represents the carrier's roughly 28,000 cabin crew members.Flight attendants are the biggest unionized work group at the Fort Worth-based airline.The contract deal is a relief for American Airlines' leaders, which had faced a strike threat from flight attendants if the two sides could not get to a deal. Transportation Secretary Pete Buttigieg and Labor Secretary Julie Su had attended negotiations in June, overseen by the National Mediation Board. More than 160 lawmakers have also pushed the NMB to get to deals across the airline industry.""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.Flight attendants, similar to other airline workers, have pushed for higher pay and other work-rule improvements after the Covid-19 pandemic derailed negotiations and the cost of living has skyrocketed in recent years.United Airlines and its flight attendants' union are still negotiating for a new contract, while Alaska Airlines cabin crew members recently rejected a tentative labor deal.Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.Some 33,000 Boeing workers are voting on Thursday on a new contract with 25% raises, which some workers have said they will reject. Boeing faces a potential strike if the deal is rejected.",CNBC,12/09/2024,"[""In this articleAmerican Airlines flight attendants approved a five-year labor deal, ending one of the industry's most contentious contract negotiations and giving cabin crews raises of up to 20.5% at the start of October."", 'Eighty-seven percent of the American Airlines flight attendants who voted approved the contract, the union said Thursday, shortly after polls closed.', '""This contract marks a significant milestone for our Flight Attendants, providing immediate wage increases of up to 20.5%, along with significant retroactive pay to address time spent negotiating,"" said Julie Hedrick, president of the Association of Professional Flight Attendants, which represents the carrier\'s roughly 28,000 cabin crew members.', 'Flight attendants are the biggest unionized work group at the Fort Worth-based airline.', ""The contract deal is a relief for American Airlines' leaders, which had faced a strike threat from flight attendants if the two sides could not get to a deal."", 'Transportation Secretary Pete Buttigieg and Labor Secretary Julie Su had attended negotiations in June, overseen by the National Mediation Board.', 'More than 160 lawmakers have also pushed the NMB to get to deals across the airline industry.', '""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.', 'Flight attendants, similar to other airline workers, have pushed for higher pay and other work-rule improvements after the Covid-19 pandemic derailed negotiations and the cost of living has skyrocketed in recent years.', ""United Airlines and its flight attendants' union are still negotiating for a new contract, while Alaska Airlines cabin crew members recently rejected a tentative labor deal."", 'Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.', 'Some 33,000 Boeing workers are voting on Thursday on a new contract with 25% raises, which some workers have said they will reject.', 'Boeing faces a potential strike if the deal is rejected.']",0.0758902950652928,"""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.",Boeing faces a potential strike if the deal is rejected.,0.7709751278162003,"Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.",Boeing faces a potential strike if the deal is rejected.,2024-09-15
"Women's sports are on an upward trajectory as fans, brands engage",https://www.cnbc.com/2024/09/10/womens-sports-upward-trajectory-fans-brands.html,2024-09-11T16:22:42+0000,"The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League. They're only going to get bigger.""We've finally reached the point where it isn't a question as to whether this is a moment and it's going to pass or whether it's going to stand the test of time, because it isn't just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom's Game Plan sports business event on Tuesday.Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes. And those leagues are sharing best practices so that all women's sports can get a boost.""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.And fans aren't the only one taking notice. Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association.Gotfredson noted that fans of women's sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men's sports and male athletes. She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues.""It's still a small percentage of brands spending in women's sports,"" she said. ""It continues to get bigger.""Cameron Brink, a forward on the WNBA's Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.""Even though my [WNBA] contract may not be as much as I'm making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday's panel. ""My success on court leads to success off court.""Both Brink and USC's women's basketball star JuJu Watkins agreed that more women's sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch."" Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.Yet Berman said women's leagues have a lot of catching up to do. The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.""Men's sports have been around for hundreds of years and have decades of experience,"" Berman said. ""You can't catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League."", ""They're only going to get bigger."", '""We\'ve finally reached the point where it isn\'t a question as to whether this is a moment and it\'s going to pass or whether it\'s going to stand the test of time, because it isn\'t just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom\'s Game Plan sports business event on Tuesday.', ""Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes."", ""And those leagues are sharing best practices so that all women's sports can get a boost."", '""We\'re trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.', ""And fans aren't the only one taking notice."", ""Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association."", 'Gotfredson noted that fans of women\'s sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men\'s sports and male athletes.', ""She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues."", '""It\'s still a small percentage of brands spending in women\'s sports,"" she said. ""', 'It continues to get bigger.', '""Cameron Brink, a forward on the WNBA\'s Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.', '""Even though my [WNBA] contract may not be as much as I\'m making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday\'s panel. ""', 'My success on court leads to success off court.', '""Both Brink and USC\'s women\'s basketball star JuJu Watkins agreed that more women\'s sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch.""', 'Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.', 'Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.', ""Yet Berman said women's leagues have a lot of catching up to do."", 'The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.', '""Men\'s sports have been around for hundreds of years and have decades of experience,"" Berman said. ""', 'You can\'t catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.3104146595019921,And those leagues are sharing best practices so that all women's sports can get a boost.,"""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.",0.930249101585812,And those leagues are sharing best practices so that all women's sports can get a boost.,,2024-09-15
CEO of Ford's highly profitable Pro business to retire,https://www.cnbc.com/2024/09/12/ceo-of-fords-highly-profitable-pro-business-to-retire.html,2024-09-12T16:16:58+0000,"DETROIT — The head of Ford Motor's highly profitable ""Pro"" commercial and fleet business will retire at the end of this month, the company said Thursday.The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be succeeded on an interim basis by Andrew Frick, president of Ford's traditional ""Blue"" operations, until the company announces a new leader.""Ted's energy and passion for customers has been instrumental in building Ford Pro into a business that's tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,"" Ford CEO Jim Farley said in a statement.Ford Pro has been a profit driver for the automaker. It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.Such results led Wall Street to praise the business, as analysts have called it a ""hidden gem"" and Ford's ""Ferrari,"" referring to the highly profitable Italian sports car manufacturer.Cannis also led the Ford Customer Service Division, which handles global parts, services, accessories, and vehicle customization for Ford dealers and customers worldwide.Daniel Justo, who currently is chief financial officer of Ford Blue, will begin overseeing the operations upon Cannis' retirement.""It's been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,"" Cannis said in a release. ""Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming. I can't wait to watch Ford Pro and FCSD continue to innovate and grow.""",CNBC,12/09/2024,"['DETROIT — The head of Ford Motor\'s highly profitable ""Pro"" commercial and fleet business will retire at the end of this month, the company said Thursday.', 'The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be succeeded on an interim basis by Andrew Frick, president of Ford\'s traditional ""Blue"" operations, until the company announces a new leader.', '""Ted\'s energy and passion for customers has been instrumental in building Ford Pro into a business that\'s tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,"" Ford CEO Jim Farley said in a statement.', 'Ford Pro has been a profit driver for the automaker.', 'It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.', 'Such results led Wall Street to praise the business, as analysts have called it a ""hidden gem"" and Ford\'s ""Ferrari,"" referring to the highly profitable Italian sports car manufacturer.', 'Cannis also led the Ford Customer Service Division, which handles global parts, services, accessories, and vehicle customization for Ford dealers and customers worldwide.', ""Daniel Justo, who currently is chief financial officer of Ford Blue, will begin overseeing the operations upon Cannis' retirement."", '""It\'s been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,"" Cannis said in a release. ""', 'Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming.', 'I can\'t wait to watch Ford Pro and FCSD continue to innovate and grow.""']",0.4107461225235231,"Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming.","It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.",0.9987670268331256,"It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.",,2024-09-15
Gilead says its twice-yearly shot cut HIV infections by 96% in trial,https://www.cnbc.com/2024/09/12/gilead-lenacapavir-cut-hiv-infections-by-96percent-in-trial.html,2024-09-12T15:49:23+0000,"In this articleGilead's twice-yearly shot reduced HIV infections by 96% in a second large study, the company said Thursday.The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.""Now that we have a comprehensive dataset across multiple study populations, Gilead will work urgently with regulatory, government, public health and community partners to ensure that, if approved, we can deliver twice-yearly lenacapavir for PrEP worldwide, for all those who want or need PrEP,"" said Gilead CEO Daniel O'Day in a statement.PrEP or, pre-exposure prophylaxis, is medication taken to prevent getting HIV, according to the Centers for Disease Control and Prevention.Gilead shares climbed more than 1% on Thursday.The company said 99.9% of participants who received lenacapavir did not acquire HIV, with two cases among 2,180 people. The trial included cisgender men, transgender men, transgender women and gender non-binary people who have sex with partners assigned male at birth.There were nine cases of HIV in a group of more than 1,000 people assigned to receive Truvada, Gilead's older daily pill used for prevention and treatment. The company said lenacapavir was 89% more effective than Truvada in the study. Lenacapavir and Truvada were also ""generally well-tolerated"" by patients with no new safety concerns, according to Gilead. The drugmaker plans to present detailed data at an upcoming medical conference. Gilead in June also said lenacapavir was 100% effective at preventing HIV in another late-stage trial with cisgender women. None of the approximately 2,000 women in the study who received the shot had contracted HIV by the time of an interim analysis conducted in September 2023. In a research note Thursday, Jefferies analyst Michael Yee said overall the data on lenacapavir is ""solid and consistent across both studies"" and populations.The trial results should lead to an FDA approval and launch in the market by 2025, Yee said. Subscribe to CNBC on YouTube.",CNBC,12/09/2024,"[""In this articleGilead's twice-yearly shot reduced HIV infections by 96% in a second large study, the company said Thursday."", 'The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.', '""Now that we have a comprehensive dataset across multiple study populations, Gilead will work urgently with regulatory, government, public health and community partners to ensure that, if approved, we can deliver twice-yearly lenacapavir for PrEP worldwide, for all those who want or need PrEP,"" said Gilead CEO Daniel O\'Day in a statement.', 'PrEP or, pre-exposure prophylaxis, is medication taken to prevent getting HIV, according to the Centers for Disease Control and Prevention.', 'Gilead shares climbed more than 1% on Thursday.', 'The company said 99.9% of participants who received lenacapavir did not acquire HIV, with two cases among 2,180 people.', 'The trial included cisgender men, transgender men, transgender women and gender non-binary people who have sex with partners assigned male at birth.', ""There were nine cases of HIV in a group of more than 1,000 people assigned to receive Truvada, Gilead's older daily pill used for prevention and treatment."", 'The company said lenacapavir was 89% more effective than Truvada in the study.', 'Lenacapavir and Truvada were also ""generally well-tolerated"" by patients with no new safety concerns, according to Gilead.', 'The drugmaker plans to present detailed data at an upcoming medical conference.', 'Gilead in June also said lenacapavir was 100% effective at preventing HIV in another late-stage trial with cisgender women.', 'None of the approximately 2,000 women in the study who received the shot had contracted HIV by the time of an interim analysis conducted in September 2023.In a research note Thursday, Jefferies analyst Michael Yee said overall the data on lenacapavir is ""solid and consistent across both studies"" and populations.', 'The trial results should lead to an FDA approval and launch in the market by 2025, Yee said.', 'Subscribe to CNBC on YouTube.']",0.2587586676990019,The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.,,0.9969846776553564,Gilead shares climbed more than 1% on Thursday.,,2024-09-15
"Airbus Ventures launches $155 million fund focused on deep tech, including space",https://www.cnbc.com/2024/09/12/airbus-ventures-fund-deep-tech-space.html,2024-09-12T16:41:17+0000,"Airbus Ventures, one of the most prolific investors in space startups, has raised a $155 million fund that it plans to deploy across the burgeoning space sector, as well as the broader ""deep tech"" ecosystem.""This fund is designed to unlock new possibilities, and space is one of them,"" Thomas d'Halluin, managing partner of Airbus Ventures, told CNBC.The move comes as investment in the space industry, especially from venture capital, has been rebounding after two lean years.Airbus Ventures' new ""Fund-Y"" is targeting long-term opportunities in early-stage deep tech startups, which d'Halluin defines as ""going back to the laws of physics and not being afraid of what's difficult."" Historically, deep tech is a classification for companies working on technologies that face steep scientific or engineering obstacles.Founded in 2016, Airbus Ventures takes a different tack from traditional corporate venture capital arms. The firm maintains a gap from its eponymous corporation, the European aerospace company, and more than half of Fund-Y comes from outside capital such as institutional investors, private equity and family offices. Airbus Ventures currently has $465 million under management, with Fund-Y marking its fourth fund to date. About a third of Airbus Ventures' capital deployed so far has been in the space sector, the firm said, backing 14 pure-play companies in the sector, with notable investments including propulsion startup Impulse, lunar cargo company ispace and tracking service LeoLabs.""This is about patience. Often, and too often, people want immediate reward. Space is not a place of immediate reward,"" d'Halluin said.He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures' backing of Impulse. The startup was founded by Tom Mueller, best known for developing SpaceX's family of rocket engines.""Impulse was successful on its first mission because of the 17 years of experience of Tom at SpaceX,"" d'Halluin said.""That element of human capital we see often neglected in deep tech diligence — this notion of who's capturing the execution and the knowledge and the skill set in a particular company — is what we're pointing towards,"" he added.While Airbus Ventures has traditionally deployed the majority of its funds in the U.S., d'Halluin said it intends for Fund-Y to be global. In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.",CNBC,12/09/2024,"['Airbus Ventures, one of the most prolific investors in space startups, has raised a $155 million fund that it plans to deploy across the burgeoning space sector, as well as the broader ""deep tech"" ecosystem.', '""This fund is designed to unlock new possibilities, and space is one of them,"" Thomas d\'Halluin, managing partner of Airbus Ventures, told CNBC.The move comes as investment in the space industry, especially from venture capital, has been rebounding after two lean years.', 'Airbus Ventures\' new ""Fund-Y"" is targeting long-term opportunities in early-stage deep tech startups, which d\'Halluin defines as ""going back to the laws of physics and not being afraid of what\'s difficult.""', 'Historically, deep tech is a classification for companies working on technologies that face steep scientific or engineering obstacles.', 'Founded in 2016, Airbus Ventures takes a different tack from traditional corporate venture capital arms.', 'The firm maintains a gap from its eponymous corporation, the European aerospace company, and more than half of Fund-Y comes from outside capital such as institutional investors, private equity and family offices.', 'Airbus Ventures currently has $465 million under management, with Fund-Y marking its fourth fund to date.', ""About a third of Airbus Ventures' capital deployed so far has been in the space sector, the firm said, backing 14 pure-play companies in the sector, with notable investments including propulsion startup Impulse, lunar cargo company ispace and tracking service LeoLabs."", '""This is about patience.', 'Often, and too often, people want immediate reward.', 'Space is not a place of immediate reward,"" d\'Halluin said.', 'He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures\' backing of Impulse.', ""The startup was founded by Tom Mueller, best known for developing SpaceX's family of rocket engines."", '""Impulse was successful on its first mission because of the 17 years of experience of Tom at SpaceX,"" d\'Halluin said.', '""That element of human capital we see often neglected in deep tech diligence — this notion of who\'s capturing the execution and the knowledge and the skill set in a particular company — is what we\'re pointing towards,"" he added.', ""While Airbus Ventures has traditionally deployed the majority of its funds in the U.S., d'Halluin said it intends for Fund-Y to be global."", 'In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.']",0.2051048286218113,"He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures' backing of Impulse.","""That element of human capital we see often neglected in deep tech diligence — this notion of who's capturing the execution and the knowledge and the skill set in a particular company — is what we're pointing towards,"" he added.",0.9986892342567444,"In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.",,2024-09-15
"No signs of slowing down for sports betting, industry leaders say",https://www.cnbc.com/2024/09/10/no-signs-of-slowing-down-for-sports-betting-industry-leaders-say.html,2024-09-11T16:22:41+0000,"In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices.Of those three companies with sportsbooks, Fanatics is the most junior in the space. The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap.""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue. DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same.Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules. Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy.The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems.""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they're depending on, that's not good for business,"" said FanDuel president Christian Genetski.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.', ""Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices."", 'Of those three companies with sportsbooks, Fanatics is the most junior in the space.', ""The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap."", '""The good thing about Michael Rubin is he is not scared of making material investments when it\'s something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC\'s Contessa Brewer on stage.', 'Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.', '""I think you\'ll continue to see sports fans engage more, you\'ll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.', 'As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.', 'Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue.', ""DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same."", 'Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.', ""Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy."", ""The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems."", '""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they\'re depending on, that\'s not good for business,"" said FanDuel president Christian Genetski.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1360243937052505,"""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,-0.3323238849639892,"""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,2024-09-15
"UAW, U.S. dealers increase criticism of Stellantis CEO over cuts, sales declines",https://www.cnbc.com/2024/09/12/dealers-uaw-condemn-stellantis-ceo-cuts-sales-declines.html,2024-09-12T16:59:24+0000,"In this articleDETROIT – Stellantis' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business.In an open letter to Tavares this week, the head of Stellantis' U.S. dealer council, Kevin Farrish, condemned the chief executive for prioritizing the company's profits at the cost of sales, market share and the reputations of its Chrysler, Dodge, Jeep and Ram brands. The council represents the company's 2,600 U.S. dealers.""The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company. Investor lawsuits, supplier lawsuits, strikes–the fallout is mounting. Your own distribution network, your dealer body, has been left in an anemic and diminished state,"" Farrish wrote in the Tuesday letter, which Bloomberg first reported Wednesday night.Farrish, a dealer in Virginia, said the dealer council has raised concerns about the company's operations for two years, and accused Tavares of ""reckless short-term decision making"" that boosted profits and padded his compensation but have led to the ""rapid degradation"" of its brands, he wrote.Stellantis, in a statement Wednesday night, said it takes ""absolute exception to the letter,"" citing a 21% increase in August sales over July and an ""action plan developed with the dealer body.""""At Stellantis, we don't believe that public personal attacks, such as the one in the open letter from the NDC president against our CEO, are the most effective way to solve problems,"" the company said. ""We have started a path that will prove successful. We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results.""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15. The stock hit a new 52-week low Thursday of $14.76 per share. Tavares has been on a profit-driven, 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 and cutting vehicle production at plants.Several Stellantis executives described the earlier cuts to CNBC as difficult but effective. Others, who spoke on the condition of anonymity due to potential repercussions, said they were grueling to the point of excessiveness.UAW President Shawn Fain also has publicly criticized Tavares, including in a speech last month at the Democratic National Convention. He has accused Tavares of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker.The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018. The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.",CNBC,12/09/2024,"[""In this articleDETROIT – Stellantis' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business."", ""In an open letter to Tavares this week, the head of Stellantis' U.S. dealer council, Kevin Farrish, condemned the chief executive for prioritizing the company's profits at the cost of sales, market share and the reputations of its Chrysler, Dodge, Jeep and Ram brands."", ""The council represents the company's 2,600 U.S. dealers."", '""The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company.', 'Investor lawsuits, supplier lawsuits, strikes–the fallout is mounting.', 'Your own distribution network, your dealer body, has been left in an anemic and diminished state,"" Farrish wrote in the Tuesday letter, which Bloomberg first reported Wednesday night.', 'Farrish, a dealer in Virginia, said the dealer council has raised concerns about the company\'s operations for two years, and accused Tavares of ""reckless short-term decision making"" that boosted profits and padded his compensation but have led to the ""rapid degradation"" of its brands, he wrote.', 'Stellantis, in a statement Wednesday night, said it takes ""absolute exception to the letter,"" citing a 21% increase in August sales over July and an ""action plan developed with the dealer body.', '""""At Stellantis, we don\'t believe that public personal attacks, such as the one in the open letter from the NDC president against our CEO, are the most effective way to solve problems,"" the company said. ""', 'We have started a path that will prove successful.', 'We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results.', '""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15.', 'The stock hit a new 52-week low Thursday of $14.76 per share.', ""Tavares has been on a profit-driven, 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 and cutting vehicle production at plants.', 'Several Stellantis executives described the earlier cuts to CNBC as difficult but effective.', 'Others, who spoke on the condition of anonymity due to potential repercussions, said they were grueling to the point of excessiveness.', 'UAW President Shawn Fain also has publicly criticized Tavares, including in a speech last monthat the Democratic National Convention.', ""He has accused Tavares of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker."", 'The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis\' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.', 'U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018.', 'The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significantdrop of 13% compared withthe previous year.', ""Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased13% last year, according to federal data.""]",-0.0141197919384897,"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 and cutting vehicle production at plants.","The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.",-0.4850924050106722,"Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased13% last year, according to federal data.","""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15.",2024-09-15
Digital health company Noom to offer compounded GLP-1 drug through new weight loss program,https://www.cnbc.com/2024/09/12/noom-to-offer-glp-1-drug-through-new-weight-loss-program.html,2024-09-12T13:33:05+0000,"Digital health company Noom on Thursday announced it will offer a compounded GLP-1 drug as part of a new weight loss product that starts at $149. The treatment will feature compounded semaglutide, the same active ingredient in Novo Nordisk's blockbuster obesity and diabetes drugs Wegovy and Ozempic. Noom has offered weight loss programs for years, and consumers can already try to access those branded medications through its platform. But Noom is the latest in a string of digital health companies to offer compounded versions of the medications as a cheaper alternative for consumers while demand for weight loss and diabetes drugs spikes. Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.  ""Our position is that more supply, especially at a reasonable price, is needed right now, not less,"" Noom CEO Geoff Cook told CNBC in an interview. Wegovy and Ozempic belong to a highly popular class of medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar. The compounded versions are custom-made alternatives to the brand drugs, and they can be produced when brand-name treatments are in shortage.Compounded GLP-1 medications are typically much cheaper than their branded counterparts. Wegovy and Ozempic both cost roughly $1,000 per month before insurance. Most insurance plans cover GLP-1s when they are used to treat diabetes, but coverage of the weight loss drugs is less widespread. Spiking demand can also make it difficult for many patients to find the branded treatments.Cook said consumers will pay $149 for their first month in Noom's program and $279 for the following months as the dose of their medication increases. The U.S. Food and Drug Administration does not review the safety and efficacy of compounded products, and the agency has urged consumers to take the approved, branded GLP-1 medications when they are available. However, the FDA does inspect some outsourcing facilities that compound drugs, according to its website.Noom said it is working with an FDA-regulated 503B compounding pharmacy to provide its medication for its new program, which is called Noom GLP-1 RX. ""The drug manufacturer we're working with generates 20 generic medications, epinephrine being one of them — a lifesaving medication that's available in hospitals all across the United States,"" Dr. Adonis Saremi, chief medical officer of Noom, told CNBC in an interview. ""So we're really confident and happy with our vetting process."" The company said it has also introduced a way for participants to taper off the compounded treatment if they would like to stop taking it. GLP-1s are intended for long-term use, which means some patients may end up taking them indefinitely. Cook said Noom has seen both anecdotal and real-world evidence that patients are able to maintain weight loss after they stop taking the drugs. Six out of seven patients are off GLP-1s by the two-year mark anyway, he said. ""It's prescribed by the doctor, the person takes their medicine, they lose weight, but then life happens,"" Cook said. ""They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered."" Cook said not everyone will be able to taper off the medication, so some people will likely end up taking it indefinitely. The company will provide a free year of Noom or ""substantial medication discounts"" to anyone who regains the weight within 18 months after following its program for a year, it said in a release. Consumers can get started with the Noom GLP-1 RX program by filling out an intake form on the website. Noom said one of its contracted, obesity-trained doctors will review the intake form and decide if the compounded medication is appropriate for that patient. If so, the drugs will arrive at their door within a week, Noom said. Participants will learn how to inject their medication, and they can use a chat feature to talk one-on-one with a coach and their Noom clinician, the company said. They'll also have access to a range of psychology-based programming and tools to help keep them from losing muscle mass, such as features for tracking protein intake and engaging in resistance training, Noom said.And if users decide they are ready to move off the medication, they can chat with their clinician or tap ""initiate taper"" in their settings, Noom said.  ""I think there's a lot of folks who don't want to be on a medication for the rest of their lives, and in any event, people aren't doing that in the real world,"" Cook said. ""Our goal is just not to sell more medications. It's to drive sustained weight loss outcomes.""",CNBC,12/09/2024,"[""Digital health company Noom on Thursday announced it will offer a compounded GLP-1 drug as part of a new weight loss product that starts at $149.The treatment will feature compounded semaglutide, the same active ingredient in Novo Nordisk's blockbuster obesity and diabetes drugs Wegovy and Ozempic."", 'Noom has offered weight loss programs for years, and consumers can already try to access those branded medications through its platform.', 'But Noom is the latest in a string of digital health companies to offer compounded versions of the medications as a cheaper alternative for consumers while demand for weight loss and diabetes drugs spikes.', 'Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.', '""Our position is that more supply, especially at a reasonable price, is needed right now, not less,"" Noom CEO Geoff Cook told CNBC in an interview.', ""Wegovy and Ozempic belong to a highly popular class of medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar."", 'The compounded versions are custom-made alternatives to the brand drugs, and they can be produced when brand-name treatments are in shortage.', 'Compounded GLP-1 medications are typically much cheaper than their branded counterparts.', 'Wegovy and Ozempic both cost roughly $1,000 per month before insurance.', 'Most insurance plans cover GLP-1s when they are used to treat diabetes, but coverage of the weight loss drugs is less widespread.', 'Spiking demand can also make it difficult for many patients to find the branded treatments.', ""Cook said consumers will pay $149 for their first month in Noom's program and $279 for the following months as the dose of their medication increases."", 'The U.S. Food and Drug Administration does not review the safety and efficacy of compounded products, and the agency has urged consumers to take the approved, branded GLP-1 medications when they are available.', 'However, the FDA does inspect some outsourcing facilities that compound drugs, according to its website.', 'Noom said it is working with an FDA-regulated 503B compounding pharmacy to provide its medication for its new program, which is called Noom GLP-1 RX.""The drug manufacturer we\'re working with generates 20 generic medications, epinephrine being one of them — a lifesaving medication that\'s available in hospitals all across the United States,"" Dr. Adonis Saremi, chief medical officer of Noom, told CNBC in an interview. ""', ""So we're really confident and happy with our vetting process."", '""The company said it has also introduced a way for participants to taper off the compounded treatment if they would like to stop taking it.', 'GLP-1s are intended for long-term use, which means some patients may end up taking them indefinitely.', 'Cook said Noom has seen both anecdotal and real-world evidence that patients are able to maintain weight loss after they stop taking the drugs.', 'Six out of seven patients are off GLP-1s by the two-year mark anyway, he said.', '""It\'s prescribed by the doctor, the person takes their medicine, they lose weight, but then life happens,"" Cook said. ""', ""They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered."", '""Cook said not everyone will be able to taper off the medication, so some people will likely end up taking it indefinitely.', 'The company will provide a free year of Noom or ""substantial medication discounts"" to anyone who regains the weight within 18 months after following its program for a year, it said in a release.', 'Consumers can get started with the Noom GLP-1 RX program by filling out an intake form on the website.', 'Noom said one of its contracted, obesity-trained doctors will review the intake form and decide if the compounded medication is appropriate for that patient.', 'If so, the drugs will arrive at their door within a week, Noom said.', 'Participants will learn how to inject their medication, and they can use a chat feature to talk one-on-one with a coach and their Noom clinician, the company said.', ""They'll also have access to a range of psychology-based programming and tools to help keep them from losing muscle mass, such as features for tracking protein intake and engaging in resistance training, Noom said."", 'And if users decide they are ready to move off the medication, they can chat with their clinician or tap ""initiate taper"" in their settings, Noom said.', '""I think there\'s a lot of folks who don\'t want to be on a medication for the rest of their lives, and in any event, people aren\'t doing that in the real world,"" Cook said. ""', 'Our goal is just not to sell more medications.', 'It\'s to drive sustained weight loss outcomes.""']",0.0176377878492847,So we're really confident and happy with our vetting process.,"They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered.",0.5265579289860196,Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.,Spiking demand can also make it difficult for many patients to find the branded treatments.,2024-09-15
United Airlines to offer free Wi-Fi using Starlink from Elon Musk's SpaceX,https://www.cnbc.com/2024/09/13/united-airlines-spacex-starlink-internet.html,2024-09-13T15:30:42+0000,"United Airlines said Friday that it plans to offer inflight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest inflight internet deal yet for the satellite service provider.The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.Delta Air Lines announced in early 2023 that onboard internet would be free for members of its SkyMiles loyalty program. Hawaiian Airlines, which has a deal with Starlink, also offers complimentary inflight Wi-Fi. JetBlue Airways has offered free Wi-Fi for years.SpaceX also previously made a deal with semi-private airline JSX.United currently offers inflight internet from a hodgepodge of providers, including ViaSat and Panasonic, and charges loyalty program members $8 and everyone else $10 for access on domestic and short-haul international flights.The carrier said it expects to have Starlink on its more than 1,000 planes over the ""next several years"" with the first passenger flights outfitted with the service starting early next year. United said the Wi-Fi will offer ""gate-to-gate"" connectivity.United praised SpaceX's satellite service, saying it provides ""internet access around the world, including over oceans, polar regions and other remote locations previously unreachable by traditional cell or Wi-Fi signals,"" a selling point for the U.S. airline with the most service over both the Atlantic and Pacific.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. There are currently about 6,000 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company. SpaceX initially targeted consumer customers, but has expanded into other markets, including aviation.",CNBC,13/09/2024,"[""United Airlines said Friday that it plans to offer inflight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest inflight internet deal yet for the satellite service provider."", 'The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.', 'Delta Air Lines announced in early 2023 that onboard internet would be free for members of its SkyMiles loyalty program.', 'Hawaiian Airlines, which has a deal with Starlink, also offers complimentary inflight Wi-Fi.', 'JetBlue Airways has offered free Wi-Fi for years.', 'SpaceX also previously made a deal with semi-private airline JSX.United currently offers inflight internet from a hodgepodge of providers, including ViaSat and Panasonic, and charges loyalty program members $8 and everyone else $10 for access on domestic and short-haul international flights.', 'The carrier said it expects to have Starlink on its more than 1,000 planes over the ""next several years"" with the first passenger flights outfitted with the service starting early next year.', 'United said the Wi-Fi will offer ""gate-to-gate"" connectivity.', 'United praised SpaceX\'s satellite service, saying it provides ""internet access around the world, including over oceans, polar regions and other remote locations previously unreachable by traditional cell or Wi-Fi signals,"" a selling point for the U.S. airline with the most service over both the Atlantic and Pacific.', 'SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.', 'There are currently about 6,000 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'SpaceX initially targeted consumer customers, buthasexpanded into other markets, including aviation.']",0.3952893768194163,"The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.",,0.8750329911708832,SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.,,2024-09-15
Boeing faces strike threat as workers vote on new contract,https://www.cnbc.com/2024/09/12/boeing-workers-vote-labor-deal.html,2024-09-12T16:05:19+0000,"In this articleBoeing workers are voting on a new labor contract Thursday, setting up the potential for a crippling strike that the company's CEO said would jeopardize the struggling plane-maker's recovery.The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits. Boeing also committed to build its next aircraft in the Seattle area, after it moved production of the 787 Dreamliner to a non-union factory in South Carolina.But some workers have said they plan to turn down the contract and that they're seeking bigger wage increases, citing a surge in the cost of living in the Seattle area.The vote is the first major test for CEO Kelly Ortberg, who said in a staff note Wednesday that he has talked with employees about the contract in Renton, Washington, and Everett, Washington, where Boeing's main factories are located.Ortberg is just over one month into his role in the manufacturer's top job, and has been tasked with steadying aircraft production and stamping out safety lapses and quality flaws in the wake of a door-panel blowout at the start of the year.""I know the reaction to our tentative agreement with the IAM has been passionate,"" he wrote in his staff note. ""I understand and respect that passion, but I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past.""Jefferies aerospace analyst Sheila Kahyaoglu estimated in an Aug. 29 note that a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains."" She forecast the tentative agreement would have an annual impact of $900 million if passed.The union, which represents about 33,000 Boeing factory work ers in the Seattle area and in Oregon had sought pay raises of some 40% from Boeing. The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford, General Motors and Chrysler parent Stellantis.If approved, the Boeing deal would follow a series of union-negotiated pay increases across industries from Hollywood to airlines.It would be Boeing workers' first negotiated contract with the company in 16 years.""We have achieved everything we could in bargaining, short of a strike,"" IAM District 751 President Jon Holden wrote to members on Monday. ""We recommended acceptance because we can't guarantee we can achieve more in a strike. But that is your decision to make and is a decision that we will protect and support, no matter what.""Top pay for IAM workers at Boeing would rise to $57.43 an hour as soon as the new contract goes into effect. Including some cost-of-living adjustments, increases could rise by more than 42%, according to the union. Boeing said average annual machinist pay is currently $75,608, which would rise to $106,350 at the end of the four-year contract.If the deal is rejected and two-thirds of workers vote in favor of a strike, a work stoppage would begin after midnight in Washington state on Friday. If less than two-thirds vote to strike after the contract is rejected, the contract would automatically go into effect, the union said.""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. ""Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.""Polls are set to close at 6 p.m. PT.--CNBC's Phil LeBeau contributed to this report.",CNBC,12/09/2024,"[""In this articleBoeing workers are voting on a new labor contract Thursday, setting up the potential for a crippling strike that the company's CEO said would jeopardize the struggling plane-maker's recovery."", 'The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits.', 'Boeing also committed to build its next aircraft in the Seattle area, after it moved production of the 787 Dreamliner to a non-union factory in South Carolina.', ""But some workers have said they plan to turn down the contract and that they're seeking bigger wage increases, citing a surge in the cost of living in the Seattle area."", ""The vote is the first major test for CEO Kelly Ortberg, who said in a staff note Wednesday that he has talked with employees about the contract in Renton, Washington, and Everett, Washington, where Boeing's main factories are located."", ""Ortberg is just over one month into his role in the manufacturer's top job, and has been tasked with steadying aircraft production and stamping out safety lapses and quality flaws in the wake of a door-panel blowout at the start of the year."", '""I know the reaction to our tentative agreement with the IAM has been passionate,"" he wrote in his staff note. ""', 'I understand and respect that passion, but I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past.', '""Jefferies aerospace analyst Sheila Kahyaogluestimated in an Aug. 29 note that a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains.""', 'She forecast the tentative agreement would have an annual impact of $900 million if passed.', 'The union, which represents about 33,000 Boeing factory work ers in the Seattle area and in Oregon had sought pay raises of some 40% from Boeing.', ""The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford,General Motorsand Chrysler parentStellantis."", 'If approved, the Boeing deal would follow a series of union-negotiated pay increases across industries from Hollywood to airlines.', ""It would be Boeing workers' first negotiated contract with the company in 16 years."", '""We have achieved everything we could in bargaining, short of a strike,"" IAM District 751 President Jon Holden wrote to members on Monday. ""', ""We recommended acceptance because we can't guarantee we can achieve more in a strike."", 'But that is your decision to make and is a decision that we will protect and support, no matter what.', '""Top pay for IAM workers at Boeing would rise to $57.43 an hour as soon as the new contract goes into effect.', 'Including some cost-of-living adjustments, increases could rise by more than 42%, according to the union.', 'Boeing said average annual machinist pay is currently $75,608, which would rise to $106,350 at the end of the four-year contract.', 'If the deal is rejected and two-thirds of workers vote in favor of a strike, a work stoppage would begin after midnight in Washington state on Friday.', 'If less than two-thirds vote to strike after the contract is rejected, the contract would automatically go into effect, the union said.', '""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. ""', 'Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.', '""Polls are set to close at 6 p.m. PT.--CNBC\'s Phil LeBeau contributed to this report.']",0.1512669945691037,The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits.,"""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. """,0.2822760264078776,"The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford,General Motorsand Chrysler parentStellantis.","Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.",2024-09-15
Boeing factory workers strike for first time since 2008 after overwhelmingly rejecting contract,https://www.cnbc.com/2024/09/13/boeing-workers-strike-reject-contract.html,2024-09-13T20:04:18+0000,"In this articleBoeing's factory workers walked off the job after midnight on Friday, halting production of the company's bestselling airplanes after staff overwhelmingly rejected a new labor contract.It's a costly development for the manufacturer, which has struggled to ramp up production and restore its reputation following safety crises.Workers in the Seattle area and in Oregon voted 94.6% against a tentative agreement that Boeing and the International Association of Machinists and Aerospace Workers unveiled Sunday. The workers voted 96% in favor of a strike, far more than the two-thirds vote required for a work stoppage.""We strike at midnight,"" said IAM District 751 President Jon Holden at a news conference where he announced the vote's results to cheers from machinists. He characterized it as an ""unfair labor practice strike,"" alleging that factory workers had experienced ""discriminatory conduct, coercive questioning, unlawful surveillance and we had unlawful promise of benefits.""He said Boeing needs to bargain in good faith. Boeing didn't comment on his claims.Boeing's CFO Brian West told an investor conference on Friday that the company's leaders were disappointed with the rejection and strike. But he said they want to get back to the table to negotiate a new deal ""that's good for our people, their families, our community and our intent is to do just that.""""There was a disconnect,"" West said at the Morgan Stanley event, warning that the strike would impact airplane deliveries and production. He declined to provide specific financial impact estimates, saying the effect of the strike would be determined by how long it lasts.""Our immediate focus is to the laser-like focus on actions to conserve cash, and we will,"" he addedCredit-ratings agencies Moody's and Fitch warned Boeing that a lengthy strike put it in danger of downgrades, sending shares of the company down nearly 4% on Friday.The tentative proposal included 25% wage increases over four years and other improvements to health-care and retirement benefits, though the union had sought raises of about 40%. Workers had complained about the agreement, saying it didn't cover the increased cost of living.The vote is a blow to CEO Kelly Ortberg, who has been in the top job for five weeks. A day before the vote, he had urged workers to accept the contract and not to strike, saying that it would jeopardize the company's recovery.Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.The agreement, if approved, would have been the first fully negotiated contract for Boeing machinists in 16 years. Boeing workers went on strike in 2008 for nearly two months.Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains."" She forecast the tentative agreement would have had an annual impact of $900 million if passed.Stephanie Pope, CEO of Boeing's commercial airplane unit, told machinists earlier this week that the tentative deal was the ""best contract we've ever presented.""""In past negotiations, the thinking was we should hold something back so we can ratify the contract on a second vote,"" she said Tuesday. ""We talked about that strategy this time, but we deliberately chose a new path.""Boeing has burned through about $8 billion so far this year and has mounting debt. Production has fallen short of expectations as the company works to stamp out manufacturing flaws and faces other industrywide problems such as supply and labor shortages.Aircraft delivery delays from Boeing have vexed its airline customers. In response, they said they have had to redraw their hiring and growth plans. Southwest Airlines, which only has Boeing planes, has already sharply reduced its delivery expectations from Boeing for the year.""As a result, we currently have the fleet needed to fulfill our upcoming schedules,"" a spokesman said Friday. The airline's leaders were in touch with Boeing ahead of the vote.A door plug blowout on a nearly new Boeing 737 Max 9 at the start of the year has brought additional federal scrutiny of Boeing's production lines. ""Our aggressive oversight of Boeing continues,"" the Federal Aviation Administration said in a statement on Friday. A spokeswoman for the agency said its inspectors would remain onsite at Boeing's factories during the strike.White House Press Secretary Karine Jean-Pierre said at a press briefing on Friday that the Biden administration is in touch with the two parties and encouraged Boeing and the union to reach ""a solution here for all parties involved"" in good faith negotiations.",CNBC,13/09/2024,"[""In this articleBoeing's factory workers walked off the job after midnight on Friday, halting production of the company's bestselling airplanes after staff overwhelmingly rejected a new labor contract."", ""It's a costly development for the manufacturer, which has struggled to ramp up production and restore its reputation following safety crises."", 'Workers in the Seattle area and in Oregon voted 94.6% against a tentative agreement that Boeing and the International Association of Machinists and Aerospace Workers unveiled Sunday.', 'The workers voted 96% in favor of a strike, far more than the two-thirds vote required for a work stoppage.', '""We strike at midnight,"" said IAM District 751 President Jon Holden at a news conference where he announced the vote\'s results to cheers from machinists.', 'He characterized it as an ""unfair labor practice strike,"" alleging that factory workers had experienced ""discriminatory conduct, coercive questioning, unlawful surveillance and we had unlawful promise of benefits.', '""He said Boeing needs to bargain in good faith.', ""Boeing didn't comment on his claims."", ""Boeing's CFO Brian West told an investor conference on Friday that the company's leaders were disappointed with the rejection and strike."", 'But he said they want to get back to the table to negotiate a new deal ""that\'s good for our people, their families, our community and our intent is to do just that.', '""""There was a disconnect,"" West said at the Morgan Stanley event, warning that the strike would impact airplane deliveries and production.', 'He declined to provide specific financial impact estimates, saying the effect of the strike would be determined by how long it lasts.', '""Our immediate focus is to the laser-like focus on actions to conserve cash, and we will,"" he addedCredit-ratings agencies Moody\'s and Fitch warned Boeing that a lengthy strike put it in danger of downgrades, sending shares of the company down nearly 4% on Friday.', 'The tentative proposal included 25% wage increases over four years and other improvements to health-care and retirement benefits, though the union had sought raises of about 40%.', ""Workers had complained about the agreement, saying it didn't cover the increased cost of living."", 'The vote is a blow to CEO Kelly Ortberg, who has been in the top job for five weeks.', ""A day before the vote, he had urged workers to accept the contract and not to strike, saying that it would jeopardize the company's recovery."", 'Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.', 'The agreement, if approved, would have been the first fully negotiated contract for Boeing machinists in 16 years.', 'Boeing workers went on strike in 2008 for nearly two months.', 'Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains.""', 'She forecast the tentative agreement would have had an annual impact of $900 million if passed.', 'Stephanie Pope, CEO of Boeing\'s commercial airplane unit, told machinists earlier this week that the tentative deal was the ""best contract we\'ve ever presented.', '""""In past negotiations, the thinking was we should hold something back so we can ratify the contract on a second vote,"" she said Tuesday. ""', 'We talked about that strategy this time, but we deliberately chose a new path.', '""Boeing has burned through about $8 billion so far this year and has mounting debt.', 'Production has fallen short of expectations as the company works to stamp out manufacturing flaws and faces other industrywide problems such as supply and labor shortages.', 'Aircraft delivery delays from Boeing have vexed its airline customers.', 'In response, they said they have had to redraw their hiring and growth plans.', 'Southwest Airlines, which only has Boeing planes, has already sharply reduced its delivery expectations from Boeing for the year.', '""As a result, we currently have the fleet needed to fulfill our upcoming schedules,"" a spokesman said Friday.', ""The airline's leaders were in touch with Boeing ahead of the vote."", ""A door plug blowout on a nearly new Boeing 737 Max 9 at the start of the year has brought additional federal scrutiny of Boeing's production lines."", '""Our aggressive oversight of Boeing continues,"" the Federal Aviation Administration said in a statement on Friday.', ""A spokeswoman for the agency said its inspectors would remain onsite at Boeing's factories during the strike."", 'White House Press Secretary Karine Jean-Pierre said at a press briefing on Friday that the Biden administration is in touch with the two parties and encouraged Boeing and the union to reach""a solution here for all parties involved"" in good faith negotiations.']",0.1489757666797661,"White House Press Secretary Karine Jean-Pierre said at a press briefing on Friday that the Biden administration is in touch with the two parties and encouraged Boeing and the union to reach""a solution here for all parties involved"" in good faith negotiations.",Boeing's CFO Brian West told an investor conference on Friday that the company's leaders were disappointed with the rejection and strike.,-0.4825200381733122,"Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.","Southwest Airlines, which only has Boeing planes, has already sharply reduced its delivery expectations from Boeing for the year.",2024-09-15
Junior Bridgeman buying stake in Milwaukee Bucks in a deal that values team at $4 billion,https://www.cnbc.com/2024/09/12/junior-bridgeman-buying-stake-in-milwaukee-bucks-team-valued-at-4-billion.html,2024-09-12T14:15:56+0000,"Businessman and former NBA player Ulysses Lee ""Junior"" Bridgeman is buying a 10% stake in the Milwaukee Bucks, according to three sources familiar with the deal. The transaction will value the team at $4 billion.NBA owners will be notified of the sale in a memo Thursday, added the sources, who asked to remain anonymous because the details of the deal are not public.Bridgeman, the current owner of Ebony and Jet magazines, is getting a preferred limited partner discount of 15%, or a $3.4 billion valuation, to buy a portion of the team that he played for from 1975 to 1984, the sources said.He is reported to have a net worth of more than $600 million after finding success in a variety of businesses ranging from fast-food chains to being a Coca-Cola bottling distributor.The Bucks declined to comment, and Bridgeman did not immediately respond to a request for comment.The Milwaukee Bucks are owned by Jimmy and Dee Haslam, Wes Edens, and Jamie Dinan. The three ownership groups each have about a 25% stake in the team.This would mark the first NBA sale since the league signed an 11-year media agreement with Disney, Comcast's NBCUniversal and Amazon Prime in July.The deal shows the Bucks, a small-market team, are continuing to grow. When former Milwaukee Bucks co-owner Marc Lasry sold his 25% stake in the team to the Haslams last April, the team was valued at about $3.2 billion.The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season. The Bucks will likely pay a hefty luxury tax this season as they are paying Giannis Antetokounmpo $48 million, Damian Lillard $45 million and Khris Middleton $31 million for the 2024-2025 season.The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.",CNBC,12/09/2024,"['Businessman and former NBA player Ulysses Lee ""Junior"" Bridgeman is buying a 10% stake in the Milwaukee Bucks, according to three sources familiar with the deal.', 'The transaction will value the team at $4 billion.', 'NBA owners will be notified of the sale in a memo Thursday, added the sources, who asked to remain anonymous because the details of the deal are not public.', 'Bridgeman, the current owner of Ebony and Jet magazines, is getting a preferred limited partner discount of 15%, or a $3.4 billion valuation, to buy a portion of the team that he played for from 1975 to 1984, the sources said.', 'He is reported to have a net worth of more than $600 million after finding success in a variety of businesses ranging from fast-food chains to being a Coca-Cola bottling distributor.', 'The Bucks declined to comment, and Bridgeman did not immediately respond to a request for comment.', 'The Milwaukee Bucks are owned by Jimmy and Dee Haslam, Wes Edens, and Jamie Dinan.', 'The three ownership groups each have about a 25% stake in the team.', ""This would mark the first NBA sale since the league signed an 11-year media agreement with Disney, Comcast's NBCUniversal and Amazon Prime in July."", 'The deal shows the Bucks, a small-market team, are continuing to grow.', 'When former Milwaukee Bucks co-owner Marc Lasry sold his 25% stake in the team to the Haslams last April, the team was valued at about $3.2 billion.', 'The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.', 'The Bucks will likely pay a hefty luxury tax this seasonas they are paying Giannis Antetokounmpo $48 million, Damian Lillard $45 million and Khris Middleton $31 million for the 2024-2025 season.', 'The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.']",0.1777565215403083,"The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.","The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.",0.5000086426734924,"The deal shows the Bucks, a small-market team, are continuing to grow.","The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.",2024-09-15
Federal Reserve unveils toned-down banking regulations in victory for Wall Street,https://www.cnbc.com/2024/09/10/federal-reserve-unveils-new-banking-regulation-in-wall-street-victory.html,2024-09-10T20:16:24+0000,"A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""There are benefits and costs to increasing capital requirements. The changes we intend to make will bring these two important objectives into better balance.""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading. But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations.The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands. Now, it looks like those efforts have paid off.But big banks aren't the only ones to benefit. Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.That part will likely boost capital requirements by 3% to 4% over time, Barr said. It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates.Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid.It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation.""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital.""Reaction to Barr's proposal was swift and predictable; Sen. Elizabeth Warren, D-Mass., called it a gift to Wall Street.""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.""The American Bankers Association, a trade group, said it welcomed Barr's announcement but stopped short of giving its approval to the latest version of the regulation. ""We will carefully review this new proposal with our members, recognizing that America's banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.",CNBC,10/09/2024,"['A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.', ""Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr."", 'The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.', '""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""', 'There are benefits and costs to increasing capital requirements.', 'The changes we intend to make will bring these two important objectives into better balance.', '""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading.', ""But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations."", ""The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands."", 'Now, it looks like those efforts have paid off.', ""But big banks aren't the only ones to benefit."", 'Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.', 'That part will likely boost capital requirements by 3% to 4% over time, Barr said.', ""It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates."", 'Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.', 'It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.', 'Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.', ""That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid."", ""It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation."", '""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""', ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital."", '""Reaction to Barr\'s proposal was swift and predictable; Sen.Elizabeth Warren, D-Mass., called it a gift to Wall Street.', '""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""', 'After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.', '""The American Bankers Association, a trade group, said it welcomed Barr\'s announcement but stopped short of giving its approval to the latest version of the regulation. ""', 'We will carefully review this new proposal with our members, recognizing that America\'s banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.']",0.1216997929046676,"Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.","It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.",0.3015129069487254,"That part will likely boost capital requirements by 3% to 4% over time, Barr said.","""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. """,2024-09-15
New Starbucks CEO Brian Niccol outlines priorities to end coffee chain's slump,https://www.cnbc.com/2024/09/10/new-starbucks-ceo-brian-niccol-outlines-plans-for-business.html,2024-09-10T20:12:53+0000,"In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain's U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""… In some places — especially in the U.S. — we aren't always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better.""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company's branding.""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering.Later, Niccol plans to address its international business, such as in China, its second-largest market. Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers.""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East. Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.But for Niccol's first 100 days, he plans to spend time in the chain's cafes and offices and meet with key suppliers in the U.S.""Today, I'm making a commitment: We're getting back to Starbucks,"" said Niccol.The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan. The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.Niccol's official first day was Monday. He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street. Now, he is tasked with executing a turnaround for Starbucks.Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer. Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development.In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people. We are woven into the fabric of people's lives and the communities we serve. Second, there's a shared sense that we have drifted from our core. We have an opportunity to make the store experience better for our partners and, in turn, for our customers.Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention. Coffee is our heart. We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts. From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers. We invest in the finest quality beans. Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market. We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees. We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence. Each cup is more than a drink; it's a handcrafted moment, made with care.Our stores have always been more than a place to get a drink. They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista. A visit to Starbucks is about connection and joy, and of course great coffee.Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering. It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better. Today, I'm making a commitment: We're getting back to Starbucks. We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas. This is our enduring identity. We will innovate from here.We'll focus initially on four key areas that we know will have the biggest impact: To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform. This is our plan for the U.S., and where I need to focus my time initially. But Starbucks is a global company. We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day. I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them. In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market. Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong. My focus for the first 100 days is clear. I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps. Together, we will get back to what makes Starbucks, Starbucks. On we go, Brian",CNBC,10/09/2024,"['In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain\'s U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""…', 'In some places — especially in the U.S. — we aren\'t always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""', 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', '""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company\'s branding.', '""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.', ""To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering."", 'Later, Niccol plans to address its international business, such as in China, its second-largest market.', ""Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers."", '""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.', 'He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East.', ""Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza."", 'But for Niccol\'s first 100 days, he plans to spend time in the chain\'s cafes and offices and meet with key suppliers in the U.S.""Today, I\'m making a commitment: We\'re getting back to Starbucks,"" said Niccol.', ""The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan."", 'The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.', ""Niccol's official first day was Monday."", 'He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street.', 'Now, he is tasked with executing a turnaround for Starbucks.', 'Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer.', ""Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development."", 'In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people.', ""We are woven into the fabric of people's lives and the communities we serve."", ""Second, there's a shared sense that we have drifted from our core."", 'We have an opportunity to make the store experience better for our partners and, in turn, for our customers.', 'Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention.', 'Coffee is our heart.', ""We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts."", 'From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers.', 'We invest in the finest quality beans.', 'Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market.', 'We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees.', 'We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.', ""Each cup is more than a drink; it's a handcrafted moment, made with care."", 'Our stores have always been more than a place to get a drink.', ""They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista."", 'A visit to Starbucks is about connection and joy, and of course great coffee.', ""Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering."", 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', ""Today, I'm making a commitment: We're getting back to Starbucks."", ""We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas."", 'This is our enduring identity.', 'We will innovate from here.', ""We'll focus initially on four key areas that we know will have the biggest impact:To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform."", 'This is our plan for the U.S., and where I need to focus my time initially.', 'But Starbucks is a global company.', 'We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day.', 'I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them.', 'In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market.', ""Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong."", 'My focus for the first 100 days is clear.', ""I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps."", 'Together, we will get back to what makes Starbucks, Starbucks.', 'On we go,Brian']",0.3141595752723734,We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.,"Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.",0.303786677973611,"Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong.","The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.",2024-09-15
Harris' rise in polls sparks wave of wealth transfers to kids,https://www.cnbc.com/2024/09/13/harris-rise-in-polls-sparks-wave-of-wealth-transfers-to-kids-.html,2024-09-13T17:52:35+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The tightening presidential race has touched off a wave of tax planning by ultra-wealthy investors, especially given fears of a higher estate tax, according to advisors and tax attorneys.The scheduled ""sunset"" of a generous provision in the estate tax next year has taken on new urgency as the odds of a divided government or Democratic president have increased, tax experts say. Under current law, individuals can transfer up to $13.61 million (and couples can send up to $27.22 million) to family members or beneficiaries without owing estate or gift taxes.The benefit is scheduled to expire at the end of 2025 along with the other individual provisions of the 2017 Tax Cuts and Jobs Act. If it expires, the estate and gift tax exemption will fall by about half. Individuals will only be able to gift about $6 million to $7 million, and that rises to $12 million to $14 million for couples. Any assets transferred above those amounts will be subject to the 40% transfer tax.Wealth advisors and tax attorneys said expectations of a Republican sweep in the first half of the year led many wealthy Americans to take a wait-and-see approach, since former President Donald Trump wants to extend the 2017 tax cuts for individuals.Vice President Kamala Harris has advocated higher taxes for those those making more than $400,000.With Harris and Trump essentially tied in the polls, the odds have increased that the estate tax benefits will expire — either through gridlock or tax hikes.""There is a little increased urgency now,"" said Pam Lucina, chief fiduciary officer for Northern Trust and head of its trust and advisory practice. ""Some people have been holding off until now.""The sunset of the exemption, and the response by the wealthy, has broad ripple effects on inheritances and the trillions of dollars set to pass from older to younger generations in the coming years. More than $84 trillion is expected to be transferred to younger generations in the coming decades, and the estate tax ""cliff"" is set to accelerate many of those gifts this year and next.The biggest question facing wealthy families is how much to give, and when, in advance of any estate tax change. If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die. On the other hand, if they give away the maximum now, and the estate tax provisions are extended, they may wind up with ""givers' remorse"" — which comes when donors gave away money unnecessarily due to fears of tax changes that never happened.""With givers' remorse, we want to make sure clients look at the different scenarios,"" Lucina said. ""Will they need a lifestyle change? If it's an irrevocable gift, can they afford it?""Advisors say clients should make sure their gift decisions are driven as much by family dynamics and personalities as they are by taxes. While giving the maximum of $27.22 million may make sense today from a tax perspective, it may not always make sense from a family perspective.""The first thing we do is separate out those individuals who were going to make the gift anyway from those who have never done it and are only motivated to do it now because of the sunset,"" said Mark Parthemer, chief wealth strategist and regional director of Florida for Glenmede. ""While it may be a once-in-a-lifetime opportunity as it relates to the exemption, it's not the only thing. We want individuals to have peace of mind regardless of how it plays out.""Parthemer said today's wealthy parents and grandparents need to make sure they are psychologically comfortable making large gifts.""They're asking 'What if I live so long I outlive my money,'"" Parthemer said. ""We can do the math and figure out what makes sense. But there is also a psychological component to that. As people age, a lot of us become more concerned about our financial independence, regardless of whether the math tells us we're independent or not.""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Some families may also fear their kids aren't ready for such large amounts. Wealthy families who planned to make big gifts years from now are feeling pressure from the tax change to go ahead with it now.""Especially with families with younger children, a primary concern is having donors' remorse,"" said Ann Bjerke, head of the advanced planning group at UBS.Advisors say families can structure their gifts to be flexible — gifting to a spouse first, for instance, before it goes to the kids. Or setting up trusts that trickle out the money over time and reduce the changes of ""sudden wealth syndrome"" for kids.For families that plan to take advantage of the estate tax window, however, the time is now. It can take months to draft and file transfers. During a similar tax cliff in 2010, so many families rushed to process gifts and set up trusts that attorneys became overwhelmed and many clients were left stranded. Advisors say today's gifters face the same risk if they wait until after the election.""We're already seeing some attorneys start to turn away new clients,"" Lucina said.Another risk with rushing is trouble with the IRS. Parthemer said the IRS recently unwound a strategy used by one couple, where the husband used his exemption to gift his kids money and gave his wife funds to regift using her own exemption.""Both gifts were attributed to the wealthy spouse, triggering a gift tax,"" he said. ""You need to have time to measure twice and cut once, as they say.""While advisors and tax attorneys said their wealthy clients are also calling them about other tax proposals in the campaign — from higher capital gains and corporate taxes to taxing unrealized gains — the estate tax sunset is far and away the most pressing and likely change.""In the past month, inquiries have accelerated over the [estate exemption],"" Bjerke said. ""A lot of people were sitting on the sidelines waiting to implement their wealth-planning strategies. Now, more people are executing.""",CNBC,13/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The tightening presidential race has touched off a wave of tax planning by ultra-wealthy investors, especially given fears of a higher estate tax, according to advisors and tax attorneys.', 'The scheduled ""sunset"" of a generous provision in the estate tax next year has taken on new urgency as the odds of a divided government or Democratic president have increased, tax experts say.', 'Under current law, individuals can transfer up to $13.61 million (and couples can send up to $27.22 million) to family members or beneficiaries without owing estate or gift taxes.', 'The benefit is scheduled to expire at the end of 2025 along with the other individual provisions of the 2017 Tax Cuts and Jobs Act.', 'If it expires, the estate and gift tax exemption will fall by about half.', 'Individuals will only be able to gift about $6 million to $7 million, and that rises to $12 million to $14 million for couples.', 'Any assets transferred above those amounts will be subject to the 40% transfer tax.', 'Wealth advisors and tax attorneys said expectations of a Republican sweep in the first half of the year led many wealthy Americans to take a wait-and-see approach, since former President Donald Trump wants to extend the 2017 tax cuts for individuals.', 'Vice President Kamala Harris has advocated higher taxes for those those making more than $400,000.With Harris and Trump essentially tied in the polls, the odds have increased that the estate tax benefits will expire — either through gridlock or tax hikes.', '""There is a little increased urgency now,"" said Pam Lucina, chief fiduciary officer for Northern Trust and head of its trust and advisory practice. ""', 'Some people have been holding off until now.', '""The sunset of the exemption, and the response by the wealthy, has broad ripple effects on inheritances and the trillions of dollars set to pass from older to younger generations in the coming years.', 'More than $84 trillion is expected to be transferred to younger generations in the coming decades, and the estate tax ""cliff"" is set to accelerate many of those gifts this year and next.', 'The biggest question facing wealthy families is how much to give, and when, in advance of any estate tax change.', 'If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.', 'On the other hand, if they give away the maximum now, and the estate tax provisions are extended, they may wind up with ""givers\' remorse"" — which comes when donors gave away money unnecessarily due to fears of tax changes that never happened.', '""With givers\' remorse, we want to make sure clients look at the different scenarios,"" Lucina said. ""', 'Will they need a lifestyle change?', 'If it\'s an irrevocable gift, can they afford it?""Advisors say clients should make sure their gift decisions are driven as much by family dynamics and personalities as they are by taxes.', 'While giving the maximum of $27.22 million may make sense today from a tax perspective, it may not always make sense from a family perspective.', '""The first thing we do is separate out those individuals who were going to make the gift anyway from those who have never done it and are only motivated to do it now because of the sunset,"" said MarkParthemer, chief wealth strategist and regional director of Floridafor Glenmede. ""', ""While it may be a once-in-a-lifetime opportunity as it relates to the exemption, it's not the only thing."", 'We want individuals to have peace of mind regardless of how it plays out.', '""Parthemer said today\'s wealthy parents and grandparents need to make sure they are psychologically comfortable making large gifts.', '""They\'re asking \'What if I live so long I outlive my money,\'"" Parthemer said. ""', 'We can do the math and figure out what makes sense.', 'But there is also a psychological component to that.', ""As people age, a lot of us become more concerned about our financial independence, regardless of whether the math tells us we're independent or not."", '""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""Some families may also fear their kids aren't ready for such large amounts."", 'Wealthy families who planned to make big gifts years from now are feeling pressure from the tax change to go ahead with it now.', '""Especially with families with younger children, a primary concern is having donors\' remorse,"" said Ann Bjerke, head of the advanced planning group at UBS.Advisors say families can structure their gifts to be flexible — gifting to a spouse first, for instance, before it goes to the kids.', 'Or setting up trusts that trickle out the money over time and reduce the changes of ""sudden wealth syndrome"" for kids.', 'For families that plan to take advantage of the estate tax window, however, the time is now.', 'It can take months to draft and file transfers.', 'During a similar tax cliff in 2010, so many families rushed to process gifts and set up trusts that attorneys became overwhelmed and many clients were left stranded.', ""Advisors say today's gifters face the same risk if they wait until after the election."", '""We\'re already seeing some attorneys start to turn away new clients,"" Lucina said.', 'Another risk with rushing is trouble with the IRS.', 'Parthemer said the IRS recently unwound a strategy used by one couple, where the husband used his exemption to gift his kids money and gave his wife funds to regift using her own exemption.', '""Both gifts were attributed to the wealthy spouse, triggering a gift tax,"" he said. ""', 'You need to have time to measure twice and cut once, as they say.', '""While advisors and tax attorneys said their wealthy clients are also calling them about other tax proposals in the campaign — from higher capital gains and corporate taxes to taxing unrealized gains — the estate tax sunset is far and away the most pressing and likely change.', '""In the past month, inquiries have accelerated over the [estate exemption],"" Bjerke said. ""', 'A lot of people were sitting on the sidelines waiting to implement their wealth-planning strategies.', 'Now, more people are executing.""']",0.2774535596247518,"If it's an irrevocable gift, can they afford it?""Advisors say clients should make sure their gift decisions are driven as much by family dynamics and personalities as they are by taxes.","If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.",-0.4451859685090872,"""In the past month, inquiries have accelerated over the [estate exemption],"" Bjerke said. ""","If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.",2024-09-15
Shein and Temu prices are set to get a lot higher as Biden takes aim at retailers linked to China,https://www.cnbc.com/2024/09/13/shein-and-temu-prices-poised-to-rise-after-biden-de-minimis-proposal.html,2024-09-14T14:43:19+0000,"The bottom of the barrel prices that have made Chinese-linked e-tailers Shein and Temu so popular with American consumers could soon rise if the Biden administration curtails their use of a trade law loophole.The companies, known for their $5 T-shirts and $10 sweaters, could see prices rise by at least 20% if the so-called de minimis provision is changed, a spokesperson for the Republican majority of the House Select Committee on the Chinese Communist Party told CNBC. The committee made the estimate after launching investigations into Shein and Temu more than a year ago.Neil Saunders, a retail analyst and the managing director of GlobalData, agreed the policy change would likely increase prices, but couldn't say by how much. ""If the de minimis exemption is removed, then the cost of products from marketplaces like Shein and Temu will rise. They will still be cheap marketplaces but they won't have quite the competitive edge on price that they do now,"" Saunders told CNBC in an email. ""That may lose them some market share or slow their growth, but they will likely respond by pushing into some higher-priced items to balance out their propositions.""On Friday morning, the Biden administration announced plans to bar overseas shipments of products that are subject to U.S.-China tariffs from being eligible for the de minimis exemption. An obscure tariff law loophole that's been around since the 1930s, the exemption allows packages with a value of less than $800 to enter the United States without the shippers paying import duties and with less scrutiny than larger containers. The announcement comes after more than a year of scrutiny into the companies from lawmakers on both sides of the aisle and in particular, the House Select Committee on the CCP. Both Shein and Temu declined to tell CNBC if they will raise prices due the proposed changes. The companies also disputed that their low prices are driven by the de minimis exemption and said their business models allow them to offer their ultra-affordable rates.A spokesperson for Shein noted that the company supports de minimis reform and was recently accepted into a voluntary, pilot program with U.S. Customs and Border Protection where it agreed to provide additional data about packages and shipments.Over the last couple of years, the two companies have taken U.S. consumers by storm with their ultra-low prices and their ability to rapidly churn out trending styles far faster than competitors can. Shein is estimated to take in more than $30 billion in revenue annually, but it's unclear what Temu's sales are. Its parent company, PDD Holdings, saw $34.9 billion in revenue in fiscal 2023 — a 90% increase from the year ago period.As the companies have become go-to shopping destinations, they've taken market share from rivals that cater to similar consumer segments, such as H&M, Zara, Target, Walmart and Amazon.If Shein's prices were to rise by 20%, it would put its assortment closer in line with those competitors, which could make it harder for it to compete.For example, the average price of a dress on Shein was $28.51 as of June 1, according to data from Edited, a London-based research firm that analyzed the company's pricing strategy and shared metrics with Reuters.At the time, that price was well below the average cost for dresses at H&M and Zara, which were $40.97 and $79.69, respectively, according to Edited's data. However, if costs were to rise by 20%, that would make the average dress price on Shein $34.21 – far closer to H&M's average price.There's no guarantee prices would rise 20% if the Biden administration's proposal takes effect. Still, taken together with the company's long shipping times, a smaller discount relative to Shein's rivals may lead some consumers to opt for retailers that are closer to home. ""Ultimately, while reforming the de minimis rules makes for a fairer and more level playing field, like any tariff it will end up costing consumers more,"" said Saunders. Last year, the committee began investigating Shein and Temu for slave labor in their supply chains and zeroed in on their use of the de minimis exemption, claiming in a June 2023 report that both companies didn't pay any import duties in 2022. Shein disputed that claim and said the company paid millions of import duties in 2022 and 2023. It has, however, acknowledged that cotton from banned regions has been found in its supply chain and said it's working to rectify the issue. In a statement, Temu said it is ""dedicated to upholding ethical labor practices"" and ""forbids the use of any form of forced, child, or penal labor and requires adherence to all local labor laws.""""As the Select Committee's investigation into Shein and Temu revealed, the majority of products from Shein and Temu fall under the de minimis exception. This allows them to dodge U.S. Customs and evade the scrutiny other retailers face. The U.S. must urgently curb these shipments and force these companies to correct their anemic compliance practices,"" a spokesperson for the committee told CNBC.The spokesperson added that ""Congress must urgently make de minimis reform law.""As scrutiny of Shein intensified, its hopes of pulling off a long awaited U.S. public offering dwindled. Lawmakers, eager to curtail the influence that Chinese-linked retailers were having on the U.S. economy and take steps they said would level the playing field for American companies, were unlikely to propose an outright ban of Shein and Temu, similar to what was done with social media company TikTok. Instead, numerous lawmakers called for the U.S. Securities and Exchange Commission to block Shein's IPO and targeted the de minimis exemption as the best way to curtail the company's growth. Now, more than a year into those efforts and Shein's own sputtering charm offensive, its plans for a New York IPO are all but dead and it has turned to London in hopes of finding a friendlier reception. In June, CNBC reported that Shein had confidentially filed for a public listing in London as it faced backlash in the U.S. It's unclear what impact the proposed de minimis changes will have on Shein's IPO plans.",CNBC,14/09/2024,"['The bottom of the barrel prices that have made Chinese-linked e-tailers Shein and Temu so popular with American consumers could soon rise if the Biden administration curtails their use of a trade law loophole.', 'The companies, known for their $5 T-shirts and $10 sweaters, could see prices rise by at least 20% if the so-called de minimis provision is changed, a spokesperson for the Republican majority of the House Select Committee on the Chinese Communist Party told CNBC.', 'The committee made the estimate after launching investigations into Shein and Temu more than a year ago.', ""Neil Saunders, a retail analyst and the managing director of GlobalData, agreed the policy change would likely increase prices, but couldn't say by how much."", '""If the de minimis exemption is removed, then the cost of products from marketplaces like Shein and Temu will rise.', 'They will still be cheap marketplaces but they won\'t have quite the competitive edge on price that they do now,"" Saunders told CNBC in an email. ""', 'That may lose them some market share or slow their growth, but they will likely respond by pushing into some higher-priced items to balance out their propositions.', '""On Friday morning, the Biden administration announced plans to bar overseas shipments of products that are subject to U.S.-China tariffs from being eligible for the de minimis exemption.', ""An obscure tariff law loophole that's been around since the 1930s, the exemption allows packages with a value of less than $800 to enter the United States without the shippers paying import duties and with less scrutiny than larger containers."", 'The announcement comes after more than a year of scrutiny into the companies from lawmakers on both sides of the aisle and in particular, the House Select Committee on the CCP.Both Shein and Temu declined to tell CNBC if they will raise prices due the proposed changes.', 'The companies also disputed that their low prices are driven by the de minimis exemption and said their business models allow them to offer their ultra-affordable rates.', 'A spokesperson for Shein noted that the company supports de minimis reform and was recently accepted into a voluntary, pilot program with U.S. Customs and Border Protection where it agreed to provide additional data about packages and shipments.', 'Over the last couple of years, the two companies have taken U.S. consumers by storm with their ultra-low prices and their ability to rapidly churn out trending styles far faster than competitors can.', ""Shein is estimated to take in more than $30 billion in revenue annually, but it's unclear what Temu's sales are."", 'Its parent company, PDD Holdings, saw $34.9 billion in revenue in fiscal 2023 — a 90% increase from the year ago period.', ""As the companies have become go-to shopping destinations, they've taken market share from rivals that cater to similar consumer segments, such as H&M, Zara, Target, Walmart and Amazon."", ""If Shein's prices were to rise by 20%, it would put its assortment closer in line with those competitors, which could make it harder for it to compete."", ""For example, the average price of a dress on Shein was $28.51 as of June 1, according to data from Edited, a London-based research firm that analyzed the company's pricing strategy and shared metrics with Reuters."", ""At the time, that price was well below the average cost for dresses at H&M and Zara, which were $40.97 and $79.69, respectively, according to Edited's data."", ""However, if costs were to rise by 20%, that would make the average dress price on Shein $34.21 – far closer to H&M's average price."", ""There's no guarantee prices would rise 20% if the Biden administration's proposal takes effect."", ""Still, taken together with the company's long shipping times, a smaller discount relative to Shein's rivals may lead some consumers to opt for retailers that are closer to home."", '""Ultimately, while reforming the de minimis rules makes for a fairer and more level playing field, like any tariff it will end up costing consumers more,"" said Saunders.', ""Last year, the committee began investigating Shein and Temu for slave labor in their supply chains and zeroed in on their use of the de minimis exemption, claiming in a June 2023 report that both companies didn't pay any import duties in 2022."", ""Shein disputed that claim and said the company paid millions of import duties in 2022 and 2023.It has, however, acknowledged that cotton from banned regions has been found in its supply chain and said it's working to rectify the issue."", 'In a statement, Temu said it is ""dedicated to upholding ethical labor practices"" and ""forbids the use of any form of forced, child, or penal labor and requires adherence to all local labor laws.', '""""As the Select Committee\'s investigation into Shein and Temu revealed,the majority of products from Shein and Temu fall under the de minimis exception.', 'This allows them to dodge U.S. Customs and evade the scrutiny other retailers face.', 'The U.S. must urgently curb these shipments and force these companies to correct their anemic compliance practices,"" a spokesperson for the committee told CNBC.The spokesperson added that ""Congress must urgently make de minimis reform law.', '""As scrutiny of Shein intensified, its hopes of pulling off a long awaited U.S. public offering dwindled.', 'Lawmakers, eager to curtail the influence that Chinese-linked retailers were having on the U.S. economy and take steps they said would level the playing field for American companies, were unlikely to propose an outright ban of Shein and Temu, similar to what was done with social media company TikTok.', ""Instead, numerous lawmakers called for the U.S. Securities and Exchange Commission to block Shein's IPO and targeted the de minimis exemption as the best way to curtail the company's growth."", ""Now, more than a year into those efforts and Shein's own sputtering charm offensive, its plans for a New York IPO are all but dead and it has turned to London in hopes of finding a friendlier reception."", ""In June, CNBC reported that Shein had confidentially filed for a public listing in London as it faced backlash in the U.S.It's unclear what impact the proposed de minimis changes will have on Shein's IPO plans.""]",0.1544557942702504,"Instead, numerous lawmakers called for the U.S. Securities and Exchange Commission to block Shein's IPO and targeted the de minimis exemption as the best way to curtail the company's growth.","Shein disputed that claim and said the company paid millions of import duties in 2022 and 2023.It has, however, acknowledged that cotton from banned regions has been found in its supply chain and said it's working to rectify the issue.",0.0473571249416896,"Its parent company, PDD Holdings, saw $34.9 billion in revenue in fiscal 2023 — a 90% increase from the year ago period.","""As scrutiny of Shein intensified, its hopes of pulling off a long awaited U.S. public offering dwindled.",2024-09-15
PwC hit with fine and six month China ban over Evergrande audit,https://www.bbc.co.uk/news/articles/cje2ejnwwx9o,2024-09-13T10:53:58.509Z,"PwC's Chinese auditing arm has been suspended from the country for six months over its work on the collapsed Chinese property giant Evergrande. The Big Four accountancy firm is also being fined more than $62m (£47m) after Chinese authorities said it had helped cover up fraud at Evergrande. The real estate firm collapsed in January under a mountain of debt. PwC China admitted the work had fallen ""unacceptably below the standards"" expected within the firm and apologised for the impact on its clients. The Chinese authorities said PwC knew there were ""major misstatements"" in Evergrande's financial statements when it audited the firm.  As a result, the Chinese Ministry of Finance has imposed ""administrative penalties"" and suspended the operations of PwC's auditing business PwC ZhongTian for six months. Other PwC operations providing non-audit services in China are not affected. In addition, China's securities regulator has confiscated the revenue PwC earned auditing Evergrande and has also issued a fine.  An investigation by the regulator said PwC had ""seriously eroded the basis of law and good faith, and damaged investors' interest"". In response to the penalties, PwC said it had taken ""a number of accountability and remedial actions"", including the sacking of six partners and the launch of a process to fine responsible team leaders. An additional five staff have also left, and Hemione Hudson, PwC's global risk and regulatory leader, has been parachuted in to run the Chinese unit on an interim basis. PwC admitted the work done on the Evergrande audit had been ""well below"" standards expected at the firm. “It is not representative of what we stand for as a network and there is no room for this at PwC,"" the firm’s global chair Mohamed Kande said. “That is why, following a thorough investigation, we ensured that actions were taken to hold those responsible to account. “I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” he added. PwC China said in a statement: ""We deeply regret and apologise for the impact this has had on our clients and people. We will work tirelessly to regain their trust."" Evergrande, which built property in more than 280 Chinese cities and branched out into other business sectors, teetered, then finally went into liquidation in January.  The Chinese authorities have accused Evergrande and its founder, Hui Ka Yan, of falsely inflating revenues at the firm to the tune of $78bn (£61.6bn) and imposed fines and bans on him personally as well as the business. ",BBC,13/09/2024,"[""PwC's Chinese auditing arm has been suspended from the country for six months over its work on the collapsed Chinese property giant Evergrande."", 'The Big Four accountancy firm is also being fined more than $62m (£47m) after Chinese authorities said it had helped cover up fraud at Evergrande.', 'The real estate firm collapsed in January under a mountain of debt.', 'PwC China admitted the work had fallen ""unacceptably below the standards"" expected within the firm and apologised for the impact on its clients.', 'The Chinese authorities said PwC knew there were ""major misstatements"" in Evergrande\'s financial statements when it audited the firm.', 'As a result, the Chinese Ministry of Finance has imposed ""administrative penalties"" and suspended the operations of PwC\'s auditing business PwC ZhongTian for six months.', 'Other PwC operations providing non-audit services in China are not affected.', ""In addition, China's securities regulator has confiscated the revenue PwC earned auditing Evergrande and has also issued a fine."", 'An investigation by the regulator said PwC had ""seriously eroded the basis of law and good faith, and damaged investors\' interest"".', 'In response to the penalties, PwC said it had taken ""a number of accountability and remedial actions"", including the sacking of six partners and the launch of a process to fine responsible team leaders.', ""An additional five staff have also left, and Hemione Hudson, PwC's global risk and regulatory leader, has been parachuted in to run the Chinese unit on an interim basis."", 'PwC admitted the work done on the Evergrande audit had been ""well below"" standards expected at the firm. “', 'It is not representative of what we stand for as a network and there is no room for this at PwC,"" the firm’s global chair Mohamed Kande said. “', 'That is why, following a thorough investigation, we ensured that actions were taken to hold those responsible to account. “', 'I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” he added.', 'PwC China said in a statement: ""We deeply regret and apologise for the impact this has had on our clients and people.', 'We will work tirelessly to regain their trust.""', 'Evergrande, which built property in more than 280 Chinese cities and branched out into other business sectors, teetered, then finally went into liquidation in January.', 'The Chinese authorities have accused Evergrande and its founder, Hui Ka Yan, of falsely inflating revenues at the firm to the tune of $78bn (£61.6bn) and imposed fines and bans on him personally as well as the business.']",0.0240245326713033,"I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” he added.",PwC's Chinese auditing arm has been suspended from the country for six months over its work on the collapsed Chinese property giant Evergrande.,-0.6824265168263361,"I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” he added.","PwC China admitted the work had fallen ""unacceptably below the standards"" expected within the firm and apologised for the impact on its clients.",2024-09-15
"Student loans: 'I borrowed £44,000 for university and now owe £54,000'",https://www.bbc.co.uk/news/articles/cvg3g8wpwwqo,2024-09-15T23:16:45.473Z,"Here’s a maths problem for you. Adam borrowed £44,000 to go to university and has paid back £7,000 since graduating four years ago. How much does he owe? The answer is £54,000. That's because he is one of thousands of graduates in England and Wales who took out a type of student loan between 2012 and 2023 on which interest rates hit a record of nearly 8% earlier this year. At the beginning of this month, interest was set at a lower level for the coming year. But at 7.3%, it remains comparatively high by historic standards. Adam, 26, studied in London for a BSc in economics and took out his student loan  in 2016. He now works in finance in the capital and, because he earns a decent salary, Adam has been repaying his student loan for some time. But the interest he is charged on his loan far outstrips the money he pays back every month. “I personally think it is a bit ridiculous that four, five years on from graduation I can’t even meet the interest on my debt,"" he told the BBC. ""It is still going up, month to month.” There are four student loans available for undergraduates in the UK, depending on where you live.  Three of them charge interest based on the Retail Prices Index (RPI) rate of inflation in March, which was 4.3%. But one of them - known as Plan 2 - charges interest based on RPI in March, plus up to 3%. Up until last year, Plan 2 applied to students from England and Wales. Students from England have since been shifted on to a new loan arrangement but Plan 2 still applies to students from Wales. All the graduates the BBC spoke to for this story took out Plan 2 loans. Some asked us not to use their surnames because they were speaking independently of their employer. Adam said: ""I think it is entirely reasonable that I should pay back a portion of the cost of my education because I have benefited personally from it. ""I mainly take issue with the interest rates that are charged."" In the past, Labour has said that the ""government could reduce the monthly repayments for every single new graduate without adding a penny to government borrowing or general taxation"". But, as they said, this would be for new graduates.  Even then, it is far from certain that any measures to help students will be announced in the Budget on 30 October. And it is the Department for Education who is responsible for student finance policy in England. Like Adam, 28-year-old Chloe borrowed to fund her three-year degree. The primary school teacher studied for an additional year to get her certificate of education. She left university five years ago with £54,000 of debt.  Despite making payments from 2021, the interest that has been charged means she now owes £84,000. But Chloe said: ""I was never concerned about the impact it would have after university."" She always knew she'd have to take out a loan to go to university as neither she nor her family could fund it. ""But I knew it didn't really impact me afterwards so I can get loans, I can get mortgages, I can get other things having the student loan. ""I'm not in a rush to pay it off either."" Tom, aged 28 who works in wealth management, has taken an equally philosophical approach to his £72,000 student debt. He borrowed £52,000 to study business economics and began making repayments in 2020. His annual salary means that since the beginning of September - when the new rate for the year ahead came into force - he is being charged the highest possible rate of interest of 7.3%. But Tom said: ""Student finance doesn't even come into my consideration."" He is paying about £200 a month on his loan, so in terms of potentially getting a mortgage, he said: ""It's not going to move the dial on my affordability."" For him, the payments are simply ""a tax on having gone to university"". But Adam said it does have an impact, especially if you want to save for a deposit to buy a house. ""I earn over £50,000 so I’m in the higher percentage tax bracket - that’s 40% income tax. There’s then 2% National Insurance on top of that and then essentially 9% which I’m treating as a tax. That’s before pension contributions or anything else,” he said. ""It is that bit harder just to save for a house deposit."" Niamh, a 27-year-old trainee solicitor at a US law firm, wishes she could have done an apprenticeship instead of graduate and postgraduate degrees which have left her with an outstanding student debt of more than £128,000. ""My gripe would be the fact that actually, I could be doing the exact job that I’m doing at the exact firm I’m at through the apprenticeship programme scheme,"" she said. ""But certainly back then that wasn’t known about."" Niamh said: ""Even now, I think the rhetoric around student loans is still 'this is a good loan to have, this is a good thing to do'."" But she thinks there needs to be more transparency about the rates of interest  charged on these loans. Tom Allingham, student money expert at the website Save the Student, said the interest rates on loans shouldn't put people off going to university. ""The repayments will be - broadly speaking - manageable, because you only repay a proportion of your income over a threshold, because it is eventually cancelled over a period of time [and] it doesn't affect your credit score. ""That said, we do think that fundamentally tuition fees should be abolished,"" he said. He is not holding his breath, though, for any announcements in the Budget on student finance ""just because I think there is going to be so much focus on other things"". A spokesperson for the Department for Education told the BBC: ""We are dedicated to creating a sustainable higher education funding system moving forward, in order to break down the barriers to opportunity. But they added: ""It is going to take time to get right."" ",BBC,15/09/2024,"['Here’s a maths problem for you.', 'Adam borrowed £44,000 to go to university and has paid back £7,000 since graduating four years ago.', 'How much does he owe?', 'The answer is £54,000.', ""That's because he is one of thousands of graduates in England and Wales who took out a type of student loan between 2012 and 2023 on which interest rates hit a record of nearly 8% earlier this year."", 'At the beginning of this month, interest was set at a lower level for the coming year.', 'But at 7.3%, it remains comparatively high by historic standards.', 'Adam, 26, studied in London for a BSc in economics and took out his student loan in 2016.', 'He now works in finance in the capital and, because he earns a decent salary, Adam has been repaying his student loan for some time.', 'But the interest he is charged on his loan far outstrips the money he pays back every month. “', 'I personally think it is a bit ridiculous that four, five years on from graduation I can’t even meet the interest on my debt,"" he told the BBC. ""', 'It is still going up, month to month.”', 'There are four student loans available for undergraduates in the UK, depending on where you live.', 'Three of them charge interest based on the Retail Prices Index (RPI) rate of inflation in March, which was 4.3%.', 'But one of them - known as Plan 2 - charges interest based on RPI in March, plus up to 3%.', 'Up until last year, Plan 2 applied to students from England and Wales.', 'Students from England have since been shifted on to a new loan arrangement but Plan 2 still applies to students from Wales.', 'All the graduates the BBC spoke to for this story took out Plan 2 loans.', 'Some asked us not to use their surnames because they were speaking independently of their employer.', 'Adam said: ""I think it is entirely reasonable that I should pay back a portion of the cost of my education because I have benefited personally from it. ""', 'I mainly take issue with the interest rates that are charged.""', 'In the past, Labour has said that the ""government could reduce the monthly repayments for every single new graduate without adding a penny to government borrowing or general taxation"".', 'But, as they said, this would be for new graduates.', 'Even then, it is far from certain that any measures to help students will be announced in the Budget on 30 October.', 'And it is the Department for Education who is responsible for student finance policy in England.', 'Like Adam, 28-year-old Chloe borrowed to fund her three-year degree.', 'The primary school teacher studied for an additional year to get her certificate of education.', 'She left university five years ago with £54,000 of debt.', 'Despite making payments from 2021, the interest that has been charged means she now owes £84,000.', 'But Chloe said: ""I was never concerned about the impact it would have after university.""', 'She always knew she\'d have to take out a loan to go to university as neither she nor her family could fund it. ""', 'But I knew it didn\'t really impact me afterwards so I can get loans, I can get mortgages, I can get other things having the student loan. ""', 'I\'m not in a rush to pay it off either.""', 'Tom, aged 28 who works in wealth management, has taken an equally philosophical approach to his £72,000 student debt.', 'He borrowed £52,000 to study business economics and began making repayments in 2020.', 'His annual salary means that since the beginning of September - when the new rate for the year ahead came into force - he is being charged the highest possible rate of interest of 7.3%.', 'But Tom said: ""Student finance doesn\'t even come into my consideration.""', 'He is paying about £200 a month on his loan, so in terms of potentially getting a mortgage, he said: ""It\'s not going to move the dial on my affordability.""', 'For him, the payments are simply ""a tax on having gone to university"".', 'But Adam said it does have an impact, especially if you want to save for a deposit to buy a house. ""', 'I earn over £50,000 so I’m in the higher percentage tax bracket - that’s 40% income tax.', 'There’s then 2% National Insurance on top of that and then essentially 9% which I’m treating as a tax.', 'That’s before pension contributions or anything else,” he said. ""', 'It is that bit harder just to save for a house deposit.""', 'Niamh, a 27-year-old trainee solicitor at a US law firm, wishes she could have done an apprenticeship instead of graduate and postgraduate degrees which have left her with an outstanding student debt of more than £128,000. ""', 'My gripe would be the fact that actually, I could be doing the exact job that I’m doing at the exact firm I’m at through the apprenticeship programme scheme,"" she said. ""', 'But certainly back then that wasn’t known about.""', 'Niamh said: ""Even now, I think the rhetoric around student loans is still \'this is a good loan to have, this is a good thing to do\'.""', 'But she thinks there needs to be more transparency about the rates of interest charged on these loans.', 'Tom Allingham, student money expert at the website Save the Student, said the interest rates on loans shouldn\'t put people off going to university. ""', 'The repayments will be - broadly speaking - manageable, because you only repay a proportion of your income over a threshold, because it is eventually cancelled over a period of time [and] it doesn\'t affect your credit score. ""', 'That said, we do think that fundamentally tuition fees should be abolished,"" he said.', 'He is not holding his breath, though, for any announcements in the Budget on student finance ""just because I think there is going to be so much focus on other things"".', 'A spokesperson for the Department for Education told the BBC: ""We are dedicated to creating a sustainable higher education funding system moving forward, in order to break down the barriers to opportunity.', 'But they added: ""It is going to take time to get right.""']",0.1484337771367307,"A spokesperson for the Department for Education told the BBC: ""We are dedicated to creating a sustainable higher education funding system moving forward, in order to break down the barriers to opportunity.",Here’s a maths problem for you.,0.1290523363993718,"Adam said: ""I think it is entirely reasonable that I should pay back a portion of the cost of my education because I have benefited personally from it. ""","I personally think it is a bit ridiculous that four, five years on from graduation I can’t even meet the interest on my debt,"" he told the BBC. """,2024-09-15
Boeing strike: Workers vote overwhelmingly to back the walkout,https://www.bbc.co.uk/news/articles/c8jlj3dnlw7o,2024-09-13T04:31:59.091Z,"Boeing workers have gone on strike after they overwhelmingly rejected a tentative deal between union representatives and the plane maker that included a 25% pay rise. More than 30,000 workers in Seattle and Portland downed their tools from midnight Pacific Time (07:00 GMT) on Friday. The walkout is another setback for the firm, which is facing deepening financial losses. It is also struggling to repair its reputation after a series of safety issues, including two fatal crashes. The stand-off adds to the challenges facing Boeing's new chief executive Kelly Ortberg, who was appointed last month with a mission to turn the business around. Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted in the ballot rejected the pay deal. Of those who voted, 96% back strike action until a new agreement is reached. ""Our members spoke loud and clear tonight,"" said Jon Holden, president of the International Association of Machinists and Aerospace Workers (IAM) District 751. ""We strike at midnight."" Speaking at an investor conference on Friday, Boeing chief financial officer Brian West said the impact on the firm would depend on the duration of the strike, which has shut down production of the firm's popular 737 planes. He warned that the stoppage ""will jeopardise"" the firm's recovery and said the firm was focused on repairing its relationship with workers and reaching a deal.  ""We want to get back to the table and we want to reach an agreement that is good for our people, their families, our community and our intent is to do just that,"" he said.  The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company's ""recovery in jeopardy"". The question now is how long it will go on for. Boeing seems ready to get back to the table. But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal. As well as a 25% pay rise over four years, the preliminary agreement that workers rejected included a commitment from Boeing to build its next commercial plane in the Seattle area if the project started during the lifetime of the contract. The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise. Mr West said it was clear there had been a ""disconnect"" and that Mr Ortberg was ""personally"" involved with finding a compromise.  On the face of it, it is hard to see a quick solution unless Boeing capitulates. Analysts say an extended shutdown could cost the company and its suppliers billions.  On Friday, shares in the firm fell as Moody's warned that the situation could lead to a downgrade of Boeing's credit rating, an action that would make it more expensive for the firm to borrow.  The current contract between Boeing and the unions was reached in 2008 after an eight-week strike.  That walkout cost the company about $1.5bn (£1.14bn) a month, according to credit rating agency Moody's. In 2014, the two sides agreed to extend the deal, which expired at midnight on Thursday. “It’s never a good time for a strike, at least from the perspective of management, the current situation makes it even more problematic,"" said Greg Waldron, Asia Managing Editor at aviation news website FlightGlobal. ""Still, a great deal will depend on how long the strike lasts. Airline CEOs with 737 Maxes on order will be watching this closely,” Mr Waldron added. Mr Ortberg's appointment came as Boeing found itself in a deepening crisis over its safety record. His predecessor Dave Calhoun had announced in the spring that he would step down. In July, Boeing agreed to plead guilty to a fraud charge and a criminal fine of nearly $244m in connection with the fatal crashes of two of its 737 Max planes more than five years ago. It is also facing other lawsuits and probes after a mid-air blowout in January of a door plug on a new plane flown by Alaska Airlines. On top of mounting financial losses, the plane maker has slowed down its assembly lines, so that it is not even meeting a 737 Max production cap imposed by the US Federal Aviation Administration. Mr West said the firm had been ramping back up its pace of production and had expected to meet that cap by the end of the year. ""There was very good momentum. Unfortunately there's now a strike,"" he said. ""My expectation is we'll pick right back up where we left off,"" he added. ""But I don't know when."" ",BBC,13/09/2024,"['Boeing workers have gone on strike after they overwhelmingly rejected a tentative deal between union representatives and the plane maker that included a 25% pay rise.', 'More than 30,000 workers in Seattle and Portland downed their tools from midnight Pacific Time (07:00 GMT) on Friday.', 'The walkout is another setback for the firm, which is facing deepening financial losses.', 'It is also struggling to repair its reputation after a series of safety issues, including two fatal crashes.', ""The stand-off adds to the challenges facing Boeing's new chief executive Kelly Ortberg, who was appointed last month with a mission to turn the business around."", 'Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted in the ballot rejected the pay deal.', 'Of those who voted, 96% back strike action until a new agreement is reached. ""', 'Our members spoke loud and clear tonight,"" said Jon Holden, president of the International Association of Machinists and Aerospace Workers (IAM) District 751. ""', 'We strike at midnight.""', ""Speaking at an investor conference on Friday, Boeing chief financial officer Brian West said the impact on the firm would depend on the duration of the strike, which has shut down production of the firm's popular 737 planes."", 'He warned that the stoppage ""will jeopardise"" the firm\'s recovery and said the firm was focused on repairing its relationship with workers and reaching a deal. ""', 'We want to get back to the table and we want to reach an agreement that is good for our people, their families, our community and our intent is to do just that,"" he said.', 'The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company\'s ""recovery in jeopardy"".', 'The question now is how long it will go on for.', 'Boeing seems ready to get back to the table.', 'But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal.', 'As well as a 25% pay rise over four years, the preliminary agreement that workers rejected included a commitment from Boeing to build its next commercial plane in the Seattle area if the project started during the lifetime of the contract.', ""The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise."", 'Mr West said it was clear there had been a ""disconnect"" and that Mr Ortberg was ""personally"" involved with finding a compromise.', 'On the face of it, it is hard to see a quick solution unless Boeing capitulates.', 'Analysts say an extended shutdown could cost the company and its suppliers billions.', ""On Friday, shares in the firm fell as Moody's warned that the situation could lead to a downgrade of Boeing's credit rating, an action that would make it more expensive for the firm to borrow."", 'The current contract between Boeing and the unions was reached in 2008 after an eight-week strike.', ""That walkout cost the company about $1.5bn (£1.14bn) a month, according to credit rating agency Moody's."", 'In 2014, the two sides agreed to extend the deal, which expired at midnight on Thursday. “', 'It’s never a good time for a strike, at least from the perspective of management, the current situation makes it even more problematic,"" said Greg Waldron, Asia Managing Editor at aviation news website FlightGlobal. ""', 'Still, a great deal will depend on how long the strike lasts.', 'Airline CEOs with 737 Maxes on order will be watching this closely,” Mr Waldron added.', ""Mr Ortberg's appointment came as Boeing found itself in a deepening crisis over its safety record."", 'His predecessor Dave Calhoun had announced in the spring that he would step down.', 'In July, Boeing agreed to plead guilty to a fraud charge and a criminal fine of nearly $244m in connection with the fatal crashes of two of its 737 Max planes more than five years ago.', 'It is also facing other lawsuits and probes after a mid-air blowout in January of a door plug on a new plane flown by Alaska Airlines.', 'On top of mounting financial losses, the plane maker has slowed down its assembly lines, so that it is not even meeting a 737 Max production cap imposed by the US Federal Aviation Administration.', 'Mr West said the firm had been ramping back up its pace of production and had expected to meet that cap by the end of the year. ""', 'There was very good momentum.', 'Unfortunately there\'s now a strike,"" he said. ""', 'My expectation is we\'ll pick right back up where we left off,"" he added. ""', 'But I don\'t know when.""']",-0.0009338012749189,"But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal.","The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company's ""recovery in jeopardy"".",-0.3661472201347351,"The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise.","On Friday, shares in the firm fell as Moody's warned that the situation could lead to a downgrade of Boeing's credit rating, an action that would make it more expensive for the firm to borrow.",2024-09-15
US targets China's Shein and Temu with new shipping rules,https://www.bbc.co.uk/news/articles/c36n6g164l6o,2024-09-13T16:18:06.208Z,"The US has proposed rules that would hit many low-value shipments from China with new taxes - a measure aimed at curbing the flood of packages from shopping sites such as Shein and Temu. The Biden administration said the plan was intended to stop ""abuse"" of an exemption that allowed packages worth less than $800 (£600) to enter the US without facing tariffs and other fees.  The US said the ""de minimis"" rule has helped firms such as Shein and Temu, which typically ship directly from the manufacturer to the customer, undercut competitors with lower prices.  In statements, the two companies defended their business models.  The US raised the exemption from tariffs and other fees for shipments from $200 to $800 in 2016 to facilitate trade and allow officials to focus on higher priority shipments. But lawmakers have voiced increasing alarm about ""exploitation"" by firms such as Temu and Shein, as the two make rapid inroads in the US market. The new rules would remove the exemption for Chinese goods that currently face tariffs from the US - a wide range of products including shoes, machinery and 70% of textiles and apparel.   They would also increase what information shippers must provide to authorities. Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"". It said it was reviewing the rules and remained committed to ""delivering value to consumers"". ""Temu's growth does not depend on the de minimis policy,"" it added. Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"". The company said compliance was a priority and that it was already participating in a trial programme with US Customs and Border Protection (CBP). ""We want to disclose more of what’s in every package and are working closely with CBP,"" the company said.  Since launching a few years ago, Temu and Shein have gained followers with flashy Super Bowl adverts and ultra-low prices. The popularity has put such pressure on Amazon, the dominant e-commerce company in the US, that the firm is reportedly exploring its own discount unit focusing on direct-to-consumer shipments. Their rise has also brought scrutiny from US politicians and regulators, who have  raised questions about the safety of products on their sites and warned of a ""high risk"" that Temu was selling products made using forced labour. Authorities have blamed their success for putting strains on US border and customs authorities, as the number of packages entering the US under the de minimis exemption has surged from 140 million in 2013 to more than 1 billion last year. In announcing the action, the Biden administration said ""several China-founded e-commerce platforms"" now accounted for a ""majority"" of shipments under the $800 threshold. It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments. It accused companies of looking to skirt consumer protection laws and avoid trade barriers. ""American workers and businesses can outcompete anyone on a level playing field, but for too long, Chinese e-commerce platforms have skirted tariffs by abusing the de minimis exemption,” said Commerce Secretary Gina Raimondo. The American Action Forum, a right-leaning policy group, has estimated that getting rid of the $800 exemption entirely would result in ""$8bn to $30bn in additional annual costs that would eventually be passed on to consumers"". The proposal will go through a comment period before being finalised and taking effect. Authorities in the European Union have been exploring similar measures aimed at low-value shipments, Bloomberg and the Financial Times reported earlier this year. Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.  ",BBC,13/09/2024,"['The US has proposed rules that would hit many low-value shipments from China with new taxes - a measure aimed at curbing the flood of packages from shopping sites such as Shein and Temu.', 'The Biden administration said the plan was intended to stop ""abuse"" of an exemption that allowed packages worth less than $800 (£600) to enter the US without facing tariffs and other fees.', 'The US said the ""de minimis"" rule has helped firms such as Shein and Temu, which typically ship directly from the manufacturer to the customer, undercut competitors with lower prices.', 'In statements, the two companies defended their business models.', 'The US raised the exemption from tariffs and other fees for shipments from $200 to $800 in 2016 to facilitate trade and allow officials to focus on higher priority shipments.', 'But lawmakers have voiced increasing alarm about ""exploitation"" by firms such as Temu and Shein, as the two make rapid inroads in the US market.', 'The new rules would remove the exemption for Chinese goods that currently face tariffs from the US - a wide range of products including shoes, machinery and 70% of textiles and apparel.', 'They would also increase what information shippers must provide to authorities.', 'Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"".', 'It said it was reviewing the rules and remained committed to ""delivering value to consumers"". ""', 'Temu\'s growth does not depend on the de minimis policy,"" it added.', 'Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"".', 'The company said compliance was a priority and that it was already participating in a trial programme with US Customs and Border Protection (CBP). ""', 'We want to disclose more of what’s in every package and are working closely with CBP,"" the company said.', 'Since launching a few years ago, Temu and Shein have gained followers with flashy Super Bowl adverts and ultra-low prices.', 'The popularity has put such pressure on Amazon, the dominant e-commerce company in the US, that the firm is reportedly exploring its own discount unit focusing on direct-to-consumer shipments.', 'Their rise has also brought scrutiny from US politicians and regulators, who have raised questions about the safety of products on their sites and warned of a ""high risk"" that Temu was selling products made using forced labour.', 'Authorities have blamed their success for putting strains on US border and customs authorities, as the number of packages entering the US under the de minimis exemption has surged from 140 million in 2013 to more than 1 billion last year.', 'In announcing the action, the Biden administration said ""several China-founded e-commerce platforms"" now accounted for a ""majority"" of shipments under the $800 threshold.', 'It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments.', 'It accused companies of looking to skirt consumer protection laws and avoid trade barriers. ""', 'American workers and businesses can outcompete anyone on a level playing field, but for too long, Chinese e-commerce platforms have skirted tariffs by abusing the de minimis exemption,” said Commerce Secretary Gina Raimondo.', 'The American Action Forum, a right-leaning policy group, has estimated that getting rid of the $800 exemption entirely would result in ""$8bn to $30bn in additional annual costs that would eventually be passed on to consumers"".', 'The proposal will go through a comment period before being finalised and taking effect.', 'Authorities in the European Union have been exploring similar measures aimed at low-value shipments, Bloomberg and the Financial Times reported earlier this year.', 'Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.']",0.0167538376614018,"Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"".","It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments.",0.2023664991060892,"Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"".","Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.",2024-09-15
Women in tech groups 'can’t run on inspiration alone',https://www.bbc.co.uk/news/articles/c7858w2yj75o,2024-09-15T23:34:11.114Z,"Groups supporting women in science, technology, engineering and maths (Stem) fields are struggling to survive as corporations’ shrinking budgets, and cultural changes, see diversity strategies take a back seat. Ada Lovelace Day – a global annual celebration of women working in Stem – is on borrowed time. Named after a 19th century female mathematician, the day came into being in 2009 when it was created by Suw Charman-Anderson. She had graduated with a science degree, but felt “fundamentally unwelcome” as one of just three women in her class. And she later grew tired of going to tech conferences and not seeing any women on stage. Ms Charman-Anderson says that the initiative is now running out of funds again, as almost happened two years ago. “We’ve basically limped on since then,” she says. “But I can’t keep making the financial sacrifice.” It’s not a high-budget operation. At its peak, Ms Charman-Anderson secured £55,000 in sponsorship for 12 months. She says that in other years it has been less than half of that despite high attendance figures at events. Ms Charman-Anderson adds that she is often told by the tech community that Ada Lovelace Day is inspirational, but it rarely translates into a much-needed injection of cash. “Organisations can’t run on inspiration alone,” she says. “Everyone in the Women in Stem sector is struggling for money. That’s always been the case, but it seems to have got a lot worse.” A quick search online reveals a number of women in stem social media accounts that have not posted any content in several months. And this year saw the sudden closure of the charity Women Who Code, a US-based group with 145,000 members. In June it announced that it was shutting down “due to factors that have materially impacted our funding sources"".  Meanwhile, the US non-profit community Girls in Tech closed in July after 17 years. Founder Adriana Gascoigne told the news site Venturebeat that lack of funding was “the main reason” behind the decision. In addition, the UK initiative Tech Talent Charter, designed to encourage more diversity generally in the sector, shut in June, blaming tech companies for “quietly quitting” equality, diversity and inclusion (EDI) commitments. This is something that’s currently generating a lot of debate. There are many examples of reductions in EDI teams and budgets inside corporations great and small, and just as many unofficial anecdotes. For some it’s a result of belt-tightening, as even the biggest firms have been laying off thousands of workers, but for others it also signals a broader cultural shift away from prioritising diversity. High profile critics of EDI include Elon Musk, who bluntly posted in January that it was “just another word for racism”. Apple chief executive Tim Cook completely disagrees. ""Technology's a great thing that will accomplish many things, but unless you have diverse views at the table that are working on it, you don't wind up with great solutions,” he told me when I met him in 2022. He said there were “no good excuses” for the lack of women in tech. When you look at the data, the tech giants still skew predominantly male. Apple’s most recent published diversity data is from 2022, and lists 35% of its global workforce as being women, and 32% of its leadership teams. In 2023, 34% of Google’s global workforce were women, and 32% of its leadership teams. At Microsoft, 29% of executive roles were occupied by women. In the UK, while more young women than previously are opting to study computing science at university, four out of five applicants for entry this year were still male, according to the UK university admissions service UCAS, with just under 3,000 women and just over 12,000 men. Perhaps the most poignant example I have heard lately about why the numbers game is still important came from MC Spano, a US tech firm boss who now mentors other women in the sector. She told me her own daughter requested to move down from her top set maths class at school because she was the only girl in it. “Having camaraderie in Stem classes is as important as having the academic achievement,” she says. Caitlin Gould runs TecWomenCIC, based in Cornwall.  The team recently ran a coding club project for 60 school girls. At the end of it 95% of them said they had enjoyed learning about tech and engineering, and 91% said they understood why the subjects were important to their everyday lives. However, only the pilot was funded. Ms Gould says she spends up to 60% of her time trying to figure out where to get funding from, describing the organisation’s financing as “a patchwork quilt”.  She told me that often funding comes in the form of a one-off payment, or is offered for a new idea, which makes it difficult to repeat successful campaigns. “It’s really challenging because there’s so much goodwill,” she says. “I get politicians and people in tech saying, ‘what you’re doing is amazing, how can we help?’, but when I say, ‘well, you can give me some money' they ask if they can volunteer instead.” For the last 15 years, Maggie Philbin, former presenter of the BBC’s science and tech show Tomorrow’s World, has been involved in a scheme called TeenTech, which runs Stem activities in schools. “Funding is always an issue,” she says. “We have some very loyal funders, but it can be very frustrating when you are working on a hand-to-mouth basis. “Some funders will fund something over a 12-month period. If you’re really, really lucky, three years, but it’s very tough.” TeenTech is aimed at children aged between eight and 19 and does not have a particular focus on girls - but sometimes their talents in this area still come as a surprise to their classmates. “I learned so much about how to work well in a team,” wrote one teenage boy on a feedback form. “And also that girls are actually very good at tech.” ",BBC,15/09/2024,"['Groups supporting women in science, technology, engineering and maths (Stem) fields are struggling to survive as corporations’ shrinking budgets, and cultural changes, see diversity strategies take a back seat.', 'Ada Lovelace Day – a global annual celebration of women working in Stem – is on borrowed time.', 'Named after a 19th century female mathematician, the day came into being in 2009 when it was created by Suw Charman-Anderson.', 'She had graduated with a science degree, but felt “fundamentally unwelcome” as one of just three women in her class.', 'And she later grew tired of going to tech conferences and not seeing any women on stage.', 'Ms Charman-Anderson says that the initiative is now running out of funds again, as almost happened two years ago. “', 'We’ve basically limped on since then,” she says. “', 'But I can’t keep making the financial sacrifice.”', 'It’s not a high-budget operation.', 'At its peak, Ms Charman-Anderson secured £55,000 in sponsorship for 12 months.', 'She says that in other years it has been less than half of that despite high attendance figures at events.', 'Ms Charman-Anderson adds that she is often told by the tech community that Ada Lovelace Day is inspirational, but it rarely translates into a much-needed injection of cash. “', 'Organisations can’t run on inspiration alone,” she says. “', 'Everyone in the Women in Stem sector is struggling for money.', 'That’s always been the case, but it seems to have got a lot worse.”', 'A quick search online reveals a number of women in stem social media accounts that have not posted any content in several months.', 'And this year saw the sudden closure of the charity Women Who Code, a US-based group with 145,000 members.', 'In June it announced that it was shutting down “due to factors that have materially impacted our funding sources"".', 'Meanwhile, the US non-profit community Girls in Tech closed in July after 17 years.', 'Founder Adriana Gascoigne told the news site Venturebeat that lack of funding was “the main reason” behind the decision.', 'In addition, the UK initiative Tech Talent Charter, designed to encourage more diversity generally in the sector, shut in June, blaming tech companies for “quietly quitting” equality, diversity and inclusion (EDI) commitments.', 'This is something that’s currently generating a lot of debate.', 'There are many examples of reductions in EDI teams and budgets inside corporations great and small, and just as many unofficial anecdotes.', 'For some it’s a result of belt-tightening, as even the biggest firms have been laying off thousands of workers, but for others it also signals a broader cultural shift away from prioritising diversity.', 'High profile critics of EDI include Elon Musk, who bluntly posted in January that it was “just another word for racism”.', 'Apple chief executive Tim Cook completely disagrees. ""', ""Technology's a great thing that will accomplish many things, but unless you have diverse views at the table that are working on it, you don't wind up with great solutions,” he told me when I met him in 2022."", 'He said there were “no good excuses” for the lack of women in tech.', 'When you look at the data, the tech giants still skew predominantly male.', 'Apple’s most recent published diversity data is from 2022, and lists 35% of its global workforce as being women, and 32% of its leadership teams.', 'In 2023, 34% of Google’s global workforce were women, and 32% of its leadership teams.', 'At Microsoft, 29% of executive roles were occupied by women.', 'In the UK, while more young women than previously are opting to study computing science at university, four out of five applicants for entry this year were still male, according to the UK university admissions service UCAS, with just under 3,000 women and just over 12,000 men.', 'Perhaps the most poignant example I have heard lately about why the numbers game is still important came from MC Spano, a US tech firm boss who now mentors other women in the sector.', 'She told me her own daughter requested to move down from her top set maths class at school because she was the only girl in it. “', 'Having camaraderie in Stem classes is as important as having the academic achievement,” she says.', 'Caitlin Gould runs TecWomenCIC, based in Cornwall.', 'The team recently ran a coding club project for 60 school girls.', 'At the end of it 95% of them said they had enjoyed learning about tech and engineering, and 91% said they understood why the subjects were important to their everyday lives.', 'However, only the pilot was funded.', 'Ms Gould says she spends up to 60% of her time trying to figure out where to get funding from, describing the organisation’s financing as “a patchwork quilt”.', 'She told me that often funding comes in the form of a one-off payment, or is offered for a new idea, which makes it difficult to repeat successful campaigns. “', 'It’s really challenging because there’s so much goodwill,” she says. “', 'I get politicians and people in tech saying, ‘what you’re doing is amazing, how can we help?’,', ""but when I say, ‘well, you can give me some money' they ask if they can volunteer instead.”"", 'For the last 15 years, Maggie Philbin, former presenter of the BBC’s science and tech show Tomorrow’s World, has been involved in a scheme called TeenTech, which runs Stem activities in schools. “', 'Funding is always an issue,” she says. “', 'We have some very loyal funders, but it can be very frustrating when you are working on a hand-to-mouth basis. “', 'Some funders will fund something over a 12-month period.', 'If you’re really, really lucky, three years, but it’s very tough.”', 'TeenTech is aimed at children aged between eight and 19 and does not have a particular focus on girls - but sometimes their talents in this area still come as a surprise to their classmates. “', 'I learned so much about how to work well in a team,” wrote one teenage boy on a feedback form. “', 'And also that girls are actually very good at tech.”']",0.1021183423816811,"Technology's a great thing that will accomplish many things, but unless you have diverse views at the table that are working on it, you don't wind up with great solutions,” he told me when I met him in 2022.","High profile critics of EDI include Elon Musk, who bluntly posted in January that it was “just another word for racism”.",-0.4422589540481567,"At its peak, Ms Charman-Anderson secured £55,000 in sponsorship for 12 months.",She says that in other years it has been less than half of that despite high attendance figures at events.,2024-09-15
TikTok says US ban would have ‘staggering’ impact on free speech,https://www.bbc.co.uk/news/articles/c5y3y79llndo,2024-09-15T23:23:49.784Z,"TikTok argued in court on Monday that a US law - which would see it banned unless it is sold by ByteDance - would have a “staggering” impact on the free speech of its US users. The law was prompted by concerns that US users' data is vulnerable to exploitation by China's government. TikTok and ByteDance have repeatedly denied links to the Chinese authorities.  The companies sued to block the legislation in early May, calling it unconstitutional and an effective ban on the speech of its 170 million US users. A panel of three judges heard its arguments at an appeals court in Washington DC on Monday. ""This law imposes extraordinary speech prohibition based on indeterminate future risks,"" TikTok and ByteDance's lawyer Andrew Pincus told the court. Concerns around China came up early, with Mr Pincus stating that the firm ""is not owned"" by the country.  ""The owner of TikTok is ByteDance Limited, a Cayman Islands holding company,” he said. But Judge Sri Srinivasan responded that the firm was ""subject to Chinese control"". Mr Pincus said the US government does not allege any malfeasance has taken place - and the firm was being punished over the suggestion that there might be issues in the future. But he was challenged on his argument that the law would be an unprecedented ban on a single speaker - and his claim that it would be ""unfeasible"" to divest the US arm of the firm.  Judge Ginsberg argued the law is ""an absolute bar on the current arrangement of control"" of the company, not the company itself. He also said it targeted a group of companies controlled by a so-called foreign adversary, rather than TikTok alone. Jeffrey Fisher, representing creators concerned by the law, said it could impede their constitutional right to work with the editor and publisher of their choice – such as TikTok under its current ownership. But Department of Justice lawyer Daniel Tenny argued against TikTok's defence that the code behind its platform is based in the United States. ""There’s really no dispute here that the recommendation engine is maintained, developed, and written by ByteDance rather than TikTok US,"" he said. ""It is not expression by Americans in America - it is expression by Chinese engineers in China."" Mr Fisher had claimed posts on the platform in the US were American speech that was ""at most curated by a foreign company"". In addition to data concerns, officials and lawmakers have expressed alarm at the prospect of TikTok being used by the Chinese government to spread propaganda to Americans. However, advocates of America's powerful free speech rights, enshrined in the First Amendment of the US Constitution, have said upholding the divest-or-ban law would be a gift to authoritarian regimes everywhere. ""We shouldn’t be surprised if repressive governments the world over cite this precedent to justify new restrictions on their own citizens’ right to access information, ideas, and media from abroad,” said Xiangnong Wang, a staff attorney at Columbia University's Knight First Amendment Institute. But according to James Lewis, of the Center for Strategic and International Studies in Washington, the law was drafted to withstand judicial scrutiny. ""The substance of the case against TikTok is very strong,"" Mr Lewis said.  ""The key point is whether the court accepts that requiring divestiture does not regulate speech."" Mr Lewis added that the courts usually defer to the president on national security matters. Regardless of how the appeals court rules, most experts agree the case could drag on for months, if not longer. Mike Proulx, vice president and research director at analysis firm Forrester, added the ""high stakes"" case would likely progress to the US' highest court, the Supreme Court. Additional reporting by Liv McMahon ",BBC,15/09/2024,"['TikTok argued in court on Monday that a US law - which would see it banned unless it is sold by ByteDance - would have a “staggering” impact on the free speech of its US users.', ""The law was prompted by concerns that US users' data is vulnerable to exploitation by China's government."", 'TikTok and ByteDance have repeatedly denied links to the Chinese authorities.', 'The companies sued to block the legislation in early May, calling it unconstitutional and an effective ban on the speech of its 170 million US users.', 'A panel of three judges heard its arguments at an appeals court in Washington DC on Monday. ""', 'This law imposes extraordinary speech prohibition based on indeterminate future risks,"" TikTok and ByteDance\'s lawyer Andrew Pincus told the court.', 'Concerns around China came up early, with Mr Pincus stating that the firm ""is not owned"" by the country. ""', 'The owner of TikTok is ByteDance Limited, a Cayman Islands holding company,” he said.', 'But Judge Sri Srinivasan responded that the firm was ""subject to Chinese control"".', 'Mr Pincus said the US government does not allege any malfeasance has taken place - and the firm was being punished over the suggestion that there might be issues in the future.', 'But he was challenged on his argument that the law would be an unprecedented ban on a single speaker - and his claim that it would be ""unfeasible"" to divest the US arm of the firm.', 'Judge Ginsberg argued the law is ""an absolute bar on the current arrangement of control"" of the company, not the company itself.', 'He also said it targeted a group of companies controlled by a so-called foreign adversary, rather than TikTok alone.', 'Jeffrey Fisher, representing creators concerned by the law, said it could impede their constitutional right to work with the editor and publisher of their choice – such as TikTok under its current ownership.', 'But Department of Justice lawyer Daniel Tenny argued against TikTok\'s defence that the code behind its platform is based in the United States. ""', 'There’s really no dispute here that the recommendation engine is maintained, developed, and written by ByteDance rather than TikTok US,"" he said. ""', 'It is not expression by Americans in America - it is expression by Chinese engineers in China.""', 'Mr Fisher had claimed posts on the platform in the US were American speech that was ""at most curated by a foreign company"".', 'In addition to data concerns, officials and lawmakers have expressed alarm at the prospect of TikTok being used by the Chinese government to spread propaganda to Americans.', 'However, advocates of America\'s powerful free speech rights, enshrined in the First Amendment of the US Constitution, have said upholding the divest-or-ban law would be a gift to authoritarian regimes everywhere. ""', ""We shouldn’t be surprised if repressive governments the world over cite this precedent to justify new restrictions on their own citizens’ right to access information, ideas, and media from abroad,” said Xiangnong Wang, a staff attorney at Columbia University's Knight First Amendment Institute."", 'But according to James Lewis, of the Center for Strategic and International Studies in Washington, the law was drafted to withstand judicial scrutiny. ""', 'The substance of the case against TikTok is very strong,"" Mr Lewis said. ""', 'The key point is whether the court accepts that requiring divestiture does not regulate speech.""', 'Mr Lewis added that the courts usually defer to the president on national security matters.', 'Regardless of how the appeals court rules, most experts agree the case could drag on for months, if not longer.', 'Mike Proulx, vice president and research director at analysis firm Forrester, added the ""high stakes"" case would likely progress to the US\' highest court, the Supreme Court.', 'Additional reporting by Liv McMahon']",-0.0831240677539254,"But Department of Justice lawyer Daniel Tenny argued against TikTok's defence that the code behind its platform is based in the United States. ""","But he was challenged on his argument that the law would be an unprecedented ban on a single speaker - and his claim that it would be ""unfeasible"" to divest the US arm of the firm.",-0.3211275438467662,"Mike Proulx, vice president and research director at analysis firm Forrester, added the ""high stakes"" case would likely progress to the US' highest court, the Supreme Court.",TikTok argued in court on Monday that a US law - which would see it banned unless it is sold by ByteDance - would have a “staggering” impact on the free speech of its US users.,2024-09-15
Shein and Temu prices are set to get a lot higher as Biden takes aim at retailers linked to China,https://www.cnbc.com/2024/09/13/shein-and-temu-prices-poised-to-rise-after-biden-de-minimis-proposal.html,2024-09-14T14:43:19+0000,"The bottom of the barrel prices that have made Chinese-linked e-tailers Shein and Temu so popular with American consumers could soon rise if the Biden administration curtails their use of a trade law loophole.The companies, known for their $5 T-shirts and $10 sweaters, could see prices rise by at least 20% if the so-called de minimis provision is changed, a spokesperson for the Republican majority of the House Select Committee on the Chinese Communist Party told CNBC. The committee made the estimate after launching investigations into Shein and Temu more than a year ago.Neil Saunders, a retail analyst and the managing director of GlobalData, agreed the policy change would likely increase prices, but couldn't say by how much. ""If the de minimis exemption is removed, then the cost of products from marketplaces like Shein and Temu will rise. They will still be cheap marketplaces but they won't have quite the competitive edge on price that they do now,"" Saunders told CNBC in an email. ""That may lose them some market share or slow their growth, but they will likely respond by pushing into some higher-priced items to balance out their propositions.""On Friday morning, the Biden administration announced plans to bar overseas shipments of products that are subject to U.S.-China tariffs from being eligible for the de minimis exemption. An obscure tariff law loophole that's been around since the 1930s, the exemption allows packages with a value of less than $800 to enter the United States without the shippers paying import duties and with less scrutiny than larger containers. The announcement comes after more than a year of scrutiny into the companies from lawmakers on both sides of the aisle and in particular, the House Select Committee on the CCP. Both Shein and Temu declined to tell CNBC if they will raise prices due the proposed changes. The companies also disputed that their low prices are driven by the de minimis exemption and said their business models allow them to offer their ultra-affordable rates.A spokesperson for Shein noted that the company supports de minimis reform and was recently accepted into a voluntary, pilot program with U.S. Customs and Border Protection where it agreed to provide additional data about packages and shipments.Over the last couple of years, the two companies have taken U.S. consumers by storm with their ultra-low prices and their ability to rapidly churn out trending styles far faster than competitors can. Shein is estimated to take in more than $30 billion in revenue annually, but it's unclear what Temu's sales are. Its parent company, PDD Holdings, saw $34.9 billion in revenue in fiscal 2023 — a 90% increase from the year ago period.As the companies have become go-to shopping destinations, they've taken market share from rivals that cater to similar consumer segments, such as H&M, Zara, Target, Walmart and Amazon.If Shein's prices were to rise by 20%, it would put its assortment closer in line with those competitors, which could make it harder for it to compete.For example, the average price of a dress on Shein was $28.51 as of June 1, according to data from Edited, a London-based research firm that analyzed the company's pricing strategy and shared metrics with Reuters.At the time, that price was well below the average cost for dresses at H&M and Zara, which were $40.97 and $79.69, respectively, according to Edited's data. However, if costs were to rise by 20%, that would make the average dress price on Shein $34.21 – far closer to H&M's average price.There's no guarantee prices would rise 20% if the Biden administration's proposal takes effect. Still, taken together with the company's long shipping times, a smaller discount relative to Shein's rivals may lead some consumers to opt for retailers that are closer to home. ""Ultimately, while reforming the de minimis rules makes for a fairer and more level playing field, like any tariff it will end up costing consumers more,"" said Saunders. Last year, the committee began investigating Shein and Temu for slave labor in their supply chains and zeroed in on their use of the de minimis exemption, claiming in a June 2023 report that both companies didn't pay any import duties in 2022. Shein disputed that claim and said the company paid millions of import duties in 2022 and 2023. It has, however, acknowledged that cotton from banned regions has been found in its supply chain and said it's working to rectify the issue. In a statement, Temu said it is ""dedicated to upholding ethical labor practices"" and ""forbids the use of any form of forced, child, or penal labor and requires adherence to all local labor laws.""""As the Select Committee's investigation into Shein and Temu revealed, the majority of products from Shein and Temu fall under the de minimis exception. This allows them to dodge U.S. Customs and evade the scrutiny other retailers face. The U.S. must urgently curb these shipments and force these companies to correct their anemic compliance practices,"" a spokesperson for the committee told CNBC.The spokesperson added that ""Congress must urgently make de minimis reform law.""As scrutiny of Shein intensified, its hopes of pulling off a long awaited U.S. public offering dwindled. Lawmakers, eager to curtail the influence that Chinese-linked retailers were having on the U.S. economy and take steps they said would level the playing field for American companies, were unlikely to propose an outright ban of Shein and Temu, similar to what was done with social media company TikTok. Instead, numerous lawmakers called for the U.S. Securities and Exchange Commission to block Shein's IPO and targeted the de minimis exemption as the best way to curtail the company's growth. Now, more than a year into those efforts and Shein's own sputtering charm offensive, its plans for a New York IPO are all but dead and it has turned to London in hopes of finding a friendlier reception. In June, CNBC reported that Shein had confidentially filed for a public listing in London as it faced backlash in the U.S. It's unclear what impact the proposed de minimis changes will have on Shein's IPO plans.",CNBC,14/09/2024,"['The bottom of the barrel prices that have made Chinese-linked e-tailers Shein and Temu so popular with American consumers could soon rise if the Biden administration curtails their use of a trade law loophole.', 'The companies, known for their $5 T-shirts and $10 sweaters, could see prices rise by at least 20% if the so-called de minimis provision is changed, a spokesperson for the Republican majority of the House Select Committee on the Chinese Communist Party told CNBC.', 'The committee made the estimate after launching investigations into Shein and Temu more than a year ago.', ""Neil Saunders, a retail analyst and the managing director of GlobalData, agreed the policy change would likely increase prices, but couldn't say by how much."", '""If the de minimis exemption is removed, then the cost of products from marketplaces like Shein and Temu will rise.', 'They will still be cheap marketplaces but they won\'t have quite the competitive edge on price that they do now,"" Saunders told CNBC in an email. ""', 'That may lose them some market share or slow their growth, but they will likely respond by pushing into some higher-priced items to balance out their propositions.', '""On Friday morning, the Biden administration announced plans to bar overseas shipments of products that are subject to U.S.-China tariffs from being eligible for the de minimis exemption.', ""An obscure tariff law loophole that's been around since the 1930s, the exemption allows packages with a value of less than $800 to enter the United States without the shippers paying import duties and with less scrutiny than larger containers."", 'The announcement comes after more than a year of scrutiny into the companies from lawmakers on both sides of the aisle and in particular, the House Select Committee on the CCP.Both Shein and Temu declined to tell CNBC if they will raise prices due the proposed changes.', 'The companies also disputed that their low prices are driven by the de minimis exemption and said their business models allow them to offer their ultra-affordable rates.', 'A spokesperson for Shein noted that the company supports de minimis reform and was recently accepted into a voluntary, pilot program with U.S. Customs and Border Protection where it agreed to provide additional data about packages and shipments.', 'Over the last couple of years, the two companies have taken U.S. consumers by storm with their ultra-low prices and their ability to rapidly churn out trending styles far faster than competitors can.', ""Shein is estimated to take in more than $30 billion in revenue annually, but it's unclear what Temu's sales are."", 'Its parent company, PDD Holdings, saw $34.9 billion in revenue in fiscal 2023 — a 90% increase from the year ago period.', ""As the companies have become go-to shopping destinations, they've taken market share from rivals that cater to similar consumer segments, such as H&M, Zara, Target, Walmart and Amazon."", ""If Shein's prices were to rise by 20%, it would put its assortment closer in line with those competitors, which could make it harder for it to compete."", ""For example, the average price of a dress on Shein was $28.51 as of June 1, according to data from Edited, a London-based research firm that analyzed the company's pricing strategy and shared metrics with Reuters."", ""At the time, that price was well below the average cost for dresses at H&M and Zara, which were $40.97 and $79.69, respectively, according to Edited's data."", ""However, if costs were to rise by 20%, that would make the average dress price on Shein $34.21 – far closer to H&M's average price."", ""There's no guarantee prices would rise 20% if the Biden administration's proposal takes effect."", ""Still, taken together with the company's long shipping times, a smaller discount relative to Shein's rivals may lead some consumers to opt for retailers that are closer to home."", '""Ultimately, while reforming the de minimis rules makes for a fairer and more level playing field, like any tariff it will end up costing consumers more,"" said Saunders.', ""Last year, the committee began investigating Shein and Temu for slave labor in their supply chains and zeroed in on their use of the de minimis exemption, claiming in a June 2023 report that both companies didn't pay any import duties in 2022."", ""Shein disputed that claim and said the company paid millions of import duties in 2022 and 2023.It has, however, acknowledged that cotton from banned regions has been found in its supply chain and said it's working to rectify the issue."", 'In a statement, Temu said it is ""dedicated to upholding ethical labor practices"" and ""forbids the use of any form of forced, child, or penal labor and requires adherence to all local labor laws.', '""""As the Select Committee\'s investigation into Shein and Temu revealed,the majority of products from Shein and Temu fall under the de minimis exception.', 'This allows them to dodge U.S. Customs and evade the scrutiny other retailers face.', 'The U.S. must urgently curb these shipments and force these companies to correct their anemic compliance practices,"" a spokesperson for the committee told CNBC.The spokesperson added that ""Congress must urgently make de minimis reform law.', '""As scrutiny of Shein intensified, its hopes of pulling off a long awaited U.S. public offering dwindled.', 'Lawmakers, eager to curtail the influence that Chinese-linked retailers were having on the U.S. economy and take steps they said would level the playing field for American companies, were unlikely to propose an outright ban of Shein and Temu, similar to what was done with social media company TikTok.', ""Instead, numerous lawmakers called for the U.S. Securities and Exchange Commission to block Shein's IPO and targeted the de minimis exemption as the best way to curtail the company's growth."", ""Now, more than a year into those efforts and Shein's own sputtering charm offensive, its plans for a New York IPO are all but dead and it has turned to London in hopes of finding a friendlier reception."", ""In June, CNBC reported that Shein had confidentially filed for a public listing in London as it faced backlash in the U.S.It's unclear what impact the proposed de minimis changes will have on Shein's IPO plans.""]",0.1544557942702504,"Instead, numerous lawmakers called for the U.S. Securities and Exchange Commission to block Shein's IPO and targeted the de minimis exemption as the best way to curtail the company's growth.","Shein disputed that claim and said the company paid millions of import duties in 2022 and 2023.It has, however, acknowledged that cotton from banned regions has been found in its supply chain and said it's working to rectify the issue.",0.0473571249416896,"Its parent company, PDD Holdings, saw $34.9 billion in revenue in fiscal 2023 — a 90% increase from the year ago period.","""As scrutiny of Shein intensified, its hopes of pulling off a long awaited U.S. public offering dwindled.",2024-09-15
"UAW, U.S. dealers increase criticism of Stellantis CEO over cuts, sales declines",https://www.cnbc.com/2024/09/12/dealers-uaw-condemn-stellantis-ceo-cuts-sales-declines.html,2024-09-12T16:59:24+0000,"In this articleDETROIT – Stellantis' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business.In an open letter to Tavares this week, the head of Stellantis' U.S. dealer council, Kevin Farrish, condemned the chief executive for prioritizing the company's profits at the cost of sales, market share and the reputations of its Chrysler, Dodge, Jeep and Ram brands. The council represents the company's 2,600 U.S. dealers.""The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company. Investor lawsuits, supplier lawsuits, strikes–the fallout is mounting. Your own distribution network, your dealer body, has been left in an anemic and diminished state,"" Farrish wrote in the Tuesday letter, which Bloomberg first reported Wednesday night.Farrish, a dealer in Virginia, said the dealer council has raised concerns about the company's operations for two years, and accused Tavares of ""reckless short-term decision making"" that boosted profits and padded his compensation but have led to the ""rapid degradation"" of its brands, he wrote.Stellantis, in a statement Wednesday night, said it takes ""absolute exception to the letter,"" citing a 21% increase in August sales over July and an ""action plan developed with the dealer body.""""At Stellantis, we don't believe that public personal attacks, such as the one in the open letter from the NDC president against our CEO, are the most effective way to solve problems,"" the company said. ""We have started a path that will prove successful. We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results.""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15. The stock hit a new 52-week low Thursday of $14.76 per share. Tavares has been on a profit-driven, 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 and cutting vehicle production at plants.Several Stellantis executives described the earlier cuts to CNBC as difficult but effective. Others, who spoke on the condition of anonymity due to potential repercussions, said they were grueling to the point of excessiveness.UAW President Shawn Fain also has publicly criticized Tavares, including in a speech last month at the Democratic National Convention. He has accused Tavares of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker.The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018. The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.",CNBC,12/09/2024,"[""In this articleDETROIT – Stellantis' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business."", ""In an open letter to Tavares this week, the head of Stellantis' U.S. dealer council, Kevin Farrish, condemned the chief executive for prioritizing the company's profits at the cost of sales, market share and the reputations of its Chrysler, Dodge, Jeep and Ram brands."", ""The council represents the company's 2,600 U.S. dealers."", '""The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company.', 'Investor lawsuits, supplier lawsuits, strikes–the fallout is mounting.', 'Your own distribution network, your dealer body, has been left in an anemic and diminished state,"" Farrish wrote in the Tuesday letter, which Bloomberg first reported Wednesday night.', 'Farrish, a dealer in Virginia, said the dealer council has raised concerns about the company\'s operations for two years, and accused Tavares of ""reckless short-term decision making"" that boosted profits and padded his compensation but have led to the ""rapid degradation"" of its brands, he wrote.', 'Stellantis, in a statement Wednesday night, said it takes ""absolute exception to the letter,"" citing a 21% increase in August sales over July and an ""action plan developed with the dealer body.', '""""At Stellantis, we don\'t believe that public personal attacks, such as the one in the open letter from the NDC president against our CEO, are the most effective way to solve problems,"" the company said. ""', 'We have started a path that will prove successful.', 'We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results.', '""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15.', 'The stock hit a new 52-week low Thursday of $14.76 per share.', ""Tavares has been on a profit-driven, 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 and cutting vehicle production at plants.', 'Several Stellantis executives described the earlier cuts to CNBC as difficult but effective.', 'Others, who spoke on the condition of anonymity due to potential repercussions, said they were grueling to the point of excessiveness.', 'UAW President Shawn Fain also has publicly criticized Tavares, including in a speech last monthat the Democratic National Convention.', ""He has accused Tavares of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker."", 'The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis\' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.', 'U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018.', 'The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significantdrop of 13% compared withthe previous year.', ""Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased13% last year, according to federal data.""]",-0.0141197919384897,"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 and cutting vehicle production at plants.","The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.",-0.4850924050106722,"Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased13% last year, according to federal data.","""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15.",2024-09-15
New Starbucks CEO Brian Niccol outlines priorities to end coffee chain's slump,https://www.cnbc.com/2024/09/10/new-starbucks-ceo-brian-niccol-outlines-plans-for-business.html,2024-09-10T20:12:53+0000,"In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain's U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""… In some places — especially in the U.S. — we aren't always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better.""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company's branding.""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering.Later, Niccol plans to address its international business, such as in China, its second-largest market. Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers.""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East. Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.But for Niccol's first 100 days, he plans to spend time in the chain's cafes and offices and meet with key suppliers in the U.S.""Today, I'm making a commitment: We're getting back to Starbucks,"" said Niccol.The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan. The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.Niccol's official first day was Monday. He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street. Now, he is tasked with executing a turnaround for Starbucks.Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer. Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development.In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people. We are woven into the fabric of people's lives and the communities we serve. Second, there's a shared sense that we have drifted from our core. We have an opportunity to make the store experience better for our partners and, in turn, for our customers.Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention. Coffee is our heart. We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts. From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers. We invest in the finest quality beans. Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market. We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees. We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence. Each cup is more than a drink; it's a handcrafted moment, made with care.Our stores have always been more than a place to get a drink. They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista. A visit to Starbucks is about connection and joy, and of course great coffee.Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering. It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better. Today, I'm making a commitment: We're getting back to Starbucks. We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas. This is our enduring identity. We will innovate from here.We'll focus initially on four key areas that we know will have the biggest impact: To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform. This is our plan for the U.S., and where I need to focus my time initially. But Starbucks is a global company. We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day. I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them. In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market. Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong. My focus for the first 100 days is clear. I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps. Together, we will get back to what makes Starbucks, Starbucks. On we go, Brian",CNBC,10/09/2024,"['In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain\'s U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""…', 'In some places — especially in the U.S. — we aren\'t always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""', 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', '""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company\'s branding.', '""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.', ""To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering."", 'Later, Niccol plans to address its international business, such as in China, its second-largest market.', ""Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers."", '""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.', 'He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East.', ""Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza."", 'But for Niccol\'s first 100 days, he plans to spend time in the chain\'s cafes and offices and meet with key suppliers in the U.S.""Today, I\'m making a commitment: We\'re getting back to Starbucks,"" said Niccol.', ""The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan."", 'The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.', ""Niccol's official first day was Monday."", 'He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street.', 'Now, he is tasked with executing a turnaround for Starbucks.', 'Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer.', ""Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development."", 'In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people.', ""We are woven into the fabric of people's lives and the communities we serve."", ""Second, there's a shared sense that we have drifted from our core."", 'We have an opportunity to make the store experience better for our partners and, in turn, for our customers.', 'Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention.', 'Coffee is our heart.', ""We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts."", 'From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers.', 'We invest in the finest quality beans.', 'Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market.', 'We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees.', 'We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.', ""Each cup is more than a drink; it's a handcrafted moment, made with care."", 'Our stores have always been more than a place to get a drink.', ""They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista."", 'A visit to Starbucks is about connection and joy, and of course great coffee.', ""Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering."", 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', ""Today, I'm making a commitment: We're getting back to Starbucks."", ""We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas."", 'This is our enduring identity.', 'We will innovate from here.', ""We'll focus initially on four key areas that we know will have the biggest impact:To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform."", 'This is our plan for the U.S., and where I need to focus my time initially.', 'But Starbucks is a global company.', 'We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day.', 'I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them.', 'In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market.', ""Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong."", 'My focus for the first 100 days is clear.', ""I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps."", 'Together, we will get back to what makes Starbucks, Starbucks.', 'On we go,Brian']",0.3141595752723734,We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.,"Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.",0.303786677973611,"Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong.","The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.",2024-09-15
American Airlines flight attendants ratify new contract with immediate raises topping 20%,https://www.cnbc.com/2024/09/12/american-airlines-flight-attendants-ratify-new-contract-with-immediate-raises-topping-20percent.html,2024-09-12T19:33:42+0000,"In this articleAmerican Airlines flight attendants approved a five-year labor deal, ending one of the industry's most contentious contract negotiations and giving cabin crews raises of up to 20.5% at the start of October.Eighty-seven percent of the American Airlines flight attendants who voted approved the contract, the union said Thursday, shortly after polls closed.""This contract marks a significant milestone for our Flight Attendants, providing immediate wage increases of up to 20.5%, along with significant retroactive pay to address time spent negotiating,"" said Julie Hedrick, president of the Association of Professional Flight Attendants, which represents the carrier's roughly 28,000 cabin crew members.Flight attendants are the biggest unionized work group at the Fort Worth-based airline.The contract deal is a relief for American Airlines' leaders, which had faced a strike threat from flight attendants if the two sides could not get to a deal. Transportation Secretary Pete Buttigieg and Labor Secretary Julie Su had attended negotiations in June, overseen by the National Mediation Board. More than 160 lawmakers have also pushed the NMB to get to deals across the airline industry.""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.Flight attendants, similar to other airline workers, have pushed for higher pay and other work-rule improvements after the Covid-19 pandemic derailed negotiations and the cost of living has skyrocketed in recent years.United Airlines and its flight attendants' union are still negotiating for a new contract, while Alaska Airlines cabin crew members recently rejected a tentative labor deal.Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.Some 33,000 Boeing workers are voting on Thursday on a new contract with 25% raises, which some workers have said they will reject. Boeing faces a potential strike if the deal is rejected.",CNBC,12/09/2024,"[""In this articleAmerican Airlines flight attendants approved a five-year labor deal, ending one of the industry's most contentious contract negotiations and giving cabin crews raises of up to 20.5% at the start of October."", 'Eighty-seven percent of the American Airlines flight attendants who voted approved the contract, the union said Thursday, shortly after polls closed.', '""This contract marks a significant milestone for our Flight Attendants, providing immediate wage increases of up to 20.5%, along with significant retroactive pay to address time spent negotiating,"" said Julie Hedrick, president of the Association of Professional Flight Attendants, which represents the carrier\'s roughly 28,000 cabin crew members.', 'Flight attendants are the biggest unionized work group at the Fort Worth-based airline.', ""The contract deal is a relief for American Airlines' leaders, which had faced a strike threat from flight attendants if the two sides could not get to a deal."", 'Transportation Secretary Pete Buttigieg and Labor Secretary Julie Su had attended negotiations in June, overseen by the National Mediation Board.', 'More than 160 lawmakers have also pushed the NMB to get to deals across the airline industry.', '""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.', 'Flight attendants, similar to other airline workers, have pushed for higher pay and other work-rule improvements after the Covid-19 pandemic derailed negotiations and the cost of living has skyrocketed in recent years.', ""United Airlines and its flight attendants' union are still negotiating for a new contract, while Alaska Airlines cabin crew members recently rejected a tentative labor deal."", 'Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.', 'Some 33,000 Boeing workers are voting on Thursday on a new contract with 25% raises, which some workers have said they will reject.', 'Boeing faces a potential strike if the deal is rejected.']",0.0758902950652928,"""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.",Boeing faces a potential strike if the deal is rejected.,0.7709751278162003,"Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.",Boeing faces a potential strike if the deal is rejected.,2024-09-15
"Winter fuel payment: We spend it on holidays, say some pensioners",https://www.bbc.co.uk/news/articles/c4gegy4r9ndo,2024-09-14T01:49:16.380Z,"“The money is just for the holiday kitty,” says Jon Harvey of the £300 he was given every winter to help with heating bills. “I could also use it to go out for a nice meal.” The 80-year-old, like all pensioners in England and Wales, was given the winter fuel payment (WFP) automatically – until this week when the new Labour government voted to change the rules. Now only pensioners who qualify for certain benefits will receive it, an estimated 1.5 million people. Last winter 10.8 million people got the payment. Jon, a retired police officer, tells us “it’s about time” the rules changed as “there are people who need it more than me”. The policy, launched by the last Labour government in 1997, costs nearly £2bn per year but Sir Keir Starmer hopes the changes will save taxpayers £1.5bn. The prime minister says it could help plug the £22bn ""black hole"" he says exists in the national finances - but the Tories and charities fear it could leave some over-65s cold this winter. Beyond the political fray, the argument is nuanced - so the BBC spoke to pensioners to hear the full range of views. Some told us they rely on the payment for heating, while others said they spend the money on things like holidays, restaurants or their grandchildren. Olwen Jones, 70, has been receiving the payment for the last four years since retiring from her job in IT. “I thought about giving it to my brother the last time I was given the payment, except he started getting it himself. Now, I give the money to charity,” she says. The payment acts as a bonus to the bank balance for Nick Plowright. “My mother, who died back in 2019, was also receiving it for many years. When she did, she'd tell us to give it to the grandchildren,” the 68-year-old explains. He adds: “The government needs to make the means testing rigorous, right minded and focused on helping those most in need. Above all, stop paying it to the millions who very obviously do not need it, like me.” The issue of who needs the support is at the heart of the change to the WFP. Office for National Statistics (ONS) figures show that the proportion of wealthy over-65s has grown. In 2010, 9% of this group lived in a household that had a total wealth – including assets like their home and pensions – above £1 million. Ten years later, this rose to 27%. Liz Emerson, CEO of the Intergenerational Foundation, a charity that campaigns for youth-friendly government policy, says it is being fuelled by rising property values. “Alongside that, they have more generous private pensions than young people,” she explains. “So when you combine housing wealth and pension wealth, older people have been doing far better than the younger generation over recent years.” Yet this isn’t just about millionaires - many of those who say they do not need WFP, like those the BBC spoke to, are simply on healthy pensions after years of working. Others are more wealthy, especially if they have sold high-value property and downsized to a house that is far less expensive to heat, ending up with leftover cash in the process. For those who don't sell up, Ms Emerson asks: “Should these pensioners be subsidised by younger taxpayers to stay in a valuable home? It seems to us to be intergenerationally unfair.” The vast majority of over-65s receive a state pension and it’s the main income for those who don’t get a private pension - which their former employer paid into. The state pension increases every year through the triple lock - in line with whichever is highest out of inflation, earnings or 2.5%. This year it increased by £690 for people who reached retirement age before April 2016 and £900 for those after that date. Next year the increases are projected to be £353 and £460 respectively, driven by high inflation and energy costs. The government points out that these increases are worth more than the annual WFP payments, which is £300 for those who retired before April 2016 and £200 for those after. Under the new rules, WFP will be paid only to over-65s who are receiving one of seven benefits: pension credit, universal credit, income-related employment and support allowance, income-based jobseeker’s allowance, income support, child tax credit or working tax credit. Critics argue these alternative measures are not enough. Age UK estimates 2.5 million pensioners on low incomes – but not low enough to get pension credit – will struggle to pay their bills this winter. The Conservatives and other opposition parties have criticised the government for not publishing an impact assessment that would have analysed which older people would have been most affected by the changes. Shelagh Lind, 70, is £2 per week over the pension credit threshold, so will lose WFP. She now fears for the months ahead - and says she’s lost faith in Labour as a lifelong supporter of the party. “I am so cross - I had that money earmarked and now it’s gone,” she says. “I can’t predict how much the bills are going to be. We will suffer.” Rose Brooks, 77, says her WFP money had been dedicated to paying the gas bill. “Without it, I cannot afford to put my central heating on. I honestly don’t know how I am going stay warm this winter.” She adds: “I think I’m just going to have to go to bed early in hope of avoiding the coldest temperatures.” Age UK have started a petition calling for the rule changes to be delayed - and more than 500,000 people have signed it. Chris Brooks, head of policy at the charity, says: “The big problem is that a lot of pensioners, often those who are on very low incomes, don't claim what they're entitled to. “Because they don't claim these benefits, they won’t get the WFP. This puts them in a really difficult financial position and lots of them tell us that they won't be able to turn their heating on this winter.” Both Mr Brooks and Ms Emerson told us they are in favour of giving more support to pensioners on low incomes or those who are medically vulnerable. And not just pensioners - others argue the payment should be widened to some families. Among them is Joan Jones, 76, who says the WFP sits in her bank account as she has “enough income to live on reasonably comfortably”. “There are families with young children who are struggling,” she warns. “Whatever their age, those people who need it should have it first.” Money Box examines who will be affected by the changing rules to winter fuel payments and how you can still receive it if you claim pension credit - are you eligible? BBC Radio 4 - Winter fuel payment and using cash ",BBC,14/09/2024,"['“The money is just for the holiday kitty,” says Jon Harvey of the £300 he was given every winter to help with heating bills. “', 'I could also use it to go out for a nice meal.”', 'The 80-year-old, like all pensioners in England and Wales, was given the winter fuel payment (WFP) automatically – until this week when the new Labour government voted to change the rules.', 'Now only pensioners who qualify for certain benefits will receive it, an estimated 1.5 million people.', 'Last winter 10.8 million people got the payment.', 'Jon, a retired police officer, tells us “it’s about time” the rules changed as “there are people who need it more than me”.', 'The policy, launched by the last Labour government in 1997, costs nearly £2bn per year but Sir Keir Starmer hopes the changes will save taxpayers £1.5bn.', 'The prime minister says it could help plug the £22bn ""black hole"" he says exists in the national finances - but the Tories and charities fear it could leave some over-65s cold this winter.', 'Beyond the political fray, the argument is nuanced - so the BBC spoke to pensioners to hear the full range of views.', 'Some told us they rely on the payment for heating, while others said they spend the money on things like holidays, restaurants or their grandchildren.', 'Olwen Jones, 70, has been receiving the payment for the last four years since retiring from her job in IT. “', 'I thought about giving it to my brother the last time I was given the payment, except he started getting it himself.', 'Now, I give the money to charity,” she says.', 'The payment acts as a bonus to the bank balance for Nick Plowright. “', 'My mother, who died back in 2019, was also receiving it for many years.', ""When she did, she'd tell us to give it to the grandchildren,” the 68-year-old explains."", 'He adds: “The government needs to make the means testing rigorous, right minded and focused on helping those most in need.', 'Above all, stop paying it to the millions who very obviously do not need it, like me.”', 'The issue of who needs the support is at the heart of the change to the WFP.', 'Office for National Statistics (ONS) figures show that the proportion of wealthy over-65s has grown.', 'In 2010, 9% of this group lived in a household that had a total wealth – including assets like their home and pensions – above £1 million.', 'Ten years later, this rose to 27%.', 'Liz Emerson, CEO of the Intergenerational Foundation, a charity that campaigns for youth-friendly government policy, says it is being fuelled by rising property values. “', 'Alongside that, they have more generous private pensions than young people,” she explains. “', 'So when you combine housing wealth and pension wealth, older people have been doing far better than the younger generation over recent years.”', 'Yet this isn’t just about millionaires - many of those who say they do not need WFP, like those the BBC spoke to, are simply on healthy pensions after years of working.', 'Others are more wealthy, especially if they have sold high-value property and downsized to a house that is far less expensive to heat, ending up with leftover cash in the process.', ""For those who don't sell up, Ms Emerson asks: “Should these pensioners be subsidised by younger taxpayers to stay in a valuable home?"", 'It seems to us to be intergenerationally unfair.”', 'The vast majority of over-65s receive a state pension and it’s the main income for those who don’t get a private pension - which their former employer paid into.', 'The state pension increases every year through the triple lock - in line with whichever is highest out of inflation, earnings or 2.5%.', 'This year it increased by £690 for people who reached retirement age before April 2016 and £900 for those after that date.', 'Next year the increases are projected to be £353 and £460 respectively, driven by high inflation and energy costs.', 'The government points out that these increases are worth more than the annual WFP payments, which is £300 for those who retired before April 2016 and £200 for those after.', 'Under the new rules, WFP will be paid only to over-65s who are receiving one of seven benefits: pension credit, universal credit, income-related employment and support allowance, income-based jobseeker’s allowance, income support, child tax credit or working tax credit.', 'Critics argue these alternative measures are not enough.', 'Age UK estimates 2.5 million pensioners on low incomes – but not low enough to get pension credit – will struggle to pay their bills this winter.', 'The Conservatives and other opposition parties have criticised the government for not publishing an impact assessment that would have analysed which older people would have been most affected by the changes.', 'Shelagh Lind, 70, is £2 per week over the pension credit threshold, so will lose WFP.', 'She now fears for the months ahead - and says she’s lost faith in Labour as a lifelong supporter of the party. “', 'I am so cross - I had that money earmarked and now it’s gone,” she says. “', 'I can’t predict how much the bills are going to be.', 'We will suffer.”', 'Rose Brooks, 77, says her WFP money had been dedicated to paying the gas bill. “', 'Without it, I cannot afford to put my central heating on.', 'I honestly don’t know how I am going stay warm this winter.”', 'She adds: “I think I’m just going to have to go to bed early in hope of avoiding the coldest temperatures.”', 'Age UK have started a petition calling for the rule changes to be delayed - and more than 500,000 people have signed it.', ""Chris Brooks, head of policy at the charity, says: “The big problem is that a lot of pensioners, often those who are on very low incomes, don't claim what they're entitled to. “"", ""Because they don't claim these benefits, they won’t get the WFP."", ""This puts them in a really difficult financial position and lots of them tell us that they won't be able to turn their heating on this winter.”"", 'Both Mr Brooks and Ms Emerson told us they are in favour of giving more support to pensioners on low incomes or those who are medically vulnerable.', 'And not just pensioners - others argue the payment should be widened to some families.', 'Among them is Joan Jones, 76, who says the WFP sits in her bank account as she has “enough income to live on reasonably comfortably”. “', 'There are families with young children who are struggling,” she warns. “', 'Whatever their age, those people who need it should have it first.”', 'Money Box examines who will be affected by the changing rules to winter fuel payments and how you can still receive it if you claim pension credit - are you eligible?', 'BBC Radio 4 - Winter fuel payment and using cash']",0.2072407419331086,"Under the new rules, WFP will be paid only to over-65s who are receiving one of seven benefits: pension credit, universal credit, income-related employment and support allowance, income-based jobseeker’s allowance, income support, child tax credit or working tax credit.","My mother, who died back in 2019, was also receiving it for many years.",0.0905422002077102,This year it increased by £690 for people who reached retirement age before April 2016 and £900 for those after that date.,This puts them in a really difficult financial position and lots of them tell us that they won't be able to turn their heating on this winter.”,2024-09-15
"National debt set to treble over next 50 years, says OBR",https://www.bbc.co.uk/news/articles/cewlwkg82ggo,2024-09-12T09:41:02.793Z,"UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster. Those pressures include an ageing population, climate change, and rising geopolitical tensions, the Office for Budget Responsibility (OBR) said in a report. The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"". Chief Secretary to the Treasury Darren Jones said: “The OBR has laid bare the shocking state that our public finances were left in by the previous government."" Jones added that the UK was facing the ""highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP"". The Conservative Party has been contacted for comment. Debt is the total amount of money owed by the government that has built up over years. It rises when there is a deficit - when the government spends more than it receives in income - and falls in those years when there is a surplus - when it spends less than it receives. The higher the debt-to-GDP ratio, the less likely a country is to pay back its debt in full. UK national debt is currently at almost 100% of GDP. The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher. Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP. However, income generated is predicted to remain at around 40% of GDP. By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits. Its Fiscal Risks and Sustainability Report claims the previous and current UK government's aspirations to raise defence spending to 2.5% of GDP could add pressure to the public finances. In addition, the cost of transitioning to net zero, battling extreme weather linked to climate change, and a falling birth rate could also lead to more spending and less revenue, it said. The bill for state pensions and social care is set to rise substantially. Some of this would be mitigated by lower education and working-age benefit spending. The public finances are already under pressure due to ""a succession of extraordinary shocks"" over the past two decades, the report notes. This includes the global financial crisis, the pandemic and the energy crisis. Based on policy settings from March 2024, the analysis warns that public finances will be put on ""an unsustainable path"". A spokesperson for the Prime Minister said the government is seeking to ""restore economic stability"". ""Work has begun to support the economy and businesses, and that's what our focus will be on"", she said. ",BBC,12/09/2024,"['UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster.', 'Those pressures include an ageing population, climate change, and rising geopolitical tensions, the Office for Budget Responsibility (OBR) said in a report.', 'The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"".', 'Chief Secretary to the Treasury Darren Jones said: “The OBR has laid bare the shocking state that our public finances were left in by the previous government.""', 'Jones added that the UK was facing the ""highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP"".', 'The Conservative Party has been contacted for comment.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit - when the government spends more than it receives in income - and falls in those years when there is a surplus - when it spends less than it receives.', 'The higher the debt-to-GDP ratio, the less likely a country is to pay back its debt in full.', 'UK national debt is currently at almost 100% of GDP.', 'The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher.', ""Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP."", 'However, income generated is predicted to remain at around 40% of GDP.', 'By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits.', ""Its Fiscal Risks and Sustainability Report claims the previous and current UK government's aspirations to raise defence spending to 2.5% of GDP could add pressure to the public finances."", 'In addition, the cost of transitioning to net zero, battling extreme weather linked to climate change, and a falling birth rate could also lead to more spending and less revenue, it said.', 'The bill for state pensions and social care is set to rise substantially.', 'Some of this would be mitigated by lower education and working-age benefit spending.', 'The public finances are already under pressure due to ""a succession of extraordinary shocks"" over the past two decades, the report notes.', 'This includes the global financial crisis, the pandemic and the energy crisis.', 'Based on policy settings from March 2024, the analysis warns that public finances will be put on ""an unsustainable path"".', 'A spokesperson for the Prime Minister said the government is seeking to ""restore economic stability"". ""', 'Work has begun to support the economy and businesses, and that\'s what our focus will be on"", she said.']",-0.2147050713724526,"By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits.","The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher.",-0.3111509150928921,"Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP.","The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"".",2024-09-15
Mortgages: Dangers of being a FOMO customer as rates fall,https://www.bbc.co.uk/news/articles/cze5el25kjno,2024-09-13T21:24:55.428Z,"Falling mortgage rates may, at last, be bringing some relief to embattled homeowners and first-time buyers. In a market described as ""frenetic"", lenders are locked in intense competition for new customers while simultaneously trying to hold on to borrowers already on their books. On supposedly unlucky Friday the 13th alone, big-name providers such as the Nationwide, HSBC and NatWest reduced their fixed rates. In an unusual move, TSB did so for the second time in a week. Analysts expect further cuts to come, but brokers say the fear of missing out (FOMO) on better deals is paralysing some borrowers.  Failing to act before their current deal expires leaves them exposed to a much more expensive variable rate. During the last couple of years, mortgage rates have featured in discussions from chats around the dinner table to election debates. About 1.6 million existing borrowers had relatively cheap fixed-rate deals expiring this year. Hundreds of thousands of potential first-time buyers have been hoping to get a place of their own. Yet, rates have been volatile and much higher than what was the norm for more than a decade. The interest rate on a fixed mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.  Average rates on new deals are now 5.49% for a two-year deal, the lowest for more than a year. Five-year deals have an average rate of 5.15%, according to the financial information service Moneyfacts. However, the best, so-called headline, rates are reserved for those borrowing a small proportion of the value of the home (known as loan-to-value). A few are at levels not seen since rates shot up following the mini-Budget in the short-lived premiership of Liz Truss. ""Momentum is really starting to build now and the cuts are coming thick and fast.,"" said Emma Jones, managing director at broker When The Bank Says No. ""Borrowers are the winners as lenders seek to compete for all-important market share as we head into the final months of the year."" The Bank of England's interest rate cut in August, with the potential for more to come, is part of the reason for falling mortgage rates. That came slightly too late for Johnny and Sophie Abbott, whose last mortgage deal expired at the end of July.   When they spoke to the BBC in March, the couple from Loughborough, who have three children, admitted every option seemed like a gamble.  In the end, they chose to buy a home that needed renovation. ""We took the plunge and can just about deal with the mortgage,"" said Mr Abbott. ""It will be great when it's done."" In June, the Bank of England said three million households would see their mortgage payments rise in the next two years, and about 400,000 mortgage holders were facing some “very large"" payment increases. A few months ago, Gary Rees expected to have to make serious lifestyle changes when his current deal expires in October. Now, things are looking better. Yet, typical of many, the benefit is a smaller rise in his monthly mortgage repayments, not a fall. To be blunt, the financial punch won't hurt as much. ""It's improved, but my mortgage rate is still likely to double, rather than triple,"" he said. He is expecting to settle on a two-year deal, in the hope of further rate falls. The Bank of England's next interest rate decision is on Thursday, although analysts are predicting a hold at 5%. These two cases show that, although things are looking more positive for borrowers, not all are getting an equal benefit. Savers, meanwhile, are seeing the interest they receive worsen. Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging. With relatively few buyers, providers are trying to get a piece of a small pie, according to David Hollingworth, of broker L&C. That includes offering loans at higher multiples of income, up to 5.5 times. He said that while the lowest rates were ""not divebombing"", the market was frenetic. The market could also improve for remortgagers, he said, as lenders try to hit year-end targets. Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing. If a fixed deal expires, then borrowers automatically move on to their lender's standard variable rate - which currently carries an average interest demand of 7.99%, which is two-and-a-half percentage points higher than a new two-year deal. Adviser Jo Jingree, director of Mortgage Confidence, said people in the process of buying or remortgaging could still switch to a better deal if rates continued to fall before their personal deadline. ""I’ve seen first-hand that customers have been able to achieve revised mortgage offers on the lower rates which will save them money on their monthly payments,"" she said. Borrowers should monitor their rates, particularly a few weeks before their mortgage completes, to ensure they are getting the best possible rate, said Aaron Strutt, of broker Trinity Financial. He expected rates to keep falling, especially if the Bank of England cuts the base rate on Thursday, or later this year. With the cost of funding mortgages coming down, some in the industry suggest lenders could have cut rates more quickly. They say lenders are making smaller price cuts week after week when they could be making larger reductions in one go. Read more here. ",BBC,13/09/2024,"['Falling mortgage rates may, at last, be bringing some relief to embattled homeowners and first-time buyers.', 'In a market described as ""frenetic"", lenders are locked in intense competition for new customers while simultaneously trying to hold on to borrowers already on their books.', 'On supposedly unlucky Friday the 13th alone, big-name providers such as the Nationwide, HSBC and NatWest reduced their fixed rates.', 'In an unusual move, TSB did so for the second time in a week.', 'Analysts expect further cuts to come, but brokers say the fear of missing out (FOMO) on better deals is paralysing some borrowers.', 'Failing to act before their current deal expires leaves them exposed to a much more expensive variable rate.', 'During the last couple of years, mortgage rates have featured in discussions from chats around the dinner table to election debates.', 'About 1.6 million existing borrowers had relatively cheap fixed-rate deals expiring this year.', 'Hundreds of thousands of potential first-time buyers have been hoping to get a place of their own.', 'Yet, rates have been volatile and much higher than what was the norm for more than a decade.', 'The interest rate on a fixed mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.', 'Average rates on new deals are now 5.49% for a two-year deal, the lowest for more than a year.', 'Five-year deals have an average rate of 5.15%, according to the financial information service Moneyfacts.', 'However, the best, so-called headline, rates are reserved for those borrowing a small proportion of the value of the home (known as loan-to-value).', 'A few are at levels not seen since rates shot up following the mini-Budget in the short-lived premiership of Liz Truss. ""', 'Momentum is really starting to build now and the cuts are coming thick and fast.,""', 'said Emma Jones, managing director at broker When The Bank Says No. ""', 'Borrowers are the winners as lenders seek to compete for all-important market share as we head into the final months of the year.""', ""The Bank of England's interest rate cut in August, with the potential for more to come, is part of the reason for falling mortgage rates."", 'That came slightly too late for Johnny and Sophie Abbott, whose last mortgage deal expired at the end of July.', 'When they spoke to the BBC in March, the couple from Loughborough, who have three children, admitted every option seemed like a gamble.', 'In the end, they chose to buy a home that needed renovation. ""', 'We took the plunge and can just about deal with the mortgage,"" said Mr Abbott. ""', 'It will be great when it\'s done.""', 'In June, the Bank of England said three million households would see their mortgage payments rise in the next two years, and about 400,000 mortgage holders were facing some “very large"" payment increases.', 'A few months ago, Gary Rees expected to have to make serious lifestyle changes when his current deal expires in October.', 'Now, things are looking better.', 'Yet, typical of many, the benefit is a smaller rise in his monthly mortgage repayments, not a fall.', 'To be blunt, the financial punch won\'t hurt as much. ""', 'It\'s improved, but my mortgage rate is still likely to double, rather than triple,"" he said.', 'He is expecting to settle on a two-year deal, in the hope of further rate falls.', ""The Bank of England's next interest rate decision is on Thursday, although analysts are predicting a hold at 5%."", 'These two cases show that, although things are looking more positive for borrowers, not all are getting an equal benefit.', 'Savers, meanwhile, are seeing the interest they receive worsen.', 'Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.', 'With relatively few buyers, providers are trying to get a piece of a small pie, according to David Hollingworth, of broker L&C. That includes offering loans at higher multiples of income, up to 5.5 times.', 'He said that while the lowest rates were ""not divebombing"", the market was frenetic.', 'The market could also improve for remortgagers, he said, as lenders try to hit year-end targets.', 'Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing.', ""If a fixed deal expires, then borrowers automatically move on to their lender's standard variable rate - which currently carries an average interest demand of 7.99%, which is two-and-a-half percentage points higher than a new two-year deal."", 'Adviser Jo Jingree, director of Mortgage Confidence, said people in the process of buying or remortgaging could still switch to a better deal if rates continued to fall before their personal deadline. ""', 'I’ve seen first-hand that customers have been able to achieve revised mortgage offers on the lower rates which will save them money on their monthly payments,"" she said.', 'Borrowers should monitor their rates, particularly a few weeks before their mortgage completes, to ensure they are getting the best possible rate, said Aaron Strutt, of broker Trinity Financial.', 'He expected rates to keep falling, especially if the Bank of England cuts the base rate on Thursday, or later this year.', 'With the cost of funding mortgages coming down, some in the industry suggest lenders could have cut rates more quickly.', 'They say lenders are making smaller price cuts week after week when they could be making larger reductions in one go.', 'Read more here.']",0.1138991542811494,"However, the best, so-called headline, rates are reserved for those borrowing a small proportion of the value of the home (known as loan-to-value).",Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing.,0.3008822585855211,"It's improved, but my mortgage rate is still likely to double, rather than triple,"" he said.","Analysts expect further cuts to come, but brokers say the fear of missing out (FOMO) on better deals is paralysing some borrowers.",2024-09-15
Rupert Murdoch 'Succession' court battle begins,https://www.bbc.co.uk/news/articles/cwyllp4rey9o,2024-09-16T11:44:16.794Z,"A court battle to determine the future of Rupert Murdoch's media empire and a £14.9bn family trust begins in the US on Monday. The case will pit 93-year-old Mr Murdoch against three of his eldest children over who will gain the most voting shares and power to control News Corp and Fox News when the billionaire dies. It has been reported that Mr Murdoch wanted to amend a family trust created in 1999 so that son Lachlan could take control without ""interference"" from his siblings Prudence, Elisabeth and James. The famous family was one of the inspirations behind the hugely popular TV series Succession - something the Murdochs have always refused to comment on. Mr Murdoch, who has been married five times, also has two younger children, Grace and Chloe, who do not have any voting rights under the trust agreement. “From what we know, this plan essentially seeks to put Prudence, James and Elisabeth on the same footing as Murdoch’s two younger daughters,” said Walter Marsh, an Australian journalist and author of the biography Young Rupert: The making of the Murdoch Empire. He added that ""all voting power"" could be handed over to Lachlan. From the 1960s, Mr Murdoch built up his media empire into a globe-spanning media giant with major political and public influence.  His two companies are News Corporation, which owns newspapers including the Times and the Sun in the UK and the Wall Street Journal in the US, and Fox, which broadcasts Fox News. Mr Murdoch had been preparing his two sons to follow in his footsteps, beginning  when they were teens, journalist Andrew Neil told the 2020 BBC documentary The Rise of the Murdoch Dynasty. ""Family has always been very important to Rupert Murdoch, particularly from the point of view of forming a dynasty,"" the former Sunday Times editor said. Alice Enders, head of research at Enders Analysis, told the BBC the court battle was ""actually about commercial interests"". ""The solution would of course have been either for the siblings to have agreed to the change or more likely than not have been bought out in some way, but the price of buying them out is astronomical and Lachlan would have had to assume it just the same as Rupert bought out his siblings many years ago,"" she added.  In 1999, the Murdoch Family Trust, which owns the media companies, was supposed to largely settle the succession plans.  It led to Mr Murdoch giving his eldest children various jobs within his companies. The trust gives the family eight votes, which it can use to have a say on the board of News Corp and Fox News. Mr Murdoch currently controls four of those votes, with his eldest children being in charge of one each. The trust agreement said that once Mr Murdoch died, his votes would be passed on to his four eldest children equally. However, differences in opinions and political views were said to lead to a family rift. The media mogul stepped down as Fox and News Corp chairman in favour of Lachlan, who reportedly shares the same right-wing views as his father. This has reportedly led to James, Elisabeth and Prudence uniting and ""fighting back"". The private court case is being held at Washoe County Courthouse in Reno, Nevada. Media outlets have been barred from the proceedings, which are expected to unfold with testimony from the media titan and the four children named in the trust over the next week, according to the New York Times, which first brought the dispute to light after obtaining copies of sealed court documents. These types of family battles often end in settlements. The case could also be prolonged, if it ends in a decision that one side chooses to appeal against.   Prudence is Mr Murdoch's eldest child, from his marriage to his first wife Patricia Booker. He had Elisabeth, Lachlan and James with second wife Anna Mann, whom he was married to from 1967 to 1999. Grace and Chloe's mother is Wendi Deng, who was married to the billionaire from 1999 to 2013. Mr Murdoch's fourth marriage was to model Jerry Hall in 2016, with the couple divorcing in 2022. He recently married his fifth wife Elena Zhukova in June this year. ",BBC,16/09/2024,"[""A court battle to determine the future of Rupert Murdoch's media empire and a £14.9bn family trust begins in the US on Monday."", 'The case will pit 93-year-old Mr Murdoch against three of his eldest children over who will gain the most voting shares and power to control News Corp and Fox News when the billionaire dies.', 'It has been reported that Mr Murdoch wanted to amend a family trust created in 1999 so that son Lachlan could take control without ""interference"" from his siblings Prudence, Elisabeth and James.', 'The famous family was one of the inspirations behind the hugely popular TV series Succession - something the Murdochs have always refused to comment on.', 'Mr Murdoch, who has been married five times, also has two younger children, Grace and Chloe, who do not have any voting rights under the trust agreement. “', 'From what we know, this plan essentially seeks to put Prudence, James and Elisabeth on the same footing as Murdoch’s two younger daughters,” said Walter Marsh, an Australian journalist and author of the biography Young Rupert: The making of the Murdoch Empire.', 'He added that ""all voting power"" could be handed over to Lachlan.', 'From the 1960s, Mr Murdoch built up his media empire into a globe-spanning media giant with major political and public influence.', 'His two companies are News Corporation, which owns newspapers including the Times and the Sun in the UK and the Wall Street Journal in the US, and Fox, which broadcasts Fox News.', 'Mr Murdoch had been preparing his two sons to follow in his footsteps, beginning when they were teens, journalist Andrew Neil told the 2020 BBC documentary The Rise of the Murdoch Dynasty. ""', 'Family has always been very important to Rupert Murdoch, particularly from the point of view of forming a dynasty,"" the former Sunday Times editor said.', 'Alice Enders, head of research at Enders Analysis, told the BBC the court battle was ""actually about commercial interests"". ""', 'The solution would of course have been either for the siblings to have agreed to the change or more likely than not have been bought out in some way, but the price of buying them out is astronomical and Lachlan would have had to assume it just the same as Rupert bought out his siblings many years ago,"" she added.', 'In 1999, the Murdoch Family Trust, which owns the media companies, was supposed to largely settle the succession plans.', 'It led to Mr Murdoch giving his eldest children various jobs within his companies.', 'The trust gives the family eight votes, which it can use to have a say on the board of News Corp and Fox News.', 'Mr Murdoch currently controls four of those votes, with his eldest children being in charge of one each.', 'The trust agreement said that once Mr Murdoch died, his votes would be passed on to his four eldest children equally.', 'However, differences in opinions and political views were said to lead to a family rift.', 'The media mogul stepped down as Fox and News Corp chairman in favour of Lachlan, who reportedly shares the same right-wing views as his father.', 'This has reportedly led to James, Elisabeth and Prudence uniting and ""fighting back"".', 'The private court case is being held at Washoe County Courthouse in Reno, Nevada.', 'Media outlets have been barred from the proceedings, which are expected to unfold with testimony from the media titan and the four children named in the trust over the next week, according to the New York Times, which first brought the dispute to light after obtaining copies of sealed court documents.', 'These types of family battles often end in settlements.', 'The case could also be prolonged, if it ends in a decision that one side chooses to appeal against.', ""Prudence is Mr Murdoch's eldest child, from his marriage to his first wife Patricia Booker."", 'He had Elisabeth, Lachlan and James with second wife Anna Mann, whom he was married to from 1967 to 1999.', ""Grace and Chloe's mother is Wendi Deng, who was married to the billionaire from 1999 to 2013."", ""Mr Murdoch's fourth marriage was to model Jerry Hall in 2016, with the couple divorcing in 2022."", 'He recently married his fifth wife Elena Zhukova in June this year.']",0.1957474254374564,"Mr Murdoch, who has been married five times, also has two younger children, Grace and Chloe, who do not have any voting rights under the trust agreement. “",These types of family battles often end in settlements.,0.02676323056221,"This has reportedly led to James, Elisabeth and Prudence uniting and ""fighting back"".","However, differences in opinions and political views were said to lead to a family rift.",2024-09-15
"Women's sports are on an upward trajectory as fans, brands engage",https://www.cnbc.com/2024/09/10/womens-sports-upward-trajectory-fans-brands.html,2024-09-11T16:22:42+0000,"The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League. They're only going to get bigger.""We've finally reached the point where it isn't a question as to whether this is a moment and it's going to pass or whether it's going to stand the test of time, because it isn't just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom's Game Plan sports business event on Tuesday.Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes. And those leagues are sharing best practices so that all women's sports can get a boost.""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.And fans aren't the only one taking notice. Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association.Gotfredson noted that fans of women's sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men's sports and male athletes. She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues.""It's still a small percentage of brands spending in women's sports,"" she said. ""It continues to get bigger.""Cameron Brink, a forward on the WNBA's Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.""Even though my [WNBA] contract may not be as much as I'm making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday's panel. ""My success on court leads to success off court.""Both Brink and USC's women's basketball star JuJu Watkins agreed that more women's sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch."" Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.Yet Berman said women's leagues have a lot of catching up to do. The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.""Men's sports have been around for hundreds of years and have decades of experience,"" Berman said. ""You can't catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League."", ""They're only going to get bigger."", '""We\'ve finally reached the point where it isn\'t a question as to whether this is a moment and it\'s going to pass or whether it\'s going to stand the test of time, because it isn\'t just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom\'s Game Plan sports business event on Tuesday.', ""Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes."", ""And those leagues are sharing best practices so that all women's sports can get a boost."", '""We\'re trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.', ""And fans aren't the only one taking notice."", ""Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association."", 'Gotfredson noted that fans of women\'s sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men\'s sports and male athletes.', ""She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues."", '""It\'s still a small percentage of brands spending in women\'s sports,"" she said. ""', 'It continues to get bigger.', '""Cameron Brink, a forward on the WNBA\'s Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.', '""Even though my [WNBA] contract may not be as much as I\'m making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday\'s panel. ""', 'My success on court leads to success off court.', '""Both Brink and USC\'s women\'s basketball star JuJu Watkins agreed that more women\'s sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch.""', 'Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.', 'Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.', ""Yet Berman said women's leagues have a lot of catching up to do."", 'The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.', '""Men\'s sports have been around for hundreds of years and have decades of experience,"" Berman said. ""', 'You can\'t catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.3104146595019921,And those leagues are sharing best practices so that all women's sports can get a boost.,"""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.",0.930249101585812,And those leagues are sharing best practices so that all women's sports can get a boost.,,2024-09-15
Junior Bridgeman buying stake in Milwaukee Bucks in a deal that values team at $4 billion,https://www.cnbc.com/2024/09/12/junior-bridgeman-buying-stake-in-milwaukee-bucks-team-valued-at-4-billion.html,2024-09-12T14:15:56+0000,"Businessman and former NBA player Ulysses Lee ""Junior"" Bridgeman is buying a 10% stake in the Milwaukee Bucks, according to three sources familiar with the deal. The transaction will value the team at $4 billion.NBA owners will be notified of the sale in a memo Thursday, added the sources, who asked to remain anonymous because the details of the deal are not public.Bridgeman, the current owner of Ebony and Jet magazines, is getting a preferred limited partner discount of 15%, or a $3.4 billion valuation, to buy a portion of the team that he played for from 1975 to 1984, the sources said.He is reported to have a net worth of more than $600 million after finding success in a variety of businesses ranging from fast-food chains to being a Coca-Cola bottling distributor.The Bucks declined to comment, and Bridgeman did not immediately respond to a request for comment.The Milwaukee Bucks are owned by Jimmy and Dee Haslam, Wes Edens, and Jamie Dinan. The three ownership groups each have about a 25% stake in the team.This would mark the first NBA sale since the league signed an 11-year media agreement with Disney, Comcast's NBCUniversal and Amazon Prime in July.The deal shows the Bucks, a small-market team, are continuing to grow. When former Milwaukee Bucks co-owner Marc Lasry sold his 25% stake in the team to the Haslams last April, the team was valued at about $3.2 billion.The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season. The Bucks will likely pay a hefty luxury tax this season as they are paying Giannis Antetokounmpo $48 million, Damian Lillard $45 million and Khris Middleton $31 million for the 2024-2025 season.The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.",CNBC,12/09/2024,"['Businessman and former NBA player Ulysses Lee ""Junior"" Bridgeman is buying a 10% stake in the Milwaukee Bucks, according to three sources familiar with the deal.', 'The transaction will value the team at $4 billion.', 'NBA owners will be notified of the sale in a memo Thursday, added the sources, who asked to remain anonymous because the details of the deal are not public.', 'Bridgeman, the current owner of Ebony and Jet magazines, is getting a preferred limited partner discount of 15%, or a $3.4 billion valuation, to buy a portion of the team that he played for from 1975 to 1984, the sources said.', 'He is reported to have a net worth of more than $600 million after finding success in a variety of businesses ranging from fast-food chains to being a Coca-Cola bottling distributor.', 'The Bucks declined to comment, and Bridgeman did not immediately respond to a request for comment.', 'The Milwaukee Bucks are owned by Jimmy and Dee Haslam, Wes Edens, and Jamie Dinan.', 'The three ownership groups each have about a 25% stake in the team.', ""This would mark the first NBA sale since the league signed an 11-year media agreement with Disney, Comcast's NBCUniversal and Amazon Prime in July."", 'The deal shows the Bucks, a small-market team, are continuing to grow.', 'When former Milwaukee Bucks co-owner Marc Lasry sold his 25% stake in the team to the Haslams last April, the team was valued at about $3.2 billion.', 'The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.', 'The Bucks will likely pay a hefty luxury tax this seasonas they are paying Giannis Antetokounmpo $48 million, Damian Lillard $45 million and Khris Middleton $31 million for the 2024-2025 season.', 'The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.']",0.1777565215403083,"The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.","The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.",0.5000086426734924,"The deal shows the Bucks, a small-market team, are continuing to grow.","The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.",2024-09-15
Coffee alternatives: Start-ups claim beanless coffee more ethical,https://www.bbc.co.uk/news/articles/c4gv0rvx0dvo,2024-09-12T23:02:19.760Z,"I am in a high-end coffee shop in a tech-heavy area of San Francisco, staring suspiciously into a cup of espresso. This is no conventional coffee: it is made without using a single coffee bean. It comes from Atomo, one of a band of alt-coffee start-ups hoping to revolutionise the world of brewed coffee. “We take great offence when someone says that we're a coffee substitute,” says Andy Kleitsch, the chief executive of Seattle based start-up Atomo, from whose pure, beanless ground product my espresso has been made. Traditional coffee substitutes have a reputation for not tasting much like coffee and are usually caffeine-free. However, the newcomers intend to replicate one of the world’s most popular beverages from taste, to caffeine punch, to drinking experience – and the first of this nascent industry’s beanless concoctions have begun to appear. They say there's a strong environmental argument for their beanless brews. According to the World Wide Fund for Nature, coffee cultivation is currently the sixth largest cause of deforestation. That impact is expected to widen as demand increases: consumption is fast rising in traditional tea drinking countries like India and China. Meanwhile, climate change is pushing plantations to higher altitudes to escape the heat. So, beanless coffee is potentially a less environmentally damaging alternative. The newcomers also argue that, if scaled up, beanless coffee could be cheaper than its conventional competition. And, with coffee prices reaching record levels on the international markets this year, that point is timely.  Also, in December, a new EU regulation is set to come into effect that outlaws the sale of products, coffee included, that can’t prove they are not linked to deforestation. “A lot of big coffee companies are watching this field,” says Chahan Yeretzian, a professor of analytical chemistry, who heads the Coffee Excellence Centre at the Zurich University of Applied Sciences in Switzerland. Niels Haak, director of sustainable coffee partnerships at Conservation International, an environmental non-profit, welcomes the innovative approaches to tackling coffee’s deforestation problem, but he also doubts if beanless coffee will be able to make much dent. Coffee growing provides livelihoods and income to many smallholder farming families globally, he further notes. The conundrum is if they move away from growing coffee, they will turn to alternative crops or land uses. In some countries there is even a risk they turn to illicit activities such as growing coca – the plant cocaine derives from – which has similar deforestation issues. “There are no silver bullets,” he says. He notes there is work ongoing – from coffee certification schemes, to efforts aimed at strengthening so-called shade coffee farming where coffee is grown under a canopy of other trees – to make coffee growing more sustainable and support communities. “[The coffee sector] is on a journey to transform,” he says. Yet the beanless companies counter that transformation isn’t wide enough or quick enough. Coffee is causing massive deforestation and coffee farmers live in poverty. If alt-coffee could offset even just the extra projected coffee demand it would be a win for the planet that wouldn’t put anyone out of business. And, as the climate changes, there are plenty of crops beyond illicit ones that coffee farmers could switch to that don’t require slashing more forest. Atomo, which launched in 2019, is currently sold in more than 70 coffee shops in the US. Coffee shop chain Bluestone Lane added it to the menu at all its locations in early August, including in San Francisco. Since June, Atomo has also been selling through its website a blend of beanless and conventional coffee intended for home brewing that I have also purchased to try. It currently costs slightly more than premium conventional coffee. For example, to make my espresso with Atomo adds on 50 cents (38p). Atomo’s ingredients aren’t particularly high tech: date seeds, ramón seeds, sunflower seed extract, fructose, pea protein, millet, lemon, guava, fenugreek seeds, caffeine and baking soda. Things begin with waste date seeds or pits. Rock hard, they are granulated then infused with a secret marinade of ingredients from the list above, before being roasted to create new flavours, aromas and compounds. Further ingredients then finish things off. Atomo’s caffeine is sourced from green tea decaffeination, though synthetically-made caffeine is also used to provide beanless coffee’s kick. Atomo operates a facility in southern California, where the date pits are cleaned and washed, and a second facility in Seattle where the manufacturing takes place. Current capacity is four million pounds a year, which Mr Kleitsch describes as a “rounding error” in the world of coffee production: Starbucks buys about 800 million. As for trying Atomo, both the coffee shop espresso and the brew-at-home version tasted close enough to good coffee for me. Perhaps luckily for these companies, coffee can have many different undertones. Others have different ingredients and methods. Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland. Roasted and ground lupin, chickpea, malted barley, and chicory are amongst the major ingredients the company works with, along with an undisclosed natural flavouring. Though notes David Klingen, the company’s boss, operations are still in the research and development phase. Ingredients may change as it perfects its brew. Other companies on the scene include Singapore-based Prefer and San Francisco's Minus. And, though it is further from market, also being pursued is the tantalising possibility of lab-grown or cultured coffee. In the same way animal cells can be cultivated in a bioreactor and harvested to produce meat cell products – so cells extracted from coffee plants could be similarly grown, then fermented and roasted to produce a brew. Proof of concept was demonstrated in 2021 by Finnish government researchers, who are now trying to help accelerate commercialisation. Cell-based coffee start-ups include Swiss-based Foodbrewer, US-based California Cultured, and Singapore-based Another. The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money. There are also doubts the technology will be able to scale economically. Meanwhile, challenges for the beanless firms remain. The house-filling aroma that real coffee generates is still elusive for them. And bean-free coffee doesn’t provide emotional connections to faraway places – Colombia, Ethiopia, Indonesia – the way real coffee can. Atomo’s main business hurdle now is finding large coffee partners who want to offer their consumers a new choice, while Northern Wonder’s is finding the right investors. “People aren’t completely sure how big the category will be and when,” says Mr Klingen. I don’t think I’ll be switching – I can’t help but like that real coffee is grown by people somewhere – but beanless coffee certainly left me thinking I should investigate the sustainability and ethics of my conventional brew. ",BBC,12/09/2024,"['I am in a high-end coffee shop in a tech-heavy area of San Francisco, staring suspiciously into a cup of espresso.', 'This is no conventional coffee: it is made without using a single coffee bean.', 'It comes from Atomo, one of a band of alt-coffee start-ups hoping to revolutionise the world of brewed coffee. “', ""We take great offence when someone says that we're a coffee substitute,” says Andy Kleitsch, the chief executive of Seattle based start-up Atomo, from whose pure, beanless ground product my espresso has been made."", 'Traditional coffee substitutes have a reputation for not tasting much like coffee and are usually caffeine-free.', 'However, the newcomers intend to replicate one of the world’s most popular beverages from taste, to caffeine punch, to drinking experience – and the first of this nascent industry’s beanless concoctions have begun to appear.', ""They say there's a strong environmental argument for their beanless brews."", 'According to the World Wide Fund for Nature, coffee cultivation is currently the sixth largest cause of deforestation.', 'That impact is expected to widen as demand increases: consumption is fast rising in traditional tea drinking countries like India and China.', 'Meanwhile, climate change is pushing plantations to higher altitudes to escape the heat.', 'So, beanless coffee is potentially a less environmentally damaging alternative.', 'The newcomers also argue that, if scaled up, beanless coffee could be cheaper than its conventional competition.', 'And, with coffee prices reaching record levels on the international markets this year, that point is timely.', 'Also, in December, a new EU regulation is set to come into effect that outlaws the sale of products, coffee included, that can’t prove they are not linked to deforestation. “', 'A lot of big coffee companies are watching this field,” says Chahan Yeretzian, a professor of analytical chemistry, who heads the Coffee Excellence Centre at the Zurich University of Applied Sciences in Switzerland.', 'Niels Haak, director of sustainable coffee partnerships at Conservation International, an environmental non-profit, welcomes the innovative approaches to tackling coffee’s deforestation problem, but he also doubts if beanless coffee will be able to make much dent.', 'Coffee growing provides livelihoods and income to many smallholder farming families globally, he further notes.', 'The conundrum is if they move away from growing coffee, they will turn to alternative crops or land uses.', 'In some countries there is even a risk they turn to illicit activities such as growing coca – the plant cocaine derives from – which has similar deforestation issues. “', 'There are no silver bullets,” he says.', 'He notes there is work ongoing – from coffee certification schemes, to efforts aimed at strengthening so-called shade coffee farming where coffee is grown under a canopy of other trees – to make coffee growing more sustainable and support communities. “[', 'The coffee sector] is on a journey to transform,” he says.', 'Yet the beanless companies counter that transformation isn’t wide enough or quick enough.', 'Coffee is causing massive deforestation and coffee farmers live in poverty.', 'If alt-coffee could offset even just the extra projected coffee demand it would be a win for the planet that wouldn’t put anyone out of business.', 'And, as the climate changes, there are plenty of crops beyond illicit ones that coffee farmers could switch to that don’t require slashing more forest.', 'Atomo, which launched in 2019, is currently sold in more than 70 coffee shops in the US.', 'Coffee shop chain Bluestone Lane added it to the menu at all its locations in early August, including in San Francisco.', 'Since June, Atomo has also been selling through its website a blend of beanless and conventional coffee intended for home brewing that I have also purchased to try.', 'It currently costs slightly more than premium conventional coffee.', 'For example, to make my espresso with Atomo adds on 50 cents (38p).', 'Atomo’s ingredients aren’t particularly high tech: date seeds, ramón seeds, sunflower seed extract, fructose, pea protein, millet, lemon, guava, fenugreek seeds, caffeine and baking soda.', 'Things begin with waste date seeds or pits.', 'Rock hard, they are granulated then infused with a secret marinade of ingredients from the list above, before being roasted to create new flavours, aromas and compounds.', 'Further ingredients then finish things off.', 'Atomo’s caffeine is sourced from green tea decaffeination, though synthetically-made caffeine is also used to provide beanless coffee’s kick.', 'Atomo operates a facility in southern California, where the date pits are cleaned and washed, and a second facility in Seattle where the manufacturing takes place.', 'Current capacity is four million pounds a year, which Mr Kleitsch describes as a “rounding error” in the world of coffee production: Starbucks buys about 800 million.', 'As for trying Atomo, both the coffee shop espresso and the brew-at-home version tasted close enough to good coffee for me.', 'Perhaps luckily for these companies, coffee can have many different undertones.', 'Others have different ingredients and methods.', 'Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland.', 'Roasted and ground lupin, chickpea, malted barley, and chicory are amongst the major ingredients the company works with, along with an undisclosed natural flavouring.', 'Though notes David Klingen, the company’s boss, operations are still in the research and development phase.', 'Ingredients may change as it perfects its brew.', ""Other companies on the scene include Singapore-based Prefer and San Francisco's Minus."", 'And, though it is further from market, also being pursued is the tantalising possibility of lab-grown or cultured coffee.', 'In the same way animal cells can be cultivated in a bioreactor and harvested to produce meat cell products – so cells extracted from coffee plants could be similarly grown, then fermented and roasted to produce a brew.', 'Proof of concept was demonstrated in 2021 by Finnish government researchers, who are now trying to help accelerate commercialisation.', 'Cell-based coffee start-ups include Swiss-based Foodbrewer, US-based California Cultured, and Singapore-based Another.', 'The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money.', 'There are also doubts the technology will be able to scale economically.', 'Meanwhile, challenges for the beanless firms remain.', 'The house-filling aroma that real coffee generates is still elusive for them.', 'And bean-free coffee doesn’t provide emotional connections to faraway places – Colombia, Ethiopia, Indonesia – the way real coffee can.', 'Atomo’s main business hurdle now is finding large coffee partners who want to offer their consumers a new choice, while Northern Wonder’s is finding the right investors. “', 'People aren’t completely sure how big the category will be and when,” says Mr Klingen.', 'I don’t think I’ll be switching – I can’t help but like that real coffee is grown by people somewhere – but beanless coffee certainly left me thinking I should investigate the sustainability and ethics of my conventional brew.']",0.1216310316518521,"The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money.",Coffee is causing massive deforestation and coffee farmers live in poverty.,0.3634581342339515,"Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland.",Coffee is causing massive deforestation and coffee farmers live in poverty.,2024-09-15
German opens door to Kenyan workers in labour deal,https://www.bbc.co.uk/news/articles/c4gegkkg14ko,2024-09-13T14:59:55.071Z,"Berlin has agreed to allow skilled and semi-skilled Kenyan workers into Germany in a controlled and targeted labour migration deal.  Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour.  The German government has said the deal does not specify the number of workers who will be allowed in.  Migration agreements are a central pillar in the German government's efforts to curb immigration.  The agreement will also simplify the repatriation of Kenyans who are in Germany without legal permission. Five Kenyan bus drivers have already been welcomed to Flensburg, in the north of Germany, in a pilot project.  Immigration is a huge issue in Germany at the moment, following the rise in popularity of the far-right anti-immigration party, Alternative for Germany (AfD).  Successive governments in Berlin have allowed relatively large numbers of asylum seekers to settle in the country in recent years. Germany took in more than one million people, mostly fleeing war in countries such as Syria, during the 2015-2016 migrant crisis, and has received 1.2 million Ukrainians since Russia's full-scale invasion began in February 2022. The labour deal was signed in Berlin by Germany's Chancellor Olaf Scholz and Kenya's President William Ruto.  Germany agreed to ease some of its immigration laws to enable Kenyans to find employment in Europe's biggest economy.  Authorities in Berlin will also consider extending temporary residence permits for Kenyan workers who have secured an approved job. Kenyans will also be issued with long-term visas to study or do vocational training in Germany. ""On the expiry of the long-stay visa, Kenyans may receive a temporary residence permit for study purposes in Germany for up to two years,"" the agreement states.  The temporary residence permit may be extended if the purpose of residence has not yet been achieved but is achievable within a ""reasonable"" period, it adds.  According to the deal, IT specialists from Kenya will be allowed to enter and work in Germany, even if they do not have formal qualifications. Both governments will support the immigration of skilled workers who have finished vocational training or earned a university degree, as long as their qualifications are recognised by the relevant authorities of the other party.  The deal also includes provisions for the readmission and return of citizens between the two nations. It spells out guidelines to prevent and fight against labour exploitation, forced labour and human trafficking.  While welcoming five Kenyan drivers in Flensburg on Thursday, Schleswig-Holstein's Transport Minister Claus Ruhe Madsen said Germany was in need of  hard-working hands and clever minds.  ""We simply have to position ourselves in Germany in such a way that it is attractive to come here,"" Mr Madsen added.  The drivers are the first batch of Kenyan workers, who will be trained by the Aktiv bus company in a pilot project, hoping to get a job in Germany. Doctors, nurses and teachers are among those expected to take part in the programme. The International Labour Organisation (ILO) said the deal was expected to significantly increase access to decent foreign jobs for Kenyan workers in Germany and address labour shortages in Germany. ""It includes mechanisms to protect the rights and welfare of Kenyan migrant workers in Germany, ensuring safe, orderly, and productive migration,"" ILO added in a statement.  But there are concerns about a brain-drain in Kenya with professionals like doctors and nurses going abroad for jobs, leaving local hospitals with a huge shortage of medical workers.  ""It is sad that we are going to service other countries at the expense of our own country,"" Ekuru Aukot, a Kenyan lawyer and politician, told the BBC's Newsday programme.  But Roseline Njogu, a senior foreign affairs official, said Kenya was simply responding to the global labour market demands.   ""We have a youth bulge in Kenya and  every year we have a million people joining the local labour market. It takes time and resources to create job opportunities at home,"" she added.  Correction 14 September 2024:  An earlier version of this article put a figure on how many Kenyan workers would be allowed into Germany under the deal. The German interior ministry corrected this to state that the deal did not specify a figure.  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,13/09/2024,"['Berlin has agreed to allow skilled and semi-skilled Kenyan workers into Germany in a controlled and targeted labour migration deal.', 'Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour.', 'The German government has said the deal does not specify the number of workers who will be allowed in.', ""Migration agreements are a central pillar in the German government's efforts to curb immigration."", 'The agreement will also simplify the repatriation of Kenyans who are in Germany without legal permission.', 'Five Kenyan bus drivers have already been welcomed to Flensburg, in the north of Germany, in a pilot project.', 'Immigration is a huge issue in Germany at the moment, following the rise in popularity of the far-right anti-immigration party, Alternative for Germany (AfD).', 'Successive governments in Berlin have allowed relatively large numbers of asylum seekers to settle in the country in recent years.', ""Germany took in more than one million people, mostly fleeing war in countries such as Syria, during the 2015-2016 migrant crisis, and has received 1.2 million Ukrainians since Russia's full-scale invasion began in February 2022."", ""The labour deal was signed in Berlin by Germany's Chancellor Olaf Scholz and Kenya's President William Ruto."", ""Germany agreed to ease some of its immigration laws to enable Kenyans to find employment in Europe's biggest economy."", 'Authorities in Berlin will also consider extending temporary residence permits for Kenyan workers who have secured an approved job.', 'Kenyans will also be issued with long-term visas to study or do vocational training in Germany. ""', 'On the expiry of the long-stay visa, Kenyans may receive a temporary residence permit for study purposes in Germany for up to two years,"" the agreement states.', 'The temporary residence permit may be extended if the purpose of residence has not yet been achieved but is achievable within a ""reasonable"" period, it adds.', 'According to the deal, IT specialists from Kenya will be allowed to enter and work in Germany, even if they do not have formal qualifications.', 'Both governments will support the immigration of skilled workers who have finished vocational training or earned a university degree, as long as their qualifications are recognised by the relevant authorities of the other party.', 'The deal also includes provisions for the readmission and return of citizens between the two nations.', 'It spells out guidelines to prevent and fight against labour exploitation, forced labour and human trafficking.', 'While welcoming five Kenyan drivers in Flensburg on Thursday, Schleswig-Holstein\'s Transport Minister Claus Ruhe Madsen said Germany was in need of hard-working hands and clever minds. ""', 'We simply have to position ourselves in Germany in such a way that it is attractive to come here,"" Mr Madsen added.', 'The drivers are the first batch of Kenyan workers, who will be trained by the Aktiv bus company in a pilot project, hoping to get a job in Germany.', 'Doctors, nurses and teachers are among those expected to take part in the programme.', 'The International Labour Organisation (ILO) said the deal was expected to significantly increase access to decent foreign jobs for Kenyan workers in Germany and address labour shortages in Germany. ""', 'It includes mechanisms to protect the rights and welfare of Kenyan migrant workers in Germany, ensuring safe, orderly, and productive migration,"" ILO added in a statement.', 'But there are concerns about a brain-drain in Kenya with professionals like doctors and nurses going abroad for jobs, leaving local hospitals with a huge shortage of medical workers. ""', 'It is sad that we are going to service other countries at the expense of our own country,"" Ekuru Aukot, a Kenyan lawyer and politician, told the BBC\'s Newsday programme.', 'But Roseline Njogu, a senior foreign affairs official, said Kenya was simply responding to the global labour market demands. ""', 'We have a youth bulge in Kenya and every year we have a million people joining the local labour market.', 'It takes time and resources to create job opportunities at home,"" she added.', 'Correction 14 September 2024: An earlier version of this article put a figure on how many Kenyan workers would be allowed into Germany under the deal.', 'The German interior ministry corrected this to state that the deal did not specify a figure.', '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']",0.181176085587887,"It includes mechanisms to protect the rights and welfare of Kenyan migrant workers in Germany, ensuring safe, orderly, and productive migration,"" ILO added in a statement.","Germany took in more than one million people, mostly fleeing war in countries such as Syria, during the 2015-2016 migrant crisis, and has received 1.2 million Ukrainians since Russia's full-scale invasion began in February 2022.",0.4451243064620278,"The International Labour Organisation (ILO) said the deal was expected to significantly increase access to decent foreign jobs for Kenyan workers in Germany and address labour shortages in Germany. ""","Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour.",2024-09-15
Flights are getting more expensive again as airlines scale back their growth plans,https://www.cnbc.com/2024/09/12/flights-are-getting-more-expensive-as-airlines-scale-back-growth-plans.html,2024-09-12T20:59:16+0000,"In this articleAirlines are reporting better unit revenues for the tail end of summer, a sign customers will continue to have to shell out more to fly in the coming months.Alaska Airlines on Thursday raised its third-quarter profit forecast to a range of $2.15 to $2.25 per share from a previous outlook of no more than $1.60 per share. It also said it expects unit revenue to rise by as much as 2% after previously estimating flat to ""positive"" unit revenue growth over last year.Delta Air Lines said domestic and trans-Atlantic unit revenue would be up in September from last year, though it said the CrowdStrike outage in July will mean unit sales will rise no more than 1% compared with a previous forecast of as much as 4% higher for the quarter. Delta has said it expected a $500 million hit from the outage and its aftermath, when it canceled some 7,000 flights.Alaska said it had a tail wind from the outage, which affected Delta customers more than those on other airlines.""While capacity remains in line with prior expectations, revenue has performed better than anticipated driven by additional revenue in July related to CrowdStrike disruptions across the industry and stronger performance in August and September,"" Alaska said in a securities filing.Delta's president, Glen Hauenstein, told a Morgan Stanley conference on Thursday that Delta isn't seeing a lingering impact on bookings from the outage.Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power. That appears to be changing.Wednesday's U.S. inflation report showed an airfare price index rose 3.9% in August after five consecutive months of declines.Frontier Airlines said Wednesday that it might break even this quarter, on an adjusted basis, after a previous forecast of margins ranging from -3% to -6%, after it moderated capacity. Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines' cancellations due to technology outages in July.""Airlines from full-service carriers like Delta and United to budget airlines like Frontier and Spirit have been chasing higher-spending travelers with perks like more space on board.""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United's CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.U.S. airlines have also slowed if not halted hiring altogether this year as aircraft arrive late from Boeing and Airbus, and demand moderates after a massive hiring spree.",CNBC,12/09/2024,"['In this articleAirlines are reporting better unit revenues for the tail end of summer, a sign customers will continue to have to shell out more to fly in the coming months.', 'Alaska Airlines on Thursday raised its third-quarter profit forecast to a range of $2.15 to $2.25 per share from a previous outlook of no more than $1.60 per share.', 'It also said it expects unit revenue to rise by as much as 2% after previously estimating flat to ""positive"" unit revenue growth over last year.', 'Delta Air Lines said domestic and trans-Atlantic unit revenue would be up in September from last year, though it said the CrowdStrike outage in July will mean unit sales will rise no more than 1% compared with a previous forecast of as much as 4% higher for the quarter.', 'Delta has said it expected a $500 million hit from the outage and its aftermath, when it canceled some 7,000 flights.', 'Alaska said it had a tail wind from the outage, which affected Delta customers more than those on other airlines.', '""While capacity remains in line with prior expectations, revenue has performed better than anticipated driven by additional revenue in July related to CrowdStrike disruptions across the industry and stronger performance in August and September,"" Alaska said in a securities filing.', ""Delta's president, Glen Hauenstein, told a Morgan Stanley conference on Thursday that Delta isn't seeing a lingering impact on bookings from the outage."", 'Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.', 'That appears to be changing.', ""Wednesday's U.S. inflation report showed an airfare price index rose 3.9% in August after five consecutive months of declines."", 'Frontier Airlines said Wednesday that it might break even this quarter, on an adjusted basis, after a previous forecast of margins ranging from -3% to -6%, after it moderated capacity.', 'Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines\' cancellations due to technology outages in July.', '""Airlines from full-service carriers like Delta and United to budget airlines like Frontier and Spirit have been chasing higher-spending travelers with perks like more space on board.', '""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United\'s CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.', 'U.S. airlines have also slowed if not halted hiring altogether this year as aircraft arrive late from Boeing and Airbus, and demand moderates after a massive hiring spree.']",0.2176318050462712,"""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United's CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.",Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.,0.2049540479977925,"Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines' cancellations due to technology outages in July.",Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.,2024-09-15
Three key questions that will shape whether Coach and Michael Kors owners will merge,https://www.cnbc.com/2024/09/12/tapestry-capri-antitrust-trial-key-questions-about-merger.html,2024-09-16T12:13:58+0000,"In this articleJust a few miles from the birthplace of Coach in New York City, a federal judge will soon decide whether its owner Tapestry can become a bag behemoth — in a decision that will weigh big questions about how much consumers are paying for goods and the choices they have when they shop.Investors, lawyers and reporters have flocked this week to a courtroom in Manhattan for an antitrust trial over a Federal Trade Commission lawsuit that seeks to stop the merger of Tapestry and Capri. The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors. Tapestry and Capri announced the $8.5 billion deal more than a year ago, but the FTC sued to block it in April. It argued the combined companies would take away competition and leave consumers with fewer affordable handbag options and employees with worse pay and benefits.Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company. Both brands sell directly to customers on their websites and in stores, but also are carried by stores that cater to Americans across incomes including department stores Macy's and Dillard's, off-price retailers like T.J. Maxx and outlet stores.Tapestry and Capri, on the other hand, have argued the deal will allow them to keep up in a trend-driven industry where newer brands and changing consumer tastes are a competitive threat. At the time when the companies announced the deal, Tapestry's CEO Joanne Crevoiserat told CNBC that it'll allow Tapestry to reach more customers across age groups and incomes across the global, especially in the luxury and higher-end markets.The outcome of the antitrust case could shape the outlook for the industry that makes the bags, eyeglasses and apparel that many Americans carry and wear across the country. It comes as Americans increasingly balk at high prices after years of high inflation — and the Biden administration takes aim at mergers in the grocery, technology and apparel spaces.Investors are watching the trial closely for how it could affect shares of Tapestry and Capri. Shares of Tapestry are up more than 13% this year. On the other hand, Capri's stock has tumbled about 21% this year.Here are key questions that have defined the first three days of the trial, including highlights from some of the testimony:In a fast-moving world where a new product can become the ""it"" bag from a TikTok video or celebrity sighting, Tapestry and Capri have argued that competition is fierce — even for the biggest handbag players.With the transaction, Tapestry and Capri's executives have argued the brand could better compete with the wide variety of other retailers and brands that consumers choose from, ranging from fast-fashion brands like Zara and H&M to European luxury names like Burberry and LVMH's Louis Vuitton.One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors. Are they each other's main rivals, or do they compete with a vast mix of brands that steal away sales? The FTC has defined the relevant market for two brands as ""accessible luxury,"" a term that Tapestry has used with its investors and board of directors to describe how it offers higher-end fashion looks at a better value.Yet attorneys for Tapestry and Capri have pushed back, saying that the field of rivals is growing to include more price points.Crevoiserat said she's seen that dynamic close to home. Lululemon, known for its popular leggings and other athletic apparel, is the maker of belt bags, a hands-free, fanny pack-like bag that can be wrapped around the waist or slung across the body. The bags have been a hit, especially with younger shoppers.""What really pains me about that is my daughter has one,"" she said. ""They're a meaningful brand.""In her testimony, Crevoiserat said the competition isn't just with other handbag or fashion brands. She said the company is fighting to woo consumers who have many ways that they could spend their dollars.""They could go anywhere,"" she said. ""They could buy a pair of yoga pants or go out to dinner. It's discretionary.""During the trial, attorneys have showed off industry data from market research companies and internal documents, such as consumer surveys and research on the competition. The research has related to not only Tapestry and Capri, but also other fashion brands including Chanel and Rebecca Minkoff.Attorneys for Tapestry and Capri have argued that competition has intensified, as consumers have new ways to shop and their style preferences change. On the other hand, attorneys for the FTC have said the combined companies would corner the ""accessible luxury"" market.Some executives from other brands have also testified on the state of play in the industry. Suwon Yang, Chanel's head of merchandising for accessories and leather goods, took the stand on Wednesday. She said customers buy from many brands, but Chanel in its own research focuses on how it stacks up against European luxury lines like Saint Laurent and Hermes. She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition.She also described the rigor of the craftsmanship behind Chanel's bags, which she said sets the brand apart and leads to its price points of about $5,000 to $11,000 or even higher. Handbags are made in Italy and France, and for artisans, it takes a decade to make the company's highest level of handbag.The FTC argues the deal would bring more sticker shock for American consumers already facing higher prices on many items.On Wednesday, economist Loren Smith, one of the FTC's key witnesses, took the stand and contended that the merger would turn the combined companies into a handbag giant that would raise prices for shoppers and have little reason to invest in sharper styles or better materials. Smith is a Washington, D.C.-based consultant and former staff economist for the FTC.He laid out financial models and methodology he used to define the market for Tapestry and Capri, and particularly Coach and Michael Kors, saying they primarily compete with other ""accessible luxury"" players even if its consumers shop with other cheaper and pricier brands. He zeroed in on the handbag market in the U.S., and included common styles like cross-body bags and totes in the calculations.Ultimately, he said he found the merger raises ""significant competitive concerns"" and his simulation indicated that it would lead to an average price increase of 15% to 17% for the combined company's goods and a decrease in the quality of products.If the two companies became one, he said the combined company would have about 58% market share in the handbag market in the U.S. He said Tapestry could get away with raising prices on Michael Kors handbags since it could recapture lost sales by attracting enough of those same shoppers to Coach and Kate Spade bags.And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged.""Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand,"" he said.Plus, he said, the handbag industry has margins of 60% to 80%, a high number that makes the risk of diverting customers to another of their brands or losing customers to other brands less significant.He estimated annual consumer harm would add up to $365 million per year from a combination of price increases and merchandise that wouldn't be as well made.Attorneys for Tapestry and Capri pushed back on how he defined the competition, questioned his calculations and said he did not account for shoppers' newer habits, such as the ability to buy a Louis Vuitton or Prada bag at a lower price because of the rise of secondhand marketplaces.They also argued Smith is out of touch on the handbag market. The attorney for Tapestry and Capri noted that he's only bought one handbag before, and his wife instructed him what to buy.When Tapestry CEO Joanne Crevoiserat took the stand on Tuesday, she said her goal for the merger is straightforward: Putting more handbags in the hands of more customers.Attorneys for the fashion brands rolled carts of dozens of handbags from the two companies and from competitors into the courtroom on Monday, the day the trial began. Since then, a mix of executives and industry players have taken the stand, including Capri CEO John Idol and Coach CEO Todd Kahn.In her testimony on Tuesday, Crevoiserat held up a few of the handbags in the room. She spoke about their contrasts and how the bags illustrate the range of brands that Tapestry owns. She said Tapestry benefits from having a portfolio of distinct brands to cater to customers who shop for a variety of occasions and have different senses of style.She showed off Coach's Rogue, a maple colored leather tote bag that a customer might use to carry what she needs to the office. Then, she held up another bag, a more playful looking smaller green and white Kate Spade bag that's made of woven fabric and has been featured in Netflix's ""Emily in Paris.""Capri has its own distinctive brands too, she said.Internal documents also flashed on the courtroom screen, showing some emails and slide decks from a more than year long process that Tapestry pursued as it looked for an acquisition target and deliberated whether to buy a still emerging brand or a more established player like Capri. The names of other acquisition targets were redacted, but the code name for Capri was ""Comet.""Crevoiserat said Tuesday that if the deal closes, Tapestry would want to grow all of its brands — especially those of Capri, which has had weaker sales in recent quarters.""I believe we can inject more relevancy, more vibrancy into the Capri brands,"" she said.Instead of operating as a top-down company, Tapestry is a house of brands, Crevoiserat said. She added Coach, Kate Spade and Stuart Weitzman each have independent teams that select merchandise, set pricing and shape marketing.As the FTC raises questions about whether the deal will raise prices, she said Tapestry as a whole offers cost-savings benefits that come from having more scale, such as manufacturing and transporting products at a lower price.She said that way of operating wouldn't change. She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.""The deal simply wouldn't pencil if all brands couldn't grow,"" she said.The antitrust trial continues on Thursday and is expected to run through early next week. Attorneys for the FTC have hinted that other key witnesses are poised to testify, including more executives from Tapestry and Capri and the namesake of one of the top brands in the merger, American fashion designer Michael Kors.",CNBC,16/09/2024,"['In this articleJust a few miles from the birthplace of Coach in New York City, a federal judge will soon decide whether its owner Tapestry can become a bag behemoth — in a decision that will weigh big questions about how much consumers are paying for goods and the choices they have when they shop.', 'Investors, lawyers and reporters have flocked this week to a courtroom in Manhattan for an antitrust trial over a Federal Trade Commission lawsuit that seeks to stop the merger of Tapestry and Capri.', ""The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors."", 'Tapestry and Capri announced the $8.5 billion deal more than a year ago, but the FTC sued to block it in April.', 'It argued the combined companies would take away competition and leave consumers with fewer affordable handbag options and employees with worse pay and benefits.', 'Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company.', ""Both brands sell directly to customers on their websites and in stores, but also are carried by stores that cater to Americans across incomes including department stores Macy's and Dillard's, off-price retailers like T.J. Maxx and outlet stores."", 'Tapestry and Capri, on the other hand, have argued the deal will allow them to keep up in a trend-driven industry where newer brands and changing consumer tastes are a competitive threat.', ""At the time when the companies announced the deal, Tapestry's CEO Joanne Crevoiserat told CNBC that it'll allow Tapestry to reach more customers across age groups and incomes across the global, especially in the luxury and higher-end markets."", 'The outcome of the antitrust case could shape the outlook for the industry that makes the bags, eyeglasses and apparel that many Americans carry and wear across the country.', 'It comes as Americans increasingly balk at high prices after years of high inflation — and the Biden administration takes aim at mergers in the grocery, technology and apparel spaces.', 'Investors are watching the trial closely for how it could affect shares of Tapestry and Capri.', 'Shares of Tapestry are up more than 13% this year.', ""On the other hand, Capri's stock has tumbled about 21% this year."", 'Here are key questions that have defined the first three days of the trial, including highlights from some of the testimony:In a fast-moving world where a new product can become the ""it"" bag from a TikTok video or celebrity sighting, Tapestry and Capri have argued that competition is fierce — even for the biggest handbag players.', ""With the transaction, Tapestry and Capri's executives have argued the brand could better compete with the wide variety of other retailers and brands that consumers choose from, ranging from fast-fashion brands like Zara and H&M to European luxury names like Burberry and LVMH's Louis Vuitton."", ""One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors."", ""Are they each other's main rivals, or do they compete with a vast mix of brands that steal away sales?"", 'The FTC has defined the relevant market for two brands as ""accessible luxury,"" a term that Tapestry has used with its investors and board of directors to describe how it offers higher-end fashion looks at a better value.', 'Yet attorneys for Tapestry and Capri have pushed back, saying that the field of rivals is growing to include more price points.', ""Crevoiserat said she's seen that dynamic close to home."", 'Lululemon, known for its popular leggings and other athletic apparel, is the maker of belt bags, a hands-free, fanny pack-like bag that can be wrapped around the waist or slung across the body.', 'The bags have been a hit, especially with younger shoppers.', '""What really pains me about that is my daughter has one,"" she said. ""', ""They're a meaningful brand."", '""In her testimony, Crevoiserat said the competition isn\'t just with other handbag or fashion brands.', 'She said the company is fighting to woo consumers who have many ways that they could spend their dollars.', '""They could go anywhere,"" she said. ""', 'They could buy a pair of yoga pants or go out to dinner.', ""It's discretionary."", '""During the trial, attorneys have showed off industry data from market research companies and internal documents, such as consumer surveys and research on the competition.', 'The research has related to not only Tapestry and Capri, but also other fashion brands including Chanel and Rebecca Minkoff.', 'Attorneys for Tapestry and Capri have argued that competition has intensified, as consumers have new ways to shop and their style preferences change.', 'On the other hand, attorneys for the FTC have said the combined companies would corner the ""accessible luxury"" market.', 'Some executives from other brands have also testified on the state of play in the industry.', ""Suwon Yang, Chanel's head of merchandising for accessories and leather goods, took the stand on Wednesday."", 'She said customers buy from many brands, but Chanel in its own research focuses on how it stacks up against European luxury lines like Saint Laurent and Hermes.', 'She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition.', ""She also described the rigor of the craftsmanship behind Chanel's bags, which she said sets the brand apart and leads to its price points of about $5,000 to $11,000 or even higher."", ""Handbags are made in Italy and France, and for artisans, it takes a decade to make the company's highest level of handbag."", 'The FTC argues the deal would bring more sticker shock for American consumers already facing higher prices on many items.', ""On Wednesday, economist Loren Smith, one of the FTC's key witnesses, took the stand and contended that the merger would turn the combined companies into a handbag giant that would raise prices for shoppers and have little reason to invest in sharper styles or better materials."", 'Smith is a Washington, D.C.-based consultant and former staff economist for the FTC.He laid out financial models and methodology he used to define the market for Tapestry and Capri, and particularly Coach and Michael Kors, saying they primarily compete with other ""accessible luxury"" players even if its consumers shop with other cheaper and pricier brands.', 'He zeroed in on the handbag market in the U.S., and included common styles like cross-body bags and totes in the calculations.', 'Ultimately, he said he found the merger raises ""significant competitive concerns"" and his simulation indicated that it would lead to an average price increase of 15% to 17% for the combined company\'s goods and a decrease in the quality of products.', 'If the two companies became one, he said the combined company would have about 58% market share in the handbag market in the U.S. He said Tapestry could get away with raising prices on Michael Kors handbags since it could recapture lost sales by attracting enough of those same shoppers to Coach and Kate Spade bags.', ""And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged."", '""Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand,"" he said.', 'Plus, he said, the handbag industry has margins of 60% to 80%, a high number that makes the risk of diverting customers to another of their brands or losing customers to other brands less significant.', ""He estimated annual consumer harm would add up to $365 million per year from a combination of price increases and merchandise that wouldn't be as well made."", ""Attorneys for Tapestry and Capri pushed back on how he defined the competition, questioned his calculations and said he did not account for shoppers' newer habits, such as the ability to buy a Louis Vuitton or Prada bag at a lower price because of the rise of secondhand marketplaces."", 'They also argued Smith is out of touch on the handbag market.', ""The attorney for Tapestry and Capri noted that he's only bought one handbag before, and his wife instructed him what to buy."", 'When Tapestry CEO Joanne Crevoiserat took the stand on Tuesday, she said her goal for the merger is straightforward: Putting more handbags in the hands of more customers.', 'Attorneys for the fashion brands rolled carts of dozens of handbags from the two companies and from competitors into the courtroom on Monday, the day the trial began.', 'Since then, a mix of executives and industry players have taken the stand, including Capri CEO John Idol and Coach CEO Todd Kahn.', 'In her testimony on Tuesday, Crevoiserat held up a few of the handbags in the room.', 'She spoke about their contrasts and how the bags illustrate the range of brands that Tapestry owns.', 'She said Tapestry benefits from having a portfolio of distinct brands to cater to customers who shop for a variety of occasions and have different senses of style.', ""She showed off Coach's Rogue, a maple colored leather tote bag that a customer might use to carry what she needs to the office."", 'Then, she held up another bag, a more playful looking smaller green and white Kate Spade bag that\'s made of woven fabric and has been featured in Netflix\'s ""Emily in Paris.', '""Capri has its own distinctive brands too, she said.', 'Internal documents also flashed on the courtroom screen, showing some emails and slide decks from a more than year long process that Tapestry pursued as it looked for an acquisition target and deliberated whether to buy a still emerging brand or a more established player like Capri.', 'The names of other acquisition targets were redacted, but the code name for Capri was ""Comet.', '""Crevoiserat said Tuesday that if the deal closes, Tapestry would want to grow all of its brands — especially those of Capri, which has had weaker sales in recent quarters.', '""I believe we can inject more relevancy, more vibrancy into the Capri brands,"" she said.', 'Instead of operating as a top-down company, Tapestry is a house of brands, Crevoiserat said.', 'She added Coach, Kate Spade and Stuart Weitzman each have independent teams that select merchandise, set pricing and shape marketing.', 'As the FTC raises questions about whether the deal will raise prices, she said Tapestry as a whole offers cost-savings benefits that come from having more scale, such as manufacturing and transporting products at a lower price.', ""She said that way of operating wouldn't change."", 'She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.', '""The deal simply wouldn\'t pencil if all brands couldn\'t grow,"" she said.', 'The antitrust trial continues on Thursday and is expected to run through early next week.', 'Attorneys for the FTC have hinted that other key witnesses are poised to testify, including more executives from Tapestry and Capri and the namesake of one of the top brands in the merger, American fashion designer Michael Kors.']",0.0747010446628895,She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.,Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company.,0.0777899026870727,Shares of Tapestry are up more than 13% this year.,"On the other hand, Capri's stock has tumbled about 21% this year.",2024-09-15
Boeing faces strike threat as workers vote on new contract,https://www.cnbc.com/2024/09/12/boeing-workers-vote-labor-deal.html,2024-09-12T16:05:19+0000,"In this articleBoeing workers are voting on a new labor contract Thursday, setting up the potential for a crippling strike that the company's CEO said would jeopardize the struggling plane-maker's recovery.The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits. Boeing also committed to build its next aircraft in the Seattle area, after it moved production of the 787 Dreamliner to a non-union factory in South Carolina.But some workers have said they plan to turn down the contract and that they're seeking bigger wage increases, citing a surge in the cost of living in the Seattle area.The vote is the first major test for CEO Kelly Ortberg, who said in a staff note Wednesday that he has talked with employees about the contract in Renton, Washington, and Everett, Washington, where Boeing's main factories are located.Ortberg is just over one month into his role in the manufacturer's top job, and has been tasked with steadying aircraft production and stamping out safety lapses and quality flaws in the wake of a door-panel blowout at the start of the year.""I know the reaction to our tentative agreement with the IAM has been passionate,"" he wrote in his staff note. ""I understand and respect that passion, but I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past.""Jefferies aerospace analyst Sheila Kahyaoglu estimated in an Aug. 29 note that a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains."" She forecast the tentative agreement would have an annual impact of $900 million if passed.The union, which represents about 33,000 Boeing factory work ers in the Seattle area and in Oregon had sought pay raises of some 40% from Boeing. The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford, General Motors and Chrysler parent Stellantis.If approved, the Boeing deal would follow a series of union-negotiated pay increases across industries from Hollywood to airlines.It would be Boeing workers' first negotiated contract with the company in 16 years.""We have achieved everything we could in bargaining, short of a strike,"" IAM District 751 President Jon Holden wrote to members on Monday. ""We recommended acceptance because we can't guarantee we can achieve more in a strike. But that is your decision to make and is a decision that we will protect and support, no matter what.""Top pay for IAM workers at Boeing would rise to $57.43 an hour as soon as the new contract goes into effect. Including some cost-of-living adjustments, increases could rise by more than 42%, according to the union. Boeing said average annual machinist pay is currently $75,608, which would rise to $106,350 at the end of the four-year contract.If the deal is rejected and two-thirds of workers vote in favor of a strike, a work stoppage would begin after midnight in Washington state on Friday. If less than two-thirds vote to strike after the contract is rejected, the contract would automatically go into effect, the union said.""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. ""Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.""Polls are set to close at 6 p.m. PT.--CNBC's Phil LeBeau contributed to this report.",CNBC,12/09/2024,"[""In this articleBoeing workers are voting on a new labor contract Thursday, setting up the potential for a crippling strike that the company's CEO said would jeopardize the struggling plane-maker's recovery."", 'The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits.', 'Boeing also committed to build its next aircraft in the Seattle area, after it moved production of the 787 Dreamliner to a non-union factory in South Carolina.', ""But some workers have said they plan to turn down the contract and that they're seeking bigger wage increases, citing a surge in the cost of living in the Seattle area."", ""The vote is the first major test for CEO Kelly Ortberg, who said in a staff note Wednesday that he has talked with employees about the contract in Renton, Washington, and Everett, Washington, where Boeing's main factories are located."", ""Ortberg is just over one month into his role in the manufacturer's top job, and has been tasked with steadying aircraft production and stamping out safety lapses and quality flaws in the wake of a door-panel blowout at the start of the year."", '""I know the reaction to our tentative agreement with the IAM has been passionate,"" he wrote in his staff note. ""', 'I understand and respect that passion, but I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past.', '""Jefferies aerospace analyst Sheila Kahyaogluestimated in an Aug. 29 note that a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains.""', 'She forecast the tentative agreement would have an annual impact of $900 million if passed.', 'The union, which represents about 33,000 Boeing factory work ers in the Seattle area and in Oregon had sought pay raises of some 40% from Boeing.', ""The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford,General Motorsand Chrysler parentStellantis."", 'If approved, the Boeing deal would follow a series of union-negotiated pay increases across industries from Hollywood to airlines.', ""It would be Boeing workers' first negotiated contract with the company in 16 years."", '""We have achieved everything we could in bargaining, short of a strike,"" IAM District 751 President Jon Holden wrote to members on Monday. ""', ""We recommended acceptance because we can't guarantee we can achieve more in a strike."", 'But that is your decision to make and is a decision that we will protect and support, no matter what.', '""Top pay for IAM workers at Boeing would rise to $57.43 an hour as soon as the new contract goes into effect.', 'Including some cost-of-living adjustments, increases could rise by more than 42%, according to the union.', 'Boeing said average annual machinist pay is currently $75,608, which would rise to $106,350 at the end of the four-year contract.', 'If the deal is rejected and two-thirds of workers vote in favor of a strike, a work stoppage would begin after midnight in Washington state on Friday.', 'If less than two-thirds vote to strike after the contract is rejected, the contract would automatically go into effect, the union said.', '""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. ""', 'Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.', '""Polls are set to close at 6 p.m. PT.--CNBC\'s Phil LeBeau contributed to this report.']",0.1512669945691037,The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits.,"""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. """,0.2822760264078776,"The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford,General Motorsand Chrysler parentStellantis.","Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.",2024-09-15
Boeing factory workers strike for first time since 2008 after overwhelmingly rejecting contract,https://www.cnbc.com/2024/09/13/boeing-workers-strike-reject-contract.html,2024-09-13T20:04:18+0000,"In this articleBoeing's factory workers walked off the job after midnight on Friday, halting production of the company's bestselling airplanes after staff overwhelmingly rejected a new labor contract.It's a costly development for the manufacturer, which has struggled to ramp up production and restore its reputation following safety crises.Workers in the Seattle area and in Oregon voted 94.6% against a tentative agreement that Boeing and the International Association of Machinists and Aerospace Workers unveiled Sunday. The workers voted 96% in favor of a strike, far more than the two-thirds vote required for a work stoppage.""We strike at midnight,"" said IAM District 751 President Jon Holden at a news conference where he announced the vote's results to cheers from machinists. He characterized it as an ""unfair labor practice strike,"" alleging that factory workers had experienced ""discriminatory conduct, coercive questioning, unlawful surveillance and we had unlawful promise of benefits.""He said Boeing needs to bargain in good faith. Boeing didn't comment on his claims.Boeing's CFO Brian West told an investor conference on Friday that the company's leaders were disappointed with the rejection and strike. But he said they want to get back to the table to negotiate a new deal ""that's good for our people, their families, our community and our intent is to do just that.""""There was a disconnect,"" West said at the Morgan Stanley event, warning that the strike would impact airplane deliveries and production. He declined to provide specific financial impact estimates, saying the effect of the strike would be determined by how long it lasts.""Our immediate focus is to the laser-like focus on actions to conserve cash, and we will,"" he addedCredit-ratings agencies Moody's and Fitch warned Boeing that a lengthy strike put it in danger of downgrades, sending shares of the company down nearly 4% on Friday.The tentative proposal included 25% wage increases over four years and other improvements to health-care and retirement benefits, though the union had sought raises of about 40%. Workers had complained about the agreement, saying it didn't cover the increased cost of living.The vote is a blow to CEO Kelly Ortberg, who has been in the top job for five weeks. A day before the vote, he had urged workers to accept the contract and not to strike, saying that it would jeopardize the company's recovery.Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.The agreement, if approved, would have been the first fully negotiated contract for Boeing machinists in 16 years. Boeing workers went on strike in 2008 for nearly two months.Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains."" She forecast the tentative agreement would have had an annual impact of $900 million if passed.Stephanie Pope, CEO of Boeing's commercial airplane unit, told machinists earlier this week that the tentative deal was the ""best contract we've ever presented.""""In past negotiations, the thinking was we should hold something back so we can ratify the contract on a second vote,"" she said Tuesday. ""We talked about that strategy this time, but we deliberately chose a new path.""Boeing has burned through about $8 billion so far this year and has mounting debt. Production has fallen short of expectations as the company works to stamp out manufacturing flaws and faces other industrywide problems such as supply and labor shortages.Aircraft delivery delays from Boeing have vexed its airline customers. In response, they said they have had to redraw their hiring and growth plans. Southwest Airlines, which only has Boeing planes, has already sharply reduced its delivery expectations from Boeing for the year.""As a result, we currently have the fleet needed to fulfill our upcoming schedules,"" a spokesman said Friday. The airline's leaders were in touch with Boeing ahead of the vote.A door plug blowout on a nearly new Boeing 737 Max 9 at the start of the year has brought additional federal scrutiny of Boeing's production lines. ""Our aggressive oversight of Boeing continues,"" the Federal Aviation Administration said in a statement on Friday. A spokeswoman for the agency said its inspectors would remain onsite at Boeing's factories during the strike.White House Press Secretary Karine Jean-Pierre said at a press briefing on Friday that the Biden administration is in touch with the two parties and encouraged Boeing and the union to reach ""a solution here for all parties involved"" in good faith negotiations.",CNBC,13/09/2024,"[""In this articleBoeing's factory workers walked off the job after midnight on Friday, halting production of the company's bestselling airplanes after staff overwhelmingly rejected a new labor contract."", ""It's a costly development for the manufacturer, which has struggled to ramp up production and restore its reputation following safety crises."", 'Workers in the Seattle area and in Oregon voted 94.6% against a tentative agreement that Boeing and the International Association of Machinists and Aerospace Workers unveiled Sunday.', 'The workers voted 96% in favor of a strike, far more than the two-thirds vote required for a work stoppage.', '""We strike at midnight,"" said IAM District 751 President Jon Holden at a news conference where he announced the vote\'s results to cheers from machinists.', 'He characterized it as an ""unfair labor practice strike,"" alleging that factory workers had experienced ""discriminatory conduct, coercive questioning, unlawful surveillance and we had unlawful promise of benefits.', '""He said Boeing needs to bargain in good faith.', ""Boeing didn't comment on his claims."", ""Boeing's CFO Brian West told an investor conference on Friday that the company's leaders were disappointed with the rejection and strike."", 'But he said they want to get back to the table to negotiate a new deal ""that\'s good for our people, their families, our community and our intent is to do just that.', '""""There was a disconnect,"" West said at the Morgan Stanley event, warning that the strike would impact airplane deliveries and production.', 'He declined to provide specific financial impact estimates, saying the effect of the strike would be determined by how long it lasts.', '""Our immediate focus is to the laser-like focus on actions to conserve cash, and we will,"" he addedCredit-ratings agencies Moody\'s and Fitch warned Boeing that a lengthy strike put it in danger of downgrades, sending shares of the company down nearly 4% on Friday.', 'The tentative proposal included 25% wage increases over four years and other improvements to health-care and retirement benefits, though the union had sought raises of about 40%.', ""Workers had complained about the agreement, saying it didn't cover the increased cost of living."", 'The vote is a blow to CEO Kelly Ortberg, who has been in the top job for five weeks.', ""A day before the vote, he had urged workers to accept the contract and not to strike, saying that it would jeopardize the company's recovery."", 'Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.', 'The agreement, if approved, would have been the first fully negotiated contract for Boeing machinists in 16 years.', 'Boeing workers went on strike in 2008 for nearly two months.', 'Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains.""', 'She forecast the tentative agreement would have had an annual impact of $900 million if passed.', 'Stephanie Pope, CEO of Boeing\'s commercial airplane unit, told machinists earlier this week that the tentative deal was the ""best contract we\'ve ever presented.', '""""In past negotiations, the thinking was we should hold something back so we can ratify the contract on a second vote,"" she said Tuesday. ""', 'We talked about that strategy this time, but we deliberately chose a new path.', '""Boeing has burned through about $8 billion so far this year and has mounting debt.', 'Production has fallen short of expectations as the company works to stamp out manufacturing flaws and faces other industrywide problems such as supply and labor shortages.', 'Aircraft delivery delays from Boeing have vexed its airline customers.', 'In response, they said they have had to redraw their hiring and growth plans.', 'Southwest Airlines, which only has Boeing planes, has already sharply reduced its delivery expectations from Boeing for the year.', '""As a result, we currently have the fleet needed to fulfill our upcoming schedules,"" a spokesman said Friday.', ""The airline's leaders were in touch with Boeing ahead of the vote."", ""A door plug blowout on a nearly new Boeing 737 Max 9 at the start of the year has brought additional federal scrutiny of Boeing's production lines."", '""Our aggressive oversight of Boeing continues,"" the Federal Aviation Administration said in a statement on Friday.', ""A spokeswoman for the agency said its inspectors would remain onsite at Boeing's factories during the strike."", 'White House Press Secretary Karine Jean-Pierre said at a press briefing on Friday that the Biden administration is in touch with the two parties and encouraged Boeing and the union to reach""a solution here for all parties involved"" in good faith negotiations.']",0.1489757666797661,"White House Press Secretary Karine Jean-Pierre said at a press briefing on Friday that the Biden administration is in touch with the two parties and encouraged Boeing and the union to reach""a solution here for all parties involved"" in good faith negotiations.",Boeing's CFO Brian West told an investor conference on Friday that the company's leaders were disappointed with the rejection and strike.,-0.4825200381733122,"Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.","Southwest Airlines, which only has Boeing planes, has already sharply reduced its delivery expectations from Boeing for the year.",2024-09-15
Titanic maker Harland & Wolff to run out of cash within weeks,https://www.bbc.co.uk/news/articles/ce383d414p0o,2024-09-13T16:57:38.009Z,"Belfast shipbuilder Harland & Wolff is running out of cash, putting hundreds of jobs at risk, the BBC understands. The firm, famed for building the ill-fated Titanic, is in crisis talks to save it from collapse. One of the unions representing workers at the shipyard has sent a memo to its members suggesting there is ""only funding for the business until the end of this month"" and is calling for the government to step in. A review looking at options for the shipyard by Rothschild bank is expected to be finished in the coming weeks. Harland & Wolff and the government have been approached by the BBC for comment. Rothschild declined to comment. The GMB union reiterated the seriousness of the firm's financial position in a letter sent to the business secretary and defence secretary on Friday. It described the situation as ""critical"" and said time was ""fast running out for the UK government to find a solution"". ""Workers, families, and communities will potentially be thrown into turmoil once again, in just days or weeks, because of abject failure in national industrial strategy and corporate mismanagement,"" the GMB said. The company's main site is the historic Titanic shipyard in Belfast. It also has yards at Appledore in Devon, and at Methil and Arnish in Scotland. It employs 1,500 people in total. The union memo to workers, which has been seen by the BBC, indicated there had been 21 expressions of interest from buyers for the company so far. In its letter to ministers, the GMB expressed concerns over private bids for parts of the business. ""No private company in the bidding should be allowed to cherry pick what yards or contracts they wish to save – especially with huge taxpayer contracts in the mix.  ""All four Harland & Wolff yards are needed for our country and can thrive under a proper industrial strategy,"" the letter said.  However, the firm is heavily loss-making and its shares have been suspended since the beginning of July, after it failed to publish audited accounts. Later that month, ministers rejected the firm’s application for a £200m loan guarantee.  Business Secretary Jonathan Reynolds told parliament at the time: ""Government funding would not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.” Ministers were working with the company, unions, and devolved governments to “support a positive outcome for all affected sites across the UK”, he added. The firm’s existing creditor, US-based lender Riverstone, lent a further £19.5m in August, but it is understood Harland & Wolff is still in talks to secure further funding beyond the end of September. There has been an exodus of senior directors in recent weeks with the chairman, chief executive, chief financial officer, and two non-executive directors all walking away. Meanwhile, some existing investors have voiced their concerns about the company going into administration.  Last month a group of shareholders said they feared the business was being lined up for a pre-pack administration – enabling the company to sell itself or its assets before administrators are appointed. The 163-year-old company has been rescued from administration once before. In 2019, it was saved by a three-year contract with the Spanish shipbuilder Navantia to build three Royal Navy support ships.  ",BBC,13/09/2024,"['Belfast shipbuilder Harland & Wolff is running out of cash, putting hundreds of jobs at risk, the BBC understands.', 'The firm, famed for building the ill-fated Titanic, is in crisis talks to save it from collapse.', 'One of the unions representing workers at the shipyard has sent a memo to its members suggesting there is ""only funding for the business until the end of this month"" and is calling for the government to step in.', 'A review looking at options for the shipyard by Rothschild bank is expected to be finished in the coming weeks.', 'Harland & Wolff and the government have been approached by the BBC for comment.', 'Rothschild declined to comment.', ""The GMB union reiterated the seriousness of the firm's financial position in a letter sent to the business secretary and defence secretary on Friday."", 'It described the situation as ""critical"" and said time was ""fast running out for the UK government to find a solution"". ""', 'Workers, families, and communities will potentially be thrown into turmoil once again, in just days or weeks, because of abject failure in national industrial strategy and corporate mismanagement,"" the GMB said.', ""The company's main site is the historic Titanic shipyard in Belfast."", 'It also has yards at Appledore in Devon, and at Methil and Arnish in Scotland.', 'It employs 1,500 people in total.', 'The union memo to workers, which has been seen by the BBC, indicated there had been 21 expressions of interest from buyers for the company so far.', 'In its letter to ministers, the GMB expressed concerns over private bids for parts of the business. ""', 'No private company in the bidding should be allowed to cherry pick what yards or contracts they wish to save – especially with huge taxpayer contracts in the mix. ""', 'All four Harland & Wolff yards are needed for our country and can thrive under a proper industrial strategy,"" the letter said.', 'However, the firm is heavily loss-making and its shares have been suspended since the beginning of July, after it failed to publish audited accounts.', 'Later that month, ministers rejected the firm’s application for a £200m loan guarantee.', 'Business Secretary Jonathan Reynolds told parliament at the time: ""Government funding would not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.”', 'Ministers were working with the company, unions, and devolved governments to “support a positive outcome for all affected sites across the UK”, he added.', 'The firm’s existing creditor, US-based lender Riverstone, lent a further £19.5m in August, but it is understood Harland & Wolff is still in talks to secure further funding beyond the end of September.', 'There has been an exodus of senior directors in recent weeks with the chairman, chief executive, chief financial officer, and two non-executive directors all walking away.', 'Meanwhile, some existing investors have voiced their concerns about the company going into administration.', 'Last month a group of shareholders said they feared the business was being lined up for a pre-pack administration – enabling the company to sell itself or its assets before administrators are appointed.', 'The 163-year-old company has been rescued from administration once before.', 'In 2019, it was saved by a three-year contract with the Spanish shipbuilder Navantia to build three Royal Navy support ships.']",-0.0097545342963398,"No private company in the bidding should be allowed to cherry pick what yards or contracts they wish to save – especially with huge taxpayer contracts in the mix. ""","The firm, famed for building the ill-fated Titanic, is in crisis talks to save it from collapse.",-0.4667221407095591,"Ministers were working with the company, unions, and devolved governments to “support a positive outcome for all affected sites across the UK”, he added.","Business Secretary Jonathan Reynolds told parliament at the time: ""Government funding would not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.”",2024-09-15
Apple tax windfall: How will the Irish government spend €14bn?,https://www.bbc.co.uk/news/articles/c39k9882nero,2024-09-15T06:20:36.995Z,"Ireland’s government has been told it needs to collect €14bn (£11.8bn) in back taxes from Apple. The EU’s highest court ruled that the US technology firm had benefited from an illegal sweetheart tax deal in the country. But how will the Irish government use this windfall? The most boring and conservative thing the government could do is to reduce the country’s national debt. At the end of last year, Ireland’s net government debt was about €181bn (£152.7bn) So using the entire windfall on debt repayment would reduce it by almost 8%. That would help cut the amount the government has to pay in debt interest and give the country a bit more breathing space if there is an economic downturn. However, there is no great urgency do this as the debt is not particularly high by international standards. As a proportion of national income, net debt is about 60% compared to the UK where it is about 100%. There had been a suggestion that under EU rules the money would have to be used on debt reduction but Ireland’s Finance Minister Jack Chambers says that it is not the case. Ireland’s economy has recovered strongly from the banking crisis and austerity of the late 2000s. But the country’s infrastructure has not kept pace with that growth. Significant investment is needed in energy, water and housing. So could the €14bn be used to kickstart a major programme of public works? Taoiseach (Irish PM) Simon Harris has suggested that is on the agenda saying: ""There are clear areas where it would merit consideration around infrastructure, housing and other areas where there are constraints."" A potential difficulty with this is a lack of construction workers. Ireland is close to technical full employment so there is not obviously a reserve army of workers ready to dig ditches and lay blocks. Trying to spend a lot on construction in the short term could just fuel inflation. The Irish government has begun the process of establishing a €100bn (£84.4bn) sovereign wealth fund and a second €14bn (£11.8) pot to protect infrastructure spending during economic downturns. These are being set up using some of the corporation tax windfall that Ireland has received from major global companies in recent years. From 2024 until 2035, an amount equivalent to 0.8% of GDP will be paid into the main fund every year. Depending on investment returns, the fund could be as large as €100bn (£84.4bn) by 2035. Governments can then draw down the fund's investment returns without depleting the original capital. Putting the money into the fund could help get to the €100bn (£84.4bn) target before 2035. ",BBC,15/09/2024,"['Ireland’s government has been told it needs to collect €14bn (£11.8bn) in back taxes from Apple.', 'The EU’s highest court ruled that the US technology firm had benefited from an illegal sweetheart tax deal in the country.', 'But how will the Irish government use this windfall?', 'The most boring and conservative thing the government could do is to reduce the country’s national debt.', 'At the end of last year, Ireland’s net government debt was about €181bn (£152.7bn) So using the entire windfall on debt repayment would reduce it by almost 8%.', 'That would help cut the amount the government has to pay in debt interest and give the country a bit more breathing space if there is an economic downturn.', 'However, there is no great urgency do this as the debt is not particularly high by international standards.', 'As a proportion of national income, net debt is about 60% compared to the UK where it is about 100%.', 'There had been a suggestion that under EU rules the money would have to be used on debt reduction but Ireland’s Finance Minister Jack Chambers says that it is not the case.', 'Ireland’s economy has recovered strongly from the banking crisis and austerity of the late 2000s.', 'But the country’s infrastructure has not kept pace with that growth.', 'Significant investment is needed in energy, water and housing.', 'So could the €14bn be used to kickstart a major programme of public works?', 'Taoiseach (Irish PM) Simon Harris has suggested that is on the agenda saying: ""There are clear areas where it would merit consideration around infrastructure, housing and other areas where there are constraints.""', 'A potential difficulty with this is a lack of construction workers.', 'Ireland is close to technical full employment so there is not obviously a reserve army of workers ready to dig ditches and lay blocks.', 'Trying to spend a lot on construction in the short term could just fuel inflation.', 'The Irish government has begun the process of establishing a €100bn (£84.4bn) sovereign wealth fund and a second €14bn (£11.8) pot to protect infrastructure spending during economic downturns.', 'These are being set up using some of the corporation tax windfall that Ireland has received from major global companies in recent years.', 'From 2024 until 2035, an amount equivalent to 0.8% of GDP will be paid into the main fund every year.', 'Depending on investment returns, the fund could be as large as €100bn (£84.4bn) by 2035.', ""Governments can then draw down the fund's investment returns without depleting the original capital."", 'Putting the money into the fund could help get to the €100bn (£84.4bn) target before 2035.']",0.0122286647154936,The Irish government has begun the process of establishing a €100bn (£84.4bn) sovereign wealth fund and a second €14bn (£11.8) pot to protect infrastructure spending during economic downturns.,The most boring and conservative thing the government could do is to reduce the country’s national debt.,0.2533126622438431,Ireland’s economy has recovered strongly from the banking crisis and austerity of the late 2000s.,But the country’s infrastructure has not kept pace with that growth.,2024-09-15
Digital health company Noom to offer compounded GLP-1 drug through new weight loss program,https://www.cnbc.com/2024/09/12/noom-to-offer-glp-1-drug-through-new-weight-loss-program.html,2024-09-12T13:33:05+0000,"Digital health company Noom on Thursday announced it will offer a compounded GLP-1 drug as part of a new weight loss product that starts at $149. The treatment will feature compounded semaglutide, the same active ingredient in Novo Nordisk's blockbuster obesity and diabetes drugs Wegovy and Ozempic. Noom has offered weight loss programs for years, and consumers can already try to access those branded medications through its platform. But Noom is the latest in a string of digital health companies to offer compounded versions of the medications as a cheaper alternative for consumers while demand for weight loss and diabetes drugs spikes. Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.  ""Our position is that more supply, especially at a reasonable price, is needed right now, not less,"" Noom CEO Geoff Cook told CNBC in an interview. Wegovy and Ozempic belong to a highly popular class of medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar. The compounded versions are custom-made alternatives to the brand drugs, and they can be produced when brand-name treatments are in shortage.Compounded GLP-1 medications are typically much cheaper than their branded counterparts. Wegovy and Ozempic both cost roughly $1,000 per month before insurance. Most insurance plans cover GLP-1s when they are used to treat diabetes, but coverage of the weight loss drugs is less widespread. Spiking demand can also make it difficult for many patients to find the branded treatments.Cook said consumers will pay $149 for their first month in Noom's program and $279 for the following months as the dose of their medication increases. The U.S. Food and Drug Administration does not review the safety and efficacy of compounded products, and the agency has urged consumers to take the approved, branded GLP-1 medications when they are available. However, the FDA does inspect some outsourcing facilities that compound drugs, according to its website.Noom said it is working with an FDA-regulated 503B compounding pharmacy to provide its medication for its new program, which is called Noom GLP-1 RX. ""The drug manufacturer we're working with generates 20 generic medications, epinephrine being one of them — a lifesaving medication that's available in hospitals all across the United States,"" Dr. Adonis Saremi, chief medical officer of Noom, told CNBC in an interview. ""So we're really confident and happy with our vetting process."" The company said it has also introduced a way for participants to taper off the compounded treatment if they would like to stop taking it. GLP-1s are intended for long-term use, which means some patients may end up taking them indefinitely. Cook said Noom has seen both anecdotal and real-world evidence that patients are able to maintain weight loss after they stop taking the drugs. Six out of seven patients are off GLP-1s by the two-year mark anyway, he said. ""It's prescribed by the doctor, the person takes their medicine, they lose weight, but then life happens,"" Cook said. ""They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered."" Cook said not everyone will be able to taper off the medication, so some people will likely end up taking it indefinitely. The company will provide a free year of Noom or ""substantial medication discounts"" to anyone who regains the weight within 18 months after following its program for a year, it said in a release. Consumers can get started with the Noom GLP-1 RX program by filling out an intake form on the website. Noom said one of its contracted, obesity-trained doctors will review the intake form and decide if the compounded medication is appropriate for that patient. If so, the drugs will arrive at their door within a week, Noom said. Participants will learn how to inject their medication, and they can use a chat feature to talk one-on-one with a coach and their Noom clinician, the company said. They'll also have access to a range of psychology-based programming and tools to help keep them from losing muscle mass, such as features for tracking protein intake and engaging in resistance training, Noom said.And if users decide they are ready to move off the medication, they can chat with their clinician or tap ""initiate taper"" in their settings, Noom said.  ""I think there's a lot of folks who don't want to be on a medication for the rest of their lives, and in any event, people aren't doing that in the real world,"" Cook said. ""Our goal is just not to sell more medications. It's to drive sustained weight loss outcomes.""",CNBC,12/09/2024,"[""Digital health company Noom on Thursday announced it will offer a compounded GLP-1 drug as part of a new weight loss product that starts at $149.The treatment will feature compounded semaglutide, the same active ingredient in Novo Nordisk's blockbuster obesity and diabetes drugs Wegovy and Ozempic."", 'Noom has offered weight loss programs for years, and consumers can already try to access those branded medications through its platform.', 'But Noom is the latest in a string of digital health companies to offer compounded versions of the medications as a cheaper alternative for consumers while demand for weight loss and diabetes drugs spikes.', 'Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.', '""Our position is that more supply, especially at a reasonable price, is needed right now, not less,"" Noom CEO Geoff Cook told CNBC in an interview.', ""Wegovy and Ozempic belong to a highly popular class of medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar."", 'The compounded versions are custom-made alternatives to the brand drugs, and they can be produced when brand-name treatments are in shortage.', 'Compounded GLP-1 medications are typically much cheaper than their branded counterparts.', 'Wegovy and Ozempic both cost roughly $1,000 per month before insurance.', 'Most insurance plans cover GLP-1s when they are used to treat diabetes, but coverage of the weight loss drugs is less widespread.', 'Spiking demand can also make it difficult for many patients to find the branded treatments.', ""Cook said consumers will pay $149 for their first month in Noom's program and $279 for the following months as the dose of their medication increases."", 'The U.S. Food and Drug Administration does not review the safety and efficacy of compounded products, and the agency has urged consumers to take the approved, branded GLP-1 medications when they are available.', 'However, the FDA does inspect some outsourcing facilities that compound drugs, according to its website.', 'Noom said it is working with an FDA-regulated 503B compounding pharmacy to provide its medication for its new program, which is called Noom GLP-1 RX.""The drug manufacturer we\'re working with generates 20 generic medications, epinephrine being one of them — a lifesaving medication that\'s available in hospitals all across the United States,"" Dr. Adonis Saremi, chief medical officer of Noom, told CNBC in an interview. ""', ""So we're really confident and happy with our vetting process."", '""The company said it has also introduced a way for participants to taper off the compounded treatment if they would like to stop taking it.', 'GLP-1s are intended for long-term use, which means some patients may end up taking them indefinitely.', 'Cook said Noom has seen both anecdotal and real-world evidence that patients are able to maintain weight loss after they stop taking the drugs.', 'Six out of seven patients are off GLP-1s by the two-year mark anyway, he said.', '""It\'s prescribed by the doctor, the person takes their medicine, they lose weight, but then life happens,"" Cook said. ""', ""They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered."", '""Cook said not everyone will be able to taper off the medication, so some people will likely end up taking it indefinitely.', 'The company will provide a free year of Noom or ""substantial medication discounts"" to anyone who regains the weight within 18 months after following its program for a year, it said in a release.', 'Consumers can get started with the Noom GLP-1 RX program by filling out an intake form on the website.', 'Noom said one of its contracted, obesity-trained doctors will review the intake form and decide if the compounded medication is appropriate for that patient.', 'If so, the drugs will arrive at their door within a week, Noom said.', 'Participants will learn how to inject their medication, and they can use a chat feature to talk one-on-one with a coach and their Noom clinician, the company said.', ""They'll also have access to a range of psychology-based programming and tools to help keep them from losing muscle mass, such as features for tracking protein intake and engaging in resistance training, Noom said."", 'And if users decide they are ready to move off the medication, they can chat with their clinician or tap ""initiate taper"" in their settings, Noom said.', '""I think there\'s a lot of folks who don\'t want to be on a medication for the rest of their lives, and in any event, people aren\'t doing that in the real world,"" Cook said. ""', 'Our goal is just not to sell more medications.', 'It\'s to drive sustained weight loss outcomes.""']",0.0176377878492847,So we're really confident and happy with our vetting process.,"They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered.",0.5265579289860196,Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.,Spiking demand can also make it difficult for many patients to find the branded treatments.,2024-09-15
"Boeing warns strike will 'jeopardize' recovery, hurt aircraft production",https://www.cnbc.com/2024/09/13/boeing-cfo-labor-strike-recovery-aircraft-production.html,2024-09-13T20:04:00+0000,"In this articleBoeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and ""jeopardize"" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes, including its cash cow bestseller, the 737 Max, which is produced in Renton, Washington.""The strike will impact production and deliveries and our operations and will jeopardize our recovery,"" West said at a Morgan Stanley conference on Friday. ""So our immediate focus is to the laser-like focus on actions to conserve cash, and we will.""He said Boeing's priority is to get back to the bargaining table and ""reach an agreement that's good for our people, their families, our community.""Boeing shares fell sharply on Friday after Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, actions that could drive up the borrowing costs of a manufacturer that already has mounting debt.Boeing shares closed nearly 4% lower Friday.West declined to say whether the company could meet a rate of producing 38 737 Max planes per month by the end of the year.Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing.West said Boeing's immediate focus would be ""on actions to conserve cash"" and added that new CEO Kelly Ortberg would be working to restore relationships with the union.Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits. But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living.Workers in the Seattle area and in Oregon voted 94.6% to reject the proposal, and 96% voted in favor of a strike.They walked off the job after midnight on Friday.Boeing machinists last went on strike in 2008, a work stoppage that lasted nearly two months.The potential production disruption comes as the manufacturer has been facing a slew of issues. It's struggled to ramp up production and restore its reputation following safety crises.A door plug blowout on a nearly new Boeing 737 Max 9 in January led the Federal Aviation Administration to bar Boeing from increasing output of its Max planes and the FAA to boost inspections at production plants, until the regulator is satisfied with its safety and quality procedures there.An FAA spokeswoman told CNBC on Friday that the agency will keep its inspectors at Boeing facilities during the strike.",CNBC,13/09/2024,"['In this articleBoeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and ""jeopardize"" the company\'s recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.', ""West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes, including its cash cow bestseller, the 737 Max, which is produced in Renton, Washington."", '""The strike will impact production and deliveries and our operations and will jeopardize our recovery,"" West said at a Morgan Stanley conference on Friday. ""', 'So our immediate focus is to the laser-like focus on actions to conserve cash, and we will.', '""He said Boeing\'s priority is to get back to the bargaining table and ""reach an agreement that\'s good for our people, their families, our community.', '""Boeing shares fell sharply on Friday after Moody\'s put all of Boeing\'s credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, actions that could drive up the borrowing costs of a manufacturer that already has mounting debt.', 'Boeing shares closed nearly 4% lower Friday.', 'West declined to say whether the company could meet a rate of producing 38 737 Max planes per month by the end of the year.', 'Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing.', 'West said Boeing\'s immediate focus would be ""on actions to conserve cash"" and added that new CEO Kelly Ortberg would be working to restore relationships with the union.', 'Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.', ""But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living."", 'Workers in the Seattle area and in Oregon voted 94.6% to reject the proposal, and 96% voted in favor of a strike.', 'They walked off the job after midnight on Friday.', 'Boeing machinists last went on strike in 2008, a work stoppage that lasted nearly two months.', 'The potential production disruption comes as the manufacturer has been facing a slew of issues.', ""It's struggled to ramp up production andrestore its reputationfollowing safety crises."", 'A door plug blowout on a nearly new Boeing 737 Max 9 in January led the Federal Aviation Administrationto barBoeing from increasing output of its Max planes and the FAA to boost inspections at production plants, until the regulator is satisfied with its safety and quality procedures there.', 'An FAA spokeswoman told CNBC on Friday that the agency will keep its inspectors at Boeing facilities during the strike.']",0.0378064642096232,Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.,"In this articleBoeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and ""jeopardize"" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.",-0.3134848529642278,Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.,"""Boeing shares fell sharply on Friday after Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, actions that could drive up the borrowing costs of a manufacturer that already has mounting debt.",2024-09-15
"DirecTV, Disney reach deal to end blackout in time for college football",https://www.cnbc.com/2024/09/14/directv-disney-near-deal-to-end-blackout.html,2024-09-14T14:42:52+0000,"In this articleDirecTV and Disney have reached a deal that brings Disney's ESPN and other channels back to the pay-tv provider's customers after a roughly two week blackout.The deal comes in time for college football this Saturday, which airs on ABC, ESPN, as well as the SEC Network and ACC Network, as well as the Emmy Awards which air on ABC. CNBC earlier reported a deal could be made as early as Saturday.Disney's networks went dark on Sept. 1 after the two sides could not agree to terms on fees and bundle structures. The dispute left DirecTV's more than 11 million customers without access to the U.S. Open, college football and this season's opening ""Monday Night Football"" game.DirecTV executives began calling for the ability to offer skinnier, genre-specific bundles to customers in the weeks leading up to the dispute, and again when the Disney networks went dark. Disney had said that DirecTV's offers did not reflect the value that its networks provide. On Saturday, DirecTV and Disney said they reached a deal that called for ""market based terms"" on pricing.The deal also gives DirecTV the opportunity to offer multiple genre-specific options, such as sports, entertainment and kids and family, inclusive of Disney's traditional TV networks, along with its streaming services, Disney+, Hulu and ESPN+.DirecTV will be able to offer Disney's streaming services in its packages and a la carte, the company said in a release Saturday. DirecTV also won the rights to distribute Disney's upcoming ESPN flagship direct-to-consumer streaming service — expected to launch in fall 2025 — at no additional cost to its subscribers.The inclusion of Disney's streaming services and ESPN's future flagship service echoes the carriage agreement reached between Charter Communications and Disney last year after a similar blackout. Charter and Disney had reached a deal in time for the first week of ""Monday Night Football.""In a joint statement, DirecTV and Disney called this a ""first-of-its-kind collaboration"" as it gives ""customers the ability to tailor their video experience through more flexible options.""The blackout had underscored how valuable live sports is both for the media companies that own rights to air the games and the pay-TV providers who want to show them.Since Sept. 1, both sides accused the other of holding up an agreement. DirecTV called Disney anti-consumer, and ESPN Chairman Jimmy Pitaro called the responses DirecTV made to Disney's package offers ""basically hypotheticals.""Through the blackout the companies, their customers and other business owners appear to have lost out.""We never want to black out. It's not good for either side. It's not good for the customer, of course. We did everything we could,"" ESPN's Pitaro said on CNBC last week.The amount of customers DirecTV lost during the dispute was not ""immaterial,"" said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs' Communacopia & Technology Conference on Thursday.DirecTV offered its customers a $30 credit, financed by stopping payments to Disney as soon as the blackout began, Torres said.During the dispute, many small business owners were also unable to offer the full slate of sports that they usually do. Many bars and restaurants rely on DirecTV as a commercial distributor of the NFL's ""Sunday Ticket"" package of out of market games — which was unaffected by the blackout — and therein use the pay TV provider for the rest of its TV content, including ESPN.Beyond sports, the blackout also occurred during the presidential debate on Tuesday, leaving customers in certain markets without access to Disney's ABC broadcast network.Disney had sought to temporarily allow DirecTV to offer ABC to its customers for that night, but the pay TV provider refused. DirecTV called it a public relations play and said it did not believe it was necessary to open ABC since the debate was also being broadcast on several other news networks.Antitrust in media has been closely watched in recent weeks after Venu, the joint streaming venture between Warner Bros. Discovery, Fox Corp. and Disney, was temporarily blocked by a judge on antitrust concerns. Fubo TV initially brought the suit and DirecTV and EchoStar's Dish have since supported it. DirectTV last week said it filed a complaint with the Federal Communications Commission that said Disney did not negotiate in good faith. The FCC has rules that require broadcast owners to do so. The release on Saturday didn't state the status of the complaint, but sources tell CNBC it ""remains active.""The entire pay-tv bundle has been upended in recent years as customers have turned to streaming services and other forms of entertainment in place of the traditional structure. The shift has fragmented the media ecosystem, and live sports — especially Disney's ESPN — is considered the linchpin holding the bundle together due to its high viewership.DirecTV is in the midst of an ad campaign to remind consumers that it is more than a satellite TV company — it has a streaming bundle, too.",CNBC,14/09/2024,"[""In this articleDirecTV and Disney have reached a deal that brings Disney's ESPN and other channels back to the pay-tv provider's customers after a roughly two week blackout."", 'The deal comes in time for college football this Saturday, which airs on ABC, ESPN, as well as the SEC Network and ACC Network, as well as the Emmy Awards which air on ABC.', 'CNBC earlier reported a deal could be made as early as Saturday.', ""Disney's networks went dark on Sept. 1 after the two sides could not agree to terms on fees and bundle structures."", 'The dispute left DirecTV\'s more than 11 million customers without access to the U.S. Open, college football and this season\'s opening ""Monday Night Football"" game.', 'DirecTV executives began calling for the ability to offer skinnier, genre-specific bundles to customers in the weeks leading up to the dispute, and again when the Disney networks went dark.', ""Disney had said that DirecTV's offers did not reflect the value that its networks provide."", 'On Saturday, DirecTV and Disney said they reached a deal that called for ""market based terms"" on pricing.', ""The deal also gives DirecTV the opportunity to offer multiple genre-specific options, such as sports, entertainment and kids and family, inclusive of Disney's traditional TV networks, along with its streaming services, Disney+, Hulu and ESPN+.DirecTV will be able to offer Disney's streaming services in its packages and a la carte, the company said in a release Saturday."", ""DirecTV also won the rights to distribute Disney's upcoming ESPN flagship direct-to-consumer streaming service — expected to launch in fall 2025 — at no additional cost to its subscribers."", ""The inclusion of Disney's streaming services and ESPN's future flagship service echoes the carriage agreement reached between Charter Communications and Disney last year after a similar blackout."", 'Charter and Disney had reached a deal in time for the first week of ""Monday Night Football.', '""In a joint statement, DirecTV and Disney called this a ""first-of-its-kind collaboration"" as it gives ""customers the ability to tailor their video experience through more flexible options.', '""The blackout had underscored how valuable live sports is both for the media companies that own rights to air the games and the pay-TV providers who want to show them.', 'Since Sept. 1, both sides accused the other of holding up an agreement.', 'DirecTV called Disney anti-consumer, and ESPN Chairman Jimmy Pitaro called the responses DirecTV made to Disney\'s package offers ""basically hypotheticals.', '""Through the blackout the companies, their customers and other business owners appear to have lost out.', '""We never want to black out.', ""It's not good for either side."", ""It's not good for the customer, of course."", 'We did everything we could,"" ESPN\'s Pitaro said on CNBC last week.', 'The amount of customers DirecTV lost during the dispute was not ""immaterial,"" said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs\' Communacopia & Technology Conference on Thursday.', 'DirecTV offered its customers a $30 credit, financed by stopping payments to Disney as soon as the blackout began, Torres said.', 'During the dispute, many small business owners were also unable to offer the full slate of sports that they usually do.', 'Many bars and restaurants rely on DirecTV as a commercial distributor of the NFL\'s ""Sunday Ticket"" packageof out of market games — which was unaffected by the blackout — andtherein use the pay TV provider for the rest of its TV content, including ESPN.Beyond sports, the blackout also occurred during the presidential debate on Tuesday, leaving customers in certain markets without access to Disney\'s ABC broadcast network.', 'Disney had sought to temporarily allow DirecTV to offer ABC to its customers for that night, but the pay TV provider refused.', 'DirecTV called it a public relations play and said it did not believe it was necessary to open ABC since the debate was also being broadcast on several other news networks.', 'Antitrust in media has been closely watched in recent weeks after Venu, the joint streaming venture between Warner Bros. Discovery, Fox Corp. and Disney, was temporarily blocked by a judge on antitrust concerns.', ""Fubo TV initially brought the suit and DirecTV and EchoStar's Dish have since supported it."", 'DirectTV last week said it filed a complaint with the Federal Communications Commission that said Disney did not negotiate in good faith.', 'The FCC has rules that require broadcast owners to do so.', 'The release on Saturday didn\'t state the status of the complaint,but sources tell CNBC it ""remains active.', '""The entire pay-tv bundle has been upended in recent years as customers have turned to streaming services and other forms of entertainment in place of the traditional structure.', ""The shift has fragmented the media ecosystem, and live sports — especially Disney's ESPN — is considered the linchpin holding the bundle together due to its high viewership."", 'DirecTV is in the midst of an ad campaign to remind consumers that it is more than a satellite TV company — it has a streaming bundle, too.']",0.0482053539990189,"""In a joint statement, DirecTV and Disney called this a ""first-of-its-kind collaboration"" as it gives ""customers the ability to tailor their video experience through more flexible options.","The amount of customers DirecTV lost during the dispute was not ""immaterial,"" said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs' Communacopia & Technology Conference on Thursday.",-0.0392358408254735,In this articleDirecTV and Disney have reached a deal that brings Disney's ESPN and other channels back to the pay-tv provider's customers after a roughly two week blackout.,It's not good for either side.,2024-09-15
"After success in Paris, Los Angeles looks to elevate Olympic Games in 2028",https://www.cnbc.com/2024/09/10/paris-los-angeles-olympic-games-2028.html,2024-09-11T16:22:39+0000,"After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games. However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.That includes work on public transportation. Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby. Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""'s in the sign — which Wasserman noted was done with CGI.""That's obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""But I think it's a pretty spectacular opportunity if there was a way to do it.""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city's culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.""""LA is a main character,"" Alba said. ""We want it to be a main character during the Olympics.""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.', 'Los Angeles Mayor Karen Bass told CNBC\'s Andrew Ross Sorkin at CNBC x Boardroom\'s Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.', 'However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.', 'That includes work on public transportation.', 'Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.', 'Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.', 'Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.', '""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.', 'LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.', ""While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby."", 'Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""\'s in the sign — which Wasserman noted was done with CGI.""That\'s obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""', ""But I think it's a pretty spectacular opportunity if there was a way to do it."", '""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city\'s culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.', '""""LA is a main character,"" Alba said. ""', 'We want it to be a main character during the Olympics.', '""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2297720162737331,But I think it's a pretty spectacular opportunity if there was a way to do it.,"Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.",0.997119590640068,"However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.",,2024-09-15
"Number of trans people may have been overestimated in census, ONS says",https://www.bbc.co.uk/news/articles/c3030519849o,2024-09-13T11:14:34.808Z,"The number of transgender people living in the UK may have been overestimated by the 2021 census, the Office for National Statistics (ONS) has confirmed. Following the survey in England and Wales, it was reported that around one in 200 people aged over 16 self-identified as a different gender to their sex at birth. However, a review found that people who do not speak fluent English may have misunderstood the wording of the relevant question and mistakenly answered that they consider themselves to be trans. The ONS had previously defended its methodology, despite some academics raising concerns over its accuracy. People who filled out the 2021 census in England and Wales were asked: ""Is the gender you identify with the same as your sex registered at birth?"" According to the ONS, 262,000 people - around 0.5% of the population - answered ""no"". But on Wednesday, Mary Gregory - a deputy director at the ONS - said some people may have misunderstood the question. Writing on the ONS's website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"". The number of people who answered the question mistakenly is thought to be ""relatively small"", she added, but enough to paint an inaccurate picture in areas ""where there are higher levels of non-English speakers"". Michael Biggs, a professor of sociology at Oxford University, publicly questioned the statistics in April. Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language. While only 10% of people said they did not speak English as their main language on the census, it appeared they made up 29% of the total number of transgender people, Prof Biggs said. For example, the London Borough of Newham had the highest proportion of people who identified as transgender (1.51%). The area also has one of the highest rates of non-English speakers - 35%, compared to 9% nationally. The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws. The regulator said other statistics produced by the 2021 census are still considered to be fully accurate. The ONS had previously said its estimates on the transgender population were in line with “international comparators”. ",BBC,13/09/2024,"['The number of transgender people living in the UK may have been overestimated by the 2021 census, the Office for National Statistics (ONS) has confirmed.', 'Following the survey in England and Wales, it was reported that around one in 200 people aged over 16 self-identified as a different gender to their sex at birth.', 'However, a review found that people who do not speak fluent English may have misunderstood the wording of the relevant question and mistakenly answered that they consider themselves to be trans.', 'The ONS had previously defended its methodology, despite some academics raising concerns over its accuracy.', 'People who filled out the 2021 census in England and Wales were asked: ""Is the gender you identify with the same as your sex registered at birth?""', 'According to the ONS, 262,000 people - around 0.5% of the population - answered ""no"".', 'But on Wednesday, Mary Gregory - a deputy director at the ONS - said some people may have misunderstood the question.', 'Writing on the ONS\'s website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"".', 'The number of people who answered the question mistakenly is thought to be ""relatively small"", she added, but enough to paint an inaccurate picture in areas ""where there are higher levels of non-English speakers"".', 'Michael Biggs, a professor of sociology at Oxford University, publicly questioned the statistics in April.', 'Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language.', 'While only 10% of people said they did not speak English as their main language on the census, it appeared they made up 29% of the total number of transgender people, Prof Biggs said.', 'For example, the London Borough of Newham had the highest proportion of people who identified as transgender (1.51%).', 'The area also has one of the highest rates of non-English speakers - 35%, compared to 9% nationally.', 'The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws.', 'The regulator said other statistics produced by the 2021 census are still considered to be fully accurate.', 'The ONS had previously said its estimates on the transgender population were in line with “international comparators”.']",-0.0946752615519191,"Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language.","Writing on the ONS's website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"".",-0.8640307784080505,,"The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws.",2024-09-15
Drugmakers bet billions that targeted radiation could become the next cancer breakthrough,https://www.cnbc.com/2024/09/16/radiopharmaceuticals-race-heats-up-as-drugmakers-chase-novartis.html,2024-09-16T15:30:24+0000,"Drugmakers are betting that delivering radiation directly to tumors will become the next big cancer breakthrough. Bristol Myers Squibb, AstraZeneca, Eli Lilly and other pharmaceutical companies have spent some $10 billion on deals to acquire or work with radiopharmaceutical makers. They've snapped up smaller upstarts to get their hands on technology that, while in its infancy, could treat numerous cancers. ""Any large company that has a business presence in oncology or for whom oncology is an important therapeutic category will probably need exposure in this area one way or another,"" said Guggenheim Securities analyst Michael Schmidt.Two radiopharmaceuticals from Novartis are already available. Another few dozen are in development, according to Schmidt's count. It's hard to estimate the total market opportunity because there are so many possible cancers the drugs could treat, he said.Schmidt predicts the category could grow to a low end of $5 billion in revenue if the technology stays limited to treating a few types of cancer like prostate and neuroendocrine tumors, to as much as tens of billions if it's shown to be effective in more cancers.The drugs work by attaching radioactive material to a targeting molecule that searches for and attaches to a specific marker on cancer cells. The trick is finding markers that exist on cancer cells but not healthy cells. That can allow the treatment to deliver radiation to cancer cells and spare the rest of the body from the level of damage that comes with many cancer drugs. Proving the technology could work both scientifically and financially has taken time. The first radiopharmaceuticals were approved in the early 2000s. But interest from large pharmaceutical companies didn't pick up until recently. Making the drugs requires complex manufacturing and logistics, two major drawbacks. Radioactive material degrades quickly, so patients need to be treated within days of their treatment being made. Pharmaceutical companies proved they could manage complex, time-sensitive drugs like CAR-T for blood cancers or gene therapies for rare diseases. Then Novartis showed those strategies could be applied in radiopharmaceuticals. The Swiss pharmaceutical giant won approval in 2018 for a radiopharmaceutical drug called Lutathera for a rare type of cancer in the pancreas and gastrointestinal tract. Then in 2022, Novartis secured another approval in the treatment Pluvicto for prostate cancer. Combined, the drugs are expected to reach about $4 billion in sales by 2027, according to consensus estimates from FactSet. Those successes sparked broader interest in radiopharmaceuticals. ""We took all that together and thought, we should do something, we need to do deals here,"" said Jacob Van Naarden, president of Eli Lilly's oncology business. Lilly acquired radiopharmaceutical maker Point Biopharma last year for about $1.4 billion, and also signed a few partnerships with companies developing the treatments. One of the most important factors during Lilly's initial search was whether companies were prepared to manufacture the drugs, Van Naarden said. Radiopharmaceuticals aren't easy to make, and Lilly wanted to make sure any initial acquisition could produce the drugs themselves instead of outsourcing the work. Manufacturing was also a key component in Bristol Myers Squibb's $4.1 billion acquisition of RayzeBio, said Ben Hickey, RayzeBio's president. At the time of the acquisition, RayzeBio was nearing completion of a factory in Indiana and had secured its own supply of radioactive material needed to develop the experimental drugs in its pipeline. ""It was clearly one of the criteria to make sure that we had our destiny within our own hands,"" Hickey said. Novartis has shown why that's so important, as the company initially struggled to make enough doses of Pluvicto. It's investing more than $300 million to open and expand radiopharmaceutical manufacturing sites in the U.S. so it can produce the drug and get it to patients quickly. The company is now able to meet demand for the treatment, which involves careful planning for distribution. Each dose carries a GPS tracker to ensure it goes to the right patient at the right time, according to Victor Bulto, president of Novartis' U.S. business. Novartis drives doses to destinations that are within nine hours from the factory to minimize the risk of disruptions from storms, Bulto said. Doctors and patients on the receiving end also feel the complexity. Bassett Healthcare Network in upstate New York needed to upgrade its medical license to handle radioactive material before administering Lutathera and Pluvicto, said Dr. Timothy Korytko, Bassett's radiation oncologist in chief. A certified specialist needs to administer the drugs, which are given intravenously.It can take a few weeks from prescribing a radiopharmaceutical to administering one. For Pluvicto, patients come in once every six weeks for up to six treatments.Radiopharmaceuticals start decaying once they're made, so they're only good for a few days.Ronald Coy knows how important it is to make it in for his appointments. Coy, a retired firefighter who's been battling prostate cancer since 2015, drives more than an hour through upstate New York to receive Pluvicto at Bassett. Coy hasn't had any issues so far, but he worries a snowstorm could derail one of his appointments between now and the end of January. ""Hopefully we won't get any major storms between now and then or if we do, it's a week before I go,"" Coy said.When Coy comes home from treatment, he needs to take precautions like staying away from his wife Sharon so she's not exposed to radiation. He drinks plenty of water to remove extra radiation from his body. He doesn't mind little inconveniences for a few days if it means fighting his cancer.For Novartis, investing in the infrastructure to produce and distribute radiopharmaceuticals would be worthwhile for Pluvicto and Lutathera alone, Bulto said. But it's even more attractive because of the potential to treat more cancers. He gives the example of Novartis' work to develop a drug for a marker that's found across 28 different tumors, including breast, lung and pancreatic cancers. ""If we were able to put all these learnings that we've developed from a manufacturing distribution in service of patients with lung cancer, patients with breast cancer, and potentially show these levels of meaningful efficacy and tolerability, we're talking about a very big potential impact on cancer care. And, of course, a very viable business as well,"" he said. At this point, it's still an if. The field is in its early days, executives say, and the promise of radiopharmaceuticals beyond the current cancers they treat still needs to be proven.""If we can be successful in expanding the target and tumor type repertoire, this could be a very big class of medicines,"" Eli Lilly's Van Naarden said, adding that at this point it's hard to say if the class will be ""super important"" or ""just important.""One opportunity Bristol Myers Squibb sees is combining radiopharmaceuticals with existing cancer drugs like immunotherapy, said Robert Plenge, Bristol's chief research officer. AstraZeneca shares that vision.AstraZeneca spent $2 billion to acquire Fusion Pharmaceuticals earlier this year. Susan Galbraith, the company's executive vice president of oncology research and development, points to existing regimens that combine immunotherapy with radiation. How large AstraZeneca's radiopharmaceutical portfolio ultimately becomes depends on its initial prostate cancer program and other undisclosed targets already in the works, Galbraith said. But she thinks the technology will become an important part of cancer drugs in the next decade.It could take years to understand the true potential of the technology, as many experimental drugs are still in the early phases of development. One outstanding question is whether other radiopharmaceuticals are as safe and well tolerated as Novartis' Pluvicto, especially ones that use other types of radioactive material, the Guggenheim analyst Schmidt said. Large pharmaceutical companies aren't waiting to jump into the race. Stories like those from Coy encourage them that the work will pay off. Over almost 10 years, Coy has undergone multiple treatments for prostate cancer that has spread to his bones. After just one Pluvicto treatment earlier this year, bloodwork showed Coy's cancer level plummeted. Not everyone responds that well to Pluvicto, and things could always change for Coy. But for now, Coy feels fortunate that he's among the group that responds well to Pluvicto. That's worth the drives and the precautions for him. ""I feel very fortunate every day that I am – as it stands now – I'm part of the third where this is working really good for me,"" he said.— CNBC's Leanne Miller contributed to this report.",CNBC,16/09/2024,"['Drugmakers are betting that delivering radiation directly to tumors will become the next big cancer breakthrough.', 'Bristol Myers Squibb, AstraZeneca, Eli Lilly and other pharmaceutical companies have spent some $10 billion on deals to acquire or work with radiopharmaceutical makers.', ""They've snapped up smaller upstarts to get their hands on technology that, while in its infancy, could treat numerous cancers."", '""Any large company that has a business presence in oncology or for whom oncology is an important therapeutic category will probably need exposure in this area one way or another,"" said Guggenheim Securities analyst Michael Schmidt.', 'Two radiopharmaceuticals from Novartis are already available.', ""Another few dozen are in development, according to Schmidt's count."", ""It's hard to estimate the total market opportunity because there are so many possible cancers the drugs could treat, he said."", ""Schmidt predicts the category could grow to a low end of $5 billion in revenue if the technology stays limited to treating a few types of cancer like prostate and neuroendocrine tumors, to as much as tens of billions if it's shown to be effective in more cancers."", 'The drugs work by attaching radioactive material to a targeting molecule that searches for and attaches to a specific marker on cancer cells.', 'The trick is finding markers that exist on cancer cells but not healthy cells.', 'That can allow the treatment to deliver radiation to cancer cells and spare the rest of the body from the level of damage that comes with many cancer drugs.', 'Proving the technology could work both scientifically and financially has taken time.', 'The first radiopharmaceuticals were approved in the early 2000s.', ""But interest from large pharmaceutical companies didn't pick up until recently."", 'Making the drugs requires complex manufacturing and logistics, two major drawbacks.', 'Radioactive material degrades quickly, so patients need to be treated within days of their treatment being made.', 'Pharmaceutical companies proved they could manage complex, time-sensitive drugs like CAR-T for blood cancers or gene therapies for rare diseases.', 'Then Novartis showed those strategies could be applied in radiopharmaceuticals.', 'The Swiss pharmaceutical giant won approval in 2018 for a radiopharmaceutical drug called Lutathera for a rare type of cancer in the pancreas and gastrointestinal tract.', 'Then in 2022, Novartis secured another approval in the treatment Pluvicto for prostate cancer.', 'Combined, the drugs are expected to reach about $4 billion in sales by 2027, according to consensus estimates from FactSet.', 'Those successes sparked broader interest in radiopharmaceuticals.', '""We took all that together and thought, we should do something, we need to do deals here,"" said Jacob Van Naarden, president of Eli Lilly\'s oncology business.', 'Lilly acquired radiopharmaceutical maker Point Biopharma last year for about $1.4 billion, and also signed a few partnerships with companies developing the treatments.', ""One of the most important factors during Lilly's initial search was whether companies were prepared to manufacture the drugs, Van Naarden said."", ""Radiopharmaceuticals aren't easy to make, and Lilly wanted to make sure any initial acquisition could produce the drugs themselves instead of outsourcing the work."", ""Manufacturing was also a key component in Bristol Myers Squibb's $4.1 billion acquisition of RayzeBio, said Ben Hickey, RayzeBio's president."", 'At the time of the acquisition, RayzeBio was nearing completion of a factory in Indiana and had secured its own supply of radioactive material needed to develop the experimental drugs in its pipeline.', '""It was clearly one of the criteria to make sure that we had our destiny within our own hands,"" Hickey said.', ""Novartis has shown why that's so important, as the company initially struggled to make enough doses of Pluvicto."", ""It'sinvesting more than $300 million to open and expand radiopharmaceutical manufacturing sites in the U.S. so it can produce the drug and get it to patients quickly."", 'The company is now able to meet demand for the treatment, which involves careful planning for distribution.', ""Each dose carries a GPS tracker to ensure it goes to the right patient at the right time, according to Victor Bulto, president of Novartis' U.S. business."", 'Novartis drives doses to destinations that are within nine hours from the factory to minimize the risk of disruptions from storms, Bulto said.', 'Doctors and patients on the receiving end also feel the complexity.', ""Bassett Healthcare Network in upstate New York needed to upgrade its medical license to handle radioactive material before administering Lutathera and Pluvicto, said Dr. Timothy Korytko, Bassett's radiation oncologist in chief."", 'A certified specialist needs to administer the drugs, which are given intravenously.', 'It can take a few weeks from prescribing a radiopharmaceutical to administering one.', 'For Pluvicto, patients come in once every six weeks for up to six treatments.', ""Radiopharmaceuticals start decaying once they're made, so they're only good for a few days."", 'Ronald Coy knows how important it is to make it in for his appointments.', ""Coy, a retired firefighter who's been battling prostate cancer since 2015, drives more than an hour through upstate New York to receive Pluvicto at Bassett."", ""Coy hasn't had any issues so far, but he worries a snowstorm could derail one of his appointments between now and the end of January."", '""Hopefully we won\'t get any major storms between now and then or if we do, it\'s a week before I go,"" Coy said.', ""When Coy comes home from treatment, he needs to take precautions like staying away from his wife Sharon so she's not exposed to radiation."", 'He drinks plenty of water to remove extra radiation from his body.', ""He doesn't mind little inconveniences for a few days if it means fighting his cancer."", 'For Novartis, investing in the infrastructure to produce and distribute radiopharmaceuticals would be worthwhile for Pluvicto and Lutathera alone, Bulto said.', ""But it's even more attractive because of the potential to treat more cancers."", ""He gives the example of Novartis' work to develop a drug for a marker that's found across 28 different tumors, including breast, lung and pancreatic cancers."", '""If we were able to put all these learnings that we\'ve developed from a manufacturing distribution in service of patients with lung cancer, patients with breast cancer, and potentially show these levels of meaningful efficacy and tolerability, we\'re talking about a very big potential impact on cancer care.', 'And, of course, a very viable business as well,"" he said.', ""At this point, it's still an if."", 'The field is in its early days, executives say, and the promise of radiopharmaceuticals beyond the current cancers they treat still needs to be proven.', '""If we can be successful in expanding the target and tumor type repertoire, this could be a very big class of medicines,"" Eli Lilly\'s Van Naarden said, adding that at this point it\'s hard to say if the class will be ""super important"" or ""just important.', '""One opportunity Bristol Myers Squibb sees is combining radiopharmaceuticals with existing cancer drugs like immunotherapy, said Robert Plenge, Bristol\'s chief research officer.', 'AstraZeneca shares that vision.', 'AstraZeneca spent $2 billion to acquire Fusion Pharmaceuticals earlier this year.', ""Susan Galbraith, the company's executive vice president of oncology research and development, points to existing regimens that combine immunotherapy with radiation."", ""How large AstraZeneca's radiopharmaceutical portfolio ultimately becomes depends on its initial prostate cancer program and other undisclosed targets already in the works, Galbraith said."", 'But she thinks the technology will become an important part of cancer drugs in the next decade.', 'It could take years to understand the true potential of the technology, as many experimental drugs are still in the early phases of development.', ""One outstanding question is whether other radiopharmaceuticals are as safe and well tolerated as Novartis' Pluvicto, especially ones that use other types of radioactive material, the Guggenheim analyst Schmidt said."", ""Large pharmaceutical companies aren't waiting to jump into the race."", 'Stories like those from Coy encourage them that the work will pay off.', 'Over almost 10 years, Coy has undergone multiple treatments for prostate cancer that has spread to his bones.', ""After just one Pluvicto treatment earlier this year, bloodwork showed Coy's cancer level plummeted."", 'Not everyone responds that well to Pluvicto, and things could always change for Coy.', ""But for now, Coy feels fortunate that he's among the group that responds well to Pluvicto."", ""That's worth the drives and the precautions for him."", '""I feel very fortunate every day that I am – as it stands now – I\'m part of the third where this is working really good for me,"" he said.—', ""CNBC's Leanne Miller contributed to this report.""]",0.0664359107961976,"One outstanding question is whether other radiopharmaceuticals are as safe and well tolerated as Novartis' Pluvicto, especially ones that use other types of radioactive material, the Guggenheim analyst Schmidt said.",That can allow the treatment to deliver radiation to cancer cells and spare the rest of the body from the level of damage that comes with many cancer drugs.,0.6552917888531318,But it's even more attractive because of the potential to treat more cancers.,"After just one Pluvicto treatment earlier this year, bloodwork showed Coy's cancer level plummeted.",2024-09-15
Pfizer says its experimental drug for deadly condition that causes appetite and weight loss in cancer patients shows positive trial results,https://www.cnbc.com/2024/09/14/pfizers-cancer-cachexia-drug-shows-positive-midstage-trial-results.html,2024-09-16T12:59:40+0000,"In this articlePfizer's experimental drug for a common, life-threatening condition that causes cancer patients to lose their appetite and weight showed positive results in a midstage trial, the drugmaker said Saturday. Patients with the condition, called cancer cachexia, who took Pfizer's treatment saw improvements in body weight, muscle mass, quality of life and physical function, according to the drugmaker. The results could pave the way for the drug, a monoclonal antibody called ponsegromab, to become the first treatment approved in the U.S. specifically for cancer cachexia. The condition affects about 9 million people worldwide, and 80% of cancer patients suffering from it are expected to die within one year of diagnosis, according to the company.Patients with cancer cachexia don't eat enough food to meet their body's energy needs, causing significant fat and muscle loss and leaving them weak, fatigued and, in some cases, unable to perform daily activities. Cancer cachexia is currently defined as a loss of 5% or more body weight over the past six months in cancer patients, along with symptoms such as fatigue, according to the National Cancer Institute.The symptoms of the condition can make cancer treatments less effective and contribute to lower survival rates, Pfizer said. ""We would see ponsegromab fitting into the treatment of cancer patients, really addressing that unmet need in cachexia, and through that, improving their wellness, their ability to care for themselves, and we would also hope their ability to tolerate more treatment,"" Charlotte Allerton, Pfizer's head of discovery and early development, told CNBC in an interview. Pfizer has not disclosed the estimated revenue opportunity of the drug, which could potentially be approved for different uses.The company presented the data Saturday at the European Society for Medical Oncology 2024 Congress, a cancer research conference held in Barcelona, Spain. The results were also published in The New England Journal of Medicine. The phase two trial followed 187 people with non-small cell lung cancer, pancreatic cancer or colorectal cancer and high levels of a key driver of cachexia called growth differentiation factor 15, or GDF-15. It is a protein that binds to a certain receptor in the brain and has an impact on appetite, according to Allerton. After 12 weeks, patients who took the highest dose of ponsegromab — 400 milligrams — saw a 5.6% increase in weight compared with those who received a placebo. Patients who took a 200-milligram or 100-milligram dose of the drug saw a roughly 3.5% and 2% increase in body weight, respectively, compared with the placebo group. Allerton said a work group of experts defines a weight gain of greater than 5% as a ""clinically meaningful difference in cancer patients with cachexia."" She added that the drug's effect on other measures of wellness, such as increased appetite and physical activity, is ""really what offers us the encouragement."" Pfizer said it did not observe any significant side effects with the drug. Treatment-related side effects occurred in 8.9% of people taking a placebo and 7.7% of those who took Pfizer's treatment, the company said. The company said it is discussing late-stage development plans for the drug with regulators, and aims to start studies in 2025 that can be used to file for approval. Pfizer is also studying ponsegromab in a phase two trial in patients with heart failure, who can also suffer from cachexia.Pfizer's drug works by reducing the levels of GDF-15. Pfizer believes this can improve appetite and enable patients to maintain and gain weight. ""For most of us, we have low levels of GDF-15 in our tissues when we're healthy, but we really do see this up regulation of GDF-15 in more of these chronic conditions, and in this case, cancer,"" Allerton said.",CNBC,16/09/2024,"[""In this articlePfizer's experimental drug for a common, life-threatening condition that causes cancer patients to lose their appetite and weight showed positive results in a midstage trial, the drugmaker said Saturday."", ""Patients with the condition, called cancer cachexia, who took Pfizer's treatment saw improvements in body weight, muscle mass, quality of life and physical function, according to the drugmaker."", 'The results could pave the way for the drug, a monoclonal antibody called ponsegromab, to become the first treatment approved in the U.S. specifically for cancer cachexia.', 'The condition affects about 9 million people worldwide, and 80% of cancer patients suffering from it are expected to die within one year of diagnosis, according to the company.', ""Patients with cancer cachexia don't eat enough food to meet their body's energy needs, causing significant fat and muscle loss and leaving them weak, fatigued and, in some cases, unable to perform daily activities."", 'Cancer cachexia is currently defined as a loss of 5% or more body weight over the past six months in cancer patients, along with symptoms such as fatigue, according to the National Cancer Institute.', 'The symptoms of the condition can make cancer treatments less effective and contribute to lower survival rates, Pfizer said.', '""We would see ponsegromab fitting into the treatment of cancer patients, really addressing that unmet need in cachexia, and through that, improving their wellness, their ability to care for themselves, and we would also hope their ability to tolerate more treatment,"" Charlotte Allerton, Pfizer\'s head of discovery and early development, told CNBC in an interview.', 'Pfizer has not disclosed the estimated revenue opportunity of the drug, which could potentially be approved for different uses.', 'The company presented the data Saturday at the European Society for Medical Oncology 2024 Congress, a cancer research conference held in Barcelona, Spain.', 'The results were also published in The New England Journal of Medicine.', 'The phase two trial followed 187 people with non-small cell lung cancer, pancreatic cancer or colorectal cancer and high levels of a key driver of cachexia called growth differentiation factor 15, or GDF-15.', 'It is a protein that binds to a certain receptor in the brain and has an impact on appetite, according to Allerton.', 'After 12 weeks, patients who took the highest dose of ponsegromab — 400 milligrams — saw a 5.6% increase in weight compared with those who received a placebo.', 'Patients who took a 200-milligram or 100-milligram dose of the drug saw a roughly 3.5% and 2% increase in body weight, respectively, compared with the placebo group.', 'Allerton said a work group of experts defines a weight gain of greater than 5% as a ""clinically meaningful difference in cancer patients with cachexia.""', 'She added that the drug\'s effect on other measures of wellness, such as increased appetite and physical activity, is ""really what offers us the encouragement.', '""Pfizer said it did not observe any significant side effects with the drug.', ""Treatment-related side effects occurred in 8.9% of people taking a placebo and 7.7% of those who took Pfizer's treatment, the company said."", 'The company said it is discussing late-stage development plans for the drug with regulators, and aims to start studies in 2025 that can be used to file for approval.', 'Pfizer is also studying ponsegromab in a phase two trial in patients with heart failure, who can also suffer from cachexia.', ""Pfizer's drug works by reducing the levels of GDF-15."", 'Pfizer believes this can improve appetite and enable patients to maintain and gain weight.', '""For most of us, we have low levels of GDF-15 in our tissues when we\'re healthy, but we really do see this up regulation of GDF-15 in more of these chronic conditions, and in this case, cancer,"" Allerton said.']",-0.1297328495701251,"""We would see ponsegromab fitting into the treatment of cancer patients, really addressing that unmet need in cachexia, and through that, improving their wellness, their ability to care for themselves, and we would also hope their ability to tolerate more treatment,"" Charlotte Allerton, Pfizer's head of discovery and early development, told CNBC in an interview.","Cancer cachexia is currently defined as a loss of 5% or more body weight over the past six months in cancer patients, along with symptoms such as fatigue, according to the National Cancer Institute.",0.5615522818905967,"Patients with the condition, called cancer cachexia, who took Pfizer's treatment saw improvements in body weight, muscle mass, quality of life and physical function, according to the drugmaker.","The symptoms of the condition can make cancer treatments less effective and contribute to lower survival rates, Pfizer said.",2024-09-15
McDonald's to extend $5 value meal offer into December in most U.S. markets,https://www.cnbc.com/2024/09/12/mcdonalds-to-extend-5-value-meal-offer-into-december.html,2024-09-13T14:31:00+0000,"In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers.Franchisees have been voting on extending the value meal, and roughly 80% of local markets have opted to extend the deal into December. Votes on extensions are ongoing, so additional locations may be added in the weeks to come.The value meal offers a McDouble or McChicken sandwich, small fries, four-piece chicken nuggets and a small soft drink for $5.Owners will also be offering local promotions in the weeks and months to come, in addition to the value bundle, the company said. Deals will also be available in McDonald's app.""Together with our franchisees, we're committed to keeping our prices as affordable as possible, which is why we're doubling down with even more ways to save,"" McDonald's U.S. President Joe Erlinger said in a statement about the meal's extension into December.The restaurant sector focused on value this summer, as companies including McDonald's, Burger King and even Starbucks attempted to lure consumers in with discounted offerings. Diners have pulled back on their restaurant spending after years of persistent inflation.After McDonald's posted declining second-quarter same-store sales in July, executives told restaurant operators and analysts the company would focus on how to recapture consumers with deals, as they pushed for an extension of the $5 value meal. The offer ran through the end of August, after 93% of restaurants had agreed to keep it on the menu following its initial four-week run in June and July.In a memo to the U.S. system obtained by CNBC after the July earnings report, Erlinger said McDonald's struggled to sell diners on affordability in the most recent quarter, adding that he expects ""industry and competitive challenges"" to continue throughout the year. Erlinger encouraged operators to look ahead to building momentum for next year, adding that ""channeling a long-term mindset is crucial"" to the company's success. ""Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight,"" he wrote at the time. ""It will happen through sustained and coordinated actions that show the customer we're on their side.""The $5 meal trial performed well among low-income consumers, and sentiment around the company's value had started to improve, Erlinger said in the July memo.",CNBC,13/09/2024,"[""In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers."", 'Franchisees have been voting on extending the value meal, and roughly 80% of local markets have opted to extend the deal into December.', 'Votes on extensions are ongoing, so additional locations may be added in the weeks to come.', 'The value meal offers a McDouble or McChicken sandwich, small fries, four-piece chicken nuggets and a small soft drink for $5.Owners will also be offering local promotions in the weeks and months to come, in addition to the value bundle, the company said.', ""Deals will also be available in McDonald's app."", '""Together with our franchisees, we\'re committed to keeping our prices as affordable as possible, which is why we\'re doubling down with even more ways to save,"" McDonald\'s U.S. President Joe Erlinger said in a statement about the meal\'s extension into December.', ""The restaurant sector focused on value this summer, as companies including McDonald's, Burger King and even Starbucks attempted to lure consumers in with discounted offerings."", 'Diners have pulled back on their restaurant spending after years of persistent inflation.', ""After McDonald's posted declining second-quarter same-store sales in July,executives told restaurant operators and analysts the company would focus on how to recapture consumers with deals, as they pushed for an extension of the $5 value meal."", 'The offer ran through the end of August, after 93% of restaurants had agreed to keep it on the menu following its initial four-week run in June and July.', 'In a memo to the U.S. system obtained by CNBC after the July earnings report, Erlinger said McDonald\'s struggled to sell diners on affordability in the most recent quarter, adding that he expects ""industry and competitive challenges"" to continue throughout the year.', 'Erlingerencouraged operators to look ahead to building momentum for next year, adding that ""channeling a long-term mindset is crucial"" to the company\'s success.', '""Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight,"" he wrote at the time. ""', ""It will happen through sustained and coordinated actions that show the customer we're on their side."", '""The $5 meal trialperformed wellamong low-income consumers, and sentiment around the company\'svaluehad started to improve, Erlinger said in the July memo.']",0.3019892570715103,In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers.,,0.2471036091446876,"""The $5 meal trialperformed wellamong low-income consumers, and sentiment around the company'svaluehad started to improve, Erlinger said in the July memo.",Diners have pulled back on their restaurant spending after years of persistent inflation.,2024-09-15
Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection,https://www.cnbc.com/2024/09/11/restaurant-chain-burgerfi-files-for-chapter-11-bankruptcy-protection.html,2024-09-11T17:59:27+0000,"In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo. Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.BurgerFi, known for its higher-quality burgers, was founded in 2011. It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny. Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million. Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",CNBC,11/09/2024,"['In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.', 'The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo.', 'Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.', 'BurgerFi, known for its higher-quality burgers, was founded in 2011.', 'It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.', ""Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million."", 'BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.', 'For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million.', 'Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.']",0.0222703114031558,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.",-0.5973716616630554,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",2024-09-15
Boeing freezes hiring in sweeping cost cuts as it grapples with factory worker strike,https://www.cnbc.com/2024/09/16/boeing-freezes-hiring-cost-cuts-factory-worker-strike.html,2024-09-16T16:50:14+0000,"In this articleBoeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production.The manufacturer will make ""significant reductions"" to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West said in a note to staff. It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work.""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""However, our business is in a difficult period. This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.""He added that Boeing is not making cuts to funding for safety, quality and direct customer support work. The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday. He said the company's new CEO, Kelly Ortberg, wants to get back to the bargaining table right away to reach a new deal.""We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,"" West said.On Friday, Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade. That could drive up the borrowing costs of a manufacturer that already has mounting debt.Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.",CNBC,16/09/2024,"['In this articleBoeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.', ""Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production."", 'The manufacturer will make ""significant reductions"" to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West said in a note to staff.', 'It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work.', '""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""', 'However, our business is in a difficult period.', 'This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.', '""He added that Boeing is not making cuts to funding for safety, quality and direct customer support work.', 'The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday.', ""He said the company's new CEO, Kelly Ortberg, wants to get back to the bargaining table right away to reach a new deal."", '""We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,"" West said.', ""On Friday, Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade."", 'That could drive up the borrowing costs of a manufacturer that already has mounting debt.', 'Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.']",0.0055770563572381,"""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""","Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production.",-0.4286157380450855,"""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. """,Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.,2024-09-15
Fire-and-rehire: What is it and why is it controversial?,https://www.bbc.co.uk/news/business-57670287,2021-07-02T11:38:16.000Z,"Tesco has lost a Supreme Court battle over so-called ""fire-and-rehire"" plans put forward by the supermarket giant. The row began in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay, prompting the Usdaw union to take legal action. During the pandemic a number of big businesses tried to dismiss workers and hire them back straight away - on worse deals. It prompted calls from trade unions and opposition politicians for employment rights to be strengthened including banning the practice, commonly known as ""fire-and-rehire"". The most noticeable case was that of P&O Ferries, which fired 800 of its workers in 2022. It was not accused of adopting a straightforward ""fire-and-rehire"" strategy, because it used an agency to replace sacked staff.  But unions said there were lots of overlapping concerns particularly around job security. Employers sometimes want to change the terms and conditions of their workers.  Each case is different, but employers might want to reduce their pay, or reduce holiday allowances, change shift patterns - even reduce the breaks they are allowed. This will often happen when a company is losing money and needs to cut costs to stay in business. Normally, managers would negotiate with trade unions or workers' representatives to try to reach an agreement.  If they can't, employers sometimes dismiss the affected workers, and offer to hire them back on the same day - under new terms and conditions. That presents workers with a stark choice - accept worse terms and conditions which you said no to before, or lose your job.  It's not illegal but it is considered acceptable only as a last resort.  Tesco was blocked from firing and rehiring its workers on lower pay in September, with Supreme Court judges calling the expectation ""unrealistic"". In 2023 trade unions accused Carnival UK, which operates P&O Cruises and Cunard, of considering using the strategy, although the firm said it was ""categorically"" not making any redundancies. Unions compared Carnival's approach to what happened at P&O Ferries - which is owned by a completely separate company, DP World. In that case there were some reports that sacked workers were told they could reapply for their old jobs via the agency that was filling their vacant roles if they wished to, which would have made it something very like a ""fire-and-rehire"" strategy. The controversy around fire-and-rehire had already become more intense following the pandemic. Many companies lost business because of Covid, and some used fire-and-rehire to reduce the amount they spend on their workers.  Len McCluskey, the then-leader of Britain's largest trade union, Unite, called it ""a disease that is ripping through our workplaces"" at the time. High-profile disputes about alleged fire-and-rehire tactics include: The government does not record the number of times fire-and-rehire happens. A report commissioned by the government in 2021 found little hard data about how many disputes there are.  But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020. Many of the people the researchers spoke to said they felt the practice was becoming more common, not just among big companies, but smaller employers too.  Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed. The Usdaw union successfully challenged Tesco in the courts when it tried to fire and rehire some of its distribution workers, although it was a hard-fought battle. Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court. Fire-and-rehire is not illegal, but employers have to follow a long process, formally consulting workers and unions and observing set notice periods.  If it is not followed correctly, employers open themselves up to legal challenges through employment tribunals or the courts. Employees and unions can also challenge a fire-and-rehire process on the grounds that it is not done fairly - for example, if some groups of workers get better treatment than others.  Labour pledged that it would ban fire-and-rehire in its 2024 election manifesto, and, after the Tesco ruling in September, the government said it intends to bring forward legislation to do that ""soon"".  A spokesperson said the government wanted to ""put an end to unscrupulous fire-and-rehire practices, which have no place in a modern labour market"". Many employment rights only start after two years' service. Until then workers can be dismissed with a week's notice. At many firms, employees acquire more rights - such as better redundancy terms - the longer they work. In most cases, going through a fire-and-rehire process should not reset years of service back to zero, says Neil Todd of Thompsons Solicitors. Long-serving employees should not be treated as new hires if they are dismissed and rehired straight away, or even as late as the following week. ",BBC,02/07/2021,"['Tesco has lost a Supreme Court battle over so-called ""fire-and-rehire"" plans put forward by the supermarket giant.', 'The row began in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay, prompting the Usdaw union to take legal action.', 'During the pandemic a number of big businesses tried to dismiss workers and hire them back straight away - on worse deals.', 'It prompted calls from trade unions and opposition politicians for employment rights to be strengthened including banning the practice, commonly known as ""fire-and-rehire"".', 'The most noticeable case was that of P&O Ferries, which fired 800 of its workers in 2022.', 'It was not accused of adopting a straightforward ""fire-and-rehire"" strategy, because it used an agency to replace sacked staff.', 'But unions said there were lots of overlapping concerns particularly around job security.', 'Employers sometimes want to change the terms and conditions of their workers.', 'Each case is different, but employers might want to reduce their pay, or reduce holiday allowances, change shift patterns - even reduce the breaks they are allowed.', 'This will often happen when a company is losing money and needs to cut costs to stay in business.', ""Normally, managers would negotiate with trade unions or workers' representatives to try to reach an agreement."", ""If they can't, employers sometimes dismiss the affected workers, and offer to hire them back on the same day - under new terms and conditions."", 'That presents workers with a stark choice - accept worse terms and conditions which you said no to before, or lose your job.', ""It's not illegal but it is considered acceptable only as a last resort."", 'Tesco was blocked from firing and rehiring its workers on lower pay in September, with Supreme Court judges calling the expectation ""unrealistic"".', 'In 2023 trade unions accused Carnival UK, which operates P&O Cruises and Cunard, of considering using the strategy, although the firm said it was ""categorically"" not making any redundancies.', ""Unions compared Carnival's approach to what happened at P&O Ferries - which is owned by a completely separate company, DP World."", 'In that case there were some reports that sacked workers were told they could reapply for their old jobs via the agency that was filling their vacant roles if they wished to, which would have made it something very like a ""fire-and-rehire"" strategy.', 'The controversy around fire-and-rehire had already become more intense following the pandemic.', 'Many companies lost business because of Covid, and some used fire-and-rehire to reduce the amount they spend on their workers.', 'Len McCluskey, the then-leader of Britain\'s largest trade union, Unite, called it ""a disease that is ripping through our workplaces"" at the time.', 'High-profile disputes about alleged fire-and-rehire tactics include: The government does not record the number of times fire-and-rehire happens.', 'A report commissioned by the government in 2021 found little hard data about how many disputes there are.', 'But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020.', 'Many of the people the researchers spoke to said they felt the practice was becoming more common, not just among big companies, but smaller employers too.', 'Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed.', 'The Usdaw union successfully challenged Tesco in the courts when it tried to fire and rehire some of its distribution workers, although it was a hard-fought battle.', 'Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.', 'Fire-and-rehire is not illegal, but employers have to follow a long process, formally consulting workers and unions and observing set notice periods.', 'If it is not followed correctly, employers open themselves up to legal challenges through employment tribunals or the courts.', 'Employees and unions can also challenge a fire-and-rehire process on the grounds that it is not done fairly - for example, if some groups of workers get better treatment than others.', 'Labour pledged that it would ban fire-and-rehire in its 2024 election manifesto, and, after the Tesco ruling in September, the government said it intends to bring forward legislation to do that ""soon"".', 'A spokesperson said the government wanted to ""put an end to unscrupulous fire-and-rehire practices, which have no place in a modern labour market"".', ""Many employment rights only start after two years' service."", ""Until then workers can be dismissed with a week's notice."", 'At many firms, employees acquire more rights - such as better redundancy terms - the longer they work.', 'In most cases, going through a fire-and-rehire process should not reset years of service back to zero, says Neil Todd of Thompsons Solicitors.', 'Long-serving employees should not be treated as new hires if they are dismissed and rehired straight away, or even as late as the following week.']",-0.1306970157193663,"Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.","Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed.",-0.026538610458374,"Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.","But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020.",2024-09-15
Harvey Weinstein indicted on new charges by New York grand jury,https://www.cnbc.com/2024/09/12/harvey-weinstein-indicted-on-new-charges-by-new-york-grand-jury.html,2024-09-12T15:07:26+0000,"Harvey Weinstein, the disgraced Hollywood mogul whose alleged sexual misconduct fueled the #MeToo movement, has been indicted on new charges by a New York City grand jury.The new charges are under seal, prosecutors told a judge in Manhattan criminal court Thursday, adding that they could not yet get into specifics.NBC News was first to report this month that a grand jury had been convened to hear from women who had come forward with new accusations against Weinstein, 72.Weinstein, who was rushed to a hospital earlier this week for heart surgery, did not appear in court Thursday.In all, more than 80 women have accused the Oscar-winning ex-producer of sexual assault or harassment. He has repeatedly and vehemently denied those claims, insisting the encounters in question were consensual.Weinstein was convicted in 2020 of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison. But that conviction was overturned in April after a state appellate court, in a 4-3 decision, determined the judge had erred by allowing women to testify about allegations that were not part of the case.New York prosecutors announced months later that they intended to recharge Weinstein for the same crimes and possibly bring forward new charges.Read more NBC NewsThe former producer will head to trial in November, but it is unclear whether he will be tried at the same time on both the original and new charges. He will remain in custody until that retrial.In addition to the New York case, Weinstein was found guilty of one count of rape and two counts of sexual assault in a 2022 trial in Los Angeles, where he was sentenced to 16 years. Weinstein's legal team is in the process of appealing that conviction.In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King's Speech.""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse. The stories inspired a wider reckoning with abuses of power in entertainment and other high-profile industries.This is a breaking news story. Please refresh for updates.",CNBC,12/09/2024,"['Harvey Weinstein, the disgraced Hollywood mogul whose alleged sexual misconduct fueled the #MeToo movement, has been indicted on new charges by a New York City grand jury.', 'The new charges are under seal, prosecutors told a judge in Manhattan criminal court Thursday, adding that they could not yet get into specifics.', 'NBC News was first to reportthis month that a grand jury had been convened to hear from women who had come forward with new accusations against Weinstein, 72.Weinstein, who was rushed to a hospital earlier this week for heart surgery, did not appear in court Thursday.', 'In all, more than 80 women have accused the Oscar-winning ex-producer of sexual assault or harassment.', 'He has repeatedly and vehemently denied those claims, insisting the encounters in question were consensual.', 'Weinstein wasconvicted in 2020of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison.', 'But that conviction was overturned in April after a state appellate court, in a 4-3 decision, determined the judge had erred by allowing women to testify about allegations that were not part of the case.', 'New York prosecutors announced months later that they intended to recharge Weinstein for the same crimes and possibly bring forward new charges.', 'Read more NBC NewsThe former producer will head to trial in November, but it is unclear whether he will be tried at the same time on both the original and new charges.', 'He will remain in custody until that retrial.', 'In addition to the New York case, Weinstein was found guilty of one count of rape and two counts of sexual assault in a 2022 trial in Los Angeles, where he wassentenced to 16 years.', ""Weinstein's legal team is in the process ofappealing that conviction."", 'In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King\'s Speech.', '""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse.', 'The stories inspired a wider reckoning with abuses of power in entertainment and other high-profile industries.', 'This is a breaking news story.', 'Please refresh for updates.']",-0.1738874461184484,"In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King's Speech.","Weinstein wasconvicted in 2020of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison.",-0.7000432014465332,,"""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse.",2024-09-15
Jeep CEO enacts turnaround plan after significant sales declines,https://www.cnbc.com/2024/09/13/jeep-ceo-turnaround-plan-sales-declines.html,2024-09-13T15:27:31+0000,"In this articleDETROIT — Stellantis' Jeep brand is well known for scaling tough terrains, but its latest challenge of achieving 1 million vehicle sales domestically by 2027 will be a steep hill to climb.Jeep, a coveted brand in the automotive industry, has been in a U.S. sales rut that has included five years of annual sales declines, with 2024 on pace to potentially become the sixth.Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target. The company is executing a turnaround plan for the quintessential American SUV brand that he says is already beginning to pay dividends following a 9% sales decline in the U.S. during the first six months of the year.The plan has included lowering pricing across its lineup, including on high-volume models such as the Jeep Compass and Grand Cherokee SUVs; rolling out special offers such as incentives or 0% financing; and increasing spending on marketing and advertising, Filosa said. It also will include an upcoming roadshow with dealers to address additional problems and concerns.Such actions can eat into profits, but the brand's average transaction prices have skyrocketed from less than $40,000 in 2020 to north of $50,000 this year, according to Cox Automotive. Jeep's average transaction price has been above the industry average since 2021, Cox reports.""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.Filosa's comments were made a day before the chairman of the Stellantis National Dealer Council penned a scathing open letter targeting Stellantis CEO Carlos Tavares over the company's sales losses and other business decisions.Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022. That compared with an industry increase of 13% in 2023.Filosa said Jeep, which reports sales quarterly, saw U.S. sales rise last month: They were up 28% from August 2023 and 55% from July. Jeep also lowered its vehicle inventory by about 25,000 units during that time. But the brand has a ways to go to accomplish any notable turnaround in sales.Jeep's U.S. sales have plummeted 34% from an all-time high of more than 973,000 SUVs sold in 2018 to less than 643,000 units last year. While most auto brands increased sales last year, Jeep was off by about 6%.The most recent declines follow the company ending production last year of the entry-level Renegade and the Cherokee compact SUV — two mainstream models with peak U.S. sales of around 300,000 units annually from 2016 to 2019.""For Jeep to lose Jeep Cherokee … and Jeep Renegade has been an important hit to us,"" Filosa said. ""Our market coverage declined from an average of 80% to 45%.""Filosa said Jeep expects to recover market share ""very quickly"" and return to an 80% market share coverage, which includes the segments Jeep competes in, by the end of next year, when it introduces an unnamed replacement for the Cherokee as well as new electrified models.In addition to the termination of the new models, Stellantis' brands such as Jeep have focused on profits over market share under Tavares' time as CEO.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.As part of that plan, Jeep is targeting selling roughly 1.5 million SUVs globally by 2027, including 1 million in the U.S.To achieve such goals, Tavares earlier this year said he has allowed leniency in some pricing, incentives and other financial targets after speaking with the company's dealers.Filosa said he is continuing those efforts by meeting with dealers regarding the turnaround initiatives. He'll participate in a dealer roadshow beginning next month with the brand's new North American head, Bob Broderdorf.Also assisting Jeep, which is the top seller of plug-in hybrid electric vehicles in the U.S., will be several new vehicles. The brand is launching the all-electric Wagoneer S later this year, followed next year by a Jeep Wrangler-inspired ""Recon"" SUV and extended-range, plug-in versions of its large Wagoneer and Grand Wagoneer SUVs.Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.""Now it's time to push, and to accelerate, sales to recover as much as [they] need to do. Next year, obviously, we will talk all growth, since we have new products. … I believe [next year] will be a completely different story,"" Filosa said.Jeep also is attempting to increase the quality and reliability of its vehicles, which have historically ranked below average in third-party rankings. He said this includes delaying launches of its upcoming Wagoneer S and Recon by four to six weeks.However, building problem-free vehicles is easier said than done in the automotive industry. Jeep on Monday confirmed it is cooperating with U.S. auto safety regulators on an investigation into more than 781,000 newer Jeep Wrangler and Gladiator SUVs after reports of underhood fires.Filosa confirmed knowledge of the probe, but he declined to provide additional details. Tavares earlier this year highlighted quality problems within the automaker, specifically at a plant in suburban Detroit that makes the company's Ram 1500.""We are very carefully monitoring the evolution of quality of Jeep Wagoneer S in the plant, and Jeep Recon as well,"" Filosa said. ""The only mandate that the plants have from me is to just deliver the car when it's in perfect quality.""The new all-electric SUVs will be produced at Stellantis' Toluca Assembly Plant in Mexico. The company has not confirmed a production location for the replacement to the Cherokee SUV, which was produced at a now-dormant plant in Illinois.",CNBC,13/09/2024,"[""In this articleDETROIT — Stellantis' Jeep brand is well known for scaling tough terrains, but its latest challenge of achieving 1 million vehicle sales domestically by 2027 will be a steep hill to climb."", 'Jeep, a coveted brand in the automotive industry, has been in a U.S. sales rut that has included five years of annual sales declines, with 2024 on pace to potentially become the sixth.', ""Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target."", 'The company is executing a turnaround plan for the quintessential American SUV brand that he says is already beginning to pay dividends following a 9% sales decline in the U.S. during the first six months of the year.', 'The plan has included lowering pricing across its lineup, including on high-volume models such as the Jeep Compass and Grand Cherokee SUVs; rolling out special offers such as incentives or 0% financing; and increasing spending on marketing and advertising, Filosasaid.', 'It also will include an upcoming roadshow with dealers to address additional problems and concerns.', ""Such actions can eat into profits, but the brand's average transaction prices have skyrocketed from less than $40,000 in 2020 to north of $50,000 this year, according to Cox Automotive."", ""Jeep's average transaction price has been above the industry average since 2021, Cox reports."", '""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.', ""Filosa's comments were made a day before the chairman of the Stellantis National Dealer Council penned a scathing open letter targeting Stellantis CEO Carlos Tavares over the company's sales losses and other business decisions."", 'Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022.', 'That compared with an industry increase of 13% in 2023.Filosa said Jeep, which reports sales quarterly, saw U.S. sales rise last month: They were up 28% from August 2023 and 55% from July.', 'Jeep also lowered its vehicle inventory by about 25,000 units during that time.', 'But the brand has a ways to go to accomplish any notable turnaround in sales.', ""Jeep's U.S. sales have plummeted 34% from an all-time high of more than 973,000 SUVs sold in 2018 to less than 643,000 units last year."", 'While most auto brands increased sales last year, Jeep was off by about 6%.The most recent declines follow the company ending production last year of the entry-level Renegade and the Cherokee compact SUV — two mainstream models with peak U.S. sales of around 300,000 units annually from 2016 to 2019.""For Jeep to lose Jeep Cherokee … and Jeep Renegade has been an important hit to us,"" Filosa said. ""', 'Our market coverage declined from an average of 80% to 45%.""Filosa said Jeep expects to recover market share ""very quickly"" and return to an 80% market share coverage, which includes the segments Jeep competes in, by the end of next year, when it introduces an unnamed replacement for the Cherokee as well as new electrified models.', ""In addition to the termination of the new models, Stellantis' brands such as Jeep have focused on profits over market share under Tavares' time as CEO.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.As part of that plan, Jeep is targeting selling roughly 1.5 million SUVs globally by 2027, including 1 million in the U.S.To achieve such goals, Tavares earlier this year said he has allowed leniency in some pricing, incentives and other financial targets after speaking with the company\'s dealers.', 'Filosa said he is continuing those efforts by meeting with dealers regarding the turnaround initiatives.', ""He'll participate in a dealer roadshow beginning next month with the brand's new North American head, Bob Broderdorf."", 'Also assisting Jeep, which is the top seller of plug-in hybrid electric vehicles in the U.S., will be several new vehicles.', 'The brand is launching the all-electric Wagoneer S later this year, followed next year by a Jeep Wrangler-inspired ""Recon"" SUV and extended-range, plug-in versions of its large Wagoneer and Grand Wagoneer SUVs.', 'Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.', '""Now it\'s time to push, and to accelerate, sales to recover as much as [they] need to do.', 'Next year, obviously, we will talk all growth, since we have new products. …', 'I believe [next year] will be a completely different story,"" Filosa said.', 'Jeep also is attempting to increase the quality and reliability of its vehicles, which have historically ranked below average in third-party rankings.', 'He said this includes delaying launches of its upcoming Wagoneer S and Recon by four to six weeks.', 'However, building problem-free vehicles is easier said than done in the automotive industry.', 'Jeep on Monday confirmed it is cooperating with U.S. auto safety regulators on an investigation into more than 781,000 newer Jeep Wrangler and Gladiator SUVs after reports of underhood fires.', 'Filosa confirmed knowledge of the probe, but he declined to provide additional details.', 'Tavares earlier this year highlighted quality problems within the automaker, specifically at a plant in suburban Detroit that makes the company\'s Ram 1500.""We are very carefully monitoring the evolution of quality of Jeep Wagoneer S in the plant, and Jeep Recon as well,"" Filosa said. ""', ""The only mandate that the plants have from me is to just deliver the car when it's in perfect quality."", '""The new all-electric SUVs will be produced at Stellantis\' Toluca Assembly Plant in Mexico.', 'The company has not confirmed a production location for the replacement to the Cherokee SUV, which was produced at a now-dormant plant in Illinois.']",0.2013082239519548,"""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.","Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target.",0.1428580170585995,"Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.","Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022.",2024-09-15
"Moderna shares plunge on plans to cut $1.1 billion in costs, launch 10 new products by 2027",https://www.cnbc.com/2024/09/12/moderna-rd-day-1-billion-in-cost-cuts-10-product-launches-planned.html,2024-09-12T15:50:55+0000,"In this articleModerna on Thursday said it plans to cut around $1.1 billion in expenses by 2027 and win approvals for several new products as it charts a path forward after the rapid decline of its Covid business. The biotech company said it expects 10 new product approvals through 2027. But Moderna said it will also pause work on some products in its pipeline and scrap others, as it aims to ""pace ourselves"" in new research and development spending. The company aims to trim R&D spending to a range of $3.6 billion to $3.8 billion in 2027, down from an expected $4.8 billion at the end of this year, according to a release.""You're going to start seeing things come down because there are some studies that we are going to basically sunset and we're not going to start,"" Moderna CEO Stephane Bancel told CNBC, adding that the company is putting its latent product portfolio ""on hold."" That refers to a category of viruses that linger inside patients for prolonged periods without causing any symptoms but can reactivate and cause serious health complications later in their lives. Still, shares of Moderna fell more than 15% on Thursday.Leerink Partners analyst Mani Foroohar said in an email Thursday that the company's updates ""put to rest key elements of the bull thesis"" for its stock and ""reflect a worsening financial position.""""R&D reductions are too far out chronologically to be credible from a management team that we think has proven serially unable to project the performance of their business,"" Foroohar said.In a research note Thursday, Jefferies analyst Michael Yee said that the bulk of the cost savings won't be achieved until 2027, which ""now delays profitability until 2028.""Moderna said it plans to ""break even"" on an operating cash cost basis with $6 billion in revenue in 2028. The company previously said it expects to break even and return to growth in 2026. The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion. From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch. While Moderna expects some product approvals in 2025, the company is ""not expecting meaningful revenue contributions until the year after,"" Moderna CFO Jamey Mock told investors during the event.Also on Thursday, Moderna announced positive late-stage trial results for its vaccine against respiratory syncytial virus in high-risk adults ages 18 to 59, with plans to file for approval for that age group this year. It also announced positive data on its experimental stand-alone flu shot for adults ages 65 and older. The company unveiled those updates during its annual research and development day investor event in New York on Thursday, which focuses on its product pipeline and long-term business updates. It comes around four months after U.S. regulators cleared Moderna's RSV vaccine for seniors, its second commercially available product after its Covid vaccine. The company said it now has five respiratory shots with positive phase three results and expects to submit three of those jabs for approval this year. That includes Moderna's combination shot targeting Covid and the flu, which it expects to file for approval in the U.S. this year, along with a new and more effective version of its Covid shot. Moderna also has five nonrespiratory products across cancer, latent viruses and rare diseases that could be approved by 2027, according to the company's release. The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion. From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch. ""That's really a remarkable achievement that the team has accomplished, leaving us with a lot of drugs that are working, which is why we need to pace ourselves in terms of R&D investment,"" he told CNBC. Moderna presented new data on its RSV vaccine, mRESVIA, which is cleared in the U.S. and European Union for adults 60 and above. The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus. There were no safety concerns observed, Moderna added.There are currently no RSV shots approved worldwide for younger, high-risk adults, such as those with weakened immune systems or underlying chronic conditions like asthma and diabetes. Moderna's main rivals in the RSV space, Pfizer and GSK, are also seeking an expanded approval for the age group. Bancel said the company plans to use a ""priority review voucher"" when it files for approval for people ages 18 to 59, which would reduce the amount of time it takes for the Food and Drug Administration to review the product to six months instead of 10 months. Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025. ""It's in the millions of people who could benefit. … We are also doing so just to be competitive in the marketplace because if you are a large retail pharmacy, you want your product to be available for all of your customers that show up,"" Bancel said. But the company is also discontinuing development of its RSV vaccine for infants under 2 years old based on ""emerging clinical data."" Moderna said its experimental stand-alone flu vaccine, mRNA-1010, produced a higher immune response against the virus compared with an existing flu shot in a recent phase three trial. The shot has also demonstrated ""consistently acceptable safety and tolerability"" across three late-stage trials, the company added.Meanwhile, Moderna said it plans to move its shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea, to a phase three trial ""imminently."" Bancel said he believes the company could finish the study within a year and file for approval immediately after if the data is positive. ""This could be a product that is two years away from launch, which is great because there's nothing today to treat norovirus,"" he said. ""A lot of health-care professionals get infected by their patients.""Moderna is also partnering with Merck to develop a personalized cancer vaccine, which is being studied in combination with Keytruda in patients with different forms of the disease. The companies are studying the shot in a phase three trial in patients with a deadly skin cancer and discussing an approval with regulators based on data from a mid-stage study on the jab.But Moderna said the FDA has ""not been supportive"" of a so-called accelerated approval of the shot based on its existing data. That refers to an FDA designation that clears drugs faster if they fill an unmet medical need for serious conditions.Bancel said, ""we're going to keep having discussions"" with regulators, and ""we're also generating more data.""-- CNBC's Angelica Peebles contributed to this report.",CNBC,12/09/2024,"['In this articleModerna on Thursday said it plans to cut around $1.1 billion in expenses by 2027 and win approvals for several new products as it charts a path forward after the rapid decline of its Covid business.', 'The biotech company said it expects 10 new product approvals through 2027.', 'But Moderna said it will also pause work on some products in its pipeline and scrap others, as it aims to ""pace ourselves"" in new research and development spending.', 'The company aims to trim R&D spending to a range of $3.6 billion to $3.8 billion in 2027, down from an expected $4.8 billion at the end of this year, according to a release.', '""You\'re going to start seeing things come down because there are some studies that we are going to basically sunset and we\'re not going to start,"" Moderna CEO Stephane Bancel told CNBC, adding that the company is putting its latent product portfolio ""on hold.""', 'That refers to a category of viruses that linger inside patients for prolonged periods without causing any symptoms but can reactivate and cause serious health complications later in their lives.', 'Still, shares of Moderna fell more than 15% on Thursday.', 'Leerink Partners analyst Mani Foroohar said in an email Thursday that the company\'s updates ""put to rest key elements of the bull thesis"" for its stock and ""reflect a worsening financial position.', '""""R&D reductions are too far out chronologically to be credible from a management team that we think has proven serially unable to project the performance of their business,"" Foroohar said.', 'In a research note Thursday, Jefferies analyst Michael Yee said that the bulk of the cost savings won\'t be achieved until 2027, which ""now delays profitability until 2028.""Moderna said it plans to ""break even"" on an operating cash cost basis with $6 billion in revenue in 2028.', 'The company previously said it expects to break even and return to growth in 2026.', 'The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion.', 'From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.', 'While Moderna expects some product approvals in 2025, the company is ""not expecting meaningful revenue contributions until the year after,"" Moderna CFO Jamey Mock told investors during the event.', 'Also on Thursday, Moderna announced positive late-stage trial results for its vaccine against respiratory syncytial virus in high-risk adults ages 18 to 59, with plans to file for approval for that age group this year.', 'It also announced positive data on its experimental stand-alone flu shot for adults ages 65 and older.', 'The company unveiled those updates during its annual research and development day investor event in New York on Thursday, which focuses on its product pipeline and long-term business updates.', ""It comes around four months after U.S. regulators cleared Moderna's RSV vaccine for seniors, its second commercially available product after its Covid vaccine."", 'The company said it now has five respiratory shots with positive phase three results and expects to submit three of those jabs for approval this year.', ""That includes Moderna's combination shot targeting Covid and the flu, which it expects to file for approval in the U.S. this year, along with a new and more effective version of its Covid shot."", ""Moderna also has five nonrespiratory products across cancer, latent viruses and rare diseases that could be approved by 2027, according to the company's release."", 'The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion.', 'From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.', '""That\'s really a remarkable achievement that the team has accomplished, leaving us with a lot of drugs that are working, which is why we need to pace ourselves in terms of R&D investment,"" he told CNBC.Moderna presented new data on its RSV vaccine, mRESVIA, which is cleared in the U.S. and European Union for adults 60 and above.', 'The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus.', 'There were no safety concerns observed, Moderna added.', 'There are currently no RSV shots approved worldwide for younger, high-risk adults, such as those with weakened immune systems or underlying chronic conditions like asthma and diabetes.', ""Moderna's main rivals in the RSV space, Pfizer and GSK, are also seeking an expanded approval for the age group."", 'Bancel said the company plans to use a ""priority review voucher"" when it files for approval for people ages 18 to 59, which would reduce the amount of time it takes for the Food and Drug Administration to review the product to six months instead of 10 months.', 'Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025.""It\'s in the millions of people who could benefit. …', 'We are also doing so just to be competitive in the marketplace because if you are a large retail pharmacy, you want your product to be available for all of your customers that show up,"" Bancel said.', 'But the company is also discontinuing development of its RSV vaccine for infants under 2 years old based on ""emerging clinical data.', '""Moderna said its experimental stand-alone flu vaccine, mRNA-1010, produced a higher immune response against the virus compared with an existing flu shot in a recent phase three trial.', 'The shot has also demonstrated ""consistently acceptable safety and tolerability"" across three late-stage trials, the company added.', 'Meanwhile, Moderna said it plans to move its shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea, to a phase three trial ""imminently.""', 'Bancel said he believes the company could finish the study within a year and file for approval immediately after if the data is positive.', '""This could be a product that is two years away from launch, which is great because there\'s nothing today to treat norovirus,"" he said. ""', 'A lot of health-care professionals get infected by their patients.', '""Moderna is also partnering with Merck to develop a personalized cancer vaccine, which is being studied in combination with Keytruda in patients with different forms of the disease.', 'The companies are studying the shot in a phase three trial in patients with a deadly skin cancer and discussing an approval with regulators based on data from a mid-stage study on the jab.', 'But Moderna said the FDA has ""not been supportive"" of a so-called accelerated approval of the shot based on its existing data.', 'That refers to an FDA designation that clears drugs faster if they fill an unmet medical need for serious conditions.', 'Bancel said, ""we\'re going to keep having discussions"" with regulators, and ""we\'re also generating more data.""--', ""CNBC's Angelica Peebles contributed to this report.""]",0.1205978998745196,"Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025.""It's in the millions of people who could benefit. …",The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus.,0.410499544247337,"From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.","Still, shares of Moderna fell more than 15% on Thursday.",2024-09-15
"No signs of slowing down for sports betting, industry leaders say",https://www.cnbc.com/2024/09/10/no-signs-of-slowing-down-for-sports-betting-industry-leaders-say.html,2024-09-11T16:22:41+0000,"In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices.Of those three companies with sportsbooks, Fanatics is the most junior in the space. The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap.""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue. DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same.Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules. Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy.The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems.""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they're depending on, that's not good for business,"" said FanDuel president Christian Genetski.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.', ""Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices."", 'Of those three companies with sportsbooks, Fanatics is the most junior in the space.', ""The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap."", '""The good thing about Michael Rubin is he is not scared of making material investments when it\'s something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC\'s Contessa Brewer on stage.', 'Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.', '""I think you\'ll continue to see sports fans engage more, you\'ll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.', 'As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.', 'Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue.', ""DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same."", 'Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.', ""Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy."", ""The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems."", '""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they\'re depending on, that\'s not good for business,"" said FanDuel president Christian Genetski.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1360243937052505,"""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,-0.3323238849639892,"""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,2024-09-15
China to raise retirement age for first time since 1950s,https://www.bbc.co.uk/news/articles/c62421le4j6o,2024-09-13T08:34:20.645Z,"China will ""gradually raise"" its retirement age for the first time since the 1950s, as the country confronts an ageing population and a dwindling pension budget. The top legislative body on Friday approved proposals to raise the statutory retirement age from 50 to 55 for women in blue-collar jobs, and from 55 to 58 for females in white-collar jobs. Men will see an increase from 60 to 63.  China's current retirement ages are among the lowest in the world.  According to the plan passed on Friday, the change will set in from 1 January 2025, with the respective retirement ages raised every few months over the next 15 years, said Chinese state media.  Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years. Starting 2030, employees will also have to make more contributions to the social security system in order to receive pensions. By 2039, they would have to clock 20 years of contributions to access their pensions. The state-run Chinese Academy of Social Sciences said in 2019 that the country's main state pension fund will run out of money by 2035 - and that was an estimate before the Covid-19 pandemic, which hit China's economy hard. The plan to raise retirement ages and adjust the pension policy was based on ""a comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education and workforce supply in China,"" Xinhua reported.  But the announcement has drawn some scepticism and discontent on the Chinese internet. ""In the next 10 years, there will be another bill that will delay retirement until we are 80,"" one user wrote on a Chinese social media site Weibo.  ""What a miserable year! Middle-aged workers are faced with pay cuts and raised retirement ages. Those who are unemployed find it increasingly difficult to get jobs,"" another chimed in.  Others said they had anticipated the announcement. ""This was expected, there isn't much to discuss. ""Men in most European countries retire when they are 65 or 67, while women do at 60. This is going to be the trend in our country as well,"" one Weibo user said. China's huge population has fallen for a second consecutive year in 2023 as its birth rate continues to decline.  Meanwhile, its average life expectancy has risen to 78.2 years, officials said earlier this year. According to the World Health Organization, almost a third of China's population - about 402 million people - will be aged over 60 by 2040, up from 254 million in 2019. A slowing economy, shrinking government benefits and a decades-long one-child policy have created a creeping demographic crisis in China, our China correspondent Laura Bicker wrote earlier this year. China's pension pot is running dry and the country is running out of time to build enough of a fund to care for the growing number of elderly. Over the next decade, about 300 million people, who are currently aged 50 to 60, are set to leave the Chinese workforce. This is the country's largest age group, nearly equivalent to the size of the US population. So who will look after them? The answer depends on where you go and who you ask. Read our analysis here ",BBC,13/09/2024,"['China will ""gradually raise"" its retirement age for the first time since the 1950s, as the country confronts an ageing population and a dwindling pension budget.', 'The top legislative body on Friday approved proposals to raise the statutory retirement age from 50 to 55 for women in blue-collar jobs, and from 55 to 58 for females in white-collar jobs.', 'Men will see an increase from 60 to 63.', ""China's current retirement ages are among the lowest in the world."", 'According to the plan passed on Friday, the change will set in from 1 January 2025, with the respective retirement ages raised every few months over the next 15 years, said Chinese state media.', 'Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years.', 'Starting 2030, employees will also have to make more contributions to the social security system in order to receive pensions.', 'By 2039, they would have to clock 20 years of contributions to access their pensions.', ""The state-run Chinese Academy of Social Sciences said in 2019 that the country's main state pension fund will run out of money by 2035 - and that was an estimate before the Covid-19 pandemic, which hit China's economy hard."", 'The plan to raise retirement ages and adjust the pension policy was based on ""a comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education and workforce supply in China,"" Xinhua reported.', 'But the announcement has drawn some scepticism and discontent on the Chinese internet. ""', 'In the next 10 years, there will be another bill that will delay retirement until we are 80,"" one user wrote on a Chinese social media site Weibo. ""', 'What a miserable year!', 'Middle-aged workers are faced with pay cuts and raised retirement ages.', 'Those who are unemployed find it increasingly difficult to get jobs,"" another chimed in.', 'Others said they had anticipated the announcement. ""', 'This was expected, there isn\'t much to discuss. ""', 'Men in most European countries retire when they are 65 or 67, while women do at 60.', 'This is going to be the trend in our country as well,"" one Weibo user said.', ""China's huge population has fallen for a second consecutive year in 2023 as its birth rate continues to decline."", 'Meanwhile, its average life expectancy has risen to 78.2 years, officials said earlier this year.', ""According to the World Health Organization, almost a third of China's population - about 402 million people - will be aged over 60 by 2040, up from 254 million in 2019."", 'A slowing economy, shrinking government benefits and a decades-long one-child policy have created a creeping demographic crisis in China, our China correspondent Laura Bicker wrote earlier this year.', ""China's pension pot is running dry and the country is running out of time to build enough of a fund to care for the growing number of elderly."", 'Over the next decade, about 300 million people, who are currently aged 50 to 60, are set to leave the Chinese workforce.', ""This is the country's largest age group, nearly equivalent to the size of the US population."", 'So who will look after them?', 'The answer depends on where you go and who you ask.', 'Read our analysis here']",-0.0201894058856361,China's pension pot is running dry and the country is running out of time to build enough of a fund to care for the growing number of elderly.,"Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years.",-0.3489936888217926,"Meanwhile, its average life expectancy has risen to 78.2 years, officials said earlier this year.",China's huge population has fallen for a second consecutive year in 2023 as its birth rate continues to decline.,2024-09-15
United Airlines to offer free Wi-Fi using Starlink from Elon Musk's SpaceX,https://www.cnbc.com/2024/09/13/united-airlines-spacex-starlink-internet.html,2024-09-13T15:30:42+0000,"United Airlines said Friday that it plans to offer inflight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest inflight internet deal yet for the satellite service provider.The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.Delta Air Lines announced in early 2023 that onboard internet would be free for members of its SkyMiles loyalty program. Hawaiian Airlines, which has a deal with Starlink, also offers complimentary inflight Wi-Fi. JetBlue Airways has offered free Wi-Fi for years.SpaceX also previously made a deal with semi-private airline JSX.United currently offers inflight internet from a hodgepodge of providers, including ViaSat and Panasonic, and charges loyalty program members $8 and everyone else $10 for access on domestic and short-haul international flights.The carrier said it expects to have Starlink on its more than 1,000 planes over the ""next several years"" with the first passenger flights outfitted with the service starting early next year. United said the Wi-Fi will offer ""gate-to-gate"" connectivity.United praised SpaceX's satellite service, saying it provides ""internet access around the world, including over oceans, polar regions and other remote locations previously unreachable by traditional cell or Wi-Fi signals,"" a selling point for the U.S. airline with the most service over both the Atlantic and Pacific.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. There are currently about 6,000 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company. SpaceX initially targeted consumer customers, but has expanded into other markets, including aviation.",CNBC,13/09/2024,"[""United Airlines said Friday that it plans to offer inflight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest inflight internet deal yet for the satellite service provider."", 'The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.', 'Delta Air Lines announced in early 2023 that onboard internet would be free for members of its SkyMiles loyalty program.', 'Hawaiian Airlines, which has a deal with Starlink, also offers complimentary inflight Wi-Fi.', 'JetBlue Airways has offered free Wi-Fi for years.', 'SpaceX also previously made a deal with semi-private airline JSX.United currently offers inflight internet from a hodgepodge of providers, including ViaSat and Panasonic, and charges loyalty program members $8 and everyone else $10 for access on domestic and short-haul international flights.', 'The carrier said it expects to have Starlink on its more than 1,000 planes over the ""next several years"" with the first passenger flights outfitted with the service starting early next year.', 'United said the Wi-Fi will offer ""gate-to-gate"" connectivity.', 'United praised SpaceX\'s satellite service, saying it provides ""internet access around the world, including over oceans, polar regions and other remote locations previously unreachable by traditional cell or Wi-Fi signals,"" a selling point for the U.S. airline with the most service over both the Atlantic and Pacific.', 'SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.', 'There are currently about 6,000 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'SpaceX initially targeted consumer customers, buthasexpanded into other markets, including aviation.']",0.3952893768194163,"The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.",,0.8750329911708832,SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.,,2024-09-15
"Streaming deals are key to future of NFL viewership, fandom",https://www.cnbc.com/2024/09/10/streaming-deals-are-key-to-future-of-nfl-viewership-fandom.html,2024-09-11T16:22:47+0000,"The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience.When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""Thursday Night Football"" found its exclusive home on Amazon's Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.And that was just the beginning. The following year, the NFL's ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google's YouTube TV. Comcast's NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service. Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""That led us, in part, to retain the rights for live games on mobile phones.""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off. It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.The expansion into streaming has carried over into this season. Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers.""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games.Similarly, Lori Conkling, YouTube global head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.The majority of the NFL's media rights deals are sewn up with traditional broadcast partners. Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services. The majority of viewership still comes from traditional TV, according to ratings data.Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds. Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming. The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast's NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally."", ""Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience."", 'When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""', 'Thursday Night Football"" found its exclusive home on Amazon\'s Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.', 'And that was just the beginning.', 'The following year, the NFL\'s ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google\'s YouTube TV.', 'Comcast\'s NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service.', 'Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.', '""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""', 'That led us, in part, to retain the rights for live games on mobile phones.', '""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.', 'The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off.', 'It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.', '""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.', 'The expansion into streaming has carried over into this season.', ""Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers."", '""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.', ""He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games."", 'Similarly, Lori Conkling,YouTubeglobal head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.', ""The majority of the NFL's media rights deals are sewn up with traditional broadcast partners."", 'Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services.', 'The majority of viewership still comes from traditional TV, according to ratings data.', ""Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds."", 'Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming.', 'The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.', '""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""', ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states."", '""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1544150106787163,"""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""","And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.",0.9992067085372076,The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.,,2024-09-15
"Winter fuel payment: 780,000 to miss out on allowance, says DWP",https://www.bbc.co.uk/news/articles/cr54n3r0l50o,2024-09-14T03:21:45.704Z,"Around 780,000 pensioners in England and Wales are set to lose their winter fuel allowance because they are not expected to apply for benefits they are entitled to, according to the government's own analysis.  The Department for Work and Pensions (DWP) estimates were released under freedom of information laws on Friday. The ""equalities analyses"" predicted many people entitled to pension credit - and therefore eligible for fuel payments under the new rules - will not submit a claim, and therefore lose the subsidy altogether.  The disclosure comes after the government told opposition parties it had not carried out a full assessment of the policy's impact, amid calls for analysis to be released. No 10 has previously said it was not legally obliged to produce a full impact assessment on the decision to means test the benefit. Under the changes, winter fuel allowance will still be available to those claiming pension credit and some other benefits, but around 10 million people are set to be stripped of the payment. A Treasury spokesman told the BBC that more than a million pensioners would still receive the winter fuel payment, and the government is encouraging people eligible for pension credit to apply. However, the DWP's internal analysis confirms the government is expecting hundreds of thousands of eligible people to miss out.  The government estimates around 100,000 more people could be persuaded to claim pension credit, but more than three quarters of a million pensioners who are eligible are still not expected to submit a claim, the document confirmed.  The analysis also suggested that nine in 10 pensioners aged between 66 and 79 would lose their allowance, and eight in 10 over 80s would do so. Since those over 80 receive a higher payment - £300 as opposed to £200 - they would take the greatest financial hit, it said. The analysis also found that while those with a disability would be most likely to retain the payment, around 71% will still lose their entitlement. Conservative Party chairman Richard Fuller called on Labour to ""immediately"" conduct and publish a full impact assessment of ""this harmful policy"", accusing the government of having ""sneaked out"" the analysis. Previously, the Liberal Democrats said not carrying out an impact assessment before cutting support was ""absolutely unthinkable"". Speaking on Thursday, Sir Keir Starmer said the decision to cut winter fuel payments was necessary to stabilise the economy, and that the government was putting ""mitigations in place"". The DWP said the document - which is more limited than a full impact assessment - was not ""routinely published alongside secondary legislation"" after it was published in response to a Freedom of Information request.  ",BBC,14/09/2024,"[""Around 780,000 pensioners in England and Wales are set to lose their winter fuel allowance because they are not expected to apply for benefits they are entitled to, according to the government's own analysis."", 'The Department for Work and Pensions (DWP) estimates were released under freedom of information laws on Friday.', 'The ""equalities analyses"" predicted many people entitled to pension credit - and therefore eligible for fuel payments under the new rules - will not submit a claim, and therefore lose the subsidy altogether.', ""The disclosure comes after the government told opposition parties it had not carried out a full assessment of the policy's impact, amid calls for analysis to be released."", 'No 10 has previously said it was not legally obliged to produce a full impact assessment on the decision to means test the benefit.', 'Under the changes, winter fuel allowance will still be available to those claiming pension credit and some other benefits, but around 10 million people are set to be stripped of the payment.', 'A Treasury spokesman told the BBC that more than a million pensioners would still receive the winter fuel payment, and the government is encouraging people eligible for pension credit to apply.', ""However, the DWP's internal analysis confirms the government is expecting hundreds of thousands of eligible people to miss out."", 'The government estimates around 100,000 more people could be persuaded to claim pension credit, but more than three quarters of a million pensioners who are eligible are still not expected to submit a claim, the document confirmed.', 'The analysis also suggested that nine in 10 pensioners aged between 66 and 79 would lose their allowance, and eight in 10 over 80s would do so.', 'Since those over 80 receive a higher payment - £300 as opposed to £200 - they would take the greatest financial hit, it said.', 'The analysis also found that while those with a disability would be most likely to retain the payment, around 71% will still lose their entitlement.', 'Conservative Party chairman Richard Fuller called on Labour to ""immediately"" conduct and publish a full impact assessment of ""this harmful policy"", accusing the government of having ""sneaked out"" the analysis.', 'Previously, the Liberal Democrats said not carrying out an impact assessment before cutting support was ""absolutely unthinkable"".', 'Speaking on Thursday, Sir Keir Starmer said the decision to cut winter fuel payments was necessary to stabilise the economy, and that the government was putting ""mitigations in place"".', 'The DWP said the document - which is more limited than a full impact assessment - was not ""routinely published alongside secondary legislation"" after it was published in response to a Freedom of Information request.']",0.215195718782454,"A Treasury spokesman told the BBC that more than a million pensioners would still receive the winter fuel payment, and the government is encouraging people eligible for pension credit to apply.","The analysis also suggested that nine in 10 pensioners aged between 66 and 79 would lose their allowance, and eight in 10 over 80s would do so.",-0.7277959329741341,"Speaking on Thursday, Sir Keir Starmer said the decision to cut winter fuel payments was necessary to stabilise the economy, and that the government was putting ""mitigations in place"".","Since those over 80 receive a higher payment - £300 as opposed to £200 - they would take the greatest financial hit, it said.",2024-09-15
"Airbus Ventures launches $155 million fund focused on deep tech, including space",https://www.cnbc.com/2024/09/12/airbus-ventures-fund-deep-tech-space.html,2024-09-12T16:41:17+0000,"Airbus Ventures, one of the most prolific investors in space startups, has raised a $155 million fund that it plans to deploy across the burgeoning space sector, as well as the broader ""deep tech"" ecosystem.""This fund is designed to unlock new possibilities, and space is one of them,"" Thomas d'Halluin, managing partner of Airbus Ventures, told CNBC.The move comes as investment in the space industry, especially from venture capital, has been rebounding after two lean years.Airbus Ventures' new ""Fund-Y"" is targeting long-term opportunities in early-stage deep tech startups, which d'Halluin defines as ""going back to the laws of physics and not being afraid of what's difficult."" Historically, deep tech is a classification for companies working on technologies that face steep scientific or engineering obstacles.Founded in 2016, Airbus Ventures takes a different tack from traditional corporate venture capital arms. The firm maintains a gap from its eponymous corporation, the European aerospace company, and more than half of Fund-Y comes from outside capital such as institutional investors, private equity and family offices. Airbus Ventures currently has $465 million under management, with Fund-Y marking its fourth fund to date. About a third of Airbus Ventures' capital deployed so far has been in the space sector, the firm said, backing 14 pure-play companies in the sector, with notable investments including propulsion startup Impulse, lunar cargo company ispace and tracking service LeoLabs.""This is about patience. Often, and too often, people want immediate reward. Space is not a place of immediate reward,"" d'Halluin said.He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures' backing of Impulse. The startup was founded by Tom Mueller, best known for developing SpaceX's family of rocket engines.""Impulse was successful on its first mission because of the 17 years of experience of Tom at SpaceX,"" d'Halluin said.""That element of human capital we see often neglected in deep tech diligence — this notion of who's capturing the execution and the knowledge and the skill set in a particular company — is what we're pointing towards,"" he added.While Airbus Ventures has traditionally deployed the majority of its funds in the U.S., d'Halluin said it intends for Fund-Y to be global. In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.",CNBC,12/09/2024,"['Airbus Ventures, one of the most prolific investors in space startups, has raised a $155 million fund that it plans to deploy across the burgeoning space sector, as well as the broader ""deep tech"" ecosystem.', '""This fund is designed to unlock new possibilities, and space is one of them,"" Thomas d\'Halluin, managing partner of Airbus Ventures, told CNBC.The move comes as investment in the space industry, especially from venture capital, has been rebounding after two lean years.', 'Airbus Ventures\' new ""Fund-Y"" is targeting long-term opportunities in early-stage deep tech startups, which d\'Halluin defines as ""going back to the laws of physics and not being afraid of what\'s difficult.""', 'Historically, deep tech is a classification for companies working on technologies that face steep scientific or engineering obstacles.', 'Founded in 2016, Airbus Ventures takes a different tack from traditional corporate venture capital arms.', 'The firm maintains a gap from its eponymous corporation, the European aerospace company, and more than half of Fund-Y comes from outside capital such as institutional investors, private equity and family offices.', 'Airbus Ventures currently has $465 million under management, with Fund-Y marking its fourth fund to date.', ""About a third of Airbus Ventures' capital deployed so far has been in the space sector, the firm said, backing 14 pure-play companies in the sector, with notable investments including propulsion startup Impulse, lunar cargo company ispace and tracking service LeoLabs."", '""This is about patience.', 'Often, and too often, people want immediate reward.', 'Space is not a place of immediate reward,"" d\'Halluin said.', 'He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures\' backing of Impulse.', ""The startup was founded by Tom Mueller, best known for developing SpaceX's family of rocket engines."", '""Impulse was successful on its first mission because of the 17 years of experience of Tom at SpaceX,"" d\'Halluin said.', '""That element of human capital we see often neglected in deep tech diligence — this notion of who\'s capturing the execution and the knowledge and the skill set in a particular company — is what we\'re pointing towards,"" he added.', ""While Airbus Ventures has traditionally deployed the majority of its funds in the U.S., d'Halluin said it intends for Fund-Y to be global."", 'In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.']",0.2051048286218113,"He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures' backing of Impulse.","""That element of human capital we see often neglected in deep tech diligence — this notion of who's capturing the execution and the knowledge and the skill set in a particular company — is what we're pointing towards,"" he added.",0.9986892342567444,"In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.",,2024-09-15
Harris' rise in polls sparks wave of wealth transfers to kids,https://www.cnbc.com/2024/09/13/harris-rise-in-polls-sparks-wave-of-wealth-transfers-to-kids-.html,2024-09-13T17:52:35+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The tightening presidential race has touched off a wave of tax planning by ultra-wealthy investors, especially given fears of a higher estate tax, according to advisors and tax attorneys.The scheduled ""sunset"" of a generous provision in the estate tax next year has taken on new urgency as the odds of a divided government or Democratic president have increased, tax experts say. Under current law, individuals can transfer up to $13.61 million (and couples can send up to $27.22 million) to family members or beneficiaries without owing estate or gift taxes.The benefit is scheduled to expire at the end of 2025 along with the other individual provisions of the 2017 Tax Cuts and Jobs Act. If it expires, the estate and gift tax exemption will fall by about half. Individuals will only be able to gift about $6 million to $7 million, and that rises to $12 million to $14 million for couples. Any assets transferred above those amounts will be subject to the 40% transfer tax.Wealth advisors and tax attorneys said expectations of a Republican sweep in the first half of the year led many wealthy Americans to take a wait-and-see approach, since former President Donald Trump wants to extend the 2017 tax cuts for individuals.Vice President Kamala Harris has advocated higher taxes for those those making more than $400,000.With Harris and Trump essentially tied in the polls, the odds have increased that the estate tax benefits will expire — either through gridlock or tax hikes.""There is a little increased urgency now,"" said Pam Lucina, chief fiduciary officer for Northern Trust and head of its trust and advisory practice. ""Some people have been holding off until now.""The sunset of the exemption, and the response by the wealthy, has broad ripple effects on inheritances and the trillions of dollars set to pass from older to younger generations in the coming years. More than $84 trillion is expected to be transferred to younger generations in the coming decades, and the estate tax ""cliff"" is set to accelerate many of those gifts this year and next.The biggest question facing wealthy families is how much to give, and when, in advance of any estate tax change. If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die. On the other hand, if they give away the maximum now, and the estate tax provisions are extended, they may wind up with ""givers' remorse"" — which comes when donors gave away money unnecessarily due to fears of tax changes that never happened.""With givers' remorse, we want to make sure clients look at the different scenarios,"" Lucina said. ""Will they need a lifestyle change? If it's an irrevocable gift, can they afford it?""Advisors say clients should make sure their gift decisions are driven as much by family dynamics and personalities as they are by taxes. While giving the maximum of $27.22 million may make sense today from a tax perspective, it may not always make sense from a family perspective.""The first thing we do is separate out those individuals who were going to make the gift anyway from those who have never done it and are only motivated to do it now because of the sunset,"" said Mark Parthemer, chief wealth strategist and regional director of Florida for Glenmede. ""While it may be a once-in-a-lifetime opportunity as it relates to the exemption, it's not the only thing. We want individuals to have peace of mind regardless of how it plays out.""Parthemer said today's wealthy parents and grandparents need to make sure they are psychologically comfortable making large gifts.""They're asking 'What if I live so long I outlive my money,'"" Parthemer said. ""We can do the math and figure out what makes sense. But there is also a psychological component to that. As people age, a lot of us become more concerned about our financial independence, regardless of whether the math tells us we're independent or not.""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Some families may also fear their kids aren't ready for such large amounts. Wealthy families who planned to make big gifts years from now are feeling pressure from the tax change to go ahead with it now.""Especially with families with younger children, a primary concern is having donors' remorse,"" said Ann Bjerke, head of the advanced planning group at UBS.Advisors say families can structure their gifts to be flexible — gifting to a spouse first, for instance, before it goes to the kids. Or setting up trusts that trickle out the money over time and reduce the changes of ""sudden wealth syndrome"" for kids.For families that plan to take advantage of the estate tax window, however, the time is now. It can take months to draft and file transfers. During a similar tax cliff in 2010, so many families rushed to process gifts and set up trusts that attorneys became overwhelmed and many clients were left stranded. Advisors say today's gifters face the same risk if they wait until after the election.""We're already seeing some attorneys start to turn away new clients,"" Lucina said.Another risk with rushing is trouble with the IRS. Parthemer said the IRS recently unwound a strategy used by one couple, where the husband used his exemption to gift his kids money and gave his wife funds to regift using her own exemption.""Both gifts were attributed to the wealthy spouse, triggering a gift tax,"" he said. ""You need to have time to measure twice and cut once, as they say.""While advisors and tax attorneys said their wealthy clients are also calling them about other tax proposals in the campaign — from higher capital gains and corporate taxes to taxing unrealized gains — the estate tax sunset is far and away the most pressing and likely change.""In the past month, inquiries have accelerated over the [estate exemption],"" Bjerke said. ""A lot of people were sitting on the sidelines waiting to implement their wealth-planning strategies. Now, more people are executing.""",CNBC,13/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The tightening presidential race has touched off a wave of tax planning by ultra-wealthy investors, especially given fears of a higher estate tax, according to advisors and tax attorneys.', 'The scheduled ""sunset"" of a generous provision in the estate tax next year has taken on new urgency as the odds of a divided government or Democratic president have increased, tax experts say.', 'Under current law, individuals can transfer up to $13.61 million (and couples can send up to $27.22 million) to family members or beneficiaries without owing estate or gift taxes.', 'The benefit is scheduled to expire at the end of 2025 along with the other individual provisions of the 2017 Tax Cuts and Jobs Act.', 'If it expires, the estate and gift tax exemption will fall by about half.', 'Individuals will only be able to gift about $6 million to $7 million, and that rises to $12 million to $14 million for couples.', 'Any assets transferred above those amounts will be subject to the 40% transfer tax.', 'Wealth advisors and tax attorneys said expectations of a Republican sweep in the first half of the year led many wealthy Americans to take a wait-and-see approach, since former President Donald Trump wants to extend the 2017 tax cuts for individuals.', 'Vice President Kamala Harris has advocated higher taxes for those those making more than $400,000.With Harris and Trump essentially tied in the polls, the odds have increased that the estate tax benefits will expire — either through gridlock or tax hikes.', '""There is a little increased urgency now,"" said Pam Lucina, chief fiduciary officer for Northern Trust and head of its trust and advisory practice. ""', 'Some people have been holding off until now.', '""The sunset of the exemption, and the response by the wealthy, has broad ripple effects on inheritances and the trillions of dollars set to pass from older to younger generations in the coming years.', 'More than $84 trillion is expected to be transferred to younger generations in the coming decades, and the estate tax ""cliff"" is set to accelerate many of those gifts this year and next.', 'The biggest question facing wealthy families is how much to give, and when, in advance of any estate tax change.', 'If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.', 'On the other hand, if they give away the maximum now, and the estate tax provisions are extended, they may wind up with ""givers\' remorse"" — which comes when donors gave away money unnecessarily due to fears of tax changes that never happened.', '""With givers\' remorse, we want to make sure clients look at the different scenarios,"" Lucina said. ""', 'Will they need a lifestyle change?', 'If it\'s an irrevocable gift, can they afford it?""Advisors say clients should make sure their gift decisions are driven as much by family dynamics and personalities as they are by taxes.', 'While giving the maximum of $27.22 million may make sense today from a tax perspective, it may not always make sense from a family perspective.', '""The first thing we do is separate out those individuals who were going to make the gift anyway from those who have never done it and are only motivated to do it now because of the sunset,"" said MarkParthemer, chief wealth strategist and regional director of Floridafor Glenmede. ""', ""While it may be a once-in-a-lifetime opportunity as it relates to the exemption, it's not the only thing."", 'We want individuals to have peace of mind regardless of how it plays out.', '""Parthemer said today\'s wealthy parents and grandparents need to make sure they are psychologically comfortable making large gifts.', '""They\'re asking \'What if I live so long I outlive my money,\'"" Parthemer said. ""', 'We can do the math and figure out what makes sense.', 'But there is also a psychological component to that.', ""As people age, a lot of us become more concerned about our financial independence, regardless of whether the math tells us we're independent or not."", '""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""Some families may also fear their kids aren't ready for such large amounts."", 'Wealthy families who planned to make big gifts years from now are feeling pressure from the tax change to go ahead with it now.', '""Especially with families with younger children, a primary concern is having donors\' remorse,"" said Ann Bjerke, head of the advanced planning group at UBS.Advisors say families can structure their gifts to be flexible — gifting to a spouse first, for instance, before it goes to the kids.', 'Or setting up trusts that trickle out the money over time and reduce the changes of ""sudden wealth syndrome"" for kids.', 'For families that plan to take advantage of the estate tax window, however, the time is now.', 'It can take months to draft and file transfers.', 'During a similar tax cliff in 2010, so many families rushed to process gifts and set up trusts that attorneys became overwhelmed and many clients were left stranded.', ""Advisors say today's gifters face the same risk if they wait until after the election."", '""We\'re already seeing some attorneys start to turn away new clients,"" Lucina said.', 'Another risk with rushing is trouble with the IRS.', 'Parthemer said the IRS recently unwound a strategy used by one couple, where the husband used his exemption to gift his kids money and gave his wife funds to regift using her own exemption.', '""Both gifts were attributed to the wealthy spouse, triggering a gift tax,"" he said. ""', 'You need to have time to measure twice and cut once, as they say.', '""While advisors and tax attorneys said their wealthy clients are also calling them about other tax proposals in the campaign — from higher capital gains and corporate taxes to taxing unrealized gains — the estate tax sunset is far and away the most pressing and likely change.', '""In the past month, inquiries have accelerated over the [estate exemption],"" Bjerke said. ""', 'A lot of people were sitting on the sidelines waiting to implement their wealth-planning strategies.', 'Now, more people are executing.""']",0.2774535596247518,"If it's an irrevocable gift, can they afford it?""Advisors say clients should make sure their gift decisions are driven as much by family dynamics and personalities as they are by taxes.","If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.",-0.4451859685090872,"""In the past month, inquiries have accelerated over the [estate exemption],"" Bjerke said. ""","If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.",2024-09-15
CEO of Ford's highly profitable Pro business to retire,https://www.cnbc.com/2024/09/12/ceo-of-fords-highly-profitable-pro-business-to-retire.html,2024-09-12T16:16:58+0000,"DETROIT — The head of Ford Motor's highly profitable ""Pro"" commercial and fleet business will retire at the end of this month, the company said Thursday.The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be succeeded on an interim basis by Andrew Frick, president of Ford's traditional ""Blue"" operations, until the company announces a new leader.""Ted's energy and passion for customers has been instrumental in building Ford Pro into a business that's tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,"" Ford CEO Jim Farley said in a statement.Ford Pro has been a profit driver for the automaker. It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.Such results led Wall Street to praise the business, as analysts have called it a ""hidden gem"" and Ford's ""Ferrari,"" referring to the highly profitable Italian sports car manufacturer.Cannis also led the Ford Customer Service Division, which handles global parts, services, accessories, and vehicle customization for Ford dealers and customers worldwide.Daniel Justo, who currently is chief financial officer of Ford Blue, will begin overseeing the operations upon Cannis' retirement.""It's been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,"" Cannis said in a release. ""Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming. I can't wait to watch Ford Pro and FCSD continue to innovate and grow.""",CNBC,12/09/2024,"['DETROIT — The head of Ford Motor\'s highly profitable ""Pro"" commercial and fleet business will retire at the end of this month, the company said Thursday.', 'The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be succeeded on an interim basis by Andrew Frick, president of Ford\'s traditional ""Blue"" operations, until the company announces a new leader.', '""Ted\'s energy and passion for customers has been instrumental in building Ford Pro into a business that\'s tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,"" Ford CEO Jim Farley said in a statement.', 'Ford Pro has been a profit driver for the automaker.', 'It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.', 'Such results led Wall Street to praise the business, as analysts have called it a ""hidden gem"" and Ford\'s ""Ferrari,"" referring to the highly profitable Italian sports car manufacturer.', 'Cannis also led the Ford Customer Service Division, which handles global parts, services, accessories, and vehicle customization for Ford dealers and customers worldwide.', ""Daniel Justo, who currently is chief financial officer of Ford Blue, will begin overseeing the operations upon Cannis' retirement."", '""It\'s been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,"" Cannis said in a release. ""', 'Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming.', 'I can\'t wait to watch Ford Pro and FCSD continue to innovate and grow.""']",0.4107461225235231,"Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming.","It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.",0.9987670268331256,"It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.",,2024-09-15
How the world’s smelliest fruit is making coffee more expensive,https://www.bbc.co.uk/news/articles/c5y37dvlr70o,2024-09-15T02:33:23.991Z,"How much is too much for a caffeine fix? Prices like £5 in London or $7 in New York for a cup of coffee may be unthinkable for some - but could soon be a reality thanks to a ""perfect storm"" of economic and environmental factors in the world's top coffee-producing regions. The cost of unroasted beans traded in global markets is now at a ""historically high level"", says analyst Judy Ganes. Experts blame a mix of troubled crops, market forces, depleted stockpiles - and the world’s smelliest fruit. So how did we get here, and just how much will it impact your morning latte? In 2021, a freak frost wiped out coffee crops in Brazil, the world's largest producer of Arabica beans - those commonly used in barista-made coffee. This bean shortfall meant buyers turned to countries like Vietnam, the primary producer of Robusta beans, that are typically used in instant blends. But farmers there faced the region’s worst drought in nearly a decade. Climate change has been affecting the development of coffee plants, according to Will Frith, a coffee consultant based in Ho Chi Minh City, in turn impacting bean yields. And then Vietnamese farmers pivoted to a smelly, yellow fruit - the durian. The fruit - which is banned on public transport in Thailand, Japan, Singapore and Hong Kong because of its odour - is proving popular in China. And Vietnamese farmers are replacing their coffee crops with durian to cash in on this emerging market. Vietnam's durian market share in China almost doubled between 2023 and 2024, and some estimate the crop is five times more lucrative than coffee. ""There’s a history of growers in Vietnam being fickle in response to market price fluctuations, overcommitting, and then flooding the market with quantities of their new crop,"" Mr Frith says. As they flooded China with durian, Robusta coffee exports were down 50% in June compared to the previous June, and stocks were now ""near depleted"", according to the International Coffee Organisation. Exporters in Colombia, Ethiopia, Peru and Uganda have stepped up, but have not produced enough to ease a tight market. ""Right at [the] time when things started to rev up for demand of Robusta, is right when the world was scrambling for more supply,"" explains Ms Ganes. This means Robusta and Arabica beans are now trading at near-record highs on commodity markets. Is the shifting global coffee economy actually impacting the price of your coffee on a high street? The short answer: potentially. Wholesaler Paul Armstrong believes coffee drinkers may soon face the ""crazy"" prospect of paying more than £5 in the UK for their caffeine fix. “It’s a perfect storm at the minute.” Mr Armstrong, who runs Carrara Coffee Roasters based in the East Midlands, imports beans from South America and Asia, which are then roasted and sent to cafés around the UK. He tells the BBC he recently increased his prices, hoping it would account for the higher asking prices - but says costs have “only intensified” since. He adds that with some of his contracts ending in the coming months, cafés he serves will soon have to decide whether to pass the higher costs on to their customers. Mr Frith says some segments of the industry will be more exposed than others, though. ""It’s really the commercial quantity coffee that will experience the most disuption. Instant coffee, supermarket coffee, stuff at the gas station - that's all going up."" Industry figures caution that a high market price for coffee may not necessarily translate into higher retail prices. Felipe Barretto Croce, CEO of FAFCoffees in Brazil, agrees that consumers are ""feeling the pinch"" as consumer prices have risen. But he argues that is ""mostly due to inflationary costs in general"", such as rent and labour, rather than the cost of beans. Consultancy Allegra Strategies estimates beans contribute less than 10% of the price of a cup of coffee. ""Coffee is still very cheap, as a luxury good, if you make it at home."" He also says that the cost of lower-quality beans rising means high-quality coffee may now be seen as better value. ""If you go into a speciality coffee shop in London and get a coffee, versus a coffee in Costa Coffee, the difference [in price] between that cup and the speciality coffee is much smaller than it used to be."" But there is hope of price relief on the horizon. The upcoming spring crop in Brazil, which produces a third of the world's coffee, is now ""crucial"", according to Mr Croce. ""What everyone is looking at is when the rains will return,"" he says. ""If they return early, the plants should be healthy enough and the flowering should be good."" But if the rains come as late as October, he adds, yield predictions for next year’s crop will fall and market stress will continue. In the long term, climate change poses serious challenges for the global coffee industry. A study from 2022 concluded that even if we drastically reduce greenhouse gas emissions, the area most highly suited for growing coffee could decline by 50% by 2050. One measure to future-proof the industry that has the support of Mr Croce is a ""green premium"" - a small tax levied on coffee given to farmers to invest in regenerative agricultural practices, which help protect and sustain the viability of farmlands. So while smelly fruit is partly responsible for price rises now - a changing climate may ultimately strain the affordability of coffee in the years to come. ",BBC,15/09/2024,"['How much is too much for a caffeine fix?', 'Prices like £5 in London or $7 in New York for a cup of coffee may be unthinkable for some - but could soon be a reality thanks to a ""perfect storm"" of economic and environmental factors in the world\'s top coffee-producing regions.', 'The cost of unroasted beans traded in global markets is now at a ""historically high level"", says analyst Judy Ganes.', 'Experts blame a mix of troubled crops, market forces, depleted stockpiles - and the world’s smelliest fruit.', 'So how did we get here, and just how much will it impact your morning latte?', ""In 2021, a freak frost wiped out coffee crops in Brazil, the world's largest producer of Arabica beans - those commonly used in barista-made coffee."", 'This bean shortfall meant buyers turned to countries like Vietnam, the primary producer of Robusta beans, that are typically used in instant blends.', 'But farmers there faced the region’s worst drought in nearly a decade.', 'Climate change has been affecting the development of coffee plants, according to Will Frith, a coffee consultant based in Ho Chi Minh City, in turn impacting bean yields.', 'And then Vietnamese farmers pivoted to a smelly, yellow fruit - the durian.', 'The fruit - which is banned on public transport in Thailand, Japan, Singapore and Hong Kong because of its odour - is proving popular in China.', 'And Vietnamese farmers are replacing their coffee crops with durian to cash in on this emerging market.', 'Vietnam\'s durian market share in China almost doubled between 2023 and 2024, and some estimate the crop is five times more lucrative than coffee. ""', 'There’s a history of growers in Vietnam being fickle in response to market price fluctuations, overcommitting, and then flooding the market with quantities of their new crop,"" Mr Frith says.', 'As they flooded China with durian, Robusta coffee exports were down 50% in June compared to the previous June, and stocks were now ""near depleted"", according to the International Coffee Organisation.', 'Exporters in Colombia, Ethiopia, Peru and Uganda have stepped up, but have not produced enough to ease a tight market. ""', 'Right at [the] time when things started to rev up for demand of Robusta, is right when the world was scrambling for more supply,"" explains Ms Ganes.', 'This means Robusta and Arabica beans are now trading at near-record highs on commodity markets.', 'Is the shifting global coffee economy actually impacting the price of your coffee on a high street?', 'The short answer: potentially.', 'Wholesaler Paul Armstrong believes coffee drinkers may soon face the ""crazy"" prospect of paying more than £5 in the UK for their caffeine fix. “', 'It’s a perfect storm at the minute.”', 'Mr Armstrong, who runs Carrara Coffee Roasters based in the East Midlands, imports beans from South America and Asia, which are then roasted and sent to cafés around the UK.', 'He tells the BBC he recently increased his prices, hoping it would account for the higher asking prices - but says costs have “only intensified” since.', 'He adds that with some of his contracts ending in the coming months, cafés he serves will soon have to decide whether to pass the higher costs on to their customers.', 'Mr Frith says some segments of the industry will be more exposed than others, though. ""', 'It’s really the commercial quantity coffee that will experience the most disuption.', 'Instant coffee, supermarket coffee, stuff at the gas station - that\'s all going up.""', 'Industry figures caution that a high market price for coffee may not necessarily translate into higher retail prices.', 'Felipe Barretto Croce, CEO of FAFCoffees in Brazil, agrees that consumers are ""feeling the pinch"" as consumer prices have risen.', 'But he argues that is ""mostly due to inflationary costs in general"", such as rent and labour, rather than the cost of beans.', 'Consultancy Allegra Strategies estimates beans contribute less than 10% of the price of a cup of coffee. ""', 'Coffee is still very cheap, as a luxury good, if you make it at home.""', 'He also says that the cost of lower-quality beans rising means high-quality coffee may now be seen as better value. ""', 'If you go into a speciality coffee shop in London and get a coffee, versus a coffee in Costa Coffee, the difference [in price] between that cup and the speciality coffee is much smaller than it used to be.""', 'But there is hope of price relief on the horizon.', 'The upcoming spring crop in Brazil, which produces a third of the world\'s coffee, is now ""crucial"", according to Mr Croce. ""', 'What everyone is looking at is when the rains will return,"" he says. ""', 'If they return early, the plants should be healthy enough and the flowering should be good.""', 'But if the rains come as late as October, he adds, yield predictions for next year’s crop will fall and market stress will continue.', 'In the long term, climate change poses serious challenges for the global coffee industry.', 'A study from 2022 concluded that even if we drastically reduce greenhouse gas emissions, the area most highly suited for growing coffee could decline by 50% by 2050.', 'One measure to future-proof the industry that has the support of Mr Croce is a ""green premium"" - a small tax levied on coffee given to farmers to invest in regenerative agricultural practices, which help protect and sustain the viability of farmlands.', 'So while smelly fruit is partly responsible for price rises now - a changing climate may ultimately strain the affordability of coffee in the years to come.']",0.0827427004149333,"Prices like £5 in London or $7 in New York for a cup of coffee may be unthinkable for some - but could soon be a reality thanks to a ""perfect storm"" of economic and environmental factors in the world's top coffee-producing regions.",But farmers there faced the region’s worst drought in nearly a decade.,-0.0702911714712778,"Vietnam's durian market share in China almost doubled between 2023 and 2024, and some estimate the crop is five times more lucrative than coffee. ""","As they flooded China with durian, Robusta coffee exports were down 50% in June compared to the previous June, and stocks were now ""near depleted"", according to the International Coffee Organisation.",2024-09-15
US TikTok ban: When and why could the app be outlawed?,https://www.bbc.co.uk/news/technology-53476117,2020-07-20T23:34:00.000Z,"TikTok's is beginning its case against a law which will ban it in the US unless it is sold by Chinese parent company ByteDance. The video sharing app has millions of users worldwide, but has faced questions over the security of data and links to the government in Beijing. Lawmakers from both major US political parties supported a law that bans TikTok unless ByteDance agrees to sell to a non-Chinese company. They fear the Chinese government could force ByteDance to hand over data about TikTok's 170 million US users.  TikTok insists it would not provide foreign user data to the Chinese government. In April, following approval by Congress, President Joe Biden signed a bill paving the way for TikTok's forced sale. Previous attempts to block the app in the US on national security grounds have failed. Former US President Donald Trump tried to ban the app when he was in the White House in 2020. But Mr Trump - the Republican 2024 presidential candidate - has criticised the new legislation, arguing that limiting TikTok would unfairly benefit Facebook. Vice President Kamala Harris, who is running against Mr Trump as the Democrat candidate, has used TikTok and popular social media trends like Charli XCX's ""brat"" to try and win over young voters. A spokesperson for her campaign has previously said they would ""just like to see a change in ownership"" of TikTok rather than its ban. Mr Biden signing the bill into law did not mean an immediate US ban for TikTok, but it did start a ticking clock.  The legislation gives ByteDance nine months to sell TikTok to a new buyer, with an additional three-month grace period, before any ban would take effect. TikTok said this could mean it is either forced to sell or shut down in the US by 19 January 2025, after the US presidential election in November. But the company's fight against the legislation in court, which began when it sued to block the law in May, could take years. The most straightforward way for the US to ban TikTok would be to remove it from app stores, such as those operated by Apple and Google for iOS and Android devices. App stores are how most people download apps on to their smartphones and tablets, so the ban would stop new users from getting TikTok.  It would also mean that people who already had the app would no longer be able to get future updates designed to improve security or fix bugs. The bill forbids applications controlled by US adversary countries from being updated and maintained in the US.  It gives broad powers to the president to limit apps with ties to Russia, China, Iran and North Korea. Arguments in TikTok's appeal begin in a Washington DC court on Monday 16 September and will be heard by a three-judge panel. A group of TikTok creators who oppose the law over concerns about its impact on their work will also make their case at the hearing. TikTok has previously called the legislation an ""unconstitutional ban"" and affront to the US right to free speech. ""We are confident and we will keep fighting for your rights in the courts,"" said TikTok boss Shou Zi Chew. ""Rest assured,"" he told users in a video, ""we aren't going anywhere"". He previously said the bill would give its social media rivals more power and put thousands of American jobs at risk. ByteDance would also have to seek approval from Chinese officials to sell TikTok, but Beijing has vowed to oppose such a move. Many US creators and users have criticised the potential ban. Tiffany Yu, a young disability advocate from Los Angeles, told the BBC at a protest outside the White House the platform was vital to her work. In March 2024, TikTok asked its 170 million US users to contact their political representatives and ask them not to support the bill. But the deluge of ""confused"" calls from TikTok users to congressmen and senators seemingly backfired.  Several politicians said the campaign worsened the concerns they had about the app, and strengthened their resolve to pass the legislation. It is thought the US TikTok bill could inspire similar moves elsewhere.  TikTok is already banned in India, which was one of the app's largest markets before it was outlawed in June 2020.  It is also blocked in Iran, Nepal, Afghanistan and Somalia. The UK government and Parliament banned TikTok from staff work devices in 2023, as has the European Commission.  The BBC also advised staff to delete TikTok from corporate phones because of security fears. At the heart of TikTok is its algorithm, a set of instructions which determines which content is presented to users, based on data about how they engaged with previous material.  Users are offered three main feeds on their app - Following, Friends and For You. The Following and Friends feeds present users with content from people they have chosen to follow and who follow them back, but the For You feed is automatically generated by the app. This curated feed has become the main destination for users looking for new content, and creators hungry for the millions of views TikTok videos can clock up if they go viral. Critics say the app collects more data than other social media platforms in order to power its highly personalised system. This can include information about users' location, device, the content they engage with and keystroke rhythms they exhibit while typing. But popular social media apps such as Facebook and Instagram collect similar data from users. ",BBC,20/07/2020,"[""TikTok's is beginning its case against a law which will ban it in the US unless it is sold by Chinese parent company ByteDance."", 'The video sharing app has millions of users worldwide, but has faced questions over the security of data and links to the government in Beijing.', 'Lawmakers from both major US political parties supported a law that bans TikTok unless ByteDance agrees to sell to a non-Chinese company.', ""They fear the Chinese government could force ByteDance to hand over data about TikTok's 170 million US users."", 'TikTok insists it would not provide foreign user data to the Chinese government.', ""In April, following approval by Congress, President Joe Biden signed a bill paving the way for TikTok's forced sale."", 'Previous attempts to block the app in the US on national security grounds have failed.', 'Former US President Donald Trump tried to ban the app when he was in the White House in 2020.', 'But Mr Trump - the Republican 2024 presidential candidate - has criticised the new legislation, arguing that limiting TikTok would unfairly benefit Facebook.', 'Vice President Kamala Harris, who is running against Mr Trump as the Democrat candidate, has used TikTok and popular social media trends like Charli XCX\'s ""brat"" to try and win over young voters.', 'A spokesperson for her campaign has previously said they would ""just like to see a change in ownership"" of TikTok rather than its ban.', 'Mr Biden signing the bill into law did not mean an immediate US ban for TikTok, but it did start a ticking clock.', 'The legislation gives ByteDance nine months to sell TikTok to a new buyer, with an additional three-month grace period, before any ban would take effect.', 'TikTok said this could mean it is either forced to sell or shut down in the US by 19 January 2025, after the US presidential election in November.', ""But the company's fight against the legislation in court, which began when it sued to block the law in May, could take years."", 'The most straightforward way for the US to ban TikTok would be to remove it from app stores, such as those operated by Apple and Google for iOS and Android devices.', 'App stores are how most people download apps on to their smartphones and tablets, so the ban would stop new users from getting TikTok.', 'It would also mean that people who already had the app would no longer be able to get future updates designed to improve security or fix bugs.', 'The bill forbids applications controlled by US adversary countries from being updated and maintained in the US.', 'It gives broad powers to the president to limit apps with ties to Russia, China, Iran and North Korea.', ""Arguments in TikTok's appeal begin in a Washington DC court on Monday 16 September and will be heard by a three-judge panel."", 'A group of TikTok creators who oppose the law over concerns about its impact on their work will also make their case at the hearing.', 'TikTok has previously called the legislation an ""unconstitutional ban"" and affront to the US right to free speech. ""', 'We are confident and we will keep fighting for your rights in the courts,"" said TikTok boss Shou Zi Chew. ""', 'Rest assured,"" he told users in a video, ""we aren\'t going anywhere"".', 'He previously said the bill would give its social media rivals more power and put thousands of American jobs at risk.', 'ByteDance would also have to seek approval from Chinese officials to sell TikTok, but Beijing has vowed to oppose such a move.', 'Many US creators and users have criticised the potential ban.', 'Tiffany Yu, a young disability advocate from Los Angeles, told the BBC at a protest outside the White House the platform was vital to her work.', 'In March 2024, TikTok asked its 170 million US users to contact their political representatives and ask them not to support the bill.', 'But the deluge of ""confused"" calls from TikTok users to congressmen and senators seemingly backfired.', 'Several politicians said the campaign worsened the concerns they had about the app, and strengthened their resolve to pass the legislation.', 'It is thought the US TikTok bill could inspire similar moves elsewhere.', ""TikTok is already banned in India, which was one of the app's largest markets before it was outlawed in June 2020."", 'It is also blocked in Iran, Nepal, Afghanistan and Somalia.', 'The UK government and Parliament banned TikTok from staff work devices in 2023, as has the European Commission.', 'The BBC also advised staff to delete TikTok from corporate phones because of security fears.', 'At the heart of TikTok is its algorithm, a set of instructions which determines which content is presented to users, based on data about how they engaged with previous material.', 'Users are offered three main feeds on their app - Following, Friends and For You.', 'The Following and Friends feeds present users with content from people they have chosen to follow and who follow them back, but the For You feed is automatically generated by the app.', 'This curated feed has become the main destination for users looking for new content, and creators hungry for the millions of views TikTok videos can clock up if they go viral.', 'Critics say the app collects more data than other social media platforms in order to power its highly personalised system.', ""This can include information about users' location, device, the content they engage with and keystroke rhythms they exhibit while typing."", 'But popular social media apps such as Facebook and Instagram collect similar data from users.']",-0.0777228396590618,"Vice President Kamala Harris, who is running against Mr Trump as the Democrat candidate, has used TikTok and popular social media trends like Charli XCX's ""brat"" to try and win over young voters.","But the company's fight against the legislation in court, which began when it sued to block the law in May, could take years.",-0.3802274086258628,"Several politicians said the campaign worsened the concerns they had about the app, and strengthened their resolve to pass the legislation.","But the deluge of ""confused"" calls from TikTok users to congressmen and senators seemingly backfired.",2024-09-15
Former Abercrombie & Fitch boss Mike Jeffries accused of sexual exploitation by more men,https://www.bbc.co.uk/news/articles/cj9l9dlgpmno,2024-09-13T23:02:20.089Z,"More men have come forward to the BBC accusing the former chief executive of Abercrombie & Fitch and his British partner of sexual exploitation. Some allege they were abused, and some that they were injected with drugs. Luke says he was shocked as he was guided into Mike Jeffries’ presidential suite in a hotel in Spain. ""It was like a movie set of an Abercrombie store,"" he recalls of the event in 2011. ""And I thought we were going to do a photoshoot."" He says the room was dimly lit with erotic photos of men’s abs adorning the dark walls. In the middle, a group of assistants dressed in Abercrombie & Fitch uniforms - polos, blue jeans and flip-flops - were casually folding clothes on a table, pretending to be shop workers, he says. Then aged 20, Luke says he had been offered the chance of being in a company advert if he flew from his home in Los Angeles to Madrid to meet the CEO of Abercrombie & Fitch (A&F). Luke says the proposal had come via a modelling website from a man who said he worked as a talent scout and executive assistant for Mr Jeffries - then head of the billion-dollar teen retailer. Warning: This story contains accounts of sexual violence In the suite, he says Mr Jeffries' assistants began engaging in role-play, encouraging him to act as a shirtless greeter, a hallmark of A&F stores at the time. Luke says he remembers the talent scout saying: ""Now I have two very important guests, and these are going to be the customers that you need to impress and entertain because they're going to be buying a lot of clothes from you."" At that moment, he says Mr Jeffries and his life partner, Matthew Smith, came out of a corner of the room. They immediately started touching him and Mr Jeffries forcibly kissed him, he says. ""I was trying to avoid the whole situation as much as I could, but Michael was very aggressive."" He says the Abercrombie boss then performed oral sex on him. “I tried to say no repeatedly. And then I just got kind of convinced to do something. But I constantly was saying no, and I wanted to go.” ___ Luke (not his real name) is one of eight more men who have spoken to the BBC in the past year since we revealed allegations of sexual exploitation at events hosted by Mr Jeffries and Mr Smith. The FBI launched an investigation following the BBC’s reporting, and 20 men in total have now told us they attended or helped organise these events. As well as Luke’s allegation, the new witnesses reveal fresh details about the scale of the events, which took place from at least 2009 until 2015 while Mr Jeffries was chief executive. The BBC previously found there had been a sophisticated operation involving a middleman tasked with finding men for these events, but the new testimonies detail additional recruitment methods. The men also raise new questions about the role of Mr Jeffries' assistants - a select group of young men in A&F uniforms who travelled around the world with him and supervised these sex events. According to multiple men, Mr Jeffries' assistants injected some attendees in the penis with what they were told was liquid Viagra.  Chris, not his real name, told the BBC he felt he was ""going to die"" after one of these injections caused an extreme reaction during an event at one of Mr Jeffries' New York homes. Feeling ""hot, dizzy"" and in shock, he said nobody called for an ambulance. Still disorientated, he said Mr Jeffries and Mr Smith, who had been waiting in another room, then tried to have sex with him. Former model Keith Milkie, 31, says one of Mr Jeffries' assistants had also ""bragged"" about having done some work for Abercrombie & Fitch at the same time as working at these sex events. He says this assistant was named on an event itinerary and the BBC found he also had an A&F company email. While personal assistants of Mr Jeffries’ were often dressed in A&F uniforms, this is the first claim that a member of A&F staff was involved in the running of Mr Jeffries' sex events. When the BBC asked the company about this, it declined to answer, saying it does not comment on legal matters. World Of Secrets - The Abercrombie Guys Hear two new episodes on BBC Sounds or here if you are outside the UK Mr Jeffries, 80, Mr Smith, 61, and A&F - which also owns the brand Hollister - are facing a civil lawsuit alleging the retailer funded a sex-trafficking operation over the two decades he had been in charge. Mr Smith and Mr Jeffries did not respond to requests for comment. However, their lawyers’ have previously said they deny allegations of wrongdoing, adding: ""The courtroom is where we will deal with this matter."" One former attendee, Diego Guillen, who says he has been interviewed by the FBI, told the BBC he was paid $500 (£380) every Saturday to make wake-up calls to men expected to attend these sex events in 2011. He estimated he made about 80 calls over seven months. Mr Guillen, 42, says there was also a roster of attendees. Other sources have said this ""database"" could have as many as 60 different men on it at any given time, revealing a snapshot of the scale of those recruited. He says he had initially attended sex events at Mr Jeffries' former New York homes after being recruited on the street by the couple’s middleman, James Jacobson. Mr Guillen, now a lawyer and real estate broker who runs his own firm, says he had never had sex for money before, but at the time he was unemployed and homeless, sleeping in a friend’s office. Despite his circumstances then, he says he did not feel exploited. After the FBI turned up at his door, Mr Guillen says he contacted Mr Jeffries' lawyer who sent a private investigator to interview him to help build their legal defence. Mr Guillen says the other men present at the events he attended had been ""under no obligation, under zero pressure"" and ""paid quite well"". ""Michael and Matthew are high profile gay men and liked having sex with young, handsome men. And being older, they knew that the real way to get this done was to be generous,"" he says. ""But with full consent and making sure that the [men] wanted it and liked it. And that's it."" Unlike other men who were recruited by the middleman, Luke says his initial contact was an assistant working for Mr Jeffries’ family office - a private company run by Mr Smith, which managed the then-CEO’s wealth and properties. Luke says this assistant interviewed him over Skype, telling him to expect to be topless for the Madrid hotel photoshoot, but there were no obvious red flags. This man then organised his travel and accommodation, he says. ""It didn't seem like anything too out of the ordinary for me because even working at an Abercrombie store when I was younger, there was guys who would stand outside shirtless. That was like a trademark thing,"" says Luke. Leaked travel plans show Mr Jeffries was scheduled to be in Madrid several times in 2011 ahead of opening a real A&F store. The night before the event, Luke says he was paid €3,500 (£2,950) in cash, which he believed was ""general spending money"" for the three days he was in Madrid. But he says the assistant was ""vague"" about the plan. He says in the hotel suite, Mr Jeffries and Mr Smith began having sex with two slightly older men - one he thought was in his 30s and the other in his 40s - present for the same event. Luke says Mr Jeffries' then started kissing him. Soon after, he says Mr Jeffries performed oral sex on him and Mr Smith attempted to do the same. He says he tried to perform ""some sort of oral"" sex on Mr Jeffries, but ""couldn't"". ""I'm getting fired because I didn't do what this guy wanted,"" Luke remembers thinking, believing he was about to lose his chance of a modelling job. ""I could have just ran out of that room, but I didn't even know how I would have gotten out."" Luke says he felt unable to leave as Mr Jeffries' assistants - whom he perceived as security staff - were ""watching exits"". Back home in the US, he says he felt unable to report what happened because of the non-disclosure agreement he had signed prior to the event. ""There's an immense amount of shame associated with this idea that you're not a masculine man if you've been molested or taken advantage of by another man,"" says Luke, who identifies as straight. ""My whole life I've struggled with people thinking that I'm gay and I got bullied in high school because I have a soft voice. The last thing on earth I was going to do is say something emasculating, like, I got molested and orally raped by a guy."" Luke says what happened in Madrid was ""rocket fuel"" for a drug addiction he later developed. In 2016, he was arrested for selling drugs and served six months in a correctional boot camp. He now runs his own business alongside helping people with addictions. Keith Milkie says he attended numerous events hosted by Mr Jeffries and Mr Smith between 2012 and 2014. He says he understood these events would be sexual but that nothing Mr Jacobson said could ""prepare you for what's going to happen"" next. Then aged about 20, Mr Milkie says he had been struggling to pay his rent after being invited to move to New York by an agent, who ran a house full of aspiring models. He says a housemate soon introduced the idea of escorting, and a contact later introduced him to Mr Jacobson. Mr Milkie, who identified as straight at the time, says he found some of the events ""uncomfortable"" and ""painful"". On one occasion, in Paris, he says Mr Jeffries instructed him to have sex with another man, which he ""did not want or enjoy"". During another, he says he was verbally abused by Mr Jeffries after saying ""no"" to a risky sexual act while on board the Queen Mary 2, an ocean liner which sails from England to New York. He says Mr Jeffries was drunk and tried to insert a ""bleeding finger"" into him. ""I was in the bed putting on a fake smile, crying on the inside,"" he says. ""Here I am in the middle of the ocean having this person four times my age in that position of power and influence belittle me to death and literally call me worthless… simply because I said no to something."" He says Mr Jacobson paid him about $24,000 (£18,400) in cash for the seven-night cruise. According to his event itineraries, which had been sent by Mr Jacobson, another of these sex events was just days after it had been publicly announced Mr Jeffries was stepping down as CEO of A&F in December 2014. Mr Milkie believes that final meeting marked the end of these events. ""The personification of Mike Jeffries is Abercrombie. He had the hair plugs, the plastic surgery, he wore the clothes, he wore the flip-flops. I mean, you talk about power. He projected his image on the entire country. His places where he lived were literally an Abercrombie store. It was like fantasy land,"" he says. ""Without that sort of power, that sort of fear and influence, I imagine it's just like a lot harder to keep people quiet, which is why years later people are talking about it."" After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised. When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer. Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded. Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape. The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees. The brand said it does not comment on legal matters. However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others. Mr Jacobson - the middleman - previously said in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"". ",BBC,13/09/2024,"['More men have come forward to the BBC accusing the former chief executive of Abercrombie & Fitch and his British partner of sexual exploitation.', 'Some allege they were abused, and some that they were injected with drugs.', 'Luke says he was shocked as he was guided into Mike Jeffries’ presidential suite in a hotel in Spain. ""', 'It was like a movie set of an Abercrombie store,"" he recalls of the event in 2011. ""', 'And I thought we were going to do a photoshoot.""', 'He says the room was dimly lit with erotic photos of men’s abs adorning the dark walls.', 'In the middle, a group of assistants dressed in Abercrombie & Fitch uniforms - polos, blue jeans and flip-flops - were casually folding clothes on a table, pretending to be shop workers, he says.', 'Then aged 20, Luke says he had been offered the chance of being in a company advert if he flew from his home in Los Angeles to Madrid to meet the CEO of Abercrombie & Fitch (A&F).', 'Luke says the proposal had come via a modelling website from a man who said he worked as a talent scout and executive assistant for Mr Jeffries - then head of the billion-dollar teen retailer.', ""Warning: This story contains accounts of sexual violence In the suite, he says Mr Jeffries' assistants began engaging in role-play, encouraging him to act as a shirtless greeter, a hallmark of A&F stores at the time."", 'Luke says he remembers the talent scout saying: ""Now I have two very important guests, and these are going to be the customers that you need to impress and entertain because they\'re going to be buying a lot of clothes from you.""', 'At that moment, he says Mr Jeffries and his life partner, Matthew Smith, came out of a corner of the room.', 'They immediately started touching him and Mr Jeffries forcibly kissed him, he says. ""', 'I was trying to avoid the whole situation as much as I could, but Michael was very aggressive.""', 'He says the Abercrombie boss then performed oral sex on him. “', 'I tried to say no repeatedly.', 'And then I just got kind of convinced to do something.', 'But I constantly was saying no, and I wanted to go.” ___', 'Luke (not his real name) is one of eight more men who have spoken to the BBC in the past year since we revealed allegations of sexual exploitation at events hosted by Mr Jeffries and Mr Smith.', 'The FBI launched an investigation following the BBC’s reporting, and 20 men in total have now told us they attended or helped organise these events.', 'As well as Luke’s allegation, the new witnesses reveal fresh details about the scale of the events, which took place from at least 2009 until 2015 while Mr Jeffries was chief executive.', 'The BBC previously found there had been a sophisticated operation involving a middleman tasked with finding men for these events, but the new testimonies detail additional recruitment methods.', ""The men also raise new questions about the role of Mr Jeffries' assistants - a select group of young men in A&F uniforms who travelled around the world with him and supervised these sex events."", ""According to multiple men, Mr Jeffries' assistants injected some attendees in the penis with what they were told was liquid Viagra."", 'Chris, not his real name, told the BBC he felt he was ""going to die"" after one of these injections caused an extreme reaction during an event at one of Mr Jeffries\' New York homes.', 'Feeling ""hot, dizzy"" and in shock, he said nobody called for an ambulance.', 'Still disorientated, he said Mr Jeffries and Mr Smith, who had been waiting in another room, then tried to have sex with him.', 'Former model Keith Milkie, 31, says one of Mr Jeffries\' assistants had also ""bragged"" about having done some work for Abercrombie & Fitch at the same time as working at these sex events.', 'He says this assistant was named on an event itinerary and the BBC found he also had an A&F company email.', ""While personal assistants of Mr Jeffries’ were often dressed in A&F uniforms, this is the first claim that a member of A&F staff was involved in the running of Mr Jeffries' sex events."", 'When the BBC asked the company about this, it declined to answer, saying it does not comment on legal matters.', 'World Of Secrets - The Abercrombie Guys Hear two new episodes on BBC Sounds or here if you are outside the UK Mr Jeffries, 80, Mr Smith, 61, and A&F - which also owns the brand Hollister - are facing a civil lawsuit alleging the retailer funded a sex-trafficking operation over the two decades he had been in charge.', 'Mr Smith and Mr Jeffries did not respond to requests for comment.', 'However, their lawyers’ have previously said they deny allegations of wrongdoing, adding: ""The courtroom is where we will deal with this matter.""', 'One former attendee, Diego Guillen, who says he has been interviewed by the FBI, told the BBC he was paid $500 (£380) every Saturday to make wake-up calls to men expected to attend these sex events in 2011.', 'He estimated he made about 80 calls over seven months.', 'Mr Guillen, 42, says there was also a roster of attendees.', 'Other sources have said this ""database"" could have as many as 60 different men on it at any given time, revealing a snapshot of the scale of those recruited.', ""He says he had initially attended sex events at Mr Jeffries' former New York homes after being recruited on the street by the couple’s middleman, James Jacobson."", 'Mr Guillen, now a lawyer and real estate broker who runs his own firm, says he had never had sex for money before, but at the time he was unemployed and homeless, sleeping in a friend’s office.', 'Despite his circumstances then, he says he did not feel exploited.', ""After the FBI turned up at his door, Mr Guillen says he contacted Mr Jeffries' lawyer who sent a private investigator to interview him to help build their legal defence."", 'Mr Guillen says the other men present at the events he attended had been ""under no obligation, under zero pressure"" and ""paid quite well"". ""', 'Michael and Matthew are high profile gay men and liked having sex with young, handsome men.', 'And being older, they knew that the real way to get this done was to be generous,"" he says. ""', 'But with full consent and making sure that the [men] wanted it and liked it.', 'And that\'s it.""', 'Unlike other men who were recruited by the middleman, Luke says his initial contact was an assistant working for Mr Jeffries’ family office - a private company run by Mr Smith, which managed the then-CEO’s wealth and properties.', 'Luke says this assistant interviewed him over Skype, telling him to expect to be topless for the Madrid hotel photoshoot, but there were no obvious red flags.', 'This man then organised his travel and accommodation, he says. ""', ""It didn't seem like anything too out of the ordinary for me because even working at an Abercrombie store when I was younger, there was guys who would stand outside shirtless."", 'That was like a trademark thing,"" says Luke.', 'Leaked travel plans show Mr Jeffries was scheduled to be in Madrid several times in 2011 ahead of opening a real A&F store.', 'The night before the event, Luke says he was paid €3,500 (£2,950) in cash, which he believed was ""general spending money"" for the three days he was in Madrid.', 'But he says the assistant was ""vague"" about the plan.', 'He says in the hotel suite, Mr Jeffries and Mr Smith began having sex with two slightly older men - one he thought was in his 30s and the other in his 40s - present for the same event.', ""Luke says Mr Jeffries' then started kissing him."", 'Soon after, he says Mr Jeffries performed oral sex on him and Mr Smith attempted to do the same.', 'He says he tried to perform ""some sort of oral"" sex on Mr Jeffries, but ""couldn\'t"". ""', 'I\'m getting fired because I didn\'t do what this guy wanted,"" Luke remembers thinking, believing he was about to lose his chance of a modelling job. ""', 'I could have just ran out of that room, but I didn\'t even know how I would have gotten out.""', 'Luke says he felt unable to leave as Mr Jeffries\' assistants - whom he perceived as security staff - were ""watching exits"".', 'Back home in the US, he says he felt unable to report what happened because of the non-disclosure agreement he had signed prior to the event. ""', 'There\'s an immense amount of shame associated with this idea that you\'re not a masculine man if you\'ve been molested or taken advantage of by another man,"" says Luke, who identifies as straight. ""', ""My whole life I've struggled with people thinking that I'm gay and I got bullied in high school because I have a soft voice."", 'The last thing on earth I was going to do is say something emasculating, like, I got molested and orally raped by a guy.""', 'Luke says what happened in Madrid was ""rocket fuel"" for a drug addiction he later developed.', 'In 2016, he was arrested for selling drugs and served six months in a correctional boot camp.', 'He now runs his own business alongside helping people with addictions.', 'Keith Milkie says he attended numerous events hosted by Mr Jeffries and Mr Smith between 2012 and 2014.', 'He says he understood these events would be sexual but that nothing Mr Jacobson said could ""prepare you for what\'s going to happen"" next.', 'Then aged about 20, Mr Milkie says he had been struggling to pay his rent after being invited to move to New York by an agent, who ran a house full of aspiring models.', 'He says a housemate soon introduced the idea of escorting, and a contact later introduced him to Mr Jacobson.', 'Mr Milkie, who identified as straight at the time, says he found some of the events ""uncomfortable"" and ""painful"".', 'On one occasion, in Paris, he says Mr Jeffries instructed him to have sex with another man, which he ""did not want or enjoy"".', 'During another, he says he was verbally abused by Mr Jeffries after saying ""no"" to a risky sexual act while on board the Queen Mary 2, an ocean liner which sails from England to New York.', 'He says Mr Jeffries was drunk and tried to insert a ""bleeding finger"" into him. ""', 'I was in the bed putting on a fake smile, crying on the inside,"" he says. ""', 'Here I am in the middle of the ocean having this person four times my age in that position of power and influence belittle me to death and literally call me worthless… simply because I said no to something.""', 'He says Mr Jacobson paid him about $24,000 (£18,400) in cash for the seven-night cruise.', 'According to his event itineraries, which had been sent by Mr Jacobson, another of these sex events was just days after it had been publicly announced Mr Jeffries was stepping down as CEO of A&F in December 2014.', 'Mr Milkie believes that final meeting marked the end of these events. ""', 'The personification of Mike Jeffries is Abercrombie.', 'He had the hair plugs, the plastic surgery, he wore the clothes, he wore the flip-flops.', 'I mean, you talk about power.', 'He projected his image on the entire country.', 'His places where he lived were literally an Abercrombie store.', 'It was like fantasy land,"" he says. ""', 'Without that sort of power, that sort of fear and influence, I imagine it\'s just like a lot harder to keep people quiet, which is why years later people are talking about it.""', 'After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised.', 'When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer.', 'Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded.', ""Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape."", 'The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees.', 'The brand said it does not comment on legal matters.', 'However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.', 'Mr Jacobson - the middleman - previously said in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"".']",-0.0493601489356194,"Luke says he remembers the talent scout saying: ""Now I have two very important guests, and these are going to be the customers that you need to impress and entertain because they're going to be buying a lot of clothes from you.""","However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.",-0.7062488496303558,"Mr Guillen says the other men present at the events he attended had been ""under no obligation, under zero pressure"" and ""paid quite well"". ""","Mr Milkie, who identified as straight at the time, says he found some of the events ""uncomfortable"" and ""painful"".",2024-09-15
"Charter rolls out new Spectrum pricing and internet speeds, aims to 'be a better service operator'",https://www.cnbc.com/2024/09/16/charter-new-pricing-internet-speeds.html,2024-09-16T16:52:32+0000,"In this articleCharter Communications CEO Chris Winfrey said he wants customers to think of reliability and credibility when they think of their cable and broadband provider.The cable giant told CNBC it is unveiling a series of changes Monday to bolster that goal, including rolling out new bundles and pricing, increasing internet speeds, offering credits for service outages and promising heightened reliability for customers.Charter — which provides broadband, cable TV and mobile services and is known to customers under the name of Spectrum — said it is also trying to make the company more approachable and remove the longtime negative connotations around cable companies by announcing Spectrum's new ""first-of-its-kind customer commitment,"" branded as ""Life Unlimited.""The rollout comes as Charter and its industry peers contend with several trends: slowing broadband customer growth, continued defections from the cable TV bundle, and a young but speedily expanding mobile business.""It is hard to be loved when you're providing a critical service to the household that's a physical infrastructure that charges over $100 a month,"" Winfrey said in an interview with CNBC. ""And to the extent there's a problem, sometimes somebody has to enter your home ... in the same vein that it is for an electrician or plumber.""The first step to changing a less-favorable consumer view is with ""pricing and packaging that creates more value than you can replicate anywhere else in the marketplace,"" he said.Spectrum said it will charge as low as $30 a month for its 500Mbps internet plan, or $40 a month for 1GB service, when either are bundled with two mobile lines or cable TV. The company is also increasing the baseline internet speed for current customers at no additional cost.The company also said it's planning to be upfront about costs. Under its new plan, taxes and fees are baked in, there are no annual contracts and pricing is guaranteed up to three years, it said. Charter even eliminated the 99 cents it had tacked on to most of Spectrum's pricing in the past.In addition, Spectrum pledged to give customers credits when the company's customer service doesn't live up to its promises, or for internet outages that are out of the customer's control but are due to an issue on the company's part and last more than two hours. Service issues such as those caused by weather, natural disasters or power outages don't count.Life Unlimited — a new platform for Spectrum's internet, mobile and TV services — will roll out across its 41-state footprint this week, the company said.""We wanted to make a bold statement about our commitment and our capabilities,"" Winfrey said. ""We also wanted to recognize that we're not perfect and we're putting ourselves under pressure, concrete pressure, to make sure that we can be a better service operator every month and every year from here on out.""The announced changes are some of Charter's biggest moves since Winfrey took the helm as CEO in December 2022.He followed Tom Rutledge, who held the post for a decade and turned a relatively small cable operator into the second-largest cable company in the U.S. through the takeovers of Time Warner Cable and Bright House Networks in 2016. Winfrey was CFO at the time and spearheaded the mergers.Winfrey recalled the various investments and advancements cable companies had made over the years: namely in broadband, but also in the pay TV bundle and the landline and mobile phone businesses.""For all the value that the industry's brought over the years, and the service and reliability investments that we've made, we haven't always gotten the full credit that we deserve, and in some cases, we did get the credit we deserve because we could have done things better,"" Winfrey said.He entered the top job at a moment when it was clear growth was unlikely to return to the cable TV bundle.Winfrey had been a low-key and not widely known executive in the media industry, but he started off swinging.At an investor day in December 2022, Charter announced an aggressive capital investment plan that included putting $5.5 billion over three years in its broadband infrastructure network. The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.Charter's stock price has fluctuated greatly in recent years. On Sept. 12, 2021, the stock price was $787.12. It closed at $340.17 on Friday.That's in part because broadband customer growth at providers including Charter and Comcast has struggled, according to the companies' earnings reports. Increased competition from wireless companies such as AT&T and Verizon has also played a role in the stagnation, as has the slowdown in the buying and selling of houses due to high interest rates.The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson. Charter lost 149,000 subscribers and had a total of 30.4 million residential and small business broadband customers as of June 30, according to its second-quarter earnings report.While the losses weren't as substantial as analysts had feared, Charter's growth bright spot is now its mobile business, which launched in 2018. Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.In late 2022, Charter announced its ""Spectrum One"" plan, the first time it offered broadband, Wi-Fi and mobile in a bundle with promotions that included competitive rates and, in some cases, free mobile lines.""For wireless, the 'Spectrum One' promotion will almost certainly turn out to have been a home run,"" analyst Craig Moffett said in a research note in July. ""Despite the fact that it was initially viewed as shockingly aggressive, it was, in fact, a rather modest offer.""Moffett called mobile an ""underappreciated growth engine"" for Charter, not only because of customer additions but also growth in average revenue per user, or ARPU, which is a metric often used by cable companies.Winfrey doesn't expect ARPU to be affected by the new promotions.""When I think about Wall Street, I think about the customer,"" Winfrey said. ""If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.""Customers have been dropping pay TV rapidly across all providers, including Charter. But the company has been vocal about its efforts to preserve the business, especially under Winfrey's leadership.The biggest moment came in 2023 when Disney-owned networks went dark for Charter's customers and Winfrey called the pay TV ecosystem ""broken"" as he pushed for a revamped deal with Disney.While these disputes are common — Disney and DirecTV on Saturday ended a roughly two-week blackout fight — this one was different in the age of streaming.For Charter, the sticking point wasn't just the fees. The company wanted Disney's ad-supported streaming options to be part of its TV offering.Pay TV providers often say the rates that programming companies such as Disney seek from them are too high, especially since the programmers are also funneling much of their content into streaming platforms. Although the cable bundle loses customers, cable providers note it's still a cash cow while streaming chases profitability.""Credit to Disney, eventually they were willing to lean in and they understood their role in the industry,"" Winfrey said, adding that ESPN is considered the linchpin of the cable TV bundle. ""They had to be the leader in the space, and we knew that.""The deal allowed for ad-supported Disney+ and ESPN+ to be included in ""Spectrum TV Select"" packages. In addition, when ESPN launches its direct-to-consumer streaming option — which is expected to debut in fall 2025 — these customers will receive access to it, too.""I give Charter a ton of credit because they walked into the room and they had very specific ideas. They had a vision that they wanted to execute against, and again, it was a hard negotiation,"" ESPN Chairman Jimmy Pitaro said on CNBC on Sept. 3 when discussing the blackout fight with DirecTV.Depending on the tier a customer subscribes to, their package can include the ad-supported versions of streamers Disney+, ESPN+, Max, Discovery+, Paramount+, AMC+, BET+ and/or Televisa Univision's Vix.The deals have also given Charter the opportunity to sell and market the streaming services to its broadband-only customers — and includes a revenue share agreement.The most recent deals with Warner Bros. Discovery and AMC Networks were early renewals. That's relatively uncommon in an industry where carriage negotiations often come down to the wire.Charter last year also started offering its own streaming devices, known as Xumo, through a joint venture with Comcast. The device gets rid of the cable box and gives consumers a way to access both their cable TV and streaming apps in one place.""We still have hurdles to get through,"" Winfrey said, noting that Charter's goal is to offer all ad-supported streaming apps owned by the major programmers it negotiates with on the cable TV bundle in the first half of 2025.NBCUniversal's Peacock is still not part of that roster, however. A Charter representative said the company doesn't discuss renewals and declined to comment.Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.Correction: A chart in this article showing changes in residential internet subscribers has been updated.",CNBC,16/09/2024,"['In this articleCharter Communications CEO Chris Winfrey said he wants customers to think of reliability and credibility when they think of their cable and broadband provider.', 'The cable giant told CNBC it is unveiling a series of changes Monday to bolster that goal, including rolling out new bundles and pricing, increasing internet speeds, offering credits for service outages and promising heightened reliability for customers.', 'Charter — which provides broadband, cable TV and mobile services and is known to customers under the name of Spectrum — said it is also trying to make the company more approachable and remove the longtime negative connotations around cable companies by announcing Spectrum\'s new ""first-of-its-kind customer commitment,"" branded as ""Life Unlimited.', '""The rollout comes as Charter and its industry peers contend with several trends: slowing broadband customer growth, continued defections from the cable TV bundle, and a young but speedily expanding mobile business.', '""It is hard to be loved when you\'re providing a critical service to the household that\'s a physical infrastructure that charges over $100 a month,"" Winfrey said in an interview with CNBC. ""', ""And to the extent there's a problem, sometimes somebody has to enter your home ... in the same vein that it is for an electrician or plumber."", '""The first step to changing a less-favorable consumer view is with ""pricing and packaging that creates more value than you can replicate anywhere else in the marketplace,"" he said.', 'Spectrum said it will charge as low as $30 a month for its 500Mbps internet plan, or $40 a month for 1GB service, when either are bundled with two mobile lines or cable TV.', 'The company is also increasing the baseline internet speed for current customers at no additional cost.', ""The company also said it's planning to be upfront about costs."", 'Under its new plan, taxes and fees are baked in, there are no annual contracts and pricing is guaranteed up to three years, it said.', ""Charter even eliminated the 99 cents it had tacked on to most of Spectrum's pricing in the past."", ""In addition, Spectrum pledged to give customers credits when the company's customer service doesn't live up to its promises, or for internet outages that are out of the customer's control but are due to an issue on the company's part and last more than two hours."", ""Service issues such as those caused by weather, natural disasters or power outages don't count."", ""Life Unlimited — a new platform for Spectrum's internet, mobile and TV services — will roll out across its 41-state footprint this week, the company said."", '""We wanted to make a bold statement about our commitment and our capabilities,"" Winfrey said. ""', ""We also wanted to recognize that we're not perfect and we're putting ourselves under pressure, concrete pressure, to make sure that we can be a better service operator every month and every year from here on out."", '""The announced changes are some of Charter\'s biggest moves since Winfrey took the helm as CEO in December 2022.He followed Tom Rutledge, who held the post for a decade and turned a relatively small cable operator into the second-largest cable company in the U.S. through the takeovers of Time Warner Cable and Bright House Networks in 2016.', 'Winfrey was CFO at the time and spearheaded the mergers.', 'Winfrey recalled the various investments and advancements cable companies had made over the years: namely in broadband, but also in the pay TV bundle and the landline and mobile phone businesses.', '""For all the value that the industry\'s brought over the years, and the service and reliability investments that we\'ve made, we haven\'t always gotten the full credit that we deserve, and in some cases, we did get the credit we deserve because we could have done things better,"" Winfrey said.', 'He entered the top job at a moment when it was clear growth was unlikely to return to the cable TV bundle.', 'Winfrey had been a low-key and not widely known executivein the media industry, but he started off swinging.', 'At an investor day in December 2022, Charter announced an aggressive capital investment plan that included putting $5.5 billion over three years in its broadband infrastructure network.', 'The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.', ""Charter's stock price has fluctuated greatly in recent years."", 'On Sept. 12, 2021, the stock price was $787.12.', 'It closed at $340.17 on Friday.', ""That's in part because broadband customer growth at providers including Charter and Comcast has struggled, according to the companies' earnings reports."", 'Increased competition from wireless companies such as AT&T and Verizon has also played a role in the stagnation, as has the slowdown in the buying and selling of houses due to high interest rates.', 'The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson.', 'Charter lost 149,000 subscribers and had a total of 30.4 million residential and small business broadband customers as of June 30, according to its second-quarter earnings report.', ""While the losses weren't as substantial as analysts had feared, Charter's growth bright spot is now its mobile business, which launched in 2018."", 'Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.', 'In late 2022, Charter announced its ""Spectrum One"" plan, the first time it offered broadband, Wi-Fi and mobile in a bundle with promotions that included competitive rates and, in some cases, free mobile lines.', '""For wireless, the \'Spectrum One\' promotion will almost certainly turn out to have been a home run,"" analyst Craig Moffett said in a research note in July. ""', 'Despite the fact that it was initially viewed as shockingly aggressive, it was, in fact, a rather modest offer.', '""Moffett called mobile an ""underappreciated growth engine"" for Charter, not only because of customer additions but also growth in average revenue per user, or ARPU, which is a metric often used by cable companies.', ""Winfrey doesn't expect ARPU to be affected by the new promotions."", '""When I think about Wall Street, I think about the customer,"" Winfrey said. ""', 'If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.', '""Customers have been dropping pay TV rapidly across all providers, including Charter.', ""But the company has been vocal about its efforts to preserve the business, especially under Winfrey's leadership."", 'The biggest moment came in 2023 when Disney-owned networks went dark for Charter\'s customers and Winfrey called the pay TV ecosystem ""broken"" as he pushed for a revamped deal with Disney.', 'While these disputes are common — Disney and DirecTV on Saturday ended a roughly two-week blackout fight — this one was different in the age of streaming.', ""For Charter, the sticking point wasn't just the fees."", ""The company wanted Disney's ad-supported streaming options to be part of its TV offering."", 'Pay TV providers often say the rates that programming companies such as Disney seek from them are too high, especially since the programmers are also funneling much of their content into streaming platforms.', ""Although the cable bundle loses customers, cable providers note it's still a cash cow while streaming chases profitability."", '""Credit to Disney, eventually they were willing to lean in and they understood their role in the industry,"" Winfrey said, adding that ESPN is considered the linchpin of the cable TV bundle. ""', 'They had to be the leader in the space, and we knew that.', '""The deal allowed for ad-supported Disney+ and ESPN+ to be included in ""Spectrum TV Select"" packages.', 'In addition, when ESPN launches its direct-to-consumer streaming option — which is expected to debut in fall 2025 — these customers will receive access to it, too.', '""I give Charter a ton of credit because they walked into the room and they had very specific ideas.', 'They had a vision that they wanted to execute against, and again, it was a hard negotiation,"" ESPN Chairman Jimmy Pitaro said on CNBC on Sept. 3 when discussing the blackout fight with DirecTV.Depending on the tier a customer subscribes to, their package can include the ad-supported versions of streamers Disney+, ESPN+, Max, Discovery+, Paramount+, AMC+, BET+ and/or Televisa Univision\'s Vix.', 'The deals have also given Charter the opportunity to sell and market the streaming services to its broadband-only customers — and includes a revenue share agreement.', 'The most recent deals with Warner Bros. Discovery and AMC Networks were early renewals.', ""That's relatively uncommon in an industry where carriage negotiations often come down to the wire."", 'Charter last year also started offering its own streaming devices, known as Xumo, through a joint venture with Comcast.', 'The device gets rid of the cable box and gives consumers a way to access both their cable TV and streaming apps in one place.', '""We still have hurdles to get through,"" Winfrey said, noting that Charter\'s goal is to offer all ad-supported streaming apps owned by the major programmers it negotiates with on the cable TV bundle in the first half of 2025.NBCUniversal\'s Peacock is still not part of that roster, however.', ""A Charter representative said the company doesn't discuss renewals and declined to comment."", 'Disclosure:Comcast is the parent company of NBCUniversal, which owns CNBC.Correction: A chart in this article showing changes in residential internet subscribers has been updated.']",0.091411589908943,"If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.","The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson.",0.1384296152326795,"Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.","The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.",2024-09-15
SpaceX performs historic first spacewalk with Polaris Dawn crew,https://www.cnbc.com/2024/09/12/spacex-performs-historic-first-spacewalk-with-polaris-dawn-crew.html,2024-09-12T15:01:10+0000,"SpaceX pulled off its first spacewalk in the early hours of Thursday morning, in a historic first for a company.The marquee event of the private Polaris Dawn mission went smoothly, with two of the crew members — Jared Isaacman and Sarah Gillis — stepping outside of SpaceX's Dragon capsule ""Resilience."" It's the first time civilians, rather than government astronauts, have performed a spacewalk.""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission's benefactor and commander, said after emerging from the spacecraft.SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.SpaceX spent more than two years developing suits that can protect astronauts while in the harsh environment of space alongside the Polaris Program run by Isaacman, the billionaire founder of payments company Shift4. The mission is also the first to fly employees of the company, represented by mission specialist Gillis and medical officer Anna Menon.The Polaris Dawn event took about two hours in total, with the full crew of four exposed to the vacuum of space after the spacecraft's hatch opened. Isaacman and Gillis spent about seven minutes each outside the capsule, with a focus on testing the mobility of the spacesuits.SpaceX launched the mission Tuesday. In addition to the spacewalk, Polaris Dawn reached an orbit of more than 1,400 kilometers from Earth — the furthest humans have traveled in space since the Apollo program — and is performing about 40 science and research experiments, as well as raising funds for St. Jude Children's Research Hospital.Isaacman, who first traveled to space leading the Inspiration4 mission in 2021, said he is leading the Polaris Program in an effort to push the boundaries of private spaceflight.""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 told CNBC before the mission.",CNBC,12/09/2024,"['SpaceX pulled off its first spacewalk in the early hours of Thursday morning, in a historic first for a company.', 'The marquee event of the private Polaris Dawn mission went smoothly, with two of the crew members — Jared Isaacman and Sarah Gillis — stepping outside of SpaceX\'s Dragon capsule ""Resilience.""', ""It's the first time civilians, rather than government astronauts, have performed a spacewalk."", '""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission\'s benefactor and commander, said after emerging from the spacecraft.', 'SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.', 'SpaceX spent more than two years developing suits that can protect astronauts while in the harsh environment of space alongside the Polaris Program run by Isaacman, the billionaire founder of payments company Shift4.', 'The mission is also the first to fly employees of the company, represented by mission specialist Gillis and medical officer Anna Menon.', ""The Polaris Dawn event took about two hours in total, with the full crew of four exposed to the vacuum of space after the spacecraft's hatch opened."", 'Isaacman and Gillis spent about seven minutes each outside the capsule, with a focus on testing the mobility of the spacesuits.', 'SpaceX launched the mission Tuesday.', ""In addition to the spacewalk, Polaris Dawn reached an orbit of more than 1,400 kilometers from Earth — the furthest humans have traveled in space since the Apollo program — and is performing about 40 science and research experiments, as well as raising funds for St. Jude Children's Research Hospital."", 'Isaacman, who first traveled to space leading the Inspiration4 mission in 2021, said he is leading the Polaris Program in an effort to push the boundaries of private spaceflight.', '""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 told CNBC before the mission.']",0.1611918270754336,"""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission's benefactor and commander, said after emerging from the spacecraft.",,0.998739778995514,"SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.",,2024-09-15
Gilead says its twice-yearly shot cut HIV infections by 96% in trial,https://www.cnbc.com/2024/09/12/gilead-lenacapavir-cut-hiv-infections-by-96percent-in-trial.html,2024-09-12T15:49:23+0000,"In this articleGilead's twice-yearly shot reduced HIV infections by 96% in a second large study, the company said Thursday.The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.""Now that we have a comprehensive dataset across multiple study populations, Gilead will work urgently with regulatory, government, public health and community partners to ensure that, if approved, we can deliver twice-yearly lenacapavir for PrEP worldwide, for all those who want or need PrEP,"" said Gilead CEO Daniel O'Day in a statement.PrEP or, pre-exposure prophylaxis, is medication taken to prevent getting HIV, according to the Centers for Disease Control and Prevention.Gilead shares climbed more than 1% on Thursday.The company said 99.9% of participants who received lenacapavir did not acquire HIV, with two cases among 2,180 people. The trial included cisgender men, transgender men, transgender women and gender non-binary people who have sex with partners assigned male at birth.There were nine cases of HIV in a group of more than 1,000 people assigned to receive Truvada, Gilead's older daily pill used for prevention and treatment. The company said lenacapavir was 89% more effective than Truvada in the study. Lenacapavir and Truvada were also ""generally well-tolerated"" by patients with no new safety concerns, according to Gilead. The drugmaker plans to present detailed data at an upcoming medical conference. Gilead in June also said lenacapavir was 100% effective at preventing HIV in another late-stage trial with cisgender women. None of the approximately 2,000 women in the study who received the shot had contracted HIV by the time of an interim analysis conducted in September 2023. In a research note Thursday, Jefferies analyst Michael Yee said overall the data on lenacapavir is ""solid and consistent across both studies"" and populations.The trial results should lead to an FDA approval and launch in the market by 2025, Yee said. Subscribe to CNBC on YouTube.",CNBC,12/09/2024,"[""In this articleGilead's twice-yearly shot reduced HIV infections by 96% in a second large study, the company said Thursday."", 'The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.', '""Now that we have a comprehensive dataset across multiple study populations, Gilead will work urgently with regulatory, government, public health and community partners to ensure that, if approved, we can deliver twice-yearly lenacapavir for PrEP worldwide, for all those who want or need PrEP,"" said Gilead CEO Daniel O\'Day in a statement.', 'PrEP or, pre-exposure prophylaxis, is medication taken to prevent getting HIV, according to the Centers for Disease Control and Prevention.', 'Gilead shares climbed more than 1% on Thursday.', 'The company said 99.9% of participants who received lenacapavir did not acquire HIV, with two cases among 2,180 people.', 'The trial included cisgender men, transgender men, transgender women and gender non-binary people who have sex with partners assigned male at birth.', ""There were nine cases of HIV in a group of more than 1,000 people assigned to receive Truvada, Gilead's older daily pill used for prevention and treatment."", 'The company said lenacapavir was 89% more effective than Truvada in the study.', 'Lenacapavir and Truvada were also ""generally well-tolerated"" by patients with no new safety concerns, according to Gilead.', 'The drugmaker plans to present detailed data at an upcoming medical conference.', 'Gilead in June also said lenacapavir was 100% effective at preventing HIV in another late-stage trial with cisgender women.', 'None of the approximately 2,000 women in the study who received the shot had contracted HIV by the time of an interim analysis conducted in September 2023.In a research note Thursday, Jefferies analyst Michael Yee said overall the data on lenacapavir is ""solid and consistent across both studies"" and populations.', 'The trial results should lead to an FDA approval and launch in the market by 2025, Yee said.', 'Subscribe to CNBC on YouTube.']",0.2587586676990019,The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.,,0.9969846776553564,Gilead shares climbed more than 1% on Thursday.,,2024-09-15
Boeing warns of job losses and makes spending cuts after strike,https://www.bbc.co.uk/news/articles/c8ell8jwew0o,2024-09-16T16:32:04.838Z,"Boeing is making immediate spending cuts and says it may temporarily lay off staff, as it grapples with a strike by more than 30,000 workers in the US. The cuts include a freeze on hiring, ""significant reductions"" of spending at suppliers, and a ban on non-essential and first-and business-class travel, including by senior executives. Boeing said the moves were aimed at preserving cash during the industrial action stand-off that executives have warned will worsen the firm's already perilous financial state. ""Our business is in a difficult period,"" chief financial officer Brian West wrote in a letter to staff.  ""This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future,"" he added. The strike at Boeing began on Friday, hours after workers in Washington State and Oregon rejected a new four-year contract offer.  The proposed deal promised a 25% pay increase over four years and improvements to terms and conditions, and had been recommended to the workforce by union leaders.  Boeing itself described the offer as ""historic"", but the deal was overwhelmingly voted down by employees. Talks are due to re-start on Tuesday, according to the union. In the meantime factories building the 737 Max, the 777 and the 767 freighter have all been affected by the walk outs. Boeing said it had asked suppliers to halt shipments of most parts for those planes, suspended non-essential capital spending and frozen spending on consultants.  The company, which employs more than 170,000 people, the majority of whom are based in the US, said it was also ""considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks"". The last strike at Boeing in 2008 lasted about eight weeks. Boeing has said the impact of the strike will depend on its duration, but analysts expect it to cost the firm millions of dollars.   Major ratings companies have warned that the stand-off could lead to a downgrade of the Boeing's credit rating, making it more expensive for the firm to borrow. The company was already dealing with historic losses, as production has slowed as the firm responds to concerns about the quality of its manufacturing.  ",BBC,16/09/2024,"['Boeing is making immediate spending cuts and says it may temporarily lay off staff, as it grapples with a strike by more than 30,000 workers in the US.', 'The cuts include a freeze on hiring, ""significant reductions"" of spending at suppliers, and a ban on non-essential and first-and business-class travel, including by senior executives.', 'Boeing said the moves were aimed at preserving cash during the industrial action stand-off that executives have warned will worsen the firm\'s already perilous financial state. ""', 'Our business is in a difficult period,"" chief financial officer Brian West wrote in a letter to staff. ""', 'This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future,"" he added.', 'The strike at Boeing began on Friday, hours after workers in Washington State and Oregon rejected a new four-year contract offer.', 'The proposed deal promised a 25% pay increase over four years and improvements to terms and conditions, and had been recommended to the workforce by union leaders.', 'Boeing itself described the offer as ""historic"", but the deal was overwhelmingly voted down by employees.', 'Talks are due to re-start on Tuesday, according to the union.', 'In the meantime factories building the 737 Max, the 777 and the 767 freighter have all been affected by the walk outs.', 'Boeing said it had asked suppliers to halt shipments of most parts for those planes, suspended non-essential capital spending and frozen spending on consultants.', 'The company, which employs more than 170,000 people, the majority of whom are based in the US, said it was also ""considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks"".', 'The last strike at Boeing in 2008 lasted about eight weeks.', 'Boeing has said the impact of the strike will depend on its duration, but analysts expect it to cost the firm millions of dollars.', ""Major ratings companies have warned that the stand-off could lead to a downgrade of the Boeing's credit rating, making it more expensive for the firm to borrow."", 'The company was already dealing with historic losses, as production has slowed as the firm responds to concerns about the quality of its manufacturing.']",-0.1772152827029899,"The proposed deal promised a 25% pay increase over four years and improvements to terms and conditions, and had been recommended to the workforce by union leaders.","Boeing said the moves were aimed at preserving cash during the industrial action stand-off that executives have warned will worsen the firm's already perilous financial state. """,-0.6112916221221288,"The proposed deal promised a 25% pay increase over four years and improvements to terms and conditions, and had been recommended to the workforce by union leaders.","The company was already dealing with historic losses, as production has slowed as the firm responds to concerns about the quality of its manufacturing.",2024-09-15
"What is the winter fuel payment, how much is it worth and who can get it?",https://www.bbc.co.uk/news/articles/c4gv632d05lo,2024-09-06T21:17:20.930Z,"Millions of pensioners will lose winter fuel payments under changes being brought in by the government. Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help. The plans have been criticised by some MPs, unions and charities.  Those entitled to pension credit for at least one day between 16 and 22 September will qualify for the winter fuel payment. The winter fuel payment until now, has been paid to all pensioners to help with energy bills. The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.  But in July, the chancellor said the payment would now be made only to those on low incomes who received certain benefits. It means more than 10 million pensioners will no longer receive the money. While some say they never needed it, charities and many MPs are concerned about those still on a relatively small income who will miss out. While the chancellor's decision only covers England and Wales, the Scottish government also said it would end pensioners' universal entitlement to the payment. The benefit is separate from other support such as cold weather payments and the warm home discount. This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.  For those born before 23 September, 1944, and on certain benefits, it is worth £300. If you live with someone, and jointly claim benefits, then only one of the couple receives the benefit. It is usually paid automatically in November or December. Those eligible will receive letters in the coming weeks. Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first claimed pension credit. This is a state pension top-up, which itself is worth thousands of pounds a year.  Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit. You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner. Savings are also taken into account. Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings. If people are entitled to pension credit for at least one day between 16 and 22 September, even if they do not immediately claim it, then they will receive the winter fuel payment. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234. The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December. The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself. The amount received depends on a variety of factors. Importantly, it is also a gateway to other financial support, on top of winter fuel payments. They may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.  Charities can help people apply.  The government spends about £265bn on pensions and benefits to more than 22 million people in England, Wales and Scotland.  That's about £20bn more than total spending on health services. However, huge amounts go unclaimed by those who are entitled to extra help. While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England. It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance.  You can read more Cost of Living stories here. ",BBC,06/09/2024,"['Millions of pensioners will lose winter fuel payments under changes being brought in by the government.', 'Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'Those entitled to pension credit for at least one day between 16 and 22 September will qualify for the winter fuel payment.', 'The winter fuel payment until now, has been paid to all pensioners to help with energy bills.', 'The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.', 'But in July, the chancellor said the payment would now be made only to those on low incomes who received certain benefits.', 'It means more than 10 million pensioners will no longer receive the money.', 'While some say they never needed it, charities and many MPs are concerned about those still on a relatively small income who will miss out.', ""While the chancellor's decision only covers England and Wales, the Scottish government also said it would end pensioners' universal entitlement to the payment."", 'The benefit is separate from other support such as cold weather payments and the warm home discount.', 'This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.', 'For those born before 23 September, 1944, and on certain benefits, it is worth £300.', 'If you live with someone, and jointly claim benefits, then only one of the couple receives the benefit.', 'It is usually paid automatically in November or December.', 'Those eligible will receive letters in the coming weeks.', 'Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first claimed pension credit.', 'This is a state pension top-up, which itself is worth thousands of pounds a year.', 'Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit.', 'You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner.', 'Savings are also taken into account.', 'Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings.', 'If people are entitled to pension credit for at least one day between 16 and 22 September, even if they do not immediately claim it, then they will receive the winter fuel payment.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234.', ""The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December."", 'The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself.', 'The amount received depends on a variety of factors.', 'Importantly, it is also a gateway to other financial support, on top of winter fuel payments.', 'They may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.', 'Charities can help people apply.', 'The government spends about £265bn on pensions and benefits to more than 22 million people in England, Wales and Scotland.', ""That's about £20bn more than total spending on health services."", 'However, huge amounts go unclaimed by those who are entitled to extra help.', 'While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.', ""It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance."", 'You can read more Cost of Living stories here.']",0.3146444004624184,The benefit is separate from other support such as cold weather payments and the warm home discount.,"While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.",-0.2970174882147047,That's about £20bn more than total spending on health services.,Millions of pensioners will lose winter fuel payments under changes being brought in by the government.,2024-09-15
Flights are getting more expensive again as airlines scale back their growth plans,https://www.cnbc.com/2024/09/12/flights-are-getting-more-expensive-as-airlines-scale-back-growth-plans.html,2024-09-12T20:59:16+0000,"In this articleAirlines are reporting better unit revenues for the tail end of summer, a sign customers will continue to have to shell out more to fly in the coming months.Alaska Airlines on Thursday raised its third-quarter profit forecast to a range of $2.15 to $2.25 per share from a previous outlook of no more than $1.60 per share. It also said it expects unit revenue to rise by as much as 2% after previously estimating flat to ""positive"" unit revenue growth over last year.Delta Air Lines said domestic and trans-Atlantic unit revenue would be up in September from last year, though it said the CrowdStrike outage in July will mean unit sales will rise no more than 1% compared with a previous forecast of as much as 4% higher for the quarter. Delta has said it expected a $500 million hit from the outage and its aftermath, when it canceled some 7,000 flights.Alaska said it had a tail wind from the outage, which affected Delta customers more than those on other airlines.""While capacity remains in line with prior expectations, revenue has performed better than anticipated driven by additional revenue in July related to CrowdStrike disruptions across the industry and stronger performance in August and September,"" Alaska said in a securities filing.Delta's president, Glen Hauenstein, told a Morgan Stanley conference on Thursday that Delta isn't seeing a lingering impact on bookings from the outage.Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power. That appears to be changing.Wednesday's U.S. inflation report showed an airfare price index rose 3.9% in August after five consecutive months of declines.Frontier Airlines said Wednesday that it might break even this quarter, on an adjusted basis, after a previous forecast of margins ranging from -3% to -6%, after it moderated capacity. Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines' cancellations due to technology outages in July.""Airlines from full-service carriers like Delta and United to budget airlines like Frontier and Spirit have been chasing higher-spending travelers with perks like more space on board.""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United's CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.U.S. airlines have also slowed if not halted hiring altogether this year as aircraft arrive late from Boeing and Airbus, and demand moderates after a massive hiring spree.",CNBC,12/09/2024,"['In this articleAirlines are reporting better unit revenues for the tail end of summer, a sign customers will continue to have to shell out more to fly in the coming months.', 'Alaska Airlines on Thursday raised its third-quarter profit forecast to a range of $2.15 to $2.25 per share from a previous outlook of no more than $1.60 per share.', 'It also said it expects unit revenue to rise by as much as 2% after previously estimating flat to ""positive"" unit revenue growth over last year.', 'Delta Air Lines said domestic and trans-Atlantic unit revenue would be up in September from last year, though it said the CrowdStrike outage in July will mean unit sales will rise no more than 1% compared with a previous forecast of as much as 4% higher for the quarter.', 'Delta has said it expected a $500 million hit from the outage and its aftermath, when it canceled some 7,000 flights.', 'Alaska said it had a tail wind from the outage, which affected Delta customers more than those on other airlines.', '""While capacity remains in line with prior expectations, revenue has performed better than anticipated driven by additional revenue in July related to CrowdStrike disruptions across the industry and stronger performance in August and September,"" Alaska said in a securities filing.', ""Delta's president, Glen Hauenstein, told a Morgan Stanley conference on Thursday that Delta isn't seeing a lingering impact on bookings from the outage."", 'Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.', 'That appears to be changing.', ""Wednesday's U.S. inflation report showed an airfare price index rose 3.9% in August after five consecutive months of declines."", 'Frontier Airlines said Wednesday that it might break even this quarter, on an adjusted basis, after a previous forecast of margins ranging from -3% to -6%, after it moderated capacity.', 'Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines\' cancellations due to technology outages in July.', '""Airlines from full-service carriers like Delta and United to budget airlines like Frontier and Spirit have been chasing higher-spending travelers with perks like more space on board.', '""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United\'s CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.', 'U.S. airlines have also slowed if not halted hiring altogether this year as aircraft arrive late from Boeing and Airbus, and demand moderates after a massive hiring spree.']",0.2176318050462712,"""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United's CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.",Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.,0.2049540479977925,"Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines' cancellations due to technology outages in July.",Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.,2024-09-14
China to raise retirement age for first time since 1950s,https://www.bbc.co.uk/news/articles/c62421le4j6o,2024-09-13T08:34:20.645Z,"China will ""gradually raise"" its retirement age for the first time since the 1950s, as the country confronts an ageing population and a dwindling pension budget. The top legislative body on Friday approved proposals to raise the statutory retirement age from 50 to 55 for women in blue-collar jobs, and from 55 to 58 for females in white-collar jobs. Men will see an increase from 60 to 63.  China's current retirement ages are among the lowest in the world.  According to the plan passed on Friday, the change will set in from 1 January 2025, with the respective retirement ages raised every few months over the next 15 years, said Chinese state media.  Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years. Starting 2030, employees will also have to make more contributions to the social security system in order to receive pensions. By 2039, they would have to clock 20 years of contributions to access their pensions. The state-run Chinese Academy of Social Sciences said in 2019 that the country's main state pension fund will run out of money by 2035 - and that was an estimate before the Covid-19 pandemic, which hit China's economy hard. The plan to raise retirement ages and adjust the pension policy was based on ""a comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education and workforce supply in China,"" Xinhua reported.  But the announcement has drawn some scepticism and discontent on the Chinese internet. ""In the next 10 years, there will be another bill that will delay retirement until we are 80,"" one user wrote on a Chinese social media site Weibo.  ""What a miserable year! Middle-aged workers are faced with pay cuts and raised retirement ages. Those who are unemployed find it increasingly difficult to get jobs,"" another chimed in.  Others said they had anticipated the announcement. ""This was expected, there isn't much to discuss. ""Men in most European countries retire when they are 65 or 67, while women do at 60. This is going to be the trend in our country as well,"" one Weibo user said. China's huge population has fallen for a second consecutive year in 2023 as its birth rate continues to decline.  Meanwhile, its average life expectancy has risen to 78.2 years, officials said earlier this year. According to the World Health Organization, almost a third of China's population - about 402 million people - will be aged over 60 by 2040, up from 254 million in 2019. A slowing economy, shrinking government benefits and a decades-long one-child policy have created a creeping demographic crisis in China, our China correspondent Laura Bicker wrote earlier this year. China's pension pot is running dry and the country is running out of time to build enough of a fund to care for the growing number of elderly. Over the next decade, about 300 million people, who are currently aged 50 to 60, are set to leave the Chinese workforce. This is the country's largest age group, nearly equivalent to the size of the US population. So who will look after them? The answer depends on where you go and who you ask. Read our analysis here ",BBC,13/09/2024,"['China will ""gradually raise"" its retirement age for the first time since the 1950s, as the country confronts an ageing population and a dwindling pension budget.', 'The top legislative body on Friday approved proposals to raise the statutory retirement age from 50 to 55 for women in blue-collar jobs, and from 55 to 58 for females in white-collar jobs.', 'Men will see an increase from 60 to 63.', ""China's current retirement ages are among the lowest in the world."", 'According to the plan passed on Friday, the change will set in from 1 January 2025, with the respective retirement ages raised every few months over the next 15 years, said Chinese state media.', 'Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years.', 'Starting 2030, employees will also have to make more contributions to the social security system in order to receive pensions.', 'By 2039, they would have to clock 20 years of contributions to access their pensions.', ""The state-run Chinese Academy of Social Sciences said in 2019 that the country's main state pension fund will run out of money by 2035 - and that was an estimate before the Covid-19 pandemic, which hit China's economy hard."", 'The plan to raise retirement ages and adjust the pension policy was based on ""a comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education and workforce supply in China,"" Xinhua reported.', 'But the announcement has drawn some scepticism and discontent on the Chinese internet. ""', 'In the next 10 years, there will be another bill that will delay retirement until we are 80,"" one user wrote on a Chinese social media site Weibo. ""', 'What a miserable year!', 'Middle-aged workers are faced with pay cuts and raised retirement ages.', 'Those who are unemployed find it increasingly difficult to get jobs,"" another chimed in.', 'Others said they had anticipated the announcement. ""', 'This was expected, there isn\'t much to discuss. ""', 'Men in most European countries retire when they are 65 or 67, while women do at 60.', 'This is going to be the trend in our country as well,"" one Weibo user said.', ""China's huge population has fallen for a second consecutive year in 2023 as its birth rate continues to decline."", 'Meanwhile, its average life expectancy has risen to 78.2 years, officials said earlier this year.', ""According to the World Health Organization, almost a third of China's population - about 402 million people - will be aged over 60 by 2040, up from 254 million in 2019."", 'A slowing economy, shrinking government benefits and a decades-long one-child policy have created a creeping demographic crisis in China, our China correspondent Laura Bicker wrote earlier this year.', ""China's pension pot is running dry and the country is running out of time to build enough of a fund to care for the growing number of elderly."", 'Over the next decade, about 300 million people, who are currently aged 50 to 60, are set to leave the Chinese workforce.', ""This is the country's largest age group, nearly equivalent to the size of the US population."", 'So who will look after them?', 'The answer depends on where you go and who you ask.', 'Read our analysis here']",-0.0201894058856361,China's pension pot is running dry and the country is running out of time to build enough of a fund to care for the growing number of elderly.,"Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years.",-0.3489936888217926,"Meanwhile, its average life expectancy has risen to 78.2 years, officials said earlier this year.",China's huge population has fallen for a second consecutive year in 2023 as its birth rate continues to decline.,2024-09-14
Mortgages: Dangers of being a FOMO customer as rates fall,https://www.bbc.co.uk/news/articles/cze5el25kjno,2024-09-13T21:24:55.428Z,"Falling mortgage rates may, at last, be bringing some relief to embattled homeowners and first-time buyers. In a market described as ""frenetic"", lenders are locked in intense competition for new customers while simultaneously trying to hold on to borrowers already on their books. On supposedly unlucky Friday the 13th alone, big-name providers such as the Nationwide, HSBC and NatWest reduced their fixed rates. In an unusual move, TSB did so for the second time in a week. Analysts expect further cuts to come, but brokers say the fear of missing out (FOMO) on better deals is paralysing some borrowers.  Failing to act before their current deal expires leaves them exposed to a much more expensive variable rate. During the last couple of years, mortgage rates have featured in discussions from chats around the dinner table to election debates. About 1.6 million existing borrowers had relatively cheap fixed-rate deals expiring this year. Hundreds of thousands of potential first-time buyers have been hoping to get a place of their own. Yet, rates have been volatile and much higher than what was the norm for more than a decade. The interest rate on a fixed mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.  Average rates on new deals are now 5.49% for a two-year deal, the lowest for more than a year. Five-year deals have an average rate of 5.15%, according to the financial information service Moneyfacts. However, the best, so-called headline, rates are reserved for those borrowing a small proportion of the value of the home (known as loan-to-value). A few are at levels not seen since rates shot up following the mini-Budget in the short-lived premiership of Liz Truss. ""Momentum is really starting to build now and the cuts are coming thick and fast.,"" said Emma Jones, managing director at broker When The Bank Says No. ""Borrowers are the winners as lenders seek to compete for all-important market share as we head into the final months of the year."" The Bank of England's interest rate cut in August, with the potential for more to come, is part of the reason for falling mortgage rates. That came slightly too late for Johnny and Sophie Abbott, whose last mortgage deal expired at the end of July.   When they spoke to the BBC in March, the couple from Loughborough, who have three children, admitted every option seemed like a gamble.  In the end, they chose to buy a home that needed renovation. ""We took the plunge and can just about deal with the mortgage,"" said Mr Abbott. ""It will be great when it's done."" In June, the Bank of England said three million households would see their mortgage payments rise in the next two years, and about 400,000 mortgage holders were facing some “very large"" payment increases. A few months ago, Gary Rees expected to have to make serious lifestyle changes when his current deal expires in October. Now, things are looking better. Yet, typical of many, the benefit is a smaller rise in his monthly mortgage repayments, not a fall. To be blunt, the financial punch won't hurt as much. ""It's improved, but my mortgage rate is still likely to double, rather than triple,"" he said. He is expecting to settle on a two-year deal, in the hope of further rate falls. The Bank of England's next interest rate decision is on Thursday, although analysts are predicting a hold at 5%. These two cases show that, although things are looking more positive for borrowers, not all are getting an equal benefit. Savers, meanwhile, are seeing the interest they receive worsen. Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging. With relatively few buyers, providers are trying to get a piece of a small pie, according to David Hollingworth, of broker L&C. That includes offering loans at higher multiples of income, up to 5.5 times. He said that while the lowest rates were ""not divebombing"", the market was frenetic. The market could also improve for remortgagers, he said, as lenders try to hit year-end targets. Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing. If a fixed deal expires, then borrowers automatically move on to their lender's standard variable rate - which currently carries an average interest demand of 7.99%, which is two-and-a-half percentage points higher than a new two-year deal. Adviser Jo Jingree, director of Mortgage Confidence, said people in the process of buying or remortgaging could still switch to a better deal if rates continued to fall before their personal deadline. ""I’ve seen first-hand that customers have been able to achieve revised mortgage offers on the lower rates which will save them money on their monthly payments,"" she said. Borrowers should monitor their rates, particularly a few weeks before their mortgage completes, to ensure they are getting the best possible rate, said Aaron Strutt, of broker Trinity Financial. He expected rates to keep falling, especially if the Bank of England cuts the base rate on Thursday, or later this year. With the cost of funding mortgages coming down, some in the industry suggest lenders could have cut rates more quickly. They say lenders are making smaller price cuts week after week when they could be making larger reductions in one go. Read more here. ",BBC,13/09/2024,"['Falling mortgage rates may, at last, be bringing some relief to embattled homeowners and first-time buyers.', 'In a market described as ""frenetic"", lenders are locked in intense competition for new customers while simultaneously trying to hold on to borrowers already on their books.', 'On supposedly unlucky Friday the 13th alone, big-name providers such as the Nationwide, HSBC and NatWest reduced their fixed rates.', 'In an unusual move, TSB did so for the second time in a week.', 'Analysts expect further cuts to come, but brokers say the fear of missing out (FOMO) on better deals is paralysing some borrowers.', 'Failing to act before their current deal expires leaves them exposed to a much more expensive variable rate.', 'During the last couple of years, mortgage rates have featured in discussions from chats around the dinner table to election debates.', 'About 1.6 million existing borrowers had relatively cheap fixed-rate deals expiring this year.', 'Hundreds of thousands of potential first-time buyers have been hoping to get a place of their own.', 'Yet, rates have been volatile and much higher than what was the norm for more than a decade.', 'The interest rate on a fixed mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.', 'Average rates on new deals are now 5.49% for a two-year deal, the lowest for more than a year.', 'Five-year deals have an average rate of 5.15%, according to the financial information service Moneyfacts.', 'However, the best, so-called headline, rates are reserved for those borrowing a small proportion of the value of the home (known as loan-to-value).', 'A few are at levels not seen since rates shot up following the mini-Budget in the short-lived premiership of Liz Truss. ""', 'Momentum is really starting to build now and the cuts are coming thick and fast.,""', 'said Emma Jones, managing director at broker When The Bank Says No. ""', 'Borrowers are the winners as lenders seek to compete for all-important market share as we head into the final months of the year.""', ""The Bank of England's interest rate cut in August, with the potential for more to come, is part of the reason for falling mortgage rates."", 'That came slightly too late for Johnny and Sophie Abbott, whose last mortgage deal expired at the end of July.', 'When they spoke to the BBC in March, the couple from Loughborough, who have three children, admitted every option seemed like a gamble.', 'In the end, they chose to buy a home that needed renovation. ""', 'We took the plunge and can just about deal with the mortgage,"" said Mr Abbott. ""', 'It will be great when it\'s done.""', 'In June, the Bank of England said three million households would see their mortgage payments rise in the next two years, and about 400,000 mortgage holders were facing some “very large"" payment increases.', 'A few months ago, Gary Rees expected to have to make serious lifestyle changes when his current deal expires in October.', 'Now, things are looking better.', 'Yet, typical of many, the benefit is a smaller rise in his monthly mortgage repayments, not a fall.', 'To be blunt, the financial punch won\'t hurt as much. ""', 'It\'s improved, but my mortgage rate is still likely to double, rather than triple,"" he said.', 'He is expecting to settle on a two-year deal, in the hope of further rate falls.', ""The Bank of England's next interest rate decision is on Thursday, although analysts are predicting a hold at 5%."", 'These two cases show that, although things are looking more positive for borrowers, not all are getting an equal benefit.', 'Savers, meanwhile, are seeing the interest they receive worsen.', 'Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.', 'With relatively few buyers, providers are trying to get a piece of a small pie, according to David Hollingworth, of broker L&C. That includes offering loans at higher multiples of income, up to 5.5 times.', 'He said that while the lowest rates were ""not divebombing"", the market was frenetic.', 'The market could also improve for remortgagers, he said, as lenders try to hit year-end targets.', 'Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing.', ""If a fixed deal expires, then borrowers automatically move on to their lender's standard variable rate - which currently carries an average interest demand of 7.99%, which is two-and-a-half percentage points higher than a new two-year deal."", 'Adviser Jo Jingree, director of Mortgage Confidence, said people in the process of buying or remortgaging could still switch to a better deal if rates continued to fall before their personal deadline. ""', 'I’ve seen first-hand that customers have been able to achieve revised mortgage offers on the lower rates which will save them money on their monthly payments,"" she said.', 'Borrowers should monitor their rates, particularly a few weeks before their mortgage completes, to ensure they are getting the best possible rate, said Aaron Strutt, of broker Trinity Financial.', 'He expected rates to keep falling, especially if the Bank of England cuts the base rate on Thursday, or later this year.', 'With the cost of funding mortgages coming down, some in the industry suggest lenders could have cut rates more quickly.', 'They say lenders are making smaller price cuts week after week when they could be making larger reductions in one go.', 'Read more here.']",0.1138991542811494,"However, the best, so-called headline, rates are reserved for those borrowing a small proportion of the value of the home (known as loan-to-value).",Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing.,0.3008822585855211,"It's improved, but my mortgage rate is still likely to double, rather than triple,"" he said.","Analysts expect further cuts to come, but brokers say the fear of missing out (FOMO) on better deals is paralysing some borrowers.",2024-09-14
Former Abercrombie & Fitch boss Mike Jeffries accused of sexual exploitation by more men,https://www.bbc.co.uk/news/articles/cj9l9dlgpmno,2024-09-13T23:02:20.089Z,"More men have come forward to the BBC accusing the former chief executive of Abercrombie & Fitch and his British partner of sexual exploitation. Some allege they were abused, and some that they were injected with drugs. Luke says he was shocked as he was guided into Mike Jeffries’ presidential suite in a hotel in Spain. ""It was like a movie set of an Abercrombie store,"" he recalls of the event in 2011. ""And I thought we were going to do a photoshoot."" He says the room was dimly lit with erotic photos of men’s abs adorning the dark walls. In the middle, a group of assistants dressed in Abercrombie & Fitch uniforms - polos, blue jeans and flip-flops - were casually folding clothes on a table, pretending to be shop workers, he says. Then aged 20, Luke says he had been offered the chance of being in a company advert if he flew from his home in Los Angeles to Madrid to meet the CEO of Abercrombie & Fitch (A&F). Luke says the proposal had come via a modelling website from a man who said he worked as a talent scout and executive assistant for Mr Jeffries - then head of the billion-dollar teen retailer. Warning: This story contains accounts of sexual violence In the suite, he says Mr Jeffries' assistants began engaging in role-play, encouraging him to act as a shirtless greeter, a hallmark of A&F stores at the time. Luke says he remembers the talent scout saying: ""Now I have two very important guests, and these are going to be the customers that you need to impress and entertain because they're going to be buying a lot of clothes from you."" At that moment, he says Mr Jeffries and his life partner, Matthew Smith, came out of a corner of the room. They immediately started touching him and Mr Jeffries forcibly kissed him, he says. ""I was trying to avoid the whole situation as much as I could, but Michael was very aggressive."" He says the Abercrombie boss then performed oral sex on him. “I tried to say no repeatedly. And then I just got kind of convinced to do something. But I constantly was saying no, and I wanted to go.” ___ Luke (not his real name) is one of eight more men who have spoken to the BBC in the past year since we revealed allegations of sexual exploitation at events hosted by Mr Jeffries and Mr Smith. The FBI launched an investigation following the BBC’s reporting, and 20 men in total have now told us they attended or helped organise these events. As well as Luke’s allegation, the new witnesses reveal fresh details about the scale of the events, which took place from at least 2009 until 2015 while Mr Jeffries was chief executive. The BBC previously found there had been a sophisticated operation involving a middleman tasked with finding men for these events, but the new testimonies detail additional recruitment methods. The men also raise new questions about the role of Mr Jeffries' assistants - a select group of young men in A&F uniforms who travelled around the world with him and supervised these sex events. According to multiple men, Mr Jeffries' assistants injected some attendees in the penis with what they were told was liquid Viagra.  Chris, not his real name, told the BBC he felt he was ""going to die"" after one of these injections caused an extreme reaction during an event at one of Mr Jeffries' New York homes. Feeling ""hot, dizzy"" and in shock, he said nobody called for an ambulance. Still disorientated, he said Mr Jeffries and Mr Smith, who had been waiting in another room, then tried to have sex with him. Former model Keith Milkie, 31, says one of Mr Jeffries' assistants had also ""bragged"" about having done some work for Abercrombie & Fitch at the same time as working at these sex events. He says this assistant was named on an event itinerary and the BBC found he also had an A&F company email. While personal assistants of Mr Jeffries’ were often dressed in A&F uniforms, this is the first claim that a member of A&F staff was involved in the running of Mr Jeffries' sex events. When the BBC asked the company about this, it declined to answer, saying it does not comment on legal matters. World Of Secrets - The Abercrombie Guys Hear two new episodes on BBC Sounds or here if you are outside the UK Mr Jeffries, 80, Mr Smith, 61, and A&F - which also owns the brand Hollister - are facing a civil lawsuit alleging the retailer funded a sex-trafficking operation over the two decades he had been in charge. Mr Smith and Mr Jeffries did not respond to requests for comment. However, their lawyers’ have previously said they deny allegations of wrongdoing, adding: ""The courtroom is where we will deal with this matter."" One former attendee, Diego Guillen, who says he has been interviewed by the FBI, told the BBC he was paid $500 (£380) every Saturday to make wake-up calls to men expected to attend these sex events in 2011. He estimated he made about 80 calls over seven months. Mr Guillen, 42, says there was also a roster of attendees. Other sources have said this ""database"" could have as many as 60 different men on it at any given time, revealing a snapshot of the scale of those recruited. He says he had initially attended sex events at Mr Jeffries' former New York homes after being recruited on the street by the couple’s middleman, James Jacobson. Mr Guillen, now a lawyer and real estate broker who runs his own firm, says he had never had sex for money before, but at the time he was unemployed and homeless, sleeping in a friend’s office. Despite his circumstances then, he says he did not feel exploited. After the FBI turned up at his door, Mr Guillen says he contacted Mr Jeffries' lawyer who sent a private investigator to interview him to help build their legal defence. Mr Guillen says the other men present at the events he attended had been ""under no obligation, under zero pressure"" and ""paid quite well"". ""Michael and Matthew are high profile gay men and liked having sex with young, handsome men. And being older, they knew that the real way to get this done was to be generous,"" he says. ""But with full consent and making sure that the [men] wanted it and liked it. And that's it."" Unlike other men who were recruited by the middleman, Luke says his initial contact was an assistant working for Mr Jeffries’ family office - a private company run by Mr Smith, which managed the then-CEO’s wealth and properties. Luke says this assistant interviewed him over Skype, telling him to expect to be topless for the Madrid hotel photoshoot, but there were no obvious red flags. This man then organised his travel and accommodation, he says. ""It didn't seem like anything too out of the ordinary for me because even working at an Abercrombie store when I was younger, there was guys who would stand outside shirtless. That was like a trademark thing,"" says Luke. Leaked travel plans show Mr Jeffries was scheduled to be in Madrid several times in 2011 ahead of opening a real A&F store. The night before the event, Luke says he was paid €3,500 (£2,950) in cash, which he believed was ""general spending money"" for the three days he was in Madrid. But he says the assistant was ""vague"" about the plan. He says in the hotel suite, Mr Jeffries and Mr Smith began having sex with two slightly older men - one he thought was in his 30s and the other in his 40s - present for the same event. Luke says Mr Jeffries' then started kissing him. Soon after, he says Mr Jeffries performed oral sex on him and Mr Smith attempted to do the same. He says he tried to perform ""some sort of oral"" sex on Mr Jeffries, but ""couldn't"". ""I'm getting fired because I didn't do what this guy wanted,"" Luke remembers thinking, believing he was about to lose his chance of a modelling job. ""I could have just ran out of that room, but I didn't even know how I would have gotten out."" Luke says he felt unable to leave as Mr Jeffries' assistants - whom he perceived as security staff - were ""watching exits"". Back home in the US, he says he felt unable to report what happened because of the non-disclosure agreement he had signed prior to the event. ""There's an immense amount of shame associated with this idea that you're not a masculine man if you've been molested or taken advantage of by another man,"" says Luke, who identifies as straight. ""My whole life I've struggled with people thinking that I'm gay and I got bullied in high school because I have a soft voice. The last thing on earth I was going to do is say something emasculating, like, I got molested and orally raped by a guy."" Luke says what happened in Madrid was ""rocket fuel"" for a drug addiction he later developed. In 2016, he was arrested for selling drugs and served six months in a correctional boot camp. He now runs his own business alongside helping people with addictions. Keith Milkie says he attended numerous events hosted by Mr Jeffries and Mr Smith between 2012 and 2014. He says he understood these events would be sexual but that nothing Mr Jacobson said could ""prepare you for what's going to happen"" next. Then aged about 20, Mr Milkie says he had been struggling to pay his rent after being invited to move to New York by an agent, who ran a house full of aspiring models. He says a housemate soon introduced the idea of escorting, and a contact later introduced him to Mr Jacobson. Mr Milkie, who identified as straight at the time, says he found some of the events ""uncomfortable"" and ""painful"". On one occasion, in Paris, he says Mr Jeffries instructed him to have sex with another man, which he ""did not want or enjoy"". During another, he says he was verbally abused by Mr Jeffries after saying ""no"" to a risky sexual act while on board the Queen Mary 2, an ocean liner which sails from England to New York. He says Mr Jeffries was drunk and tried to insert a ""bleeding finger"" into him. ""I was in the bed putting on a fake smile, crying on the inside,"" he says. ""Here I am in the middle of the ocean having this person four times my age in that position of power and influence belittle me to death and literally call me worthless… simply because I said no to something."" He says Mr Jacobson paid him about $24,000 (£18,400) in cash for the seven-night cruise. According to his event itineraries, which had been sent by Mr Jacobson, another of these sex events was just days after it had been publicly announced Mr Jeffries was stepping down as CEO of A&F in December 2014. Mr Milkie believes that final meeting marked the end of these events. ""The personification of Mike Jeffries is Abercrombie. He had the hair plugs, the plastic surgery, he wore the clothes, he wore the flip-flops. I mean, you talk about power. He projected his image on the entire country. His places where he lived were literally an Abercrombie store. It was like fantasy land,"" he says. ""Without that sort of power, that sort of fear and influence, I imagine it's just like a lot harder to keep people quiet, which is why years later people are talking about it."" After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised. When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer. Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded. Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape. The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees. The brand said it does not comment on legal matters. However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others. Mr Jacobson - the middleman - previously said in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"". ",BBC,13/09/2024,"['More men have come forward to the BBC accusing the former chief executive of Abercrombie & Fitch and his British partner of sexual exploitation.', 'Some allege they were abused, and some that they were injected with drugs.', 'Luke says he was shocked as he was guided into Mike Jeffries’ presidential suite in a hotel in Spain. ""', 'It was like a movie set of an Abercrombie store,"" he recalls of the event in 2011. ""', 'And I thought we were going to do a photoshoot.""', 'He says the room was dimly lit with erotic photos of men’s abs adorning the dark walls.', 'In the middle, a group of assistants dressed in Abercrombie & Fitch uniforms - polos, blue jeans and flip-flops - were casually folding clothes on a table, pretending to be shop workers, he says.', 'Then aged 20, Luke says he had been offered the chance of being in a company advert if he flew from his home in Los Angeles to Madrid to meet the CEO of Abercrombie & Fitch (A&F).', 'Luke says the proposal had come via a modelling website from a man who said he worked as a talent scout and executive assistant for Mr Jeffries - then head of the billion-dollar teen retailer.', ""Warning: This story contains accounts of sexual violence In the suite, he says Mr Jeffries' assistants began engaging in role-play, encouraging him to act as a shirtless greeter, a hallmark of A&F stores at the time."", 'Luke says he remembers the talent scout saying: ""Now I have two very important guests, and these are going to be the customers that you need to impress and entertain because they\'re going to be buying a lot of clothes from you.""', 'At that moment, he says Mr Jeffries and his life partner, Matthew Smith, came out of a corner of the room.', 'They immediately started touching him and Mr Jeffries forcibly kissed him, he says. ""', 'I was trying to avoid the whole situation as much as I could, but Michael was very aggressive.""', 'He says the Abercrombie boss then performed oral sex on him. “', 'I tried to say no repeatedly.', 'And then I just got kind of convinced to do something.', 'But I constantly was saying no, and I wanted to go.” ___', 'Luke (not his real name) is one of eight more men who have spoken to the BBC in the past year since we revealed allegations of sexual exploitation at events hosted by Mr Jeffries and Mr Smith.', 'The FBI launched an investigation following the BBC’s reporting, and 20 men in total have now told us they attended or helped organise these events.', 'As well as Luke’s allegation, the new witnesses reveal fresh details about the scale of the events, which took place from at least 2009 until 2015 while Mr Jeffries was chief executive.', 'The BBC previously found there had been a sophisticated operation involving a middleman tasked with finding men for these events, but the new testimonies detail additional recruitment methods.', ""The men also raise new questions about the role of Mr Jeffries' assistants - a select group of young men in A&F uniforms who travelled around the world with him and supervised these sex events."", ""According to multiple men, Mr Jeffries' assistants injected some attendees in the penis with what they were told was liquid Viagra."", 'Chris, not his real name, told the BBC he felt he was ""going to die"" after one of these injections caused an extreme reaction during an event at one of Mr Jeffries\' New York homes.', 'Feeling ""hot, dizzy"" and in shock, he said nobody called for an ambulance.', 'Still disorientated, he said Mr Jeffries and Mr Smith, who had been waiting in another room, then tried to have sex with him.', 'Former model Keith Milkie, 31, says one of Mr Jeffries\' assistants had also ""bragged"" about having done some work for Abercrombie & Fitch at the same time as working at these sex events.', 'He says this assistant was named on an event itinerary and the BBC found he also had an A&F company email.', ""While personal assistants of Mr Jeffries’ were often dressed in A&F uniforms, this is the first claim that a member of A&F staff was involved in the running of Mr Jeffries' sex events."", 'When the BBC asked the company about this, it declined to answer, saying it does not comment on legal matters.', 'World Of Secrets - The Abercrombie Guys Hear two new episodes on BBC Sounds or here if you are outside the UK Mr Jeffries, 80, Mr Smith, 61, and A&F - which also owns the brand Hollister - are facing a civil lawsuit alleging the retailer funded a sex-trafficking operation over the two decades he had been in charge.', 'Mr Smith and Mr Jeffries did not respond to requests for comment.', 'However, their lawyers’ have previously said they deny allegations of wrongdoing, adding: ""The courtroom is where we will deal with this matter.""', 'One former attendee, Diego Guillen, who says he has been interviewed by the FBI, told the BBC he was paid $500 (£380) every Saturday to make wake-up calls to men expected to attend these sex events in 2011.', 'He estimated he made about 80 calls over seven months.', 'Mr Guillen, 42, says there was also a roster of attendees.', 'Other sources have said this ""database"" could have as many as 60 different men on it at any given time, revealing a snapshot of the scale of those recruited.', ""He says he had initially attended sex events at Mr Jeffries' former New York homes after being recruited on the street by the couple’s middleman, James Jacobson."", 'Mr Guillen, now a lawyer and real estate broker who runs his own firm, says he had never had sex for money before, but at the time he was unemployed and homeless, sleeping in a friend’s office.', 'Despite his circumstances then, he says he did not feel exploited.', ""After the FBI turned up at his door, Mr Guillen says he contacted Mr Jeffries' lawyer who sent a private investigator to interview him to help build their legal defence."", 'Mr Guillen says the other men present at the events he attended had been ""under no obligation, under zero pressure"" and ""paid quite well"". ""', 'Michael and Matthew are high profile gay men and liked having sex with young, handsome men.', 'And being older, they knew that the real way to get this done was to be generous,"" he says. ""', 'But with full consent and making sure that the [men] wanted it and liked it.', 'And that\'s it.""', 'Unlike other men who were recruited by the middleman, Luke says his initial contact was an assistant working for Mr Jeffries’ family office - a private company run by Mr Smith, which managed the then-CEO’s wealth and properties.', 'Luke says this assistant interviewed him over Skype, telling him to expect to be topless for the Madrid hotel photoshoot, but there were no obvious red flags.', 'This man then organised his travel and accommodation, he says. ""', ""It didn't seem like anything too out of the ordinary for me because even working at an Abercrombie store when I was younger, there was guys who would stand outside shirtless."", 'That was like a trademark thing,"" says Luke.', 'Leaked travel plans show Mr Jeffries was scheduled to be in Madrid several times in 2011 ahead of opening a real A&F store.', 'The night before the event, Luke says he was paid €3,500 (£2,950) in cash, which he believed was ""general spending money"" for the three days he was in Madrid.', 'But he says the assistant was ""vague"" about the plan.', 'He says in the hotel suite, Mr Jeffries and Mr Smith began having sex with two slightly older men - one he thought was in his 30s and the other in his 40s - present for the same event.', ""Luke says Mr Jeffries' then started kissing him."", 'Soon after, he says Mr Jeffries performed oral sex on him and Mr Smith attempted to do the same.', 'He says he tried to perform ""some sort of oral"" sex on Mr Jeffries, but ""couldn\'t"". ""', 'I\'m getting fired because I didn\'t do what this guy wanted,"" Luke remembers thinking, believing he was about to lose his chance of a modelling job. ""', 'I could have just ran out of that room, but I didn\'t even know how I would have gotten out.""', 'Luke says he felt unable to leave as Mr Jeffries\' assistants - whom he perceived as security staff - were ""watching exits"".', 'Back home in the US, he says he felt unable to report what happened because of the non-disclosure agreement he had signed prior to the event. ""', 'There\'s an immense amount of shame associated with this idea that you\'re not a masculine man if you\'ve been molested or taken advantage of by another man,"" says Luke, who identifies as straight. ""', ""My whole life I've struggled with people thinking that I'm gay and I got bullied in high school because I have a soft voice."", 'The last thing on earth I was going to do is say something emasculating, like, I got molested and orally raped by a guy.""', 'Luke says what happened in Madrid was ""rocket fuel"" for a drug addiction he later developed.', 'In 2016, he was arrested for selling drugs and served six months in a correctional boot camp.', 'He now runs his own business alongside helping people with addictions.', 'Keith Milkie says he attended numerous events hosted by Mr Jeffries and Mr Smith between 2012 and 2014.', 'He says he understood these events would be sexual but that nothing Mr Jacobson said could ""prepare you for what\'s going to happen"" next.', 'Then aged about 20, Mr Milkie says he had been struggling to pay his rent after being invited to move to New York by an agent, who ran a house full of aspiring models.', 'He says a housemate soon introduced the idea of escorting, and a contact later introduced him to Mr Jacobson.', 'Mr Milkie, who identified as straight at the time, says he found some of the events ""uncomfortable"" and ""painful"".', 'On one occasion, in Paris, he says Mr Jeffries instructed him to have sex with another man, which he ""did not want or enjoy"".', 'During another, he says he was verbally abused by Mr Jeffries after saying ""no"" to a risky sexual act while on board the Queen Mary 2, an ocean liner which sails from England to New York.', 'He says Mr Jeffries was drunk and tried to insert a ""bleeding finger"" into him. ""', 'I was in the bed putting on a fake smile, crying on the inside,"" he says. ""', 'Here I am in the middle of the ocean having this person four times my age in that position of power and influence belittle me to death and literally call me worthless… simply because I said no to something.""', 'He says Mr Jacobson paid him about $24,000 (£18,400) in cash for the seven-night cruise.', 'According to his event itineraries, which had been sent by Mr Jacobson, another of these sex events was just days after it had been publicly announced Mr Jeffries was stepping down as CEO of A&F in December 2014.', 'Mr Milkie believes that final meeting marked the end of these events. ""', 'The personification of Mike Jeffries is Abercrombie.', 'He had the hair plugs, the plastic surgery, he wore the clothes, he wore the flip-flops.', 'I mean, you talk about power.', 'He projected his image on the entire country.', 'His places where he lived were literally an Abercrombie store.', 'It was like fantasy land,"" he says. ""', 'Without that sort of power, that sort of fear and influence, I imagine it\'s just like a lot harder to keep people quiet, which is why years later people are talking about it.""', 'After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised.', 'When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer.', 'Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded.', ""Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape."", 'The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees.', 'The brand said it does not comment on legal matters.', 'However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.', 'Mr Jacobson - the middleman - previously said in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"".']",-0.0493601489356194,"Luke says he remembers the talent scout saying: ""Now I have two very important guests, and these are going to be the customers that you need to impress and entertain because they're going to be buying a lot of clothes from you.""","However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.",-0.7062488496303558,"Mr Guillen says the other men present at the events he attended had been ""under no obligation, under zero pressure"" and ""paid quite well"". ""","Mr Milkie, who identified as straight at the time, says he found some of the events ""uncomfortable"" and ""painful"".",2024-09-14
"After success in Paris, Los Angeles looks to elevate Olympic Games in 2028",https://www.cnbc.com/2024/09/10/paris-los-angeles-olympic-games-2028.html,2024-09-11T16:22:39+0000,"After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games. However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.That includes work on public transportation. Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby. Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""'s in the sign — which Wasserman noted was done with CGI.""That's obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""But I think it's a pretty spectacular opportunity if there was a way to do it.""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city's culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.""""LA is a main character,"" Alba said. ""We want it to be a main character during the Olympics.""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.', 'Los Angeles Mayor Karen Bass told CNBC\'s Andrew Ross Sorkin at CNBC x Boardroom\'s Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.', 'However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.', 'That includes work on public transportation.', 'Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.', 'Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.', 'Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.', '""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.', 'LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.', ""While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby."", 'Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""\'s in the sign — which Wasserman noted was done with CGI.""That\'s obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""', ""But I think it's a pretty spectacular opportunity if there was a way to do it."", '""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city\'s culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.', '""""LA is a main character,"" Alba said. ""', 'We want it to be a main character during the Olympics.', '""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2297720162737331,But I think it's a pretty spectacular opportunity if there was a way to do it.,"Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.",0.997119590640068,"However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.",,2024-09-14
Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection,https://www.cnbc.com/2024/09/11/restaurant-chain-burgerfi-files-for-chapter-11-bankruptcy-protection.html,2024-09-11T17:59:27+0000,"In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo. Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.BurgerFi, known for its higher-quality burgers, was founded in 2011. It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny. Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million. Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",CNBC,11/09/2024,"['In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.', 'The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo.', 'Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.', 'BurgerFi, known for its higher-quality burgers, was founded in 2011.', 'It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.', ""Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million."", 'BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.', 'For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million.', 'Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.']",0.0222703114031558,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.",-0.5973716616630554,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",2024-09-14
United Airlines to offer free Wi-Fi using Starlink from Elon Musk's SpaceX,https://www.cnbc.com/2024/09/13/united-airlines-spacex-starlink-internet.html,2024-09-13T15:30:42+0000,"United Airlines said Friday that it plans to offer inflight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest inflight internet deal yet for the satellite service provider.The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.Delta Air Lines announced in early 2023 that onboard internet would be free for members of its SkyMiles loyalty program. Hawaiian Airlines, which has a deal with Starlink, also offers complimentary inflight Wi-Fi. JetBlue Airways has offered free Wi-Fi for years.SpaceX also previously made a deal with semi-private airline JSX.United currently offers inflight internet from a hodgepodge of providers, including ViaSat and Panasonic, and charges loyalty program members $8 and everyone else $10 for access on domestic and short-haul international flights.The carrier said it expects to have Starlink on its more than 1,000 planes over the ""next several years"" with the first passenger flights outfitted with the service starting early next year. United said the Wi-Fi will offer ""gate-to-gate"" connectivity.United praised SpaceX's satellite service, saying it provides ""internet access around the world, including over oceans, polar regions and other remote locations previously unreachable by traditional cell or Wi-Fi signals,"" a selling point for the U.S. airline with the most service over both the Atlantic and Pacific.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. There are currently about 6,000 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company. SpaceX initially targeted consumer customers, but has expanded into other markets, including aviation.",CNBC,13/09/2024,"[""United Airlines said Friday that it plans to offer inflight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest inflight internet deal yet for the satellite service provider."", 'The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.', 'Delta Air Lines announced in early 2023 that onboard internet would be free for members of its SkyMiles loyalty program.', 'Hawaiian Airlines, which has a deal with Starlink, also offers complimentary inflight Wi-Fi.', 'JetBlue Airways has offered free Wi-Fi for years.', 'SpaceX also previously made a deal with semi-private airline JSX.United currently offers inflight internet from a hodgepodge of providers, including ViaSat and Panasonic, and charges loyalty program members $8 and everyone else $10 for access on domestic and short-haul international flights.', 'The carrier said it expects to have Starlink on its more than 1,000 planes over the ""next several years"" with the first passenger flights outfitted with the service starting early next year.', 'United said the Wi-Fi will offer ""gate-to-gate"" connectivity.', 'United praised SpaceX\'s satellite service, saying it provides ""internet access around the world, including over oceans, polar regions and other remote locations previously unreachable by traditional cell or Wi-Fi signals,"" a selling point for the U.S. airline with the most service over both the Atlantic and Pacific.', 'SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.', 'There are currently about 6,000 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'SpaceX initially targeted consumer customers, buthasexpanded into other markets, including aviation.']",0.3952893768194163,"The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.",,0.8750329911708832,SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.,,2024-09-14
"Streaming deals are key to future of NFL viewership, fandom",https://www.cnbc.com/2024/09/10/streaming-deals-are-key-to-future-of-nfl-viewership-fandom.html,2024-09-11T16:22:47+0000,"The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience.When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""Thursday Night Football"" found its exclusive home on Amazon's Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.And that was just the beginning. The following year, the NFL's ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google's YouTube TV. Comcast's NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service. Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""That led us, in part, to retain the rights for live games on mobile phones.""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off. It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.The expansion into streaming has carried over into this season. Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers.""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games.Similarly, Lori Conkling, YouTube global head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.The majority of the NFL's media rights deals are sewn up with traditional broadcast partners. Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services. The majority of viewership still comes from traditional TV, according to ratings data.Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds. Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming. The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast's NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally."", ""Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience."", 'When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""', 'Thursday Night Football"" found its exclusive home on Amazon\'s Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.', 'And that was just the beginning.', 'The following year, the NFL\'s ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google\'s YouTube TV.', 'Comcast\'s NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service.', 'Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.', '""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""', 'That led us, in part, to retain the rights for live games on mobile phones.', '""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.', 'The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off.', 'It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.', '""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.', 'The expansion into streaming has carried over into this season.', ""Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers."", '""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.', ""He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games."", 'Similarly, Lori Conkling,YouTubeglobal head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.', ""The majority of the NFL's media rights deals are sewn up with traditional broadcast partners."", 'Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services.', 'The majority of viewership still comes from traditional TV, according to ratings data.', ""Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds."", 'Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming.', 'The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.', '""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""', ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states."", '""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1544150106787163,"""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""","And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.",0.9992067085372076,The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.,,2024-09-14
Shein and Temu prices are set to get a lot higher as Biden takes aim at retailers linked to China,https://www.cnbc.com/2024/09/13/shein-and-temu-prices-poised-to-rise-after-biden-de-minimis-proposal.html,2024-09-14T14:43:19+0000,"The bottom of the barrel prices that have made Chinese-linked e-tailers Shein and Temu so popular with American consumers could soon rise if the Biden administration curtails their use of a trade law loophole.The companies, known for their $5 T-shirts and $10 sweaters, could see prices rise by at least 20% if the so-called de minimis provision is changed, a spokesperson for the Republican majority of the House Select Committee on the Chinese Communist Party told CNBC. The committee made the estimate after launching investigations into Shein and Temu more than a year ago.Neil Saunders, a retail analyst and the managing director of GlobalData, agreed the policy change would likely increase prices, but couldn't say by how much. ""If the de minimis exemption is removed, then the cost of products from marketplaces like Shein and Temu will rise. They will still be cheap marketplaces but they won't have quite the competitive edge on price that they do now,"" Saunders told CNBC in an email. ""That may lose them some market share or slow their growth, but they will likely respond by pushing into some higher-priced items to balance out their propositions.""On Friday morning, the Biden administration announced plans to bar overseas shipments of products that are subject to U.S.-China tariffs from being eligible for the de minimis exemption. An obscure tariff law loophole that's been around since the 1930s, the exemption allows packages with a value of less than $800 to enter the United States without the shippers paying import duties and with less scrutiny than larger containers. The announcement comes after more than a year of scrutiny into the companies from lawmakers on both sides of the aisle and in particular, the House Select Committee on the CCP. Both Shein and Temu declined to tell CNBC if they will raise prices due the proposed changes. The companies also disputed that their low prices are driven by the de minimis exemption and said their business models allow them to offer their ultra-affordable rates.A spokesperson for Shein noted that the company supports de minimis reform and was recently accepted into a voluntary, pilot program with U.S. Customs and Border Protection where it agreed to provide additional data about packages and shipments.Over the last couple of years, the two companies have taken U.S. consumers by storm with their ultra-low prices and their ability to rapidly churn out trending styles far faster than competitors can. Shein is estimated to take in more than $30 billion in revenue annually, but it's unclear what Temu's sales are. Its parent company, PDD Holdings, saw $34.9 billion in revenue in fiscal 2023 — a 90% increase from the year ago period.As the companies have become go-to shopping destinations, they've taken market share from rivals that cater to similar consumer segments, such as H&M, Zara, Target, Walmart and Amazon.If Shein's prices were to rise by 20%, it would put its assortment closer in line with those competitors, which could make it harder for it to compete.For example, the average price of a dress on Shein was $28.51 as of June 1, according to data from Edited, a London-based research firm that analyzed the company's pricing strategy and shared metrics with Reuters.At the time, that price was well below the average cost for dresses at H&M and Zara, which were $40.97 and $79.69, respectively, according to Edited's data. However, if costs were to rise by 20%, that would make the average dress price on Shein $34.21 – far closer to H&M's average price.There's no guarantee prices would rise 20% if the Biden administration's proposal takes effect. Still, taken together with the company's long shipping times, a smaller discount relative to Shein's rivals may lead some consumers to opt for retailers that are closer to home. ""Ultimately, while reforming the de minimis rules makes for a fairer and more level playing field, like any tariff it will end up costing consumers more,"" said Saunders. Last year, the committee began investigating Shein and Temu for slave labor in their supply chains and zeroed in on their use of the de minimis exemption, claiming in a June 2023 report that both companies didn't pay any import duties in 2022. Shein disputed that claim and said the company paid millions of import duties in 2022 and 2023. It has, however, acknowledged that cotton from banned regions has been found in its supply chain and said it's working to rectify the issue. In a statement, Temu said it is ""dedicated to upholding ethical labor practices"" and ""forbids the use of any form of forced, child, or penal labor and requires adherence to all local labor laws.""""As the Select Committee's investigation into Shein and Temu revealed, the majority of products from Shein and Temu fall under the de minimis exception. This allows them to dodge U.S. Customs and evade the scrutiny other retailers face. The U.S. must urgently curb these shipments and force these companies to correct their anemic compliance practices,"" a spokesperson for the committee told CNBC.The spokesperson added that ""Congress must urgently make de minimis reform law.""As scrutiny of Shein intensified, its hopes of pulling off a long awaited U.S. public offering dwindled. Lawmakers, eager to curtail the influence that Chinese-linked retailers were having on the U.S. economy and take steps they said would level the playing field for American companies, were unlikely to propose an outright ban of Shein and Temu, similar to what was done with social media company TikTok. Instead, numerous lawmakers called for the U.S. Securities and Exchange Commission to block Shein's IPO and targeted the de minimis exemption as the best way to curtail the company's growth. Now, more than a year into those efforts and Shein's own sputtering charm offensive, its plans for a New York IPO are all but dead and it has turned to London in hopes of finding a friendlier reception. In June, CNBC reported that Shein had confidentially filed for a public listing in London as it faced backlash in the U.S. It's unclear what impact the proposed de minimis changes will have on Shein's IPO plans.",CNBC,14/09/2024,"['The bottom of the barrel prices that have made Chinese-linked e-tailers Shein and Temu so popular with American consumers could soon rise if the Biden administration curtails their use of a trade law loophole.', 'The companies, known for their $5 T-shirts and $10 sweaters, could see prices rise by at least 20% if the so-called de minimis provision is changed, a spokesperson for the Republican majority of the House Select Committee on the Chinese Communist Party told CNBC.', 'The committee made the estimate after launching investigations into Shein and Temu more than a year ago.', ""Neil Saunders, a retail analyst and the managing director of GlobalData, agreed the policy change would likely increase prices, but couldn't say by how much."", '""If the de minimis exemption is removed, then the cost of products from marketplaces like Shein and Temu will rise.', 'They will still be cheap marketplaces but they won\'t have quite the competitive edge on price that they do now,"" Saunders told CNBC in an email. ""', 'That may lose them some market share or slow their growth, but they will likely respond by pushing into some higher-priced items to balance out their propositions.', '""On Friday morning, the Biden administration announced plans to bar overseas shipments of products that are subject to U.S.-China tariffs from being eligible for the de minimis exemption.', ""An obscure tariff law loophole that's been around since the 1930s, the exemption allows packages with a value of less than $800 to enter the United States without the shippers paying import duties and with less scrutiny than larger containers."", 'The announcement comes after more than a year of scrutiny into the companies from lawmakers on both sides of the aisle and in particular, the House Select Committee on the CCP.Both Shein and Temu declined to tell CNBC if they will raise prices due the proposed changes.', 'The companies also disputed that their low prices are driven by the de minimis exemption and said their business models allow them to offer their ultra-affordable rates.', 'A spokesperson for Shein noted that the company supports de minimis reform and was recently accepted into a voluntary, pilot program with U.S. Customs and Border Protection where it agreed to provide additional data about packages and shipments.', 'Over the last couple of years, the two companies have taken U.S. consumers by storm with their ultra-low prices and their ability to rapidly churn out trending styles far faster than competitors can.', ""Shein is estimated to take in more than $30 billion in revenue annually, but it's unclear what Temu's sales are."", 'Its parent company, PDD Holdings, saw $34.9 billion in revenue in fiscal 2023 — a 90% increase from the year ago period.', ""As the companies have become go-to shopping destinations, they've taken market share from rivals that cater to similar consumer segments, such as H&M, Zara, Target, Walmart and Amazon."", ""If Shein's prices were to rise by 20%, it would put its assortment closer in line with those competitors, which could make it harder for it to compete."", ""For example, the average price of a dress on Shein was $28.51 as of June 1, according to data from Edited, a London-based research firm that analyzed the company's pricing strategy and shared metrics with Reuters."", ""At the time, that price was well below the average cost for dresses at H&M and Zara, which were $40.97 and $79.69, respectively, according to Edited's data."", ""However, if costs were to rise by 20%, that would make the average dress price on Shein $34.21 – far closer to H&M's average price."", ""There's no guarantee prices would rise 20% if the Biden administration's proposal takes effect."", ""Still, taken together with the company's long shipping times, a smaller discount relative to Shein's rivals may lead some consumers to opt for retailers that are closer to home."", '""Ultimately, while reforming the de minimis rules makes for a fairer and more level playing field, like any tariff it will end up costing consumers more,"" said Saunders.', ""Last year, the committee began investigating Shein and Temu for slave labor in their supply chains and zeroed in on their use of the de minimis exemption, claiming in a June 2023 report that both companies didn't pay any import duties in 2022."", ""Shein disputed that claim and said the company paid millions of import duties in 2022 and 2023.It has, however, acknowledged that cotton from banned regions has been found in its supply chain and said it's working to rectify the issue."", 'In a statement, Temu said it is ""dedicated to upholding ethical labor practices"" and ""forbids the use of any form of forced, child, or penal labor and requires adherence to all local labor laws.', '""""As the Select Committee\'s investigation into Shein and Temu revealed,the majority of products from Shein and Temu fall under the de minimis exception.', 'This allows them to dodge U.S. Customs and evade the scrutiny other retailers face.', 'The U.S. must urgently curb these shipments and force these companies to correct their anemic compliance practices,"" a spokesperson for the committee told CNBC.The spokesperson added that ""Congress must urgently make de minimis reform law.', '""As scrutiny of Shein intensified, its hopes of pulling off a long awaited U.S. public offering dwindled.', 'Lawmakers, eager to curtail the influence that Chinese-linked retailers were having on the U.S. economy and take steps they said would level the playing field for American companies, were unlikely to propose an outright ban of Shein and Temu, similar to what was done with social media company TikTok.', ""Instead, numerous lawmakers called for the U.S. Securities and Exchange Commission to block Shein's IPO and targeted the de minimis exemption as the best way to curtail the company's growth."", ""Now, more than a year into those efforts and Shein's own sputtering charm offensive, its plans for a New York IPO are all but dead and it has turned to London in hopes of finding a friendlier reception."", ""In June, CNBC reported that Shein had confidentially filed for a public listing in London as it faced backlash in the U.S.It's unclear what impact the proposed de minimis changes will have on Shein's IPO plans.""]",0.1544557942702504,"Instead, numerous lawmakers called for the U.S. Securities and Exchange Commission to block Shein's IPO and targeted the de minimis exemption as the best way to curtail the company's growth.","Shein disputed that claim and said the company paid millions of import duties in 2022 and 2023.It has, however, acknowledged that cotton from banned regions has been found in its supply chain and said it's working to rectify the issue.",0.0473571249416896,"Its parent company, PDD Holdings, saw $34.9 billion in revenue in fiscal 2023 — a 90% increase from the year ago period.","""As scrutiny of Shein intensified, its hopes of pulling off a long awaited U.S. public offering dwindled.",2024-09-14
Harvey Weinstein indicted on new charges by New York grand jury,https://www.cnbc.com/2024/09/12/harvey-weinstein-indicted-on-new-charges-by-new-york-grand-jury.html,2024-09-12T15:07:26+0000,"Harvey Weinstein, the disgraced Hollywood mogul whose alleged sexual misconduct fueled the #MeToo movement, has been indicted on new charges by a New York City grand jury.The new charges are under seal, prosecutors told a judge in Manhattan criminal court Thursday, adding that they could not yet get into specifics.NBC News was first to report this month that a grand jury had been convened to hear from women who had come forward with new accusations against Weinstein, 72.Weinstein, who was rushed to a hospital earlier this week for heart surgery, did not appear in court Thursday.In all, more than 80 women have accused the Oscar-winning ex-producer of sexual assault or harassment. He has repeatedly and vehemently denied those claims, insisting the encounters in question were consensual.Weinstein was convicted in 2020 of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison. But that conviction was overturned in April after a state appellate court, in a 4-3 decision, determined the judge had erred by allowing women to testify about allegations that were not part of the case.New York prosecutors announced months later that they intended to recharge Weinstein for the same crimes and possibly bring forward new charges.Read more NBC NewsThe former producer will head to trial in November, but it is unclear whether he will be tried at the same time on both the original and new charges. He will remain in custody until that retrial.In addition to the New York case, Weinstein was found guilty of one count of rape and two counts of sexual assault in a 2022 trial in Los Angeles, where he was sentenced to 16 years. Weinstein's legal team is in the process of appealing that conviction.In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King's Speech.""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse. The stories inspired a wider reckoning with abuses of power in entertainment and other high-profile industries.This is a breaking news story. Please refresh for updates.",CNBC,12/09/2024,"['Harvey Weinstein, the disgraced Hollywood mogul whose alleged sexual misconduct fueled the #MeToo movement, has been indicted on new charges by a New York City grand jury.', 'The new charges are under seal, prosecutors told a judge in Manhattan criminal court Thursday, adding that they could not yet get into specifics.', 'NBC News was first to reportthis month that a grand jury had been convened to hear from women who had come forward with new accusations against Weinstein, 72.Weinstein, who was rushed to a hospital earlier this week for heart surgery, did not appear in court Thursday.', 'In all, more than 80 women have accused the Oscar-winning ex-producer of sexual assault or harassment.', 'He has repeatedly and vehemently denied those claims, insisting the encounters in question were consensual.', 'Weinstein wasconvicted in 2020of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison.', 'But that conviction was overturned in April after a state appellate court, in a 4-3 decision, determined the judge had erred by allowing women to testify about allegations that were not part of the case.', 'New York prosecutors announced months later that they intended to recharge Weinstein for the same crimes and possibly bring forward new charges.', 'Read more NBC NewsThe former producer will head to trial in November, but it is unclear whether he will be tried at the same time on both the original and new charges.', 'He will remain in custody until that retrial.', 'In addition to the New York case, Weinstein was found guilty of one count of rape and two counts of sexual assault in a 2022 trial in Los Angeles, where he wassentenced to 16 years.', ""Weinstein's legal team is in the process ofappealing that conviction."", 'In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King\'s Speech.', '""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse.', 'The stories inspired a wider reckoning with abuses of power in entertainment and other high-profile industries.', 'This is a breaking news story.', 'Please refresh for updates.']",-0.1738874461184484,"In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King's Speech.","Weinstein wasconvicted in 2020of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison.",-0.7000432014465332,,"""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse.",2024-09-14
JPMorgan Chase shares drop 5% after bank tempers guidance on interest income and expenses,https://www.cnbc.com/2024/09/10/jpmorgan-chase-shares-drop-nearly-7percent-after-bank-tempers-guidance-on-net-interest-income.html,2024-09-10T18:53:06+0000,"In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic.While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.""I think that that number will be lower,"" Pinto said. He declined to give a specific figure.Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected. But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities. When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds. But they also make new assets lower yielding, which complicates the picture.""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""But as you know, we are quite asset sensitive.""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.""There are a bunch of components that tell us that probably the number on expenses will be a bit higher than what is expected at the moment,"" Pinto said.When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",CNBC,10/09/2024,"[""In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic."", 'While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.', '""I think that that number will be lower,"" Pinto said.', 'He declined to give a specific figure.', 'Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.', 'JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.', 'But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.', ""NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities."", 'When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.', 'Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds.', 'But they also make new assets lower yielding, which complicates the picture.', '""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""', 'But as you know, we are quite asset sensitive.', '""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.', '""There are a bunch of components that tell us that probably the number on expenseswill be a bit higher than what is expected at the moment,"" Pinto said.', 'When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.', 'The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.']",0.1810416202853788,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",-0.5570460855960846,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.",2024-09-14
Ban on rental bidding wars is on the way - but will it work?,https://www.bbc.co.uk/news/articles/cqjlxxejreeo,2024-09-13T00:36:44.252Z,"With renters in popular areas facing intense competition for homes, many are increasingly finding themselves pitted against each other in bidding wars.  Housing campaigners have welcomed plans for new laws to ban the practice in England - but are warning more action will be needed to tackle unaffordable rents.  Jason Phillips had been living in his flat in Crouch End, north London, for 10 years when his landlady decided to sell up.  He spent more than a year looking for somewhere new to rent in the area. But despite going to around 40 viewings and having a good salary as a business analyst, he kept losing out to other applicants.  In one case he was told a two-bed flat on the market for £1,800 month had gone for £2,500, after someone offered £700 over the asking price.  “It's frustrating,"" he says. ""It made it not only unaffordable for me, but if I'd known that was going to be the price range I probably wouldn't have even gone to see it in the first place."" With at least a dozen prospective tenants viewing some of the properties, Jason said several estate agents had actively encouraged him to bid higher than the advertised price to give him the best chance.  Eventually Jason, 60, gave up and reluctantly moved to Stevenage, Hertfordshire, where it was easier to find somewhere within his budget and he was closer to work.  ""I'd got to know my neighbours and I'd built up a lot of friends,"" he says. ""I miss [Crouch End] and I would love to go back."" The government has set out plans to end bidding wars as part of a wider Renters' Rights Bill, which was published on Wednesday.  Under the legislation, which still needs to be approved by MPs and peers, landlords and letting agents would be legally required to publish an asking rent for their property and banned from encouraging or accepting any bids above this price. This goes further than proposals Labour set out when it was in opposition, which would have prevented landlords and agents from encouraging bids but would still have allowed prospective tenants to offer more than the advertised rent. Campaign group Generation Rent's Conor O'Shea says they are pleased the government has listened to the evidence from countries like Australia, where legislation has already been introduced to tackle bidding wars, and decided on a ""total ban"".  He argues allowing ""voluntary"" bids would have been ""open to abuse"", as tenants may still feel pressurised to offer above the asking price. In Australia, all states now restrict rental bidding in some form - but only Queensland and the Northern Territory have banned landlords and agents from accepting offers above the asking price completely. Three years after first introducing legislation to ban the encouraging of bids, Victoria is also planning to go further and make it an offence to accept rental bids, as the UK government is proposing.   The government there says with vacancy rates at record lows prospective tenants are under ""an incredible amount of pressure"" and people are increasingly making ""unsolicited bids"" to give them an edge over other applicants.  Joel Dignam, executive director of Australian campaign group Better Renting, says this suggests banning landlords from accepting as well as just encouraging bids is necessary to stop bidding wars.  He says enforcement is also an issue.  Generally, landlords or agents breaking the rules can be fined, but Mr Dignam says it is more likely they only get ""a slap on the wrist"".  Mr O’Shea says this is also a problem in the UK, where overstretched councils struggle to go after all landlords who break the rules. Under the planned legislation, landlords or agents could be fined up to £7,000 if they encourage or accept bids. But Mr O'Shea says any new laws must be properly enforced to be effective.  He argues tenants should also be incentivised to report when bidding is being encouraged, for example they could be given a rebate on their rent if their landlord is found to have broken the law. There are also questions over how effective banning rental bidding can be in curbing rising rents, with campaigners saying this does not address the root cause of the issue.  In Australia, rents have continued to increase in popular areas, where demand outstrips supply.  But Mr Dignam argues banning the practice is not just about affordability but also transparency.  ""I think what's tricky for renters is just not knowing what the real price of the property is,"" he says. ""Is it even worth going to this [viewing] if actually it's out of my price range?"" In the UK, the National Residential Landlords Association (NRLA) also agrees with the principle of ending bidding wars, saying neither landlords nor agents should be encouraging tenants to offer above the asking rent.  However, it is calling for more detail on how the policy would work in practice.  More broadly, the NRLA says there needs to be action to boost the supply of privately rented homes.  Mr O'Shea says ultimately banning bidding wars is ""not going to be the silver bullet that will deal with the affordability crisis for tenants"".  He says there are concerns that some landlords may simply list their property at an inflated price and accept lower offers if needed.  Generation Rent also wants to see tighter controls on how much landlords can increase rents by within tenancies and an increase in the supply of homes, he adds.  ""We don't have enough homes in the places that people want to live, at rates they can afford to rent."" ",BBC,13/09/2024,"['With renters in popular areas facing intense competition for homes, many are increasingly finding themselves pitted against each other in bidding wars.', 'Housing campaigners have welcomed plans for new laws to ban the practice in England - but are warning more action will be needed to tackle unaffordable rents.', 'Jason Phillips had been living in his flat in Crouch End, north London, for 10 years when his landlady decided to sell up.', 'He spent more than a year looking for somewhere new to rent in the area.', 'But despite going to around 40 viewings and having a good salary as a business analyst, he kept losing out to other applicants.', 'In one case he was told a two-bed flat on the market for £1,800 month had gone for £2,500, after someone offered £700 over the asking price. “', 'It\'s frustrating,"" he says. ""', 'It made it not only unaffordable for me, but if I\'d known that was going to be the price range I probably wouldn\'t have even gone to see it in the first place.""', 'With at least a dozen prospective tenants viewing some of the properties, Jason said several estate agents had actively encouraged him to bid higher than the advertised price to give him the best chance.', 'Eventually Jason, 60, gave up and reluctantly moved to Stevenage, Hertfordshire, where it was easier to find somewhere within his budget and he was closer to work. ""', 'I\'d got to know my neighbours and I\'d built up a lot of friends,"" he says. ""', 'I miss [Crouch End] and I would love to go back.""', ""The government has set out plans to end bidding wars as part of a wider Renters' Rights Bill, which was published on Wednesday."", 'Under the legislation, which still needs to be approved by MPs and peers, landlords and letting agents would be legally required to publish an asking rent for their property and banned from encouraging or accepting any bids above this price.', 'This goes further than proposals Labour set out when it was in opposition, which would have prevented landlords and agents from encouraging bids but would still have allowed prospective tenants to offer more than the advertised rent.', 'Campaign group Generation Rent\'s Conor O\'Shea says they are pleased the government has listened to the evidence from countries like Australia, where legislation has already been introduced to tackle bidding wars, and decided on a ""total ban"".', 'He argues allowing ""voluntary"" bids would have been ""open to abuse"", as tenants may still feel pressurised to offer above the asking price.', 'In Australia, all states now restrict rental bidding in some form - but only Queensland and the Northern Territory have banned landlords and agents from accepting offers above the asking price completely.', 'Three years after first introducing legislation to ban the encouraging of bids, Victoria is also planning to go further and make it an offence to accept rental bids, as the UK government is proposing.', 'The government there says with vacancy rates at record lows prospective tenants are under ""an incredible amount of pressure"" and people are increasingly making ""unsolicited bids"" to give them an edge over other applicants.', 'Joel Dignam, executive director of Australian campaign group Better Renting, says this suggests banning landlords from accepting as well as just encouraging bids is necessary to stop bidding wars.', 'He says enforcement is also an issue.', 'Generally, landlords or agents breaking the rules can be fined, but Mr Dignam says it is more likely they only get ""a slap on the wrist"".', 'Mr O’Shea says this is also a problem in the UK, where overstretched councils struggle to go after all landlords who break the rules.', 'Under the planned legislation, landlords or agents could be fined up to £7,000 if they encourage or accept bids.', ""But Mr O'Shea says any new laws must be properly enforced to be effective."", 'He argues tenants should also be incentivised to report when bidding is being encouraged, for example they could be given a rebate on their rent if their landlord is found to have broken the law.', 'There are also questions over how effective banning rental bidding can be in curbing rising rents, with campaigners saying this does not address the root cause of the issue.', 'In Australia, rents have continued to increase in popular areas, where demand outstrips supply.', 'But Mr Dignam argues banning the practice is not just about affordability but also transparency. ""', 'I think what\'s tricky for renters is just not knowing what the real price of the property is,"" he says. ""', 'Is it even worth going to this [viewing] if actually it\'s out of my price range?""', 'In the UK, the National Residential Landlords Association (NRLA) also agrees with the principle of ending bidding wars, saying neither landlords nor agents should be encouraging tenants to offer above the asking rent.', 'However, it is calling for more detail on how the policy would work in practice.', 'More broadly, the NRLA says there needs to be action to boost the supply of privately rented homes.', 'Mr O\'Shea says ultimately banning bidding wars is ""not going to be the silver bullet that will deal with the affordability crisis for tenants"".', 'He says there are concerns that some landlords may simply list their property at an inflated price and accept lower offers if needed.', 'Generation Rent also wants to see tighter controls on how much landlords can increase rents by within tenancies and an increase in the supply of homes, he adds. ""', 'We don\'t have enough homes in the places that people want to live, at rates they can afford to rent.""']",0.0456885709071851,"With at least a dozen prospective tenants viewing some of the properties, Jason said several estate agents had actively encouraged him to bid higher than the advertised price to give him the best chance.","Mr O'Shea says ultimately banning bidding wars is ""not going to be the silver bullet that will deal with the affordability crisis for tenants"".",-0.1164929310480753,"In Australia, rents have continued to increase in popular areas, where demand outstrips supply.","But despite going to around 40 viewings and having a good salary as a business analyst, he kept losing out to other applicants.",2024-09-14
Gilead says its twice-yearly shot cut HIV infections by 96% in trial,https://www.cnbc.com/2024/09/12/gilead-lenacapavir-cut-hiv-infections-by-96percent-in-trial.html,2024-09-12T15:49:23+0000,"In this articleGilead's twice-yearly shot reduced HIV infections by 96% in a second large study, the company said Thursday.The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.""Now that we have a comprehensive dataset across multiple study populations, Gilead will work urgently with regulatory, government, public health and community partners to ensure that, if approved, we can deliver twice-yearly lenacapavir for PrEP worldwide, for all those who want or need PrEP,"" said Gilead CEO Daniel O'Day in a statement.PrEP or, pre-exposure prophylaxis, is medication taken to prevent getting HIV, according to the Centers for Disease Control and Prevention.Gilead shares climbed more than 1% on Thursday.The company said 99.9% of participants who received lenacapavir did not acquire HIV, with two cases among 2,180 people. The trial included cisgender men, transgender men, transgender women and gender non-binary people who have sex with partners assigned male at birth.There were nine cases of HIV in a group of more than 1,000 people assigned to receive Truvada, Gilead's older daily pill used for prevention and treatment. The company said lenacapavir was 89% more effective than Truvada in the study. Lenacapavir and Truvada were also ""generally well-tolerated"" by patients with no new safety concerns, according to Gilead. The drugmaker plans to present detailed data at an upcoming medical conference. Gilead in June also said lenacapavir was 100% effective at preventing HIV in another late-stage trial with cisgender women. None of the approximately 2,000 women in the study who received the shot had contracted HIV by the time of an interim analysis conducted in September 2023. In a research note Thursday, Jefferies analyst Michael Yee said overall the data on lenacapavir is ""solid and consistent across both studies"" and populations.The trial results should lead to an FDA approval and launch in the market by 2025, Yee said. Subscribe to CNBC on YouTube.",CNBC,12/09/2024,"[""In this articleGilead's twice-yearly shot reduced HIV infections by 96% in a second large study, the company said Thursday."", 'The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.', '""Now that we have a comprehensive dataset across multiple study populations, Gilead will work urgently with regulatory, government, public health and community partners to ensure that, if approved, we can deliver twice-yearly lenacapavir for PrEP worldwide, for all those who want or need PrEP,"" said Gilead CEO Daniel O\'Day in a statement.', 'PrEP or, pre-exposure prophylaxis, is medication taken to prevent getting HIV, according to the Centers for Disease Control and Prevention.', 'Gilead shares climbed more than 1% on Thursday.', 'The company said 99.9% of participants who received lenacapavir did not acquire HIV, with two cases among 2,180 people.', 'The trial included cisgender men, transgender men, transgender women and gender non-binary people who have sex with partners assigned male at birth.', ""There were nine cases of HIV in a group of more than 1,000 people assigned to receive Truvada, Gilead's older daily pill used for prevention and treatment."", 'The company said lenacapavir was 89% more effective than Truvada in the study.', 'Lenacapavir and Truvada were also ""generally well-tolerated"" by patients with no new safety concerns, according to Gilead.', 'The drugmaker plans to present detailed data at an upcoming medical conference.', 'Gilead in June also said lenacapavir was 100% effective at preventing HIV in another late-stage trial with cisgender women.', 'None of the approximately 2,000 women in the study who received the shot had contracted HIV by the time of an interim analysis conducted in September 2023.In a research note Thursday, Jefferies analyst Michael Yee said overall the data on lenacapavir is ""solid and consistent across both studies"" and populations.', 'The trial results should lead to an FDA approval and launch in the market by 2025, Yee said.', 'Subscribe to CNBC on YouTube.']",0.2587586676990019,The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.,,0.9969846776553564,Gilead shares climbed more than 1% on Thursday.,,2024-09-14
Federal Reserve unveils toned-down banking regulations in victory for Wall Street,https://www.cnbc.com/2024/09/10/federal-reserve-unveils-new-banking-regulation-in-wall-street-victory.html,2024-09-10T20:16:24+0000,"A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""There are benefits and costs to increasing capital requirements. The changes we intend to make will bring these two important objectives into better balance.""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading. But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations.The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands. Now, it looks like those efforts have paid off.But big banks aren't the only ones to benefit. Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.That part will likely boost capital requirements by 3% to 4% over time, Barr said. It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates.Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid.It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation.""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital.""Reaction to Barr's proposal was swift and predictable; Sen. Elizabeth Warren, D-Mass., called it a gift to Wall Street.""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.""The American Bankers Association, a trade group, said it welcomed Barr's announcement but stopped short of giving its approval to the latest version of the regulation. ""We will carefully review this new proposal with our members, recognizing that America's banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.",CNBC,10/09/2024,"['A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.', ""Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr."", 'The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.', '""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""', 'There are benefits and costs to increasing capital requirements.', 'The changes we intend to make will bring these two important objectives into better balance.', '""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading.', ""But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations."", ""The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands."", 'Now, it looks like those efforts have paid off.', ""But big banks aren't the only ones to benefit."", 'Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.', 'That part will likely boost capital requirements by 3% to 4% over time, Barr said.', ""It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates."", 'Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.', 'It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.', 'Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.', ""That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid."", ""It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation."", '""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""', ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital."", '""Reaction to Barr\'s proposal was swift and predictable; Sen.Elizabeth Warren, D-Mass., called it a gift to Wall Street.', '""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""', 'After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.', '""The American Bankers Association, a trade group, said it welcomed Barr\'s announcement but stopped short of giving its approval to the latest version of the regulation. ""', 'We will carefully review this new proposal with our members, recognizing that America\'s banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.']",0.1216997929046676,"Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.","It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.",0.3015129069487254,"That part will likely boost capital requirements by 3% to 4% over time, Barr said.","""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. """,2024-09-14
Jeep CEO enacts turnaround plan after significant sales declines,https://www.cnbc.com/2024/09/13/jeep-ceo-turnaround-plan-sales-declines.html,2024-09-13T15:27:31+0000,"In this articleDETROIT — Stellantis' Jeep brand is well known for scaling tough terrains, but its latest challenge of achieving 1 million vehicle sales domestically by 2027 will be a steep hill to climb.Jeep, a coveted brand in the automotive industry, has been in a U.S. sales rut that has included five years of annual sales declines, with 2024 on pace to potentially become the sixth.Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target. The company is executing a turnaround plan for the quintessential American SUV brand that he says is already beginning to pay dividends following a 9% sales decline in the U.S. during the first six months of the year.The plan has included lowering pricing across its lineup, including on high-volume models such as the Jeep Compass and Grand Cherokee SUVs; rolling out special offers such as incentives or 0% financing; and increasing spending on marketing and advertising, Filosa said. It also will include an upcoming roadshow with dealers to address additional problems and concerns.Such actions can eat into profits, but the brand's average transaction prices have skyrocketed from less than $40,000 in 2020 to north of $50,000 this year, according to Cox Automotive. Jeep's average transaction price has been above the industry average since 2021, Cox reports.""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.Filosa's comments were made a day before the chairman of the Stellantis National Dealer Council penned a scathing open letter targeting Stellantis CEO Carlos Tavares over the company's sales losses and other business decisions.Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022. That compared with an industry increase of 13% in 2023.Filosa said Jeep, which reports sales quarterly, saw U.S. sales rise last month: They were up 28% from August 2023 and 55% from July. Jeep also lowered its vehicle inventory by about 25,000 units during that time. But the brand has a ways to go to accomplish any notable turnaround in sales.Jeep's U.S. sales have plummeted 34% from an all-time high of more than 973,000 SUVs sold in 2018 to less than 643,000 units last year. While most auto brands increased sales last year, Jeep was off by about 6%.The most recent declines follow the company ending production last year of the entry-level Renegade and the Cherokee compact SUV — two mainstream models with peak U.S. sales of around 300,000 units annually from 2016 to 2019.""For Jeep to lose Jeep Cherokee … and Jeep Renegade has been an important hit to us,"" Filosa said. ""Our market coverage declined from an average of 80% to 45%.""Filosa said Jeep expects to recover market share ""very quickly"" and return to an 80% market share coverage, which includes the segments Jeep competes in, by the end of next year, when it introduces an unnamed replacement for the Cherokee as well as new electrified models.In addition to the termination of the new models, Stellantis' brands such as Jeep have focused on profits over market share under Tavares' time as CEO.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.As part of that plan, Jeep is targeting selling roughly 1.5 million SUVs globally by 2027, including 1 million in the U.S.To achieve such goals, Tavares earlier this year said he has allowed leniency in some pricing, incentives and other financial targets after speaking with the company's dealers.Filosa said he is continuing those efforts by meeting with dealers regarding the turnaround initiatives. He'll participate in a dealer roadshow beginning next month with the brand's new North American head, Bob Broderdorf.Also assisting Jeep, which is the top seller of plug-in hybrid electric vehicles in the U.S., will be several new vehicles. The brand is launching the all-electric Wagoneer S later this year, followed next year by a Jeep Wrangler-inspired ""Recon"" SUV and extended-range, plug-in versions of its large Wagoneer and Grand Wagoneer SUVs.Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.""Now it's time to push, and to accelerate, sales to recover as much as [they] need to do. Next year, obviously, we will talk all growth, since we have new products. … I believe [next year] will be a completely different story,"" Filosa said.Jeep also is attempting to increase the quality and reliability of its vehicles, which have historically ranked below average in third-party rankings. He said this includes delaying launches of its upcoming Wagoneer S and Recon by four to six weeks.However, building problem-free vehicles is easier said than done in the automotive industry. Jeep on Monday confirmed it is cooperating with U.S. auto safety regulators on an investigation into more than 781,000 newer Jeep Wrangler and Gladiator SUVs after reports of underhood fires.Filosa confirmed knowledge of the probe, but he declined to provide additional details. Tavares earlier this year highlighted quality problems within the automaker, specifically at a plant in suburban Detroit that makes the company's Ram 1500.""We are very carefully monitoring the evolution of quality of Jeep Wagoneer S in the plant, and Jeep Recon as well,"" Filosa said. ""The only mandate that the plants have from me is to just deliver the car when it's in perfect quality.""The new all-electric SUVs will be produced at Stellantis' Toluca Assembly Plant in Mexico. The company has not confirmed a production location for the replacement to the Cherokee SUV, which was produced at a now-dormant plant in Illinois.",CNBC,13/09/2024,"[""In this articleDETROIT — Stellantis' Jeep brand is well known for scaling tough terrains, but its latest challenge of achieving 1 million vehicle sales domestically by 2027 will be a steep hill to climb."", 'Jeep, a coveted brand in the automotive industry, has been in a U.S. sales rut that has included five years of annual sales declines, with 2024 on pace to potentially become the sixth.', ""Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target."", 'The company is executing a turnaround plan for the quintessential American SUV brand that he says is already beginning to pay dividends following a 9% sales decline in the U.S. during the first six months of the year.', 'The plan has included lowering pricing across its lineup, including on high-volume models such as the Jeep Compass and Grand Cherokee SUVs; rolling out special offers such as incentives or 0% financing; and increasing spending on marketing and advertising, Filosasaid.', 'It also will include an upcoming roadshow with dealers to address additional problems and concerns.', ""Such actions can eat into profits, but the brand's average transaction prices have skyrocketed from less than $40,000 in 2020 to north of $50,000 this year, according to Cox Automotive."", ""Jeep's average transaction price has been above the industry average since 2021, Cox reports."", '""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.', ""Filosa's comments were made a day before the chairman of the Stellantis National Dealer Council penned a scathing open letter targeting Stellantis CEO Carlos Tavares over the company's sales losses and other business decisions."", 'Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022.', 'That compared with an industry increase of 13% in 2023.Filosa said Jeep, which reports sales quarterly, saw U.S. sales rise last month: They were up 28% from August 2023 and 55% from July.', 'Jeep also lowered its vehicle inventory by about 25,000 units during that time.', 'But the brand has a ways to go to accomplish any notable turnaround in sales.', ""Jeep's U.S. sales have plummeted 34% from an all-time high of more than 973,000 SUVs sold in 2018 to less than 643,000 units last year."", 'While most auto brands increased sales last year, Jeep was off by about 6%.The most recent declines follow the company ending production last year of the entry-level Renegade and the Cherokee compact SUV — two mainstream models with peak U.S. sales of around 300,000 units annually from 2016 to 2019.""For Jeep to lose Jeep Cherokee … and Jeep Renegade has been an important hit to us,"" Filosa said. ""', 'Our market coverage declined from an average of 80% to 45%.""Filosa said Jeep expects to recover market share ""very quickly"" and return to an 80% market share coverage, which includes the segments Jeep competes in, by the end of next year, when it introduces an unnamed replacement for the Cherokee as well as new electrified models.', ""In addition to the termination of the new models, Stellantis' brands such as Jeep have focused on profits over market share under Tavares' time as CEO.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.As part of that plan, Jeep is targeting selling roughly 1.5 million SUVs globally by 2027, including 1 million in the U.S.To achieve such goals, Tavares earlier this year said he has allowed leniency in some pricing, incentives and other financial targets after speaking with the company\'s dealers.', 'Filosa said he is continuing those efforts by meeting with dealers regarding the turnaround initiatives.', ""He'll participate in a dealer roadshow beginning next month with the brand's new North American head, Bob Broderdorf."", 'Also assisting Jeep, which is the top seller of plug-in hybrid electric vehicles in the U.S., will be several new vehicles.', 'The brand is launching the all-electric Wagoneer S later this year, followed next year by a Jeep Wrangler-inspired ""Recon"" SUV and extended-range, plug-in versions of its large Wagoneer and Grand Wagoneer SUVs.', 'Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.', '""Now it\'s time to push, and to accelerate, sales to recover as much as [they] need to do.', 'Next year, obviously, we will talk all growth, since we have new products. …', 'I believe [next year] will be a completely different story,"" Filosa said.', 'Jeep also is attempting to increase the quality and reliability of its vehicles, which have historically ranked below average in third-party rankings.', 'He said this includes delaying launches of its upcoming Wagoneer S and Recon by four to six weeks.', 'However, building problem-free vehicles is easier said than done in the automotive industry.', 'Jeep on Monday confirmed it is cooperating with U.S. auto safety regulators on an investigation into more than 781,000 newer Jeep Wrangler and Gladiator SUVs after reports of underhood fires.', 'Filosa confirmed knowledge of the probe, but he declined to provide additional details.', 'Tavares earlier this year highlighted quality problems within the automaker, specifically at a plant in suburban Detroit that makes the company\'s Ram 1500.""We are very carefully monitoring the evolution of quality of Jeep Wagoneer S in the plant, and Jeep Recon as well,"" Filosa said. ""', ""The only mandate that the plants have from me is to just deliver the car when it's in perfect quality."", '""The new all-electric SUVs will be produced at Stellantis\' Toluca Assembly Plant in Mexico.', 'The company has not confirmed a production location for the replacement to the Cherokee SUV, which was produced at a now-dormant plant in Illinois.']",0.2013082239519548,"""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.","Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target.",0.1428580170585995,"Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.","Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022.",2024-09-14
American Airlines flight attendants ratify new contract with immediate raises topping 20%,https://www.cnbc.com/2024/09/12/american-airlines-flight-attendants-ratify-new-contract-with-immediate-raises-topping-20percent.html,2024-09-12T19:33:42+0000,"In this articleAmerican Airlines flight attendants approved a five-year labor deal, ending one of the industry's most contentious contract negotiations and giving cabin crews raises of up to 20.5% at the start of October.Eighty-seven percent of the American Airlines flight attendants who voted approved the contract, the union said Thursday, shortly after polls closed.""This contract marks a significant milestone for our Flight Attendants, providing immediate wage increases of up to 20.5%, along with significant retroactive pay to address time spent negotiating,"" said Julie Hedrick, president of the Association of Professional Flight Attendants, which represents the carrier's roughly 28,000 cabin crew members.Flight attendants are the biggest unionized work group at the Fort Worth-based airline.The contract deal is a relief for American Airlines' leaders, which had faced a strike threat from flight attendants if the two sides could not get to a deal. Transportation Secretary Pete Buttigieg and Labor Secretary Julie Su had attended negotiations in June, overseen by the National Mediation Board. More than 160 lawmakers have also pushed the NMB to get to deals across the airline industry.""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.Flight attendants, similar to other airline workers, have pushed for higher pay and other work-rule improvements after the Covid-19 pandemic derailed negotiations and the cost of living has skyrocketed in recent years.United Airlines and its flight attendants' union are still negotiating for a new contract, while Alaska Airlines cabin crew members recently rejected a tentative labor deal.Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.Some 33,000 Boeing workers are voting on Thursday on a new contract with 25% raises, which some workers have said they will reject. Boeing faces a potential strike if the deal is rejected.",CNBC,12/09/2024,"[""In this articleAmerican Airlines flight attendants approved a five-year labor deal, ending one of the industry's most contentious contract negotiations and giving cabin crews raises of up to 20.5% at the start of October."", 'Eighty-seven percent of the American Airlines flight attendants who voted approved the contract, the union said Thursday, shortly after polls closed.', '""This contract marks a significant milestone for our Flight Attendants, providing immediate wage increases of up to 20.5%, along with significant retroactive pay to address time spent negotiating,"" said Julie Hedrick, president of the Association of Professional Flight Attendants, which represents the carrier\'s roughly 28,000 cabin crew members.', 'Flight attendants are the biggest unionized work group at the Fort Worth-based airline.', ""The contract deal is a relief for American Airlines' leaders, which had faced a strike threat from flight attendants if the two sides could not get to a deal."", 'Transportation Secretary Pete Buttigieg and Labor Secretary Julie Su had attended negotiations in June, overseen by the National Mediation Board.', 'More than 160 lawmakers have also pushed the NMB to get to deals across the airline industry.', '""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.', 'Flight attendants, similar to other airline workers, have pushed for higher pay and other work-rule improvements after the Covid-19 pandemic derailed negotiations and the cost of living has skyrocketed in recent years.', ""United Airlines and its flight attendants' union are still negotiating for a new contract, while Alaska Airlines cabin crew members recently rejected a tentative labor deal."", 'Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.', 'Some 33,000 Boeing workers are voting on Thursday on a new contract with 25% raises, which some workers have said they will reject.', 'Boeing faces a potential strike if the deal is rejected.']",0.0758902950652928,"""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.",Boeing faces a potential strike if the deal is rejected.,0.7709751278162003,"Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.",Boeing faces a potential strike if the deal is rejected.,2024-09-14
"Women's sports are on an upward trajectory as fans, brands engage",https://www.cnbc.com/2024/09/10/womens-sports-upward-trajectory-fans-brands.html,2024-09-11T16:22:42+0000,"The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League. They're only going to get bigger.""We've finally reached the point where it isn't a question as to whether this is a moment and it's going to pass or whether it's going to stand the test of time, because it isn't just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom's Game Plan sports business event on Tuesday.Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes. And those leagues are sharing best practices so that all women's sports can get a boost.""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.And fans aren't the only one taking notice. Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association.Gotfredson noted that fans of women's sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men's sports and male athletes. She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues.""It's still a small percentage of brands spending in women's sports,"" she said. ""It continues to get bigger.""Cameron Brink, a forward on the WNBA's Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.""Even though my [WNBA] contract may not be as much as I'm making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday's panel. ""My success on court leads to success off court.""Both Brink and USC's women's basketball star JuJu Watkins agreed that more women's sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch."" Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.Yet Berman said women's leagues have a lot of catching up to do. The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.""Men's sports have been around for hundreds of years and have decades of experience,"" Berman said. ""You can't catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League."", ""They're only going to get bigger."", '""We\'ve finally reached the point where it isn\'t a question as to whether this is a moment and it\'s going to pass or whether it\'s going to stand the test of time, because it isn\'t just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom\'s Game Plan sports business event on Tuesday.', ""Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes."", ""And those leagues are sharing best practices so that all women's sports can get a boost."", '""We\'re trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.', ""And fans aren't the only one taking notice."", ""Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association."", 'Gotfredson noted that fans of women\'s sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men\'s sports and male athletes.', ""She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues."", '""It\'s still a small percentage of brands spending in women\'s sports,"" she said. ""', 'It continues to get bigger.', '""Cameron Brink, a forward on the WNBA\'s Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.', '""Even though my [WNBA] contract may not be as much as I\'m making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday\'s panel. ""', 'My success on court leads to success off court.', '""Both Brink and USC\'s women\'s basketball star JuJu Watkins agreed that more women\'s sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch.""', 'Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.', 'Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.', ""Yet Berman said women's leagues have a lot of catching up to do."", 'The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.', '""Men\'s sports have been around for hundreds of years and have decades of experience,"" Berman said. ""', 'You can\'t catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.3104146595019921,And those leagues are sharing best practices so that all women's sports can get a boost.,"""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.",0.930249101585812,And those leagues are sharing best practices so that all women's sports can get a boost.,,2024-09-14
Junior Bridgeman buying stake in Milwaukee Bucks in a deal that values team at $4 billion,https://www.cnbc.com/2024/09/12/junior-bridgeman-buying-stake-in-milwaukee-bucks-team-valued-at-4-billion.html,2024-09-12T14:15:56+0000,"Businessman and former NBA player Ulysses Lee ""Junior"" Bridgeman is buying a 10% stake in the Milwaukee Bucks, according to three sources familiar with the deal. The transaction will value the team at $4 billion.NBA owners will be notified of the sale in a memo Thursday, added the sources, who asked to remain anonymous because the details of the deal are not public.Bridgeman, the current owner of Ebony and Jet magazines, is getting a preferred limited partner discount of 15%, or a $3.4 billion valuation, to buy a portion of the team that he played for from 1975 to 1984, the sources said.He is reported to have a net worth of more than $600 million after finding success in a variety of businesses ranging from fast-food chains to being a Coca-Cola bottling distributor.The Bucks declined to comment, and Bridgeman did not immediately respond to a request for comment.The Milwaukee Bucks are owned by Jimmy and Dee Haslam, Wes Edens, and Jamie Dinan. The three ownership groups each have about a 25% stake in the team.This would mark the first NBA sale since the league signed an 11-year media agreement with Disney, Comcast's NBCUniversal and Amazon Prime in July.The deal shows the Bucks, a small-market team, are continuing to grow. When former Milwaukee Bucks co-owner Marc Lasry sold his 25% stake in the team to the Haslams last April, the team was valued at about $3.2 billion.The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season. The Bucks will likely pay a hefty luxury tax this season as they are paying Giannis Antetokounmpo $48 million, Damian Lillard $45 million and Khris Middleton $31 million for the 2024-2025 season.The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.",CNBC,12/09/2024,"['Businessman and former NBA player Ulysses Lee ""Junior"" Bridgeman is buying a 10% stake in the Milwaukee Bucks, according to three sources familiar with the deal.', 'The transaction will value the team at $4 billion.', 'NBA owners will be notified of the sale in a memo Thursday, added the sources, who asked to remain anonymous because the details of the deal are not public.', 'Bridgeman, the current owner of Ebony and Jet magazines, is getting a preferred limited partner discount of 15%, or a $3.4 billion valuation, to buy a portion of the team that he played for from 1975 to 1984, the sources said.', 'He is reported to have a net worth of more than $600 million after finding success in a variety of businesses ranging from fast-food chains to being a Coca-Cola bottling distributor.', 'The Bucks declined to comment, and Bridgeman did not immediately respond to a request for comment.', 'The Milwaukee Bucks are owned by Jimmy and Dee Haslam, Wes Edens, and Jamie Dinan.', 'The three ownership groups each have about a 25% stake in the team.', ""This would mark the first NBA sale since the league signed an 11-year media agreement with Disney, Comcast's NBCUniversal and Amazon Prime in July."", 'The deal shows the Bucks, a small-market team, are continuing to grow.', 'When former Milwaukee Bucks co-owner Marc Lasry sold his 25% stake in the team to the Haslams last April, the team was valued at about $3.2 billion.', 'The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.', 'The Bucks will likely pay a hefty luxury tax this seasonas they are paying Giannis Antetokounmpo $48 million, Damian Lillard $45 million and Khris Middleton $31 million for the 2024-2025 season.', 'The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.']",0.1777565215403083,"The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.","The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.",0.5000086426734924,"The deal shows the Bucks, a small-market team, are continuing to grow.","The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.",2024-09-14
Digital health company Noom to offer compounded GLP-1 drug through new weight loss program,https://www.cnbc.com/2024/09/12/noom-to-offer-glp-1-drug-through-new-weight-loss-program.html,2024-09-12T13:33:05+0000,"Digital health company Noom on Thursday announced it will offer a compounded GLP-1 drug as part of a new weight loss product that starts at $149. The treatment will feature compounded semaglutide, the same active ingredient in Novo Nordisk's blockbuster obesity and diabetes drugs Wegovy and Ozempic. Noom has offered weight loss programs for years, and consumers can already try to access those branded medications through its platform. But Noom is the latest in a string of digital health companies to offer compounded versions of the medications as a cheaper alternative for consumers while demand for weight loss and diabetes drugs spikes. Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.  ""Our position is that more supply, especially at a reasonable price, is needed right now, not less,"" Noom CEO Geoff Cook told CNBC in an interview. Wegovy and Ozempic belong to a highly popular class of medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar. The compounded versions are custom-made alternatives to the brand drugs, and they can be produced when brand-name treatments are in shortage.Compounded GLP-1 medications are typically much cheaper than their branded counterparts. Wegovy and Ozempic both cost roughly $1,000 per month before insurance. Most insurance plans cover GLP-1s when they are used to treat diabetes, but coverage of the weight loss drugs is less widespread. Spiking demand can also make it difficult for many patients to find the branded treatments.Cook said consumers will pay $149 for their first month in Noom's program and $279 for the following months as the dose of their medication increases. The U.S. Food and Drug Administration does not review the safety and efficacy of compounded products, and the agency has urged consumers to take the approved, branded GLP-1 medications when they are available. However, the FDA does inspect some outsourcing facilities that compound drugs, according to its website.Noom said it is working with an FDA-regulated 503B compounding pharmacy to provide its medication for its new program, which is called Noom GLP-1 RX. ""The drug manufacturer we're working with generates 20 generic medications, epinephrine being one of them — a lifesaving medication that's available in hospitals all across the United States,"" Dr. Adonis Saremi, chief medical officer of Noom, told CNBC in an interview. ""So we're really confident and happy with our vetting process."" The company said it has also introduced a way for participants to taper off the compounded treatment if they would like to stop taking it. GLP-1s are intended for long-term use, which means some patients may end up taking them indefinitely. Cook said Noom has seen both anecdotal and real-world evidence that patients are able to maintain weight loss after they stop taking the drugs. Six out of seven patients are off GLP-1s by the two-year mark anyway, he said. ""It's prescribed by the doctor, the person takes their medicine, they lose weight, but then life happens,"" Cook said. ""They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered."" Cook said not everyone will be able to taper off the medication, so some people will likely end up taking it indefinitely. The company will provide a free year of Noom or ""substantial medication discounts"" to anyone who regains the weight within 18 months after following its program for a year, it said in a release. Consumers can get started with the Noom GLP-1 RX program by filling out an intake form on the website. Noom said one of its contracted, obesity-trained doctors will review the intake form and decide if the compounded medication is appropriate for that patient. If so, the drugs will arrive at their door within a week, Noom said. Participants will learn how to inject their medication, and they can use a chat feature to talk one-on-one with a coach and their Noom clinician, the company said. They'll also have access to a range of psychology-based programming and tools to help keep them from losing muscle mass, such as features for tracking protein intake and engaging in resistance training, Noom said.And if users decide they are ready to move off the medication, they can chat with their clinician or tap ""initiate taper"" in their settings, Noom said.  ""I think there's a lot of folks who don't want to be on a medication for the rest of their lives, and in any event, people aren't doing that in the real world,"" Cook said. ""Our goal is just not to sell more medications. It's to drive sustained weight loss outcomes.""",CNBC,12/09/2024,"[""Digital health company Noom on Thursday announced it will offer a compounded GLP-1 drug as part of a new weight loss product that starts at $149.The treatment will feature compounded semaglutide, the same active ingredient in Novo Nordisk's blockbuster obesity and diabetes drugs Wegovy and Ozempic."", 'Noom has offered weight loss programs for years, and consumers can already try to access those branded medications through its platform.', 'But Noom is the latest in a string of digital health companies to offer compounded versions of the medications as a cheaper alternative for consumers while demand for weight loss and diabetes drugs spikes.', 'Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.', '""Our position is that more supply, especially at a reasonable price, is needed right now, not less,"" Noom CEO Geoff Cook told CNBC in an interview.', ""Wegovy and Ozempic belong to a highly popular class of medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar."", 'The compounded versions are custom-made alternatives to the brand drugs, and they can be produced when brand-name treatments are in shortage.', 'Compounded GLP-1 medications are typically much cheaper than their branded counterparts.', 'Wegovy and Ozempic both cost roughly $1,000 per month before insurance.', 'Most insurance plans cover GLP-1s when they are used to treat diabetes, but coverage of the weight loss drugs is less widespread.', 'Spiking demand can also make it difficult for many patients to find the branded treatments.', ""Cook said consumers will pay $149 for their first month in Noom's program and $279 for the following months as the dose of their medication increases."", 'The U.S. Food and Drug Administration does not review the safety and efficacy of compounded products, and the agency has urged consumers to take the approved, branded GLP-1 medications when they are available.', 'However, the FDA does inspect some outsourcing facilities that compound drugs, according to its website.', 'Noom said it is working with an FDA-regulated 503B compounding pharmacy to provide its medication for its new program, which is called Noom GLP-1 RX.""The drug manufacturer we\'re working with generates 20 generic medications, epinephrine being one of them — a lifesaving medication that\'s available in hospitals all across the United States,"" Dr. Adonis Saremi, chief medical officer of Noom, told CNBC in an interview. ""', ""So we're really confident and happy with our vetting process."", '""The company said it has also introduced a way for participants to taper off the compounded treatment if they would like to stop taking it.', 'GLP-1s are intended for long-term use, which means some patients may end up taking them indefinitely.', 'Cook said Noom has seen both anecdotal and real-world evidence that patients are able to maintain weight loss after they stop taking the drugs.', 'Six out of seven patients are off GLP-1s by the two-year mark anyway, he said.', '""It\'s prescribed by the doctor, the person takes their medicine, they lose weight, but then life happens,"" Cook said. ""', ""They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered."", '""Cook said not everyone will be able to taper off the medication, so some people will likely end up taking it indefinitely.', 'The company will provide a free year of Noom or ""substantial medication discounts"" to anyone who regains the weight within 18 months after following its program for a year, it said in a release.', 'Consumers can get started with the Noom GLP-1 RX program by filling out an intake form on the website.', 'Noom said one of its contracted, obesity-trained doctors will review the intake form and decide if the compounded medication is appropriate for that patient.', 'If so, the drugs will arrive at their door within a week, Noom said.', 'Participants will learn how to inject their medication, and they can use a chat feature to talk one-on-one with a coach and their Noom clinician, the company said.', ""They'll also have access to a range of psychology-based programming and tools to help keep them from losing muscle mass, such as features for tracking protein intake and engaging in resistance training, Noom said."", 'And if users decide they are ready to move off the medication, they can chat with their clinician or tap ""initiate taper"" in their settings, Noom said.', '""I think there\'s a lot of folks who don\'t want to be on a medication for the rest of their lives, and in any event, people aren\'t doing that in the real world,"" Cook said. ""', 'Our goal is just not to sell more medications.', 'It\'s to drive sustained weight loss outcomes.""']",0.0176377878492847,So we're really confident and happy with our vetting process.,"They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered.",0.5265579289860196,Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.,Spiking demand can also make it difficult for many patients to find the branded treatments.,2024-09-14
McDonald's to extend $5 value meal offer into December in most U.S. markets,https://www.cnbc.com/2024/09/12/mcdonalds-to-extend-5-value-meal-offer-into-december.html,2024-09-13T14:31:00+0000,"In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers.Franchisees have been voting on extending the value meal, and roughly 80% of local markets have opted to extend the deal into December. Votes on extensions are ongoing, so additional locations may be added in the weeks to come.The value meal offers a McDouble or McChicken sandwich, small fries, four-piece chicken nuggets and a small soft drink for $5.Owners will also be offering local promotions in the weeks and months to come, in addition to the value bundle, the company said. Deals will also be available in McDonald's app.""Together with our franchisees, we're committed to keeping our prices as affordable as possible, which is why we're doubling down with even more ways to save,"" McDonald's U.S. President Joe Erlinger said in a statement about the meal's extension into December.The restaurant sector focused on value this summer, as companies including McDonald's, Burger King and even Starbucks attempted to lure consumers in with discounted offerings. Diners have pulled back on their restaurant spending after years of persistent inflation.After McDonald's posted declining second-quarter same-store sales in July, executives told restaurant operators and analysts the company would focus on how to recapture consumers with deals, as they pushed for an extension of the $5 value meal. The offer ran through the end of August, after 93% of restaurants had agreed to keep it on the menu following its initial four-week run in June and July.In a memo to the U.S. system obtained by CNBC after the July earnings report, Erlinger said McDonald's struggled to sell diners on affordability in the most recent quarter, adding that he expects ""industry and competitive challenges"" to continue throughout the year. Erlinger encouraged operators to look ahead to building momentum for next year, adding that ""channeling a long-term mindset is crucial"" to the company's success. ""Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight,"" he wrote at the time. ""It will happen through sustained and coordinated actions that show the customer we're on their side.""The $5 meal trial performed well among low-income consumers, and sentiment around the company's value had started to improve, Erlinger said in the July memo.",CNBC,13/09/2024,"[""In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers."", 'Franchisees have been voting on extending the value meal, and roughly 80% of local markets have opted to extend the deal into December.', 'Votes on extensions are ongoing, so additional locations may be added in the weeks to come.', 'The value meal offers a McDouble or McChicken sandwich, small fries, four-piece chicken nuggets and a small soft drink for $5.Owners will also be offering local promotions in the weeks and months to come, in addition to the value bundle, the company said.', ""Deals will also be available in McDonald's app."", '""Together with our franchisees, we\'re committed to keeping our prices as affordable as possible, which is why we\'re doubling down with even more ways to save,"" McDonald\'s U.S. President Joe Erlinger said in a statement about the meal\'s extension into December.', ""The restaurant sector focused on value this summer, as companies including McDonald's, Burger King and even Starbucks attempted to lure consumers in with discounted offerings."", 'Diners have pulled back on their restaurant spending after years of persistent inflation.', ""After McDonald's posted declining second-quarter same-store sales in July,executives told restaurant operators and analysts the company would focus on how to recapture consumers with deals, as they pushed for an extension of the $5 value meal."", 'The offer ran through the end of August, after 93% of restaurants had agreed to keep it on the menu following its initial four-week run in June and July.', 'In a memo to the U.S. system obtained by CNBC after the July earnings report, Erlinger said McDonald\'s struggled to sell diners on affordability in the most recent quarter, adding that he expects ""industry and competitive challenges"" to continue throughout the year.', 'Erlingerencouraged operators to look ahead to building momentum for next year, adding that ""channeling a long-term mindset is crucial"" to the company\'s success.', '""Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight,"" he wrote at the time. ""', ""It will happen through sustained and coordinated actions that show the customer we're on their side."", '""The $5 meal trialperformed wellamong low-income consumers, and sentiment around the company\'svaluehad started to improve, Erlinger said in the July memo.']",0.3019892570715103,In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers.,,0.2471036091446876,"""The $5 meal trialperformed wellamong low-income consumers, and sentiment around the company'svaluehad started to improve, Erlinger said in the July memo.",Diners have pulled back on their restaurant spending after years of persistent inflation.,2024-09-14
"MLB is aiming for a more national strategy, commissioner says",https://www.cnbc.com/2024/09/10/mlb-major-league-baseball-new-course-national-strategy.html,2024-09-11T16:22:44+0000,"Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game.As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred. The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.""We need a more national strategy,"" Manfred told CNBC's Scott Wapner. ""We're blessed with a huge amount of content: 2,430 games. Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country. Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.As for MLB's star power, all three panelists said they're excited about the talent the game has to offer. But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.""I don't know if it's more stars because I think we have stars,"" Sabathia said. ""I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto. It's star pitchers, it's starting pitchers.""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced. The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently. The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons. The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.All three panelists also said it's important to diversify the MLB's audience. They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.', ""Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game."", 'As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred.', 'The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.', '""We need a more national strategy,"" Manfred told CNBC\'s Scott Wapner. ""', ""We're blessed with a huge amount of content: 2,430 games."", 'Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.', '""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country.', 'Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.', ""As for MLB's star power, all three panelists said they're excited about the talent the game has to offer."", 'But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.', '""I don\'t know if it\'s more stars because I think we have stars,"" Sabathia said. ""', 'I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto.', ""It's star pitchers, it's starting pitchers."", '""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.', 'The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently.', 'The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.', 'The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.', ""All three panelists also said it's important to diversify the MLB's audience."", 'They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2628424095610402,But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.",0.6657184064388275,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.","""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.",2024-09-14
"No signs of slowing down for sports betting, industry leaders say",https://www.cnbc.com/2024/09/10/no-signs-of-slowing-down-for-sports-betting-industry-leaders-say.html,2024-09-11T16:22:41+0000,"In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices.Of those three companies with sportsbooks, Fanatics is the most junior in the space. The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap.""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue. DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same.Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules. Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy.The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems.""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they're depending on, that's not good for business,"" said FanDuel president Christian Genetski.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.', ""Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices."", 'Of those three companies with sportsbooks, Fanatics is the most junior in the space.', ""The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap."", '""The good thing about Michael Rubin is he is not scared of making material investments when it\'s something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC\'s Contessa Brewer on stage.', 'Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.', '""I think you\'ll continue to see sports fans engage more, you\'ll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.', 'As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.', 'Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue.', ""DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same."", 'Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.', ""Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy."", ""The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems."", '""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they\'re depending on, that\'s not good for business,"" said FanDuel president Christian Genetski.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1360243937052505,"""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,-0.3323238849639892,"""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,2024-09-14
"Boeing warns strike will 'jeopardize' recovery, hurt aircraft production",https://www.cnbc.com/2024/09/13/boeing-cfo-labor-strike-recovery-aircraft-production.html,2024-09-13T20:04:00+0000,"In this articleBoeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and ""jeopardize"" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes, including its cash cow bestseller, the 737 Max, which is produced in Renton, Washington.""The strike will impact production and deliveries and our operations and will jeopardize our recovery,"" West said at a Morgan Stanley conference on Friday. ""So our immediate focus is to the laser-like focus on actions to conserve cash, and we will.""He said Boeing's priority is to get back to the bargaining table and ""reach an agreement that's good for our people, their families, our community.""Boeing shares fell sharply on Friday after Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, actions that could drive up the borrowing costs of a manufacturer that already has mounting debt.Boeing shares closed nearly 4% lower Friday.West declined to say whether the company could meet a rate of producing 38 737 Max planes per month by the end of the year.Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing.West said Boeing's immediate focus would be ""on actions to conserve cash"" and added that new CEO Kelly Ortberg would be working to restore relationships with the union.Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits. But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living.Workers in the Seattle area and in Oregon voted 94.6% to reject the proposal, and 96% voted in favor of a strike.They walked off the job after midnight on Friday.Boeing machinists last went on strike in 2008, a work stoppage that lasted nearly two months.The potential production disruption comes as the manufacturer has been facing a slew of issues. It's struggled to ramp up production and restore its reputation following safety crises.A door plug blowout on a nearly new Boeing 737 Max 9 in January led the Federal Aviation Administration to bar Boeing from increasing output of its Max planes and the FAA to boost inspections at production plants, until the regulator is satisfied with its safety and quality procedures there.An FAA spokeswoman told CNBC on Friday that the agency will keep its inspectors at Boeing facilities during the strike.",CNBC,13/09/2024,"['In this articleBoeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and ""jeopardize"" the company\'s recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.', ""West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes, including its cash cow bestseller, the 737 Max, which is produced in Renton, Washington."", '""The strike will impact production and deliveries and our operations and will jeopardize our recovery,"" West said at a Morgan Stanley conference on Friday. ""', 'So our immediate focus is to the laser-like focus on actions to conserve cash, and we will.', '""He said Boeing\'s priority is to get back to the bargaining table and ""reach an agreement that\'s good for our people, their families, our community.', '""Boeing shares fell sharply on Friday after Moody\'s put all of Boeing\'s credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, actions that could drive up the borrowing costs of a manufacturer that already has mounting debt.', 'Boeing shares closed nearly 4% lower Friday.', 'West declined to say whether the company could meet a rate of producing 38 737 Max planes per month by the end of the year.', 'Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing.', 'West said Boeing\'s immediate focus would be ""on actions to conserve cash"" and added that new CEO Kelly Ortberg would be working to restore relationships with the union.', 'Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.', ""But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living."", 'Workers in the Seattle area and in Oregon voted 94.6% to reject the proposal, and 96% voted in favor of a strike.', 'They walked off the job after midnight on Friday.', 'Boeing machinists last went on strike in 2008, a work stoppage that lasted nearly two months.', 'The potential production disruption comes as the manufacturer has been facing a slew of issues.', ""It's struggled to ramp up production andrestore its reputationfollowing safety crises."", 'A door plug blowout on a nearly new Boeing 737 Max 9 in January led the Federal Aviation Administrationto barBoeing from increasing output of its Max planes and the FAA to boost inspections at production plants, until the regulator is satisfied with its safety and quality procedures there.', 'An FAA spokeswoman told CNBC on Friday that the agency will keep its inspectors at Boeing facilities during the strike.']",0.0378064642096232,Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.,"In this articleBoeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and ""jeopardize"" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.",-0.3134848529642278,Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.,"""Boeing shares fell sharply on Friday after Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, actions that could drive up the borrowing costs of a manufacturer that already has mounting debt.",2024-09-14
"DirecTV, Disney reach deal to end blackout in time for college football",https://www.cnbc.com/2024/09/14/directv-disney-near-deal-to-end-blackout.html,2024-09-14T14:42:52+0000,"In this articleDirecTV and Disney have reached a deal that brings Disney's ESPN and other channels back to the pay-tv provider's customers after a roughly two week blackout.The deal comes in time for college football this Saturday, which airs on ABC, ESPN, as well as the SEC Network and ACC Network, as well as the Emmy Awards which air on ABC. CNBC earlier reported a deal could be made as early as Saturday.Disney's networks went dark on Sept. 1 after the two sides could not agree to terms on fees and bundle structures. The dispute left DirecTV's more than 11 million customers without access to the U.S. Open, college football and this season's opening ""Monday Night Football"" game.DirecTV executives began calling for the ability to offer skinnier, genre-specific bundles to customers in the weeks leading up to the dispute, and again when the Disney networks went dark. Disney had said that DirecTV's offers did not reflect the value that its networks provide. On Saturday, DirecTV and Disney said they reached a deal that called for ""market based terms"" on pricing.The deal also gives DirecTV the opportunity to offer multiple genre-specific options, such as sports, entertainment and kids and family, inclusive of Disney's traditional TV networks, along with its streaming services, Disney+, Hulu and ESPN+.DirecTV will be able to offer Disney's streaming services in its packages and a la carte, the company said in a release Saturday. DirecTV also won the rights to distribute Disney's upcoming ESPN flagship direct-to-consumer streaming service — expected to launch in fall 2025 — at no additional cost to its subscribers.The inclusion of Disney's streaming services and ESPN's future flagship service echoes the carriage agreement reached between Charter Communications and Disney last year after a similar blackout. Charter and Disney had reached a deal in time for the first week of ""Monday Night Football.""In a joint statement, DirecTV and Disney called this a ""first-of-its-kind collaboration"" as it gives ""customers the ability to tailor their video experience through more flexible options.""The blackout had underscored how valuable live sports is both for the media companies that own rights to air the games and the pay-TV providers who want to show them.Since Sept. 1, both sides accused the other of holding up an agreement. DirecTV called Disney anti-consumer, and ESPN Chairman Jimmy Pitaro called the responses DirecTV made to Disney's package offers ""basically hypotheticals.""Through the blackout the companies, their customers and other business owners appear to have lost out.""We never want to black out. It's not good for either side. It's not good for the customer, of course. We did everything we could,"" ESPN's Pitaro said on CNBC last week.The amount of customers DirecTV lost during the dispute was not ""immaterial,"" said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs' Communacopia & Technology Conference on Thursday.DirecTV offered its customers a $30 credit, financed by stopping payments to Disney as soon as the blackout began, Torres said.During the dispute, many small business owners were also unable to offer the full slate of sports that they usually do. Many bars and restaurants rely on DirecTV as a commercial distributor of the NFL's ""Sunday Ticket"" package of out of market games — which was unaffected by the blackout — and therein use the pay TV provider for the rest of its TV content, including ESPN.Beyond sports, the blackout also occurred during the presidential debate on Tuesday, leaving customers in certain markets without access to Disney's ABC broadcast network.Disney had sought to temporarily allow DirecTV to offer ABC to its customers for that night, but the pay TV provider refused. DirecTV called it a public relations play and said it did not believe it was necessary to open ABC since the debate was also being broadcast on several other news networks.Antitrust in media has been closely watched in recent weeks after Venu, the joint streaming venture between Warner Bros. Discovery, Fox Corp. and Disney, was temporarily blocked by a judge on antitrust concerns. Fubo TV initially brought the suit and DirecTV and EchoStar's Dish have since supported it. DirectTV last week said it filed a complaint with the Federal Communications Commission that said Disney did not negotiate in good faith. The FCC has rules that require broadcast owners to do so. The release on Saturday didn't state the status of the complaint, but sources tell CNBC it ""remains active.""The entire pay-tv bundle has been upended in recent years as customers have turned to streaming services and other forms of entertainment in place of the traditional structure. The shift has fragmented the media ecosystem, and live sports — especially Disney's ESPN — is considered the linchpin holding the bundle together due to its high viewership.DirecTV is in the midst of an ad campaign to remind consumers that it is more than a satellite TV company — it has a streaming bundle, too.",CNBC,14/09/2024,"[""In this articleDirecTV and Disney have reached a deal that brings Disney's ESPN and other channels back to the pay-tv provider's customers after a roughly two week blackout."", 'The deal comes in time for college football this Saturday, which airs on ABC, ESPN, as well as the SEC Network and ACC Network, as well as the Emmy Awards which air on ABC.', 'CNBC earlier reported a deal could be made as early as Saturday.', ""Disney's networks went dark on Sept. 1 after the two sides could not agree to terms on fees and bundle structures."", 'The dispute left DirecTV\'s more than 11 million customers without access to the U.S. Open, college football and this season\'s opening ""Monday Night Football"" game.', 'DirecTV executives began calling for the ability to offer skinnier, genre-specific bundles to customers in the weeks leading up to the dispute, and again when the Disney networks went dark.', ""Disney had said that DirecTV's offers did not reflect the value that its networks provide."", 'On Saturday, DirecTV and Disney said they reached a deal that called for ""market based terms"" on pricing.', ""The deal also gives DirecTV the opportunity to offer multiple genre-specific options, such as sports, entertainment and kids and family, inclusive of Disney's traditional TV networks, along with its streaming services, Disney+, Hulu and ESPN+.DirecTV will be able to offer Disney's streaming services in its packages and a la carte, the company said in a release Saturday."", ""DirecTV also won the rights to distribute Disney's upcoming ESPN flagship direct-to-consumer streaming service — expected to launch in fall 2025 — at no additional cost to its subscribers."", ""The inclusion of Disney's streaming services and ESPN's future flagship service echoes the carriage agreement reached between Charter Communications and Disney last year after a similar blackout."", 'Charter and Disney had reached a deal in time for the first week of ""Monday Night Football.', '""In a joint statement, DirecTV and Disney called this a ""first-of-its-kind collaboration"" as it gives ""customers the ability to tailor their video experience through more flexible options.', '""The blackout had underscored how valuable live sports is both for the media companies that own rights to air the games and the pay-TV providers who want to show them.', 'Since Sept. 1, both sides accused the other of holding up an agreement.', 'DirecTV called Disney anti-consumer, and ESPN Chairman Jimmy Pitaro called the responses DirecTV made to Disney\'s package offers ""basically hypotheticals.', '""Through the blackout the companies, their customers and other business owners appear to have lost out.', '""We never want to black out.', ""It's not good for either side."", ""It's not good for the customer, of course."", 'We did everything we could,"" ESPN\'s Pitaro said on CNBC last week.', 'The amount of customers DirecTV lost during the dispute was not ""immaterial,"" said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs\' Communacopia & Technology Conference on Thursday.', 'DirecTV offered its customers a $30 credit, financed by stopping payments to Disney as soon as the blackout began, Torres said.', 'During the dispute, many small business owners were also unable to offer the full slate of sports that they usually do.', 'Many bars and restaurants rely on DirecTV as a commercial distributor of the NFL\'s ""Sunday Ticket"" packageof out of market games — which was unaffected by the blackout — andtherein use the pay TV provider for the rest of its TV content, including ESPN.Beyond sports, the blackout also occurred during the presidential debate on Tuesday, leaving customers in certain markets without access to Disney\'s ABC broadcast network.', 'Disney had sought to temporarily allow DirecTV to offer ABC to its customers for that night, but the pay TV provider refused.', 'DirecTV called it a public relations play and said it did not believe it was necessary to open ABC since the debate was also being broadcast on several other news networks.', 'Antitrust in media has been closely watched in recent weeks after Venu, the joint streaming venture between Warner Bros. Discovery, Fox Corp. and Disney, was temporarily blocked by a judge on antitrust concerns.', ""Fubo TV initially brought the suit and DirecTV and EchoStar's Dish have since supported it."", 'DirectTV last week said it filed a complaint with the Federal Communications Commission that said Disney did not negotiate in good faith.', 'The FCC has rules that require broadcast owners to do so.', 'The release on Saturday didn\'t state the status of the complaint,but sources tell CNBC it ""remains active.', '""The entire pay-tv bundle has been upended in recent years as customers have turned to streaming services and other forms of entertainment in place of the traditional structure.', ""The shift has fragmented the media ecosystem, and live sports — especially Disney's ESPN — is considered the linchpin holding the bundle together due to its high viewership."", 'DirecTV is in the midst of an ad campaign to remind consumers that it is more than a satellite TV company — it has a streaming bundle, too.']",0.0482053539990189,"""In a joint statement, DirecTV and Disney called this a ""first-of-its-kind collaboration"" as it gives ""customers the ability to tailor their video experience through more flexible options.","The amount of customers DirecTV lost during the dispute was not ""immaterial,"" said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs' Communacopia & Technology Conference on Thursday.",-0.0392358408254735,In this articleDirecTV and Disney have reached a deal that brings Disney's ESPN and other channels back to the pay-tv provider's customers after a roughly two week blackout.,It's not good for either side.,2024-09-14
"UAW, U.S. dealers increase criticism of Stellantis CEO over cuts, sales declines",https://www.cnbc.com/2024/09/12/dealers-uaw-condemn-stellantis-ceo-cuts-sales-declines.html,2024-09-12T16:59:24+0000,"In this articleDETROIT – Stellantis' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business.In an open letter to Tavares this week, the head of Stellantis' U.S. dealer council, Kevin Farrish, condemned the chief executive for prioritizing the company's profits at the cost of sales, market share and the reputations of its Chrysler, Dodge, Jeep and Ram brands. The council represents the company's 2,600 U.S. dealers.""The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company. Investor lawsuits, supplier lawsuits, strikes–the fallout is mounting. Your own distribution network, your dealer body, has been left in an anemic and diminished state,"" Farrish wrote in the Tuesday letter, which Bloomberg first reported Wednesday night.Farrish, a dealer in Virginia, said the dealer council has raised concerns about the company's operations for two years, and accused Tavares of ""reckless short-term decision making"" that boosted profits and padded his compensation but have led to the ""rapid degradation"" of its brands, he wrote.Stellantis, in a statement Wednesday night, said it takes ""absolute exception to the letter,"" citing a 21% increase in August sales over July and an ""action plan developed with the dealer body.""""At Stellantis, we don't believe that public personal attacks, such as the one in the open letter from the NDC president against our CEO, are the most effective way to solve problems,"" the company said. ""We have started a path that will prove successful. We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results.""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15. The stock hit a new 52-week low Thursday of $14.76 per share. Tavares has been on a profit-driven, 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 and cutting vehicle production at plants.Several Stellantis executives described the earlier cuts to CNBC as difficult but effective. Others, who spoke on the condition of anonymity due to potential repercussions, said they were grueling to the point of excessiveness.UAW President Shawn Fain also has publicly criticized Tavares, including in a speech last month at the Democratic National Convention. He has accused Tavares of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker.The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018. The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.",CNBC,12/09/2024,"[""In this articleDETROIT – Stellantis' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business."", ""In an open letter to Tavares this week, the head of Stellantis' U.S. dealer council, Kevin Farrish, condemned the chief executive for prioritizing the company's profits at the cost of sales, market share and the reputations of its Chrysler, Dodge, Jeep and Ram brands."", ""The council represents the company's 2,600 U.S. dealers."", '""The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company.', 'Investor lawsuits, supplier lawsuits, strikes–the fallout is mounting.', 'Your own distribution network, your dealer body, has been left in an anemic and diminished state,"" Farrish wrote in the Tuesday letter, which Bloomberg first reported Wednesday night.', 'Farrish, a dealer in Virginia, said the dealer council has raised concerns about the company\'s operations for two years, and accused Tavares of ""reckless short-term decision making"" that boosted profits and padded his compensation but have led to the ""rapid degradation"" of its brands, he wrote.', 'Stellantis, in a statement Wednesday night, said it takes ""absolute exception to the letter,"" citing a 21% increase in August sales over July and an ""action plan developed with the dealer body.', '""""At Stellantis, we don\'t believe that public personal attacks, such as the one in the open letter from the NDC president against our CEO, are the most effective way to solve problems,"" the company said. ""', 'We have started a path that will prove successful.', 'We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results.', '""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15.', 'The stock hit a new 52-week low Thursday of $14.76 per share.', ""Tavares has been on a profit-driven, 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 and cutting vehicle production at plants.', 'Several Stellantis executives described the earlier cuts to CNBC as difficult but effective.', 'Others, who spoke on the condition of anonymity due to potential repercussions, said they were grueling to the point of excessiveness.', 'UAW President Shawn Fain also has publicly criticized Tavares, including in a speech last monthat the Democratic National Convention.', ""He has accused Tavares of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker."", 'The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis\' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.', 'U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018.', 'The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significantdrop of 13% compared withthe previous year.', ""Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased13% last year, according to federal data.""]",-0.0141197919384897,"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 and cutting vehicle production at plants.","The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.",-0.4850924050106722,"Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased13% last year, according to federal data.","""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15.",2024-09-14
Three key questions that will shape whether Coach and Michael Kors owners will merge,https://www.cnbc.com/2024/09/12/tapestry-capri-antitrust-trial-key-questions-about-merger.html,2024-09-12T21:12:43+0000,"In this articleJust a few miles from the birthplace of Coach in New York City, a federal judge will soon decide whether its owner Tapestry can become a bag behemoth — in a decision that will weigh big questions about how much consumers are paying for goods and the choices they have when they shop.Investors, lawyers and reporters have flocked this week to a courtroom in Manhattan for an antitrust trial over a Federal Trade Commission lawsuit that seeks to stop the merger of Tapestry and Capri. The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors. Tapestry and Capri announced the $8.5 billion deal more than a year ago, but the FTC sued to block it in April. It argued the combined companies would take away competition and leave consumers with fewer affordable handbag options and employees with worse pay and benefits.Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company. Both brands sell directly to customers on their websites and in stores, but also are carried by stores that cater to Americans across incomes including department stores Macy's and Dillard's, off-price retailers like T.J. Maxx and outlet stores.Tapestry and Capri, on the other hand, have argued the deal will allow them to keep up in a trend-driven industry where newer brands and changing consumer tastes are a competitive threat. At the time when the companies announced the deal, Tapestry's CEO Joanne Crevoiserat told CNBC that it'll allow Tapestry to reach more customers across age groups and incomes across the global, especially in the luxury and higher-end markets.The outcome of the antitrust case could shape the outlook for the industry that makes the bags, eyeglasses and apparel that many Americans carry and wear across the country. It comes as Americans increasingly balk at high prices after years of high inflation — and the Biden administration takes aim at mergers in the grocery, technology and apparel spaces.Investors are watching the trial closely for how it could affect shares of Tapestry and Capri. Shares of Tapestry are up more than 13% this year. On the other hand, Capri's stock has tumbled about 21% this year.Here are key questions that have defined the first three days of the trial, including highlights from some of the testimony:In a fast-moving world where a new product can become the ""it"" bag from a TikTok video or celebrity sighting, Tapestry and Capri have argued that competition is fierce — even for the biggest handbag players.With the transaction, Tapestry and Capri's executives have argued the brand could better compete with the wide variety of other retailers and brands that consumers choose from, ranging from fast-fashion brands like Zara and H&M to European luxury names like Burberry and LVMH's Louis Vuitton.One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors. Are they each other's main rivals, or do they compete with a vast mix of brands that steal away sales? The FTC has defined the relevant market for two brands as ""accessible luxury,"" a term that Tapestry has used with its investors and board of directors to describe how it offers higher-end fashion looks at a better value.Yet attorneys for Tapestry and Capri have pushed back, saying that the field of rivals is growing to include more price points.Crevoiserat said she's seen that dynamic close to home. Lululemon, known for its popular leggings and other athletic apparel, is the maker of belt bags, a hands-free, fanny pack-like bag that can be wrapped around the waist or slung across the body. The bags have been a hit, especially with younger shoppers.""What really pains me about that is my daughter has one,"" she said. ""They're a meaningful brand.""In her testimony, Crevoiserat said the competition isn't just with other handbag or fashion brands. She said the company is fighting to woo consumers who have many ways that they could spend their dollars.""They could go anywhere,"" she said. ""They could buy a pair of yoga pants or go out to dinner. It's discretionary.""During the trial, attorneys have showed off industry data from market research companies and internal documents, such as consumer surveys and research on the competition. The research has related to not only Tapestry and Capri, but also other fashion brands including Chanel and Rebecca Minkoff.Attorneys for Tapestry and Capri have argued that competition has intensified, as consumers have new ways to shop and their style preferences change. On the other hand, attorneys for the FTC have said the combined companies would corner the ""accessible luxury"" market.Some executives from other brands have also testified on the state of play in the industry. Suwon Yang, Chanel's head of merchandising for accessories and leather goods, took the stand on Wednesday. She said customers buy from many brands, but Chanel in its own research focuses on how it stacks up against European luxury lines like Saint Laurent and Hermes. She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition.She also described the rigor of the craftsmanship behind Chanel's bags, which she said sets the brand apart and leads to its price points of about $5,000 to $11,000 or even higher. Handbags are made in Italy and France, and for artisans, it takes a decade to make the company's highest level of handbag.The FTC argues the deal would bring more sticker shock for American consumers already facing higher prices on many items.On Wednesday, economist Loren Smith, one of the FTC's key witnesses, took the stand and contended that the merger would turn the combined companies into a handbag giant that would raise prices for shoppers and have little reason to invest in sharper styles or better materials. Smith is a Washington, D.C.-based consultant and former staff economist for the FTC.He laid out financial models and methodology he used to define the market for Tapestry and Capri, and particularly Coach and Michael Kors, saying they primarily compete with other ""accessible luxury"" players even if its consumers shop with other cheaper and pricier brands. He zeroed in on the handbag market in the U.S., and included common styles like cross-body bags and totes in the calculations.Ultimately, he said he found the merger raises ""significant competitive concerns"" and his simulation indicated that it would lead to an average price increase of 15% to 17% for the combined company's goods and a decrease in the quality of products.If the two companies became one, he said the combined company would have about 58% market share in the handbag market in the U.S. He said Tapestry could get away with raising prices on Michael Kors handbags since it could recapture lost sales by attracting enough of those same shoppers to Coach and Kate Spade bags.And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged.""Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand,"" he said.Plus, he said, the handbag industry has margins of 60% to 80%, a high number that makes the risk of diverting customers to another of their brands or losing customers to other brands less significant.He estimated annual consumer harm would add up to $365 million per year from a combination of price increases and merchandise that wouldn't be as well made.Attorneys for Tapestry and Capri pushed back on how he defined the competition, questioned his calculations and said he did not account for shoppers' newer habits, such as the ability to buy a Louis Vuitton or Prada bag at a lower price because of the rise of secondhand marketplaces.They also argued Smith is out of touch on the handbag market. The attorney for Tapestry and Capri noted that he's only bought one handbag before, and his wife instructed him what to buy.When Tapestry CEO Joanne Crevoiserat took the stand on Tuesday, she said her goal for the merger is straightforward: Putting more handbags in the hands of more customers.Attorneys for the fashion brands rolled carts of dozens of handbags from the two companies and from competitors into the courtroom on Monday, the day the trial began. Since then, a mix of executives and industry players have taken the stand, including Capri CEO John Idol and Coach CEO Todd Kahn.In her testimony on Tuesday, Crevoiserat held up a few of the handbags in the room. She spoke about their contrasts and how the bags illustrate the range of brands that Tapestry owns. She said Tapestry benefits from having a portfolio of distinct brands to cater to customers who shop for a variety of occasions and have different senses of style.She showed off Coach's Rogue, a maple colored leather tote bag that a customer might use to carry what she needs to the office. Then, she held up another bag, a more playful looking smaller green and white Kate Spade bag that's made of woven fabric and has been featured in Netflix's ""Emily in Paris.""Capri has its own distinctive brands too, she said.Internal documents also flashed on the courtroom screen, showing some emails and slide decks from a more than year long process that Tapestry pursued as it looked for an acquisition target and deliberated whether to buy a still emerging brand or a more established player like Capri. The names of other acquisition targets were redacted, but the code name for Capri was ""Comet.""Crevoiserat said Tuesday that if the deal closes, Tapestry would want to grow all of its brands — especially those of Capri, which has had weaker sales in recent quarters.""I believe we can inject more relevancy, more vibrancy into the Capri brands,"" she said.Instead of operating as a top-down company, Tapestry is a house of brands, Crevoiserat said. She added Coach, Kate Spade and Stuart Weitzman each have independent teams that select merchandise, set pricing and shape marketing.As the FTC raises questions about whether the deal will raise prices, she said Tapestry as a whole offers cost-savings benefits that come from having more scale, such as manufacturing and transporting products at a lower price.She said that way of operating wouldn't change. She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.""The deal simply wouldn't pencil if all brands couldn't grow,"" she said.The antitrust trial continues on Thursday and is expected to run through early next week. Attorneys for the FTC have hinted that other key witnesses are poised to testify, including more executives from Tapestry and Capri and the namesake of one of the top brands in the merger, American fashion designer Michael Kors.",CNBC,12/09/2024,"['In this articleJust a few miles from the birthplace of Coach in New York City, a federal judge will soon decide whether its owner Tapestry can become a bag behemoth — in a decision that will weigh big questions about how much consumers are paying for goods and the choices they have when they shop.', 'Investors, lawyers and reporters have flocked this week to a courtroom in Manhattan for an antitrust trial over a Federal Trade Commission lawsuit that seeks to stop the merger of Tapestry and Capri.', ""The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors."", 'Tapestry and Capri announced the $8.5 billion deal more than a year ago, but the FTC sued to block it in April.', 'It argued the combined companies would take away competition and leave consumers with fewer affordable handbag options and employees with worse pay and benefits.', 'Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company.', ""Both brands sell directly to customers on their websites and in stores, but also are carried by stores that cater to Americans across incomes including department stores Macy's and Dillard's, off-price retailers like T.J. Maxx and outlet stores."", 'Tapestry and Capri, on the other hand, have argued the deal will allow them to keep up in a trend-driven industry where newer brands and changing consumer tastes are a competitive threat.', ""At the time when the companies announced the deal, Tapestry's CEO Joanne Crevoiserat told CNBC that it'll allow Tapestry to reach more customers across age groups and incomes across the global, especially in the luxury and higher-end markets."", 'The outcome of the antitrust case could shape the outlook for the industry that makes the bags, eyeglasses and apparel that many Americans carry and wear across the country.', 'It comes as Americans increasingly balk at high prices after years of high inflation — and the Biden administration takes aim at mergers in the grocery, technology and apparel spaces.', 'Investors are watching the trial closely for how it could affect shares of Tapestry and Capri.', 'Shares of Tapestry are up more than 13% this year.', ""On the other hand, Capri's stock has tumbled about 21% this year."", 'Here are key questions that have defined the first three days of the trial, including highlights from some of the testimony:In a fast-moving world where a new product can become the ""it"" bag from a TikTok video or celebrity sighting, Tapestry and Capri have argued that competition is fierce — even for the biggest handbag players.', ""With the transaction, Tapestry and Capri's executives have argued the brand could better compete with the wide variety of other retailers and brands that consumers choose from, ranging from fast-fashion brands like Zara and H&M to European luxury names like Burberry and LVMH's Louis Vuitton."", ""One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors."", ""Are they each other's main rivals, or do they compete with a vast mix of brands that steal away sales?"", 'The FTC has defined the relevant market for two brands as ""accessible luxury,"" a term that Tapestry has used with its investors and board of directors to describe how it offers higher-end fashion looks at a better value.', 'Yet attorneys for Tapestry and Capri have pushed back, saying that the field of rivals is growing to include more price points.', ""Crevoiserat said she's seen that dynamic close to home."", 'Lululemon, known for its popular leggings and other athletic apparel, is the maker of belt bags, a hands-free, fanny pack-like bag that can be wrapped around the waist or slung across the body.', 'The bags have been a hit, especially with younger shoppers.', '""What really pains me about that is my daughter has one,"" she said. ""', ""They're a meaningful brand."", '""In her testimony, Crevoiserat said the competition isn\'t just with other handbag or fashion brands.', 'She said the company is fighting to woo consumers who have many ways that they could spend their dollars.', '""They could go anywhere,"" she said. ""', 'They could buy a pair of yoga pants or go out to dinner.', ""It's discretionary."", '""During the trial, attorneys have showed off industry data from market research companies and internal documents, such as consumer surveys and research on the competition.', 'The research has related to not only Tapestry and Capri, but also other fashion brands including Chanel and Rebecca Minkoff.', 'Attorneys for Tapestry and Capri have argued that competition has intensified, as consumers have new ways to shop and their style preferences change.', 'On the other hand, attorneys for the FTC have said the combined companies would corner the ""accessible luxury"" market.', 'Some executives from other brands have also testified on the state of play in the industry.', ""Suwon Yang, Chanel's head of merchandising for accessories and leather goods, took the stand on Wednesday."", 'She said customers buy from many brands, but Chanel in its own research focuses on how it stacks up against European luxury lines like Saint Laurent and Hermes.', 'She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition.', ""She also described the rigor of the craftsmanship behind Chanel's bags, which she said sets the brand apart and leads to its price points of about $5,000 to $11,000 or even higher."", ""Handbags are made in Italy and France, and for artisans, it takes a decade to make the company's highest level of handbag."", 'The FTC argues the deal would bring more sticker shock for American consumers already facing higher prices on many items.', ""On Wednesday, economist Loren Smith, one of the FTC's key witnesses, took the stand and contended that the merger would turn the combined companies into a handbag giant that would raise prices for shoppers and have little reason to invest in sharper styles or better materials."", 'Smith is a Washington, D.C.-based consultant and former staff economist for the FTC.He laid out financial models and methodology he used to define the market for Tapestry and Capri, and particularly Coach and Michael Kors, saying they primarily compete with other ""accessible luxury"" players even if its consumers shop with other cheaper and pricier brands.', 'He zeroed in on the handbag market in the U.S., and included common styles like cross-body bags and totes in the calculations.', 'Ultimately, he said he found the merger raises ""significant competitive concerns"" and his simulation indicated that it would lead to an average price increase of 15% to 17% for the combined company\'s goods and a decrease in the quality of products.', 'If the two companies became one, he said the combined company would have about 58% market share in the handbag market in the U.S. He said Tapestry could get away with raising prices on Michael Kors handbags since it could recapture lost sales by attracting enough of those same shoppers to Coach and Kate Spade bags.', ""And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged."", '""Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand,"" he said.', 'Plus, he said, the handbag industry has margins of 60% to 80%, a high number that makes the risk of diverting customers to another of their brands or losing customers to other brands less significant.', ""He estimated annual consumer harm would add up to $365 million per year from a combination of price increases and merchandise that wouldn't be as well made."", ""Attorneys for Tapestry and Capri pushed back on how he defined the competition, questioned his calculations and said he did not account for shoppers' newer habits, such as the ability to buy a Louis Vuitton or Prada bag at a lower price because of the rise of secondhand marketplaces."", 'They also argued Smith is out of touch on the handbag market.', ""The attorney for Tapestry and Capri noted that he's only bought one handbag before, and his wife instructed him what to buy."", 'When Tapestry CEO Joanne Crevoiserat took the stand on Tuesday, she said her goal for the merger is straightforward: Putting more handbags in the hands of more customers.', 'Attorneys for the fashion brands rolled carts of dozens of handbags from the two companies and from competitors into the courtroom on Monday, the day the trial began.', 'Since then, a mix of executives and industry players have taken the stand, including Capri CEO John Idol and Coach CEO Todd Kahn.', 'In her testimony on Tuesday, Crevoiserat held up a few of the handbags in the room.', 'She spoke about their contrasts and how the bags illustrate the range of brands that Tapestry owns.', 'She said Tapestry benefits from having a portfolio of distinct brands to cater to customers who shop for a variety of occasions and have different senses of style.', ""She showed off Coach's Rogue, a maple colored leather tote bag that a customer might use to carry what she needs to the office."", 'Then, she held up another bag, a more playful looking smaller green and white Kate Spade bag that\'s made of woven fabric and has been featured in Netflix\'s ""Emily in Paris.', '""Capri has its own distinctive brands too, she said.', 'Internal documents also flashed on the courtroom screen, showing some emails and slide decks from a more than year long process that Tapestry pursued as it looked for an acquisition target and deliberated whether to buy a still emerging brand or a more established player like Capri.', 'The names of other acquisition targets were redacted, but the code name for Capri was ""Comet.', '""Crevoiserat said Tuesday that if the deal closes, Tapestry would want to grow all of its brands — especially those of Capri, which has had weaker sales in recent quarters.', '""I believe we can inject more relevancy, more vibrancy into the Capri brands,"" she said.', 'Instead of operating as a top-down company, Tapestry is a house of brands, Crevoiserat said.', 'She added Coach, Kate Spade and Stuart Weitzman each have independent teams that select merchandise, set pricing and shape marketing.', 'As the FTC raises questions about whether the deal will raise prices, she said Tapestry as a whole offers cost-savings benefits that come from having more scale, such as manufacturing and transporting products at a lower price.', ""She said that way of operating wouldn't change."", 'She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.', '""The deal simply wouldn\'t pencil if all brands couldn\'t grow,"" she said.', 'The antitrust trial continues on Thursday and is expected to run through early next week.', 'Attorneys for the FTC have hinted that other key witnesses are poised to testify, including more executives from Tapestry and Capri and the namesake of one of the top brands in the merger, American fashion designer Michael Kors.']",0.0747010446628895,She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.,Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company.,0.0777899026870727,Shares of Tapestry are up more than 13% this year.,"On the other hand, Capri's stock has tumbled about 21% this year.",2024-09-14
Harris' rise in polls sparks wave of wealth transfers to kids,https://www.cnbc.com/2024/09/13/harris-rise-in-polls-sparks-wave-of-wealth-transfers-to-kids-.html,2024-09-13T17:52:35+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The tightening presidential race has touched off a wave of tax planning by ultra-wealthy investors, especially given fears of a higher estate tax, according to advisors and tax attorneys.The scheduled ""sunset"" of a generous provision in the estate tax next year has taken on new urgency as the odds of a divided government or Democratic president have increased, tax experts say. Under current law, individuals can transfer up to $13.61 million (and couples can send up to $27.22 million) to family members or beneficiaries without owing estate or gift taxes.The benefit is scheduled to expire at the end of 2025 along with the other individual provisions of the 2017 Tax Cuts and Jobs Act. If it expires, the estate and gift tax exemption will fall by about half. Individuals will only be able to gift about $6 million to $7 million, and that rises to $12 million to $14 million for couples. Any assets transferred above those amounts will be subject to the 40% transfer tax.Wealth advisors and tax attorneys said expectations of a Republican sweep in the first half of the year led many wealthy Americans to take a wait-and-see approach, since former President Donald Trump wants to extend the 2017 tax cuts for individuals.Vice President Kamala Harris has advocated higher taxes for those those making more than $400,000.With Harris and Trump essentially tied in the polls, the odds have increased that the estate tax benefits will expire — either through gridlock or tax hikes.""There is a little increased urgency now,"" said Pam Lucina, chief fiduciary officer for Northern Trust and head of its trust and advisory practice. ""Some people have been holding off until now.""The sunset of the exemption, and the response by the wealthy, has broad ripple effects on inheritances and the trillions of dollars set to pass from older to younger generations in the coming years. More than $84 trillion is expected to be transferred to younger generations in the coming decades, and the estate tax ""cliff"" is set to accelerate many of those gifts this year and next.The biggest question facing wealthy families is how much to give, and when, in advance of any estate tax change. If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die. On the other hand, if they give away the maximum now, and the estate tax provisions are extended, they may wind up with ""givers' remorse"" — which comes when donors gave away money unnecessarily due to fears of tax changes that never happened.""With givers' remorse, we want to make sure clients look at the different scenarios,"" Lucina said. ""Will they need a lifestyle change? If it's an irrevocable gift, can they afford it?""Advisors say clients should make sure their gift decisions are driven as much by family dynamics and personalities as they are by taxes. While giving the maximum of $27.22 million may make sense today from a tax perspective, it may not always make sense from a family perspective.""The first thing we do is separate out those individuals who were going to make the gift anyway from those who have never done it and are only motivated to do it now because of the sunset,"" said Mark Parthemer, chief wealth strategist and regional director of Florida for Glenmede. ""While it may be a once-in-a-lifetime opportunity as it relates to the exemption, it's not the only thing. We want individuals to have peace of mind regardless of how it plays out.""Parthemer said today's wealthy parents and grandparents need to make sure they are psychologically comfortable making large gifts.""They're asking 'What if I live so long I outlive my money,'"" Parthemer said. ""We can do the math and figure out what makes sense. But there is also a psychological component to that. As people age, a lot of us become more concerned about our financial independence, regardless of whether the math tells us we're independent or not.""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Some families may also fear their kids aren't ready for such large amounts. Wealthy families who planned to make big gifts years from now are feeling pressure from the tax change to go ahead with it now.""Especially with families with younger children, a primary concern is having donors' remorse,"" said Ann Bjerke, head of the advanced planning group at UBS.Advisors say families can structure their gifts to be flexible — gifting to a spouse first, for instance, before it goes to the kids. Or setting up trusts that trickle out the money over time and reduce the changes of ""sudden wealth syndrome"" for kids.For families that plan to take advantage of the estate tax window, however, the time is now. It can take months to draft and file transfers. During a similar tax cliff in 2010, so many families rushed to process gifts and set up trusts that attorneys became overwhelmed and many clients were left stranded. Advisors say today's gifters face the same risk if they wait until after the election.""We're already seeing some attorneys start to turn away new clients,"" Lucina said.Another risk with rushing is trouble with the IRS. Parthemer said the IRS recently unwound a strategy used by one couple, where the husband used his exemption to gift his kids money and gave his wife funds to regift using her own exemption.""Both gifts were attributed to the wealthy spouse, triggering a gift tax,"" he said. ""You need to have time to measure twice and cut once, as they say.""While advisors and tax attorneys said their wealthy clients are also calling them about other tax proposals in the campaign — from higher capital gains and corporate taxes to taxing unrealized gains — the estate tax sunset is far and away the most pressing and likely change.""In the past month, inquiries have accelerated over the [estate exemption],"" Bjerke said. ""A lot of people were sitting on the sidelines waiting to implement their wealth-planning strategies. Now, more people are executing.""",CNBC,13/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The tightening presidential race has touched off a wave of tax planning by ultra-wealthy investors, especially given fears of a higher estate tax, according to advisors and tax attorneys.', 'The scheduled ""sunset"" of a generous provision in the estate tax next year has taken on new urgency as the odds of a divided government or Democratic president have increased, tax experts say.', 'Under current law, individuals can transfer up to $13.61 million (and couples can send up to $27.22 million) to family members or beneficiaries without owing estate or gift taxes.', 'The benefit is scheduled to expire at the end of 2025 along with the other individual provisions of the 2017 Tax Cuts and Jobs Act.', 'If it expires, the estate and gift tax exemption will fall by about half.', 'Individuals will only be able to gift about $6 million to $7 million, and that rises to $12 million to $14 million for couples.', 'Any assets transferred above those amounts will be subject to the 40% transfer tax.', 'Wealth advisors and tax attorneys said expectations of a Republican sweep in the first half of the year led many wealthy Americans to take a wait-and-see approach, since former President Donald Trump wants to extend the 2017 tax cuts for individuals.', 'Vice President Kamala Harris has advocated higher taxes for those those making more than $400,000.With Harris and Trump essentially tied in the polls, the odds have increased that the estate tax benefits will expire — either through gridlock or tax hikes.', '""There is a little increased urgency now,"" said Pam Lucina, chief fiduciary officer for Northern Trust and head of its trust and advisory practice. ""', 'Some people have been holding off until now.', '""The sunset of the exemption, and the response by the wealthy, has broad ripple effects on inheritances and the trillions of dollars set to pass from older to younger generations in the coming years.', 'More than $84 trillion is expected to be transferred to younger generations in the coming decades, and the estate tax ""cliff"" is set to accelerate many of those gifts this year and next.', 'The biggest question facing wealthy families is how much to give, and when, in advance of any estate tax change.', 'If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.', 'On the other hand, if they give away the maximum now, and the estate tax provisions are extended, they may wind up with ""givers\' remorse"" — which comes when donors gave away money unnecessarily due to fears of tax changes that never happened.', '""With givers\' remorse, we want to make sure clients look at the different scenarios,"" Lucina said. ""', 'Will they need a lifestyle change?', 'If it\'s an irrevocable gift, can they afford it?""Advisors say clients should make sure their gift decisions are driven as much by family dynamics and personalities as they are by taxes.', 'While giving the maximum of $27.22 million may make sense today from a tax perspective, it may not always make sense from a family perspective.', '""The first thing we do is separate out those individuals who were going to make the gift anyway from those who have never done it and are only motivated to do it now because of the sunset,"" said MarkParthemer, chief wealth strategist and regional director of Floridafor Glenmede. ""', ""While it may be a once-in-a-lifetime opportunity as it relates to the exemption, it's not the only thing."", 'We want individuals to have peace of mind regardless of how it plays out.', '""Parthemer said today\'s wealthy parents and grandparents need to make sure they are psychologically comfortable making large gifts.', '""They\'re asking \'What if I live so long I outlive my money,\'"" Parthemer said. ""', 'We can do the math and figure out what makes sense.', 'But there is also a psychological component to that.', ""As people age, a lot of us become more concerned about our financial independence, regardless of whether the math tells us we're independent or not."", '""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""Some families may also fear their kids aren't ready for such large amounts."", 'Wealthy families who planned to make big gifts years from now are feeling pressure from the tax change to go ahead with it now.', '""Especially with families with younger children, a primary concern is having donors\' remorse,"" said Ann Bjerke, head of the advanced planning group at UBS.Advisors say families can structure their gifts to be flexible — gifting to a spouse first, for instance, before it goes to the kids.', 'Or setting up trusts that trickle out the money over time and reduce the changes of ""sudden wealth syndrome"" for kids.', 'For families that plan to take advantage of the estate tax window, however, the time is now.', 'It can take months to draft and file transfers.', 'During a similar tax cliff in 2010, so many families rushed to process gifts and set up trusts that attorneys became overwhelmed and many clients were left stranded.', ""Advisors say today's gifters face the same risk if they wait until after the election."", '""We\'re already seeing some attorneys start to turn away new clients,"" Lucina said.', 'Another risk with rushing is trouble with the IRS.', 'Parthemer said the IRS recently unwound a strategy used by one couple, where the husband used his exemption to gift his kids money and gave his wife funds to regift using her own exemption.', '""Both gifts were attributed to the wealthy spouse, triggering a gift tax,"" he said. ""', 'You need to have time to measure twice and cut once, as they say.', '""While advisors and tax attorneys said their wealthy clients are also calling them about other tax proposals in the campaign — from higher capital gains and corporate taxes to taxing unrealized gains — the estate tax sunset is far and away the most pressing and likely change.', '""In the past month, inquiries have accelerated over the [estate exemption],"" Bjerke said. ""', 'A lot of people were sitting on the sidelines waiting to implement their wealth-planning strategies.', 'Now, more people are executing.""']",0.2774535596247518,"If it's an irrevocable gift, can they afford it?""Advisors say clients should make sure their gift decisions are driven as much by family dynamics and personalities as they are by taxes.","If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.",-0.4451859685090872,"""In the past month, inquiries have accelerated over the [estate exemption],"" Bjerke said. ""","If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.",2024-09-14
Boeing faces strike threat as workers vote on new contract,https://www.cnbc.com/2024/09/12/boeing-workers-vote-labor-deal.html,2024-09-12T16:05:19+0000,"In this articleBoeing workers are voting on a new labor contract Thursday, setting up the potential for a crippling strike that the company's CEO said would jeopardize the struggling plane-maker's recovery.The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits. Boeing also committed to build its next aircraft in the Seattle area, after it moved production of the 787 Dreamliner to a non-union factory in South Carolina.But some workers have said they plan to turn down the contract and that they're seeking bigger wage increases, citing a surge in the cost of living in the Seattle area.The vote is the first major test for CEO Kelly Ortberg, who said in a staff note Wednesday that he has talked with employees about the contract in Renton, Washington, and Everett, Washington, where Boeing's main factories are located.Ortberg is just over one month into his role in the manufacturer's top job, and has been tasked with steadying aircraft production and stamping out safety lapses and quality flaws in the wake of a door-panel blowout at the start of the year.""I know the reaction to our tentative agreement with the IAM has been passionate,"" he wrote in his staff note. ""I understand and respect that passion, but I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past.""Jefferies aerospace analyst Sheila Kahyaoglu estimated in an Aug. 29 note that a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains."" She forecast the tentative agreement would have an annual impact of $900 million if passed.The union, which represents about 33,000 Boeing factory work ers in the Seattle area and in Oregon had sought pay raises of some 40% from Boeing. The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford, General Motors and Chrysler parent Stellantis.If approved, the Boeing deal would follow a series of union-negotiated pay increases across industries from Hollywood to airlines.It would be Boeing workers' first negotiated contract with the company in 16 years.""We have achieved everything we could in bargaining, short of a strike,"" IAM District 751 President Jon Holden wrote to members on Monday. ""We recommended acceptance because we can't guarantee we can achieve more in a strike. But that is your decision to make and is a decision that we will protect and support, no matter what.""Top pay for IAM workers at Boeing would rise to $57.43 an hour as soon as the new contract goes into effect. Including some cost-of-living adjustments, increases could rise by more than 42%, according to the union. Boeing said average annual machinist pay is currently $75,608, which would rise to $106,350 at the end of the four-year contract.If the deal is rejected and two-thirds of workers vote in favor of a strike, a work stoppage would begin after midnight in Washington state on Friday. If less than two-thirds vote to strike after the contract is rejected, the contract would automatically go into effect, the union said.""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. ""Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.""Polls are set to close at 6 p.m. PT.--CNBC's Phil LeBeau contributed to this report.",CNBC,12/09/2024,"[""In this articleBoeing workers are voting on a new labor contract Thursday, setting up the potential for a crippling strike that the company's CEO said would jeopardize the struggling plane-maker's recovery."", 'The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits.', 'Boeing also committed to build its next aircraft in the Seattle area, after it moved production of the 787 Dreamliner to a non-union factory in South Carolina.', ""But some workers have said they plan to turn down the contract and that they're seeking bigger wage increases, citing a surge in the cost of living in the Seattle area."", ""The vote is the first major test for CEO Kelly Ortberg, who said in a staff note Wednesday that he has talked with employees about the contract in Renton, Washington, and Everett, Washington, where Boeing's main factories are located."", ""Ortberg is just over one month into his role in the manufacturer's top job, and has been tasked with steadying aircraft production and stamping out safety lapses and quality flaws in the wake of a door-panel blowout at the start of the year."", '""I know the reaction to our tentative agreement with the IAM has been passionate,"" he wrote in his staff note. ""', 'I understand and respect that passion, but I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past.', '""Jefferies aerospace analyst Sheila Kahyaogluestimated in an Aug. 29 note that a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains.""', 'She forecast the tentative agreement would have an annual impact of $900 million if passed.', 'The union, which represents about 33,000 Boeing factory work ers in the Seattle area and in Oregon had sought pay raises of some 40% from Boeing.', ""The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford,General Motorsand Chrysler parentStellantis."", 'If approved, the Boeing deal would follow a series of union-negotiated pay increases across industries from Hollywood to airlines.', ""It would be Boeing workers' first negotiated contract with the company in 16 years."", '""We have achieved everything we could in bargaining, short of a strike,"" IAM District 751 President Jon Holden wrote to members on Monday. ""', ""We recommended acceptance because we can't guarantee we can achieve more in a strike."", 'But that is your decision to make and is a decision that we will protect and support, no matter what.', '""Top pay for IAM workers at Boeing would rise to $57.43 an hour as soon as the new contract goes into effect.', 'Including some cost-of-living adjustments, increases could rise by more than 42%, according to the union.', 'Boeing said average annual machinist pay is currently $75,608, which would rise to $106,350 at the end of the four-year contract.', 'If the deal is rejected and two-thirds of workers vote in favor of a strike, a work stoppage would begin after midnight in Washington state on Friday.', 'If less than two-thirds vote to strike after the contract is rejected, the contract would automatically go into effect, the union said.', '""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. ""', 'Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.', '""Polls are set to close at 6 p.m. PT.--CNBC\'s Phil LeBeau contributed to this report.']",0.1512669945691037,The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits.,"""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. """,0.2822760264078776,"The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford,General Motorsand Chrysler parentStellantis.","Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.",2024-09-14
"What are the rules about renting and eviction, and how are they changing?",https://www.bbc.co.uk/news/technology-65038459,2023-03-26T23:05:39.000Z,"The government is introducing a law to ban so-called ""no-fault"" evictions. The Renters' Rights Bill will also outlaw rental ""bidding wars"", and stop landlords from blocking tenants on benefits or who have children or pets. Landlords already have to follow strict rules if they want a tenant to leave, which vary according to the type of tenancy. Failure to follow the correct process can mean the eviction is illegal. Most tenants in England's 4.6m privately rented homes have an assured shorthold tenancy, usually for a fixed term of six or 12 months, or rolling - with no end date. There are two main types of eviction notice for people with these tenancies, which the landlord must provide in writing: Once the notice period ends - at least two months under section 21 - the landlord can start eviction proceedings in court. According to the housing charity Shelter, there have been more than 26,000 no-fault evictions in England since 2019, when the Conservatives first promised to change the law.  But it is illegal for landlords to change the locks or use force to evict a tenant. Other tenancy contracts have different rules, and eviction rules also vary in Scotland, Wales and Northern Ireland.  The Renters' Rights Bill - which must be approved by MPs and peers - will ban section 21 evictions in England, and introduce a new system for evicting tenants where the landlord has grounds for asking them to leave.  If the bill becomes law, new tenants will have a 12-month ""protected period"" where they can't be evicted if the landlord wants to move in or sell the property. After this period, the landlord will have to give them four months' notice to leave.  The landlord will still be able to reclaim the property for other reasons, such as rent arrears or criminal behaviour. Once the protected period ends, tenancies will move to what the government calls ""a periodic basis"", with no fixed end date. Landlords will have to provide a specific reason and give notice to end a tenancy. When the new system is implemented, all existing tenancies - including rolling ones - will convert to the new system. Housing Minister Matthew Pennycook hopes the changes will take effect before summer 2025. A new system for private providers of social housing will be introduced separately. It depends on your rental agreement and where you live in the UK. If you are on a fixed term in England, the landlord: If you are on a rolling agreement, the landlord: In England, landlords can only increase your rent by a ""fair and realistic"" amount, in line with average local rents. Under the new plans, all private landlords will only be allowed one annual rent increase at the market rate. They will also have to publish how much rent they want when re-letting a property, banning rental bidding wars The rules about rent rises are different in Scotland, Wales and Northern Ireland. The most landlords can ask for is five weeks' rent - or six if you pay more than £50,000 a year. If you have an assured shorthold tenancy in England or Wales, landlords must put your deposit in a government approved tenancy deposit scheme (TDP). This means you will get your deposit back if you: At the end of your tenancy, the landlord must return the deposit within 10 days of agreeing the amount owed. The TDP can help resolve disputes.  Different schemes operate in Scotland and Northern Ireland. Tenants in England have the right to ""live in a property that's safe and in a good state of repair"".  Similar rules apply in Scotland, Wales, and Northern Ireland. A home could be unfit if, for example, the electrics are unsafe, it's damp, or there's a problem with mice. The new law will extend a series of mandatory building safety rules for social properties to private renters.  It also specifies a timeframe for landlords to resolve serious hazards. Failure to do so risks a fine of up to £7,000 or prosecution. No current laws explicitly stop landlords from rejecting families with children. However, since women are more likely to live with children, any such refusal in England, Wales and Scotland is likely to be indirect discrimination under the Equality Act 2010, says Shelter. The charity has a guide on how to challenge a ban. Housing Rights can advise in Northern Ireland.  Similarly, refusing to rent because someone is on benefits may break equality law, according to Citizen's Advice. The new bill directly outlaws blanket bans for tenants with children or who are on benefits.  A legal tenancy agreement can specify that no pets are allowed. But if it says permission can be sought for a pet, a landlord needs a reason to refuse. The new law will give all tenants a legal right to request to keep a pet. If passed, the landlord can only refuse on reasonable grounds, although they will be able to ask tenants to take out extra insurance.  In England, the landlord must give at least 24 hours' notice to enter. They must visit at a reasonable time of day, unless it's an emergency. After any initial inspection when a tenant moves in, visits should be at least three months apart, according to the National Residential Landlords Association. ",BBC,26/03/2023,"['The government is introducing a law to ban so-called ""no-fault"" evictions.', 'The Renters\' Rights Bill will also outlaw rental ""bidding wars"", and stop landlords from blocking tenants on benefits or who have children or pets.', 'Landlords already have to follow strict rules if they want a tenant to leave, which vary according to the type of tenancy.', 'Failure to follow the correct process can mean the eviction is illegal.', ""Most tenants in England's 4.6m privately rented homes have an assured shorthold tenancy, usually for a fixed term of six or 12 months, or rolling - with no end date."", 'There are two main types of eviction notice for people with these tenancies, which the landlord must provide in writing: Once the notice period ends - at least two months under section 21 - the landlord can start eviction proceedings in court.', 'According to the housing charity Shelter, there have been more than 26,000 no-fault evictions in England since 2019, when the Conservatives first promised to change the law.', 'But it is illegal for landlords to change the locks or use force to evict a tenant.', 'Other tenancy contracts have different rules, and eviction rules also vary in Scotland, Wales and Northern Ireland.', ""The Renters' Rights Bill - which must be approved by MPs and peers - will ban section 21 evictions in England, and introduce a new system for evicting tenants where the landlord has grounds for asking them to leave."", 'If the bill becomes law, new tenants will have a 12-month ""protected period"" where they can\'t be evicted if the landlord wants to move in or sell the property.', ""After this period, the landlord will have to give them four months' notice to leave."", 'The landlord will still be able to reclaim the property for other reasons, such as rent arrears or criminal behaviour.', 'Once the protected period ends, tenancies will move to what the government calls ""a periodic basis"", with no fixed end date.', 'Landlords will have to provide a specific reason and give notice to end a tenancy.', 'When the new system is implemented, all existing tenancies - including rolling ones - will convert to the new system.', 'Housing Minister Matthew Pennycook hopes the changes will take effect before summer 2025.', 'A new system for private providers of social housing will be introduced separately.', 'It depends on your rental agreement and where you live in the UK.', 'If you are on a fixed term in England, the landlord: If you are on a rolling agreement, the landlord: In England, landlords can only increase your rent by a ""fair and realistic"" amount, in line with average local rents.', 'Under the new plans, all private landlords will only be allowed one annual rent increase at the market rate.', 'They will also have to publish how much rent they want when re-letting a property, banning rental bidding wars The rules about rent rises are different in Scotland, Wales and Northern Ireland.', ""The most landlords can ask for is five weeks' rent - or six if you pay more than £50,000 a year."", 'If you have an assured shorthold tenancy in England or Wales, landlords must put your deposit in a government approved tenancy deposit scheme (TDP).', 'This means you will get your deposit back if you: At the end of your tenancy, the landlord must return the deposit within 10 days of agreeing the amount owed.', 'The TDP can help resolve disputes.', 'Different schemes operate in Scotland and Northern Ireland.', 'Tenants in England have the right to ""live in a property that\'s safe and in a good state of repair"".', 'Similar rules apply in Scotland, Wales, and Northern Ireland.', ""A home could be unfit if, for example, the electrics are unsafe, it's damp, or there's a problem with mice."", 'The new law will extend a series of mandatory building safety rules for social properties to private renters.', 'It also specifies a timeframe for landlords to resolve serious hazards.', 'Failure to do so risks a fine of up to £7,000 or prosecution.', 'No current laws explicitly stop landlords from rejecting families with children.', 'However, since women are more likely to live with children, any such refusal in England, Wales and Scotland is likely to be indirect discrimination under the Equality Act 2010, says Shelter.', 'The charity has a guide on how to challenge a ban.', 'Housing Rights can advise in Northern Ireland.', ""Similarly, refusing to rent because someone is on benefits may break equality law, according to Citizen's Advice."", 'The new bill directly outlaws blanket bans for tenants with children or who are on benefits.', 'A legal tenancy agreement can specify that no pets are allowed.', 'But if it says permission can be sought for a pet, a landlord needs a reason to refuse.', 'The new law will give all tenants a legal right to request to keep a pet.', 'If passed, the landlord can only refuse on reasonable grounds, although they will be able to ask tenants to take out extra insurance.', ""In England, the landlord must give at least 24 hours' notice to enter."", ""They must visit at a reasonable time of day, unless it's an emergency."", 'After any initial inspection when a tenant moves in, visits should be at least three months apart, according to the National Residential Landlords Association.']",-0.0473477963888067,"If you are on a fixed term in England, the landlord: If you are on a rolling agreement, the landlord: In England, landlords can only increase your rent by a ""fair and realistic"" amount, in line with average local rents.",Failure to follow the correct process can mean the eviction is illegal.,-0.8151961714029312,,Failure to follow the correct process can mean the eviction is illegal.,2024-09-14
Union wins Tesco 'fire and rehire' case,https://www.bbc.co.uk/news/articles/ceq5qj0l4j5o,2024-09-12T10:43:16.089Z,"A shop workers' union has won a Supreme Court battle against Tesco over so-called ""fire and rehire"" plans put forward by the supermarket giant. The row erupted in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay. The Usdaw union said it was ""delighted to get this outcome"". Tesco said it accepted the Supreme Court judgement which it said affected ""a very small number of colleagues"". In 2007, Tesco planned to close some of its distribution centres, and offered staff increased ""retained pay"" so they would relocate. The union took legal action in 2021 after Tesco proposed getting rid of this retained pay by either offering staff a lump sum to replace it, or terminating their contracts and rehiring them without the increased salary. Usdaw argued that the retained pay had been described as ""permanent"" in their contracts, so should be ongoing. But Tesco described the pay as a ""contractual mechanism"" open to employers. Usdaw brought the legal action with three Tesco employees who work at distribution centres in Daventry and Lichfield. The employees are also voluntary union representatives, a union spokesman said. The case affects roughly 50 people who work in those centres, he said. There is a separate case involving workers at the Livingston distribution centre going through the Scottish courts which also affects about 50 people. Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal. On Thursday the Supreme Court reversed that decision, saying Tesco's right to stop employees' contracts could not be used to take away their enhanced pay. Five justices unanimously agreed that Tesco should be blocked from dismissing the staff. The Supreme Court judges ruled that it was ""inconceivable"" that both Tesco and the union members intended for the supermarket to have the right to fire workers and rehire them on lower pay ""whenever it suited Tesco's business purposes to do so"". ""This would have been viewed, objectively, as unrealistic and as flouting industrial common sense by both sides,"" the judges said in their ruling. When it offered the retained pay deal at the beginning, Tesco could have stipulated that the deal would end, or that it could fire and rehire, but didn't, the judges said. Using the word ""permanent"" conveys that retained pay is not time-limited ""in any way"", they added. Paddy Lillis, Usdaw's general secretary, said the union had been ""determined to stand by its members"" and that the ""valuable benefit"" was ""a key component of their pay"". The union had been ""appalled when Tesco threatened these individuals with fire and rehire to remove this benefit"" and said the ""tactics have no place in industrial relations"". Tesco said the ""vast majority"" of distribution centre workers ""do not receive this top-up"". It decided to ""phase it out"" in 2021 and ""made a competitive offer to affected colleagues at that time and many of them chose to accept this"". It added that distribution centre workers ""play a really critical role in helping us to serve our customers and we value all their hard work"". As part of its election manifesto, Labour pledged to ban the practice of fire and rehire. A Department for Business and Trade spokesman said new legislation on that would be brought in ""soon"". Fire and rehire picked up pace during the coronavirus pandemic when a number of big businesses tried to dismiss workers and hire them back on worse deals. British Airways, British Gas, bus company Go North West and coffee maker Jacobs Douwe Egberts were all accused of using the tactic. Ferry operator P&O was also accused of similar tactics when it fired 800 of its workers in 2022, and then used an agency to replace the sacked staff.  ",BBC,12/09/2024,"['A shop workers\' union has won a Supreme Court battle against Tesco over so-called ""fire and rehire"" plans put forward by the supermarket giant.', 'The row erupted in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay.', 'The Usdaw union said it was ""delighted to get this outcome"".', 'Tesco said it accepted the Supreme Court judgement which it said affected ""a very small number of colleagues"".', 'In 2007, Tesco planned to close some of its distribution centres, and offered staff increased ""retained pay"" so they would relocate.', 'The union took legal action in 2021 after Tesco proposed getting rid of this retained pay by either offering staff a lump sum to replace it, or terminating their contracts and rehiring them without the increased salary.', 'Usdaw argued that the retained pay had been described as ""permanent"" in their contracts, so should be ongoing.', 'But Tesco described the pay as a ""contractual mechanism"" open to employers.', 'Usdaw brought the legal action with three Tesco employees who work at distribution centres in Daventry and Lichfield.', 'The employees are also voluntary union representatives, a union spokesman said.', 'The case affects roughly 50 people who work in those centres, he said.', 'There is a separate case involving workers at the Livingston distribution centre going through the Scottish courts which also affects about 50 people.', 'Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal.', ""On Thursday the Supreme Court reversed that decision, saying Tesco's right to stop employees' contracts could not be used to take away their enhanced pay."", 'Five justices unanimously agreed that Tesco should be blocked from dismissing the staff.', 'The Supreme Court judges ruled that it was ""inconceivable"" that both Tesco and the union members intended for the supermarket to have the right to fire workers and rehire them on lower pay ""whenever it suited Tesco\'s business purposes to do so"". ""', 'This would have been viewed, objectively, as unrealistic and as flouting industrial common sense by both sides,"" the judges said in their ruling.', ""When it offered the retained pay deal at the beginning, Tesco could have stipulated that the deal would end, or that it could fire and rehire, but didn't, the judges said."", 'Using the word ""permanent"" conveys that retained pay is not time-limited ""in any way"", they added.', 'Paddy Lillis, Usdaw\'s general secretary, said the union had been ""determined to stand by its members"" and that the ""valuable benefit"" was ""a key component of their pay"".', 'The union had been ""appalled when Tesco threatened these individuals with fire and rehire to remove this benefit"" and said the ""tactics have no place in industrial relations"".', 'Tesco said the ""vast majority"" of distribution centre workers ""do not receive this top-up"".', 'It decided to ""phase it out"" in 2021 and ""made a competitive offer to affected colleagues at that time and many of them chose to accept this"".', 'It added that distribution centre workers ""play a really critical role in helping us to serve our customers and we value all their hard work"".', 'As part of its election manifesto, Labour pledged to ban the practice of fire and rehire.', 'A Department for Business and Trade spokesman said new legislation on that would be brought in ""soon"".', 'Fire and rehire picked up pace during the coronavirus pandemic when a number of big businesses tried to dismiss workers and hire them back on worse deals.', 'British Airways, British Gas, bus company Go North West and coffee maker Jacobs Douwe Egberts were all accused of using the tactic.', 'Ferry operator P&O was also accused of similar tactics when it fired 800 of its workers in 2022, and then used an agency to replace the sacked staff.']",-0.0051904237689,"Paddy Lillis, Usdaw's general secretary, said the union had been ""determined to stand by its members"" and that the ""valuable benefit"" was ""a key component of their pay"".","The union had been ""appalled when Tesco threatened these individuals with fire and rehire to remove this benefit"" and said the ""tactics have no place in industrial relations"".",0.3792027168803745,Fire and rehire picked up pace during the coronavirus pandemic when a number of big businesses tried to dismiss workers and hire them back on worse deals.,"This would have been viewed, objectively, as unrealistic and as flouting industrial common sense by both sides,"" the judges said in their ruling.",2024-09-14
"Airbus Ventures launches $155 million fund focused on deep tech, including space",https://www.cnbc.com/2024/09/12/airbus-ventures-fund-deep-tech-space.html,2024-09-12T16:41:17+0000,"Airbus Ventures, one of the most prolific investors in space startups, has raised a $155 million fund that it plans to deploy across the burgeoning space sector, as well as the broader ""deep tech"" ecosystem.""This fund is designed to unlock new possibilities, and space is one of them,"" Thomas d'Halluin, managing partner of Airbus Ventures, told CNBC.The move comes as investment in the space industry, especially from venture capital, has been rebounding after two lean years.Airbus Ventures' new ""Fund-Y"" is targeting long-term opportunities in early-stage deep tech startups, which d'Halluin defines as ""going back to the laws of physics and not being afraid of what's difficult."" Historically, deep tech is a classification for companies working on technologies that face steep scientific or engineering obstacles.Founded in 2016, Airbus Ventures takes a different tack from traditional corporate venture capital arms. The firm maintains a gap from its eponymous corporation, the European aerospace company, and more than half of Fund-Y comes from outside capital such as institutional investors, private equity and family offices. Airbus Ventures currently has $465 million under management, with Fund-Y marking its fourth fund to date. About a third of Airbus Ventures' capital deployed so far has been in the space sector, the firm said, backing 14 pure-play companies in the sector, with notable investments including propulsion startup Impulse, lunar cargo company ispace and tracking service LeoLabs.""This is about patience. Often, and too often, people want immediate reward. Space is not a place of immediate reward,"" d'Halluin said.He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures' backing of Impulse. The startup was founded by Tom Mueller, best known for developing SpaceX's family of rocket engines.""Impulse was successful on its first mission because of the 17 years of experience of Tom at SpaceX,"" d'Halluin said.""That element of human capital we see often neglected in deep tech diligence — this notion of who's capturing the execution and the knowledge and the skill set in a particular company — is what we're pointing towards,"" he added.While Airbus Ventures has traditionally deployed the majority of its funds in the U.S., d'Halluin said it intends for Fund-Y to be global. In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.",CNBC,12/09/2024,"['Airbus Ventures, one of the most prolific investors in space startups, has raised a $155 million fund that it plans to deploy across the burgeoning space sector, as well as the broader ""deep tech"" ecosystem.', '""This fund is designed to unlock new possibilities, and space is one of them,"" Thomas d\'Halluin, managing partner of Airbus Ventures, told CNBC.The move comes as investment in the space industry, especially from venture capital, has been rebounding after two lean years.', 'Airbus Ventures\' new ""Fund-Y"" is targeting long-term opportunities in early-stage deep tech startups, which d\'Halluin defines as ""going back to the laws of physics and not being afraid of what\'s difficult.""', 'Historically, deep tech is a classification for companies working on technologies that face steep scientific or engineering obstacles.', 'Founded in 2016, Airbus Ventures takes a different tack from traditional corporate venture capital arms.', 'The firm maintains a gap from its eponymous corporation, the European aerospace company, and more than half of Fund-Y comes from outside capital such as institutional investors, private equity and family offices.', 'Airbus Ventures currently has $465 million under management, with Fund-Y marking its fourth fund to date.', ""About a third of Airbus Ventures' capital deployed so far has been in the space sector, the firm said, backing 14 pure-play companies in the sector, with notable investments including propulsion startup Impulse, lunar cargo company ispace and tracking service LeoLabs."", '""This is about patience.', 'Often, and too often, people want immediate reward.', 'Space is not a place of immediate reward,"" d\'Halluin said.', 'He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures\' backing of Impulse.', ""The startup was founded by Tom Mueller, best known for developing SpaceX's family of rocket engines."", '""Impulse was successful on its first mission because of the 17 years of experience of Tom at SpaceX,"" d\'Halluin said.', '""That element of human capital we see often neglected in deep tech diligence — this notion of who\'s capturing the execution and the knowledge and the skill set in a particular company — is what we\'re pointing towards,"" he added.', ""While Airbus Ventures has traditionally deployed the majority of its funds in the U.S., d'Halluin said it intends for Fund-Y to be global."", 'In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.']",0.2051048286218113,"He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures' backing of Impulse.","""That element of human capital we see often neglected in deep tech diligence — this notion of who's capturing the execution and the knowledge and the skill set in a particular company — is what we're pointing towards,"" he added.",0.9986892342567444,"In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.",,2024-09-14
SpaceX performs historic first spacewalk with Polaris Dawn crew,https://www.cnbc.com/2024/09/12/spacex-performs-historic-first-spacewalk-with-polaris-dawn-crew.html,2024-09-12T15:01:10+0000,"SpaceX pulled off its first spacewalk in the early hours of Thursday morning, in a historic first for a company.The marquee event of the private Polaris Dawn mission went smoothly, with two of the crew members — Jared Isaacman and Sarah Gillis — stepping outside of SpaceX's Dragon capsule ""Resilience."" It's the first time civilians, rather than government astronauts, have performed a spacewalk.""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission's benefactor and commander, said after emerging from the spacecraft.SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.SpaceX spent more than two years developing suits that can protect astronauts while in the harsh environment of space alongside the Polaris Program run by Isaacman, the billionaire founder of payments company Shift4. The mission is also the first to fly employees of the company, represented by mission specialist Gillis and medical officer Anna Menon.The Polaris Dawn event took about two hours in total, with the full crew of four exposed to the vacuum of space after the spacecraft's hatch opened. Isaacman and Gillis spent about seven minutes each outside the capsule, with a focus on testing the mobility of the spacesuits.SpaceX launched the mission Tuesday. In addition to the spacewalk, Polaris Dawn reached an orbit of more than 1,400 kilometers from Earth — the furthest humans have traveled in space since the Apollo program — and is performing about 40 science and research experiments, as well as raising funds for St. Jude Children's Research Hospital.Isaacman, who first traveled to space leading the Inspiration4 mission in 2021, said he is leading the Polaris Program in an effort to push the boundaries of private spaceflight.""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 told CNBC before the mission.",CNBC,12/09/2024,"['SpaceX pulled off its first spacewalk in the early hours of Thursday morning, in a historic first for a company.', 'The marquee event of the private Polaris Dawn mission went smoothly, with two of the crew members — Jared Isaacman and Sarah Gillis — stepping outside of SpaceX\'s Dragon capsule ""Resilience.""', ""It's the first time civilians, rather than government astronauts, have performed a spacewalk."", '""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission\'s benefactor and commander, said after emerging from the spacecraft.', 'SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.', 'SpaceX spent more than two years developing suits that can protect astronauts while in the harsh environment of space alongside the Polaris Program run by Isaacman, the billionaire founder of payments company Shift4.', 'The mission is also the first to fly employees of the company, represented by mission specialist Gillis and medical officer Anna Menon.', ""The Polaris Dawn event took about two hours in total, with the full crew of four exposed to the vacuum of space after the spacecraft's hatch opened."", 'Isaacman and Gillis spent about seven minutes each outside the capsule, with a focus on testing the mobility of the spacesuits.', 'SpaceX launched the mission Tuesday.', ""In addition to the spacewalk, Polaris Dawn reached an orbit of more than 1,400 kilometers from Earth — the furthest humans have traveled in space since the Apollo program — and is performing about 40 science and research experiments, as well as raising funds for St. Jude Children's Research Hospital."", 'Isaacman, who first traveled to space leading the Inspiration4 mission in 2021, said he is leading the Polaris Program in an effort to push the boundaries of private spaceflight.', '""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 told CNBC before the mission.']",0.1611918270754336,"""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission's benefactor and commander, said after emerging from the spacecraft.",,0.998739778995514,"SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.",,2024-09-14
"Winter fuel payment: We spend it on holidays, say some pensioners",https://www.bbc.co.uk/news/articles/c4gegy4r9ndo,2024-09-14T01:49:16.380Z,"“The money is just for the holiday kitty,” says Jon Harvey of the £300 he was given every winter to help with heating bills. “I could also use it to go out for a nice meal.” The 80-year-old, like all pensioners in England and Wales, was given the winter fuel payment (WFP) automatically – until this week when the new Labour government voted to change the rules. Now only pensioners who qualify for certain benefits will receive it, an estimated 1.5 million people. Last winter 10.8 million people got the payment. Jon, a retired police officer, tells us “it’s about time” the rules changed as “there are people who need it more than me”. The policy, launched by the last Labour government in 1997, costs nearly £2bn per year but Sir Keir Starmer hopes the changes will save taxpayers £1.5bn. The prime minister says it could help plug the £22bn ""black hole"" he says exists in the national finances - but the Tories and charities fear it could leave some over-65s cold this winter. Beyond the political fray, the argument is nuanced - so the BBC spoke to pensioners to hear the full range of views. Some told us they rely on the payment for heating, while others said they spend the money on things like holidays, restaurants or their grandchildren. Olwen Jones, 70, has been receiving the payment for the last four years since retiring from her job in IT. “I thought about giving it to my brother the last time I was given the payment, except he started getting it himself. Now, I give the money to charity,” she says. The payment acts as a bonus to the bank balance for Nick Plowright. “My mother, who died back in 2019, was also receiving it for many years. When she did, she'd tell us to give it to the grandchildren,” the 68-year-old explains. He adds: “The government needs to make the means testing rigorous, right minded and focused on helping those most in need. Above all, stop paying it to the millions who very obviously do not need it, like me.” The issue of who needs the support is at the heart of the change to the WFP. Office for National Statistics (ONS) figures show that the proportion of wealthy over-65s has grown. In 2010, 9% of this group lived in a household that had a total wealth – including assets like their home and pensions – above £1 million. Ten years later, this rose to 27%. Liz Emerson, CEO of the Intergenerational Foundation, a charity that campaigns for youth-friendly government policy, says it is being fuelled by rising property values. “Alongside that, they have more generous private pensions than young people,” she explains. “So when you combine housing wealth and pension wealth, older people have been doing far better than the younger generation over recent years.” Yet this isn’t just about millionaires - many of those who say they do not need WFP, like those the BBC spoke to, are simply on healthy pensions after years of working. Others are more wealthy, especially if they have sold high-value property and downsized to a house that is far less expensive to heat, ending up with leftover cash in the process. For those who don't sell up, Ms Emerson asks: “Should these pensioners be subsidised by younger taxpayers to stay in a valuable home? It seems to us to be intergenerationally unfair.” The vast majority of over-65s receive a state pension and it’s the main income for those who don’t get a private pension - which their former employer paid into. The state pension increases every year through the triple lock - in line with whichever is highest out of inflation, earnings or 2.5%. This year it increased by £690 for people who reached retirement age before April 2016 and £900 for those after that date. Next year the increases are projected to be £353 and £460 respectively, driven by high inflation and energy costs. The government points out that these increases are worth more than the annual WFP payments, which is £300 for those who retired before April 2016 and £200 for those after. Under the new rules, WFP will be paid only to over-65s who are receiving one of seven benefits: pension credit, universal credit, income-related employment and support allowance, income-based jobseeker’s allowance, income support, child tax credit or working tax credit. Critics argue these alternative measures are not enough. Age UK estimates 2.5 million pensioners on low incomes – but not low enough to get pension credit – will struggle to pay their bills this winter. The Conservatives and other opposition parties have criticised the government for not publishing an impact assessment that would have analysed which older people would have been most affected by the changes. Shelagh Lind, 70, is £2 per week over the pension credit threshold, so will lose WFP. She now fears for the months ahead - and says she’s lost faith in Labour as a lifelong supporter of the party. “I am so cross - I had that money earmarked and now it’s gone,” she says. “I can’t predict how much the bills are going to be. We will suffer.” Rose Brooks, 77, says her WFP money had been dedicated to paying the gas bill. “Without it, I cannot afford to put my central heating on. I honestly don’t know how I am going stay warm this winter.” She adds: “I think I’m just going to have to go to bed early in hope of avoiding the coldest temperatures.” Age UK have started a petition calling for the rule changes to be delayed - and more than 500,000 people have signed it. Chris Brooks, head of policy at the charity, says: “The big problem is that a lot of pensioners, often those who are on very low incomes, don't claim what they're entitled to. “Because they don't claim these benefits, they won’t get the WFP. This puts them in a really difficult financial position and lots of them tell us that they won't be able to turn their heating on this winter.” Both Mr Brooks and Ms Emerson told us they are in favour of giving more support to pensioners on low incomes or those who are medically vulnerable. And not just pensioners - others argue the payment should be widened to some families. Among them is Joan Jones, 76, who says the WFP sits in her bank account as she has “enough income to live on reasonably comfortably”. “There are families with young children who are struggling,” she warns. “Whatever their age, those people who need it should have it first.” Money Box examines who will be affected by the changing rules to winter fuel payments and how you can still receive it if you claim pension credit - are you eligible? BBC Radio 4 - Winter fuel payment and using cash ",BBC,14/09/2024,"['“The money is just for the holiday kitty,” says Jon Harvey of the £300 he was given every winter to help with heating bills. “', 'I could also use it to go out for a nice meal.”', 'The 80-year-old, like all pensioners in England and Wales, was given the winter fuel payment (WFP) automatically – until this week when the new Labour government voted to change the rules.', 'Now only pensioners who qualify for certain benefits will receive it, an estimated 1.5 million people.', 'Last winter 10.8 million people got the payment.', 'Jon, a retired police officer, tells us “it’s about time” the rules changed as “there are people who need it more than me”.', 'The policy, launched by the last Labour government in 1997, costs nearly £2bn per year but Sir Keir Starmer hopes the changes will save taxpayers £1.5bn.', 'The prime minister says it could help plug the £22bn ""black hole"" he says exists in the national finances - but the Tories and charities fear it could leave some over-65s cold this winter.', 'Beyond the political fray, the argument is nuanced - so the BBC spoke to pensioners to hear the full range of views.', 'Some told us they rely on the payment for heating, while others said they spend the money on things like holidays, restaurants or their grandchildren.', 'Olwen Jones, 70, has been receiving the payment for the last four years since retiring from her job in IT. “', 'I thought about giving it to my brother the last time I was given the payment, except he started getting it himself.', 'Now, I give the money to charity,” she says.', 'The payment acts as a bonus to the bank balance for Nick Plowright. “', 'My mother, who died back in 2019, was also receiving it for many years.', ""When she did, she'd tell us to give it to the grandchildren,” the 68-year-old explains."", 'He adds: “The government needs to make the means testing rigorous, right minded and focused on helping those most in need.', 'Above all, stop paying it to the millions who very obviously do not need it, like me.”', 'The issue of who needs the support is at the heart of the change to the WFP.', 'Office for National Statistics (ONS) figures show that the proportion of wealthy over-65s has grown.', 'In 2010, 9% of this group lived in a household that had a total wealth – including assets like their home and pensions – above £1 million.', 'Ten years later, this rose to 27%.', 'Liz Emerson, CEO of the Intergenerational Foundation, a charity that campaigns for youth-friendly government policy, says it is being fuelled by rising property values. “', 'Alongside that, they have more generous private pensions than young people,” she explains. “', 'So when you combine housing wealth and pension wealth, older people have been doing far better than the younger generation over recent years.”', 'Yet this isn’t just about millionaires - many of those who say they do not need WFP, like those the BBC spoke to, are simply on healthy pensions after years of working.', 'Others are more wealthy, especially if they have sold high-value property and downsized to a house that is far less expensive to heat, ending up with leftover cash in the process.', ""For those who don't sell up, Ms Emerson asks: “Should these pensioners be subsidised by younger taxpayers to stay in a valuable home?"", 'It seems to us to be intergenerationally unfair.”', 'The vast majority of over-65s receive a state pension and it’s the main income for those who don’t get a private pension - which their former employer paid into.', 'The state pension increases every year through the triple lock - in line with whichever is highest out of inflation, earnings or 2.5%.', 'This year it increased by £690 for people who reached retirement age before April 2016 and £900 for those after that date.', 'Next year the increases are projected to be £353 and £460 respectively, driven by high inflation and energy costs.', 'The government points out that these increases are worth more than the annual WFP payments, which is £300 for those who retired before April 2016 and £200 for those after.', 'Under the new rules, WFP will be paid only to over-65s who are receiving one of seven benefits: pension credit, universal credit, income-related employment and support allowance, income-based jobseeker’s allowance, income support, child tax credit or working tax credit.', 'Critics argue these alternative measures are not enough.', 'Age UK estimates 2.5 million pensioners on low incomes – but not low enough to get pension credit – will struggle to pay their bills this winter.', 'The Conservatives and other opposition parties have criticised the government for not publishing an impact assessment that would have analysed which older people would have been most affected by the changes.', 'Shelagh Lind, 70, is £2 per week over the pension credit threshold, so will lose WFP.', 'She now fears for the months ahead - and says she’s lost faith in Labour as a lifelong supporter of the party. “', 'I am so cross - I had that money earmarked and now it’s gone,” she says. “', 'I can’t predict how much the bills are going to be.', 'We will suffer.”', 'Rose Brooks, 77, says her WFP money had been dedicated to paying the gas bill. “', 'Without it, I cannot afford to put my central heating on.', 'I honestly don’t know how I am going stay warm this winter.”', 'She adds: “I think I’m just going to have to go to bed early in hope of avoiding the coldest temperatures.”', 'Age UK have started a petition calling for the rule changes to be delayed - and more than 500,000 people have signed it.', ""Chris Brooks, head of policy at the charity, says: “The big problem is that a lot of pensioners, often those who are on very low incomes, don't claim what they're entitled to. “"", ""Because they don't claim these benefits, they won’t get the WFP."", ""This puts them in a really difficult financial position and lots of them tell us that they won't be able to turn their heating on this winter.”"", 'Both Mr Brooks and Ms Emerson told us they are in favour of giving more support to pensioners on low incomes or those who are medically vulnerable.', 'And not just pensioners - others argue the payment should be widened to some families.', 'Among them is Joan Jones, 76, who says the WFP sits in her bank account as she has “enough income to live on reasonably comfortably”. “', 'There are families with young children who are struggling,” she warns. “', 'Whatever their age, those people who need it should have it first.”', 'Money Box examines who will be affected by the changing rules to winter fuel payments and how you can still receive it if you claim pension credit - are you eligible?', 'BBC Radio 4 - Winter fuel payment and using cash']",0.2072407419331086,"Under the new rules, WFP will be paid only to over-65s who are receiving one of seven benefits: pension credit, universal credit, income-related employment and support allowance, income-based jobseeker’s allowance, income support, child tax credit or working tax credit.","My mother, who died back in 2019, was also receiving it for many years.",0.0905422002077102,This year it increased by £690 for people who reached retirement age before April 2016 and £900 for those after that date.,This puts them in a really difficult financial position and lots of them tell us that they won't be able to turn their heating on this winter.”,2024-09-14
"Moderna shares plunge on plans to cut $1.1 billion in costs, launch 10 new products by 2027",https://www.cnbc.com/2024/09/12/moderna-rd-day-1-billion-in-cost-cuts-10-product-launches-planned.html,2024-09-12T15:50:55+0000,"In this articleModerna on Thursday said it plans to cut around $1.1 billion in expenses by 2027 and win approvals for several new products as it charts a path forward after the rapid decline of its Covid business. The biotech company said it expects 10 new product approvals through 2027. But Moderna said it will also pause work on some products in its pipeline and scrap others, as it aims to ""pace ourselves"" in new research and development spending. The company aims to trim R&D spending to a range of $3.6 billion to $3.8 billion in 2027, down from an expected $4.8 billion at the end of this year, according to a release.""You're going to start seeing things come down because there are some studies that we are going to basically sunset and we're not going to start,"" Moderna CEO Stephane Bancel told CNBC, adding that the company is putting its latent product portfolio ""on hold."" That refers to a category of viruses that linger inside patients for prolonged periods without causing any symptoms but can reactivate and cause serious health complications later in their lives. Still, shares of Moderna fell more than 15% on Thursday.Leerink Partners analyst Mani Foroohar said in an email Thursday that the company's updates ""put to rest key elements of the bull thesis"" for its stock and ""reflect a worsening financial position.""""R&D reductions are too far out chronologically to be credible from a management team that we think has proven serially unable to project the performance of their business,"" Foroohar said.In a research note Thursday, Jefferies analyst Michael Yee said that the bulk of the cost savings won't be achieved until 2027, which ""now delays profitability until 2028.""Moderna said it plans to ""break even"" on an operating cash cost basis with $6 billion in revenue in 2028. The company previously said it expects to break even and return to growth in 2026. The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion. From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch. While Moderna expects some product approvals in 2025, the company is ""not expecting meaningful revenue contributions until the year after,"" Moderna CFO Jamey Mock told investors during the event.Also on Thursday, Moderna announced positive late-stage trial results for its vaccine against respiratory syncytial virus in high-risk adults ages 18 to 59, with plans to file for approval for that age group this year. It also announced positive data on its experimental stand-alone flu shot for adults ages 65 and older. The company unveiled those updates during its annual research and development day investor event in New York on Thursday, which focuses on its product pipeline and long-term business updates. It comes around four months after U.S. regulators cleared Moderna's RSV vaccine for seniors, its second commercially available product after its Covid vaccine. The company said it now has five respiratory shots with positive phase three results and expects to submit three of those jabs for approval this year. That includes Moderna's combination shot targeting Covid and the flu, which it expects to file for approval in the U.S. this year, along with a new and more effective version of its Covid shot. Moderna also has five nonrespiratory products across cancer, latent viruses and rare diseases that could be approved by 2027, according to the company's release. The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion. From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch. ""That's really a remarkable achievement that the team has accomplished, leaving us with a lot of drugs that are working, which is why we need to pace ourselves in terms of R&D investment,"" he told CNBC. Moderna presented new data on its RSV vaccine, mRESVIA, which is cleared in the U.S. and European Union for adults 60 and above. The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus. There were no safety concerns observed, Moderna added.There are currently no RSV shots approved worldwide for younger, high-risk adults, such as those with weakened immune systems or underlying chronic conditions like asthma and diabetes. Moderna's main rivals in the RSV space, Pfizer and GSK, are also seeking an expanded approval for the age group. Bancel said the company plans to use a ""priority review voucher"" when it files for approval for people ages 18 to 59, which would reduce the amount of time it takes for the Food and Drug Administration to review the product to six months instead of 10 months. Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025. ""It's in the millions of people who could benefit. … We are also doing so just to be competitive in the marketplace because if you are a large retail pharmacy, you want your product to be available for all of your customers that show up,"" Bancel said. But the company is also discontinuing development of its RSV vaccine for infants under 2 years old based on ""emerging clinical data."" Moderna said its experimental stand-alone flu vaccine, mRNA-1010, produced a higher immune response against the virus compared with an existing flu shot in a recent phase three trial. The shot has also demonstrated ""consistently acceptable safety and tolerability"" across three late-stage trials, the company added.Meanwhile, Moderna said it plans to move its shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea, to a phase three trial ""imminently."" Bancel said he believes the company could finish the study within a year and file for approval immediately after if the data is positive. ""This could be a product that is two years away from launch, which is great because there's nothing today to treat norovirus,"" he said. ""A lot of health-care professionals get infected by their patients.""Moderna is also partnering with Merck to develop a personalized cancer vaccine, which is being studied in combination with Keytruda in patients with different forms of the disease. The companies are studying the shot in a phase three trial in patients with a deadly skin cancer and discussing an approval with regulators based on data from a mid-stage study on the jab.But Moderna said the FDA has ""not been supportive"" of a so-called accelerated approval of the shot based on its existing data. That refers to an FDA designation that clears drugs faster if they fill an unmet medical need for serious conditions.Bancel said, ""we're going to keep having discussions"" with regulators, and ""we're also generating more data.""-- CNBC's Angelica Peebles contributed to this report.",CNBC,12/09/2024,"['In this articleModerna on Thursday said it plans to cut around $1.1 billion in expenses by 2027 and win approvals for several new products as it charts a path forward after the rapid decline of its Covid business.', 'The biotech company said it expects 10 new product approvals through 2027.', 'But Moderna said it will also pause work on some products in its pipeline and scrap others, as it aims to ""pace ourselves"" in new research and development spending.', 'The company aims to trim R&D spending to a range of $3.6 billion to $3.8 billion in 2027, down from an expected $4.8 billion at the end of this year, according to a release.', '""You\'re going to start seeing things come down because there are some studies that we are going to basically sunset and we\'re not going to start,"" Moderna CEO Stephane Bancel told CNBC, adding that the company is putting its latent product portfolio ""on hold.""', 'That refers to a category of viruses that linger inside patients for prolonged periods without causing any symptoms but can reactivate and cause serious health complications later in their lives.', 'Still, shares of Moderna fell more than 15% on Thursday.', 'Leerink Partners analyst Mani Foroohar said in an email Thursday that the company\'s updates ""put to rest key elements of the bull thesis"" for its stock and ""reflect a worsening financial position.', '""""R&D reductions are too far out chronologically to be credible from a management team that we think has proven serially unable to project the performance of their business,"" Foroohar said.', 'In a research note Thursday, Jefferies analyst Michael Yee said that the bulk of the cost savings won\'t be achieved until 2027, which ""now delays profitability until 2028.""Moderna said it plans to ""break even"" on an operating cash cost basis with $6 billion in revenue in 2028.', 'The company previously said it expects to break even and return to growth in 2026.', 'The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion.', 'From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.', 'While Moderna expects some product approvals in 2025, the company is ""not expecting meaningful revenue contributions until the year after,"" Moderna CFO Jamey Mock told investors during the event.', 'Also on Thursday, Moderna announced positive late-stage trial results for its vaccine against respiratory syncytial virus in high-risk adults ages 18 to 59, with plans to file for approval for that age group this year.', 'It also announced positive data on its experimental stand-alone flu shot for adults ages 65 and older.', 'The company unveiled those updates during its annual research and development day investor event in New York on Thursday, which focuses on its product pipeline and long-term business updates.', ""It comes around four months after U.S. regulators cleared Moderna's RSV vaccine for seniors, its second commercially available product after its Covid vaccine."", 'The company said it now has five respiratory shots with positive phase three results and expects to submit three of those jabs for approval this year.', ""That includes Moderna's combination shot targeting Covid and the flu, which it expects to file for approval in the U.S. this year, along with a new and more effective version of its Covid shot."", ""Moderna also has five nonrespiratory products across cancer, latent viruses and rare diseases that could be approved by 2027, according to the company's release."", 'The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion.', 'From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.', '""That\'s really a remarkable achievement that the team has accomplished, leaving us with a lot of drugs that are working, which is why we need to pace ourselves in terms of R&D investment,"" he told CNBC.Moderna presented new data on its RSV vaccine, mRESVIA, which is cleared in the U.S. and European Union for adults 60 and above.', 'The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus.', 'There were no safety concerns observed, Moderna added.', 'There are currently no RSV shots approved worldwide for younger, high-risk adults, such as those with weakened immune systems or underlying chronic conditions like asthma and diabetes.', ""Moderna's main rivals in the RSV space, Pfizer and GSK, are also seeking an expanded approval for the age group."", 'Bancel said the company plans to use a ""priority review voucher"" when it files for approval for people ages 18 to 59, which would reduce the amount of time it takes for the Food and Drug Administration to review the product to six months instead of 10 months.', 'Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025.""It\'s in the millions of people who could benefit. …', 'We are also doing so just to be competitive in the marketplace because if you are a large retail pharmacy, you want your product to be available for all of your customers that show up,"" Bancel said.', 'But the company is also discontinuing development of its RSV vaccine for infants under 2 years old based on ""emerging clinical data.', '""Moderna said its experimental stand-alone flu vaccine, mRNA-1010, produced a higher immune response against the virus compared with an existing flu shot in a recent phase three trial.', 'The shot has also demonstrated ""consistently acceptable safety and tolerability"" across three late-stage trials, the company added.', 'Meanwhile, Moderna said it plans to move its shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea, to a phase three trial ""imminently.""', 'Bancel said he believes the company could finish the study within a year and file for approval immediately after if the data is positive.', '""This could be a product that is two years away from launch, which is great because there\'s nothing today to treat norovirus,"" he said. ""', 'A lot of health-care professionals get infected by their patients.', '""Moderna is also partnering with Merck to develop a personalized cancer vaccine, which is being studied in combination with Keytruda in patients with different forms of the disease.', 'The companies are studying the shot in a phase three trial in patients with a deadly skin cancer and discussing an approval with regulators based on data from a mid-stage study on the jab.', 'But Moderna said the FDA has ""not been supportive"" of a so-called accelerated approval of the shot based on its existing data.', 'That refers to an FDA designation that clears drugs faster if they fill an unmet medical need for serious conditions.', 'Bancel said, ""we\'re going to keep having discussions"" with regulators, and ""we\'re also generating more data.""--', ""CNBC's Angelica Peebles contributed to this report.""]",0.1205978998745196,"Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025.""It's in the millions of people who could benefit. …",The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus.,0.410499544247337,"From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.","Still, shares of Moderna fell more than 15% on Thursday.",2024-09-14
CEO of Ford's highly profitable Pro business to retire,https://www.cnbc.com/2024/09/12/ceo-of-fords-highly-profitable-pro-business-to-retire.html,2024-09-12T16:16:58+0000,"DETROIT — The head of Ford Motor's highly profitable ""Pro"" commercial and fleet business will retire at the end of this month, the company said Thursday.The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be succeeded on an interim basis by Andrew Frick, president of Ford's traditional ""Blue"" operations, until the company announces a new leader.""Ted's energy and passion for customers has been instrumental in building Ford Pro into a business that's tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,"" Ford CEO Jim Farley said in a statement.Ford Pro has been a profit driver for the automaker. It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.Such results led Wall Street to praise the business, as analysts have called it a ""hidden gem"" and Ford's ""Ferrari,"" referring to the highly profitable Italian sports car manufacturer.Cannis also led the Ford Customer Service Division, which handles global parts, services, accessories, and vehicle customization for Ford dealers and customers worldwide.Daniel Justo, who currently is chief financial officer of Ford Blue, will begin overseeing the operations upon Cannis' retirement.""It's been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,"" Cannis said in a release. ""Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming. I can't wait to watch Ford Pro and FCSD continue to innovate and grow.""",CNBC,12/09/2024,"['DETROIT — The head of Ford Motor\'s highly profitable ""Pro"" commercial and fleet business will retire at the end of this month, the company said Thursday.', 'The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be succeeded on an interim basis by Andrew Frick, president of Ford\'s traditional ""Blue"" operations, until the company announces a new leader.', '""Ted\'s energy and passion for customers has been instrumental in building Ford Pro into a business that\'s tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,"" Ford CEO Jim Farley said in a statement.', 'Ford Pro has been a profit driver for the automaker.', 'It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.', 'Such results led Wall Street to praise the business, as analysts have called it a ""hidden gem"" and Ford\'s ""Ferrari,"" referring to the highly profitable Italian sports car manufacturer.', 'Cannis also led the Ford Customer Service Division, which handles global parts, services, accessories, and vehicle customization for Ford dealers and customers worldwide.', ""Daniel Justo, who currently is chief financial officer of Ford Blue, will begin overseeing the operations upon Cannis' retirement."", '""It\'s been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,"" Cannis said in a release. ""', 'Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming.', 'I can\'t wait to watch Ford Pro and FCSD continue to innovate and grow.""']",0.4107461225235231,"Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming.","It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.",0.9987670268331256,"It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.",,2024-09-14
Coffee alternatives: Start-ups claim beanless coffee more ethical,https://www.bbc.co.uk/news/articles/c4gv0rvx0dvo,2024-09-12T23:02:19.760Z,"I am in a high-end coffee shop in a tech-heavy area of San Francisco, staring suspiciously into a cup of espresso. This is no conventional coffee: it is made without using a single coffee bean. It comes from Atomo, one of a band of alt-coffee start-ups hoping to revolutionise the world of brewed coffee. “We take great offence when someone says that we're a coffee substitute,” says Andy Kleitsch, the chief executive of Seattle based start-up Atomo, from whose pure, beanless ground product my espresso has been made. Traditional coffee substitutes have a reputation for not tasting much like coffee and are usually caffeine-free. However, the newcomers intend to replicate one of the world’s most popular beverages from taste, to caffeine punch, to drinking experience – and the first of this nascent industry’s beanless concoctions have begun to appear. They say there's a strong environmental argument for their beanless brews. According to the World Wide Fund for Nature, coffee cultivation is currently the sixth largest cause of deforestation. That impact is expected to widen as demand increases: consumption is fast rising in traditional tea drinking countries like India and China. Meanwhile, climate change is pushing plantations to higher altitudes to escape the heat. So, beanless coffee is potentially a less environmentally damaging alternative. The newcomers also argue that, if scaled up, beanless coffee could be cheaper than its conventional competition. And, with coffee prices reaching record levels on the international markets this year, that point is timely.  Also, in December, a new EU regulation is set to come into effect that outlaws the sale of products, coffee included, that can’t prove they are not linked to deforestation. “A lot of big coffee companies are watching this field,” says Chahan Yeretzian, a professor of analytical chemistry, who heads the Coffee Excellence Centre at the Zurich University of Applied Sciences in Switzerland. Niels Haak, director of sustainable coffee partnerships at Conservation International, an environmental non-profit, welcomes the innovative approaches to tackling coffee’s deforestation problem, but he also doubts if beanless coffee will be able to make much dent. Coffee growing provides livelihoods and income to many smallholder farming families globally, he further notes. The conundrum is if they move away from growing coffee, they will likely instead turn to growing more coca – the plant cocaine derives from – which has similar deforestation issues. “There are no silver bullets,” he says. He notes there is work ongoing – from coffee certification schemes, to efforts aimed at strengthening so-called shade coffee farming where coffee is grown under a canopy of other trees – to make coffee growing more sustainable and support communities. “[The coffee sector] is on a journey to transform,” he says. Yet the beanless companies counter that transformation isn’t wide enough or quick enough. Coffee is causing massive deforestation and coffee farmers live in poverty. If alt-coffee could offset even just the extra projected coffee demand it would be a win for the planet that wouldn’t put anyone out of business. And, as the climate changes, there are plenty of crops beyond illicit ones that coffee farmers could switch to that don’t require slashing more forest. Atomo, which launched in 2019, is currently sold in more than 70 coffee shops in the US. Coffee shop chain Bluestone Lane added it to the menu at all its locations in early August, including in San Francisco. Since June, Atomo has also been selling through its website a blend of beanless and conventional coffee intended for home brewing that I have also purchased to try. It currently costs slightly more than premium conventional coffee. For example, to make my espresso with Atomo adds on 50 cents (38p). Atomo’s ingredients aren’t particularly high tech: date seeds, ramón seeds, sunflower seed extract, fructose, pea protein, millet, lemon, guava, fenugreek seeds, caffeine and baking soda. Things begin with waste date seeds or pits. Rock hard, they are granulated then infused with a secret marinade of ingredients from the list above, before being roasted to create new flavours, aromas and compounds. Further ingredients then finish things off. Atomo’s caffeine is sourced from green tea decaffeination, though synthetically-made caffeine is also used to provide beanless coffee’s kick. Atomo operates a facility in southern California, where the date pits are cleaned and washed, and a second facility in Seattle where the manufacturing takes place. Current capacity is four million pounds a year, which Mr Kleitsch describes as a “rounding error” in the world of coffee production: Starbucks buys about 800 million. As for trying Atomo, both the coffee shop espresso and the brew-at-home version tasted close enough to good coffee for me. Perhaps luckily for these companies, coffee can have many different undertones. Others have different ingredients and methods. Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland. Roasted and ground lupin, chickpea, malted barley, and chicory are amongst the major ingredients the company works with, along with an undisclosed natural flavouring. Though notes David Klingen, the company’s boss, operations are still in the research and development phase. Ingredients may change as it perfects its brew. Other companies on the scene include Singapore-based Prefer and San Francisco's Minus. And, though it is further from market, also being pursued is the tantalising possibility of lab-grown or cultured coffee. In the same way animal cells can be cultivated in a bioreactor and harvested to produce meat cell products – so cells extracted from coffee plants could be similarly grown, then fermented and roasted to produce a brew. Proof of concept was demonstrated in 2021 by Finnish government researchers, who are now trying to help accelerate commercialisation. Cell-based coffee start-ups include Swiss-based Foodbrewer, US-based California Cultured, and Singapore-based Another. The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money. There are also doubts the technology will be able to scale economically. Meanwhile, challenges for the beanless firms remain. The house-filling aroma that real coffee generates is still elusive for them. And bean-free coffee doesn’t provide emotional connections to faraway places – Colombia, Ethiopia, Indonesia – the way real coffee can. Atomo’s main business hurdle now is finding large coffee partners who want to offer their consumers a new choice, while Northern Wonder’s is finding the right investors. “People aren’t completely sure how big the category will be and when,” says Mr Klingen. I don’t think I’ll be switching – I can’t help but like that real coffee is grown by people somewhere – but beanless coffee certainly left me thinking I should investigate the sustainability and ethics of my conventional brew. ",BBC,12/09/2024,"['I am in a high-end coffee shop in a tech-heavy area of San Francisco, staring suspiciously into a cup of espresso.', 'This is no conventional coffee: it is made without using a single coffee bean.', 'It comes from Atomo, one of a band of alt-coffee start-ups hoping to revolutionise the world of brewed coffee. “', ""We take great offence when someone says that we're a coffee substitute,” says Andy Kleitsch, the chief executive of Seattle based start-up Atomo, from whose pure, beanless ground product my espresso has been made."", 'Traditional coffee substitutes have a reputation for not tasting much like coffee and are usually caffeine-free.', 'However, the newcomers intend to replicate one of the world’s most popular beverages from taste, to caffeine punch, to drinking experience – and the first of this nascent industry’s beanless concoctions have begun to appear.', ""They say there's a strong environmental argument for their beanless brews."", 'According to the World Wide Fund for Nature, coffee cultivation is currently the sixth largest cause of deforestation.', 'That impact is expected to widen as demand increases: consumption is fast rising in traditional tea drinking countries like India and China.', 'Meanwhile, climate change is pushing plantations to higher altitudes to escape the heat.', 'So, beanless coffee is potentially a less environmentally damaging alternative.', 'The newcomers also argue that, if scaled up, beanless coffee could be cheaper than its conventional competition.', 'And, with coffee prices reaching record levels on the international markets this year, that point is timely.', 'Also, in December, a new EU regulation is set to come into effect that outlaws the sale of products, coffee included, that can’t prove they are not linked to deforestation. “', 'A lot of big coffee companies are watching this field,” says Chahan Yeretzian, a professor of analytical chemistry, who heads the Coffee Excellence Centre at the Zurich University of Applied Sciences in Switzerland.', 'Niels Haak, director of sustainable coffee partnerships at Conservation International, an environmental non-profit, welcomes the innovative approaches to tackling coffee’s deforestation problem, but he also doubts if beanless coffee will be able to make much dent.', 'Coffee growing provides livelihoods and income to many smallholder farming families globally, he further notes.', 'The conundrum is if they move away from growing coffee, they will likely instead turn to growing more coca – the plant cocaine derives from – which has similar deforestation issues. “', 'There are no silver bullets,” he says.', 'He notes there is work ongoing – from coffee certification schemes, to efforts aimed at strengthening so-called shade coffee farming where coffee is grown under a canopy of other trees – to make coffee growing more sustainable and support communities. “[', 'The coffee sector] is on a journey to transform,” he says.', 'Yet the beanless companies counter that transformation isn’t wide enough or quick enough.', 'Coffee is causing massive deforestation and coffee farmers live in poverty.', 'If alt-coffee could offset even just the extra projected coffee demand it would be a win for the planet that wouldn’t put anyone out of business.', 'And, as the climate changes, there are plenty of crops beyond illicit ones that coffee farmers could switch to that don’t require slashing more forest.', 'Atomo, which launched in 2019, is currently sold in more than 70 coffee shops in the US.', 'Coffee shop chain Bluestone Lane added it to the menu at all its locations in early August, including in San Francisco.', 'Since June, Atomo has also been selling through its website a blend of beanless and conventional coffee intended for home brewing that I have also purchased to try.', 'It currently costs slightly more than premium conventional coffee.', 'For example, to make my espresso with Atomo adds on 50 cents (38p).', 'Atomo’s ingredients aren’t particularly high tech: date seeds, ramón seeds, sunflower seed extract, fructose, pea protein, millet, lemon, guava, fenugreek seeds, caffeine and baking soda.', 'Things begin with waste date seeds or pits.', 'Rock hard, they are granulated then infused with a secret marinade of ingredients from the list above, before being roasted to create new flavours, aromas and compounds.', 'Further ingredients then finish things off.', 'Atomo’s caffeine is sourced from green tea decaffeination, though synthetically-made caffeine is also used to provide beanless coffee’s kick.', 'Atomo operates a facility in southern California, where the date pits are cleaned and washed, and a second facility in Seattle where the manufacturing takes place.', 'Current capacity is four million pounds a year, which Mr Kleitsch describes as a “rounding error” in the world of coffee production: Starbucks buys about 800 million.', 'As for trying Atomo, both the coffee shop espresso and the brew-at-home version tasted close enough to good coffee for me.', 'Perhaps luckily for these companies, coffee can have many different undertones.', 'Others have different ingredients and methods.', 'Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland.', 'Roasted and ground lupin, chickpea, malted barley, and chicory are amongst the major ingredients the company works with, along with an undisclosed natural flavouring.', 'Though notes David Klingen, the company’s boss, operations are still in the research and development phase.', 'Ingredients may change as it perfects its brew.', ""Other companies on the scene include Singapore-based Prefer and San Francisco's Minus."", 'And, though it is further from market, also being pursued is the tantalising possibility of lab-grown or cultured coffee.', 'In the same way animal cells can be cultivated in a bioreactor and harvested to produce meat cell products – so cells extracted from coffee plants could be similarly grown, then fermented and roasted to produce a brew.', 'Proof of concept was demonstrated in 2021 by Finnish government researchers, who are now trying to help accelerate commercialisation.', 'Cell-based coffee start-ups include Swiss-based Foodbrewer, US-based California Cultured, and Singapore-based Another.', 'The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money.', 'There are also doubts the technology will be able to scale economically.', 'Meanwhile, challenges for the beanless firms remain.', 'The house-filling aroma that real coffee generates is still elusive for them.', 'And bean-free coffee doesn’t provide emotional connections to faraway places – Colombia, Ethiopia, Indonesia – the way real coffee can.', 'Atomo’s main business hurdle now is finding large coffee partners who want to offer their consumers a new choice, while Northern Wonder’s is finding the right investors. “', 'People aren’t completely sure how big the category will be and when,” says Mr Klingen.', 'I don’t think I’ll be switching – I can’t help but like that real coffee is grown by people somewhere – but beanless coffee certainly left me thinking I should investigate the sustainability and ethics of my conventional brew.']",0.1284109723957253,"The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money.",Coffee is causing massive deforestation and coffee farmers live in poverty.,0.4469227155049642,"Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland.",Coffee is causing massive deforestation and coffee farmers live in poverty.,2024-09-14
Boeing factory workers strike for first time since 2008 after overwhelmingly rejecting contract,https://www.cnbc.com/2024/09/13/boeing-workers-strike-reject-contract.html,2024-09-13T20:04:18+0000,"In this articleBoeing's factory workers walked off the job after midnight on Friday, halting production of the company's bestselling airplanes after staff overwhelmingly rejected a new labor contract.It's a costly development for the manufacturer, which has struggled to ramp up production and restore its reputation following safety crises.Workers in the Seattle area and in Oregon voted 94.6% against a tentative agreement that Boeing and the International Association of Machinists and Aerospace Workers unveiled Sunday. The workers voted 96% in favor of a strike, far more than the two-thirds vote required for a work stoppage.""We strike at midnight,"" said IAM District 751 President Jon Holden at a news conference where he announced the vote's results to cheers from machinists. He characterized it as an ""unfair labor practice strike,"" alleging that factory workers had experienced ""discriminatory conduct, coercive questioning, unlawful surveillance and we had unlawful promise of benefits.""He said Boeing needs to bargain in good faith. Boeing didn't comment on his claims.Boeing's CFO Brian West told an investor conference on Friday that the company's leaders were disappointed with the rejection and strike. But he said they want to get back to the table to negotiate a new deal ""that's good for our people, their families, our community and our intent is to do just that.""""There was a disconnect,"" West said at the Morgan Stanley event, warning that the strike would impact airplane deliveries and production. He declined to provide specific financial impact estimates, saying the effect of the strike would be determined by how long it lasts.""Our immediate focus is to the laser-like focus on actions to conserve cash, and we will,"" he addedCredit-ratings agencies Moody's and Fitch warned Boeing that a lengthy strike put it in danger of downgrades, sending shares of the company down nearly 4% on Friday.The tentative proposal included 25% wage increases over four years and other improvements to health-care and retirement benefits, though the union had sought raises of about 40%. Workers had complained about the agreement, saying it didn't cover the increased cost of living.The vote is a blow to CEO Kelly Ortberg, who has been in the top job for five weeks. A day before the vote, he had urged workers to accept the contract and not to strike, saying that it would jeopardize the company's recovery.Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.The agreement, if approved, would have been the first fully negotiated contract for Boeing machinists in 16 years. Boeing workers went on strike in 2008 for nearly two months.Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains."" She forecast the tentative agreement would have had an annual impact of $900 million if passed.Stephanie Pope, CEO of Boeing's commercial airplane unit, told machinists earlier this week that the tentative deal was the ""best contract we've ever presented.""""In past negotiations, the thinking was we should hold something back so we can ratify the contract on a second vote,"" she said Tuesday. ""We talked about that strategy this time, but we deliberately chose a new path.""Boeing has burned through about $8 billion so far this year and has mounting debt. Production has fallen short of expectations as the company works to stamp out manufacturing flaws and faces other industrywide problems such as supply and labor shortages.Aircraft delivery delays from Boeing have vexed its airline customers. In response, they said they have had to redraw their hiring and growth plans. Southwest Airlines, which only has Boeing planes, has already sharply reduced its delivery expectations from Boeing for the year.""As a result, we currently have the fleet needed to fulfill our upcoming schedules,"" a spokesman said Friday. The airline's leaders were in touch with Boeing ahead of the vote.A door plug blowout on a nearly new Boeing 737 Max 9 at the start of the year has brought additional federal scrutiny of Boeing's production lines. ""Our aggressive oversight of Boeing continues,"" the Federal Aviation Administration said in a statement on Friday. A spokeswoman for the agency said its inspectors would remain onsite at Boeing's factories during the strike.White House Press Secretary Karine Jean-Pierre said at a press briefing on Friday that the Biden administration is in touch with the two parties and encouraged Boeing and the union to reach ""a solution here for all parties involved"" in good faith negotiations.",CNBC,13/09/2024,"[""In this articleBoeing's factory workers walked off the job after midnight on Friday, halting production of the company's bestselling airplanes after staff overwhelmingly rejected a new labor contract."", ""It's a costly development for the manufacturer, which has struggled to ramp up production and restore its reputation following safety crises."", 'Workers in the Seattle area and in Oregon voted 94.6% against a tentative agreement that Boeing and the International Association of Machinists and Aerospace Workers unveiled Sunday.', 'The workers voted 96% in favor of a strike, far more than the two-thirds vote required for a work stoppage.', '""We strike at midnight,"" said IAM District 751 President Jon Holden at a news conference where he announced the vote\'s results to cheers from machinists.', 'He characterized it as an ""unfair labor practice strike,"" alleging that factory workers had experienced ""discriminatory conduct, coercive questioning, unlawful surveillance and we had unlawful promise of benefits.', '""He said Boeing needs to bargain in good faith.', ""Boeing didn't comment on his claims."", ""Boeing's CFO Brian West told an investor conference on Friday that the company's leaders were disappointed with the rejection and strike."", 'But he said they want to get back to the table to negotiate a new deal ""that\'s good for our people, their families, our community and our intent is to do just that.', '""""There was a disconnect,"" West said at the Morgan Stanley event, warning that the strike would impact airplane deliveries and production.', 'He declined to provide specific financial impact estimates, saying the effect of the strike would be determined by how long it lasts.', '""Our immediate focus is to the laser-like focus on actions to conserve cash, and we will,"" he addedCredit-ratings agencies Moody\'s and Fitch warned Boeing that a lengthy strike put it in danger of downgrades, sending shares of the company down nearly 4% on Friday.', 'The tentative proposal included 25% wage increases over four years and other improvements to health-care and retirement benefits, though the union had sought raises of about 40%.', ""Workers had complained about the agreement, saying it didn't cover the increased cost of living."", 'The vote is a blow to CEO Kelly Ortberg, who has been in the top job for five weeks.', ""A day before the vote, he had urged workers to accept the contract and not to strike, saying that it would jeopardize the company's recovery."", 'Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.', 'The agreement, if approved, would have been the first fully negotiated contract for Boeing machinists in 16 years.', 'Boeing workers went on strike in 2008 for nearly two months.', 'Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains.""', 'She forecast the tentative agreement would have had an annual impact of $900 million if passed.', 'Stephanie Pope, CEO of Boeing\'s commercial airplane unit, told machinists earlier this week that the tentative deal was the ""best contract we\'ve ever presented.', '""""In past negotiations, the thinking was we should hold something back so we can ratify the contract on a second vote,"" she said Tuesday. ""', 'We talked about that strategy this time, but we deliberately chose a new path.', '""Boeing has burned through about $8 billion so far this year and has mounting debt.', 'Production has fallen short of expectations as the company works to stamp out manufacturing flaws and faces other industrywide problems such as supply and labor shortages.', 'Aircraft delivery delays from Boeing have vexed its airline customers.', 'In response, they said they have had to redraw their hiring and growth plans.', 'Southwest Airlines, which only has Boeing planes, has already sharply reduced its delivery expectations from Boeing for the year.', '""As a result, we currently have the fleet needed to fulfill our upcoming schedules,"" a spokesman said Friday.', ""The airline's leaders were in touch with Boeing ahead of the vote."", ""A door plug blowout on a nearly new Boeing 737 Max 9 at the start of the year has brought additional federal scrutiny of Boeing's production lines."", '""Our aggressive oversight of Boeing continues,"" the Federal Aviation Administration said in a statement on Friday.', ""A spokeswoman for the agency said its inspectors would remain onsite at Boeing's factories during the strike."", 'White House Press Secretary Karine Jean-Pierre said at a press briefing on Friday that the Biden administration is in touch with the two parties and encouraged Boeing and the union to reach""a solution here for all parties involved"" in good faith negotiations.']",0.1489757666797661,"White House Press Secretary Karine Jean-Pierre said at a press briefing on Friday that the Biden administration is in touch with the two parties and encouraged Boeing and the union to reach""a solution here for all parties involved"" in good faith negotiations.",Boeing's CFO Brian West told an investor conference on Friday that the company's leaders were disappointed with the rejection and strike.,-0.4825200381733122,"Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.","Southwest Airlines, which only has Boeing planes, has already sharply reduced its delivery expectations from Boeing for the year.",2024-09-14
New Starbucks CEO Brian Niccol outlines priorities to end coffee chain's slump,https://www.cnbc.com/2024/09/10/new-starbucks-ceo-brian-niccol-outlines-plans-for-business.html,2024-09-10T20:12:53+0000,"In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain's U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""… In some places — especially in the U.S. — we aren't always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better.""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company's branding.""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering.Later, Niccol plans to address its international business, such as in China, its second-largest market. Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers.""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East. Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.But for Niccol's first 100 days, he plans to spend time in the chain's cafes and offices and meet with key suppliers in the U.S.""Today, I'm making a commitment: We're getting back to Starbucks,"" said Niccol.The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan. The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.Niccol's official first day was Monday. He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street. Now, he is tasked with executing a turnaround for Starbucks.Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer. Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development.In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people. We are woven into the fabric of people's lives and the communities we serve. Second, there's a shared sense that we have drifted from our core. We have an opportunity to make the store experience better for our partners and, in turn, for our customers.Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention. Coffee is our heart. We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts. From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers. We invest in the finest quality beans. Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market. We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees. We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence. Each cup is more than a drink; it's a handcrafted moment, made with care.Our stores have always been more than a place to get a drink. They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista. A visit to Starbucks is about connection and joy, and of course great coffee.Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering. It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better. Today, I'm making a commitment: We're getting back to Starbucks. We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas. This is our enduring identity. We will innovate from here.We'll focus initially on four key areas that we know will have the biggest impact: To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform. This is our plan for the U.S., and where I need to focus my time initially. But Starbucks is a global company. We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day. I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them. In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market. Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong. My focus for the first 100 days is clear. I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps. Together, we will get back to what makes Starbucks, Starbucks. On we go, Brian",CNBC,10/09/2024,"['In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain\'s U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""…', 'In some places — especially in the U.S. — we aren\'t always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""', 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', '""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company\'s branding.', '""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.', ""To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering."", 'Later, Niccol plans to address its international business, such as in China, its second-largest market.', ""Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers."", '""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.', 'He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East.', ""Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza."", 'But for Niccol\'s first 100 days, he plans to spend time in the chain\'s cafes and offices and meet with key suppliers in the U.S.""Today, I\'m making a commitment: We\'re getting back to Starbucks,"" said Niccol.', ""The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan."", 'The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.', ""Niccol's official first day was Monday."", 'He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street.', 'Now, he is tasked with executing a turnaround for Starbucks.', 'Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer.', ""Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development."", 'In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people.', ""We are woven into the fabric of people's lives and the communities we serve."", ""Second, there's a shared sense that we have drifted from our core."", 'We have an opportunity to make the store experience better for our partners and, in turn, for our customers.', 'Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention.', 'Coffee is our heart.', ""We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts."", 'From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers.', 'We invest in the finest quality beans.', 'Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market.', 'We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees.', 'We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.', ""Each cup is more than a drink; it's a handcrafted moment, made with care."", 'Our stores have always been more than a place to get a drink.', ""They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista."", 'A visit to Starbucks is about connection and joy, and of course great coffee.', ""Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering."", 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', ""Today, I'm making a commitment: We're getting back to Starbucks."", ""We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas."", 'This is our enduring identity.', 'We will innovate from here.', ""We'll focus initially on four key areas that we know will have the biggest impact:To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform."", 'This is our plan for the U.S., and where I need to focus my time initially.', 'But Starbucks is a global company.', 'We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day.', 'I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them.', 'In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market.', ""Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong."", 'My focus for the first 100 days is clear.', ""I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps."", 'Together, we will get back to what makes Starbucks, Starbucks.', 'On we go,Brian']",0.3141595752723734,We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.,"Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.",0.303786677973611,"Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong.","The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.",2024-09-14
Former Ticketmaster boss sentenced for hacking rival company CrowdSurge,https://www.bbc.co.uk/news/articles/cvg423n1erko,2024-09-12T17:46:15.213Z,"A former Ticketmaster boss who illegally accessed a rival company’s computer servers to steal information has been sentenced. British national Stephen Mead stole sensitive data from CrowdSurge – a smaller business he had previously worked for - between 2013 and 2015. His actions directly contributed to the company’s collapse, the Department of Justice, in New York, said. Mead pleaded guilty to conspiracy to commit computer intrusions against CrowdSurge, in June. He has now been ordered to pay $67,970 as a forfeiture (about £52,000), and sentenced to a year’s supervised release. Court papers filed in the US state Ticketmaster executives had asked Mead to share “competitive intelligence” about the company. Ticketmaster - which describes itself as the world’s biggest entertainment ticketing platform - did not respond to the BBC's request for comment. Another former Ticketmaster executive, Zeeshan Zaidi, also pleaded guilty to fraud charges of conspiracy to commit computer intrusions and wire fraud in 2019. He is yet to be sentenced. Mead was ordered to pay back a sum he received when he left CrowdSurge, as well as the pay rise he subsequently received at Ticketmaster. A Foreign Office spokesperson told the BBC: “We are providing consular assistance to a British man in the US and are in contact with the local authorities.” CrowdSurge - a website on which artists could sell pre-sale tickets to fans - was a rival ticketing company to Ticketmaster, with its headquarters in London and a US office in New York. US court documents say the company had an estimated value of more than $100m. From 2010, Mead was CrowdSurge’s senior vice president for global operations and general manager for North America. The BBC has seen court documents that state that when Mead left CrowdSurge in July 2012 he signed a “separation agreement”, which stated he must not retain or share any confidential information - including client lists, and marketing strategies - with any third party. According to the court filing, the agreement also stipulated Mead should not work for another ticketing company for a year and, as part of the arrangement, CrowdSurge paid Mead approximately $52,970. But he repeatedly breached the separation agreement, the court papers say. By the summer of 2013, Mead was employed by Ticketmaster’s parent company, Live Nation, in a division called TicketWeb. CrowdSurge computer server logs show at least 25 instances when its company data was accessed by computers with IP addresses registered to Ticketmaster and associated companies in New York, San Francisco, and Los Angeles, between August 2013 and December 2015, the prosecution stated. According to the prosecution, Mead shared CrowdSurge spreadsheets containing financial information and passwords without permission, and accessed competitive information about the company’s clients and technology at the request of Ticketmaster executives. He also supplied other Ticketmaster employees with information that enabled them to access password-protected CrowdSurge information. He advised them to “screengrab the hell out of the system”, and discussed “cut[ting] off CrowdSurge at the knees”, court documents show. They also state that on one occasion, at Zaidi’s request, Mead gave a presentation to at least 14 Live Nation and Ticketmaster executives and employees during which he used a CrowdSurge username and password to log in to their website without authorisation. During the presentation - which was projected onto a large screen in a conference room - Mead demonstrated one of CrowdSurge’s bespoke products called the Artists’ Toolbox - a web-based data analytics package for music artists. During his employment, Mead also shared real-time ticket sales data and the identities of the performers CrowdSurge was working with. The DoJ says the information was used by Ticketmaster to plan competitive responses to win pre-sale ticketing business and compare products and offerings. It added Mead’s actions led to monetary losses for CrowdSurge, which “were particularly significant in a highly competitive business environment”. It says Mead was later promoted to become director of client services in Ticketmaster’s artist services division, in early 2015, reporting directly to Zaidi. He also received a pay rise. Court documents say Mead did not engage in the criminal conduct to personally profit from the scheme, beyond the benefit he received by improving his standing and position within Ticketmaster. CrowdSurge discovered Mead’s hacking after a former Ticketmaster executive started working for the company in 2015 and warned them to change how their systems could be accessed. Mead’s employment was terminated by Live Nation and Ticketmaster around October 2017. Court documents show Mead left the US in 2019 and returned to the UK. He was arrested in Italy earlier this year and extradited to the US. In 2015, CrowdSurge’s parent company, Complete Entertainment Resources, filed a civil lawsuit against Ticketmaster alleging it dominated the market and “attempted to destroy competition in the artist pre-sale ticketing services market in a number of different ways”. These included “blocking” numerous artists from working with SongKick - a company CrowdSurge had merged with in June 2015 - and using its market power to “force” them to work with Ticketmaster instead. Ticketmaster and SongKick settled their legal dispute in 2018, resulting in Ticketmaster paying $110m to the owners of SongKick and buying SongKick’s ticketing technology for an undisclosed amount. Ticketmaster entered into a deferred prosecution agreement with the Department of Justice in New York after pleading guilty to five charges of fraud in 2020. This process involves a company reaching an agreement with a prosecutor, where the company is charged with a criminal offence but proceedings are automatically suspended. The ticketing giant was fined $10m and agreed “where necessary and appropriate to modify or maintain its existing compliance program”. The DoJ confirmed Ticketmaster completed the terms of the deferred prosecution in July 2024. ",BBC,12/09/2024,"['A former Ticketmaster boss who illegally accessed a rival company’s computer servers to steal information has been sentenced.', 'British national Stephen Mead stole sensitive data from CrowdSurge – a smaller business he had previously worked for - between 2013 and 2015.', 'His actions directly contributed to the company’s collapse, the Department of Justice, in New York, said.', 'Mead pleaded guilty to conspiracy to commit computer intrusions against CrowdSurge, in June.', 'He has now been ordered to pay $67,970 as a forfeiture (about £52,000), and sentenced to a year’s supervised release.', 'Court papers filed in the US state Ticketmaster executives had asked Mead to share “competitive intelligence” about the company.', ""Ticketmaster - which describes itself as the world’s biggest entertainment ticketing platform - did not respond to the BBC's request for comment."", 'Another former Ticketmaster executive, Zeeshan Zaidi, also pleaded guilty to fraud charges of conspiracy to commit computer intrusions and wire fraud in 2019.', 'He is yet to be sentenced.', 'Mead was ordered to pay back a sum he received when he left CrowdSurge, as well as the pay rise he subsequently received at Ticketmaster.', 'A Foreign Office spokesperson told the BBC: “We are providing consular assistance to a British man in the US and are in contact with the local authorities.”', 'CrowdSurge - a website on which artists could sell pre-sale tickets to fans - was a rival ticketing company to Ticketmaster, with its headquarters in London and a US office in New York.', 'US court documents say the company had an estimated value of more than $100m. From 2010, Mead was CrowdSurge’s senior vice president for global operations and general manager for North America.', 'The BBC has seen court documents that state that when Mead left CrowdSurge in July 2012 he signed a “separation agreement”, which stated he must not retain or share any confidential information - including client lists, and marketing strategies - with any third party.', 'According to the court filing, the agreement also stipulated Mead should not work for another ticketing company for a year and, as part of the arrangement, CrowdSurge paid Mead approximately $52,970.', 'But he repeatedly breached the separation agreement, the court papers say.', 'By the summer of 2013, Mead was employed by Ticketmaster’s parent company, Live Nation, in a division called TicketWeb.', 'CrowdSurge computer server logs show at least 25 instances when its company data was accessed by computers with IP addresses registered to Ticketmaster and associated companies in New York, San Francisco, and Los Angeles, between August 2013 and December 2015, the prosecution stated.', 'According to the prosecution, Mead shared CrowdSurge spreadsheets containing financial information and passwords without permission, and accessed competitive information about the company’s clients and technology at the request of Ticketmaster executives.', 'He also supplied other Ticketmaster employees with information that enabled them to access password-protected CrowdSurge information.', 'He advised them to “screengrab the hell out of the system”, and discussed “cut[ting] off CrowdSurge at the knees”, court documents show.', 'They also state that on one occasion, at Zaidi’s request, Mead gave a presentation to at least 14 Live Nation and Ticketmaster executives and employees during which he used a CrowdSurge username and password to log in to their website without authorisation.', 'During the presentation - which was projected onto a large screen in a conference room - Mead demonstrated one of CrowdSurge’s bespoke products called the Artists’ Toolbox - a web-based data analytics package for music artists.', 'During his employment, Mead also shared real-time ticket sales data and the identities of the performers CrowdSurge was working with.', 'The DoJ says the information was used by Ticketmaster to plan competitive responses to win pre-sale ticketing business and compare products and offerings.', 'It added Mead’s actions led to monetary losses for CrowdSurge, which “were particularly significant in a highly competitive business environment”.', 'It says Mead was later promoted to become director of client services in Ticketmaster’s artist services division, in early 2015, reporting directly to Zaidi.', 'He also received a pay rise.', 'Court documents say Mead did not engage in the criminal conduct to personally profit from the scheme, beyond the benefit he received by improving his standing and position within Ticketmaster.', 'CrowdSurge discovered Mead’s hacking after a former Ticketmaster executive started working for the company in 2015 and warned them to change how their systems could be accessed.', 'Mead’s employment was terminated by Live Nation and Ticketmaster around October 2017.', 'Court documents show Mead left the US in 2019 and returned to the UK.', 'He was arrested in Italy earlier this year and extradited to the US.', 'In 2015, CrowdSurge’s parent company, Complete Entertainment Resources, filed a civil lawsuit against Ticketmaster alleging it dominated the market and “attempted to destroy competition in the artist pre-sale ticketing services market in a number of different ways”.', 'These included “blocking” numerous artists from working with SongKick - a company CrowdSurge had merged with in June 2015 - and using its market power to “force” them to work with Ticketmaster instead.', 'Ticketmaster and SongKick settled their legal dispute in 2018, resulting in Ticketmaster paying $110m to the owners of SongKick and buying SongKick’s ticketing technology for an undisclosed amount.', 'Ticketmaster entered into a deferred prosecution agreement with the Department of Justice in New York after pleading guilty to five charges of fraud in 2020.', 'This process involves a company reaching an agreement with a prosecutor, where the company is charged with a criminal offence but proceedings are automatically suspended.', 'The ticketing giant was fined $10m and agreed “where necessary and appropriate to modify or maintain its existing compliance program”.', 'The DoJ confirmed Ticketmaster completed the terms of the deferred prosecution in July 2024.']",-0.0246941725278617,Court papers filed in the US state Ticketmaster executives had asked Mead to share “competitive intelligence” about the company.,"Another former Ticketmaster executive, Zeeshan Zaidi, also pleaded guilty to fraud charges of conspiracy to commit computer intrusions and wire fraud in 2019.",0.2272439375519752,He also received a pay rise.,"It added Mead’s actions led to monetary losses for CrowdSurge, which “were particularly significant in a highly competitive business environment”.",2024-09-14
Jared Isaacman: The billionaire behind first private spacewalk,https://www.bbc.co.uk/news/articles/c3ejevknlvvo,2024-09-12T13:11:30.261Z,"American entrepreneur and billionaire Jared Isaacman became the first non-professional astronaut to walk in space on Thursday. The 41-year-old bankrolled the Polaris Dawn mission that launched him and three others into space aboard a SpaceX Crew Dragon spaceship. Worth an estimated $1.9bn (£1.46bn), Mr Isaacman made his fortune from  payment processing company Shift4 Payments, which he founded in 1999 aged 16. The businessman had long been passionate about flying, first taking pilot lessons in 2004 and later setting a world record for circumnavigating the world in a light jet. Stepping out into space for his first time on Thursday, the businessman said: “Back at home we all have a lot of work to do. “But from here Earth sure looks like a perfect world.” SpaceX engineer Sarah Gillis also did a spacewalk after Isaacman returned. Ms Gillis, the violinist-turned-aerospace-engineer, is the Polaris Dawn's mission specialist.  Polaris Dawn is not Mr Isaacman's first space mission. In 2021, he bankrolled and led the first private, all-civilian team to ever orbit the Earth. That crew - named Inspiration4 - left on a SpaceX capsule from Florida and spent three days in space before splashing down successfully in the Atlantic Ocean. Time magazine estimated that Mr Isaacman paid $200m (£153m) to fellow billionaire Elon Musk for all four seats aboard the SpaceX craft. “That was a heck of a ride for us,” Mr Isaacman radioed shortly after landing at the time. “We're just getting started.” Mr Isaacman was born in Union, New Jersey, where, from an early age, he wasn't afraid to go against the grain and push boundaries.  At the age of 15, he dropped out of high school and later took a GED (a high-school equivalency exam), according to the Netflix docuseries Countdown: Inspiration4 Mission to Space. ""I was a horrible student,"" Mr Isaacman said in the series. ""And I wasn't, like, happy in school, either."" A year later, he launched his successful company Shift4 Payments from his parents’ basement, according to a report by Forbes. The company now handles payments for a third of restaurants and hotels in the US, including big names like Hilton, Four Seasons, KFC and Arby’s; and processes over $260bn (£199bn) annually, according to its website. Mr Isaacman also founded Draken International in 2011, a defence firm that trains Air Force pilots and owns the world’s largest fleet of private military aircrafts. In 2019, Mr Isaacman sold a majority stake in Draken to Blackstone, a Wall Street firm, for a nine-figure sum, Forbes reported, launching himself into billionaire status. The magazine dubbed him a ""thrill seeker"" in a 2020 profile, reporting that for fun, Mr Isaacman “bullets the MiG faster than the speed of sound and climbs mountains to unwind from non-stop, intense 80-plus-hour weeks"". He also set a world speed record in 2009 for flying around the globe. In the docuseries, Mr Isaacman said: ""I do believe you only get one crack at life.""  ""To the extent you have the means to do so, you have this obligation to live life to the fullest,"" he added. ""You never know when it's going to be your last day."" Mr Isaacman is married, has two daughters and lives with his family in New Jersey. He and the others on board the Polaris Dawn are expected to return on Saturday. ",BBC,12/09/2024,"['American entrepreneur and billionaire Jared Isaacman became the first non-professional astronaut to walk in space on Thursday.', 'The 41-year-old bankrolled the Polaris Dawn mission that launched him and three others into space aboard a SpaceX Crew Dragon spaceship.', 'Worth an estimated $1.9bn (£1.46bn), Mr Isaacman made his fortune from payment processing company Shift4 Payments, which he founded in 1999 aged 16.', 'The businessman had long been passionate about flying, first taking pilot lessons in 2004 and later setting a world record for circumnavigating the world in a light jet.', 'Stepping out into space for his first time on Thursday, the businessman said: “Back at home we all have a lot of work to do. “', 'But from here Earth sure looks like a perfect world.”', 'SpaceX engineer Sarah Gillis also did a spacewalk after Isaacman returned.', ""Ms Gillis, the violinist-turned-aerospace-engineer, is the Polaris Dawn's mission specialist."", ""Polaris Dawn is not Mr Isaacman's first space mission."", 'In 2021, he bankrolled and led the first private, all-civilian team to ever orbit the Earth.', 'That crew - named Inspiration4 - left on a SpaceX capsule from Florida and spent three days in space before splashing down successfully in the Atlantic Ocean.', 'Time magazine estimated that Mr Isaacman paid $200m (£153m) to fellow billionaire Elon Musk for all four seats aboard the SpaceX craft. “', 'That was a heck of a ride for us,” Mr Isaacman radioed shortly after landing at the time. “', ""We're just getting started.”"", ""Mr Isaacman was born in Union, New Jersey, where, from an early age, he wasn't afraid to go against the grain and push boundaries."", 'At the age of 15, he dropped out of high school and later took a GED (a high-school equivalency exam), according to the Netflix docuseries Countdown: Inspiration4 Mission to Space. ""', 'I was a horrible student,"" Mr Isaacman said in the series. ""', 'And I wasn\'t, like, happy in school, either.""', 'A year later, he launched his successful company Shift4 Payments from his parents’ basement, according to a report by Forbes.', 'The company now handles payments for a third of restaurants and hotels in the US, including big names like Hilton, Four Seasons, KFC and Arby’s; and processes over $260bn (£199bn) annually, according to its website.', 'Mr Isaacman also founded Draken International in 2011, a defence firm that trains Air Force pilots and owns the world’s largest fleet of private military aircrafts.', 'In 2019, Mr Isaacman sold a majority stake in Draken to Blackstone, a Wall Street firm, for a nine-figure sum, Forbes reported, launching himself into billionaire status.', 'The magazine dubbed him a ""thrill seeker"" in a 2020 profile, reporting that for fun, Mr Isaacman “bullets the MiG faster than the speed of sound and climbs mountains to unwind from non-stop, intense 80-plus-hour weeks"".', 'He also set a world speed record in 2009 for flying around the globe.', 'In the docuseries, Mr Isaacman said: ""I do believe you only get one crack at life."" ""', 'To the extent you have the means to do so, you have this obligation to live life to the fullest,"" he added. ""', 'You never know when it\'s going to be your last day.""', 'Mr Isaacman is married, has two daughters and lives with his family in New Jersey.', 'He and the others on board the Polaris Dawn are expected to return on Saturday.']",0.1460608352942637,But from here Earth sure looks like a perfect world.”,"I was a horrible student,"" Mr Isaacman said in the series. """,0.944260984659195,He also set a world speed record in 2009 for flying around the globe.,,2024-09-14
TV junk food ads to be banned before 9pm from next year,https://www.bbc.co.uk/news/articles/cx2n2g5wze4o,2024-09-12T15:34:18.308Z,"A ban on junk food adverts being shown on TV before 21:00 will come into force on 1 October 2025, the government has confirmed.  Labour said the watershed on junk food advertising would be enforced alongside a total ban on paid-for online adverts, both aimed at tackling childhood obesity. The Conservatives had previously committed to the ban in 2021 when Boris Johnson was prime minister, but it was pushed back to give the industry more time to prepare.  Health Minister Andrew Gwynne said confirming the scope of restrictions and the date they would be implemented provided clarity for businesses. Gwynne said the government wanted ""to tackle the problem head on"" and ""without further delay"".  ""These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,"" he said in his written statement to the Commons on Thursday. The pre-watershed ban was a pledge in Labour's manifesto during this year's general election campaign.  The party also made a manifesto pledge to ban under-16s from buying high-caffeine energy drinks in England, as part of a wider push to improve children's health. The Royal Society for Public Health (RSPH), which works to reduce childhood obesity, called the advertising ban a ""welcome step"". Simon Dixon, head of policy and public affairs at the RSPH told the BBC that childhood nutrition is ""a long-term priority"" that is ""key to building a healthier future for the next generation"".  The government has now published its response to a 2022 consultation on draft measures for the ban, confirming definitions for the products, businesses and services covered by the restrictions. Under the proposals, there is a two-stage approach for defining a product that is considered ""less healthy"" for the purposes of the restrictions. This was originally referred to as products ""high in fat, salt or sugar (HFSS)"". In response to the 2022 consultation, the government said it recognised the need for greater clarity on the scope of the restrictions. It said further guidance will be provided to explain product categories, with clearer examples of which food and drink items fall within each category. A number of items will be exempt from the new restrictions as they are already subject to separate regulations. This includes baby formula, processed cereal-based foods for infants, diet replacement products, medicinal drinks and approved meal replacement products. Gwynne said the government would also hold a four-week targeted consultation to then be able to clarify how restrictions would apply to Internet Protocol Television (IPTV), which delivers TV live over the internet.  It comes as Prime Minister Sir Keir Starmer promised significant reforms for the NHS following the publication of a report by surgeon and former Labour minister Lord Darzi. Among Sir Keir's plans is a transition to a digital NHS, moving more care from hospitals to communities and a focus on sickness prevention to alleviate pressure. ""One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. ""More than one in five children in England are overweight or living with obesity by the time they start primary school, and this rises to more than one third by the time they leave."" Healthy living charity Impact on Urban Health also welcomed the new restrictions, but urged the government to enact similar measures for junk food adverts on the street, public transport and social media. Its Executive Director Peter Babudu told the BBC that ""it is not right that children face a flood of unhealthy options and junk food advertising in the places they spend most of their time"". The previous government introduced legislation in 2022 to restrict the promotion of unhealthy products in shops, and to ensure healthier food are more easily accessible. But Mr Babudu pointed to research which suggests this has not been enforced properly, and said that children from low-income families were ""disproportionately"" exposed to junk food advertising. ",BBC,12/09/2024,"['A ban on junk food adverts being shown on TV before 21:00 will come into force on 1 October 2025, the government has confirmed.', 'Labour said the watershed on junk food advertising would be enforced alongside a total ban on paid-for online adverts, both aimed at tackling childhood obesity.', 'The Conservatives had previously committed to the ban in 2021 when Boris Johnson was prime minister, but it was pushed back to give the industry more time to prepare.', 'Health Minister Andrew Gwynne said confirming the scope of restrictions and the date they would be implemented provided clarity for businesses.', 'Gwynne said the government wanted ""to tackle the problem head on"" and ""without further delay"". ""', 'These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,"" he said in his written statement to the Commons on Thursday.', ""The pre-watershed ban was a pledge in Labour's manifesto during this year's general election campaign."", ""The party also made a manifesto pledge to ban under-16s from buying high-caffeine energy drinks in England, as part of a wider push to improve children's health."", 'The Royal Society for Public Health (RSPH), which works to reduce childhood obesity, called the advertising ban a ""welcome step"".', 'Simon Dixon, head of policy and public affairs at the RSPH told the BBC that childhood nutrition is ""a long-term priority"" that is ""key to building a healthier future for the next generation"".', 'The government has now published its response to a 2022 consultation on draft measures for the ban, confirming definitions for the products, businesses and services covered by the restrictions.', 'Under the proposals, there is a two-stage approach for defining a product that is considered ""less healthy"" for the purposes of the restrictions.', 'This was originally referred to as products ""high in fat, salt or sugar (HFSS)"".', 'In response to the 2022 consultation, the government said it recognised the need for greater clarity on the scope of the restrictions.', 'It said further guidance will be provided to explain product categories, with clearer examples of which food and drink items fall within each category.', 'A number of items will be exempt from the new restrictions as they are already subject to separate regulations.', 'This includes baby formula, processed cereal-based foods for infants, diet replacement products, medicinal drinks and approved meal replacement products.', 'Gwynne said the government would also hold a four-week targeted consultation to then be able to clarify how restrictions would apply to Internet Protocol Television (IPTV), which delivers TV live over the internet.', 'It comes as Prime Minister Sir Keir Starmer promised significant reforms for the NHS following the publication of a report by surgeon and former Labour minister Lord Darzi.', 'Among Sir Keir\'s plans is a transition to a digital NHS, moving more care from hospitals to communities and a focus on sickness prevention to alleviate pressure. ""', 'One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. ""', 'More than one in five children in England are overweight or living with obesity by the time they start primary school, and this rises to more than one third by the time they leave.""', 'Healthy living charity Impact on Urban Health also welcomed the new restrictions, but urged the government to enact similar measures for junk food adverts on the street, public transport and social media.', 'Its Executive Director Peter Babudu told the BBC that ""it is not right that children face a flood of unhealthy options and junk food advertising in the places they spend most of their time"".', 'The previous government introduced legislation in 2022 to restrict the promotion of unhealthy products in shops, and to ensure healthier food are more easily accessible.', 'But Mr Babudu pointed to research which suggests this has not been enforced properly, and said that children from low-income families were ""disproportionately"" exposed to junk food advertising.']",-0.026114837068485,"These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,"" he said in his written statement to the Commons on Thursday.","One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. """,-0.0154899954795837,"The Royal Society for Public Health (RSPH), which works to reduce childhood obesity, called the advertising ban a ""welcome step"".","One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. """,2024-09-14
"Number of trans people may have been overestimated in census, ONS says",https://www.bbc.co.uk/news/articles/c3030519849o,2024-09-13T11:14:34.808Z,"The number of transgender people living in the UK may have been overestimated by the 2021 census, the Office for National Statistics (ONS) has confirmed. Following the survey in England and Wales, it was reported that around one in 200 people aged over 16 self-identified as a different gender to their sex at birth. However, a review found that people who do not speak fluent English may have misunderstood the wording of the relevant question and mistakenly answered that they consider themselves to be trans. The ONS had previously defended its methodology, despite some academics raising concerns over its accuracy. People who filled out the 2021 census in England and Wales were asked: ""Is the gender you identify with the same as your sex registered at birth?"" According to the ONS, 262,000 people - around 0.5% of the population - answered ""no"". But on Wednesday, Mary Gregory - a deputy director at the ONS - said some people may have misunderstood the question. Writing on the ONS's website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"". The number of people who answered the question mistakenly is thought to be ""relatively small"", she added, but enough to paint an inaccurate picture in areas ""where there are higher levels of non-English speakers"". Michael Biggs, a professor of sociology at Oxford University, publicly questioned the statistics in April. Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language. While only 10% of people said they did not speak English as their main language on the census, it appeared they made up 29% of the total number of transgender people, Prof Biggs said. For example, the London Borough of Newham had the highest proportion of people who identified as transgender (1.51%). The area also has one of the highest rates of non-English speakers - 35%, compared to 9% nationally. The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws. The regulator said other statistics produced by the 2021 census are still considered to be fully accurate. The ONS had previously said its estimates on the transgender population were in line with “international comparators”. ",BBC,13/09/2024,"['The number of transgender people living in the UK may have been overestimated by the 2021 census, the Office for National Statistics (ONS) has confirmed.', 'Following the survey in England and Wales, it was reported that around one in 200 people aged over 16 self-identified as a different gender to their sex at birth.', 'However, a review found that people who do not speak fluent English may have misunderstood the wording of the relevant question and mistakenly answered that they consider themselves to be trans.', 'The ONS had previously defended its methodology, despite some academics raising concerns over its accuracy.', 'People who filled out the 2021 census in England and Wales were asked: ""Is the gender you identify with the same as your sex registered at birth?""', 'According to the ONS, 262,000 people - around 0.5% of the population - answered ""no"".', 'But on Wednesday, Mary Gregory - a deputy director at the ONS - said some people may have misunderstood the question.', 'Writing on the ONS\'s website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"".', 'The number of people who answered the question mistakenly is thought to be ""relatively small"", she added, but enough to paint an inaccurate picture in areas ""where there are higher levels of non-English speakers"".', 'Michael Biggs, a professor of sociology at Oxford University, publicly questioned the statistics in April.', 'Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language.', 'While only 10% of people said they did not speak English as their main language on the census, it appeared they made up 29% of the total number of transgender people, Prof Biggs said.', 'For example, the London Borough of Newham had the highest proportion of people who identified as transgender (1.51%).', 'The area also has one of the highest rates of non-English speakers - 35%, compared to 9% nationally.', 'The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws.', 'The regulator said other statistics produced by the 2021 census are still considered to be fully accurate.', 'The ONS had previously said its estimates on the transgender population were in line with “international comparators”.']",-0.0946752615519191,"Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language.","Writing on the ONS's website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"".",-0.8640307784080505,,"The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws.",2024-09-14
US targets China's Shein and Temu with new shipping rules,https://www.bbc.co.uk/news/articles/c36n6g164l6o,2024-09-13T16:18:06.208Z,"The US has proposed rules that would hit many low-value shipments from China with new taxes - a measure aimed at curbing the flood of packages from shopping sites such as Shein and Temu. The Biden administration said the plan was intended to stop ""abuse"" of an exemption that allowed packages worth less than $800 (£600) to enter the US without facing tariffs and other fees.  The US said the ""de minimis"" rule has helped firms such as Shein and Temu, which typically ship directly from the manufacturer to the customer, undercut competitors with lower prices.  In statements, the two companies defended their business models.  The US raised the exemption from tariffs and other fees for shipments from $200 to $800 in 2016 to facilitate trade and allow officials to focus on higher priority shipments. But lawmakers have voiced increasing alarm about ""exploitation"" by firms such as Temu and Shein, as the two make rapid inroads in the US market. The new rules would remove the exemption for Chinese goods that currently face tariffs from the US - a wide range of products including shoes, machinery and 70% of textiles and apparel.   They would also increase what information shippers must provide to authorities. Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"". It said it was reviewing the rules and remained committed to ""delivering value to consumers"". ""Temu's growth does not depend on the de minimis policy,"" it added. Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"". The company said compliance was a priority and that it was already participating in a trial programme with US Customs and Border Protection (CBP). ""We want to disclose more of what’s in every package and are working closely with CBP,"" the company said.  Since launching a few years ago, Temu and Shein have gained followers with flashy Super Bowl adverts and ultra-low prices. The popularity has put such pressure on Amazon, the dominant e-commerce company in the US, that the firm is reportedly exploring its own discount unit focusing on direct-to-consumer shipments. Their rise has also brought scrutiny from US politicians and regulators, who have  raised questions about the safety of products on their sites and warned of a ""high risk"" that Temu was selling products made using forced labour. Authorities have blamed their success for putting strains on US border and customs authorities, as the number of packages entering the US under the de minimis exemption has surged from 140 million in 2013 to more than 1 billion last year. In announcing the action, the Biden administration said ""several China-founded e-commerce platforms"" now accounted for a ""majority"" of shipments under the $800 threshold. It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments. It accused companies of looking to skirt consumer protection laws and avoid trade barriers. ""American workers and businesses can outcompete anyone on a level playing field, but for too long, Chinese e-commerce platforms have skirted tariffs by abusing the de minimis exemption,” said Commerce Secretary Gina Raimondo. The American Action Forum, a right-leaning policy group, has estimated that getting rid of the $800 exemption entirely would result in ""$8bn to $30bn in additional annual costs that would eventually be passed on to consumers"". The proposal will go through a comment period before being finalised and taking effect. Authorities in the European Union have been exploring similar measures aimed at low-value shipments, Bloomberg and the Financial Times reported earlier this year. Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.  ",BBC,13/09/2024,"['The US has proposed rules that would hit many low-value shipments from China with new taxes - a measure aimed at curbing the flood of packages from shopping sites such as Shein and Temu.', 'The Biden administration said the plan was intended to stop ""abuse"" of an exemption that allowed packages worth less than $800 (£600) to enter the US without facing tariffs and other fees.', 'The US said the ""de minimis"" rule has helped firms such as Shein and Temu, which typically ship directly from the manufacturer to the customer, undercut competitors with lower prices.', 'In statements, the two companies defended their business models.', 'The US raised the exemption from tariffs and other fees for shipments from $200 to $800 in 2016 to facilitate trade and allow officials to focus on higher priority shipments.', 'But lawmakers have voiced increasing alarm about ""exploitation"" by firms such as Temu and Shein, as the two make rapid inroads in the US market.', 'The new rules would remove the exemption for Chinese goods that currently face tariffs from the US - a wide range of products including shoes, machinery and 70% of textiles and apparel.', 'They would also increase what information shippers must provide to authorities.', 'Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"".', 'It said it was reviewing the rules and remained committed to ""delivering value to consumers"". ""', 'Temu\'s growth does not depend on the de minimis policy,"" it added.', 'Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"".', 'The company said compliance was a priority and that it was already participating in a trial programme with US Customs and Border Protection (CBP). ""', 'We want to disclose more of what’s in every package and are working closely with CBP,"" the company said.', 'Since launching a few years ago, Temu and Shein have gained followers with flashy Super Bowl adverts and ultra-low prices.', 'The popularity has put such pressure on Amazon, the dominant e-commerce company in the US, that the firm is reportedly exploring its own discount unit focusing on direct-to-consumer shipments.', 'Their rise has also brought scrutiny from US politicians and regulators, who have raised questions about the safety of products on their sites and warned of a ""high risk"" that Temu was selling products made using forced labour.', 'Authorities have blamed their success for putting strains on US border and customs authorities, as the number of packages entering the US under the de minimis exemption has surged from 140 million in 2013 to more than 1 billion last year.', 'In announcing the action, the Biden administration said ""several China-founded e-commerce platforms"" now accounted for a ""majority"" of shipments under the $800 threshold.', 'It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments.', 'It accused companies of looking to skirt consumer protection laws and avoid trade barriers. ""', 'American workers and businesses can outcompete anyone on a level playing field, but for too long, Chinese e-commerce platforms have skirted tariffs by abusing the de minimis exemption,” said Commerce Secretary Gina Raimondo.', 'The American Action Forum, a right-leaning policy group, has estimated that getting rid of the $800 exemption entirely would result in ""$8bn to $30bn in additional annual costs that would eventually be passed on to consumers"".', 'The proposal will go through a comment period before being finalised and taking effect.', 'Authorities in the European Union have been exploring similar measures aimed at low-value shipments, Bloomberg and the Financial Times reported earlier this year.', 'Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.']",0.0167538376614018,"Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"".","It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments.",0.2023664991060892,"Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"".","Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.",2024-09-14
Microsoft lays off more gaming staff in new cuts,https://www.bbc.co.uk/news/articles/cq82852kkz8o,2024-09-12T14:00:56.496Z,"Xbox owner Microsoft is to cut about 650 staff from its gaming division in a new round of job losses after its $69bn (£54.3bn) merger deal. The software giant said staff working in ""mostly corporate and supporting functions"" worldwide would be affected. It laid off 1,900 staff in January and, in May, closed four studios bought before its purchase of Call of Duty maker Activision-Blizzard. In a memo to workers shared online and verified by the BBC, Xbox boss Phil Spencer said ""no games, devices or experiences are being cancelled and no studios are being closed"" due to the latest layoffs. Microsoft's purchase of Activision-Blizzard in October also included Candy Crush maker King and followed its buyout of Zenimax, which owns Fallout maker Bethesda. Mr Spencer told staff Microsoft had tried to ""minimise disruption"" as it brought in new teams in the months since the multibillion-dollar acquisition. He said the decision to cut more jobs - about 3% of its gaming staff - was made ""as part of aligning our post-acquisition team structure"" and organising the business ""for long-term success"".  Although he said games and studios would not be affected he said there would be ""some impacts to other teams as they adapt to shifting priorities and manage the lifecycle and performance of games"". Mr Spencer acknowledged the news would be ""difficult"" for workers and thanked those affected for their contributions to the company. The games industry has been hit by mass layoffs over the past two years following a rush of investments and acquisitions amid record profits and player numbers during the Covid-19 pandemic. PlayStation maker Sony, League of Legends creator Riot Games and Fortnite owner Epic have been among those to lay off hundreds of workers.  Microsoft received particular criticism over the closures of critically acclaimed studios Arkane Austin and Tango Gameworks earlier this year. Xbox boss Mr Spencer told gaming website IGN he was expected to run a ""sustainable"" gaming business and show growth during a June interview. And speaking during an official Xbox stream at Gamescom last month, he said the was ""a high bar"" inside Microsoft for the company's gaming division.  In its latest finance report Microsoft said its gaming revenues had increased, mostly due to its ownership of Activision-Blizzard, which also produces World of Warcraft, Diablo and Overwatch. Sales of Xbox hardware have fallen since last year though, and the company has been trying to expand its software sales.  Xbox showed off a string of upcoming games from its studios in June, including Call of Duty: Black Ops 6. The showcase was praised as one of its best in years, but the company has also upset fans by raising the prices of its Netflix-style Game Pass service and by announcing plans to release certain games on rival consoles. Indiana Jones and the Great Circle - one of the biggest Xbox releases this year - is set to be released on PlayStation 5, although the movie hero's adventure will come to Sony's machine months after Xbox. That followed an earlier announcement that four previously exclusive games were coming to the PS5 and Nintendo Switch. Microsoft has been contacted for comment on the latest announcement. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,12/09/2024,"['Xbox owner Microsoft is to cut about 650 staff from its gaming division in a new round of job losses after its $69bn (£54.3bn) merger deal.', 'The software giant said staff working in ""mostly corporate and supporting functions"" worldwide would be affected.', 'It laid off 1,900 staff in January and, in May, closed four studios bought before its purchase of Call of Duty maker Activision-Blizzard.', 'In a memo to workers shared online and verified by the BBC, Xbox boss Phil Spencer said ""no games, devices or experiences are being cancelled and no studios are being closed"" due to the latest layoffs.', ""Microsoft's purchase of Activision-Blizzard in October also included Candy Crush maker King and followed its buyout of Zenimax, which owns Fallout maker Bethesda."", 'Mr Spencer told staff Microsoft had tried to ""minimise disruption"" as it brought in new teams in the months since the multibillion-dollar acquisition.', 'He said the decision to cut more jobs - about 3% of its gaming staff - was made ""as part of aligning our post-acquisition team structure"" and organising the business ""for long-term success"".', 'Although he said games and studios would not be affected he said there would be ""some impacts to other teams as they adapt to shifting priorities and manage the lifecycle and performance of games"".', 'Mr Spencer acknowledged the news would be ""difficult"" for workers and thanked those affected for their contributions to the company.', 'The games industry has been hit by mass layoffs over the past two years following a rush of investments and acquisitions amid record profits and player numbers during the Covid-19 pandemic.', 'PlayStation maker Sony, League of Legends creator Riot Games and Fortnite owner Epic have been among those to lay off hundreds of workers.', 'Microsoft received particular criticism over the closures of critically acclaimed studios Arkane Austin and Tango Gameworks earlier this year.', 'Xbox boss Mr Spencer told gaming website IGN he was expected to run a ""sustainable"" gaming business and show growth during a June interview.', 'And speaking during an official Xbox stream at Gamescom last month, he said the was ""a high bar"" inside Microsoft for the company\'s gaming division.', 'In its latest finance report Microsoft said its gaming revenues had increased, mostly due to its ownership of Activision-Blizzard, which also produces World of Warcraft, Diablo and Overwatch.', 'Sales of Xbox hardware have fallen since last year though, and the company has been trying to expand its software sales.', 'Xbox showed off a string of upcoming games from its studios in June, including Call of Duty: Black Ops 6.', 'The showcase was praised as one of its best in years, but the company has also upset fans by raising the prices of its Netflix-style Game Pass service and by announcing plans to release certain games on rival consoles.', ""Indiana Jones and the Great Circle - one of the biggest Xbox releases this year - is set to be released on PlayStation 5, although the movie hero's adventure will come to Sony's machine months after Xbox."", 'That followed an earlier announcement that four previously exclusive games were coming to the PS5 and Nintendo Switch.', 'Microsoft has been contacted for comment on the latest announcement.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.0319191391881699,"Indiana Jones and the Great Circle - one of the biggest Xbox releases this year - is set to be released on PlayStation 5, although the movie hero's adventure will come to Sony's machine months after Xbox.",Xbox owner Microsoft is to cut about 650 staff from its gaming division in a new round of job losses after its $69bn (£54.3bn) merger deal.,-0.0759036866101351,"In its latest finance report Microsoft said its gaming revenues had increased, mostly due to its ownership of Activision-Blizzard, which also produces World of Warcraft, Diablo and Overwatch.","Sales of Xbox hardware have fallen since last year though, and the company has been trying to expand its software sales.",2024-09-14
Titanic maker Harland & Wolff to run out of cash within weeks,https://www.bbc.co.uk/news/articles/ce383d414p0o,2024-09-13T16:57:38.009Z,"Belfast shipbuilder Harland & Wolff is running out of cash, putting hundreds of jobs at risk, the BBC understands. The firm, famed for building the ill-fated Titanic, is in crisis talks to save it from collapse. One of the unions representing workers at the shipyard has sent a memo to its members suggesting there is ""only funding for the business until the end of this month"" and is calling for the government to step in. A review looking at options for the shipyard by Rothschild bank is expected to be finished in the coming weeks. Harland & Wolff and the government have been approached by the BBC for comment. Rothschild declined to comment. The GMB union reiterated the seriousness of the firm's financial position in a letter sent to the business secretary and defence secretary on Friday. It described the situation as ""critical"" and said time was ""fast running out for the UK government to find a solution"". ""Workers, families, and communities will potentially be thrown into turmoil once again, in just days or weeks, because of abject failure in national industrial strategy and corporate mismanagement,"" the GMB said. The company's main site is the historic Titanic shipyard in Belfast. It also has yards at Appledore in Devon, and at Methil and Arnish in Scotland. It employs 1,500 people in total. The union memo to workers, which has been seen by the BBC, indicated there had been 21 expressions of interest from buyers for the company so far. In its letter to ministers, the GMB expressed concerns over private bids for parts of the business. ""No private company in the bidding should be allowed to cherry pick what yards or contracts they wish to save – especially with huge taxpayer contracts in the mix.  ""All four Harland & Wolff yards are needed for our country and can thrive under a proper industrial strategy,"" the letter said.  However, the firm is heavily loss-making and its shares have been suspended since the beginning of July, after it failed to publish audited accounts. Later that month, ministers rejected the firm’s application for a £200m loan guarantee.  Business Secretary Jonathan Reynolds told parliament at the time: ""Government funding would not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.” Ministers were working with the company, unions, and devolved governments to “support a positive outcome for all affected sites across the UK”, he added. The firm’s existing creditor, US-based lender Riverstone, lent a further £19.5m in August, but it is understood Harland & Wolff is still in talks to secure further funding beyond the end of September. There has been an exodus of senior directors in recent weeks with the chairman, chief executive, chief financial officer, and two non-executive directors all walking away. Meanwhile, some existing investors have voiced their concerns about the company going into administration.  Last month a group of shareholders said they feared the business was being lined up for a pre-pack administration – enabling the company to sell itself or its assets before administrators are appointed. The 163-year-old company has been rescued from administration once before. In 2019, it was saved by a three-year contract with the Spanish shipbuilder Navantia to build three Royal Navy support ships.  ",BBC,13/09/2024,"['Belfast shipbuilder Harland & Wolff is running out of cash, putting hundreds of jobs at risk, the BBC understands.', 'The firm, famed for building the ill-fated Titanic, is in crisis talks to save it from collapse.', 'One of the unions representing workers at the shipyard has sent a memo to its members suggesting there is ""only funding for the business until the end of this month"" and is calling for the government to step in.', 'A review looking at options for the shipyard by Rothschild bank is expected to be finished in the coming weeks.', 'Harland & Wolff and the government have been approached by the BBC for comment.', 'Rothschild declined to comment.', ""The GMB union reiterated the seriousness of the firm's financial position in a letter sent to the business secretary and defence secretary on Friday."", 'It described the situation as ""critical"" and said time was ""fast running out for the UK government to find a solution"". ""', 'Workers, families, and communities will potentially be thrown into turmoil once again, in just days or weeks, because of abject failure in national industrial strategy and corporate mismanagement,"" the GMB said.', ""The company's main site is the historic Titanic shipyard in Belfast."", 'It also has yards at Appledore in Devon, and at Methil and Arnish in Scotland.', 'It employs 1,500 people in total.', 'The union memo to workers, which has been seen by the BBC, indicated there had been 21 expressions of interest from buyers for the company so far.', 'In its letter to ministers, the GMB expressed concerns over private bids for parts of the business. ""', 'No private company in the bidding should be allowed to cherry pick what yards or contracts they wish to save – especially with huge taxpayer contracts in the mix. ""', 'All four Harland & Wolff yards are needed for our country and can thrive under a proper industrial strategy,"" the letter said.', 'However, the firm is heavily loss-making and its shares have been suspended since the beginning of July, after it failed to publish audited accounts.', 'Later that month, ministers rejected the firm’s application for a £200m loan guarantee.', 'Business Secretary Jonathan Reynolds told parliament at the time: ""Government funding would not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.”', 'Ministers were working with the company, unions, and devolved governments to “support a positive outcome for all affected sites across the UK”, he added.', 'The firm’s existing creditor, US-based lender Riverstone, lent a further £19.5m in August, but it is understood Harland & Wolff is still in talks to secure further funding beyond the end of September.', 'There has been an exodus of senior directors in recent weeks with the chairman, chief executive, chief financial officer, and two non-executive directors all walking away.', 'Meanwhile, some existing investors have voiced their concerns about the company going into administration.', 'Last month a group of shareholders said they feared the business was being lined up for a pre-pack administration – enabling the company to sell itself or its assets before administrators are appointed.', 'The 163-year-old company has been rescued from administration once before.', 'In 2019, it was saved by a three-year contract with the Spanish shipbuilder Navantia to build three Royal Navy support ships.']",-0.0097545342963398,"No private company in the bidding should be allowed to cherry pick what yards or contracts they wish to save – especially with huge taxpayer contracts in the mix. ""","The firm, famed for building the ill-fated Titanic, is in crisis talks to save it from collapse.",-0.4667221407095591,"Ministers were working with the company, unions, and devolved governments to “support a positive outcome for all affected sites across the UK”, he added.","Business Secretary Jonathan Reynolds told parliament at the time: ""Government funding would not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.”",2024-09-14
"National debt set to treble over next 50 years, says OBR",https://www.bbc.co.uk/news/articles/cewlwkg82ggo,2024-09-12T09:41:02.793Z,"UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster. Those pressures include an ageing population, climate change, and rising geopolitical tensions, the Office for Budget Responsibility (OBR) said in a report. The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"". Chief Secretary to the Treasury Darren Jones said: “The OBR has laid bare the shocking state that our public finances were left in by the previous government."" Jones added that the UK was facing the ""highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP"". The Conservative Party has been contacted for comment. Debt is the total amount of money owed by the government that has built up over years. It rises when there is a deficit - when the government spends more than it receives in income - and falls in those years when there is a surplus - when it spends less than it receives. The higher the debt-to-GDP ratio, the less likely a country is to pay back its debt in full. UK national debt is currently at almost 100% of GDP. The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher. Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP. However, income generated is predicted to remain at around 40% of GDP. By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits. Its Fiscal Risks and Sustainability Report claims the previous and current UK government's aspirations to raise defence spending to 2.5% of GDP could add pressure to the public finances. In addition, the cost of transitioning to net zero, battling extreme weather linked to climate change, and a falling birth rate could also lead to more spending and less revenue, it said. The bill for state pensions and social care is set to rise substantially. Some of this would be mitigated by lower education and working-age benefit spending. The public finances are already under pressure due to ""a succession of extraordinary shocks"" over the past two decades, the report notes. This includes the global financial crisis, the pandemic and the energy crisis. Based on policy settings from March 2024, the analysis warns that public finances will be put on ""an unsustainable path"". A spokesperson for the Prime Minister said the government is seeking to ""restore economic stability"". ""Work has begun to support the economy and businesses, and that's what our focus will be on"", she said. ",BBC,12/09/2024,"['UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster.', 'Those pressures include an ageing population, climate change, and rising geopolitical tensions, the Office for Budget Responsibility (OBR) said in a report.', 'The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"".', 'Chief Secretary to the Treasury Darren Jones said: “The OBR has laid bare the shocking state that our public finances were left in by the previous government.""', 'Jones added that the UK was facing the ""highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP"".', 'The Conservative Party has been contacted for comment.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit - when the government spends more than it receives in income - and falls in those years when there is a surplus - when it spends less than it receives.', 'The higher the debt-to-GDP ratio, the less likely a country is to pay back its debt in full.', 'UK national debt is currently at almost 100% of GDP.', 'The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher.', ""Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP."", 'However, income generated is predicted to remain at around 40% of GDP.', 'By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits.', ""Its Fiscal Risks and Sustainability Report claims the previous and current UK government's aspirations to raise defence spending to 2.5% of GDP could add pressure to the public finances."", 'In addition, the cost of transitioning to net zero, battling extreme weather linked to climate change, and a falling birth rate could also lead to more spending and less revenue, it said.', 'The bill for state pensions and social care is set to rise substantially.', 'Some of this would be mitigated by lower education and working-age benefit spending.', 'The public finances are already under pressure due to ""a succession of extraordinary shocks"" over the past two decades, the report notes.', 'This includes the global financial crisis, the pandemic and the energy crisis.', 'Based on policy settings from March 2024, the analysis warns that public finances will be put on ""an unsustainable path"".', 'A spokesperson for the Prime Minister said the government is seeking to ""restore economic stability"". ""', 'Work has begun to support the economy and businesses, and that\'s what our focus will be on"", she said.']",-0.2147050713724526,"By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits.","The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher.",-0.3111509150928921,"Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP.","The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"".",2024-09-14
Billionaire investor Ray Dalio warns of threat to democracy,https://www.bbc.co.uk/news/articles/c4gqgg4zdzlo,2024-09-13T21:17:17.126Z,"A billionaire investor who predicted the global financial crisis has warned that the US election risks tipping the world’s biggest economy into serious disorder. In a week when candidates Kamala Harris and Donald Trump finally faced each other in a televised debate, Ray Dalio said his biggest fear was for democracy no matter who wins on 4 November. Mr Dalio founded the world’s largest hedge fund and is closely-watched by other investors for his stock-picks. In an interview with the BBC, he said: “There's a possibility that the loser, particularly if it's the Republicans and Donald Trump, might not accept losing and you have a situation where it's a win-at-all-cost by both the left and the right, so neither side can compromise. “My great fear is for democracy,” he said. Regardless of the victor, Mr Dalio said he expected there to be internal migration between states based on political, economic and moral dividing lines. “A lot of people in states like California and New York and New Jersey and so on, will go to states like Florida and Texas, partially because of taxes, but partially because of values,” he said. “There's a big gap in values”. “This reminds me of the 1930 to 45 period in which there was an economic crisis followed by democracies becoming dictatorships. Germany, Italy, Spain and Japan had parliamentary systems, and they broke down in terms of internal conflict between the the hard left, the hard right, communism and fascism. We are today seeing modern day versions of some of these things”, he said. There is some evidence that US migration based on values is already happening. Elon Musk announced in July he would move the headquarters of his companies X and SpaceX from California to Texas citing new rules banning schools from notifying parents that children wanted their gender redefined. Dalio, now 75, is the founder of Bridgewater Associates - the world’s largest hedge fund with $124bn in assets . He says he thought the probability of civil war was ""low, but cannot be dismissed.” Dalio, mercifully, does not claim he is infallible. But he insists he is more often right than wrong. “He who lives by the crystal ball is destined to eat ground glass. But I've been right in the markets about 65% of the time”, he said. But on the most immediate question in the US he is hedging his bets and refuses to be drawn on whether he thinks Trump or Harris will win. “I do not know how this election is going to turn out and how these things will turn out. I do know that we have an exceptionally high probability of instability”, he concluded. ",BBC,13/09/2024,"['A billionaire investor who predicted the global financial crisis has warned that the US election risks tipping the world’s biggest economy into serious disorder.', 'In a week when candidates Kamala Harris and Donald Trump finally faced each other in a televised debate, Ray Dalio said his biggest fear was for democracy no matter who wins on 4 November.', 'Mr Dalio founded the world’s largest hedge fund and is closely-watched by other investors for his stock-picks.', ""In an interview with the BBC, he said: “There's a possibility that the loser, particularly if it's the Republicans and Donald Trump, might not accept losing and you have a situation where it's a win-at-all-cost by both the left and the right, so neither side can compromise. “"", 'My great fear is for democracy,” he said.', 'Regardless of the victor, Mr Dalio said he expected there to be internal migration between states based on political, economic and moral dividing lines. “', 'A lot of people in states like California and New York and New Jersey and so on, will go to states like Florida and Texas, partially because of taxes, but partially because of values,” he said. “', ""There's a big gap in values”. “"", 'This reminds me of the 1930 to 45 period in which there was an economic crisis followed by democracies becoming dictatorships.', 'Germany, Italy, Spain and Japan had parliamentary systems, and they broke down in terms of internal conflict between the the hard left, the hard right, communism and fascism.', 'We are today seeing modern day versions of some of these things”, he said.', 'There is some evidence that US migration based on values is already happening.', 'Elon Musk announced in July he would move the headquarters of his companies X and SpaceX from California to Texas citing new rules banning schools from notifying parents that children wanted their gender redefined.', 'Dalio, now 75, is the founder of Bridgewater Associates - the world’s largest hedge fund with $124bn in assets .', 'He says he thought the probability of civil war was ""low, but cannot be dismissed.”', 'Dalio, mercifully, does not claim he is infallible.', 'But he insists he is more often right than wrong. “', 'He who lives by the crystal ball is destined to eat ground glass.', ""But I've been right in the markets about 65% of the time”, he said."", 'But on the most immediate question in the US he is hedging his bets and refuses to be drawn on whether he thinks Trump or Harris will win. “', 'I do not know how this election is going to turn out and how these things will turn out.', 'I do know that we have an exceptionally high probability of instability”, he concluded.']",-0.0314578279417278,But on the most immediate question in the US he is hedging his bets and refuses to be drawn on whether he thinks Trump or Harris will win. “,A billionaire investor who predicted the global financial crisis has warned that the US election risks tipping the world’s biggest economy into serious disorder.,-0.9936045606931052,,A billionaire investor who predicted the global financial crisis has warned that the US election risks tipping the world’s biggest economy into serious disorder.,2024-09-14
Fire-and-rehire: What is it and why is it controversial?,https://www.bbc.co.uk/news/business-57670287,2021-07-02T11:38:16.000Z,"Tesco has lost a Supreme Court battle over so-called ""fire-and-rehire"" plans put forward by the supermarket giant. The row began in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay, prompting the Usdaw union to take legal action. During the pandemic a number of big businesses tried to dismiss workers and hire them back straight away - on worse deals. It prompted calls from trade unions and opposition politicians for employment rights to be strengthened including banning the practice, commonly known as ""fire-and-rehire"". The most noticeable case was that of P&O Ferries, which fired 800 of its workers in 2022. It was not accused of adopting a straightforward ""fire-and-rehire"" strategy, because it used an agency to replace sacked staff.  But unions said there were lots of overlapping concerns particularly around job security. Employers sometimes want to change the terms and conditions of their workers.  Each case is different, but employers might want to reduce their pay, or reduce holiday allowances, change shift patterns - even reduce the breaks they are allowed. This will often happen when a company is losing money and needs to cut costs to stay in business. Normally, managers would negotiate with trade unions or workers' representatives to try to reach an agreement.  If they can't, employers sometimes dismiss the affected workers, and offer to hire them back on the same day - under new terms and conditions. That presents workers with a stark choice - accept worse terms and conditions which you said no to before, or lose your job.  It's not illegal but it is considered acceptable only as a last resort.  Tesco was blocked from firing and rehiring its workers on lower pay in September, with Supreme Court judges calling the expectation ""unrealistic"". In 2023 trade unions accused Carnival UK, which operates P&O Cruises and Cunard, of considering using the strategy, although the firm said it was ""categorically"" not making any redundancies. Unions compared Carnival's approach to what happened at P&O Ferries - which is owned by a completely separate company, DP World. In that case there were some reports that sacked workers were told they could reapply for their old jobs via the agency that was filling their vacant roles if they wished to, which would have made it something very like a ""fire-and-rehire"" strategy. The controversy around fire-and-rehire had already become more intense following the pandemic. Many companies lost business because of Covid, and some used fire-and-rehire to reduce the amount they spend on their workers.  Len McCluskey, the then-leader of Britain's largest trade union, Unite, called it ""a disease that is ripping through our workplaces"" at the time. High-profile disputes about alleged fire-and-rehire tactics include: The government does not record the number of times fire-and-rehire happens. A report commissioned by the government in 2021 found little hard data about how many disputes there are.  But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020. Many of the people the researchers spoke to said they felt the practice was becoming more common, not just among big companies, but smaller employers too.  Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed. The Usdaw union successfully challenged Tesco in the courts when it tried to fire and rehire some of its distribution workers, although it was a hard-fought battle. Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court. Fire-and-rehire is not illegal, but employers have to follow a long process, formally consulting workers and unions and observing set notice periods.  If it is not followed correctly, employers open themselves up to legal challenges through employment tribunals or the courts. Employees and unions can also challenge a fire-and-rehire process on the grounds that it is not done fairly - for example, if some groups of workers get better treatment than others.  Labour pledged that it would ban fire-and-rehire in its 2024 election manifesto, and, after the Tesco ruling in September, the government said it intends to bring forward legislation to do that ""soon"".  A spokesperson said the government wanted to ""put an end to unscrupulous fire-and-rehire practices, which have no place in a modern labour market"". Many employment rights only start after two years' service. Until then workers can be dismissed with a week's notice. At many firms, employees acquire more rights - such as better redundancy terms - the longer they work. In most cases, going through a fire-and-rehire process should not reset years of service back to zero, says Neil Todd of Thompsons Solicitors. Long-serving employees should not be treated as new hires if they are dismissed and rehired straight away, or even as late as the following week. ",BBC,02/07/2021,"['Tesco has lost a Supreme Court battle over so-called ""fire-and-rehire"" plans put forward by the supermarket giant.', 'The row began in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay, prompting the Usdaw union to take legal action.', 'During the pandemic a number of big businesses tried to dismiss workers and hire them back straight away - on worse deals.', 'It prompted calls from trade unions and opposition politicians for employment rights to be strengthened including banning the practice, commonly known as ""fire-and-rehire"".', 'The most noticeable case was that of P&O Ferries, which fired 800 of its workers in 2022.', 'It was not accused of adopting a straightforward ""fire-and-rehire"" strategy, because it used an agency to replace sacked staff.', 'But unions said there were lots of overlapping concerns particularly around job security.', 'Employers sometimes want to change the terms and conditions of their workers.', 'Each case is different, but employers might want to reduce their pay, or reduce holiday allowances, change shift patterns - even reduce the breaks they are allowed.', 'This will often happen when a company is losing money and needs to cut costs to stay in business.', ""Normally, managers would negotiate with trade unions or workers' representatives to try to reach an agreement."", ""If they can't, employers sometimes dismiss the affected workers, and offer to hire them back on the same day - under new terms and conditions."", 'That presents workers with a stark choice - accept worse terms and conditions which you said no to before, or lose your job.', ""It's not illegal but it is considered acceptable only as a last resort."", 'Tesco was blocked from firing and rehiring its workers on lower pay in September, with Supreme Court judges calling the expectation ""unrealistic"".', 'In 2023 trade unions accused Carnival UK, which operates P&O Cruises and Cunard, of considering using the strategy, although the firm said it was ""categorically"" not making any redundancies.', ""Unions compared Carnival's approach to what happened at P&O Ferries - which is owned by a completely separate company, DP World."", 'In that case there were some reports that sacked workers were told they could reapply for their old jobs via the agency that was filling their vacant roles if they wished to, which would have made it something very like a ""fire-and-rehire"" strategy.', 'The controversy around fire-and-rehire had already become more intense following the pandemic.', 'Many companies lost business because of Covid, and some used fire-and-rehire to reduce the amount they spend on their workers.', 'Len McCluskey, the then-leader of Britain\'s largest trade union, Unite, called it ""a disease that is ripping through our workplaces"" at the time.', 'High-profile disputes about alleged fire-and-rehire tactics include: The government does not record the number of times fire-and-rehire happens.', 'A report commissioned by the government in 2021 found little hard data about how many disputes there are.', 'But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020.', 'Many of the people the researchers spoke to said they felt the practice was becoming more common, not just among big companies, but smaller employers too.', 'Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed.', 'The Usdaw union successfully challenged Tesco in the courts when it tried to fire and rehire some of its distribution workers, although it was a hard-fought battle.', 'Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.', 'Fire-and-rehire is not illegal, but employers have to follow a long process, formally consulting workers and unions and observing set notice periods.', 'If it is not followed correctly, employers open themselves up to legal challenges through employment tribunals or the courts.', 'Employees and unions can also challenge a fire-and-rehire process on the grounds that it is not done fairly - for example, if some groups of workers get better treatment than others.', 'Labour pledged that it would ban fire-and-rehire in its 2024 election manifesto, and, after the Tesco ruling in September, the government said it intends to bring forward legislation to do that ""soon"".', 'A spokesperson said the government wanted to ""put an end to unscrupulous fire-and-rehire practices, which have no place in a modern labour market"".', ""Many employment rights only start after two years' service."", ""Until then workers can be dismissed with a week's notice."", 'At many firms, employees acquire more rights - such as better redundancy terms - the longer they work.', 'In most cases, going through a fire-and-rehire process should not reset years of service back to zero, says Neil Todd of Thompsons Solicitors.', 'Long-serving employees should not be treated as new hires if they are dismissed and rehired straight away, or even as late as the following week.']",-0.1306970157193663,"Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.","Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed.",-0.026538610458374,"Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.","But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020.",2024-09-14
How the world’s smelliest fruit is making coffee more expensive,https://www.bbc.co.uk/news/articles/c5y37dvlr70o,2024-09-15T02:33:23.991Z,"How much is too much for a caffeine fix? Prices like £5 in London or $7 in New York for a cup of coffee may be unthinkable for some - but could soon be a reality thanks to a ""perfect storm"" of economic and environmental factors in the world's top coffee-producing regions. The cost of unroasted beans traded in global markets is now at a ""historically high level"", says analyst Judy Ganes. Experts blame a mix of troubled crops, market forces, depleted stockpiles - and the world’s smelliest fruit. So how did we get here, and just how much will it impact your morning latte? In 2021, a freak frost wiped out coffee crops in Brazil, the world's largest producer of Arabica beans - those commonly used in barista-made coffee. This bean shortfall meant buyers turned to countries like Vietnam, the primary producer of Robusta beans, that are typically used in instant blends. But farmers there faced the region’s worst drought in nearly a decade. Climate change has been affecting the development of coffee plants, according to Will Frith, a coffee consultant based in Ho Chi Minh City, in turn impacting bean yields. And then Vietnamese farmers pivoted to a smelly, yellow fruit - the durian. The fruit - which is banned on public transport in Thailand, Japan, Singapore and Hong Kong because of its odour - is proving popular in China. And Vietnamese farmers are replacing their coffee crops with durian to cash in on this emerging market. Vietnam's durian market share in China almost doubled between 2023 and 2024, and some estimate the crop is five times more lucrative than coffee. ""There’s a history of growers in Vietnam being fickle in response to market price fluctuations, overcommitting, and then flooding the market with quantities of their new crop,"" Mr Frith says. As they flooded China with durian, Robusta coffee exports were down 50% in June compared to the previous June, and stocks were now ""near depleted"", according to the International Coffee Organisation. Exporters in Colombia, Ethiopia, Peru and Uganda have stepped up, but have not produced enough to ease a tight market. ""Right at [the] time when things started to rev up for demand of Robusta, is right when the world was scrambling for more supply,"" explains Ms Ganes. This means Robusta and Arabica beans are now trading at near-record highs on commodity markets. Is the shifting global coffee economy actually impacting the price of your coffee on a high street? The short answer: potentially. Wholesaler Paul Armstrong believes coffee drinkers may soon face the ""crazy"" prospect of paying more than £5 in the UK for their caffeine fix. “It’s a perfect storm at the minute.” Mr Armstrong, who runs Carrara Coffee Roasters based in the East Midlands, imports beans from South America and Asia, which are then roasted and sent to cafés around the UK. He tells the BBC he recently increased his prices, hoping it would account for the higher asking prices - but says costs have “only intensified” since. He adds that with some of his contracts ending in the coming months, cafés he serves will soon have to decide whether to pass the higher costs on to their customers. Mr Frith says some segments of the industry will be more exposed than others, though. ""It’s really the commercial quantity coffee that will experience the most disuption. Instant coffee, supermarket coffee, stuff at the gas station - that's all going up."" Industry figures caution that a high market price for coffee may not necessarily translate into higher retail prices. Felipe Barretto Croce, CEO of FAFCoffees in Brazil, agrees that consumers are ""feeling the pinch"" as consumer prices have risen. But he argues that is ""mostly due to inflationary costs in general"", such as rent and labour, rather than the cost of beans. Consultancy Allegra Strategies estimates beans contribute less than 10% of the price of a cup of coffee. ""Coffee is still very cheap, as a luxury good, if you make it at home."" He also says that the cost of lower-quality beans rising means high-quality coffee may now be seen as better value. ""If you go into a speciality coffee shop in London and get a coffee, versus a coffee in Costa Coffee, the difference [in price] between that cup and the speciality coffee is much smaller than it used to be."" But there is hope of price relief on the horizon. The upcoming spring crop in Brazil, which produces a third of the world's coffee, is now ""crucial"", according to Mr Croce. ""What everyone is looking at is when the rains will return,"" he says. ""If they return early, the plants should be healthy enough and the flowering should be good."" But if the rains come as late as October, he adds, yield predictions for next year’s crop will fall and market stress will continue. In the long term, climate change poses serious challenges for the global coffee industry. A study from 2022 concluded that even if we drastically reduce greenhouse gas emissions, the area most highly suited for growing coffee could decline by 50% by 2050. One measure to future-proof the industry that has the support of Mr Croce is a ""green premium"" - a small tax levied on coffee given to farmers to invest in regenerative agricultural practices, which help protect and sustain the viability of farmlands. So while smelly fruit is partly responsible for price rises now - a changing climate may ultimately strain the affordability of coffee in the years to come. ",BBC,15/09/2024,"['How much is too much for a caffeine fix?', 'Prices like £5 in London or $7 in New York for a cup of coffee may be unthinkable for some - but could soon be a reality thanks to a ""perfect storm"" of economic and environmental factors in the world\'s top coffee-producing regions.', 'The cost of unroasted beans traded in global markets is now at a ""historically high level"", says analyst Judy Ganes.', 'Experts blame a mix of troubled crops, market forces, depleted stockpiles - and the world’s smelliest fruit.', 'So how did we get here, and just how much will it impact your morning latte?', ""In 2021, a freak frost wiped out coffee crops in Brazil, the world's largest producer of Arabica beans - those commonly used in barista-made coffee."", 'This bean shortfall meant buyers turned to countries like Vietnam, the primary producer of Robusta beans, that are typically used in instant blends.', 'But farmers there faced the region’s worst drought in nearly a decade.', 'Climate change has been affecting the development of coffee plants, according to Will Frith, a coffee consultant based in Ho Chi Minh City, in turn impacting bean yields.', 'And then Vietnamese farmers pivoted to a smelly, yellow fruit - the durian.', 'The fruit - which is banned on public transport in Thailand, Japan, Singapore and Hong Kong because of its odour - is proving popular in China.', 'And Vietnamese farmers are replacing their coffee crops with durian to cash in on this emerging market.', 'Vietnam\'s durian market share in China almost doubled between 2023 and 2024, and some estimate the crop is five times more lucrative than coffee. ""', 'There’s a history of growers in Vietnam being fickle in response to market price fluctuations, overcommitting, and then flooding the market with quantities of their new crop,"" Mr Frith says.', 'As they flooded China with durian, Robusta coffee exports were down 50% in June compared to the previous June, and stocks were now ""near depleted"", according to the International Coffee Organisation.', 'Exporters in Colombia, Ethiopia, Peru and Uganda have stepped up, but have not produced enough to ease a tight market. ""', 'Right at [the] time when things started to rev up for demand of Robusta, is right when the world was scrambling for more supply,"" explains Ms Ganes.', 'This means Robusta and Arabica beans are now trading at near-record highs on commodity markets.', 'Is the shifting global coffee economy actually impacting the price of your coffee on a high street?', 'The short answer: potentially.', 'Wholesaler Paul Armstrong believes coffee drinkers may soon face the ""crazy"" prospect of paying more than £5 in the UK for their caffeine fix. “', 'It’s a perfect storm at the minute.”', 'Mr Armstrong, who runs Carrara Coffee Roasters based in the East Midlands, imports beans from South America and Asia, which are then roasted and sent to cafés around the UK.', 'He tells the BBC he recently increased his prices, hoping it would account for the higher asking prices - but says costs have “only intensified” since.', 'He adds that with some of his contracts ending in the coming months, cafés he serves will soon have to decide whether to pass the higher costs on to their customers.', 'Mr Frith says some segments of the industry will be more exposed than others, though. ""', 'It’s really the commercial quantity coffee that will experience the most disuption.', 'Instant coffee, supermarket coffee, stuff at the gas station - that\'s all going up.""', 'Industry figures caution that a high market price for coffee may not necessarily translate into higher retail prices.', 'Felipe Barretto Croce, CEO of FAFCoffees in Brazil, agrees that consumers are ""feeling the pinch"" as consumer prices have risen.', 'But he argues that is ""mostly due to inflationary costs in general"", such as rent and labour, rather than the cost of beans.', 'Consultancy Allegra Strategies estimates beans contribute less than 10% of the price of a cup of coffee. ""', 'Coffee is still very cheap, as a luxury good, if you make it at home.""', 'He also says that the cost of lower-quality beans rising means high-quality coffee may now be seen as better value. ""', 'If you go into a speciality coffee shop in London and get a coffee, versus a coffee in Costa Coffee, the difference [in price] between that cup and the speciality coffee is much smaller than it used to be.""', 'But there is hope of price relief on the horizon.', 'The upcoming spring crop in Brazil, which produces a third of the world\'s coffee, is now ""crucial"", according to Mr Croce. ""', 'What everyone is looking at is when the rains will return,"" he says. ""', 'If they return early, the plants should be healthy enough and the flowering should be good.""', 'But if the rains come as late as October, he adds, yield predictions for next year’s crop will fall and market stress will continue.', 'In the long term, climate change poses serious challenges for the global coffee industry.', 'A study from 2022 concluded that even if we drastically reduce greenhouse gas emissions, the area most highly suited for growing coffee could decline by 50% by 2050.', 'One measure to future-proof the industry that has the support of Mr Croce is a ""green premium"" - a small tax levied on coffee given to farmers to invest in regenerative agricultural practices, which help protect and sustain the viability of farmlands.', 'So while smelly fruit is partly responsible for price rises now - a changing climate may ultimately strain the affordability of coffee in the years to come.']",0.0827427004149333,"Prices like £5 in London or $7 in New York for a cup of coffee may be unthinkable for some - but could soon be a reality thanks to a ""perfect storm"" of economic and environmental factors in the world's top coffee-producing regions.",But farmers there faced the region’s worst drought in nearly a decade.,-0.0702911714712778,"Vietnam's durian market share in China almost doubled between 2023 and 2024, and some estimate the crop is five times more lucrative than coffee. ""","As they flooded China with durian, Robusta coffee exports were down 50% in June compared to the previous June, and stocks were now ""near depleted"", according to the International Coffee Organisation.",2024-09-14
Boeing strike: Workers vote overwhelmingly to back the walkout,https://www.bbc.co.uk/news/articles/c8jlj3dnlw7o,2024-09-13T04:31:59.091Z,"Boeing workers have gone on strike after they overwhelmingly rejected a tentative deal between union representatives and the plane maker that included a 25% pay rise. More than 30,000 workers in Seattle and Portland downed their tools from midnight Pacific Time (07:00 GMT) on Friday. The walkout is another setback for the firm, which is facing deepening financial losses. It is also struggling to repair its reputation after a series of safety issues, including two fatal crashes. The stand-off adds to the challenges facing Boeing's new chief executive Kelly Ortberg, who was appointed last month with a mission to turn the business around. Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted in the ballot rejected the pay deal. Of those who voted, 96% back strike action until a new agreement is reached. ""Our members spoke loud and clear tonight,"" said Jon Holden, president of the International Association of Machinists and Aerospace Workers (IAM) District 751. ""We strike at midnight."" Speaking at an investor conference on Friday, Boeing chief financial officer Brian West said the impact on the firm would depend on the duration of the strike, which has shut down production of the firm's popular 737 planes. He warned that the stoppage ""will jeopardise"" the firm's recovery and said the firm was focused on repairing its relationship with workers and reaching a deal.  ""We want to get back to the table and we want to reach an agreement that is good for our people, their families, our community and our intent is to do just that,"" he said.  The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company's ""recovery in jeopardy"". The question now is how long it will go on for. Boeing seems ready to get back to the table. But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal. As well as a 25% pay rise over four years, the preliminary agreement that workers rejected included a commitment from Boeing to build its next commercial plane in the Seattle area if the project started during the lifetime of the contract. The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise. Mr West said it was clear there had been a ""disconnect"" and that Mr Ortberg was ""personally"" involved with finding a compromise.  On the face of it, it is hard to see a quick solution unless Boeing capitulates. Analysts say an extended shutdown could cost the company and its suppliers billions.  On Friday, shares in the firm fell as Moody's warned that the situation could lead to a downgrade of Boeing's credit rating, an action that would make it more expensive for the firm to borrow.  The current contract between Boeing and the unions was reached in 2008 after an eight-week strike.  That walkout cost the company about $1.5bn (£1.14bn) a month, according to credit rating agency Moody's. In 2014, the two sides agreed to extend the deal, which expired at midnight on Thursday. “It’s never a good time for a strike, at least from the perspective of management, the current situation makes it even more problematic,"" said Greg Waldron, Asia Managing Editor at aviation news website FlightGlobal. ""Still, a great deal will depend on how long the strike lasts. Airline CEOs with 737 Maxes on order will be watching this closely,” Mr Waldron added. Mr Ortberg's appointment came as Boeing found itself in a deepening crisis over its safety record. His predecessor Dave Calhoun had announced in the spring that he would step down. In July, Boeing agreed to plead guilty to a fraud charge and a criminal fine of nearly $244m in connection with the fatal crashes of two of its 737 Max planes more than five years ago. It is also facing other lawsuits and probes after a mid-air blowout in January of a door plug on a new plane flown by Alaska Airlines. On top of mounting financial losses, the plane maker has slowed down its assembly lines, so that it is not even meeting a 737 Max production cap imposed by the US Federal Aviation Administration. Mr West said the firm had been ramping back up its pace of production and had expected to meet that cap by the end of the year. ""There was very good momentum. Unfortunately there's now a strike,"" he said. ""My expectation is we'll pick right back up where we left off,"" he added. ""But I don't know when."" ",BBC,13/09/2024,"['Boeing workers have gone on strike after they overwhelmingly rejected a tentative deal between union representatives and the plane maker that included a 25% pay rise.', 'More than 30,000 workers in Seattle and Portland downed their tools from midnight Pacific Time (07:00 GMT) on Friday.', 'The walkout is another setback for the firm, which is facing deepening financial losses.', 'It is also struggling to repair its reputation after a series of safety issues, including two fatal crashes.', ""The stand-off adds to the challenges facing Boeing's new chief executive Kelly Ortberg, who was appointed last month with a mission to turn the business around."", 'Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted in the ballot rejected the pay deal.', 'Of those who voted, 96% back strike action until a new agreement is reached. ""', 'Our members spoke loud and clear tonight,"" said Jon Holden, president of the International Association of Machinists and Aerospace Workers (IAM) District 751. ""', 'We strike at midnight.""', ""Speaking at an investor conference on Friday, Boeing chief financial officer Brian West said the impact on the firm would depend on the duration of the strike, which has shut down production of the firm's popular 737 planes."", 'He warned that the stoppage ""will jeopardise"" the firm\'s recovery and said the firm was focused on repairing its relationship with workers and reaching a deal. ""', 'We want to get back to the table and we want to reach an agreement that is good for our people, their families, our community and our intent is to do just that,"" he said.', 'The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company\'s ""recovery in jeopardy"".', 'The question now is how long it will go on for.', 'Boeing seems ready to get back to the table.', 'But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal.', 'As well as a 25% pay rise over four years, the preliminary agreement that workers rejected included a commitment from Boeing to build its next commercial plane in the Seattle area if the project started during the lifetime of the contract.', ""The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise."", 'Mr West said it was clear there had been a ""disconnect"" and that Mr Ortberg was ""personally"" involved with finding a compromise.', 'On the face of it, it is hard to see a quick solution unless Boeing capitulates.', 'Analysts say an extended shutdown could cost the company and its suppliers billions.', ""On Friday, shares in the firm fell as Moody's warned that the situation could lead to a downgrade of Boeing's credit rating, an action that would make it more expensive for the firm to borrow."", 'The current contract between Boeing and the unions was reached in 2008 after an eight-week strike.', ""That walkout cost the company about $1.5bn (£1.14bn) a month, according to credit rating agency Moody's."", 'In 2014, the two sides agreed to extend the deal, which expired at midnight on Thursday. “', 'It’s never a good time for a strike, at least from the perspective of management, the current situation makes it even more problematic,"" said Greg Waldron, Asia Managing Editor at aviation news website FlightGlobal. ""', 'Still, a great deal will depend on how long the strike lasts.', 'Airline CEOs with 737 Maxes on order will be watching this closely,” Mr Waldron added.', ""Mr Ortberg's appointment came as Boeing found itself in a deepening crisis over its safety record."", 'His predecessor Dave Calhoun had announced in the spring that he would step down.', 'In July, Boeing agreed to plead guilty to a fraud charge and a criminal fine of nearly $244m in connection with the fatal crashes of two of its 737 Max planes more than five years ago.', 'It is also facing other lawsuits and probes after a mid-air blowout in January of a door plug on a new plane flown by Alaska Airlines.', 'On top of mounting financial losses, the plane maker has slowed down its assembly lines, so that it is not even meeting a 737 Max production cap imposed by the US Federal Aviation Administration.', 'Mr West said the firm had been ramping back up its pace of production and had expected to meet that cap by the end of the year. ""', 'There was very good momentum.', 'Unfortunately there\'s now a strike,"" he said. ""', 'My expectation is we\'ll pick right back up where we left off,"" he added. ""', 'But I don\'t know when.""']",-0.0009338012749189,"But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal.","The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company's ""recovery in jeopardy"".",-0.3661472201347351,"The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise.","On Friday, shares in the firm fell as Moody's warned that the situation could lead to a downgrade of Boeing's credit rating, an action that would make it more expensive for the firm to borrow.",2024-09-14
German opens door to Kenyan workers in labour deal,https://www.bbc.co.uk/news/articles/c4gegkkg14ko,2024-09-13T14:59:55.071Z,"Berlin has agreed to allow skilled and semi-skilled Kenyan workers into Germany in a controlled and targeted labour migration deal.  Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour.  The German government has said the deal does not specify the number of workers who will be allowed in.  Migration agreements are a central pillar in the German government's efforts to curb immigration.  The agreement will also simplify the repatriation of Kenyans who are in Germany without legal permission. Five Kenyan bus drivers have already been welcomed to Flensburg, in the north of Germany, in a pilot project.  Immigration is a huge issue in Germany at the moment, following the rise in popularity of the far-right anti-immigration party, Alternative for Germany (AfD).  Successive governments in Berlin have allowed relatively large numbers of asylum seekers to settle in the country in recent years. Germany took in more than one million people, mostly fleeing war in countries such as Syria, during the 2015-2016 migrant crisis, and has received 1.2 million Ukrainians since Russia's full-scale invasion began in February 2022. The labour deal was signed in Berlin by Germany's Chancellor Olaf Scholz and Kenya's President William Ruto.  Germany agreed to ease some of its immigration laws to enable Kenyans to find employment in Europe's biggest economy.  Authorities in Berlin will also consider extending temporary residence permits for Kenyan workers who have secured an approved job. Kenyans will also be issued with long-term visas to study or do vocational training in Germany. ""On the expiry of the long-stay visa, Kenyans may receive a temporary residence permit for study purposes in Germany for up to two years,"" the agreement states.  The temporary residence permit may be extended if the purpose of residence has not yet been achieved but is achievable within a ""reasonable"" period, it adds.  According to the deal, IT specialists from Kenya will be allowed to enter and work in Germany, even if they do not have formal qualifications. Both governments will support the immigration of skilled workers who have finished vocational training or earned a university degree, as long as their qualifications are recognised by the relevant authorities of the other party.  The deal also includes provisions for the readmission and return of citizens between the two nations. It spells out guidelines to prevent and fight against labour exploitation, forced labour and human trafficking.  While welcoming five Kenyan drivers in Flensburg on Thursday, Schleswig-Holstein's Transport Minister Claus Ruhe Madsen said Germany was in need of  hard-working hands and clever minds.  ""We simply have to position ourselves in Germany in such a way that it is attractive to come here,"" Mr Madsen added.  The drivers are the first batch of Kenyan workers, who will be trained by the Aktiv bus company in a pilot project, hoping to get a job in Germany. Doctors, nurses and teachers are among those expected to take part in the programme. The International Labour Organisation (ILO) said the deal was expected to significantly increase access to decent foreign jobs for Kenyan workers in Germany and address labour shortages in Germany. ""It includes mechanisms to protect the rights and welfare of Kenyan migrant workers in Germany, ensuring safe, orderly, and productive migration,"" ILO added in a statement.  But there are concerns about a brain-drain in Kenya with professionals like doctors and nurses going abroad for jobs, leaving local hospitals with a huge shortage of medical workers.  ""It is sad that we are going to service other countries at the expense of our own country,"" Ekuru Aukot, a Kenyan lawyer and politician, told the BBC's Newsday programme.  But Roseline Njogu, a senior foreign affairs official, said Kenya was simply responding to the global labour market demands.   ""We have a youth bulge in Kenya and  every year we have a million people joining the local labour market. It takes time and resources to create job opportunities at home,"" she added.  Correction 14 September 2024:  An earlier version of this article put a figure on how many Kenyan workers would be allowed into Germany under the deal. The German interior ministry corrected this to state that the deal did not specify a figure.  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,13/09/2024,"['Berlin has agreed to allow skilled and semi-skilled Kenyan workers into Germany in a controlled and targeted labour migration deal.', 'Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour.', 'The German government has said the deal does not specify the number of workers who will be allowed in.', ""Migration agreements are a central pillar in the German government's efforts to curb immigration."", 'The agreement will also simplify the repatriation of Kenyans who are in Germany without legal permission.', 'Five Kenyan bus drivers have already been welcomed to Flensburg, in the north of Germany, in a pilot project.', 'Immigration is a huge issue in Germany at the moment, following the rise in popularity of the far-right anti-immigration party, Alternative for Germany (AfD).', 'Successive governments in Berlin have allowed relatively large numbers of asylum seekers to settle in the country in recent years.', ""Germany took in more than one million people, mostly fleeing war in countries such as Syria, during the 2015-2016 migrant crisis, and has received 1.2 million Ukrainians since Russia's full-scale invasion began in February 2022."", ""The labour deal was signed in Berlin by Germany's Chancellor Olaf Scholz and Kenya's President William Ruto."", ""Germany agreed to ease some of its immigration laws to enable Kenyans to find employment in Europe's biggest economy."", 'Authorities in Berlin will also consider extending temporary residence permits for Kenyan workers who have secured an approved job.', 'Kenyans will also be issued with long-term visas to study or do vocational training in Germany. ""', 'On the expiry of the long-stay visa, Kenyans may receive a temporary residence permit for study purposes in Germany for up to two years,"" the agreement states.', 'The temporary residence permit may be extended if the purpose of residence has not yet been achieved but is achievable within a ""reasonable"" period, it adds.', 'According to the deal, IT specialists from Kenya will be allowed to enter and work in Germany, even if they do not have formal qualifications.', 'Both governments will support the immigration of skilled workers who have finished vocational training or earned a university degree, as long as their qualifications are recognised by the relevant authorities of the other party.', 'The deal also includes provisions for the readmission and return of citizens between the two nations.', 'It spells out guidelines to prevent and fight against labour exploitation, forced labour and human trafficking.', 'While welcoming five Kenyan drivers in Flensburg on Thursday, Schleswig-Holstein\'s Transport Minister Claus Ruhe Madsen said Germany was in need of hard-working hands and clever minds. ""', 'We simply have to position ourselves in Germany in such a way that it is attractive to come here,"" Mr Madsen added.', 'The drivers are the first batch of Kenyan workers, who will be trained by the Aktiv bus company in a pilot project, hoping to get a job in Germany.', 'Doctors, nurses and teachers are among those expected to take part in the programme.', 'The International Labour Organisation (ILO) said the deal was expected to significantly increase access to decent foreign jobs for Kenyan workers in Germany and address labour shortages in Germany. ""', 'It includes mechanisms to protect the rights and welfare of Kenyan migrant workers in Germany, ensuring safe, orderly, and productive migration,"" ILO added in a statement.', 'But there are concerns about a brain-drain in Kenya with professionals like doctors and nurses going abroad for jobs, leaving local hospitals with a huge shortage of medical workers. ""', 'It is sad that we are going to service other countries at the expense of our own country,"" Ekuru Aukot, a Kenyan lawyer and politician, told the BBC\'s Newsday programme.', 'But Roseline Njogu, a senior foreign affairs official, said Kenya was simply responding to the global labour market demands. ""', 'We have a youth bulge in Kenya and every year we have a million people joining the local labour market.', 'It takes time and resources to create job opportunities at home,"" she added.', 'Correction 14 September 2024: An earlier version of this article put a figure on how many Kenyan workers would be allowed into Germany under the deal.', 'The German interior ministry corrected this to state that the deal did not specify a figure.', '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']",0.181176085587887,"It includes mechanisms to protect the rights and welfare of Kenyan migrant workers in Germany, ensuring safe, orderly, and productive migration,"" ILO added in a statement.","Germany took in more than one million people, mostly fleeing war in countries such as Syria, during the 2015-2016 migrant crisis, and has received 1.2 million Ukrainians since Russia's full-scale invasion began in February 2022.",0.4451243064620278,"The International Labour Organisation (ILO) said the deal was expected to significantly increase access to decent foreign jobs for Kenyan workers in Germany and address labour shortages in Germany. ""","Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour.",2024-09-14
"Winter fuel payment: 780,000 to miss out on allowance, says DWP",https://www.bbc.co.uk/news/articles/cr54n3r0l50o,2024-09-14T03:21:45.704Z,"Around 780,000 pensioners in England and Wales are set to lose their winter fuel allowance because they are not expected to apply for benefits they are entitled to, according to the government's own analysis.  The Department for Work and Pensions (DWP) estimates were released under freedom of information laws on Friday. The ""equalities analyses"" predicted many people entitled to pension credit - and therefore eligible for fuel payments under the new rules - will not submit a claim, and therefore lose the subsidy altogether.  The disclosure comes after the government told opposition parties it had not carried out a full assessment of the policy's impact, amid calls for analysis to be released. No 10 has previously said it was not legally obliged to produce a full impact assessment on the decision to means test the benefit. Under the changes, winter fuel allowance will still be available to those claiming pension credit and some other benefits, but around 10 million people are set to be stripped of the payment. A Treasury spokesman told the BBC that more than a million pensioners would still receive the winter fuel payment, and the government is encouraging people eligible for pension credit to apply. However, the DWP's internal analysis confirms the government is expecting hundreds of thousands of eligible people to miss out.  The government estimates around 100,000 more people could be persuaded to claim pension credit, but more than three quarters of a million pensioners who are eligible are still not expected to submit a claim, the document confirmed.  The analysis also suggested that nine in 10 pensioners aged between 66 and 79 would lose their allowance, and eight in 10 over 80s would do so. Since those over 80 receive a higher payment - £300 as opposed to £200 - they would take the greatest financial hit, it said. The analysis also found that while those with a disability would be most likely to retain the payment, around 71% will still lose their entitlement. Conservative Party chairman Richard Fuller called on Labour to ""immediately"" conduct and publish a full impact assessment of ""this harmful policy"", accusing the government of having ""sneaked out"" the analysis. Previously, the Liberal Democrats said not carrying out an impact assessment before cutting support was ""absolutely unthinkable"". Speaking on Thursday, Sir Keir Starmer said the decision to cut winter fuel payments was necessary to stabilise the economy, and that the government was putting ""mitigations in place"". The DWP said the document - which is more limited than a full impact assessment - was not ""routinely published alongside secondary legislation"" after it was published in response to a Freedom of Information request.  ",BBC,14/09/2024,"[""Around 780,000 pensioners in England and Wales are set to lose their winter fuel allowance because they are not expected to apply for benefits they are entitled to, according to the government's own analysis."", 'The Department for Work and Pensions (DWP) estimates were released under freedom of information laws on Friday.', 'The ""equalities analyses"" predicted many people entitled to pension credit - and therefore eligible for fuel payments under the new rules - will not submit a claim, and therefore lose the subsidy altogether.', ""The disclosure comes after the government told opposition parties it had not carried out a full assessment of the policy's impact, amid calls for analysis to be released."", 'No 10 has previously said it was not legally obliged to produce a full impact assessment on the decision to means test the benefit.', 'Under the changes, winter fuel allowance will still be available to those claiming pension credit and some other benefits, but around 10 million people are set to be stripped of the payment.', 'A Treasury spokesman told the BBC that more than a million pensioners would still receive the winter fuel payment, and the government is encouraging people eligible for pension credit to apply.', ""However, the DWP's internal analysis confirms the government is expecting hundreds of thousands of eligible people to miss out."", 'The government estimates around 100,000 more people could be persuaded to claim pension credit, but more than three quarters of a million pensioners who are eligible are still not expected to submit a claim, the document confirmed.', 'The analysis also suggested that nine in 10 pensioners aged between 66 and 79 would lose their allowance, and eight in 10 over 80s would do so.', 'Since those over 80 receive a higher payment - £300 as opposed to £200 - they would take the greatest financial hit, it said.', 'The analysis also found that while those with a disability would be most likely to retain the payment, around 71% will still lose their entitlement.', 'Conservative Party chairman Richard Fuller called on Labour to ""immediately"" conduct and publish a full impact assessment of ""this harmful policy"", accusing the government of having ""sneaked out"" the analysis.', 'Previously, the Liberal Democrats said not carrying out an impact assessment before cutting support was ""absolutely unthinkable"".', 'Speaking on Thursday, Sir Keir Starmer said the decision to cut winter fuel payments was necessary to stabilise the economy, and that the government was putting ""mitigations in place"".', 'The DWP said the document - which is more limited than a full impact assessment - was not ""routinely published alongside secondary legislation"" after it was published in response to a Freedom of Information request.']",0.215195718782454,"A Treasury spokesman told the BBC that more than a million pensioners would still receive the winter fuel payment, and the government is encouraging people eligible for pension credit to apply.","The analysis also suggested that nine in 10 pensioners aged between 66 and 79 would lose their allowance, and eight in 10 over 80s would do so.",-0.7277959329741341,"Speaking on Thursday, Sir Keir Starmer said the decision to cut winter fuel payments was necessary to stabilise the economy, and that the government was putting ""mitigations in place"".","Since those over 80 receive a higher payment - £300 as opposed to £200 - they would take the greatest financial hit, it said.",2024-09-14
Boeing strike: Workers vote overwhelmingly to back the walkout,https://www.bbc.co.uk/news/articles/c8jlj3dnlw7o,2024-09-13T04:31:59.091Z,"Boeing workers have gone on strike after they overwhelmingly rejected a tentative deal between union representatives and the plane maker that included a 25% pay rise. More than 30,000 workers in Seattle and Portland downed their tools from midnight Pacific Time (07:00 GMT) on Friday. The walkout is another setback for the firm, which is facing deepening financial losses. It is also struggling to repair its reputation after a series of safety issues, including two fatal crashes. The strike will be a major blow for Boeing's new chief executive Kelly Ortberg, who was appointed last month with a mission to turn the business around. Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted in the ballot rejected the pay deal. Of those who voted, 96% back strike action until a new agreement is reached. ""Our members spoke loud and clear tonight,"" said Jon Holden, president of the International Association of Machinists and Aerospace Workers (IAM) District 751. ""We strike at midnight."" Boeing said in a statement: “The message was clear that the tentative agreement we reached with IAM leadership was not acceptable to the members. ""We remain committed to resetting our relationship with our employees and the union, and we are ready to get back to the table to reach a new agreement."" The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company's ""recovery in jeopardy"". The question now is how long it will go on for. Boeing seems ready to get back to the table. But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal. As well as a 25% pay rise over four years, the preliminary agreement that workers rejected included a commitment from Boeing to build its next commercial plane in the Seattle area if the project started during the lifetime of the contract. The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise. On the face of it, it is hard to see a quick solution unless Boeing capitulates. Analysts say an extended shutdown could cost the company and its suppliers billions. The current contract between Boeing and the unions was reached in 2008 after an eight-week strike.  That walkout cost the company about $1.5bn (£1.14bn) a month, according to credit rating agency Moody's. In 2014, the two sides agreed to extend the deal, which expired at midnight on Thursday. “It’s never a good time for a strike, at least from the perspective of management, the current situation makes it even more problematic,"" said Greg Waldron, Asia Managing Editor at aviation news website FlightGlobal. ""Still, a great deal will depend on how long the strike lasts. Airline CEOs with 737 Maxes on order will be watching this closely,” Mr Waldron added. Mr Ortberg's appointment came as Boeing found itself in a deepening crisis over its safety record. His predecessor Dave Calhoun had announced in the spring that he would step down. In July, Boeing agreed to plead guilty to a fraud charge and a criminal fine of nearly $244m in connection with the fatal crashes of two of its 737 Max planes more than five years ago. It is also facing other lawsuits and probes after a mid-air blowout in January of a door plug on a new plane flown by Alaska Airlines. On top of mounting financial losses, the plane maker has had to slow down its assembly lines due to a 737 Max production cap imposed by the US Federal Aviation Administration. ",BBC,13/09/2024,"['Boeing workers have gone on strike after they overwhelmingly rejected a tentative deal between union representatives and the plane maker that included a 25% pay rise.', 'More than 30,000 workers in Seattle and Portland downed their tools from midnight Pacific Time (07:00 GMT) on Friday.', 'The walkout is another setback for the firm, which is facing deepening financial losses.', 'It is also struggling to repair its reputation after a series of safety issues, including two fatal crashes.', ""The strike will be a major blow for Boeing's new chief executive Kelly Ortberg, who was appointed last month with a mission to turn the business around."", 'Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted in the ballot rejected the pay deal.', 'Of those who voted, 96% back strike action until a new agreement is reached. ""', 'Our members spoke loud and clear tonight,"" said Jon Holden, president of the International Association of Machinists and Aerospace Workers (IAM) District 751. ""', 'We strike at midnight.""', 'Boeing said in a statement: “The message was clear that the tentative agreement we reached with IAM leadership was not acceptable to the members. ""', 'We remain committed to resetting our relationship with our employees and the union, and we are ready to get back to the table to reach a new agreement.""', 'The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company\'s ""recovery in jeopardy"".', 'The question now is how long it will go on for.', 'Boeing seems ready to get back to the table.', 'But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal.', 'As well as a 25% pay rise over four years, the preliminary agreement that workers rejected included a commitment from Boeing to build its next commercial plane in the Seattle area if the project started during the lifetime of the contract.', ""The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise."", 'On the face of it, it is hard to see a quick solution unless Boeing capitulates.', 'Analysts say an extended shutdown could cost the company and its suppliers billions.', 'The current contract between Boeing and the unions was reached in 2008 after an eight-week strike.', ""That walkout cost the company about $1.5bn (£1.14bn) a month, according to credit rating agency Moody's."", 'In 2014, the two sides agreed to extend the deal, which expired at midnight on Thursday. “', 'It’s never a good time for a strike, at least from the perspective of management, the current situation makes it even more problematic,"" said Greg Waldron, Asia Managing Editor at aviation news website FlightGlobal. ""', 'Still, a great deal will depend on how long the strike lasts.', 'Airline CEOs with 737 Maxes on order will be watching this closely,” Mr Waldron added.', ""Mr Ortberg's appointment came as Boeing found itself in a deepening crisis over its safety record."", 'His predecessor Dave Calhoun had announced in the spring that he would step down.', 'In July, Boeing agreed to plead guilty to a fraud charge and a criminal fine of nearly $244m in connection with the fatal crashes of two of its 737 Max planes more than five years ago.', 'It is also facing other lawsuits and probes after a mid-air blowout in January of a door plug on a new plane flown by Alaska Airlines.', 'On top of mounting financial losses, the plane maker has had to slow down its assembly lines due to a 737 Max production cap imposed by the US Federal Aviation Administration.']",-0.0238388859344538,"But there is an obvious breakdown in trust between management and the workforce – and equally between the workforce and the union leadership, who had said this was the best contract it had ever negotiated and had urged members to accept the deal.","The walkout is a severe blow to Boeing and an embarrassment for Mr Ortberg, who had made a last-ditch plea to workers before the vote, warning that a strike would put the company's ""recovery in jeopardy"".",-0.5523233314355215,"The union had initially targeted a number of improvements to workers' packages, including a 40% pay rise.","It is also struggling to repair its reputation after a series of safety issues, including two fatal crashes.",2024-09-13
"National debt set to treble over next 50 years, says OBR",https://www.bbc.co.uk/news/articles/cewlwkg82ggo,2024-09-12T09:41:02.793Z,"UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster. Those pressures include an ageing population, climate change, and rising geopolitical tensions, the Office for Budget Responsibility (OBR) said in a report. The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"". Chief Secretary to the Treasury Darren Jones said: “The OBR has laid bare the shocking state that our public finances were left in by the previous government."" Jones added that the UK was facing the ""highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP"". The Conservative Party has been contacted for comment. Debt is the total amount of money owed by the government that has built up over years. It rises when there is a deficit - when the government spends more than it receives in income - and falls in those years when there is a surplus - when it spends less than it receives. The higher the debt-to-GDP ratio, the less likely a country is to pay back its debt in full. UK national debt is currently at almost 100% of GDP. The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher. Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP. However, income generated is predicted to remain at around 40% of GDP. By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits. Its Fiscal Risks and Sustainability Report claims the previous and current UK government's aspirations to raise defence spending to 2.5% of GDP could add pressure to the public finances. In addition, the cost of transitioning to net zero, battling extreme weather linked to climate change, and a falling birth rate could also lead to more spending and less revenue, it said. The bill for state pensions and social care is set to rise substantially. Some of this would be mitigated by lower education and working-age benefit spending. The public finances are already under pressure due to ""a succession of extraordinary shocks"" over the past two decades, the report notes. This includes the global financial crisis, the pandemic and the energy crisis. Based on policy settings from March 2024, the analysis warns that public finances will be put on ""an unsustainable path"". A spokesperson for the Prime Minister said the government is seeking to ""restore economic stability"". ""Work has begun to support the economy and businesses, and that's what our focus will be on"", she said. ",BBC,12/09/2024,"['UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster.', 'Those pressures include an ageing population, climate change, and rising geopolitical tensions, the Office for Budget Responsibility (OBR) said in a report.', 'The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"".', 'Chief Secretary to the Treasury Darren Jones said: “The OBR has laid bare the shocking state that our public finances were left in by the previous government.""', 'Jones added that the UK was facing the ""highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP"".', 'The Conservative Party has been contacted for comment.', 'Debt is the total amount of money owed by the government that has built up over years.', 'It rises when there is a deficit - when the government spends more than it receives in income - and falls in those years when there is a surplus - when it spends less than it receives.', 'The higher the debt-to-GDP ratio, the less likely a country is to pay back its debt in full.', 'UK national debt is currently at almost 100% of GDP.', 'The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher.', ""Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP."", 'However, income generated is predicted to remain at around 40% of GDP.', 'By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits.', ""Its Fiscal Risks and Sustainability Report claims the previous and current UK government's aspirations to raise defence spending to 2.5% of GDP could add pressure to the public finances."", 'In addition, the cost of transitioning to net zero, battling extreme weather linked to climate change, and a falling birth rate could also lead to more spending and less revenue, it said.', 'The bill for state pensions and social care is set to rise substantially.', 'Some of this would be mitigated by lower education and working-age benefit spending.', 'The public finances are already under pressure due to ""a succession of extraordinary shocks"" over the past two decades, the report notes.', 'This includes the global financial crisis, the pandemic and the energy crisis.', 'Based on policy settings from March 2024, the analysis warns that public finances will be put on ""an unsustainable path"".', 'A spokesperson for the Prime Minister said the government is seeking to ""restore economic stability"". ""', 'Work has begun to support the economy and businesses, and that\'s what our focus will be on"", she said.']",-0.2147050713724526,"By 2071, the OBR projects the equivalent of a more than £200bn per year increase in public spending on health, social care, pensions and related benefits.","The OBR says its base scenario is a national debt of 274% of GDP in 2071, with risks from war, disease, cyber-conflict and trade tensions pushing that even higher.",-0.3111509150928921,"Over the next 50 years, the government's public spending is projected to rise from 45% to over 60% of GDP.","The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and ""something has got to give"".",2024-09-13
US targets China's Shein and Temu with new shipping rules,https://www.bbc.co.uk/news/articles/c36n6g164l6o,2024-09-13T16:18:06.208Z,"The US has proposed rules that would hit many low-value shipments from China with new taxes - a measure aimed at curbing the flood of packages from shopping sites such as Shein and Temu. The Biden administration said the plan was intended to stop ""abuse"" of an exemption that allowed packages worth less than $800 (£600) to enter the US without facing tariffs and other fees.  The US said the ""de minimis"" rule has helped firms such as Shein and Temu, which typically ship directly from the manufacturer to the customer, undercut competitors with lower prices.  In statements, the two companies defended their business models.  The US raised the exemption from tariffs and other fees for shipments from $200 to $800 in 2016 to facilitate trade and allow officials to focus on higher priority shipments. But lawmakers have voiced increasing alarm about ""exploitation"" by firms such as Temu and Shein, as the two make rapid inroads in the US market. The new rules would remove the exemption for Chinese goods that currently face tariffs from the US - a wide range of products including shoes, machinery and 70% of textiles and apparel.   They would also increase what information shippers must provide to authorities. Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"". It said it was reviewing the rules and remained committed to ""delivering value to consumers"". ""Temu's growth does not depend on the de minimis policy,"" it added. Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"". The company said compliance was a priority and that it was already participating in a trial programme with US Customs and Border Protection (CBP). ""We want to disclose more of what’s in every package and are working closely with CBP,"" the company said.  Since launching a few years ago, Temu and Shein have gained followers with flashy Super Bowl adverts and ultra-low prices. The popularity has put such pressure on Amazon, the dominant e-commerce company in the US, that the firm is reportedly exploring its own discount unit focusing on direct-to-consumer shipments. Their rise has also brought scrutiny from US politicians and regulators, who have  raised questions about the safety of products on their sites and warned of a ""high risk"" that Temu was selling products made using forced labour. Authorities have blamed their success for putting strains on US border and customs authorities, as the number of packages entering the US under the de minimis exemption has surged from 140 million in 2013 to more than 1 billion last year. In announcing the action, the Biden administration said ""several China-founded e-commerce platforms"" now accounted for a ""majority"" of shipments under the $800 threshold. It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments. It accused companies of looking to skirt consumer protection laws and avoid trade barriers. ""American workers and businesses can outcompete anyone on a level playing field, but for too long, Chinese e-commerce platforms have skirted tariffs by abusing the de minimis exemption,” said Commerce Secretary Gina Raimondo. The American Action Forum, a right-leaning policy group, has estimated that getting rid of the $800 exemption entirely would result in ""$8bn to $30bn in additional annual costs that would eventually be passed on to consumers"". The proposal will go through a comment period before being finalised and taking effect. Authorities in the European Union have been exploring similar measures aimed at low-value shipments, Bloomberg and the Financial Times reported earlier this year. Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.  ",BBC,13/09/2024,"['The US has proposed rules that would hit many low-value shipments from China with new taxes - a measure aimed at curbing the flood of packages from shopping sites such as Shein and Temu.', 'The Biden administration said the plan was intended to stop ""abuse"" of an exemption that allowed packages worth less than $800 (£600) to enter the US without facing tariffs and other fees.', 'The US said the ""de minimis"" rule has helped firms such as Shein and Temu, which typically ship directly from the manufacturer to the customer, undercut competitors with lower prices.', 'In statements, the two companies defended their business models.', 'The US raised the exemption from tariffs and other fees for shipments from $200 to $800 in 2016 to facilitate trade and allow officials to focus on higher priority shipments.', 'But lawmakers have voiced increasing alarm about ""exploitation"" by firms such as Temu and Shein, as the two make rapid inroads in the US market.', 'The new rules would remove the exemption for Chinese goods that currently face tariffs from the US - a wide range of products including shoes, machinery and 70% of textiles and apparel.', 'They would also increase what information shippers must provide to authorities.', 'Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"".', 'It said it was reviewing the rules and remained committed to ""delivering value to consumers"". ""', 'Temu\'s growth does not depend on the de minimis policy,"" it added.', 'Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"".', 'The company said compliance was a priority and that it was already participating in a trial programme with US Customs and Border Protection (CBP). ""', 'We want to disclose more of what’s in every package and are working closely with CBP,"" the company said.', 'Since launching a few years ago, Temu and Shein have gained followers with flashy Super Bowl adverts and ultra-low prices.', 'The popularity has put such pressure on Amazon, the dominant e-commerce company in the US, that the firm is reportedly exploring its own discount unit focusing on direct-to-consumer shipments.', 'Their rise has also brought scrutiny from US politicians and regulators, who have raised questions about the safety of products on their sites and warned of a ""high risk"" that Temu was selling products made using forced labour.', 'Authorities have blamed their success for putting strains on US border and customs authorities, as the number of packages entering the US under the de minimis exemption has surged from 140 million in 2013 to more than 1 billion last year.', 'In announcing the action, the Biden administration said ""several China-founded e-commerce platforms"" now accounted for a ""majority"" of shipments under the $800 threshold.', 'It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments.', 'It accused companies of looking to skirt consumer protection laws and avoid trade barriers. ""', 'American workers and businesses can outcompete anyone on a level playing field, but for too long, Chinese e-commerce platforms have skirted tariffs by abusing the de minimis exemption,” said Commerce Secretary Gina Raimondo.', 'The American Action Forum, a right-leaning policy group, has estimated that getting rid of the $800 exemption entirely would result in ""$8bn to $30bn in additional annual costs that would eventually be passed on to consumers"".', 'The proposal will go through a comment period before being finalised and taking effect.', 'Authorities in the European Union have been exploring similar measures aimed at low-value shipments, Bloomberg and the Financial Times reported earlier this year.', 'Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.']",0.0167538376614018,"Shein said its success came from its ""on-demand business model"" and that it supported reform of the de minimis exemption so that the rules were applied ""evenly and equally"".","It said its actions were a response to an ""exponential increase in de minimis shipments"" that had made it more difficult to identify and block illegal shipments.",0.2023664991060892,"Temu said its success was due to an ""efficient business model that cuts out unnecessary middlemen, allowing us to pass savings directly to our consumers"".","Shares in PDD Holdings, which owns Temu, fell more than 2% after the announcement.",2024-09-13
PwC hit with fine and six month China ban over Evergrande audit,https://www.bbc.co.uk/news/articles/cje2ejnwwx9o,2024-09-13T10:53:58.509Z,"PwC's Chinese auditing arm has been suspended from the country for six months over its work on the collapsed Chinese property giant Evergrande. The Big Four accountancy firm is also being fined more than $62m (£47m) after Chinese authorities said it had helped cover up fraud at Evergrande. The real estate firm collapsed in January under a mountain of debt. PwC China admitted the work had fallen ""unacceptably below the standards"" expected within the firm and apologised for the impact on its clients. The Chinese authorities said PwC knew there were ""major misstatements"" in Evergrande's financial statements when it audited the firm.  As a result, the Chinese Ministry of Finance has imposed ""administrative penalties"" and suspended the operations of PwC's auditing business PwC ZhongTian for six months. Other PwC operations providing non-audit services in China are not affected. In addition, China's securities regulator has confiscated the revenue PwC earned auditing Evergrande and has also issued a fine.  An investigation by the regulator said PwC had ""seriously eroded the basis of law and good faith, and damaged investors' interest"". In response to the penalties, PwC said it had taken ""a number of accountability and remedial actions"", including the sacking of six partners and the launch of a process to fine responsible team leaders. An additional five staff have also left, and Hemione Hudson, PwC's global risk and regulatory leader, has been parachuted in to run the Chinese unit on an interim basis. PwC admitted the work done on the Evergrande audit had been ""well below"" standards expected at the firm. “It is not representative of what we stand for as a network and there is no room for this at PwC,"" the firm’s global chair Mohamed Kande said. “That is why, following a thorough investigation, we ensured that actions were taken to hold those responsible to account. “I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” he added. PwC China said in a statement: ""We deeply regret and apologise for the impact this has had on our clients and people. We will work tirelessly to regain their trust."" Evergrande, which built property in more than 280 Chinese cities and branched out into other business sectors, teetered, then finally went into liquidation in January.  The Chinese authorities have accused Evergrande and its founder, Hui Ka Yan, of falsely inflating revenues at the firm to the tune of $78bn (£61.6bn) and imposed fines and bans on him personally as well as the business. ",BBC,13/09/2024,"[""PwC's Chinese auditing arm has been suspended from the country for six months over its work on the collapsed Chinese property giant Evergrande."", 'The Big Four accountancy firm is also being fined more than $62m (£47m) after Chinese authorities said it had helped cover up fraud at Evergrande.', 'The real estate firm collapsed in January under a mountain of debt.', 'PwC China admitted the work had fallen ""unacceptably below the standards"" expected within the firm and apologised for the impact on its clients.', 'The Chinese authorities said PwC knew there were ""major misstatements"" in Evergrande\'s financial statements when it audited the firm.', 'As a result, the Chinese Ministry of Finance has imposed ""administrative penalties"" and suspended the operations of PwC\'s auditing business PwC ZhongTian for six months.', 'Other PwC operations providing non-audit services in China are not affected.', ""In addition, China's securities regulator has confiscated the revenue PwC earned auditing Evergrande and has also issued a fine."", 'An investigation by the regulator said PwC had ""seriously eroded the basis of law and good faith, and damaged investors\' interest"".', 'In response to the penalties, PwC said it had taken ""a number of accountability and remedial actions"", including the sacking of six partners and the launch of a process to fine responsible team leaders.', ""An additional five staff have also left, and Hemione Hudson, PwC's global risk and regulatory leader, has been parachuted in to run the Chinese unit on an interim basis."", 'PwC admitted the work done on the Evergrande audit had been ""well below"" standards expected at the firm. “', 'It is not representative of what we stand for as a network and there is no room for this at PwC,"" the firm’s global chair Mohamed Kande said. “', 'That is why, following a thorough investigation, we ensured that actions were taken to hold those responsible to account. “', 'I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” he added.', 'PwC China said in a statement: ""We deeply regret and apologise for the impact this has had on our clients and people.', 'We will work tirelessly to regain their trust.""', 'Evergrande, which built property in more than 280 Chinese cities and branched out into other business sectors, teetered, then finally went into liquidation in January.', 'The Chinese authorities have accused Evergrande and its founder, Hui Ka Yan, of falsely inflating revenues at the firm to the tune of $78bn (£61.6bn) and imposed fines and bans on him personally as well as the business.']",0.0240245326713033,"I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” he added.",PwC's Chinese auditing arm has been suspended from the country for six months over its work on the collapsed Chinese property giant Evergrande.,-0.6824265168263361,"I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” he added.","PwC China admitted the work had fallen ""unacceptably below the standards"" expected within the firm and apologised for the impact on its clients.",2024-09-13
Harvey Weinstein indicted on new charges by New York grand jury,https://www.cnbc.com/2024/09/12/harvey-weinstein-indicted-on-new-charges-by-new-york-grand-jury.html,2024-09-12T15:07:26+0000,"Harvey Weinstein, the disgraced Hollywood mogul whose alleged sexual misconduct fueled the #MeToo movement, has been indicted on new charges by a New York City grand jury.The new charges are under seal, prosecutors told a judge in Manhattan criminal court Thursday, adding that they could not yet get into specifics.NBC News was first to report this month that a grand jury had been convened to hear from women who had come forward with new accusations against Weinstein, 72.Weinstein, who was rushed to a hospital earlier this week for heart surgery, did not appear in court Thursday.In all, more than 80 women have accused the Oscar-winning ex-producer of sexual assault or harassment. He has repeatedly and vehemently denied those claims, insisting the encounters in question were consensual.Weinstein was convicted in 2020 of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison. But that conviction was overturned in April after a state appellate court, in a 4-3 decision, determined the judge had erred by allowing women to testify about allegations that were not part of the case.New York prosecutors announced months later that they intended to recharge Weinstein for the same crimes and possibly bring forward new charges.Read more NBC NewsThe former producer will head to trial in November, but it is unclear whether he will be tried at the same time on both the original and new charges. He will remain in custody until that retrial.In addition to the New York case, Weinstein was found guilty of one count of rape and two counts of sexual assault in a 2022 trial in Los Angeles, where he was sentenced to 16 years. Weinstein's legal team is in the process of appealing that conviction.In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King's Speech.""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse. The stories inspired a wider reckoning with abuses of power in entertainment and other high-profile industries.This is a breaking news story. Please refresh for updates.",CNBC,12/09/2024,"['Harvey Weinstein, the disgraced Hollywood mogul whose alleged sexual misconduct fueled the #MeToo movement, has been indicted on new charges by a New York City grand jury.', 'The new charges are under seal, prosecutors told a judge in Manhattan criminal court Thursday, adding that they could not yet get into specifics.', 'NBC News was first to reportthis month that a grand jury had been convened to hear from women who had come forward with new accusations against Weinstein, 72.Weinstein, who was rushed to a hospital earlier this week for heart surgery, did not appear in court Thursday.', 'In all, more than 80 women have accused the Oscar-winning ex-producer of sexual assault or harassment.', 'He has repeatedly and vehemently denied those claims, insisting the encounters in question were consensual.', 'Weinstein wasconvicted in 2020of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison.', 'But that conviction was overturned in April after a state appellate court, in a 4-3 decision, determined the judge had erred by allowing women to testify about allegations that were not part of the case.', 'New York prosecutors announced months later that they intended to recharge Weinstein for the same crimes and possibly bring forward new charges.', 'Read more NBC NewsThe former producer will head to trial in November, but it is unclear whether he will be tried at the same time on both the original and new charges.', 'He will remain in custody until that retrial.', 'In addition to the New York case, Weinstein was found guilty of one count of rape and two counts of sexual assault in a 2022 trial in Los Angeles, where he wassentenced to 16 years.', ""Weinstein's legal team is in the process ofappealing that conviction."", 'In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King\'s Speech.', '""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse.', 'The stories inspired a wider reckoning with abuses of power in entertainment and other high-profile industries.', 'This is a breaking news story.', 'Please refresh for updates.']",-0.1738874461184484,"In the 1990s and the 2000s, Weinstein and his younger brother, Bob, were titans of the movie business, producing seminal independent films like ""Pulp Fiction"" and distributing the Oscar-winning dramas ""The English Patient,"" ""Shakespeare in Love"" and ""The King's Speech.","Weinstein wasconvicted in 2020of third-degree rape of one woman and first-degree criminal sex act against another woman after a trial in New York, where he was sentenced to 23 years in prison.",-0.7000432014465332,,"""But his reign came crashing down in October 2017 after women started going on the record with stories of sexual abuse.",2024-09-13
United Airlines to offer free Wi-Fi using Starlink from Elon Musk's SpaceX,https://www.cnbc.com/2024/09/13/united-airlines-spacex-starlink-internet.html,2024-09-13T15:30:42+0000,"United Airlines said Friday that it plans to offer inflight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest inflight internet deal yet for the satellite service provider.The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.Delta Air Lines announced in early 2023 that onboard internet would be free for members of its SkyMiles loyalty program. Hawaiian Airlines, which has a deal with Starlink, also offers complimentary inflight Wi-Fi. JetBlue Airways has offered free Wi-Fi for years.SpaceX also previously made a deal with semi-private airline JSX.United currently offers inflight internet from a hodgepodge of providers, including ViaSat and Panasonic, and charges loyalty program members $8 and everyone else $10 for access on domestic and short-haul international flights.The carrier said it expects to have Starlink on its more than 1,000 planes over the ""next several years"" with the first passenger flights outfitted with the service starting early next year. United said the Wi-Fi will offer ""gate-to-gate"" connectivity.United praised SpaceX's satellite service, saying it provides ""internet access around the world, including over oceans, polar regions and other remote locations previously unreachable by traditional cell or Wi-Fi signals,"" a selling point for the U.S. airline with the most service over both the Atlantic and Pacific.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. There are currently about 6,000 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company. SpaceX initially targeted consumer customers, but has expanded into other markets, including aviation.",CNBC,13/09/2024,"[""United Airlines said Friday that it plans to offer inflight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest inflight internet deal yet for the satellite service provider."", 'The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.', 'Delta Air Lines announced in early 2023 that onboard internet would be free for members of its SkyMiles loyalty program.', 'Hawaiian Airlines, which has a deal with Starlink, also offers complimentary inflight Wi-Fi.', 'JetBlue Airways has offered free Wi-Fi for years.', 'SpaceX also previously made a deal with semi-private airline JSX.United currently offers inflight internet from a hodgepodge of providers, including ViaSat and Panasonic, and charges loyalty program members $8 and everyone else $10 for access on domestic and short-haul international flights.', 'The carrier said it expects to have Starlink on its more than 1,000 planes over the ""next several years"" with the first passenger flights outfitted with the service starting early next year.', 'United said the Wi-Fi will offer ""gate-to-gate"" connectivity.', 'United praised SpaceX\'s satellite service, saying it provides ""internet access around the world, including over oceans, polar regions and other remote locations previously unreachable by traditional cell or Wi-Fi signals,"" a selling point for the U.S. airline with the most service over both the Atlantic and Pacific.', 'SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.', 'There are currently about 6,000 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'SpaceX initially targeted consumer customers, buthasexpanded into other markets, including aviation.']",0.3952893768194163,"The team-up comes as airlines have been investing in faster inflight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.",,0.8750329911708832,SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.,,2024-09-13
Jeep CEO enacts turnaround plan after significant sales declines,https://www.cnbc.com/2024/09/13/jeep-ceo-turnaround-plan-sales-declines.html,2024-09-13T15:27:31+0000,"In this articleDETROIT — Stellantis' Jeep brand is well known for scaling tough terrains, but its latest challenge of achieving 1 million vehicle sales domestically by 2027 will be a steep hill to climb.Jeep, a coveted brand in the automotive industry, has been in a U.S. sales rut that has included five years of annual sales declines, with 2024 on pace to potentially become the sixth.Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target. The company is executing a turnaround plan for the quintessential American SUV brand that he says is already beginning to pay dividends following a 9% sales decline in the U.S. during the first six months of the year.The plan has included lowering pricing across its lineup, including on high-volume models such as the Jeep Compass and Grand Cherokee SUVs; rolling out special offers such as incentives or 0% financing; and increasing spending on marketing and advertising, Filosa said. It also will include an upcoming roadshow with dealers to address additional problems and concerns.Such actions can eat into profits, but the brand's average transaction prices have skyrocketed from less than $40,000 in 2020 to north of $50,000 this year, according to Cox Automotive. Jeep's average transaction price has been above the industry average since 2021, Cox reports.""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.Filosa's comments were made a day before the chairman of the Stellantis National Dealer Council penned a scathing open letter targeting Stellantis CEO Carlos Tavares over the company's sales losses and other business decisions.Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022. That compared with an industry increase of 13% in 2023.Filosa said Jeep, which reports sales quarterly, saw U.S. sales rise last month: They were up 28% from August 2023 and 55% from July. Jeep also lowered its vehicle inventory by about 25,000 units during that time. But the brand has a ways to go to accomplish any notable turnaround in sales.Jeep's U.S. sales have plummeted 34% from an all-time high of more than 973,000 SUVs sold in 2018 to less than 643,000 units last year. While most auto brands increased sales last year, Jeep was off by about 6%.The most recent declines follow the company ending production last year of the entry-level Renegade and the Cherokee compact SUV — two mainstream models with peak U.S. sales of around 300,000 units annually from 2016 to 2019.""For Jeep to lose Jeep Cherokee … and Jeep Renegade has been an important hit to us,"" Filosa said. ""Our market coverage declined from an average of 80% to 45%.""Filosa said Jeep expects to recover market share ""very quickly"" and return to an 80% market share coverage, which includes the segments Jeep competes in, by the end of next year, when it introduces an unnamed replacement for the Cherokee as well as new electrified models.In addition to the termination of the new models, Stellantis' brands such as Jeep have focused on profits over market share under Tavares' time as CEO.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.As part of that plan, Jeep is targeting selling roughly 1.5 million SUVs globally by 2027, including 1 million in the U.S.To achieve such goals, Tavares earlier this year said he has allowed leniency in some pricing, incentives and other financial targets after speaking with the company's dealers.Filosa said he is continuing those efforts by meeting with dealers regarding the turnaround initiatives. He'll participate in a dealer roadshow beginning next month with the brand's new North American head, Bob Broderdorf.Also assisting Jeep, which is the top seller of plug-in hybrid electric vehicles in the U.S., will be several new vehicles. The brand is launching the all-electric Wagoneer S later this year, followed next year by a Jeep Wrangler-inspired ""Recon"" SUV and extended-range, plug-in versions of its large Wagoneer and Grand Wagoneer SUVs.Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.""Now it's time to push, and to accelerate, sales to recover as much as [they] need to do. Next year, obviously, we will talk all growth, since we have new products. … I believe [next year] will be a completely different story,"" Filosa said.Jeep also is attempting to increase the quality and reliability of its vehicles, which have historically ranked below average in third-party rankings. He said this includes delaying launches of its upcoming Wagoneer S and Recon by four to six weeks.However, building problem-free vehicles is easier said than done in the automotive industry. Jeep on Monday confirmed it is cooperating with U.S. auto safety regulators on an investigation into more than 781,000 newer Jeep Wrangler and Gladiator SUVs after reports of underhood fires.Filosa confirmed knowledge of the probe, but he declined to provide additional details. Tavares earlier this year highlighted quality problems within the automaker, specifically at a plant in suburban Detroit that makes the company's Ram 1500.""We are very carefully monitoring the evolution of quality of Jeep Wagoneer S in the plant, and Jeep Recon as well,"" Filosa said. ""The only mandate that the plants have from me is to just deliver the car when it's in perfect quality.""The new all-electric SUVs will be produced at Stellantis' Toluca Assembly Plant in Mexico. The company has not confirmed a production location for the replacement to the Cherokee SUV, which was produced at a now-dormant plant in Illinois.",CNBC,13/09/2024,"[""In this articleDETROIT — Stellantis' Jeep brand is well known for scaling tough terrains, but its latest challenge of achieving 1 million vehicle sales domestically by 2027 will be a steep hill to climb."", 'Jeep, a coveted brand in the automotive industry, has been in a U.S. sales rut that has included five years of annual sales declines, with 2024 on pace to potentially become the sixth.', ""Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target."", 'The company is executing a turnaround plan for the quintessential American SUV brand that he says is already beginning to pay dividends following a 9% sales decline in the U.S. during the first six months of the year.', 'The plan has included lowering pricing across its lineup, including on high-volume models such as the Jeep Compass and Grand Cherokee SUVs; rolling out special offers such as incentives or 0% financing; and increasing spending on marketing and advertising, Filosasaid.', 'It also will include an upcoming roadshow with dealers to address additional problems and concerns.', ""Such actions can eat into profits, but the brand's average transaction prices have skyrocketed from less than $40,000 in 2020 to north of $50,000 this year, according to Cox Automotive."", ""Jeep's average transaction price has been above the industry average since 2021, Cox reports."", '""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.', ""Filosa's comments were made a day before the chairman of the Stellantis National Dealer Council penned a scathing open letter targeting Stellantis CEO Carlos Tavares over the company's sales losses and other business decisions."", 'Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022.', 'That compared with an industry increase of 13% in 2023.Filosa said Jeep, which reports sales quarterly, saw U.S. sales rise last month: They were up 28% from August 2023 and 55% from July.', 'Jeep also lowered its vehicle inventory by about 25,000 units during that time.', 'But the brand has a ways to go to accomplish any notable turnaround in sales.', ""Jeep's U.S. sales have plummeted 34% from an all-time high of more than 973,000 SUVs sold in 2018 to less than 643,000 units last year."", 'While most auto brands increased sales last year, Jeep was off by about 6%.The most recent declines follow the company ending production last year of the entry-level Renegade and the Cherokee compact SUV — two mainstream models with peak U.S. sales of around 300,000 units annually from 2016 to 2019.""For Jeep to lose Jeep Cherokee … and Jeep Renegade has been an important hit to us,"" Filosa said. ""', 'Our market coverage declined from an average of 80% to 45%.""Filosa said Jeep expects to recover market share ""very quickly"" and return to an 80% market share coverage, which includes the segments Jeep competes in, by the end of next year, when it introduces an unnamed replacement for the Cherokee as well as new electrified models.', ""In addition to the termination of the new models, Stellantis' brands such as Jeep have focused on profits over market share under Tavares' time as CEO.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.As part of that plan, Jeep is targeting selling roughly 1.5 million SUVs globally by 2027, including 1 million in the U.S.To achieve such goals, Tavares earlier this year said he has allowed leniency in some pricing, incentives and other financial targets after speaking with the company\'s dealers.', 'Filosa said he is continuing those efforts by meeting with dealers regarding the turnaround initiatives.', ""He'll participate in a dealer roadshow beginning next month with the brand's new North American head, Bob Broderdorf."", 'Also assisting Jeep, which is the top seller of plug-in hybrid electric vehicles in the U.S., will be several new vehicles.', 'The brand is launching the all-electric Wagoneer S later this year, followed next year by a Jeep Wrangler-inspired ""Recon"" SUV and extended-range, plug-in versions of its large Wagoneer and Grand Wagoneer SUVs.', 'Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.', '""Now it\'s time to push, and to accelerate, sales to recover as much as [they] need to do.', 'Next year, obviously, we will talk all growth, since we have new products. …', 'I believe [next year] will be a completely different story,"" Filosa said.', 'Jeep also is attempting to increase the quality and reliability of its vehicles, which have historically ranked below average in third-party rankings.', 'He said this includes delaying launches of its upcoming Wagoneer S and Recon by four to six weeks.', 'However, building problem-free vehicles is easier said than done in the automotive industry.', 'Jeep on Monday confirmed it is cooperating with U.S. auto safety regulators on an investigation into more than 781,000 newer Jeep Wrangler and Gladiator SUVs after reports of underhood fires.', 'Filosa confirmed knowledge of the probe, but he declined to provide additional details.', 'Tavares earlier this year highlighted quality problems within the automaker, specifically at a plant in suburban Detroit that makes the company\'s Ram 1500.""We are very carefully monitoring the evolution of quality of Jeep Wagoneer S in the plant, and Jeep Recon as well,"" Filosa said. ""', ""The only mandate that the plants have from me is to just deliver the car when it's in perfect quality."", '""The new all-electric SUVs will be produced at Stellantis\' Toluca Assembly Plant in Mexico.', 'The company has not confirmed a production location for the replacement to the Cherokee SUV, which was produced at a now-dormant plant in Illinois.']",0.2013082239519548,"""The good thing is that the actions we implemented in the previous months, they are also resulting in important growth as well in the U.S."" Filosa told CNBC during a virtual interview Monday.","Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target.",0.1428580170585995,"Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker.","Stellantis sold more than 1.5 million vehicles last year in the U.S., a roughly 1% decline from 2022.",2024-09-13
Clean energy sector looks to create even more jobs after the election — regardless of who wins,https://www.cnbc.com/2024/09/10/clean-energy-job-creation-growth-expected-after-2024-election.html,2024-09-10T23:13:37+0000,"As presidential nominees Vice President Kamala Harris and former President Donald Trump prepare to face off in their first debate Tuesday night, voters will be tuning in for clarity on their plans to handle issues including the economy, inflation and job growth.One sector that faces particular uncertainty after the election is clean energy, which has received a boost from the Biden administration but faced skepticism from Trump.Climate change and a move toward more sustainable energy have bolstered job growth in the sector in recent years, thanks in part to funding from the Inflation Reduction Act and the Chips and Science Act.  Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.The rate was more than double the growth for the rest of the energy sector and the overall U.S. economy, according to the newly released 2024 U.S. Energy and Employment Report.Since the implementation of the IRA and the CHIPS and Science Act, there's been more ""long-term certainty"" for jobs related to energy efficiency, renewables and climate resilience, the nonprofit Environmental and Energy Study Institute said. The IRA is projected to generate more than 300,000 jobs annually for new energy project construction and about 100,000 permanent jobs each year, according to the EESI.While job growth in the sector faces uncertainty after the election, industry watchers say the future of energy production and consumption is always changing.""Energy systems have been in transition for decades — it's always in transition, it's always in a state of flux,"" Daniel Bresette, president of EESI, said of the upcoming election's impact.Ameresco, which integrates clean tech and develops, owns and operates renewable energy projects, is forging ahead with hiring plans regardless of the election's outcome. It will increase its hiring by 300 workers in the U.S. and Europe this year, in positions ranging from engineers to project managers, developers, analysts and more. Ameresco provides efficient energy solutions for clients that range from federal and state governments to colleges and hospitals.""Everyone needs energy no matter what, regardless of who is in the White House. So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,"" said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco. The company is also looking to Gen Z to fill the jobs, as fewer applicants are coming up through trade and vocational schools and younger workers have shown an interest in climate-friendly opportunities. Ameresco, which offers tuition reimbursement and mentorship programs, said it has had success in recruiting recent college grads and investing in their training.Caroline Leilani Stevenson, a 22-year-old associate electrical engineer at Ameresco, is part of the Gen Z hiring push. Stevenson interned with Ameresco and came back full-time after graduation, working today on projects with the Department of Defense.She was able to work on a solar project in Honolulu, which was particularly meaningful, as she grew up on Maui. Like others in her generation, she found the idea of working toward more sustainable energy solutions appealing.""I wanted to make an impact and build something really big,"" she said. ""The energy needs of a large naval base are not the same as a small elementary school and the suburbs of New York or the energy usage of a hospital are not the same as a large data center ... It's great to be able to design something for a specific site and make a difference in that way. Being able to see and know that the power from these lines is going somewhere and it's eventually going to improve life at large.""As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector. But their experiences in the White House can help to inform possible paths.Harris was a key part of implementing the Inflation Reduction Act, as she cast the tiebreaking vote to pass the bill as vice president to President Joe Biden. She also backed the Green New Deal while serving in the Senate but has walked back some of her earlier stances that veered further to the progressive left. Harris also said during an interview with CNN that she would not ban fracking, a position she'd taken in her previous bid for the White House.Trump meanwhile has promised to make energy cheaper and focused on drilling for oil in the U.S. He also rolled back major climate policies and has said he would rescind the IRA's unspent dollars if elected. He called the Green New Deal the ""Green New Scam"" at an event at the Economic Club of New York last week.One thing is for sure: Industry analysts are projecting the need for energy to increase significantly, regardless of November's outcome.""There [is] lots and lots of new, especially in the electricity space, lots of new demand, [from] the transportation sector, electrification, data centers, artificial intelligence. All of that adds up to a lot of electricity demand,"" said Bresette. ""It is almost difficult to imagine how much more energy we're going to need in the future.""",CNBC,10/09/2024,"['As presidential nominees Vice President Kamala Harris and former President Donald Trump prepare to face off in their first debate Tuesday night, voters will be tuning in for clarity on their plans to handle issues including the economy, inflation and job growth.', 'One sector that faces particular uncertainty after the election is clean energy, which has received a boost from the Biden administration but faced skepticism from Trump.', 'Climate change and a move toward more sustainable energy have bolstered job growth in the sector in recent years, thanks in part to funding from the Inflation Reduction Act and the Chips and Science Act.', 'Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.', 'The rate was more than double the growth for the rest of the energy sector and the overall U.S. economy, according to the newly released 2024 U.S. Energy and Employment Report.', 'Since the implementation of the IRA and the CHIPS and Science Act, there\'s been more ""long-term certainty"" for jobs related to energy efficiency, renewables and climate resilience, the nonprofit Environmental and Energy Study Institute said.', 'The IRA is projected to generate more than 300,000 jobs annually for new energy project construction and about 100,000 permanent jobs each year, according to the EESI.While job growth in the sector faces uncertainty after the election, industry watchers say the future of energy production and consumption is always changing.', '""Energy systems have been in transition for decades — it\'s always in transition, it\'s always in a state of flux,"" Daniel Bresette, president of EESI, said of the upcoming election\'s impact.', ""Ameresco, which integrates clean tech and develops, owns and operates renewable energy projects, is forging ahead with hiring plans regardless of the election's outcome."", 'It will increase its hiring by 300 workers in the U.S. and Europe this year, in positions ranging from engineers to project managers, developers, analysts and more.', 'Ameresco provides efficient energy solutions for clients that range from federal and state governments to colleges and hospitals.', '""Everyone needs energy no matter what, regardless of who is in the White House.', 'So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,"" said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco.', 'The company is also looking to Gen Z to fill the jobs, as fewer applicants are coming up through trade and vocational schools and younger workers have shown an interest in climate-friendly opportunities.', 'Ameresco, which offers tuition reimbursement and mentorship programs, said it has had success in recruiting recent college grads and investing in their training.', 'Caroline Leilani Stevenson, a 22-year-old associate electrical engineer at Ameresco, is part of the Gen Z hiring push.', 'Stevenson interned with Ameresco and came back full-time after graduation, working today on projects with the Department of Defense.', 'She was able to work on a solar project in Honolulu, which was particularly meaningful, as she grew up on Maui.', 'Like others in her generation, she found the idea of working toward more sustainable energy solutions appealing.', '""I wanted to make an impact and build something really big,"" she said. ""', ""The energy needs of a large naval base are not the same as a small elementary school and the suburbs of New York or the energy usage of a hospital are not the same as a large data center ... It's great to be able to design something for a specific site and make a difference in that way."", ""Being able to see and know that the power from these lines is going somewhere and it's eventually going to improve life at large."", '""As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector.', 'But their experiences in the White House can help to inform possible paths.', 'Harris was a key part of implementing the Inflation Reduction Act, as she cast the tiebreaking vote to pass the bill as vice president to President Joe Biden.', 'She also backed the Green New Deal while serving in the Senate but has walked back some of her earlier stances that veered further to the progressive left.', ""Harris also said during an interview with CNN that she would not ban fracking, a position she'd taken in her previous bid for the White House."", ""Trump meanwhile has promised to make energy cheaper and focused on drilling for oil in the U.S. He also rolled back major climate policies and has said he would rescind the IRA's unspent dollars if elected."", 'He called the Green New Deal the ""Green New Scam"" at an event at the Economic Club of New York last week.', ""One thing is for sure: Industry analysts are projecting the need for energy to increase significantly, regardless of November's outcome."", '""There [is] lots and lots of new, especially in the electricity space, lots of new demand, [from] the transportation sector, electrification, data centers, artificial intelligence.', 'All of that adds up to a lot of electricity demand,"" said Bresette. ""', 'It is almost difficult to imagine how much more energy we\'re going to need in the future.""']",0.4004869124933135,"So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,"" said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco.","He called the Green New Deal the ""Green New Scam"" at an event at the Economic Club of New York last week.",0.7826720575491587,"Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.","""As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector.",2024-09-13
US inflation falls to its lowest level in over three years,https://www.bbc.co.uk/news/articles/cy9e72vn1xyo,2024-09-11T13:05:43.157Z,"Inflation in the US continued to cool last month, official figures showed, raising confidence that the US central bank will cut interest rates next week. Consumer prices rose 2.5% over the 12 months to August, as prices for petrol, used cars and trucks, and some other items fell. That marked the slowest pace since February 2021 and was down from 2.9% in July, despite an unexpected rise in housing costs. The Labor Department figures come during a presidential campaign in which rising living costs have been a key issue. Analysts said the data increased the likelihood that the Federal Reserve would cut interest rates by 0.25 percentage points at its meeting next week, but reduced the odds of a bigger cut. ""Overall, inflation appears to have been successfully tamed but, with housing inflation still refusing to moderate as quickly as hoped, it hasn’t been completely vanquished,"" said Paul Ashworth, chief North America economist for Capital Economics. The data shows price pressure is fading for key household items.  Grocery prices, which were surging just a few years ago, were unchanged from July to August and are up less than 1% from a year ago, according to the report.  The cost of petrol, another staple, has also dropped, falling over the month and more than 10% from August 2023. However, prices for other items continued to climb.  Not including food and energy - which tend to fluctuate and can obscure underlying trends - prices were up 3.2% over the year, as airline tickets, car insurance, rent, and other housing costs grew more expensive.  ""This serves as a bit of a reminder not to get too carried away with a few months of better inflation data,"" said Brian Coulton, Fitch Ratings' chief economist. ""Certainly not enough to stop the Fed cutting rates later this month, but the stickiness of services inflation... will be one reason why the Fed will not be cutting rates at an aggressive pace over the next year or so."" Central banks, including the Fed, started upping borrowing costs two years ago in an attempt to slow inflation. Prices began to rise globally in 2021 because of pandemic-related supply issues and a jump in government spending. Russia's invasion of Ukraine in 2022 then caused oil prices to surge, further fuelling global inflation. US inflation hit a high of 9.1% in June 2022, but has since fallen closer to the 2% rate considered healthy. Jasmine Loeber, a stay-at-home mother from Pennsylvania, was so shocked by price increases in recent years that she began posting on social media about her expensive supermarket hauls. But the 26-year-old told the BBC that prices have recently started to become more affordable. She is still shopping strategically - avoiding certain brands and sticking with stores known for being budget friendly - but is now seeing more discounts.  ""I've noticed, over the last few months, they've got red tags on everything,"" she said, adding that her family recently took its first holiday in three years. But she said wider financial pressures, like housing costs, still weighed so heavily that she did not plan to have more than one child. The latest figures went largely unremarked in the aftermath of the first debate and as political leaders marked the anniversary of the 11 September attacks on New York's World Trade Center. Jasmine, who lives in a state both campaigns see as must-win in November, said she did not vote in 2020 and was unsure whether she would this year.  ""It's really hard to be believe that they're actually going to be able to do anything about it,"" she said.  ",BBC,11/09/2024,"['Inflation in the US continued to cool last month, official figures showed, raising confidence that the US central bank will cut interest rates next week.', 'Consumer prices rose 2.5% over the 12 months to August, as prices for petrol, used cars and trucks, and some other items fell.', 'That marked the slowest pace since February 2021 and was down from 2.9% in July, despite an unexpected rise in housing costs.', 'The Labor Department figures come during a presidential campaign in which rising living costs have been a key issue.', 'Analysts said the data increased the likelihood that the Federal Reserve would cut interest rates by 0.25 percentage points at its meeting next week, but reduced the odds of a bigger cut. ""', 'Overall, inflation appears to have been successfully tamed but, with housing inflation still refusing to moderate as quickly as hoped, it hasn’t been completely vanquished,"" said Paul Ashworth, chief North America economist for Capital Economics.', 'The data shows price pressure is fading for key household items.', 'Grocery prices, which were surging just a few years ago, were unchanged from July to August and are up less than 1% from a year ago, according to the report.', 'The cost of petrol, another staple, has also dropped, falling over the month and more than 10% from August 2023.', 'However, prices for other items continued to climb.', 'Not including food and energy - which tend to fluctuate and can obscure underlying trends - prices were up 3.2% over the year, as airline tickets, car insurance, rent, and other housing costs grew more expensive. ""', 'This serves as a bit of a reminder not to get too carried away with a few months of better inflation data,"" said Brian Coulton, Fitch Ratings\' chief economist. ""', 'Certainly not enough to stop the Fed cutting rates later this month, but the stickiness of services inflation... will be one reason why the Fed will not be cutting rates at an aggressive pace over the next year or so.""', 'Central banks, including the Fed, started upping borrowing costs two years ago in an attempt to slow inflation.', 'Prices began to rise globally in 2021 because of pandemic-related supply issues and a jump in government spending.', ""Russia's invasion of Ukraine in 2022 then caused oil prices to surge, further fuelling global inflation."", 'US inflation hit a high of 9.1% in June 2022, but has since fallen closer to the 2% rate considered healthy.', 'Jasmine Loeber, a stay-at-home mother from Pennsylvania, was so shocked by price increases in recent years that she began posting on social media about her expensive supermarket hauls.', 'But the 26-year-old told the BBC that prices have recently started to become more affordable.', 'She is still shopping strategically - avoiding certain brands and sticking with stores known for being budget friendly - but is now seeing more discounts. ""', 'I\'ve noticed, over the last few months, they\'ve got red tags on everything,"" she said, adding that her family recently took its first holiday in three years.', 'But she said wider financial pressures, like housing costs, still weighed so heavily that she did not plan to have more than one child.', ""The latest figures went largely unremarked in the aftermath of the first debate and as political leaders marked the anniversary of the 11 September attacks on New York's World Trade Center."", 'Jasmine, who lives in a state both campaigns see as must-win in November, said she did not vote in 2020 and was unsure whether she would this year. ""', 'It\'s really hard to be believe that they\'re actually going to be able to do anything about it,"" she said.']",0.0581881893590117,"Inflation in the US continued to cool last month, official figures showed, raising confidence that the US central bank will cut interest rates next week.",The latest figures went largely unremarked in the aftermath of the first debate and as political leaders marked the anniversary of the 11 September attacks on New York's World Trade Center.,0.2356662097431364,"The cost of petrol, another staple, has also dropped, falling over the month and more than 10% from August 2023.","US inflation hit a high of 9.1% in June 2022, but has since fallen closer to the 2% rate considered healthy.",2024-09-13
Digital health company Noom to offer compounded GLP-1 drug through new weight loss program,https://www.cnbc.com/2024/09/12/noom-to-offer-glp-1-drug-through-new-weight-loss-program.html,2024-09-12T13:33:05+0000,"Digital health company Noom on Thursday announced it will offer a compounded GLP-1 drug as part of a new weight loss product that starts at $149. The treatment will feature compounded semaglutide, the same active ingredient in Novo Nordisk's blockbuster obesity and diabetes drugs Wegovy and Ozempic. Noom has offered weight loss programs for years, and consumers can already try to access those branded medications through its platform. But Noom is the latest in a string of digital health companies to offer compounded versions of the medications as a cheaper alternative for consumers while demand for weight loss and diabetes drugs spikes. Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.  ""Our position is that more supply, especially at a reasonable price, is needed right now, not less,"" Noom CEO Geoff Cook told CNBC in an interview. Wegovy and Ozempic belong to a highly popular class of medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar. The compounded versions are custom-made alternatives to the brand drugs, and they can be produced when brand-name treatments are in shortage.Compounded GLP-1 medications are typically much cheaper than their branded counterparts. Wegovy and Ozempic both cost roughly $1,000 per month before insurance. Most insurance plans cover GLP-1s when they are used to treat diabetes, but coverage of the weight loss drugs is less widespread. Spiking demand can also make it difficult for many patients to find the branded treatments.Cook said consumers will pay $149 for their first month in Noom's program and $279 for the following months as the dose of their medication increases. The U.S. Food and Drug Administration does not review the safety and efficacy of compounded products, and the agency has urged consumers to take the approved, branded GLP-1 medications when they are available. However, the FDA does inspect some outsourcing facilities that compound drugs, according to its website.Noom said it is working with an FDA-regulated 503B compounding pharmacy to provide its medication for its new program, which is called Noom GLP-1 RX. ""The drug manufacturer we're working with generates 20 generic medications, epinephrine being one of them — a lifesaving medication that's available in hospitals all across the United States,"" Dr. Adonis Saremi, chief medical officer of Noom, told CNBC in an interview. ""So we're really confident and happy with our vetting process."" The company said it has also introduced a way for participants to taper off the compounded treatment if they would like to stop taking it. GLP-1s are intended for long-term use, which means some patients may end up taking them indefinitely. Cook said Noom has seen both anecdotal and real-world evidence that patients are able to maintain weight loss after they stop taking the drugs. Six out of seven patients are off GLP-1s by the two-year mark anyway, he said. ""It's prescribed by the doctor, the person takes their medicine, they lose weight, but then life happens,"" Cook said. ""They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered."" Cook said not everyone will be able to taper off the medication, so some people will likely end up taking it indefinitely. The company will provide a free year of Noom or ""substantial medication discounts"" to anyone who regains the weight within 18 months after following its program for a year, it said in a release. Consumers can get started with the Noom GLP-1 RX program by filling out an intake form on the website. Noom said one of its contracted, obesity-trained doctors will review the intake form and decide if the compounded medication is appropriate for that patient. If so, the drugs will arrive at their door within a week, Noom said. Participants will learn how to inject their medication, and they can use a chat feature to talk one-on-one with a coach and their Noom clinician, the company said. They'll also have access to a range of psychology-based programming and tools to help keep them from losing muscle mass, such as features for tracking protein intake and engaging in resistance training, Noom said.And if users decide they are ready to move off the medication, they can chat with their clinician or tap ""initiate taper"" in their settings, Noom said.  ""I think there's a lot of folks who don't want to be on a medication for the rest of their lives, and in any event, people aren't doing that in the real world,"" Cook said. ""Our goal is just not to sell more medications. It's to drive sustained weight loss outcomes.""",CNBC,12/09/2024,"[""Digital health company Noom on Thursday announced it will offer a compounded GLP-1 drug as part of a new weight loss product that starts at $149.The treatment will feature compounded semaglutide, the same active ingredient in Novo Nordisk's blockbuster obesity and diabetes drugs Wegovy and Ozempic."", 'Noom has offered weight loss programs for years, and consumers can already try to access those branded medications through its platform.', 'But Noom is the latest in a string of digital health companies to offer compounded versions of the medications as a cheaper alternative for consumers while demand for weight loss and diabetes drugs spikes.', 'Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.', '""Our position is that more supply, especially at a reasonable price, is needed right now, not less,"" Noom CEO Geoff Cook told CNBC in an interview.', ""Wegovy and Ozempic belong to a highly popular class of medications called GLP-1s, which mimic certain gut hormones to tamp down a patient's appetite and regulate their blood sugar."", 'The compounded versions are custom-made alternatives to the brand drugs, and they can be produced when brand-name treatments are in shortage.', 'Compounded GLP-1 medications are typically much cheaper than their branded counterparts.', 'Wegovy and Ozempic both cost roughly $1,000 per month before insurance.', 'Most insurance plans cover GLP-1s when they are used to treat diabetes, but coverage of the weight loss drugs is less widespread.', 'Spiking demand can also make it difficult for many patients to find the branded treatments.', ""Cook said consumers will pay $149 for their first month in Noom's program and $279 for the following months as the dose of their medication increases."", 'The U.S. Food and Drug Administration does not review the safety and efficacy of compounded products, and the agency has urged consumers to take the approved, branded GLP-1 medications when they are available.', 'However, the FDA does inspect some outsourcing facilities that compound drugs, according to its website.', 'Noom said it is working with an FDA-regulated 503B compounding pharmacy to provide its medication for its new program, which is called Noom GLP-1 RX.""The drug manufacturer we\'re working with generates 20 generic medications, epinephrine being one of them — a lifesaving medication that\'s available in hospitals all across the United States,"" Dr. Adonis Saremi, chief medical officer of Noom, told CNBC in an interview. ""', ""So we're really confident and happy with our vetting process."", '""The company said it has also introduced a way for participants to taper off the compounded treatment if they would like to stop taking it.', 'GLP-1s are intended for long-term use, which means some patients may end up taking them indefinitely.', 'Cook said Noom has seen both anecdotal and real-world evidence that patients are able to maintain weight loss after they stop taking the drugs.', 'Six out of seven patients are off GLP-1s by the two-year mark anyway, he said.', '""It\'s prescribed by the doctor, the person takes their medicine, they lose weight, but then life happens,"" Cook said. ""', ""They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered."", '""Cook said not everyone will be able to taper off the medication, so some people will likely end up taking it indefinitely.', 'The company will provide a free year of Noom or ""substantial medication discounts"" to anyone who regains the weight within 18 months after following its program for a year, it said in a release.', 'Consumers can get started with the Noom GLP-1 RX program by filling out an intake form on the website.', 'Noom said one of its contracted, obesity-trained doctors will review the intake form and decide if the compounded medication is appropriate for that patient.', 'If so, the drugs will arrive at their door within a week, Noom said.', 'Participants will learn how to inject their medication, and they can use a chat feature to talk one-on-one with a coach and their Noom clinician, the company said.', ""They'll also have access to a range of psychology-based programming and tools to help keep them from losing muscle mass, such as features for tracking protein intake and engaging in resistance training, Noom said."", 'And if users decide they are ready to move off the medication, they can chat with their clinician or tap ""initiate taper"" in their settings, Noom said.', '""I think there\'s a lot of folks who don\'t want to be on a medication for the rest of their lives, and in any event, people aren\'t doing that in the real world,"" Cook said. ""', 'Our goal is just not to sell more medications.', 'It\'s to drive sustained weight loss outcomes.""']",0.0176377878492847,So we're really confident and happy with our vetting process.,"They eventually stop taking the medication, or their insurance stops covering it, they'll change a job [so] it's no longer covered.",0.5265579289860196,Hims & Hers and Sesame have launched similar programs in recent months — and the market for low-cost options has grown more competitive.,Spiking demand can also make it difficult for many patients to find the branded treatments.,2024-09-13
Gilead says its twice-yearly shot cut HIV infections by 96% in trial,https://www.cnbc.com/2024/09/12/gilead-lenacapavir-cut-hiv-infections-by-96percent-in-trial.html,2024-09-12T15:49:23+0000,"In this articleGilead's twice-yearly shot reduced HIV infections by 96% in a second large study, the company said Thursday.The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.""Now that we have a comprehensive dataset across multiple study populations, Gilead will work urgently with regulatory, government, public health and community partners to ensure that, if approved, we can deliver twice-yearly lenacapavir for PrEP worldwide, for all those who want or need PrEP,"" said Gilead CEO Daniel O'Day in a statement.PrEP or, pre-exposure prophylaxis, is medication taken to prevent getting HIV, according to the Centers for Disease Control and Prevention.Gilead shares climbed more than 1% on Thursday.The company said 99.9% of participants who received lenacapavir did not acquire HIV, with two cases among 2,180 people. The trial included cisgender men, transgender men, transgender women and gender non-binary people who have sex with partners assigned male at birth.There were nine cases of HIV in a group of more than 1,000 people assigned to receive Truvada, Gilead's older daily pill used for prevention and treatment. The company said lenacapavir was 89% more effective than Truvada in the study. Lenacapavir and Truvada were also ""generally well-tolerated"" by patients with no new safety concerns, according to Gilead. The drugmaker plans to present detailed data at an upcoming medical conference. Gilead in June also said lenacapavir was 100% effective at preventing HIV in another late-stage trial with cisgender women. None of the approximately 2,000 women in the study who received the shot had contracted HIV by the time of an interim analysis conducted in September 2023. In a research note Thursday, Jefferies analyst Michael Yee said overall the data on lenacapavir is ""solid and consistent across both studies"" and populations.The trial results should lead to an FDA approval and launch in the market by 2025, Yee said. Subscribe to CNBC on YouTube.",CNBC,12/09/2024,"[""In this articleGilead's twice-yearly shot reduced HIV infections by 96% in a second large study, the company said Thursday."", 'The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.', '""Now that we have a comprehensive dataset across multiple study populations, Gilead will work urgently with regulatory, government, public health and community partners to ensure that, if approved, we can deliver twice-yearly lenacapavir for PrEP worldwide, for all those who want or need PrEP,"" said Gilead CEO Daniel O\'Day in a statement.', 'PrEP or, pre-exposure prophylaxis, is medication taken to prevent getting HIV, according to the Centers for Disease Control and Prevention.', 'Gilead shares climbed more than 1% on Thursday.', 'The company said 99.9% of participants who received lenacapavir did not acquire HIV, with two cases among 2,180 people.', 'The trial included cisgender men, transgender men, transgender women and gender non-binary people who have sex with partners assigned male at birth.', ""There were nine cases of HIV in a group of more than 1,000 people assigned to receive Truvada, Gilead's older daily pill used for prevention and treatment."", 'The company said lenacapavir was 89% more effective than Truvada in the study.', 'Lenacapavir and Truvada were also ""generally well-tolerated"" by patients with no new safety concerns, according to Gilead.', 'The drugmaker plans to present detailed data at an upcoming medical conference.', 'Gilead in June also said lenacapavir was 100% effective at preventing HIV in another late-stage trial with cisgender women.', 'None of the approximately 2,000 women in the study who received the shot had contracted HIV by the time of an interim analysis conducted in September 2023.In a research note Thursday, Jefferies analyst Michael Yee said overall the data on lenacapavir is ""solid and consistent across both studies"" and populations.', 'The trial results should lead to an FDA approval and launch in the market by 2025, Yee said.', 'Subscribe to CNBC on YouTube.']",0.2587586676990019,The positive phase-three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention.,,0.9969846776553564,Gilead shares climbed more than 1% on Thursday.,,2024-09-13
Ban on rental bidding wars is on the way - but will it work?,https://www.bbc.co.uk/news/articles/cqjlxxejreeo,2024-09-13T00:36:44.252Z,"With renters in popular areas facing intense competition for homes, many are increasingly finding themselves pitted against each other in bidding wars.  Housing campaigners have welcomed plans for new laws to ban the practice in England - but are warning more action will be needed to tackle unaffordable rents.  Jason Phillips had been living in his flat in Crouch End, north London, for 10 years when his landlady decided to sell up.  He spent more than a year looking for somewhere new to rent in the area. But despite going to around 40 viewings and having a good salary as a business analyst, he kept losing out to other applicants.  In one case he was told a two-bed flat on the market for £1,800 month had gone for £2,500, after someone offered £700 over the asking price.  “It's frustrating,"" he says. ""It made it not only unaffordable for me, but if I'd known that was going to be the price range I probably wouldn't have even gone to see it in the first place."" With at least a dozen prospective tenants viewing some of the properties, Jason said several estate agents had actively encouraged him to bid higher than the advertised price to give him the best chance.  Eventually Jason, 60, gave up and reluctantly moved to Stevenage, Hertfordshire, where it was easier to find somewhere within his budget and he was closer to work.  ""I'd got to know my neighbours and I'd build up a lot of friends,"" he says. ""I miss [Crouch End] and I would love to go back."" The government has set out plans to end bidding wars as part of a wider Renters' Rights Bill, which was published on Wednesday.  Under the legislation, which still needs to be approved by MPs and peers, landlords and letting agents would be legally required to publish an asking rent for their property and banned from encouraging or accepting any bids above this price. This goes further than proposals Labour set out when it was in opposition, which would have prevented landlords and agents from encouraging bids but would still have allowed prospective tenants to offer more than the advertised rent. Campaign group Generation Rent's Conor O'Shea says they are pleased the government has listened to the evidence from countries like Australia, where legislation has already been introduced to tackle bidding wars, and decided on a ""total ban"".  He argues allowing ""voluntary"" bids would have been ""open to abuse"", as tenants may still feel pressurised to offer above the asking price. In Australia, all states now restrict rental bidding in some form - but only Queensland and the Northern Territory have banned landlords and agents from accepting offers above the asking price completely. Three years after first introducing legislation to ban the encouraging of bids, Victoria is also planning to go further and make it an offence to accept rental bids, as the UK government is proposing.   The government there says with vacancy rates at record lows prospective tenants are under ""an incredible amount of pressure"" and people are increasingly making ""unsolicited bids"" to give them an edge over other applicants.  Joel Dignam, executive director of Australian campaign group Better Renting, says this suggests banning landlords from accepting as well as just encouraging bids is necessary to stop bidding wars.  He says enforcement is also an issue.  Generally, landlords or agents breaking the rules can be fined, but Mr Dignam says it is more likely they only get ""a slap on the wrist"".  Mr O’Shea says this is also a problem in the UK, where overstretched councils struggle to go after all landlords who break the rules. Under the planned legislation, landlords or agents could be fined up to £7,000 if they encourage or accept bids. But Mr O'Shea says any new laws must be properly enforced to be effective.  He argues tenants should also be incentivised to report when bidding is being encouraged, for example they could be given a rebate on their rent if their landlord is found to have broken the law. There are also questions over how effective banning rental bidding can be in curbing rising rents, with campaigners saying this does not address the root cause of the issue.  In Australia, rents have continued to increase in popular areas, where demand outstrips supply.  But Mr Dignam argues banning the practice is not just about affordability but also transparency.  ""I think what's tricky for renters is just not knowing what the real price of the property is,"" he says. ""Is it even worth going to this [viewing] if actually it's out of my price range?"" In the UK, the National Residential Landlords Association (NRLA) also agrees with the principle of ending bidding wars, saying neither landlords nor agents should be encouraging tenants to offer above the asking rent.  However, it is calling for more detail on how the policy would work in practice.  More broadly, the NRLA says there needs to be action to boost the supply of privately rented homes.  Mr O'Shea says ultimately banning bidding wars is ""not going to be the silver bullet that will deal with the affordability crisis for tenants"".  He says there are concerns that some landlords may simply list their property at an inflated price and accept lower offers if needed.  Generation Rent also wants to see tighter controls on how much landlords can increase rents by within tenancies and an increase in the supply of homes, he adds.  ""We don't have enough homes in the places that people want to live, at rates they can afford to rent."" ",BBC,13/09/2024,"['With renters in popular areas facing intense competition for homes, many are increasingly finding themselves pitted against each other in bidding wars.', 'Housing campaigners have welcomed plans for new laws to ban the practice in England - but are warning more action will be needed to tackle unaffordable rents.', 'Jason Phillips had been living in his flat in Crouch End, north London, for 10 years when his landlady decided to sell up.', 'He spent more than a year looking for somewhere new to rent in the area.', 'But despite going to around 40 viewings and having a good salary as a business analyst, he kept losing out to other applicants.', 'In one case he was told a two-bed flat on the market for £1,800 month had gone for £2,500, after someone offered £700 over the asking price. “', 'It\'s frustrating,"" he says. ""', 'It made it not only unaffordable for me, but if I\'d known that was going to be the price range I probably wouldn\'t have even gone to see it in the first place.""', 'With at least a dozen prospective tenants viewing some of the properties, Jason said several estate agents had actively encouraged him to bid higher than the advertised price to give him the best chance.', 'Eventually Jason, 60, gave up and reluctantly moved to Stevenage, Hertfordshire, where it was easier to find somewhere within his budget and he was closer to work. ""', 'I\'d got to know my neighbours and I\'d build up a lot of friends,"" he says. ""', 'I miss [Crouch End] and I would love to go back.""', ""The government has set out plans to end bidding wars as part of a wider Renters' Rights Bill, which was published on Wednesday."", 'Under the legislation, which still needs to be approved by MPs and peers, landlords and letting agents would be legally required to publish an asking rent for their property and banned from encouraging or accepting any bids above this price.', 'This goes further than proposals Labour set out when it was in opposition, which would have prevented landlords and agents from encouraging bids but would still have allowed prospective tenants to offer more than the advertised rent.', 'Campaign group Generation Rent\'s Conor O\'Shea says they are pleased the government has listened to the evidence from countries like Australia, where legislation has already been introduced to tackle bidding wars, and decided on a ""total ban"".', 'He argues allowing ""voluntary"" bids would have been ""open to abuse"", as tenants may still feel pressurised to offer above the asking price.', 'In Australia, all states now restrict rental bidding in some form - but only Queensland and the Northern Territory have banned landlords and agents from accepting offers above the asking price completely.', 'Three years after first introducing legislation to ban the encouraging of bids, Victoria is also planning to go further and make it an offence to accept rental bids, as the UK government is proposing.', 'The government there says with vacancy rates at record lows prospective tenants are under ""an incredible amount of pressure"" and people are increasingly making ""unsolicited bids"" to give them an edge over other applicants.', 'Joel Dignam, executive director of Australian campaign group Better Renting, says this suggests banning landlords from accepting as well as just encouraging bids is necessary to stop bidding wars.', 'He says enforcement is also an issue.', 'Generally, landlords or agents breaking the rules can be fined, but Mr Dignam says it is more likely they only get ""a slap on the wrist"".', 'Mr O’Shea says this is also a problem in the UK, where overstretched councils struggle to go after all landlords who break the rules.', 'Under the planned legislation, landlords or agents could be fined up to £7,000 if they encourage or accept bids.', ""But Mr O'Shea says any new laws must be properly enforced to be effective."", 'He argues tenants should also be incentivised to report when bidding is being encouraged, for example they could be given a rebate on their rent if their landlord is found to have broken the law.', 'There are also questions over how effective banning rental bidding can be in curbing rising rents, with campaigners saying this does not address the root cause of the issue.', 'In Australia, rents have continued to increase in popular areas, where demand outstrips supply.', 'But Mr Dignam argues banning the practice is not just about affordability but also transparency. ""', 'I think what\'s tricky for renters is just not knowing what the real price of the property is,"" he says. ""', 'Is it even worth going to this [viewing] if actually it\'s out of my price range?""', 'In the UK, the National Residential Landlords Association (NRLA) also agrees with the principle of ending bidding wars, saying neither landlords nor agents should be encouraging tenants to offer above the asking rent.', 'However, it is calling for more detail on how the policy would work in practice.', 'More broadly, the NRLA says there needs to be action to boost the supply of privately rented homes.', 'Mr O\'Shea says ultimately banning bidding wars is ""not going to be the silver bullet that will deal with the affordability crisis for tenants"".', 'He says there are concerns that some landlords may simply list their property at an inflated price and accept lower offers if needed.', 'Generation Rent also wants to see tighter controls on how much landlords can increase rents by within tenancies and an increase in the supply of homes, he adds. ""', 'We don\'t have enough homes in the places that people want to live, at rates they can afford to rent.""']",0.0456885709071851,"With at least a dozen prospective tenants viewing some of the properties, Jason said several estate agents had actively encouraged him to bid higher than the advertised price to give him the best chance.","Mr O'Shea says ultimately banning bidding wars is ""not going to be the silver bullet that will deal with the affordability crisis for tenants"".",-0.1164929310480753,"In Australia, rents have continued to increase in popular areas, where demand outstrips supply.","But despite going to around 40 viewings and having a good salary as a business analyst, he kept losing out to other applicants.",2024-09-13
CEO of Ford's highly profitable Pro business to retire,https://www.cnbc.com/2024/09/12/ceo-of-fords-highly-profitable-pro-business-to-retire.html,2024-09-12T16:16:58+0000,"DETROIT — The head of Ford Motor's highly profitable ""Pro"" commercial and fleet business will retire at the end of this month, the company said Thursday.The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be succeeded on an interim basis by Andrew Frick, president of Ford's traditional ""Blue"" operations, until the company announces a new leader.""Ted's energy and passion for customers has been instrumental in building Ford Pro into a business that's tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,"" Ford CEO Jim Farley said in a statement.Ford Pro has been a profit driver for the automaker. It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.Such results led Wall Street to praise the business, as analysts have called it a ""hidden gem"" and Ford's ""Ferrari,"" referring to the highly profitable Italian sports car manufacturer.Cannis also led the Ford Customer Service Division, which handles global parts, services, accessories, and vehicle customization for Ford dealers and customers worldwide.Daniel Justo, who currently is chief financial officer of Ford Blue, will begin overseeing the operations upon Cannis' retirement.""It's been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,"" Cannis said in a release. ""Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming. I can't wait to watch Ford Pro and FCSD continue to innovate and grow.""",CNBC,12/09/2024,"['DETROIT — The head of Ford Motor\'s highly profitable ""Pro"" commercial and fleet business will retire at the end of this month, the company said Thursday.', 'The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be succeeded on an interim basis by Andrew Frick, president of Ford\'s traditional ""Blue"" operations, until the company announces a new leader.', '""Ted\'s energy and passion for customers has been instrumental in building Ford Pro into a business that\'s tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,"" Ford CEO Jim Farley said in a statement.', 'Ford Pro has been a profit driver for the automaker.', 'It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.', 'Such results led Wall Street to praise the business, as analysts have called it a ""hidden gem"" and Ford\'s ""Ferrari,"" referring to the highly profitable Italian sports car manufacturer.', 'Cannis also led the Ford Customer Service Division, which handles global parts, services, accessories, and vehicle customization for Ford dealers and customers worldwide.', ""Daniel Justo, who currently is chief financial officer of Ford Blue, will begin overseeing the operations upon Cannis' retirement."", '""It\'s been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,"" Cannis said in a release. ""', 'Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming.', 'I can\'t wait to watch Ford Pro and FCSD continue to innovate and grow.""']",0.4107461225235231,"Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming.","It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.",0.9987670268331256,"It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicle business.",,2024-09-13
New Starbucks CEO Brian Niccol outlines priorities to end coffee chain's slump,https://www.cnbc.com/2024/09/10/new-starbucks-ceo-brian-niccol-outlines-plans-for-business.html,2024-09-10T20:12:53+0000,"In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain's U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""… In some places — especially in the U.S. — we aren't always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better.""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company's branding.""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering.Later, Niccol plans to address its international business, such as in China, its second-largest market. Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers.""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East. Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.But for Niccol's first 100 days, he plans to spend time in the chain's cafes and offices and meet with key suppliers in the U.S.""Today, I'm making a commitment: We're getting back to Starbucks,"" said Niccol.The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan. The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.Niccol's official first day was Monday. He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street. Now, he is tasked with executing a turnaround for Starbucks.Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer. Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development.In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people. We are woven into the fabric of people's lives and the communities we serve. Second, there's a shared sense that we have drifted from our core. We have an opportunity to make the store experience better for our partners and, in turn, for our customers.Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention. Coffee is our heart. We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts. From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers. We invest in the finest quality beans. Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market. We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees. We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence. Each cup is more than a drink; it's a handcrafted moment, made with care.Our stores have always been more than a place to get a drink. They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista. A visit to Starbucks is about connection and joy, and of course great coffee.Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering. It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better. Today, I'm making a commitment: We're getting back to Starbucks. We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas. This is our enduring identity. We will innovate from here.We'll focus initially on four key areas that we know will have the biggest impact: To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform. This is our plan for the U.S., and where I need to focus my time initially. But Starbucks is a global company. We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day. I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them. In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market. Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong. My focus for the first 100 days is clear. I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps. Together, we will get back to what makes Starbucks, Starbucks. On we go, Brian",CNBC,10/09/2024,"['In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain\'s U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""…', 'In some places — especially in the U.S. — we aren\'t always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""', 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', '""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company\'s branding.', '""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.', ""To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering."", 'Later, Niccol plans to address its international business, such as in China, its second-largest market.', ""Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers."", '""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.', 'He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East.', ""Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza."", 'But for Niccol\'s first 100 days, he plans to spend time in the chain\'s cafes and offices and meet with key suppliers in the U.S.""Today, I\'m making a commitment: We\'re getting back to Starbucks,"" said Niccol.', ""The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan."", 'The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.', ""Niccol's official first day was Monday."", 'He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street.', 'Now, he is tasked with executing a turnaround for Starbucks.', 'Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer.', ""Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development."", 'In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people.', ""We are woven into the fabric of people's lives and the communities we serve."", ""Second, there's a shared sense that we have drifted from our core."", 'We have an opportunity to make the store experience better for our partners and, in turn, for our customers.', 'Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention.', 'Coffee is our heart.', ""We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts."", 'From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers.', 'We invest in the finest quality beans.', 'Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market.', 'We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees.', 'We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.', ""Each cup is more than a drink; it's a handcrafted moment, made with care."", 'Our stores have always been more than a place to get a drink.', ""They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista."", 'A visit to Starbucks is about connection and joy, and of course great coffee.', ""Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering."", 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', ""Today, I'm making a commitment: We're getting back to Starbucks."", ""We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas."", 'This is our enduring identity.', 'We will innovate from here.', ""We'll focus initially on four key areas that we know will have the biggest impact:To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform."", 'This is our plan for the U.S., and where I need to focus my time initially.', 'But Starbucks is a global company.', 'We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day.', 'I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them.', 'In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market.', ""Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong."", 'My focus for the first 100 days is clear.', ""I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps."", 'Together, we will get back to what makes Starbucks, Starbucks.', 'On we go,Brian']",0.3141595752723734,We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.,"Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.",0.303786677973611,"Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong.","The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.",2024-09-13
McDonald's to extend $5 value meal offer into December in most U.S. markets,https://www.cnbc.com/2024/09/12/mcdonalds-to-extend-5-value-meal-offer-into-december.html,2024-09-13T14:31:00+0000,"In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers.Franchisees have been voting on extending the value meal, and roughly 80% of local markets have opted to extend the deal into December. Votes on extensions are ongoing, so additional locations may be added in the weeks to come.The value meal offers a McDouble or McChicken sandwich, small fries, four-piece chicken nuggets and a small soft drink for $5.Owners will also be offering local promotions in the weeks and months to come, in addition to the value bundle, the company said. Deals will also be available in McDonald's app.""Together with our franchisees, we're committed to keeping our prices as affordable as possible, which is why we're doubling down with even more ways to save,"" McDonald's U.S. President Joe Erlinger said in a statement about the meal's extension into December.The restaurant sector focused on value this summer, as companies including McDonald's, Burger King and even Starbucks attempted to lure consumers in with discounted offerings. Diners have pulled back on their restaurant spending after years of persistent inflation.After McDonald's posted declining second-quarter same-store sales in July, executives told restaurant operators and analysts the company would focus on how to recapture consumers with deals, as they pushed for an extension of the $5 value meal. The offer ran through the end of August, after 93% of restaurants had agreed to keep it on the menu following its initial four-week run in June and July.In a memo to the U.S. system obtained by CNBC after the July earnings report, Erlinger said McDonald's struggled to sell diners on affordability in the most recent quarter, adding that he expects ""industry and competitive challenges"" to continue throughout the year. Erlinger encouraged operators to look ahead to building momentum for next year, adding that ""channeling a long-term mindset is crucial"" to the company's success. ""Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight,"" he wrote at the time. ""It will happen through sustained and coordinated actions that show the customer we're on their side.""The $5 meal trial performed well among low-income consumers, and sentiment around the company's value had started to improve, Erlinger said in the July memo.",CNBC,13/09/2024,"[""In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers."", 'Franchisees have been voting on extending the value meal, and roughly 80% of local markets have opted to extend the deal into December.', 'Votes on extensions are ongoing, so additional locations may be added in the weeks to come.', 'The value meal offers a McDouble or McChicken sandwich, small fries, four-piece chicken nuggets and a small soft drink for $5.Owners will also be offering local promotions in the weeks and months to come, in addition to the value bundle, the company said.', ""Deals will also be available in McDonald's app."", '""Together with our franchisees, we\'re committed to keeping our prices as affordable as possible, which is why we\'re doubling down with even more ways to save,"" McDonald\'s U.S. President Joe Erlinger said in a statement about the meal\'s extension into December.', ""The restaurant sector focused on value this summer, as companies including McDonald's, Burger King and even Starbucks attempted to lure consumers in with discounted offerings."", 'Diners have pulled back on their restaurant spending after years of persistent inflation.', ""After McDonald's posted declining second-quarter same-store sales in July,executives told restaurant operators and analysts the company would focus on how to recapture consumers with deals, as they pushed for an extension of the $5 value meal."", 'The offer ran through the end of August, after 93% of restaurants had agreed to keep it on the menu following its initial four-week run in June and July.', 'In a memo to the U.S. system obtained by CNBC after the July earnings report, Erlinger said McDonald\'s struggled to sell diners on affordability in the most recent quarter, adding that he expects ""industry and competitive challenges"" to continue throughout the year.', 'Erlingerencouraged operators to look ahead to building momentum for next year, adding that ""channeling a long-term mindset is crucial"" to the company\'s success.', '""Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight,"" he wrote at the time. ""', ""It will happen through sustained and coordinated actions that show the customer we're on their side."", '""The $5 meal trialperformed wellamong low-income consumers, and sentiment around the company\'svaluehad started to improve, Erlinger said in the July memo.']",0.3019892570715103,In this articleMcDonald's will extend its $5 value meal into December in most U.S. markets as it looks to win back lower-income consumers.,,0.2471036091446876,"""The $5 meal trialperformed wellamong low-income consumers, and sentiment around the company'svaluehad started to improve, Erlinger said in the July memo.",Diners have pulled back on their restaurant spending after years of persistent inflation.,2024-09-13
Three key questions that will shape whether Coach and Michael Kors owners will merge,https://www.cnbc.com/2024/09/12/tapestry-capri-antitrust-trial-key-questions-about-merger.html,2024-09-12T21:12:43+0000,"In this articleJust a few miles from the birthplace of Coach in New York City, a federal judge will soon decide whether its owner Tapestry can become a bag behemoth — in a decision that will weigh big questions about how much consumers are paying for goods and the choices they have when they shop.Investors, lawyers and reporters have flocked this week to a courtroom in Manhattan for an antitrust trial over a Federal Trade Commission lawsuit that seeks to stop the merger of Tapestry and Capri. The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors. Tapestry and Capri announced the $8.5 billion deal more than a year ago, but the FTC sued to block it in April. It argued the combined companies would take away competition and leave consumers with fewer affordable handbag options and employees with worse pay and benefits.Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company. Both brands sell directly to customers on their websites and in stores, but also are carried by stores that cater to Americans across incomes including department stores Macy's and Dillard's, off-price retailers like T.J. Maxx and outlet stores.Tapestry and Capri, on the other hand, have argued the deal will allow them to keep up in a trend-driven industry where newer brands and changing consumer tastes are a competitive threat. At the time when the companies announced the deal, Tapestry's CEO Joanne Crevoiserat told CNBC that it'll allow Tapestry to reach more customers across age groups and incomes across the global, especially in the luxury and higher-end markets.The outcome of the antitrust case could shape the outlook for the industry that makes the bags, eyeglasses and apparel that many Americans carry and wear across the country. It comes as Americans increasingly balk at high prices after years of high inflation — and the Biden administration takes aim at mergers in the grocery, technology and apparel spaces.Investors are watching the trial closely for how it could affect shares of Tapestry and Capri. Shares of Tapestry are up more than 13% this year. On the other hand, Capri's stock has tumbled about 21% this year.Here are key questions that have defined the first three days of the trial, including highlights from some of the testimony:In a fast-moving world where a new product can become the ""it"" bag from a TikTok video or celebrity sighting, Tapestry and Capri have argued that competition is fierce — even for the biggest handbag players.With the transaction, Tapestry and Capri's executives have argued the brand could better compete with the wide variety of other retailers and brands that consumers choose from, ranging from fast-fashion brands like Zara and H&M to European luxury names like Burberry and LVMH's Louis Vuitton.One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors. Are they each other's main rivals, or do they compete with a vast mix of brands that steal away sales? The FTC has defined the relevant market for two brands as ""accessible luxury,"" a term that Tapestry has used with its investors and board of directors to describe how it offers higher-end fashion looks at a better value.Yet attorneys for Tapestry and Capri have pushed back, saying that the field of rivals is growing to include more price points.Crevoiserat said she's seen that dynamic close to home. Lululemon, known for its popular leggings and other athletic apparel, is the maker of belt bags, a hands-free, fanny pack-like bag that can be wrapped around the waist or slung across the body. The bags have been a hit, especially with younger shoppers.""What really pains me about that is my daughter has one,"" she said. ""They're a meaningful brand.""In her testimony, Crevoiserat said the competition isn't just with other handbag or fashion brands. She said the company is fighting to woo consumers who have many ways that they could spend their dollars.""They could go anywhere,"" she said. ""They could buy a pair of yoga pants or go out to dinner. It's discretionary.""During the trial, attorneys have showed off industry data from market research companies and internal documents, such as consumer surveys and research on the competition. The research has related to not only Tapestry and Capri, but also other fashion brands including Chanel and Rebecca Minkoff.Attorneys for Tapestry and Capri have argued that competition has intensified, as consumers have new ways to shop and their style preferences change. On the other hand, attorneys for the FTC have said the combined companies would corner the ""accessible luxury"" market.Some executives from other brands have also testified on the state of play in the industry. Suwon Yang, Chanel's head of merchandising for accessories and leather goods, took the stand on Wednesday. She said customers buy from many brands, but Chanel in its own research focuses on how it stacks up against European luxury lines like Saint Laurent and Hermes. She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition.She also described the rigor of the craftsmanship behind Chanel's bags, which she said sets the brand apart and leads to its price points of about $5,000 to $11,000 or even higher. Handbags are made in Italy and France, and for artisans, it takes a decade to make the company's highest level of handbag.The FTC argues the deal would bring more sticker shock for American consumers already facing higher prices on many items.On Wednesday, economist Loren Smith, one of the FTC's key witnesses, took the stand and contended that the merger would turn the combined companies into a handbag giant that would raise prices for shoppers and have little reason to invest in sharper styles or better materials. Smith is a Washington, D.C.-based consultant and former staff economist for the FTC.He laid out financial models and methodology he used to define the market for Tapestry and Capri, and particularly Coach and Michael Kors, saying they primarily compete with other ""accessible luxury"" players even if its consumers shop with other cheaper and pricier brands. He zeroed in on the handbag market in the U.S., and included common styles like cross-body bags and totes in the calculations.Ultimately, he said he found the merger raises ""significant competitive concerns"" and his simulation indicated that it would lead to an average price increase of 15% to 17% for the combined company's goods and a decrease in the quality of products.If the two companies became one, he said the combined company would have about 58% market share in the handbag market in the U.S. He said Tapestry could get away with raising prices on Michael Kors handbags since it could recapture lost sales by attracting enough of those same shoppers to Coach and Kate Spade bags.And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged.""Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand,"" he said.Plus, he said, the handbag industry has margins of 60% to 80%, a high number that makes the risk of diverting customers to another of their brands or losing customers to other brands less significant.He estimated annual consumer harm would add up to $365 million per year from a combination of price increases and merchandise that wouldn't be as well made.Attorneys for Tapestry and Capri pushed back on how he defined the competition, questioned his calculations and said he did not account for shoppers' newer habits, such as the ability to buy a Louis Vuitton or Prada bag at a lower price because of the rise of secondhand marketplaces.They also argued Smith is out of touch on the handbag market. The attorney for Tapestry and Capri noted that he's only bought one handbag before, and his wife instructed him what to buy.When Tapestry CEO Joanne Crevoiserat took the stand on Tuesday, she said her goal for the merger is straightforward: Putting more handbags in the hands of more customers.Attorneys for the fashion brands rolled carts of dozens of handbags from the two companies and from competitors into the courtroom on Monday, the day the trial began. Since then, a mix of executives and industry players have taken the stand, including Capri CEO John Idol and Coach CEO Todd Kahn.In her testimony on Tuesday, Crevoiserat held up a few of the handbags in the room. She spoke about their contrasts and how the bags illustrate the range of brands that Tapestry owns. She said Tapestry benefits from having a portfolio of distinct brands to cater to customers who shop for a variety of occasions and have different senses of style.She showed off Coach's Rogue, a maple colored leather tote bag that a customer might use to carry what she needs to the office. Then, she held up another bag, a more playful looking smaller green and white Kate Spade bag that's made of woven fabric and has been featured in Netflix's ""Emily in Paris.""Capri has its own distinctive brands too, she said.Internal documents also flashed on the courtroom screen, showing some emails and slide decks from a more than year long process that Tapestry pursued as it looked for an acquisition target and deliberated whether to buy a still emerging brand or a more established player like Capri. The names of other acquisition targets were redacted, but the code name for Capri was ""Comet.""Crevoiserat said Tuesday that if the deal closes, Tapestry would want to grow all of its brands — especially those of Capri, which has had weaker sales in recent quarters.""I believe we can inject more relevancy, more vibrancy into the Capri brands,"" she said.Instead of operating as a top-down company, Tapestry is a house of brands, Crevoiserat said. She added Coach, Kate Spade and Stuart Weitzman each have independent teams that select merchandise, set pricing and shape marketing.As the FTC raises questions about whether the deal will raise prices, she said Tapestry as a whole offers cost-savings benefits that come from having more scale, such as manufacturing and transporting products at a lower price.She said that way of operating wouldn't change. She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.""The deal simply wouldn't pencil if all brands couldn't grow,"" she said.The antitrust trial continues on Thursday and is expected to run through early next week. Attorneys for the FTC have hinted that other key witnesses are poised to testify, including more executives from Tapestry and Capri and the namesake of one of the top brands in the merger, American fashion designer Michael Kors.",CNBC,12/09/2024,"['In this articleJust a few miles from the birthplace of Coach in New York City, a federal judge will soon decide whether its owner Tapestry can become a bag behemoth — in a decision that will weigh big questions about how much consumers are paying for goods and the choices they have when they shop.', 'Investors, lawyers and reporters have flocked this week to a courtroom in Manhattan for an antitrust trial over a Federal Trade Commission lawsuit that seeks to stop the merger of Tapestry and Capri.', ""The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors."", 'Tapestry and Capri announced the $8.5 billion deal more than a year ago, but the FTC sued to block it in April.', 'It argued the combined companies would take away competition and leave consumers with fewer affordable handbag options and employees with worse pay and benefits.', 'Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company.', ""Both brands sell directly to customers on their websites and in stores, but also are carried by stores that cater to Americans across incomes including department stores Macy's and Dillard's, off-price retailers like T.J. Maxx and outlet stores."", 'Tapestry and Capri, on the other hand, have argued the deal will allow them to keep up in a trend-driven industry where newer brands and changing consumer tastes are a competitive threat.', ""At the time when the companies announced the deal, Tapestry's CEO Joanne Crevoiserat told CNBC that it'll allow Tapestry to reach more customers across age groups and incomes across the global, especially in the luxury and higher-end markets."", 'The outcome of the antitrust case could shape the outlook for the industry that makes the bags, eyeglasses and apparel that many Americans carry and wear across the country.', 'It comes as Americans increasingly balk at high prices after years of high inflation — and the Biden administration takes aim at mergers in the grocery, technology and apparel spaces.', 'Investors are watching the trial closely for how it could affect shares of Tapestry and Capri.', 'Shares of Tapestry are up more than 13% this year.', ""On the other hand, Capri's stock has tumbled about 21% this year."", 'Here are key questions that have defined the first three days of the trial, including highlights from some of the testimony:In a fast-moving world where a new product can become the ""it"" bag from a TikTok video or celebrity sighting, Tapestry and Capri have argued that competition is fierce — even for the biggest handbag players.', ""With the transaction, Tapestry and Capri's executives have argued the brand could better compete with the wide variety of other retailers and brands that consumers choose from, ranging from fast-fashion brands like Zara and H&M to European luxury names like Burberry and LVMH's Louis Vuitton."", ""One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors."", ""Are they each other's main rivals, or do they compete with a vast mix of brands that steal away sales?"", 'The FTC has defined the relevant market for two brands as ""accessible luxury,"" a term that Tapestry has used with its investors and board of directors to describe how it offers higher-end fashion looks at a better value.', 'Yet attorneys for Tapestry and Capri have pushed back, saying that the field of rivals is growing to include more price points.', ""Crevoiserat said she's seen that dynamic close to home."", 'Lululemon, known for its popular leggings and other athletic apparel, is the maker of belt bags, a hands-free, fanny pack-like bag that can be wrapped around the waist or slung across the body.', 'The bags have been a hit, especially with younger shoppers.', '""What really pains me about that is my daughter has one,"" she said. ""', ""They're a meaningful brand."", '""In her testimony, Crevoiserat said the competition isn\'t just with other handbag or fashion brands.', 'She said the company is fighting to woo consumers who have many ways that they could spend their dollars.', '""They could go anywhere,"" she said. ""', 'They could buy a pair of yoga pants or go out to dinner.', ""It's discretionary."", '""During the trial, attorneys have showed off industry data from market research companies and internal documents, such as consumer surveys and research on the competition.', 'The research has related to not only Tapestry and Capri, but also other fashion brands including Chanel and Rebecca Minkoff.', 'Attorneys for Tapestry and Capri have argued that competition has intensified, as consumers have new ways to shop and their style preferences change.', 'On the other hand, attorneys for the FTC have said the combined companies would corner the ""accessible luxury"" market.', 'Some executives from other brands have also testified on the state of play in the industry.', ""Suwon Yang, Chanel's head of merchandising for accessories and leather goods, took the stand on Wednesday."", 'She said customers buy from many brands, but Chanel in its own research focuses on how it stacks up against European luxury lines like Saint Laurent and Hermes.', 'She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition.', ""She also described the rigor of the craftsmanship behind Chanel's bags, which she said sets the brand apart and leads to its price points of about $5,000 to $11,000 or even higher."", ""Handbags are made in Italy and France, and for artisans, it takes a decade to make the company's highest level of handbag."", 'The FTC argues the deal would bring more sticker shock for American consumers already facing higher prices on many items.', ""On Wednesday, economist Loren Smith, one of the FTC's key witnesses, took the stand and contended that the merger would turn the combined companies into a handbag giant that would raise prices for shoppers and have little reason to invest in sharper styles or better materials."", 'Smith is a Washington, D.C.-based consultant and former staff economist for the FTC.He laid out financial models and methodology he used to define the market for Tapestry and Capri, and particularly Coach and Michael Kors, saying they primarily compete with other ""accessible luxury"" players even if its consumers shop with other cheaper and pricier brands.', 'He zeroed in on the handbag market in the U.S., and included common styles like cross-body bags and totes in the calculations.', 'Ultimately, he said he found the merger raises ""significant competitive concerns"" and his simulation indicated that it would lead to an average price increase of 15% to 17% for the combined company\'s goods and a decrease in the quality of products.', 'If the two companies became one, he said the combined company would have about 58% market share in the handbag market in the U.S. He said Tapestry could get away with raising prices on Michael Kors handbags since it could recapture lost sales by attracting enough of those same shoppers to Coach and Kate Spade bags.', ""And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged."", '""Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand,"" he said.', 'Plus, he said, the handbag industry has margins of 60% to 80%, a high number that makes the risk of diverting customers to another of their brands or losing customers to other brands less significant.', ""He estimated annual consumer harm would add up to $365 million per year from a combination of price increases and merchandise that wouldn't be as well made."", ""Attorneys for Tapestry and Capri pushed back on how he defined the competition, questioned his calculations and said he did not account for shoppers' newer habits, such as the ability to buy a Louis Vuitton or Prada bag at a lower price because of the rise of secondhand marketplaces."", 'They also argued Smith is out of touch on the handbag market.', ""The attorney for Tapestry and Capri noted that he's only bought one handbag before, and his wife instructed him what to buy."", 'When Tapestry CEO Joanne Crevoiserat took the stand on Tuesday, she said her goal for the merger is straightforward: Putting more handbags in the hands of more customers.', 'Attorneys for the fashion brands rolled carts of dozens of handbags from the two companies and from competitors into the courtroom on Monday, the day the trial began.', 'Since then, a mix of executives and industry players have taken the stand, including Capri CEO John Idol and Coach CEO Todd Kahn.', 'In her testimony on Tuesday, Crevoiserat held up a few of the handbags in the room.', 'She spoke about their contrasts and how the bags illustrate the range of brands that Tapestry owns.', 'She said Tapestry benefits from having a portfolio of distinct brands to cater to customers who shop for a variety of occasions and have different senses of style.', ""She showed off Coach's Rogue, a maple colored leather tote bag that a customer might use to carry what she needs to the office."", 'Then, she held up another bag, a more playful looking smaller green and white Kate Spade bag that\'s made of woven fabric and has been featured in Netflix\'s ""Emily in Paris.', '""Capri has its own distinctive brands too, she said.', 'Internal documents also flashed on the courtroom screen, showing some emails and slide decks from a more than year long process that Tapestry pursued as it looked for an acquisition target and deliberated whether to buy a still emerging brand or a more established player like Capri.', 'The names of other acquisition targets were redacted, but the code name for Capri was ""Comet.', '""Crevoiserat said Tuesday that if the deal closes, Tapestry would want to grow all of its brands — especially those of Capri, which has had weaker sales in recent quarters.', '""I believe we can inject more relevancy, more vibrancy into the Capri brands,"" she said.', 'Instead of operating as a top-down company, Tapestry is a house of brands, Crevoiserat said.', 'She added Coach, Kate Spade and Stuart Weitzman each have independent teams that select merchandise, set pricing and shape marketing.', 'As the FTC raises questions about whether the deal will raise prices, she said Tapestry as a whole offers cost-savings benefits that come from having more scale, such as manufacturing and transporting products at a lower price.', ""She said that way of operating wouldn't change."", 'She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.', '""The deal simply wouldn\'t pencil if all brands couldn\'t grow,"" she said.', 'The antitrust trial continues on Thursday and is expected to run through early next week.', 'Attorneys for the FTC have hinted that other key witnesses are poised to testify, including more executives from Tapestry and Capri and the namesake of one of the top brands in the merger, American fashion designer Michael Kors.']",0.0747010446628895,She added the high price tag to acquire Capri only makes sense if Tapestry gives the brand both financial support and creative freedom.,Attorneys for the FTC have argued this week that the merger would harm consumers by putting Coach and Michael Kors — two brands it described as having similar prices and often competing head-to-head — under the same company.,0.0777899026870727,Shares of Tapestry are up more than 13% this year.,"On the other hand, Capri's stock has tumbled about 21% this year.",2024-09-13
"Boeing warns strike will 'jeopardize' recovery, hurt aircraft production",https://www.cnbc.com/2024/09/13/boeing-cfo-labor-strike-recovery-aircraft-production.html,2024-09-13T16:57:04+0000,"In this articleBoeing CFO Brian West said a labor strike that began Friday will hurt aircraft deliveries and ""jeopardize"" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes. Speaking at an industry conference on Friday, West declined to say whether the company could meet a rate of producing 38 737 Max planes per month by the end of the year.Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing.West said Boeing's immediate focus would be ""on actions to conserve cash"" and added that new CEO Kelly Ortberg would be working to restore relationships with the union.Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits. But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living.Workers in the Seattle area and in Oregon voted 94.6% to reject the proposal, and 96% voted in favor of a strike.They walked off the job after midnight on Friday.Boeing machinists last went on strike in 2008, a work stoppage that lasted nearly two months.The potential production disruption comes as the manufacturer has been facing a slew of issues. It's struggled to ramp up production and restore its reputation following safety crises.A door plug blowout on a nearly new Boeing 737 Max 9 in January led the Federal Aviation Administration to bar Boeing from increasing output of its Max planes and the FAA to boost inspections at production plants, until the regulator is satisfied with its safety and quality procedures there.An FAA spokeswoman told CNBC on Friday that the agency will keep its inspectors at Boeing facilities during the strike.",CNBC,13/09/2024,"['In this articleBoeing CFO Brian West said a labor strike that began Friday will hurt aircraft deliveries and ""jeopardize"" the company\'s recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.', ""West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes."", 'Speaking at an industry conference on Friday, West declined to say whether the company could meet a rate of producing 38 737 Max planes per month by the end of the year.', 'Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing.', 'West said Boeing\'s immediate focus would be ""on actions to conserve cash"" and added that new CEO Kelly Ortberg would be working to restore relationships with the union.', 'Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.', ""But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living."", 'Workers in the Seattle area and in Oregon voted 94.6% to reject the proposal, and 96% voted in favor of a strike.', 'They walked off the job after midnight on Friday.', 'Boeing machinists last went on strike in 2008, a work stoppage that lasted nearly two months.', 'The potential production disruption comes as the manufacturer has been facing a slew of issues.', ""It's struggled to ramp up production andrestore its reputationfollowing safety crises."", 'A door plug blowout on a nearly new Boeing 737 Max 9 in January led the Federal Aviation Administrationto barBoeing from increasing output of its Max planes and the FAA to boost inspections at production plants, until the regulator is satisfied with its safety and quality procedures there.', 'An FAA spokeswoman told CNBC on Friday that the agency will keep its inspectors at Boeing facilities during the strike.']",0.0122513365539634,Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.,"In this articleBoeing CFO Brian West said a labor strike that began Friday will hurt aircraft deliveries and ""jeopardize"" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.",-0.2073258246694292,Boeing and the International Association of Machinists and Aerospace Workers had unveiled a tentative labor agreement on Sunday that included 25% wage increases over four years and other improvements to health-care and retirement benefits.,"In this articleBoeing CFO Brian West said a labor strike that began Friday will hurt aircraft deliveries and ""jeopardize"" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.",2024-09-13
"UAW, U.S. dealers increase criticism of Stellantis CEO over cuts, sales declines",https://www.cnbc.com/2024/09/12/dealers-uaw-condemn-stellantis-ceo-cuts-sales-declines.html,2024-09-12T16:59:24+0000,"In this articleDETROIT – Stellantis' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business.In an open letter to Tavares this week, the head of Stellantis' U.S. dealer council, Kevin Farrish, condemned the chief executive for prioritizing the company's profits at the cost of sales, market share and the reputations of its Chrysler, Dodge, Jeep and Ram brands. The council represents the company's 2,600 U.S. dealers.""The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company. Investor lawsuits, supplier lawsuits, strikes–the fallout is mounting. Your own distribution network, your dealer body, has been left in an anemic and diminished state,"" Farrish wrote in the Tuesday letter, which Bloomberg first reported Wednesday night.Farrish, a dealer in Virginia, said the dealer council has raised concerns about the company's operations for two years, and accused Tavares of ""reckless short-term decision making"" that boosted profits and padded his compensation but have led to the ""rapid degradation"" of its brands, he wrote.Stellantis, in a statement Wednesday night, said it takes ""absolute exception to the letter,"" citing a 21% increase in August sales over July and an ""action plan developed with the dealer body.""""At Stellantis, we don't believe that public personal attacks, such as the one in the open letter from the NDC president against our CEO, are the most effective way to solve problems,"" the company said. ""We have started a path that will prove successful. We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results.""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15. The stock hit a new 52-week low Thursday of $14.76 per share. Tavares has been on a profit-driven, 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 and cutting vehicle production at plants.Several Stellantis executives described the earlier cuts to CNBC as difficult but effective. Others, who spoke on the condition of anonymity due to potential repercussions, said they were grueling to the point of excessiveness.UAW President Shawn Fain also has publicly criticized Tavares, including in a speech last month at the Democratic National Convention. He has accused Tavares of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker.The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018. The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.",CNBC,12/09/2024,"[""In this articleDETROIT – Stellantis' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business."", ""In an open letter to Tavares this week, the head of Stellantis' U.S. dealer council, Kevin Farrish, condemned the chief executive for prioritizing the company's profits at the cost of sales, market share and the reputations of its Chrysler, Dodge, Jeep and Ram brands."", ""The council represents the company's 2,600 U.S. dealers."", '""The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company.', 'Investor lawsuits, supplier lawsuits, strikes–the fallout is mounting.', 'Your own distribution network, your dealer body, has been left in an anemic and diminished state,"" Farrish wrote in the Tuesday letter, which Bloomberg first reported Wednesday night.', 'Farrish, a dealer in Virginia, said the dealer council has raised concerns about the company\'s operations for two years, and accused Tavares of ""reckless short-term decision making"" that boosted profits and padded his compensation but have led to the ""rapid degradation"" of its brands, he wrote.', 'Stellantis, in a statement Wednesday night, said it takes ""absolute exception to the letter,"" citing a 21% increase in August sales over July and an ""action plan developed with the dealer body.', '""""At Stellantis, we don\'t believe that public personal attacks, such as the one in the open letter from the NDC president against our CEO, are the most effective way to solve problems,"" the company said. ""', 'We have started a path that will prove successful.', 'We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results.', '""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15.', 'The stock hit a new 52-week low Thursday of $14.76 per share.', ""Tavares has been on a profit-driven, 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 and cutting vehicle production at plants.', 'Several Stellantis executives described the earlier cuts to CNBC as difficult but effective.', 'Others, who spoke on the condition of anonymity due to potential repercussions, said they were grueling to the point of excessiveness.', 'UAW President Shawn Fain also has publicly criticized Tavares, including in a speech last monthat the Democratic National Convention.', ""He has accused Tavares of price gouging consumers and failing to uphold parts of the union's labor contract with the automaker."", 'The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis\' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.', 'U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018.', 'The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significantdrop of 13% compared withthe previous year.', ""Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased13% last year, according to federal data.""]",-0.0141197919384897,"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 and cutting vehicle production at plants.","The UAW, which represents roughly 38,000 Stellantis employees, is holding a rally Thursday afternoon at a union hall near Stellantis' Warren Truck Assembly Plant in suburban Detroit to ""condemn the gross mismanagement"" at the company, according to an email.",-0.4850924050106722,"Stellantis' performance compares to the overall U.S. new light-duty vehicle sales market, which increased13% last year, according to federal data.","""Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.Shares of Stellantis are off roughly 36% this year to around $15.",2024-09-13
JPMorgan Chase shares drop 5% after bank tempers guidance on interest income and expenses,https://www.cnbc.com/2024/09/10/jpmorgan-chase-shares-drop-nearly-7percent-after-bank-tempers-guidance-on-net-interest-income.html,2024-09-10T18:53:06+0000,"In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic.While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.""I think that that number will be lower,"" Pinto said. He declined to give a specific figure.Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected. But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities. When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds. But they also make new assets lower yielding, which complicates the picture.""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""But as you know, we are quite asset sensitive.""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.""There are a bunch of components that tell us that probably the number on expenses will be a bit higher than what is expected at the moment,"" Pinto said.When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",CNBC,10/09/2024,"[""In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic."", 'While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.', '""I think that that number will be lower,"" Pinto said.', 'He declined to give a specific figure.', 'Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.', 'JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.', 'But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.', ""NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities."", 'When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.', 'Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds.', 'But they also make new assets lower yielding, which complicates the picture.', '""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""', 'But as you know, we are quite asset sensitive.', '""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.', '""There are a bunch of components that tell us that probably the number on expenseswill be a bit higher than what is expected at the moment,"" Pinto said.', 'When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.', 'The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.']",0.1810416202853788,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",-0.5570460855960846,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.",2024-09-13
"After success in Paris, Los Angeles looks to elevate Olympic Games in 2028",https://www.cnbc.com/2024/09/10/paris-los-angeles-olympic-games-2028.html,2024-09-11T16:22:39+0000,"After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games. However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.That includes work on public transportation. Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby. Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""'s in the sign — which Wasserman noted was done with CGI.""That's obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""But I think it's a pretty spectacular opportunity if there was a way to do it.""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city's culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.""""LA is a main character,"" Alba said. ""We want it to be a main character during the Olympics.""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.', 'Los Angeles Mayor Karen Bass told CNBC\'s Andrew Ross Sorkin at CNBC x Boardroom\'s Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.', 'However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.', 'That includes work on public transportation.', 'Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.', 'Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.', 'Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.', '""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.', 'LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.', ""While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby."", 'Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""\'s in the sign — which Wasserman noted was done with CGI.""That\'s obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""', ""But I think it's a pretty spectacular opportunity if there was a way to do it."", '""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city\'s culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.', '""""LA is a main character,"" Alba said. ""', 'We want it to be a main character during the Olympics.', '""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2297720162737331,But I think it's a pretty spectacular opportunity if there was a way to do it.,"Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.",0.997119590640068,"However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.",,2024-09-13
Federal Reserve unveils toned-down banking regulations in victory for Wall Street,https://www.cnbc.com/2024/09/10/federal-reserve-unveils-new-banking-regulation-in-wall-street-victory.html,2024-09-10T20:16:24+0000,"A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""There are benefits and costs to increasing capital requirements. The changes we intend to make will bring these two important objectives into better balance.""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading. But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations.The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands. Now, it looks like those efforts have paid off.But big banks aren't the only ones to benefit. Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.That part will likely boost capital requirements by 3% to 4% over time, Barr said. It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates.Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid.It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation.""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital.""Reaction to Barr's proposal was swift and predictable; Sen. Elizabeth Warren, D-Mass., called it a gift to Wall Street.""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.""The American Bankers Association, a trade group, said it welcomed Barr's announcement but stopped short of giving its approval to the latest version of the regulation. ""We will carefully review this new proposal with our members, recognizing that America's banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.",CNBC,10/09/2024,"['A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.', ""Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr."", 'The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.', '""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""', 'There are benefits and costs to increasing capital requirements.', 'The changes we intend to make will bring these two important objectives into better balance.', '""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading.', ""But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations."", ""The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands."", 'Now, it looks like those efforts have paid off.', ""But big banks aren't the only ones to benefit."", 'Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.', 'That part will likely boost capital requirements by 3% to 4% over time, Barr said.', ""It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates."", 'Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.', 'It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.', 'Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.', ""That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid."", ""It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation."", '""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""', ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital."", '""Reaction to Barr\'s proposal was swift and predictable; Sen.Elizabeth Warren, D-Mass., called it a gift to Wall Street.', '""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""', 'After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.', '""The American Bankers Association, a trade group, said it welcomed Barr\'s announcement but stopped short of giving its approval to the latest version of the regulation. ""', 'We will carefully review this new proposal with our members, recognizing that America\'s banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.']",0.1216997929046676,"Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.","It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.",0.3015129069487254,"That part will likely boost capital requirements by 3% to 4% over time, Barr said.","""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. """,2024-09-13
Rachel Reeves warns of difficult decisions ahead in Budget,https://www.bbc.co.uk/news/articles/c2045wpddy2o,2024-09-11T06:05:34.019Z,"Next month's Budget will involve ""difficult decisions"" on tax, spending and welfare, the Chancellor Rachel Reeves has told the BBC. The new chancellor has faced mounting criticism after cutting Winter Fuel Payments for all but the poorest pensioners. But she said it was the ""right decision"" and there were further tough decisions to come. Her warning comes as new figures show the UK economy failed to grow in July, after flatlining in June. The July figure is a knock-back for the new government, which has named boosting the economy as one of its key priorities. Speaking to the BBC, Reeves tried to paint a positive picture for future growth, but warned of the need for further belt-tightening this autumn. “I’ve been really clear that the Budget on 30 October will require difficult decisions on tax, on spending, and on welfare,"" she said. ""But the prize - if we can bring stability back to our economy, if we can bring investment back to Britain - is economic growth, good jobs, paying decent wages in all parts of our country, to realise the huge potential that we have.” The Chancellor said she faced a £22bn ""black hole"" in the public finances this year, although about £9bn of that reflects her decision to award and fund above-inflation public sector pay deals. Speculation is building over which taxes she might raise in the Budget or whether she might tweak the debt targets she has pledged to stick to.  These are known as the fiscal rules and are self-imposed by government to manage its borrowing within a five-year time-frame. Changing these rules would give Reeves more flexibility over tax and spending plans. She has so far refused to rule out altering them. The Chancellor also referred to Amazon's announcement on Wednesday of plans to spend £8bn building data centres in the UK. She said this would ""help rebuild Britain and make every part of the country better off"". The lack of growth in July also means the Treasury has missed out on the boost to tax revenues that would have come with a stronger economic performance. Analysts had forecast growth of 0.2% for the month of July. A summer of sport, including the Euros and the Olympics, helped boost the services sector, but production and construction output both fell.  Despite the lack of growth in July, Liz McKeown, director of economic statistics at the Office for National Statistics (ONS) said ""longer term strength in the services sector meant there was growth over the last three months as a whole"".  Services growth was led by computer programmers and the health sector, which recovered from strike action in June. But there was a drop in output for advertising, architects and engineers, Ms McKeown added. It was a ""particularly poor"" month for car and machinery firms, she added. The ONS monitors GDP - or gross domestic product - on a monthly basis, but more attention is paid to the trend over three months.  Monthly figures are an early estimate and are often revised slightly after more data comes in. At the end of last year the UK fell into a shallow recession, with the economy failing to grow for two three-month periods in a row. But the first half of 2024 saw a return to growth. ""The economy stagnated in July... but that doesn’t mean the UK is on the cusp of another recession,"" said Ruth Gregory at Capital Economics. ""And we can take some comfort from the fact that services output rose by 0.1% month on month."" The ONS said retailers and hospitality venues noted an uptick in business in July as the England men's football team progressed through the European championships. Gillian Fletcher, general manager for Spinningfields, which runs food and drink venues in Manchester, said they had screened the Euros, Wimbledon and the Olympics over the summer and had found people were ""in the market"" for that kind of experience. “It's not that people don't want to spend money or they don't want to go out. It's just the economic landscape has changed,"" she said. ""We've had a really, really great year and summer... and that's proof that if you've got the right recipe, people will come.”  However, some restaurants told the ONS the football tournament had had a negative impact on footfall. Despite some travel agents seeing an increase in bookings because of the Paris Olympics, overall bookings fell month on month, the ONS said. What is GDP and how does it affect me? What is a recession and how could it affect me? When will interest rates come down? ",BBC,11/09/2024,"['Next month\'s Budget will involve ""difficult decisions"" on tax, spending and welfare, the Chancellor Rachel Reeves has told the BBC.', 'The new chancellor has faced mounting criticism after cutting Winter Fuel Payments for all but the poorest pensioners.', 'But she said it was the ""right decision"" and there were further tough decisions to come.', 'Her warning comes as new figures show the UK economy failed to grow in July, after flatlining in June.', 'The July figure is a knock-back for the new government, which has named boosting the economy as one of its key priorities.', 'Speaking to the BBC, Reeves tried to paint a positive picture for future growth, but warned of the need for further belt-tightening this autumn. “', 'I’ve been really clear that the Budget on 30 October will require difficult decisions on tax, on spending, and on welfare,"" she said. ""', 'But the prize - if we can bring stability back to our economy, if we can bring investment back to Britain - is economic growth, good jobs, paying decent wages in all parts of our country, to realise the huge potential that we have.”', 'The Chancellor said she faced a £22bn ""black hole"" in the public finances this year, although about £9bn of that reflects her decision to award and fund above-inflation public sector pay deals.', 'Speculation is building over which taxes she might raise in the Budget or whether she might tweak the debt targets she has pledged to stick to.', 'These are known as the fiscal rules and are self-imposed by government to manage its borrowing within a five-year time-frame.', 'Changing these rules would give Reeves more flexibility over tax and spending plans.', 'She has so far refused to rule out altering them.', ""The Chancellor also referred to Amazon's announcement on Wednesday of plans to spend £8bn building data centres in the UK."", 'She said this would ""help rebuild Britain and make every part of the country better off"".', 'The lack of growth in July also means the Treasury has missed out on the boost to tax revenues that would have come with a stronger economic performance.', 'Analysts had forecast growth of 0.2% for the month of July.', 'A summer of sport, including the Euros and the Olympics, helped boost the services sector, but production and construction output both fell.', 'Despite the lack of growth in July, Liz McKeown, director of economic statistics at the Office for National Statistics (ONS) said ""longer term strength in the services sector meant there was growth over the last three months as a whole"".', 'Services growth was led by computer programmers and the health sector, which recovered from strike action in June.', 'But there was a drop in output for advertising, architects and engineers, Ms McKeown added.', 'It was a ""particularly poor"" month for car and machinery firms, she added.', 'The ONS monitors GDP - or gross domestic product - on a monthly basis, but more attention is paid to the trend over three months.', 'Monthly figures are an early estimate and are often revised slightly after more data comes in.', 'At the end of last year the UK fell into a shallow recession, with the economy failing to grow for two three-month periods in a row.', 'But the first half of 2024 saw a return to growth. ""', 'The economy stagnated in July... but that doesn’t mean the UK is on the cusp of another recession,"" said Ruth Gregory at Capital Economics. ""', 'And we can take some comfort from the fact that services output rose by 0.1% month on month.""', ""The ONS said retailers and hospitality venues noted an uptick in business in July as the England men's football team progressed through the European championships."", 'Gillian Fletcher, general manager for Spinningfields, which runs food and drink venues in Manchester, said they had screened the Euros, Wimbledon and the Olympics over the summer and had found people were ""in the market"" for that kind of experience. “', ""It's not that people don't want to spend money or they don't want to go out."", 'It\'s just the economic landscape has changed,"" she said. ""', ""We've had a really, really great year and summer... and that's proof that if you've got the right recipe, people will come.”"", 'However, some restaurants told the ONS the football tournament had had a negative impact on footfall.', 'Despite some travel agents seeing an increase in bookings because of the Paris Olympics, overall bookings fell month on month, the ONS said.', 'What is GDP and how does it affect me?', 'What is a recession and how could it affect me?', 'When will interest rates come down?']",0.0742542202685691,"But the prize - if we can bring stability back to our economy, if we can bring investment back to Britain - is economic growth, good jobs, paying decent wages in all parts of our country, to realise the huge potential that we have.”",The new chancellor has faced mounting criticism after cutting Winter Fuel Payments for all but the poorest pensioners.,-0.042789788349815,The ONS said retailers and hospitality venues noted an uptick in business in July as the England men's football team progressed through the European championships.,"But there was a drop in output for advertising, architects and engineers, Ms McKeown added.",2024-09-13
"Number of trans people may have been overestimated in census, ONS says",https://www.bbc.co.uk/news/articles/c3030519849o,2024-09-13T11:14:34.808Z,"The number of transgender people living in the UK may have been overestimated by the 2021 census, the Office for National Statistics (ONS) has confirmed. Following the survey in England and Wales, it was reported that around one in 200 people aged over 16 self-identified as a different gender to their sex at birth. However, a review found that people who do not speak fluent English may have misunderstood the wording of the relevant question and mistakenly answered that they consider themselves to be trans. The ONS had previously defended its methodology, despite some academics raising concerns over its accuracy. People who filled out the 2021 census in England and Wales were asked: ""Is the gender you identify with the same as your sex registered at birth?"" According to the ONS, 262,000 people - around 0.5% of the population - answered ""no"". But on Wednesday, Mary Gregory - a deputy director at the ONS - said some people may have misunderstood the question. Writing on the ONS's website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"". The number of people who answered the question mistakenly is thought to be ""relatively small"", she added, but enough to paint an inaccurate picture in areas ""where there are higher levels of non-English speakers"". Michael Biggs, a professor of sociology at Oxford University, publicly questioned the statistics in April. Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language. While only 10% of people said they did not speak English as their main language on the census, it appeared they made up 29% of the total number of transgender people, Prof Biggs said. For example, the London Borough of Newham had the highest proportion of people who identified as transgender (1.51%). The area also has one of the highest rates of non-English speakers - 35%, compared to 9% nationally. The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws. The regulator said other statistics produced by the 2021 census are still considered to be fully accurate. The ONS had previously said its estimates on the transgender population were in line with “international comparators”. ",BBC,13/09/2024,"['The number of transgender people living in the UK may have been overestimated by the 2021 census, the Office for National Statistics (ONS) has confirmed.', 'Following the survey in England and Wales, it was reported that around one in 200 people aged over 16 self-identified as a different gender to their sex at birth.', 'However, a review found that people who do not speak fluent English may have misunderstood the wording of the relevant question and mistakenly answered that they consider themselves to be trans.', 'The ONS had previously defended its methodology, despite some academics raising concerns over its accuracy.', 'People who filled out the 2021 census in England and Wales were asked: ""Is the gender you identify with the same as your sex registered at birth?""', 'According to the ONS, 262,000 people - around 0.5% of the population - answered ""no"".', 'But on Wednesday, Mary Gregory - a deputy director at the ONS - said some people may have misunderstood the question.', 'Writing on the ONS\'s website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"".', 'The number of people who answered the question mistakenly is thought to be ""relatively small"", she added, but enough to paint an inaccurate picture in areas ""where there are higher levels of non-English speakers"".', 'Michael Biggs, a professor of sociology at Oxford University, publicly questioned the statistics in April.', 'Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language.', 'While only 10% of people said they did not speak English as their main language on the census, it appeared they made up 29% of the total number of transgender people, Prof Biggs said.', 'For example, the London Borough of Newham had the highest proportion of people who identified as transgender (1.51%).', 'The area also has one of the highest rates of non-English speakers - 35%, compared to 9% nationally.', 'The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws.', 'The regulator said other statistics produced by the 2021 census are still considered to be fully accurate.', 'The ONS had previously said its estimates on the transgender population were in line with “international comparators”.']",-0.0946752615519191,"Writing in the British Sociological Society journal, he noted a surprisingly high proportion of people recorded as identifying as trans did not speak English (or Welsh in Wales) as a first language.","Writing on the ONS's website, she said there was ""potential bias"" in how the question was answered ""by those who responded that they had lower levels of English proficiency, some of whom may have mistakenly given an answer suggesting they were trans"".",-0.8640307784080505,,"The Office for Statistics Regulation has downgraded the data from ""accredited official statistics"" to ""official statistics in development"" to reflect the possible flaws.",2024-09-13
Fire-and-rehire: What is it and why is it controversial?,https://www.bbc.co.uk/news/business-57670287,2021-07-02T11:38:16.000Z,"Tesco has lost a Supreme Court battle over so-called ""fire-and-rehire"" plans put forward by the supermarket giant. The row began in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay, prompting the Usdaw union to take legal action. During the pandemic a number of big businesses tried to dismiss workers and hire them back straight away - on worse deals. It prompted calls from trade unions and opposition politicians for employment rights to be strengthened including banning the practice, commonly known as ""fire-and-rehire"". The most noticeable case was that of P&O Ferries, which fired 800 of its workers in 2022. It was not accused of adopting a straightforward ""fire-and-rehire"" strategy, because it used an agency to replace sacked staff.  But unions said there were lots of overlapping concerns particularly around job security. Employers sometimes want to change the terms and conditions of their workers.  Each case is different, but employers might want to reduce their pay, or reduce holiday allowances, change shift patterns - even reduce the breaks they are allowed. This will often happen when a company is losing money and needs to cut costs to stay in business. Normally, managers would negotiate with trade unions or workers' representatives to try to reach an agreement.  If they can't, employers sometimes dismiss the affected workers, and offer to hire them back on the same day - under new terms and conditions. That presents workers with a stark choice - accept worse terms and conditions which you said no to before, or lose your job.  It's not illegal but it is considered acceptable only as a last resort.  Tesco was blocked from firing and rehiring its workers on lower pay in September, with Supreme Court judges calling the expectation ""unrealistic"". In 2023 trade unions accused Carnival UK, which operates P&O Cruises and Cunard, of considering using the strategy, although the firm said it was ""categorically"" not making any redundancies. Unions compared Carnival's approach to what happened at P&O Ferries - which is owned by a completely separate company, DP World. In that case there were some reports that sacked workers were told they could reapply for their old jobs via the agency that was filling their vacant roles if they wished to, which would have made it something very like a ""fire-and-rehire"" strategy. The controversy around fire-and-rehire had already become more intense following the pandemic. Many companies lost business because of Covid, and some used fire-and-rehire to reduce the amount they spend on their workers.  Len McCluskey, the then-leader of Britain's largest trade union, Unite, called it ""a disease that is ripping through our workplaces"" at the time. High-profile disputes about alleged fire-and-rehire tactics include: The government does not record the number of times fire-and-rehire happens. A report commissioned by the government in 2021 found little hard data about how many disputes there are.  But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020. Many of the people the researchers spoke to said they felt the practice was becoming more common, not just among big companies, but smaller employers too.  Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed. The Usdaw union successfully challenged Tesco in the courts when it tried to fire and rehire some of its distribution workers, although it was a hard-fought battle. Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court. Fire-and-rehire is not illegal, but employers have to follow a long process, formally consulting workers and unions and observing set notice periods.  If it is not followed correctly, employers open themselves up to legal challenges through employment tribunals or the courts. Employees and unions can also challenge a fire-and-rehire process on the grounds that it is not done fairly - for example, if some groups of workers get better treatment than others.  Labour pledged that it would ban fire-and-rehire in its 2024 election manifesto, and, after the Tesco ruling in September, the government said it intends to bring forward legislation to do that ""soon"".  A spokesperson said the government wanted to ""put an end to unscrupulous fire-and-rehire practices, which have no place in a modern labour market"". Many employment rights only start after two years' service. Until then workers can be dismissed with a week's notice. At many firms, employees acquire more rights - such as better redundancy terms - the longer they work. In most cases, going through a fire-and-rehire process should not reset years of service back to zero, says Neil Todd of Thompsons Solicitors. Long-serving employees should not be treated as new hires if they are dismissed and rehired straight away, or even as late as the following week. ",BBC,02/07/2021,"['Tesco has lost a Supreme Court battle over so-called ""fire-and-rehire"" plans put forward by the supermarket giant.', 'The row began in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay, prompting the Usdaw union to take legal action.', 'During the pandemic a number of big businesses tried to dismiss workers and hire them back straight away - on worse deals.', 'It prompted calls from trade unions and opposition politicians for employment rights to be strengthened including banning the practice, commonly known as ""fire-and-rehire"".', 'The most noticeable case was that of P&O Ferries, which fired 800 of its workers in 2022.', 'It was not accused of adopting a straightforward ""fire-and-rehire"" strategy, because it used an agency to replace sacked staff.', 'But unions said there were lots of overlapping concerns particularly around job security.', 'Employers sometimes want to change the terms and conditions of their workers.', 'Each case is different, but employers might want to reduce their pay, or reduce holiday allowances, change shift patterns - even reduce the breaks they are allowed.', 'This will often happen when a company is losing money and needs to cut costs to stay in business.', ""Normally, managers would negotiate with trade unions or workers' representatives to try to reach an agreement."", ""If they can't, employers sometimes dismiss the affected workers, and offer to hire them back on the same day - under new terms and conditions."", 'That presents workers with a stark choice - accept worse terms and conditions which you said no to before, or lose your job.', ""It's not illegal but it is considered acceptable only as a last resort."", 'Tesco was blocked from firing and rehiring its workers on lower pay in September, with Supreme Court judges calling the expectation ""unrealistic"".', 'In 2023 trade unions accused Carnival UK, which operates P&O Cruises and Cunard, of considering using the strategy, although the firm said it was ""categorically"" not making any redundancies.', ""Unions compared Carnival's approach to what happened at P&O Ferries - which is owned by a completely separate company, DP World."", 'In that case there were some reports that sacked workers were told they could reapply for their old jobs via the agency that was filling their vacant roles if they wished to, which would have made it something very like a ""fire-and-rehire"" strategy.', 'The controversy around fire-and-rehire had already become more intense following the pandemic.', 'Many companies lost business because of Covid, and some used fire-and-rehire to reduce the amount they spend on their workers.', 'Len McCluskey, the then-leader of Britain\'s largest trade union, Unite, called it ""a disease that is ripping through our workplaces"" at the time.', 'High-profile disputes about alleged fire-and-rehire tactics include: The government does not record the number of times fire-and-rehire happens.', 'A report commissioned by the government in 2021 found little hard data about how many disputes there are.', 'But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020.', 'Many of the people the researchers spoke to said they felt the practice was becoming more common, not just among big companies, but smaller employers too.', 'Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed.', 'The Usdaw union successfully challenged Tesco in the courts when it tried to fire and rehire some of its distribution workers, although it was a hard-fought battle.', 'Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.', 'Fire-and-rehire is not illegal, but employers have to follow a long process, formally consulting workers and unions and observing set notice periods.', 'If it is not followed correctly, employers open themselves up to legal challenges through employment tribunals or the courts.', 'Employees and unions can also challenge a fire-and-rehire process on the grounds that it is not done fairly - for example, if some groups of workers get better treatment than others.', 'Labour pledged that it would ban fire-and-rehire in its 2024 election manifesto, and, after the Tesco ruling in September, the government said it intends to bring forward legislation to do that ""soon"".', 'A spokesperson said the government wanted to ""put an end to unscrupulous fire-and-rehire practices, which have no place in a modern labour market"".', ""Many employment rights only start after two years' service."", ""Until then workers can be dismissed with a week's notice."", 'At many firms, employees acquire more rights - such as better redundancy terms - the longer they work.', 'In most cases, going through a fire-and-rehire process should not reset years of service back to zero, says Neil Todd of Thompsons Solicitors.', 'Long-serving employees should not be treated as new hires if they are dismissed and rehired straight away, or even as late as the following week.']",-0.1306970157193663,"Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.","Some said more companies are turning to fire-and-rehire early in negotiations as a threat, rather than at the end of the process when all other options have failed.",-0.026538610458374,"Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal, prior to losing at the Supreme Court.","But in the aftermath of the pandemic, a survey of workers by the Trades Union Congress in January 2021 found that 9% of workers had been told to reapply for their jobs on worse terms and conditions since March 2020.",2024-09-13
Jared Isaacman: The billionaire behind first private spacewalk,https://www.bbc.co.uk/news/articles/c3ejevknlvvo,2024-09-12T13:11:30.261Z,"American entrepreneur and billionaire Jared Isaacman became the first non-professional astronaut to walk in space on Thursday. The 41-year-old bankrolled the Polaris Dawn mission that launched him and three others into space aboard a SpaceX Crew Dragon spaceship. Worth an estimated $1.9bn (£1.46bn), Mr Isaacman made his fortune from  payment processing company Shift4 Payments, which he founded in 1999 aged 16. The businessman had long been passionate about flying, first taking pilot lessons in 2004 and later setting a world record for circumnavigating the world in a light jet. Stepping out into space for his first time on Thursday, the businessman said: “Back at home we all have a lot of work to do. “But from here Earth sure looks like a perfect world.” SpaceX engineer Sarah Gillis also did a spacewalk after Isaacman returned. Ms Gillis, the violinist-turned-aerospace-engineer, is the Polaris Dawn's mission specialist.  Polaris Dawn is not Mr Isaacman's first space mission. In 2021, he bankrolled and led the first private, all-civilian team to ever orbit the Earth. That crew - named Inspiration4 - left on a SpaceX capsule from Florida and spent three days in space before splashing down successfully in the Atlantic Ocean. Time magazine estimated that Mr Isaacman paid $200m (£153m) to fellow billionaire Elon Musk for all four seats aboard the SpaceX craft. “That was a heck of a ride for us,” Mr Isaacman radioed shortly after landing at the time. “We're just getting started.” Mr Isaacman was born in Union, New Jersey, where, from an early age, he wasn't afraid to go against the grain and push boundaries.  At the age of 15, he dropped out of high school and later took a GED (a high-school equivalency exam), according to the Netflix docuseries Countdown: Inspiration4 Mission to Space. ""I was a horrible student,"" Mr Isaacman said in the series. ""And I wasn't, like, happy in school, either."" A year later, he launched his successful company Shift4 Payments from his parents’ basement, according to a report by Forbes. The company now handles payments for a third of restaurants and hotels in the US, including big names like Hilton, Four Seasons, KFC and Arby’s; and processes over $260bn (£199bn) annually, according to its website. Mr Isaacman also founded Draken International in 2011, a defence firm that trains Air Force pilots and owns the world’s largest fleet of private military aircrafts. In 2019, Mr Isaacman sold a majority stake in Draken to Blackstone, a Wall Street firm, for a nine-figure sum, Forbes reported, launching himself into billionaire status. The magazine dubbed him a ""thrill seeker"" in a 2020 profile, reporting that for fun, Mr Isaacman “bullets the MiG faster than the speed of sound and climbs mountains to unwind from non-stop, intense 80-plus-hour weeks"". He also set a world speed record in 2009 for flying around the globe. In the docuseries, Mr Isaacman said: ""I do believe you only get one crack at life.""  ""To the extent you have the means to do so, you have this obligation to live life to the fullest,"" he added. ""You never know when it's going to be your last day."" Mr Isaacman is married, has two daughters and lives with his family in New Jersey. He and the others on board the Polaris Dawn are expected to return on Saturday. ",BBC,12/09/2024,"['American entrepreneur and billionaire Jared Isaacman became the first non-professional astronaut to walk in space on Thursday.', 'The 41-year-old bankrolled the Polaris Dawn mission that launched him and three others into space aboard a SpaceX Crew Dragon spaceship.', 'Worth an estimated $1.9bn (£1.46bn), Mr Isaacman made his fortune from payment processing company Shift4 Payments, which he founded in 1999 aged 16.', 'The businessman had long been passionate about flying, first taking pilot lessons in 2004 and later setting a world record for circumnavigating the world in a light jet.', 'Stepping out into space for his first time on Thursday, the businessman said: “Back at home we all have a lot of work to do. “', 'But from here Earth sure looks like a perfect world.”', 'SpaceX engineer Sarah Gillis also did a spacewalk after Isaacman returned.', ""Ms Gillis, the violinist-turned-aerospace-engineer, is the Polaris Dawn's mission specialist."", ""Polaris Dawn is not Mr Isaacman's first space mission."", 'In 2021, he bankrolled and led the first private, all-civilian team to ever orbit the Earth.', 'That crew - named Inspiration4 - left on a SpaceX capsule from Florida and spent three days in space before splashing down successfully in the Atlantic Ocean.', 'Time magazine estimated that Mr Isaacman paid $200m (£153m) to fellow billionaire Elon Musk for all four seats aboard the SpaceX craft. “', 'That was a heck of a ride for us,” Mr Isaacman radioed shortly after landing at the time. “', ""We're just getting started.”"", ""Mr Isaacman was born in Union, New Jersey, where, from an early age, he wasn't afraid to go against the grain and push boundaries."", 'At the age of 15, he dropped out of high school and later took a GED (a high-school equivalency exam), according to the Netflix docuseries Countdown: Inspiration4 Mission to Space. ""', 'I was a horrible student,"" Mr Isaacman said in the series. ""', 'And I wasn\'t, like, happy in school, either.""', 'A year later, he launched his successful company Shift4 Payments from his parents’ basement, according to a report by Forbes.', 'The company now handles payments for a third of restaurants and hotels in the US, including big names like Hilton, Four Seasons, KFC and Arby’s; and processes over $260bn (£199bn) annually, according to its website.', 'Mr Isaacman also founded Draken International in 2011, a defence firm that trains Air Force pilots and owns the world’s largest fleet of private military aircrafts.', 'In 2019, Mr Isaacman sold a majority stake in Draken to Blackstone, a Wall Street firm, for a nine-figure sum, Forbes reported, launching himself into billionaire status.', 'The magazine dubbed him a ""thrill seeker"" in a 2020 profile, reporting that for fun, Mr Isaacman “bullets the MiG faster than the speed of sound and climbs mountains to unwind from non-stop, intense 80-plus-hour weeks"".', 'He also set a world speed record in 2009 for flying around the globe.', 'In the docuseries, Mr Isaacman said: ""I do believe you only get one crack at life."" ""', 'To the extent you have the means to do so, you have this obligation to live life to the fullest,"" he added. ""', 'You never know when it\'s going to be your last day.""', 'Mr Isaacman is married, has two daughters and lives with his family in New Jersey.', 'He and the others on board the Polaris Dawn are expected to return on Saturday.']",0.1460608352942637,But from here Earth sure looks like a perfect world.”,"I was a horrible student,"" Mr Isaacman said in the series. """,0.944260984659195,He also set a world speed record in 2009 for flying around the globe.,,2024-09-13
Boeing factory workers strike for first time since 2008 after overwhelmingly rejecting contract,https://www.cnbc.com/2024/09/13/boeing-workers-strike-reject-contract.html,2024-09-13T15:55:29+0000,"In this articleBoeing's factory workers walked off the job after midnight on Friday, halting production of the company's bestselling airplanes after staff overwhelmingly rejected a new labor contract.It's a costly development for the manufacturer, which has struggled to ramp up production and restore its reputation following safety crises.Workers in the Seattle area and in Oregon voted 94.6% against a tentative agreement that Boeing and the International Association of Machinists and Aerospace Workers unveiled Sunday. The workers voted 96% in favor of a strike, far more than the two-thirds vote required for a work stoppage.""We strike at midnight,"" said IAM District 751 President Jon Holden at a news conference where he announced the vote's results. He characterized it as an ""unfair labor practice strike,"" alleging that factory workers had experienced ""discriminatory conduct, coercive questioning, unlawful surveillance and we had unlawful promise of benefits.""He said Boeing needs to bargain in good faith. Boeing didn't comment on his claims.""The message was clear that the tentative agreement we reached with IAM leadership was not acceptable to the members,"" the company said in a statement. ""We remain committed to resetting our relationship with our employees and the union, and we are ready to get back to the table to reach a new agreement.""Stephanie Pope, CEO of Boeing's commercial airplane unit, told machinists earlier this week that the tentative deal was the ""best contract we've ever presented.""""In past negotiations, the thinking was we should hold something back so we can ratify the contract on a second vote,"" she said Tuesday. ""We talked about that strategy this time, but we deliberately chose a new path.""The tentative proposal included 25% wage increases over four years and other improvements to health-care and retirement benefits, though the union had sought raises of about 40%. Workers had complained about the agreement, saying it didn't cover the increased cost of living.The vote is a blow to CEO Kelly Ortberg, who has been in the top job for five weeks. A day before the vote, he had urged workers to accept the contract and not to strike, saying that it would jeopardize the company's recovery.Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.The agreement, if approved, would have been the first fully negotiated contract for Boeing machinists in 16 years. Boeing workers went on strike in 2008 for nearly two months.The ultimate financial impact of this strike will depend on how long it lasts.Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains."" She forecast the tentative agreement would have had an annual impact of $900 million if passed.Boeing has burned through about $8 billion so far this year and has mounting debt. Production has fallen short of expectations as the company works to stamp out manufacturing flaws and faces other industrywide problems such as supply and labor shortages.Aircraft delivery delays from Boeing have vexed its airline customers. In response, they said they have had to redraw their hiring and growth plans. Southwest Airlines has already sharply reduced its delivery expectations from Boeing for the year.""As a result, we currently have the fleet needed to fulfill our upcoming schedules,"" a spokesman said Friday. The airline's leaders were in touch with Boeing ahead of the vote.A door plug blowout on a nearly new Boeing 737 Max 9 at the start of the year has brought additional federal scrutiny of Boeing's production lines. ""Our aggressive oversight of Boeing continues,"" the Federal Aviation Administration said in a statement on Friday.",CNBC,13/09/2024,"[""In this articleBoeing's factory workers walked off the job after midnight on Friday, halting production of the company's bestselling airplanes after staff overwhelmingly rejected a new labor contract."", ""It's a costly development for the manufacturer, which has struggled to ramp up production and restore its reputation following safety crises."", 'Workers in the Seattle area and in Oregon voted 94.6% against a tentative agreement that Boeing and the International Association of Machinists and Aerospace Workers unveiled Sunday.', 'The workers voted 96% in favor of a strike, far more than the two-thirds vote required for a work stoppage.', '""We strike at midnight,"" said IAM District 751 President Jon Holden at a news conference where he announced the vote\'s results.', 'He characterized it as an ""unfair labor practice strike,"" alleging that factory workers had experienced ""discriminatory conduct, coercive questioning, unlawful surveillance and we had unlawful promise of benefits.', '""He said Boeing needs to bargain in good faith.', ""Boeing didn't comment on his claims."", '""The message was clear that the tentative agreement we reached with IAM leadership was not acceptable to the members,"" the company said in a statement. ""', 'We remain committed to resetting our relationship with our employees and the union, and we are ready to get back to the table to reach a new agreement.', '""Stephanie Pope, CEO of Boeing\'s commercial airplane unit, told machinists earlier this week that the tentative deal was the ""best contract we\'ve ever presented.', '""""In past negotiations, the thinking was we should hold something back so we can ratify the contract on a second vote,"" she said Tuesday. ""', 'We talked about that strategy this time, but we deliberately chose a new path.', '""The tentative proposal included 25% wage increases over four years and other improvements to health-care and retirement benefits, though the union had sought raises of about 40%.', ""Workers had complained about the agreement, saying it didn't cover the increased cost of living."", 'The vote is a blow to CEO Kelly Ortberg, who has been in the top job for five weeks.', ""A day before the vote, he had urged workers to accept the contract and not to strike, saying that it would jeopardize the company's recovery."", 'Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.', 'The agreement, if approved, would have been the first fully negotiated contract for Boeing machinists in 16 years.', 'Boeing workers went on strike in 2008 for nearly two months.', 'The ultimate financial impact of this strike will depend on how long it lasts.', 'Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains.""', 'She forecast the tentative agreement would have had an annual impact of $900 million if passed.', 'Boeing has burned through about $8 billion so far this year and has mounting debt.', 'Production has fallen short of expectations as the company works to stamp out manufacturing flaws and faces other industrywide problems such as supply and labor shortages.', 'Aircraft delivery delays from Boeing have vexed its airline customers.', 'In response, they said they have had to redraw their hiring and growth plans.', 'Southwest Airlines has already sharply reduced its delivery expectations from Boeing for the year.', '""As a result, we currently have the fleet needed to fulfill our upcoming schedules,"" a spokesman said Friday.', ""The airline's leaders were in touch with Boeing ahead of the vote."", ""A door plug blowout on a nearly new Boeing 737 Max 9 at the start of the year has brought additional federal scrutiny of Boeing's production lines."", '""Our aggressive oversight of Boeing continues,"" the Federal Aviation Administration said in a statement on Friday.']",0.1967418434380211,"Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.",Production has fallen short of expectations as the company works to stamp out manufacturing flaws and faces other industrywide problems such as supply and labor shortages.,-0.4349648199583354,"Under the tentative agreement, Boeing had promised to build its next commercial jet in the Seattle area, a bid to win over workers after the company moved the 787 Dreamliner production to a nonunion factory in South Carolina.",Southwest Airlines has already sharply reduced its delivery expectations from Boeing for the year.,2024-09-13
Boeing faces strike threat as workers vote on new contract,https://www.cnbc.com/2024/09/12/boeing-workers-vote-labor-deal.html,2024-09-12T16:05:19+0000,"In this articleBoeing workers are voting on a new labor contract Thursday, setting up the potential for a crippling strike that the company's CEO said would jeopardize the struggling plane-maker's recovery.The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits. Boeing also committed to build its next aircraft in the Seattle area, after it moved production of the 787 Dreamliner to a non-union factory in South Carolina.But some workers have said they plan to turn down the contract and that they're seeking bigger wage increases, citing a surge in the cost of living in the Seattle area.The vote is the first major test for CEO Kelly Ortberg, who said in a staff note Wednesday that he has talked with employees about the contract in Renton, Washington, and Everett, Washington, where Boeing's main factories are located.Ortberg is just over one month into his role in the manufacturer's top job, and has been tasked with steadying aircraft production and stamping out safety lapses and quality flaws in the wake of a door-panel blowout at the start of the year.""I know the reaction to our tentative agreement with the IAM has been passionate,"" he wrote in his staff note. ""I understand and respect that passion, but I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past.""Jefferies aerospace analyst Sheila Kahyaoglu estimated in an Aug. 29 note that a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains."" She forecast the tentative agreement would have an annual impact of $900 million if passed.The union, which represents about 33,000 Boeing factory work ers in the Seattle area and in Oregon had sought pay raises of some 40% from Boeing. The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford, General Motors and Chrysler parent Stellantis.If approved, the Boeing deal would follow a series of union-negotiated pay increases across industries from Hollywood to airlines.It would be Boeing workers' first negotiated contract with the company in 16 years.""We have achieved everything we could in bargaining, short of a strike,"" IAM District 751 President Jon Holden wrote to members on Monday. ""We recommended acceptance because we can't guarantee we can achieve more in a strike. But that is your decision to make and is a decision that we will protect and support, no matter what.""Top pay for IAM workers at Boeing would rise to $57.43 an hour as soon as the new contract goes into effect. Including some cost-of-living adjustments, increases could rise by more than 42%, according to the union. Boeing said average annual machinist pay is currently $75,608, which would rise to $106,350 at the end of the four-year contract.If the deal is rejected and two-thirds of workers vote in favor of a strike, a work stoppage would begin after midnight in Washington state on Friday. If less than two-thirds vote to strike after the contract is rejected, the contract would automatically go into effect, the union said.""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. ""Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.""Polls are set to close at 6 p.m. PT.--CNBC's Phil LeBeau contributed to this report.",CNBC,12/09/2024,"[""In this articleBoeing workers are voting on a new labor contract Thursday, setting up the potential for a crippling strike that the company's CEO said would jeopardize the struggling plane-maker's recovery."", 'The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits.', 'Boeing also committed to build its next aircraft in the Seattle area, after it moved production of the 787 Dreamliner to a non-union factory in South Carolina.', ""But some workers have said they plan to turn down the contract and that they're seeking bigger wage increases, citing a surge in the cost of living in the Seattle area."", ""The vote is the first major test for CEO Kelly Ortberg, who said in a staff note Wednesday that he has talked with employees about the contract in Renton, Washington, and Everett, Washington, where Boeing's main factories are located."", ""Ortberg is just over one month into his role in the manufacturer's top job, and has been tasked with steadying aircraft production and stamping out safety lapses and quality flaws in the wake of a door-panel blowout at the start of the year."", '""I know the reaction to our tentative agreement with the IAM has been passionate,"" he wrote in his staff note. ""', 'I understand and respect that passion, but I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past.', '""Jefferies aerospace analyst Sheila Kahyaogluestimated in an Aug. 29 note that a 30-day cash impact from a strike could be a $1.5 billion hit for Boeing and said it ""could destabilize suppliers and supply chains.""', 'She forecast the tentative agreement would have an annual impact of $900 million if passed.', 'The union, which represents about 33,000 Boeing factory work ers in the Seattle area and in Oregon had sought pay raises of some 40% from Boeing.', ""The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford,General Motorsand Chrysler parentStellantis."", 'If approved, the Boeing deal would follow a series of union-negotiated pay increases across industries from Hollywood to airlines.', ""It would be Boeing workers' first negotiated contract with the company in 16 years."", '""We have achieved everything we could in bargaining, short of a strike,"" IAM District 751 President Jon Holden wrote to members on Monday. ""', ""We recommended acceptance because we can't guarantee we can achieve more in a strike."", 'But that is your decision to make and is a decision that we will protect and support, no matter what.', '""Top pay for IAM workers at Boeing would rise to $57.43 an hour as soon as the new contract goes into effect.', 'Including some cost-of-living adjustments, increases could rise by more than 42%, according to the union.', 'Boeing said average annual machinist pay is currently $75,608, which would rise to $106,350 at the end of the four-year contract.', 'If the deal is rejected and two-thirds of workers vote in favor of a strike, a work stoppage would begin after midnight in Washington state on Friday.', 'If less than two-thirds vote to strike after the contract is rejected, the contract would automatically go into effect, the union said.', '""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. ""', 'Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.', '""Polls are set to close at 6 p.m. PT.--CNBC\'s Phil LeBeau contributed to this report.']",0.1512669945691037,The tentative agreement that the International Association of Machinists and Aerospace Workers and the company unveiled on Sunday included 25% wage increases and other improvements to health-care and retirement benefits.,"""For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past,"" Ortberg said in his note. """,0.2822760264078776,"The 25% increase in the tentative agreement would be in line with the United Auto Workers' deal last year that followed strikes at Ford,General Motorsand Chrysler parentStellantis.","Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together.",2024-09-13
"Moderna shares plunge on plans to cut $1.1 billion in costs, launch 10 new products by 2027",https://www.cnbc.com/2024/09/12/moderna-rd-day-1-billion-in-cost-cuts-10-product-launches-planned.html,2024-09-12T15:50:55+0000,"In this articleModerna on Thursday said it plans to cut around $1.1 billion in expenses by 2027 and win approvals for several new products as it charts a path forward after the rapid decline of its Covid business. The biotech company said it expects 10 new product approvals through 2027. But Moderna said it will also pause work on some products in its pipeline and scrap others, as it aims to ""pace ourselves"" in new research and development spending. The company aims to trim R&D spending to a range of $3.6 billion to $3.8 billion in 2027, down from an expected $4.8 billion at the end of this year, according to a release.""You're going to start seeing things come down because there are some studies that we are going to basically sunset and we're not going to start,"" Moderna CEO Stephane Bancel told CNBC, adding that the company is putting its latent product portfolio ""on hold."" That refers to a category of viruses that linger inside patients for prolonged periods without causing any symptoms but can reactivate and cause serious health complications later in their lives. Still, shares of Moderna fell more than 15% on Thursday.Leerink Partners analyst Mani Foroohar said in an email Thursday that the company's updates ""put to rest key elements of the bull thesis"" for its stock and ""reflect a worsening financial position.""""R&D reductions are too far out chronologically to be credible from a management team that we think has proven serially unable to project the performance of their business,"" Foroohar said.In a research note Thursday, Jefferies analyst Michael Yee said that the bulk of the cost savings won't be achieved until 2027, which ""now delays profitability until 2028.""Moderna said it plans to ""break even"" on an operating cash cost basis with $6 billion in revenue in 2028. The company previously said it expects to break even and return to growth in 2026. The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion. From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch. While Moderna expects some product approvals in 2025, the company is ""not expecting meaningful revenue contributions until the year after,"" Moderna CFO Jamey Mock told investors during the event.Also on Thursday, Moderna announced positive late-stage trial results for its vaccine against respiratory syncytial virus in high-risk adults ages 18 to 59, with plans to file for approval for that age group this year. It also announced positive data on its experimental stand-alone flu shot for adults ages 65 and older. The company unveiled those updates during its annual research and development day investor event in New York on Thursday, which focuses on its product pipeline and long-term business updates. It comes around four months after U.S. regulators cleared Moderna's RSV vaccine for seniors, its second commercially available product after its Covid vaccine. The company said it now has five respiratory shots with positive phase three results and expects to submit three of those jabs for approval this year. That includes Moderna's combination shot targeting Covid and the flu, which it expects to file for approval in the U.S. this year, along with a new and more effective version of its Covid shot. Moderna also has five nonrespiratory products across cancer, latent viruses and rare diseases that could be approved by 2027, according to the company's release. The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion. From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch. ""That's really a remarkable achievement that the team has accomplished, leaving us with a lot of drugs that are working, which is why we need to pace ourselves in terms of R&D investment,"" he told CNBC. Moderna presented new data on its RSV vaccine, mRESVIA, which is cleared in the U.S. and European Union for adults 60 and above. The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus. There were no safety concerns observed, Moderna added.There are currently no RSV shots approved worldwide for younger, high-risk adults, such as those with weakened immune systems or underlying chronic conditions like asthma and diabetes. Moderna's main rivals in the RSV space, Pfizer and GSK, are also seeking an expanded approval for the age group. Bancel said the company plans to use a ""priority review voucher"" when it files for approval for people ages 18 to 59, which would reduce the amount of time it takes for the Food and Drug Administration to review the product to six months instead of 10 months. Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025. ""It's in the millions of people who could benefit. … We are also doing so just to be competitive in the marketplace because if you are a large retail pharmacy, you want your product to be available for all of your customers that show up,"" Bancel said. But the company is also discontinuing development of its RSV vaccine for infants under 2 years old based on ""emerging clinical data."" Moderna said its experimental stand-alone flu vaccine, mRNA-1010, produced a higher immune response against the virus compared with an existing flu shot in a recent phase three trial. The shot has also demonstrated ""consistently acceptable safety and tolerability"" across three late-stage trials, the company added.Meanwhile, Moderna said it plans to move its shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea, to a phase three trial ""imminently."" Bancel said he believes the company could finish the study within a year and file for approval immediately after if the data is positive. ""This could be a product that is two years away from launch, which is great because there's nothing today to treat norovirus,"" he said. ""A lot of health-care professionals get infected by their patients.""Moderna is also partnering with Merck to develop a personalized cancer vaccine, which is being studied in combination with Keytruda in patients with different forms of the disease. The companies are studying the shot in a phase three trial in patients with a deadly skin cancer and discussing an approval with regulators based on data from a mid-stage study on the jab.But Moderna said the FDA has ""not been supportive"" of a so-called accelerated approval of the shot based on its existing data. That refers to an FDA designation that clears drugs faster if they fill an unmet medical need for serious conditions.Bancel said, ""we're going to keep having discussions"" with regulators, and ""we're also generating more data.""-- CNBC's Angelica Peebles contributed to this report.",CNBC,12/09/2024,"['In this articleModerna on Thursday said it plans to cut around $1.1 billion in expenses by 2027 and win approvals for several new products as it charts a path forward after the rapid decline of its Covid business.', 'The biotech company said it expects 10 new product approvals through 2027.', 'But Moderna said it will also pause work on some products in its pipeline and scrap others, as it aims to ""pace ourselves"" in new research and development spending.', 'The company aims to trim R&D spending to a range of $3.6 billion to $3.8 billion in 2027, down from an expected $4.8 billion at the end of this year, according to a release.', '""You\'re going to start seeing things come down because there are some studies that we are going to basically sunset and we\'re not going to start,"" Moderna CEO Stephane Bancel told CNBC, adding that the company is putting its latent product portfolio ""on hold.""', 'That refers to a category of viruses that linger inside patients for prolonged periods without causing any symptoms but can reactivate and cause serious health complications later in their lives.', 'Still, shares of Moderna fell more than 15% on Thursday.', 'Leerink Partners analyst Mani Foroohar said in an email Thursday that the company\'s updates ""put to rest key elements of the bull thesis"" for its stock and ""reflect a worsening financial position.', '""""R&D reductions are too far out chronologically to be credible from a management team that we think has proven serially unable to project the performance of their business,"" Foroohar said.', 'In a research note Thursday, Jefferies analyst Michael Yee said that the bulk of the cost savings won\'t be achieved until 2027, which ""now delays profitability until 2028.""Moderna said it plans to ""break even"" on an operating cash cost basis with $6 billion in revenue in 2028.', 'The company previously said it expects to break even and return to growth in 2026.', 'The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion.', 'From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.', 'While Moderna expects some product approvals in 2025, the company is ""not expecting meaningful revenue contributions until the year after,"" Moderna CFO Jamey Mock told investors during the event.', 'Also on Thursday, Moderna announced positive late-stage trial results for its vaccine against respiratory syncytial virus in high-risk adults ages 18 to 59, with plans to file for approval for that age group this year.', 'It also announced positive data on its experimental stand-alone flu shot for adults ages 65 and older.', 'The company unveiled those updates during its annual research and development day investor event in New York on Thursday, which focuses on its product pipeline and long-term business updates.', ""It comes around four months after U.S. regulators cleared Moderna's RSV vaccine for seniors, its second commercially available product after its Covid vaccine."", 'The company said it now has five respiratory shots with positive phase three results and expects to submit three of those jabs for approval this year.', ""That includes Moderna's combination shot targeting Covid and the flu, which it expects to file for approval in the U.S. this year, along with a new and more effective version of its Covid shot."", ""Moderna also has five nonrespiratory products across cancer, latent viruses and rare diseases that could be approved by 2027, according to the company's release."", 'The company expects 2025 revenue to come in at $2.5 billion to $3.5 billion.', 'From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.', '""That\'s really a remarkable achievement that the team has accomplished, leaving us with a lot of drugs that are working, which is why we need to pace ourselves in terms of R&D investment,"" he told CNBC.Moderna presented new data on its RSV vaccine, mRESVIA, which is cleared in the U.S. and European Union for adults 60 and above.', 'The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus.', 'There were no safety concerns observed, Moderna added.', 'There are currently no RSV shots approved worldwide for younger, high-risk adults, such as those with weakened immune systems or underlying chronic conditions like asthma and diabetes.', ""Moderna's main rivals in the RSV space, Pfizer and GSK, are also seeking an expanded approval for the age group."", 'Bancel said the company plans to use a ""priority review voucher"" when it files for approval for people ages 18 to 59, which would reduce the amount of time it takes for the Food and Drug Administration to review the product to six months instead of 10 months.', 'Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025.""It\'s in the millions of people who could benefit. …', 'We are also doing so just to be competitive in the marketplace because if you are a large retail pharmacy, you want your product to be available for all of your customers that show up,"" Bancel said.', 'But the company is also discontinuing development of its RSV vaccine for infants under 2 years old based on ""emerging clinical data.', '""Moderna said its experimental stand-alone flu vaccine, mRNA-1010, produced a higher immune response against the virus compared with an existing flu shot in a recent phase three trial.', 'The shot has also demonstrated ""consistently acceptable safety and tolerability"" across three late-stage trials, the company added.', 'Meanwhile, Moderna said it plans to move its shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea, to a phase three trial ""imminently.""', 'Bancel said he believes the company could finish the study within a year and file for approval immediately after if the data is positive.', '""This could be a product that is two years away from launch, which is great because there\'s nothing today to treat norovirus,"" he said. ""', 'A lot of health-care professionals get infected by their patients.', '""Moderna is also partnering with Merck to develop a personalized cancer vaccine, which is being studied in combination with Keytruda in patients with different forms of the disease.', 'The companies are studying the shot in a phase three trial in patients with a deadly skin cancer and discussing an approval with regulators based on data from a mid-stage study on the jab.', 'But Moderna said the FDA has ""not been supportive"" of a so-called accelerated approval of the shot based on its existing data.', 'That refers to an FDA designation that clears drugs faster if they fill an unmet medical need for serious conditions.', 'Bancel said, ""we\'re going to keep having discussions"" with regulators, and ""we\'re also generating more data.""--', ""CNBC's Angelica Peebles contributed to this report.""]",0.1205978998745196,"Moderna hopes the agency will clear mRESVIA for that age group in time for the RSV season in 2025.""It's in the millions of people who could benefit. …",The company said the shot met all of the main efficacy goals in an ongoing phase three study on adults ages 18 to 59 who are at increased risk of getting severely sick from the virus.,0.410499544247337,"From 2026 to 2028, Moderna expects a compounded annual growth rate of more than 25% as new products launch.","Still, shares of Moderna fell more than 15% on Thursday.",2024-09-13
SpaceX performs historic first spacewalk with Polaris Dawn crew,https://www.cnbc.com/2024/09/12/spacex-performs-historic-first-spacewalk-with-polaris-dawn-crew.html,2024-09-12T15:01:10+0000,"SpaceX pulled off its first spacewalk in the early hours of Thursday morning, in a historic first for a company.The marquee event of the private Polaris Dawn mission went smoothly, with two of the crew members — Jared Isaacman and Sarah Gillis — stepping outside of SpaceX's Dragon capsule ""Resilience."" It's the first time civilians, rather than government astronauts, have performed a spacewalk.""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission's benefactor and commander, said after emerging from the spacecraft.SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.SpaceX spent more than two years developing suits that can protect astronauts while in the harsh environment of space alongside the Polaris Program run by Isaacman, the billionaire founder of payments company Shift4. The mission is also the first to fly employees of the company, represented by mission specialist Gillis and medical officer Anna Menon.The Polaris Dawn event took about two hours in total, with the full crew of four exposed to the vacuum of space after the spacecraft's hatch opened. Isaacman and Gillis spent about seven minutes each outside the capsule, with a focus on testing the mobility of the spacesuits.SpaceX launched the mission Tuesday. In addition to the spacewalk, Polaris Dawn reached an orbit of more than 1,400 kilometers from Earth — the furthest humans have traveled in space since the Apollo program — and is performing about 40 science and research experiments, as well as raising funds for St. Jude Children's Research Hospital.Isaacman, who first traveled to space leading the Inspiration4 mission in 2021, said he is leading the Polaris Program in an effort to push the boundaries of private spaceflight.""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 told CNBC before the mission.",CNBC,12/09/2024,"['SpaceX pulled off its first spacewalk in the early hours of Thursday morning, in a historic first for a company.', 'The marquee event of the private Polaris Dawn mission went smoothly, with two of the crew members — Jared Isaacman and Sarah Gillis — stepping outside of SpaceX\'s Dragon capsule ""Resilience.""', ""It's the first time civilians, rather than government astronauts, have performed a spacewalk."", '""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission\'s benefactor and commander, said after emerging from the spacecraft.', 'SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.', 'SpaceX spent more than two years developing suits that can protect astronauts while in the harsh environment of space alongside the Polaris Program run by Isaacman, the billionaire founder of payments company Shift4.', 'The mission is also the first to fly employees of the company, represented by mission specialist Gillis and medical officer Anna Menon.', ""The Polaris Dawn event took about two hours in total, with the full crew of four exposed to the vacuum of space after the spacecraft's hatch opened."", 'Isaacman and Gillis spent about seven minutes each outside the capsule, with a focus on testing the mobility of the spacesuits.', 'SpaceX launched the mission Tuesday.', ""In addition to the spacewalk, Polaris Dawn reached an orbit of more than 1,400 kilometers from Earth — the furthest humans have traveled in space since the Apollo program — and is performing about 40 science and research experiments, as well as raising funds for St. Jude Children's Research Hospital."", 'Isaacman, who first traveled to space leading the Inspiration4 mission in 2021, said he is leading the Polaris Program in an effort to push the boundaries of private spaceflight.', '""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 told CNBC before the mission.']",0.1611918270754336,"""Back at home we all have a lot of work to do, but from here, Earth sure looks like a perfect world,"" Isaacman, the mission's benefactor and commander, said after emerging from the spacecraft.",,0.998739778995514,"SpaceX sees the spacewalk, otherwise known as extravehicular activity, or EVA, as a crucial milestone in its goal of sending people to other planets.",,2024-09-13
Rightmove rejects £5.6bn from Rupert Murdoch-owned REA Group,https://www.bbc.co.uk/news/articles/ckg2rllpde1o,2024-09-11T10:43:50.829Z,"Property listing website Rightmove has rejected a takeover approach from a rival Australian site backed by Rupert Murdoch. The £5.6bn offer from REA Group, which is majority-owned by Mr Murdoch's News Corporation, was described by Rightmove's board as ""wholly opportunistic"". In a statement on Wednesday, they said REA Group had ""fundamentally undervalued Rightmove and its future prospects"". The rejection is another blow for the Murdoch business empire after the failure of Talk TV earlier this year. REA said in response it plans to ""apply for a secondary listing of all of its ordinary shares in London."" The offer valued Rightmove at over quarter of its share price on 30 August. It would have meant Rightmove shareholders owning around 18.6% of the new merged business. REA said its plan is to create a property business with ""strong margins and significant cash generation' that holds the number one position in both the UK and Australia."" It added that buying Rightmove would ""enhance the UK property experience for buyers, sellers, and renters, positively contributing to the property market ecosystem."" Following the rejection from Rightmove's board, REA has until 5pm on 30 September to bid again or accept it was rejected. The news comes as hedge fund Starboard Value confirmed it filed a shareholder resolution to reduce Mr Murdoch's power at News Corp. The hedge fund wants to abolish the structure which currently gives Mr Murdoch  40% of News Corp's voting stock even though he only owns an equity stake of about 14%. Mr Murdoch stepped down as Fox and News Corp chairman in favour of his son Lachlan in 2023. Earlier this year, the company signed a multi-year deal with artificial intelligence firm OpenAI, which means content from the likes of the Wall Street Journal, the New York Post, and the Times will feed content to AI bots like ChatGPT. Mr Murdoch first bought a stake in REA in 2001and now News Corp owns 61% of its shares. The media tycoon's net worth is estimated at just over $20bn (£15bn). ",BBC,11/09/2024,"['Property listing website Rightmove has rejected a takeover approach from a rival Australian site backed by Rupert Murdoch.', 'The £5.6bn offer from REA Group, which is majority-owned by Mr Murdoch\'s News Corporation, was described by Rightmove\'s board as ""wholly opportunistic"".', 'In a statement on Wednesday, they said REA Group had ""fundamentally undervalued Rightmove and its future prospects"".', 'The rejection is another blow for the Murdoch business empire after the failure of Talk TV earlier this year.', 'REA said in response it plans to ""apply for a secondary listing of all of its ordinary shares in London.""', 'The offer valued Rightmove at over quarter of its share price on 30 August.', 'It would have meant Rightmove shareholders owning around 18.6% of the new merged business.', 'REA said its plan is to create a property business with ""strong margins and significant cash generation\' that holds the number one position in both the UK and Australia.""', 'It added that buying Rightmove would ""enhance the UK property experience for buyers, sellers, and renters, positively contributing to the property market ecosystem.""', ""Following the rejection from Rightmove's board, REA has until 5pm on 30 September to bid again or accept it was rejected."", ""The news comes as hedge fund Starboard Value confirmed it filed a shareholder resolution to reduce Mr Murdoch's power at News Corp. The hedge fund wants to abolish the structure which currently gives Mr Murdoch 40% of News Corp's voting stock even though he only owns an equity stake of about 14%."", 'Mr Murdoch stepped down as Fox and News Corp chairman in favour of his son Lachlan in 2023.', 'Earlier this year, the company signed a multi-year deal with artificial intelligence firm OpenAI, which means content from the likes of the Wall Street Journal, the New York Post, and the Times will feed content to AI bots like ChatGPT.', 'Mr Murdoch first bought a stake in REA in 2001and now News Corp owns 61% of its shares.', ""The media tycoon's net worth is estimated at just over $20bn (£15bn).""]",0.1787902046237862,"Earlier this year, the company signed a multi-year deal with artificial intelligence firm OpenAI, which means content from the likes of the Wall Street Journal, the New York Post, and the Times will feed content to AI bots like ChatGPT.",The rejection is another blow for the Murdoch business empire after the failure of Talk TV earlier this year.,-0.0991988948413303,"REA said its plan is to create a property business with ""strong margins and significant cash generation' that holds the number one position in both the UK and Australia.""","In a statement on Wednesday, they said REA Group had ""fundamentally undervalued Rightmove and its future prospects"".",2024-09-13
"No signs of slowing down for sports betting, industry leaders say",https://www.cnbc.com/2024/09/10/no-signs-of-slowing-down-for-sports-betting-industry-leaders-say.html,2024-09-11T16:22:41+0000,"In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices.Of those three companies with sportsbooks, Fanatics is the most junior in the space. The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap.""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue. DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same.Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules. Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy.The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems.""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they're depending on, that's not good for business,"" said FanDuel president Christian Genetski.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.', ""Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices."", 'Of those three companies with sportsbooks, Fanatics is the most junior in the space.', ""The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap."", '""The good thing about Michael Rubin is he is not scared of making material investments when it\'s something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC\'s Contessa Brewer on stage.', 'Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.', '""I think you\'ll continue to see sports fans engage more, you\'ll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.', 'As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.', 'Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue.', ""DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same."", 'Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.', ""Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy."", ""The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems."", '""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they\'re depending on, that\'s not good for business,"" said FanDuel president Christian Genetski.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1360243937052505,"""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,-0.3323238849639892,"""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,2024-09-13
"MLB is aiming for a more national strategy, commissioner says",https://www.cnbc.com/2024/09/10/mlb-major-league-baseball-new-course-national-strategy.html,2024-09-11T16:22:44+0000,"Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game.As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred. The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.""We need a more national strategy,"" Manfred told CNBC's Scott Wapner. ""We're blessed with a huge amount of content: 2,430 games. Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country. Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.As for MLB's star power, all three panelists said they're excited about the talent the game has to offer. But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.""I don't know if it's more stars because I think we have stars,"" Sabathia said. ""I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto. It's star pitchers, it's starting pitchers.""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced. The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently. The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons. The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.All three panelists also said it's important to diversify the MLB's audience. They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.', ""Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game."", 'As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred.', 'The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.', '""We need a more national strategy,"" Manfred told CNBC\'s Scott Wapner. ""', ""We're blessed with a huge amount of content: 2,430 games."", 'Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.', '""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country.', 'Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.', ""As for MLB's star power, all three panelists said they're excited about the talent the game has to offer."", 'But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.', '""I don\'t know if it\'s more stars because I think we have stars,"" Sabathia said. ""', 'I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto.', ""It's star pitchers, it's starting pitchers."", '""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.', 'The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently.', 'The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.', 'The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.', ""All three panelists also said it's important to diversify the MLB's audience."", 'They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2628424095610402,But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.",0.6657184064388275,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.","""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.",2024-09-13
John Lewis losses halve as Waitrose sales rise,https://www.bbc.co.uk/news/articles/cn8l850ey5lo,2024-09-12T06:44:52.866Z,"Rising sales at its Waitrose supermarkets have helped the John Lewis Partnership to nearly halve its losses over the first half of the year. The partnership - which includes the John Lewis department stores as well as Waitrose - reported a loss of £30m, down from a £59m deficit last year. The retail giant said the results were proof that its recovery plan was working, and it expected annual profits to ""grow significantly"" this year. However, sales at the John Lewis department stores fell amid a ""challenging market"", and it warned that the outlook for consumer spending was uncertain. The retailer has been trying to win back customers after a tough few years that has seen it cut jobs and close several stores. In March, it reported its first annual profit after years of losses, but also said it would not pay a staff bonus for the second year in a row. John Lewis makes the majority of its profits in the second half of the year, which includes the key Christmas trading period. Announcing the latest results, Nish Kankiwala, chief executive of the John Lewis Partnership, said: “These results confirm that our transformation plan is working and we expect profits to grow significantly for the full year, a marked improvement from where we were two years ago."" Sales at the John Lewis department stores were down 3% over the first half of the year, with fashion hit by ""the well-documented squeeze on customers’ disposable income and unseasonal weather"". Diana Wehrle, retail analyst at Rendle Intelligence and Insights, said fashion was a ""key thing"" for John Lewis but they were facing challenges from rival chains. ""Marks and Spencer have really upped their game,"" she said. John Lewis said its strategy for boosting the business included the return of its  ""never knowingly undersold"" price pledge, which it announced last week. It has also agreed a new tie-up with book chain Waterstones, which is set to open in its Oxford Street store in London next month. Waitrose sales climbed 5% over the half-year, in a period which has seen the first opening of an in-store outlet from Gail’s bakery.  Operating profits at the supermarket chain rose by £75m to £113m over the six months to 27 July. Waitrose is also planning to open up to 100 new convenience shops over the next five years. Ms Wehrle said the tie-ups with Gail's and Waterstones aimed to drive more people into stores and make them stay longer. However, she added it was ""not going to significantly move the dial"" on sales. Waitrose has been the ""shining light"", she said, and the new convenience stores made sense as ""a lot of their offering is designed in smaller portions"". New chairman Jason Tarry, the former boss of Tesco UK, will join the company on Monday. The current chairman, Dame Sharon White, announced last year that she would be stepping down after five years in the role. ",BBC,12/09/2024,"['Rising sales at its Waitrose supermarkets have helped the John Lewis Partnership to nearly halve its losses over the first half of the year.', 'The partnership - which includes the John Lewis department stores as well as Waitrose - reported a loss of £30m, down from a £59m deficit last year.', 'The retail giant said the results were proof that its recovery plan was working, and it expected annual profits to ""grow significantly"" this year.', 'However, sales at the John Lewis department stores fell amid a ""challenging market"", and it warned that the outlook for consumer spending was uncertain.', 'The retailer has been trying to win back customers after a tough few years that has seen it cut jobs and close several stores.', 'In March, it reported its first annual profit after years of losses, but also said it would not pay a staff bonus for the second year in a row.', 'John Lewis makes the majority of its profits in the second half of the year, which includes the key Christmas trading period.', 'Announcing the latest results, Nish Kankiwala, chief executive of the John Lewis Partnership, said: “These results confirm that our transformation plan is working and we expect profits to grow significantly for the full year, a marked improvement from where we were two years ago.""', 'Sales at the John Lewis department stores were down 3% over the first half of the year, with fashion hit by ""the well-documented squeeze on customers’ disposable income and unseasonal weather"".', 'Diana Wehrle, retail analyst at Rendle Intelligence and Insights, said fashion was a ""key thing"" for John Lewis but they were facing challenges from rival chains. ""', 'Marks and Spencer have really upped their game,"" she said.', 'John Lewis said its strategy for boosting the business included the return of its ""never knowingly undersold"" price pledge, which it announced last week.', 'It has also agreed a new tie-up with book chain Waterstones, which is set to open in its Oxford Street store in London next month.', 'Waitrose sales climbed 5% over the half-year, in a period which has seen the first opening of an in-store outlet from Gail’s bakery.', 'Operating profits at the supermarket chain rose by £75m to £113m over the six months to 27 July.', 'Waitrose is also planning to open up to 100 new convenience shops over the next five years.', ""Ms Wehrle said the tie-ups with Gail's and Waterstones aimed to drive more people into stores and make them stay longer."", 'However, she added it was ""not going to significantly move the dial"" on sales.', 'Waitrose has been the ""shining light"", she said, and the new convenience stores made sense as ""a lot of their offering is designed in smaller portions"".', 'New chairman Jason Tarry, the former boss of Tesco UK, will join the company on Monday.', 'The current chairman, Dame Sharon White, announced last year that she would be stepping down after five years in the role.']",0.1604096313520143,"In March, it reported its first annual profit after years of losses, but also said it would not pay a staff bonus for the second year in a row.","The partnership - which includes the John Lewis department stores as well as Waitrose - reported a loss of £30m, down from a £59m deficit last year.",0.5943467319011688,Operating profits at the supermarket chain rose by £75m to £113m over the six months to 27 July.,"However, sales at the John Lewis department stores fell amid a ""challenging market"", and it warned that the outlook for consumer spending was uncertain.",2024-09-13
Flights are getting more expensive again as airlines scale back their growth plans,https://www.cnbc.com/2024/09/12/flights-are-getting-more-expensive-as-airlines-scale-back-growth-plans.html,2024-09-12T20:59:16+0000,"In this articleAirlines are reporting better unit revenues for the tail end of summer, a sign customers will continue to have to shell out more to fly in the coming months.Alaska Airlines on Thursday raised its third-quarter profit forecast to a range of $2.15 to $2.25 per share from a previous outlook of no more than $1.60 per share. It also said it expects unit revenue to rise by as much as 2% after previously estimating flat to ""positive"" unit revenue growth over last year.Delta Air Lines said domestic and trans-Atlantic unit revenue would be up in September from last year, though it said the CrowdStrike outage in July will mean unit sales will rise no more than 1% compared with a previous forecast of as much as 4% higher for the quarter. Delta has said it expected a $500 million hit from the outage and its aftermath, when it canceled some 7,000 flights.Alaska said it had a tail wind from the outage, which affected Delta customers more than those on other airlines.""While capacity remains in line with prior expectations, revenue has performed better than anticipated driven by additional revenue in July related to CrowdStrike disruptions across the industry and stronger performance in August and September,"" Alaska said in a securities filing.Delta's president, Glen Hauenstein, told a Morgan Stanley conference on Thursday that Delta isn't seeing a lingering impact on bookings from the outage.Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power. That appears to be changing.Wednesday's U.S. inflation report showed an airfare price index rose 3.9% in August after five consecutive months of declines.Frontier Airlines said Wednesday that it might break even this quarter, on an adjusted basis, after a previous forecast of margins ranging from -3% to -6%, after it moderated capacity. Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines' cancellations due to technology outages in July.""Airlines from full-service carriers like Delta and United to budget airlines like Frontier and Spirit have been chasing higher-spending travelers with perks like more space on board.""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United's CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.U.S. airlines have also slowed if not halted hiring altogether this year as aircraft arrive late from Boeing and Airbus, and demand moderates after a massive hiring spree.",CNBC,12/09/2024,"['In this articleAirlines are reporting better unit revenues for the tail end of summer, a sign customers will continue to have to shell out more to fly in the coming months.', 'Alaska Airlines on Thursday raised its third-quarter profit forecast to a range of $2.15 to $2.25 per share from a previous outlook of no more than $1.60 per share.', 'It also said it expects unit revenue to rise by as much as 2% after previously estimating flat to ""positive"" unit revenue growth over last year.', 'Delta Air Lines said domestic and trans-Atlantic unit revenue would be up in September from last year, though it said the CrowdStrike outage in July will mean unit sales will rise no more than 1% compared with a previous forecast of as much as 4% higher for the quarter.', 'Delta has said it expected a $500 million hit from the outage and its aftermath, when it canceled some 7,000 flights.', 'Alaska said it had a tail wind from the outage, which affected Delta customers more than those on other airlines.', '""While capacity remains in line with prior expectations, revenue has performed better than anticipated driven by additional revenue in July related to CrowdStrike disruptions across the industry and stronger performance in August and September,"" Alaska said in a securities filing.', ""Delta's president, Glen Hauenstein, told a Morgan Stanley conference on Thursday that Delta isn't seeing a lingering impact on bookings from the outage."", 'Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.', 'That appears to be changing.', ""Wednesday's U.S. inflation report showed an airfare price index rose 3.9% in August after five consecutive months of declines."", 'Frontier Airlines said Wednesday that it might break even this quarter, on an adjusted basis, after a previous forecast of margins ranging from -3% to -6%, after it moderated capacity.', 'Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines\' cancellations due to technology outages in July.', '""Airlines from full-service carriers like Delta and United to budget airlines like Frontier and Spirit have been chasing higher-spending travelers with perks like more space on board.', '""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United\'s CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.', 'U.S. airlines have also slowed if not halted hiring altogether this year as aircraft arrive late from Boeing and Airbus, and demand moderates after a massive hiring spree.']",0.2176318050462712,"""We are constantly thinking about what we can do to continue to increase that competitive gap with premium products, from improving the food we serve on our planes to improving our loyalty program, to improving our Wi-Fi product, to improving particularly our Polaris product on international first class,"" United's CFO Mike Leskinen said at the Morgan Stanley conference on Thursday.",Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.,0.2049540479977925,"Last week, JetBlue Airways raised its unit revenue growth forecast for the current quarter because of higher demand and a benefit from the ""re-accommodation of customers affected by other airlines' cancellations due to technology outages in July.",Airlines had been wrestling with record numbers of travelers but lower fares and weaker-than-expected pricing power.,2024-09-13
Southwest Chair Kelly to step down next year as activist Elliott pushes for changes at airline,https://www.cnbc.com/2024/09/10/southwest-chair-kelly-to-step-down-next-year-as-activist-elliott-pushes-for-changes-at-airline.html,2024-09-10T15:37:11+0000,"In this articleSouthwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shake-up, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management.""Now is the time for change. It's time to shake things up, not just stir them a bit,"" Kelly said in a letter to shareholders. ""The wisdom comes in knowing what to change and what not to change.""Kelly, 69, who has worked at Southwest for nearly four decades and has been chairman since the carrier's co-founder, Herb Kelleher, retired in 2008, announced he would step down after the company's annual shareholder meeting next spring. The announcement came after a meeting with Elliott, which has been calling for leadership changes at the Dallas-based carrier.Elliott in June revealed a nearly $2 billion stake in Southwest, seeking to oust leadership, including CEO Bob Jordan, 63, who has also spent almost four decades at the carrier and took over from Kelly in 2022. The firm said Southwest has had ""stunning underperformance"" under their leadership.On Tuesday, Kelly's statement said Southwest's board and leadership ""unanimously support Bob Jordan as CEO.""Six of Southwest's board members will retire in November, and the company will appoint four new independent directors ""in the near future, including due consideration of up to three of Elliott's candidates,"" Kelly said.Elliott in a statement said the mass departure was ""unprecedented.""""We are pleased that the board is beginning to recognize the degree of change that will be required,"" Elliott's John Pike and Bobby Xu said. But the activist said further change at the airline ""remains urgent.""The activist investor crossed the 10% threshold needed to call a special meeting last week. Elliott has previously mounted campaigns at companies like AT&T, Salesforce and Texas Instruments, but it had never publicly pushed for change at an airline before.Southwest has also brought in outside experts, including Bob Fornaro, former CEO of Spirit Airlines and AirTran, which Southwest acquired.The carrier has struggled as it faces an oversupplied domestic U.S. market, higher costs and aircraft delivery delays from Boeing, its sole supplier.Southwest for years resisted modifications to its simple business model that changed the U.S. airline industry, and earned nearly unbroken decades of profits, which helped it build an investment-grade balance sheet.But in July, it announced it would offer extra legroom on its aircraft and do away with its open seating policy, the biggest changes in its more than 50 years of flying. It also plans to offer overnight, or ""redeye,"" flights next year.Southwest has an investor day scheduled for Sept. 26 in Dallas to expand on these and other initiatives.",CNBC,10/09/2024,"['In this articleSouthwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shake-up, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management.', '""Now is the time for change.', 'It\'s time to shake things up, not just stir them a bit,"" Kelly said in a letter to shareholders. ""', 'The wisdom comes in knowing what to change and what not to change.', '""Kelly, 69, who has worked at Southwest for nearly four decades and has been chairman since the carrier\'s co-founder, Herb Kelleher, retired in 2008, announced he would step down after the company\'s annual shareholder meeting next spring.', 'The announcement came after a meeting with Elliott, which has been calling for leadership changes at the Dallas-based carrier.', 'Elliott in June revealed a nearly $2 billion stake in Southwest, seeking to oust leadership, including CEO Bob Jordan, 63, who has also spent almost four decades at the carrier and took over from Kelly in 2022.', 'The firm said Southwest has had ""stunning underperformance"" under their leadership.', 'On Tuesday, Kelly\'s statement said Southwest\'s board and leadership ""unanimously support Bob Jordan as CEO.""Six of Southwest\'s board members will retire in November, and the company will appoint four new independent directors ""in the near future, including due consideration of up to three of Elliott\'s candidates,"" Kelly said.', 'Elliott in a statement said the mass departure was ""unprecedented.', '""""We are pleased that the board is beginning to recognize the degree of change that will be required,"" Elliott\'s John Pike and Bobby Xu said.', 'But the activist said further change at the airline ""remains urgent.', '""The activist investor crossed the 10% threshold needed to call a special meeting last week.', 'Elliott has previously mounted campaigns at companies like AT&T, Salesforce and Texas Instruments, but it had never publicly pushed for change at an airline before.', 'Southwest has also brought in outside experts, including Bob Fornaro, former CEO of Spirit Airlines and AirTran, which Southwest acquired.', 'The carrier has struggled as it faces an oversupplied domestic U.S. market, higher costs and aircraft delivery delays from Boeing, its sole supplier.', 'Southwest for years resisted modifications to its simple business model that changed the U.S. airline industry, and earned nearly unbroken decades of profits, which helped it build an investment-grade balance sheet.', 'But in July, it announced it would offer extra legroom on its aircraft and do away with its open seating policy, the biggest changes in its more than 50 years of flying.', 'It also plans to offer overnight, or ""redeye,"" flights next year.', 'Southwest has an investor day scheduled for Sept. 26 in Dallas to expand on these and other initiatives.']",0.1308589160546362,The wisdom comes in knowing what to change and what not to change.,"In this articleSouthwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shake-up, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management.",0.0009162873029708,"Southwest for years resisted modifications to its simple business model that changed the U.S. airline industry, and earned nearly unbroken decades of profits, which helped it build an investment-grade balance sheet.","The carrier has struggled as it faces an oversupplied domestic U.S. market, higher costs and aircraft delivery delays from Boeing, its sole supplier.",2024-09-13
"Women's sports are on an upward trajectory as fans, brands engage",https://www.cnbc.com/2024/09/10/womens-sports-upward-trajectory-fans-brands.html,2024-09-11T16:22:42+0000,"The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League. They're only going to get bigger.""We've finally reached the point where it isn't a question as to whether this is a moment and it's going to pass or whether it's going to stand the test of time, because it isn't just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom's Game Plan sports business event on Tuesday.Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes. And those leagues are sharing best practices so that all women's sports can get a boost.""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.And fans aren't the only one taking notice. Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association.Gotfredson noted that fans of women's sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men's sports and male athletes. She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues.""It's still a small percentage of brands spending in women's sports,"" she said. ""It continues to get bigger.""Cameron Brink, a forward on the WNBA's Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.""Even though my [WNBA] contract may not be as much as I'm making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday's panel. ""My success on court leads to success off court.""Both Brink and USC's women's basketball star JuJu Watkins agreed that more women's sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch."" Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.Yet Berman said women's leagues have a lot of catching up to do. The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.""Men's sports have been around for hundreds of years and have decades of experience,"" Berman said. ""You can't catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League."", ""They're only going to get bigger."", '""We\'ve finally reached the point where it isn\'t a question as to whether this is a moment and it\'s going to pass or whether it\'s going to stand the test of time, because it isn\'t just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom\'s Game Plan sports business event on Tuesday.', ""Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes."", ""And those leagues are sharing best practices so that all women's sports can get a boost."", '""We\'re trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.', ""And fans aren't the only one taking notice."", ""Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association."", 'Gotfredson noted that fans of women\'s sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men\'s sports and male athletes.', ""She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues."", '""It\'s still a small percentage of brands spending in women\'s sports,"" she said. ""', 'It continues to get bigger.', '""Cameron Brink, a forward on the WNBA\'s Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.', '""Even though my [WNBA] contract may not be as much as I\'m making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday\'s panel. ""', 'My success on court leads to success off court.', '""Both Brink and USC\'s women\'s basketball star JuJu Watkins agreed that more women\'s sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch.""', 'Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.', 'Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.', ""Yet Berman said women's leagues have a lot of catching up to do."", 'The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.', '""Men\'s sports have been around for hundreds of years and have decades of experience,"" Berman said. ""', 'You can\'t catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.3104146595019921,And those leagues are sharing best practices so that all women's sports can get a boost.,"""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.",0.930249101585812,And those leagues are sharing best practices so that all women's sports can get a boost.,,2024-09-13
Union wins Tesco 'fire and rehire' case,https://www.bbc.co.uk/news/articles/ceq5qj0l4j5o,2024-09-12T10:43:16.089Z,"A shop workers' union has won a Supreme Court battle against Tesco over so-called ""fire and rehire"" plans put forward by the supermarket giant. The row erupted in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay. The Usdaw union said it was ""delighted to get this outcome"". Tesco said it accepted the Supreme Court judgement which it said affected ""a very small number of colleagues"". In 2007, Tesco planned to close some of its distribution centres, and offered staff increased ""retained pay"" so they would relocate. The union took legal action in 2021 after Tesco proposed getting rid of this retained pay by either offering staff a lump sum to replace it, or terminating their contracts and rehiring them without the increased salary. Usdaw argued that the retained pay had been described as ""permanent"" in their contracts, so should be ongoing. But Tesco described the pay as a ""contractual mechanism"" open to employers. Usdaw brought the legal action with three Tesco employees who work at distribution centres in Daventry and Lichfield. The employees are also voluntary union representatives, a union spokesman said. The case affects roughly 50 people who work in those centres, he said. There is a separate case involving workers at the Livingston distribution centre going through the Scottish courts which also affects about 50 people. Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal. On Thursday the Supreme Court reversed that decision, saying Tesco's right to stop employees' contracts could not be used to take away their enhanced pay. Five justices unanimously agreed that Tesco should be blocked from dismissing the staff. The Supreme Court judges ruled that it was ""inconceivable"" that both Tesco and the union members intended for the supermarket to have the right to fire workers and rehire them on lower pay ""whenever it suited Tesco's business purposes to do so"". ""This would have been viewed, objectively, as unrealistic and as flouting industrial common sense by both sides,"" the judges said in their ruling. When it offered the retained pay deal at the beginning, Tesco could have stipulated that the deal would end, or that it could fire and rehire, but didn't, the judges said. Using the word ""permanent"" conveys that retained pay is not time-limited ""in any way"", they added. Paddy Lillis, Usdaw's general secretary, said the union had been ""determined to stand by its members"" and that the ""valuable benefit"" was ""a key component of their pay"". The union had been ""appalled when Tesco threatened these individuals with fire and rehire to remove this benefit"" and said the ""tactics have no place in industrial relations"". Tesco said the ""vast majority"" of distribution centre workers ""do not receive this top-up"". It decided to ""phase it out"" in 2021 and ""made a competitive offer to affected colleagues at that time and many of them chose to accept this"". It added that distribution centre workers ""play a really critical role in helping us to serve our customers and we value all their hard work"". As part of its election manifesto, Labour pledged to ban the practice of fire and rehire. A Department for Business and Trade spokesman said new legislation on that would be brought in ""soon"". Fire and rehire picked up pace during the coronavirus pandemic when a number of big businesses tried to dismiss workers and hire them back on worse deals. British Airways, British Gas, bus company Go North West and coffee maker Jacobs Douwe Egberts were all accused of using the tactic. Ferry operator P&O was also accused of similar tactics when it fired 800 of its workers in 2022, and then used an agency to replace the sacked staff.  ",BBC,12/09/2024,"['A shop workers\' union has won a Supreme Court battle against Tesco over so-called ""fire and rehire"" plans put forward by the supermarket giant.', 'The row erupted in 2021 after Tesco proposed firing staff at some distribution centres and rehiring them on lower pay.', 'The Usdaw union said it was ""delighted to get this outcome"".', 'Tesco said it accepted the Supreme Court judgement which it said affected ""a very small number of colleagues"".', 'In 2007, Tesco planned to close some of its distribution centres, and offered staff increased ""retained pay"" so they would relocate.', 'The union took legal action in 2021 after Tesco proposed getting rid of this retained pay by either offering staff a lump sum to replace it, or terminating their contracts and rehiring them without the increased salary.', 'Usdaw argued that the retained pay had been described as ""permanent"" in their contracts, so should be ongoing.', 'But Tesco described the pay as a ""contractual mechanism"" open to employers.', 'Usdaw brought the legal action with three Tesco employees who work at distribution centres in Daventry and Lichfield.', 'The employees are also voluntary union representatives, a union spokesman said.', 'The case affects roughly 50 people who work in those centres, he said.', 'There is a separate case involving workers at the Livingston distribution centre going through the Scottish courts which also affects about 50 people.', 'Usdaw won an injunction in 2022 which stopped Tesco from carrying out its plans, but Tesco successfully got that ruling overturned on appeal.', ""On Thursday the Supreme Court reversed that decision, saying Tesco's right to stop employees' contracts could not be used to take away their enhanced pay."", 'Five justices unanimously agreed that Tesco should be blocked from dismissing the staff.', 'The Supreme Court judges ruled that it was ""inconceivable"" that both Tesco and the union members intended for the supermarket to have the right to fire workers and rehire them on lower pay ""whenever it suited Tesco\'s business purposes to do so"". ""', 'This would have been viewed, objectively, as unrealistic and as flouting industrial common sense by both sides,"" the judges said in their ruling.', ""When it offered the retained pay deal at the beginning, Tesco could have stipulated that the deal would end, or that it could fire and rehire, but didn't, the judges said."", 'Using the word ""permanent"" conveys that retained pay is not time-limited ""in any way"", they added.', 'Paddy Lillis, Usdaw\'s general secretary, said the union had been ""determined to stand by its members"" and that the ""valuable benefit"" was ""a key component of their pay"".', 'The union had been ""appalled when Tesco threatened these individuals with fire and rehire to remove this benefit"" and said the ""tactics have no place in industrial relations"".', 'Tesco said the ""vast majority"" of distribution centre workers ""do not receive this top-up"".', 'It decided to ""phase it out"" in 2021 and ""made a competitive offer to affected colleagues at that time and many of them chose to accept this"".', 'It added that distribution centre workers ""play a really critical role in helping us to serve our customers and we value all their hard work"".', 'As part of its election manifesto, Labour pledged to ban the practice of fire and rehire.', 'A Department for Business and Trade spokesman said new legislation on that would be brought in ""soon"".', 'Fire and rehire picked up pace during the coronavirus pandemic when a number of big businesses tried to dismiss workers and hire them back on worse deals.', 'British Airways, British Gas, bus company Go North West and coffee maker Jacobs Douwe Egberts were all accused of using the tactic.', 'Ferry operator P&O was also accused of similar tactics when it fired 800 of its workers in 2022, and then used an agency to replace the sacked staff.']",-0.0051904237689,"Paddy Lillis, Usdaw's general secretary, said the union had been ""determined to stand by its members"" and that the ""valuable benefit"" was ""a key component of their pay"".","The union had been ""appalled when Tesco threatened these individuals with fire and rehire to remove this benefit"" and said the ""tactics have no place in industrial relations"".",0.3792027168803745,Fire and rehire picked up pace during the coronavirus pandemic when a number of big businesses tried to dismiss workers and hire them back on worse deals.,"This would have been viewed, objectively, as unrealistic and as flouting industrial common sense by both sides,"" the judges said in their ruling.",2024-09-13
"What are the rules about renting and eviction, and how are they changing?",https://www.bbc.co.uk/news/technology-65038459,2023-03-26T23:05:39.000Z,"The government is introducing a law to ban so-called ""no-fault"" evictions. The Renters' Rights Bill will also outlaw rental ""bidding wars"", and stop landlords from blocking tenants on benefits or who have children or pets. Landlords already have to follow strict rules if they want a tenant to leave, which vary according to the type of tenancy. Failure to follow the correct process can mean the eviction is illegal. Most tenants in England's 4.6m privately rented homes have an assured shorthold tenancy, usually for a fixed term of six or 12 months, or rolling - with no end date. There are two main types of eviction notice for people with these tenancies, which the landlord must provide in writing: Once the notice period ends - at least two months under section 21 - the landlord can start eviction proceedings in court. According to the housing charity Shelter, there have been more than 26,000 no-fault evictions in England since 2019, when the Conservatives first promised to change the law.  But it is illegal for landlords to change the locks or use force to evict a tenant. Other tenancy contracts have different rules, and eviction rules also vary in Scotland, Wales and Northern Ireland.  The Renters' Rights Bill - which must be approved by MPs and peers - will ban section 21 evictions in England, and introduce a new system for evicting tenants where the landlord has grounds for asking them to leave.  If the bill becomes law, new tenants will have a 12-month ""protected period"" where they can't be evicted if the landlord wants to move in or sell the property. After this period, the landlord will have to give them four months' notice to leave.  The landlord will still be able to reclaim the property for other reasons, such as rent arrears or criminal behaviour. Once the protected period ends, tenancies will move to what the government calls ""a periodic basis"", with no fixed end date. Landlords will have to provide a specific reason and give notice to end a tenancy. When the new system is implemented, all existing tenancies - including rolling ones - will convert to the new system. Housing Minister Matthew Pennycook hopes the changes will take effect before summer 2025. A new system for private providers of social housing will be introduced separately. It depends on your rental agreement and where you live in the UK. If you are on a fixed term in England, the landlord: If you are on a rolling agreement, the landlord: In England, landlords can only increase your rent by a ""fair and realistic"" amount, in line with average local rents. Under the new plans, all private landlords will only be allowed one annual rent increase at the market rate. They will also have to publish how much rent they want when re-letting a property, banning rental bidding wars The rules about rent rises are different in Scotland, Wales and Northern Ireland. The most landlords can ask for is five weeks' rent - or six if you pay more than £50,000 a year. If you have an assured shorthold tenancy in England or Wales, landlords must put your deposit in a government approved tenancy deposit scheme (TDP). This means you will get your deposit back if you: At the end of your tenancy, the landlord must return the deposit within 10 days of agreeing the amount owed. The TDP can help resolve disputes.  Different schemes operate in Scotland and Northern Ireland. Tenants in England have the right to ""live in a property that's safe and in a good state of repair"".  Similar rules apply in Scotland, Wales, and Northern Ireland. A home could be unfit if, for example, the electrics are unsafe, it's damp, or there's a problem with mice. The new law will extend a series of mandatory building safety rules for social properties to private renters.  It also specifies a timeframe for landlords to resolve serious hazards. Failure to do so risks a fine of up to £7,000 or prosecution. No current laws explicitly stop landlords from rejecting families with children. However, since women are more likely to live with children, any such refusal in England, Wales and Scotland is likely to be indirect discrimination under the Equality Act 2010, says Shelter. The charity has a guide on how to challenge a ban. Housing Rights can advise in Northern Ireland.  Similarly, refusing to rent because someone is on benefits may break equality law, according to Citizen's Advice. The new bill directly outlaws blanket bans for tenants with children or who are on benefits.  A legal tenancy agreement can specify that no pets are allowed. But if it says permission can be sought for a pet, a landlord needs a reason to refuse. The new law will give all tenants a legal right to request to keep a pet. If passed, the landlord can only refuse on reasonable grounds, although they will be able to ask tenants to take out extra insurance.  In England, the landlord must give at least 24 hours' notice to enter. They must visit at a reasonable time of day, unless it's an emergency. After any initial inspection when a tenant moves in, visits should be at least three months apart, according to the National Residential Landlords Association. ",BBC,26/03/2023,"['The government is introducing a law to ban so-called ""no-fault"" evictions.', 'The Renters\' Rights Bill will also outlaw rental ""bidding wars"", and stop landlords from blocking tenants on benefits or who have children or pets.', 'Landlords already have to follow strict rules if they want a tenant to leave, which vary according to the type of tenancy.', 'Failure to follow the correct process can mean the eviction is illegal.', ""Most tenants in England's 4.6m privately rented homes have an assured shorthold tenancy, usually for a fixed term of six or 12 months, or rolling - with no end date."", 'There are two main types of eviction notice for people with these tenancies, which the landlord must provide in writing: Once the notice period ends - at least two months under section 21 - the landlord can start eviction proceedings in court.', 'According to the housing charity Shelter, there have been more than 26,000 no-fault evictions in England since 2019, when the Conservatives first promised to change the law.', 'But it is illegal for landlords to change the locks or use force to evict a tenant.', 'Other tenancy contracts have different rules, and eviction rules also vary in Scotland, Wales and Northern Ireland.', ""The Renters' Rights Bill - which must be approved by MPs and peers - will ban section 21 evictions in England, and introduce a new system for evicting tenants where the landlord has grounds for asking them to leave."", 'If the bill becomes law, new tenants will have a 12-month ""protected period"" where they can\'t be evicted if the landlord wants to move in or sell the property.', ""After this period, the landlord will have to give them four months' notice to leave."", 'The landlord will still be able to reclaim the property for other reasons, such as rent arrears or criminal behaviour.', 'Once the protected period ends, tenancies will move to what the government calls ""a periodic basis"", with no fixed end date.', 'Landlords will have to provide a specific reason and give notice to end a tenancy.', 'When the new system is implemented, all existing tenancies - including rolling ones - will convert to the new system.', 'Housing Minister Matthew Pennycook hopes the changes will take effect before summer 2025.', 'A new system for private providers of social housing will be introduced separately.', 'It depends on your rental agreement and where you live in the UK.', 'If you are on a fixed term in England, the landlord: If you are on a rolling agreement, the landlord: In England, landlords can only increase your rent by a ""fair and realistic"" amount, in line with average local rents.', 'Under the new plans, all private landlords will only be allowed one annual rent increase at the market rate.', 'They will also have to publish how much rent they want when re-letting a property, banning rental bidding wars The rules about rent rises are different in Scotland, Wales and Northern Ireland.', ""The most landlords can ask for is five weeks' rent - or six if you pay more than £50,000 a year."", 'If you have an assured shorthold tenancy in England or Wales, landlords must put your deposit in a government approved tenancy deposit scheme (TDP).', 'This means you will get your deposit back if you: At the end of your tenancy, the landlord must return the deposit within 10 days of agreeing the amount owed.', 'The TDP can help resolve disputes.', 'Different schemes operate in Scotland and Northern Ireland.', 'Tenants in England have the right to ""live in a property that\'s safe and in a good state of repair"".', 'Similar rules apply in Scotland, Wales, and Northern Ireland.', ""A home could be unfit if, for example, the electrics are unsafe, it's damp, or there's a problem with mice."", 'The new law will extend a series of mandatory building safety rules for social properties to private renters.', 'It also specifies a timeframe for landlords to resolve serious hazards.', 'Failure to do so risks a fine of up to £7,000 or prosecution.', 'No current laws explicitly stop landlords from rejecting families with children.', 'However, since women are more likely to live with children, any such refusal in England, Wales and Scotland is likely to be indirect discrimination under the Equality Act 2010, says Shelter.', 'The charity has a guide on how to challenge a ban.', 'Housing Rights can advise in Northern Ireland.', ""Similarly, refusing to rent because someone is on benefits may break equality law, according to Citizen's Advice."", 'The new bill directly outlaws blanket bans for tenants with children or who are on benefits.', 'A legal tenancy agreement can specify that no pets are allowed.', 'But if it says permission can be sought for a pet, a landlord needs a reason to refuse.', 'The new law will give all tenants a legal right to request to keep a pet.', 'If passed, the landlord can only refuse on reasonable grounds, although they will be able to ask tenants to take out extra insurance.', ""In England, the landlord must give at least 24 hours' notice to enter."", ""They must visit at a reasonable time of day, unless it's an emergency."", 'After any initial inspection when a tenant moves in, visits should be at least three months apart, according to the National Residential Landlords Association.']",-0.0473477963888067,"If you are on a fixed term in England, the landlord: If you are on a rolling agreement, the landlord: In England, landlords can only increase your rent by a ""fair and realistic"" amount, in line with average local rents.",Failure to follow the correct process can mean the eviction is illegal.,-0.8151961714029312,,Failure to follow the correct process can mean the eviction is illegal.,2024-09-13
Junior Bridgeman buying stake in Milwaukee Bucks in a deal that values team at $4 billion,https://www.cnbc.com/2024/09/12/junior-bridgeman-buying-stake-in-milwaukee-bucks-team-valued-at-4-billion.html,2024-09-12T14:15:56+0000,"Businessman and former NBA player Ulysses Lee ""Junior"" Bridgeman is buying a 10% stake in the Milwaukee Bucks, according to three sources familiar with the deal. The transaction will value the team at $4 billion.NBA owners will be notified of the sale in a memo Thursday, added the sources, who asked to remain anonymous because the details of the deal are not public.Bridgeman, the current owner of Ebony and Jet magazines, is getting a preferred limited partner discount of 15%, or a $3.4 billion valuation, to buy a portion of the team that he played for from 1975 to 1984, the sources said.He is reported to have a net worth of more than $600 million after finding success in a variety of businesses ranging from fast-food chains to being a Coca-Cola bottling distributor.The Bucks declined to comment, and Bridgeman did not immediately respond to a request for comment.The Milwaukee Bucks are owned by Jimmy and Dee Haslam, Wes Edens, and Jamie Dinan. The three ownership groups each have about a 25% stake in the team.This would mark the first NBA sale since the league signed an 11-year media agreement with Disney, Comcast's NBCUniversal and Amazon Prime in July.The deal shows the Bucks, a small-market team, are continuing to grow. When former Milwaukee Bucks co-owner Marc Lasry sold his 25% stake in the team to the Haslams last April, the team was valued at about $3.2 billion.The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season. The Bucks will likely pay a hefty luxury tax this season as they are paying Giannis Antetokounmpo $48 million, Damian Lillard $45 million and Khris Middleton $31 million for the 2024-2025 season.The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.",CNBC,12/09/2024,"['Businessman and former NBA player Ulysses Lee ""Junior"" Bridgeman is buying a 10% stake in the Milwaukee Bucks, according to three sources familiar with the deal.', 'The transaction will value the team at $4 billion.', 'NBA owners will be notified of the sale in a memo Thursday, added the sources, who asked to remain anonymous because the details of the deal are not public.', 'Bridgeman, the current owner of Ebony and Jet magazines, is getting a preferred limited partner discount of 15%, or a $3.4 billion valuation, to buy a portion of the team that he played for from 1975 to 1984, the sources said.', 'He is reported to have a net worth of more than $600 million after finding success in a variety of businesses ranging from fast-food chains to being a Coca-Cola bottling distributor.', 'The Bucks declined to comment, and Bridgeman did not immediately respond to a request for comment.', 'The Milwaukee Bucks are owned by Jimmy and Dee Haslam, Wes Edens, and Jamie Dinan.', 'The three ownership groups each have about a 25% stake in the team.', ""This would mark the first NBA sale since the league signed an 11-year media agreement with Disney, Comcast's NBCUniversal and Amazon Prime in July."", 'The deal shows the Bucks, a small-market team, are continuing to grow.', 'When former Milwaukee Bucks co-owner Marc Lasry sold his 25% stake in the team to the Haslams last April, the team was valued at about $3.2 billion.', 'The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.', 'The Bucks will likely pay a hefty luxury tax this seasonas they are paying Giannis Antetokounmpo $48 million, Damian Lillard $45 million and Khris Middleton $31 million for the 2024-2025 season.', 'The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.']",0.1777565215403083,"The Bucks have two won NBA championships, in 1971 and 2021.Disclosure: NBCUniversal is the parent company of CNBC.","The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.",0.5000086426734924,"The deal shows the Bucks, a small-market team, are continuing to grow.","The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season.",2024-09-13
American Airlines flight attendants ratify new contract with immediate raises topping 20%,https://www.cnbc.com/2024/09/12/american-airlines-flight-attendants-ratify-new-contract-with-immediate-raises-topping-20percent.html,2024-09-12T19:33:42+0000,"In this articleAmerican Airlines flight attendants approved a five-year labor deal, ending one of the industry's most contentious contract negotiations and giving cabin crews raises of up to 20.5% at the start of October.Eighty-seven percent of the American Airlines flight attendants who voted approved the contract, the union said Thursday, shortly after polls closed.""This contract marks a significant milestone for our Flight Attendants, providing immediate wage increases of up to 20.5%, along with significant retroactive pay to address time spent negotiating,"" said Julie Hedrick, president of the Association of Professional Flight Attendants, which represents the carrier's roughly 28,000 cabin crew members.Flight attendants are the biggest unionized work group at the Fort Worth-based airline.The contract deal is a relief for American Airlines' leaders, which had faced a strike threat from flight attendants if the two sides could not get to a deal. Transportation Secretary Pete Buttigieg and Labor Secretary Julie Su had attended negotiations in June, overseen by the National Mediation Board. More than 160 lawmakers have also pushed the NMB to get to deals across the airline industry.""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.Flight attendants, similar to other airline workers, have pushed for higher pay and other work-rule improvements after the Covid-19 pandemic derailed negotiations and the cost of living has skyrocketed in recent years.United Airlines and its flight attendants' union are still negotiating for a new contract, while Alaska Airlines cabin crew members recently rejected a tentative labor deal.Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.Some 33,000 Boeing workers are voting on Thursday on a new contract with 25% raises, which some workers have said they will reject. Boeing faces a potential strike if the deal is rejected.",CNBC,12/09/2024,"[""In this articleAmerican Airlines flight attendants approved a five-year labor deal, ending one of the industry's most contentious contract negotiations and giving cabin crews raises of up to 20.5% at the start of October."", 'Eighty-seven percent of the American Airlines flight attendants who voted approved the contract, the union said Thursday, shortly after polls closed.', '""This contract marks a significant milestone for our Flight Attendants, providing immediate wage increases of up to 20.5%, along with significant retroactive pay to address time spent negotiating,"" said Julie Hedrick, president of the Association of Professional Flight Attendants, which represents the carrier\'s roughly 28,000 cabin crew members.', 'Flight attendants are the biggest unionized work group at the Fort Worth-based airline.', ""The contract deal is a relief for American Airlines' leaders, which had faced a strike threat from flight attendants if the two sides could not get to a deal."", 'Transportation Secretary Pete Buttigieg and Labor Secretary Julie Su had attended negotiations in June, overseen by the National Mediation Board.', 'More than 160 lawmakers have also pushed the NMB to get to deals across the airline industry.', '""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.', 'Flight attendants, similar to other airline workers, have pushed for higher pay and other work-rule improvements after the Covid-19 pandemic derailed negotiations and the cost of living has skyrocketed in recent years.', ""United Airlines and its flight attendants' union are still negotiating for a new contract, while Alaska Airlines cabin crew members recently rejected a tentative labor deal."", 'Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.', 'Some 33,000 Boeing workers are voting on Thursday on a new contract with 25% raises, which some workers have said they will reject.', 'Boeing faces a potential strike if the deal is rejected.']",0.0758902950652928,"""Reaching an agreement for our flight attendants has been a top priority, and today, we celebrate achieving this important milestone,"" American Airlines CEO Robert Isom said in a statement.",Boeing faces a potential strike if the deal is rejected.,0.7709751278162003,"Other industries have also won higher pay in new contracts, some of them after strikes, such as in the auto industry and in Hollywood.",Boeing faces a potential strike if the deal is rejected.,2024-09-13
Coffee alternatives: Start-ups claim beanless coffee more ethical,https://www.bbc.co.uk/news/articles/c4gv0rvx0dvo,2024-09-12T23:02:19.760Z,"I am in a high-end coffee shop in a tech-heavy area of San Francisco, staring suspiciously into a cup of espresso. This is no conventional coffee: it is made without using a single coffee bean. It comes from Atomo, one of a band of alt-coffee start-ups hoping to revolutionise the world of brewed coffee. “We take great offence when someone says that we're a coffee substitute,” says Andy Kleitsch, the chief executive of Seattle based start-up Atomo, from whose pure, beanless ground product my espresso has been made. Traditional coffee substitutes have a reputation for not tasting much like coffee and are usually caffeine-free. However, the newcomers intend to replicate one of the world’s most popular beverages from taste, to caffeine punch, to drinking experience – and the first of this nascent industry’s beanless concoctions have begun to appear. They say there's a strong environmental argument for their beanless brews. According to the World Wide Fund for Nature, coffee cultivation is currently the sixth largest cause of deforestation. That impact is expected to widen as demand increases: consumption is fast rising in traditional tea drinking countries like India and China. Meanwhile, climate change is pushing plantations to higher altitudes to escape the heat. So, beanless coffee is potentially a less environmentally damaging alternative. The newcomers also argue that, if scaled up, beanless coffee could be cheaper than its conventional competition. And, with coffee prices reaching record levels on the international markets this year, that point is timely.  Also, in December, a new EU regulation is set to come into effect that outlaws the sale of products, coffee included, that can’t prove they are not linked to deforestation. “A lot of big coffee companies are watching this field,” says Chahan Yeretzian, a professor of analytical chemistry, who heads the Coffee Excellence Centre at the Zurich University of Applied Sciences in Switzerland. Niels Haak, director of sustainable coffee partnerships at Conservation International, an environmental non-profit, welcomes the innovative approaches to tackling coffee’s deforestation problem, but he also doubts if beanless coffee will be able to make much dent. Coffee growing provides livelihoods and income to many smallholder farming families globally, he further notes. The conundrum is if they move away from growing coffee, they will likely instead turn to growing more coca – the plant cocaine derives from – which has similar deforestation issues. “There are no silver bullets,” he says. He notes there is work ongoing – from coffee certification schemes, to efforts aimed at strengthening so-called shade coffee farming where coffee is grown under a canopy of other trees – to make coffee growing more sustainable and support communities. “[The coffee sector] is on a journey to transform,” he says. Yet the beanless companies counter that transformation isn’t wide enough or quick enough. Coffee is causing massive deforestation and coffee farmers live in poverty. If alt-coffee could offset even just the extra projected coffee demand it would be a win for the planet that wouldn’t put anyone out of business. And, as the climate changes, there are plenty of crops beyond illicit ones that coffee farmers could switch to that don’t require slashing more forest. Atomo, which launched in 2019, is currently sold in more than 70 coffee shops in the US. Coffee shop chain Bluestone Lane added it to the menu at all its locations in early August, including in San Francisco. Since June, Atomo has also been selling through its website a blend of beanless and conventional coffee intended for home brewing that I have also purchased to try. It currently costs slightly more than premium conventional coffee. For example, to make my espresso with Atomo adds on 50 cents (38p). Atomo’s ingredients aren’t particularly high tech: date seeds, ramón seeds, sunflower seed extract, fructose, pea protein, millet, lemon, guava, fenugreek seeds, caffeine and baking soda. Things begin with waste date seeds or pits. Rock hard, they are granulated then infused with a secret marinade of ingredients from the list above, before being roasted to create new flavours, aromas and compounds. Further ingredients then finish things off. Atomo’s caffeine is sourced from green tea decaffeination, though synthetically-made caffeine is also used to provide beanless coffee’s kick. Atomo operates a facility in southern California, where the date pits are cleaned and washed, and a second facility in Seattle where the manufacturing takes place. Current capacity is four million pounds a year, which Mr Kleitsch describes as a “rounding error” in the world of coffee production: Starbucks buys about 800 million. As for trying Atomo, both the coffee shop espresso and the brew-at-home version tasted close enough to good coffee for me. Perhaps luckily for these companies, coffee can have many different undertones. Others have different ingredients and methods. Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland. Roasted and ground lupin, chickpea, malted barley, and chicory are amongst the major ingredients the company works with, along with an undisclosed natural flavouring. Though notes David Klingen, the company’s boss, operations are still in the research and development phase. Ingredients may change as it perfects its brew. Other companies on the scene include Singapore-based Prefer and San Francisco's Minus. And, though it is further from market, also being pursued is the tantalising possibility of lab-grown or cultured coffee. In the same way animal cells can be cultivated in a bioreactor and harvested to produce meat cell products – so cells extracted from coffee plants could be similarly grown, then fermented and roasted to produce a brew. Proof of concept was demonstrated in 2021 by Finnish government researchers, who are now trying to help accelerate commercialisation. Cell-based coffee start-ups include Swiss-based Foodbrewer, US-based California Cultured, and Singapore-based Another. The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money. There are also doubts the technology will be able to scale economically. Meanwhile, challenges for the beanless firms remain. The house-filling aroma that real coffee generates is still elusive for them. And bean-free coffee doesn’t provide emotional connections to faraway places – Colombia, Ethiopia, Indonesia – the way real coffee can. Atomo’s main business hurdle now is finding large coffee partners who want to offer their consumers a new choice, while Northern Wonder’s is finding the right investors. “People aren’t completely sure how big the category will be and when,” says Mr Klingen. I don’t think I’ll be switching – I can’t help but like that real coffee is grown by people somewhere – but beanless coffee certainly left me thinking I should investigate the sustainability and ethics of my conventional brew. ",BBC,12/09/2024,"['I am in a high-end coffee shop in a tech-heavy area of San Francisco, staring suspiciously into a cup of espresso.', 'This is no conventional coffee: it is made without using a single coffee bean.', 'It comes from Atomo, one of a band of alt-coffee start-ups hoping to revolutionise the world of brewed coffee. “', ""We take great offence when someone says that we're a coffee substitute,” says Andy Kleitsch, the chief executive of Seattle based start-up Atomo, from whose pure, beanless ground product my espresso has been made."", 'Traditional coffee substitutes have a reputation for not tasting much like coffee and are usually caffeine-free.', 'However, the newcomers intend to replicate one of the world’s most popular beverages from taste, to caffeine punch, to drinking experience – and the first of this nascent industry’s beanless concoctions have begun to appear.', ""They say there's a strong environmental argument for their beanless brews."", 'According to the World Wide Fund for Nature, coffee cultivation is currently the sixth largest cause of deforestation.', 'That impact is expected to widen as demand increases: consumption is fast rising in traditional tea drinking countries like India and China.', 'Meanwhile, climate change is pushing plantations to higher altitudes to escape the heat.', 'So, beanless coffee is potentially a less environmentally damaging alternative.', 'The newcomers also argue that, if scaled up, beanless coffee could be cheaper than its conventional competition.', 'And, with coffee prices reaching record levels on the international markets this year, that point is timely.', 'Also, in December, a new EU regulation is set to come into effect that outlaws the sale of products, coffee included, that can’t prove they are not linked to deforestation. “', 'A lot of big coffee companies are watching this field,” says Chahan Yeretzian, a professor of analytical chemistry, who heads the Coffee Excellence Centre at the Zurich University of Applied Sciences in Switzerland.', 'Niels Haak, director of sustainable coffee partnerships at Conservation International, an environmental non-profit, welcomes the innovative approaches to tackling coffee’s deforestation problem, but he also doubts if beanless coffee will be able to make much dent.', 'Coffee growing provides livelihoods and income to many smallholder farming families globally, he further notes.', 'The conundrum is if they move away from growing coffee, they will likely instead turn to growing more coca – the plant cocaine derives from – which has similar deforestation issues. “', 'There are no silver bullets,” he says.', 'He notes there is work ongoing – from coffee certification schemes, to efforts aimed at strengthening so-called shade coffee farming where coffee is grown under a canopy of other trees – to make coffee growing more sustainable and support communities. “[', 'The coffee sector] is on a journey to transform,” he says.', 'Yet the beanless companies counter that transformation isn’t wide enough or quick enough.', 'Coffee is causing massive deforestation and coffee farmers live in poverty.', 'If alt-coffee could offset even just the extra projected coffee demand it would be a win for the planet that wouldn’t put anyone out of business.', 'And, as the climate changes, there are plenty of crops beyond illicit ones that coffee farmers could switch to that don’t require slashing more forest.', 'Atomo, which launched in 2019, is currently sold in more than 70 coffee shops in the US.', 'Coffee shop chain Bluestone Lane added it to the menu at all its locations in early August, including in San Francisco.', 'Since June, Atomo has also been selling through its website a blend of beanless and conventional coffee intended for home brewing that I have also purchased to try.', 'It currently costs slightly more than premium conventional coffee.', 'For example, to make my espresso with Atomo adds on 50 cents (38p).', 'Atomo’s ingredients aren’t particularly high tech: date seeds, ramón seeds, sunflower seed extract, fructose, pea protein, millet, lemon, guava, fenugreek seeds, caffeine and baking soda.', 'Things begin with waste date seeds or pits.', 'Rock hard, they are granulated then infused with a secret marinade of ingredients from the list above, before being roasted to create new flavours, aromas and compounds.', 'Further ingredients then finish things off.', 'Atomo’s caffeine is sourced from green tea decaffeination, though synthetically-made caffeine is also used to provide beanless coffee’s kick.', 'Atomo operates a facility in southern California, where the date pits are cleaned and washed, and a second facility in Seattle where the manufacturing takes place.', 'Current capacity is four million pounds a year, which Mr Kleitsch describes as a “rounding error” in the world of coffee production: Starbucks buys about 800 million.', 'As for trying Atomo, both the coffee shop espresso and the brew-at-home version tasted close enough to good coffee for me.', 'Perhaps luckily for these companies, coffee can have many different undertones.', 'Others have different ingredients and methods.', 'Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland.', 'Roasted and ground lupin, chickpea, malted barley, and chicory are amongst the major ingredients the company works with, along with an undisclosed natural flavouring.', 'Though notes David Klingen, the company’s boss, operations are still in the research and development phase.', 'Ingredients may change as it perfects its brew.', ""Other companies on the scene include Singapore-based Prefer and San Francisco's Minus."", 'And, though it is further from market, also being pursued is the tantalising possibility of lab-grown or cultured coffee.', 'In the same way animal cells can be cultivated in a bioreactor and harvested to produce meat cell products – so cells extracted from coffee plants could be similarly grown, then fermented and roasted to produce a brew.', 'Proof of concept was demonstrated in 2021 by Finnish government researchers, who are now trying to help accelerate commercialisation.', 'Cell-based coffee start-ups include Swiss-based Foodbrewer, US-based California Cultured, and Singapore-based Another.', 'The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money.', 'There are also doubts the technology will be able to scale economically.', 'Meanwhile, challenges for the beanless firms remain.', 'The house-filling aroma that real coffee generates is still elusive for them.', 'And bean-free coffee doesn’t provide emotional connections to faraway places – Colombia, Ethiopia, Indonesia – the way real coffee can.', 'Atomo’s main business hurdle now is finding large coffee partners who want to offer their consumers a new choice, while Northern Wonder’s is finding the right investors. “', 'People aren’t completely sure how big the category will be and when,” says Mr Klingen.', 'I don’t think I’ll be switching – I can’t help but like that real coffee is grown by people somewhere – but beanless coffee certainly left me thinking I should investigate the sustainability and ethics of my conventional brew.']",0.1284109723957253,"The approach may provide a closer match to coffee than surrogates like Atomo or Northern Wonder, but regulatory approval for such novel food takes time and money.",Coffee is causing massive deforestation and coffee farmers live in poverty.,0.4469227155049642,"Over the past year the bean-free coffee products of Dutch start-up Northern Wonder, founded in 2021, has secured space on supermarket shelves in the Netherlands and Switzerland.",Coffee is causing massive deforestation and coffee farmers live in poverty.,2024-09-13
TV junk food ads to be banned before 9pm from next year,https://www.bbc.co.uk/news/articles/cx2n2g5wze4o,2024-09-12T15:34:18.308Z,"A ban on junk food adverts being shown on TV before 21:00 will come into force on 1 October 2025, the government has confirmed.  Labour said the watershed on junk food advertising would be enforced alongside a total ban on paid-for online adverts, both aimed at tackling childhood obesity. The Conservatives had previously committed to the ban in 2021 when Boris Johnson was prime minister, but it was pushed back to give the industry more time to prepare.  Health Minister Andrew Gwynne said confirming the scope of restrictions and the date they would be implemented provided clarity for businesses. Gwynne said the government wanted ""to tackle the problem head on"" and ""without further delay"".  ""These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,"" he said in his written statement to the Commons on Thursday. The pre-watershed ban was a pledge in Labour's manifesto during this year's general election campaign.  The party also made a manifesto pledge to ban under-16s from buying high-caffeine energy drinks in England, as part of a wider push to improve children's health. The Royal Society for Public Health (RSPH), which works to reduce childhood obesity, called the advertising ban a ""welcome step"". Simon Dixon, head of policy and public affairs at the RSPH told the BBC that childhood nutrition is ""a long-term priority"" that is ""key to building a healthier future for the next generation"".  The government has now published its response to a 2022 consultation on draft measures for the ban, confirming definitions for the products, businesses and services covered by the restrictions. Under the proposals, there is a two-stage approach for defining a product that is considered ""less healthy"" for the purposes of the restrictions. This was originally referred to as products ""high in fat, salt or sugar (HFSS)"". In response to the 2022 consultation, the government said it recognised the need for greater clarity on the scope of the restrictions. It said further guidance will be provided to explain product categories, with clearer examples of which food and drink items fall within each category. A number of items will be exempt from the new restrictions as they are already subject to separate regulations. This includes baby formula, processed cereal-based foods for infants, diet replacement products, medicinal drinks and approved meal replacement products. Gwynne said the government would also hold a four-week targeted consultation to then be able to clarify how restrictions would apply to Internet Protocol Television (IPTV), which delivers TV live over the internet.  It comes as Prime Minister Sir Keir Starmer promised significant reforms for the NHS following the publication of a report by surgeon and former Labour minister Lord Darzi. Among Sir Keir's plans is a transition to a digital NHS, moving more care from hospitals to communities and a focus on sickness prevention to alleviate pressure. ""One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. ""More than one in five children in England are overweight or living with obesity by the time they start primary school, and this rises to more than one third by the time they leave."" Healthy living charity Impact on Urban Health also welcomed the new restrictions, but urged the government to enact similar measures for junk food adverts on the street, public transport and social media. Its Executive Director Peter Babudu told the BBC that ""it is not right that children face a flood of unhealthy options and junk food advertising in the places they spend most of their time"". The previous government introduced legislation in 2022 to restrict the promotion of unhealthy products in shops, and to ensure healthier food are more easily accessible. But Mr Babudu pointed to research which suggests this has not been enforced properly, and said that children from low-income families were ""disproportionately"" exposed to junk food advertising. ",BBC,12/09/2024,"['A ban on junk food adverts being shown on TV before 21:00 will come into force on 1 October 2025, the government has confirmed.', 'Labour said the watershed on junk food advertising would be enforced alongside a total ban on paid-for online adverts, both aimed at tackling childhood obesity.', 'The Conservatives had previously committed to the ban in 2021 when Boris Johnson was prime minister, but it was pushed back to give the industry more time to prepare.', 'Health Minister Andrew Gwynne said confirming the scope of restrictions and the date they would be implemented provided clarity for businesses.', 'Gwynne said the government wanted ""to tackle the problem head on"" and ""without further delay"". ""', 'These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,"" he said in his written statement to the Commons on Thursday.', ""The pre-watershed ban was a pledge in Labour's manifesto during this year's general election campaign."", ""The party also made a manifesto pledge to ban under-16s from buying high-caffeine energy drinks in England, as part of a wider push to improve children's health."", 'The Royal Society for Public Health (RSPH), which works to reduce childhood obesity, called the advertising ban a ""welcome step"".', 'Simon Dixon, head of policy and public affairs at the RSPH told the BBC that childhood nutrition is ""a long-term priority"" that is ""key to building a healthier future for the next generation"".', 'The government has now published its response to a 2022 consultation on draft measures for the ban, confirming definitions for the products, businesses and services covered by the restrictions.', 'Under the proposals, there is a two-stage approach for defining a product that is considered ""less healthy"" for the purposes of the restrictions.', 'This was originally referred to as products ""high in fat, salt or sugar (HFSS)"".', 'In response to the 2022 consultation, the government said it recognised the need for greater clarity on the scope of the restrictions.', 'It said further guidance will be provided to explain product categories, with clearer examples of which food and drink items fall within each category.', 'A number of items will be exempt from the new restrictions as they are already subject to separate regulations.', 'This includes baby formula, processed cereal-based foods for infants, diet replacement products, medicinal drinks and approved meal replacement products.', 'Gwynne said the government would also hold a four-week targeted consultation to then be able to clarify how restrictions would apply to Internet Protocol Television (IPTV), which delivers TV live over the internet.', 'It comes as Prime Minister Sir Keir Starmer promised significant reforms for the NHS following the publication of a report by surgeon and former Labour minister Lord Darzi.', 'Among Sir Keir\'s plans is a transition to a digital NHS, moving more care from hospitals to communities and a focus on sickness prevention to alleviate pressure. ""', 'One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. ""', 'More than one in five children in England are overweight or living with obesity by the time they start primary school, and this rises to more than one third by the time they leave.""', 'Healthy living charity Impact on Urban Health also welcomed the new restrictions, but urged the government to enact similar measures for junk food adverts on the street, public transport and social media.', 'Its Executive Director Peter Babudu told the BBC that ""it is not right that children face a flood of unhealthy options and junk food advertising in the places they spend most of their time"".', 'The previous government introduced legislation in 2022 to restrict the promotion of unhealthy products in shops, and to ensure healthier food are more easily accessible.', 'But Mr Babudu pointed to research which suggests this has not been enforced properly, and said that children from low-income families were ""disproportionately"" exposed to junk food advertising.']",-0.026114837068485,"These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,"" he said in his written statement to the Commons on Thursday.","One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. """,-0.0154899954795837,"The Royal Society for Public Health (RSPH), which works to reduce childhood obesity, called the advertising ban a ""welcome step"".","One of these pressures is the childhood obesity crisis, setting up children for an unhealthy life and generating yet greater pressures on the NHS,"" Gwynne said. """,2024-09-13
Boeing boss makes last-ditch plea to workers ahead of strike vote,https://www.bbc.co.uk/news/articles/cn0202k95gyo,2024-09-12T02:02:07.761Z,"Boeing's new chief executive Kelly Ortberg has pleaded with workers to not go on strike as it would put the company's ""recovery in jeopardy"". It comes hours ahead of a crucial union vote that could trigger industrial action at the embattled company. The aviation giant's executives and union representatives reached a deal earlier this week that includes a 25% pay rise over four years but it has yet to be approved by union members. If workers vote against the agreement it could trigger a strike that would start as early as Friday. ""I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past,"" said Mr Ortberg in his message to staff. ""Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy"". On top of the proposed 25% pay rise, the preliminary deal would offer workers improved healthcare and retirement benefits, as well as 12 weeks of paid parental leave. It would also include a commitment from Boeing to build its next commercial plane in the Seattle area if the project is started during the lifetime of the contract.  The union initially targeted a number of improvements to workers' packages, including a 40% pay rise. However, it appears the reaction from the 30,000 Boeing workers represented by the union was not entirely positive. Union leader and top negotiator, John Holden, said it was not clear whether the deal had enough support among union members to be approved. ""They are angry,"" he told the Reuters news agency. The current contract between Boeing and the unions was reached in 2008 after an eight-week strike. In 2014, the two sides agreed to extend the deal, which is due to expire at midnight on Thursday. A rejection of the preliminary agreement between Boeing and its largest union would be a further significant setback for the firm.  A strike could potentially shut down aircraft production at a time when the company is facing deepening financial losses and struggling to repair its reputation following recent incidents and two fatal accidents five years ago. It would also be a major blow to Mr Ortberg, an aerospace industry veteran and engineer, who took over as Boeing's chief executive last month with a mission to turn the business around.  ",BBC,12/09/2024,"['Boeing\'s new chief executive Kelly Ortberg has pleaded with workers to not go on strike as it would put the company\'s ""recovery in jeopardy"".', 'It comes hours ahead of a crucial union vote that could trigger industrial action at the embattled company.', ""The aviation giant's executives and union representatives reached a deal earlier this week that includes a 25% pay rise over four years but it has yet to be approved by union members."", 'If workers vote against the agreement it could trigger a strike that would start as early as Friday. ""', 'I ask you not to sacrifice the opportunity to secure our future together, because of the frustrations of the past,"" said Mr Ortberg in his message to staff. ""', 'Working together, I know that we can get back on track, but a strike would put our shared recovery in jeopardy"".', 'On top of the proposed 25% pay rise, the preliminary deal would offer workers improved healthcare and retirement benefits, as well as 12 weeks of paid parental leave.', 'It would also include a commitment from Boeing to build its next commercial plane in the Seattle area if the project is started during the lifetime of the contract.', ""The union initially targeted a number of improvements to workers' packages, including a 40% pay rise."", 'However, it appears the reaction from the 30,000 Boeing workers represented by the union was not entirely positive.', 'Union leader and top negotiator, John Holden, said it was not clear whether the deal had enough support among union members to be approved. ""', 'They are angry,"" he told the Reuters news agency.', 'The current contract between Boeing and the unions was reached in 2008 after an eight-week strike.', 'In 2014, the two sides agreed to extend the deal, which is due to expire at midnight on Thursday.', 'A rejection of the preliminary agreement between Boeing and its largest union would be a further significant setback for the firm.', 'A strike could potentially shut down aircraft production at a time when the company is facing deepening financial losses and struggling to repair its reputation following recent incidents and two fatal accidents five years ago.', ""It would also be a major blow to Mr Ortberg, an aerospace industry veteran and engineer, who took over as Boeing's chief executive last month with a mission to turn the business around.""]",0.0687826524369625,"On top of the proposed 25% pay rise, the preliminary deal would offer workers improved healthcare and retirement benefits, as well as 12 weeks of paid parental leave.",A strike could potentially shut down aircraft production at a time when the company is facing deepening financial losses and struggling to repair its reputation following recent incidents and two fatal accidents five years ago.,-0.109648134973314,"The union initially targeted a number of improvements to workers' packages, including a 40% pay rise.",A strike could potentially shut down aircraft production at a time when the company is facing deepening financial losses and struggling to repair its reputation following recent incidents and two fatal accidents five years ago.,2024-09-13
Former Ticketmaster boss sentenced for hacking rival company CrowdSurge,https://www.bbc.co.uk/news/articles/cvg423n1erko,2024-09-12T17:46:15.213Z,"A former Ticketmaster boss who illegally accessed a rival company’s computer servers to steal information has been sentenced. British national Stephen Mead stole sensitive data from CrowdSurge – a smaller business he had previously worked for - between 2013 and 2015. His actions directly contributed to the company’s collapse, the Department of Justice, in New York, said. Mead pleaded guilty to conspiracy to commit computer intrusions against CrowdSurge, in June. He has now been ordered to pay $67,970 as a forfeiture (about £52,000), and sentenced to a year’s supervised release. Court papers filed in the US state Ticketmaster executives had asked Mead to share “competitive intelligence” about the company. Ticketmaster - which describes itself as the world’s biggest entertainment ticketing platform - did not respond to the BBC's request for comment. Another former Ticketmaster executive, Zeeshan Zaidi, also pleaded guilty to fraud charges of conspiracy to commit computer intrusions and wire fraud in 2019. He is yet to be sentenced. Mead was ordered to pay back a sum he received when he left CrowdSurge, as well as the pay rise he subsequently received at Ticketmaster. A Foreign Office spokesperson told the BBC: “We are providing consular assistance to a British man in the US and are in contact with the local authorities.” CrowdSurge - a website on which artists could sell pre-sale tickets to fans - was a rival ticketing company to Ticketmaster, with its headquarters in London and a US office in New York. US court documents say the company had an estimated value of more than $100m. From 2010, Mead was CrowdSurge’s senior vice president for global operations and general manager for North America. The BBC has seen court documents that state that when Mead left CrowdSurge in July 2012 he signed a “separation agreement”, which stated he must not retain or share any confidential information - including client lists, and marketing strategies - with any third party. According to the court filing, the agreement also stipulated Mead should not work for another ticketing company for a year and, as part of the arrangement, CrowdSurge paid Mead approximately $52,970. But he repeatedly breached the separation agreement, the court papers say. By the summer of 2013, Mead was employed by Ticketmaster’s parent company, Live Nation, in a division called TicketWeb. CrowdSurge computer server logs show at least 25 instances when its company data was accessed by computers with IP addresses registered to Ticketmaster and associated companies in New York, San Francisco, and Los Angeles, between August 2013 and December 2015, the prosecution stated. According to the prosecution, Mead shared CrowdSurge spreadsheets containing financial information and passwords without permission, and accessed competitive information about the company’s clients and technology at the request of Ticketmaster executives. He also supplied other Ticketmaster employees with information that enabled them to access password-protected CrowdSurge information. He advised them to “screengrab the hell out of the system”, and discussed “cut[ting] off CrowdSurge at the knees”, court documents show. They also state that on one occasion, at Zaidi’s request, Mead gave a presentation to at least 14 Live Nation and Ticketmaster executives and employees during which he used a CrowdSurge username and password to log in to their website without authorisation. During the presentation - which was projected onto a large screen in a conference room - Mead demonstrated one of CrowdSurge’s bespoke products called the Artists’ Toolbox - a web-based data analytics package for music artists. During his employment, Mead also shared real-time ticket sales data and the identities of the performers CrowdSurge was working with. The DoJ says the information was used by Ticketmaster to plan competitive responses to win pre-sale ticketing business and compare products and offerings. It added Mead’s actions led to monetary losses for CrowdSurge, which “were particularly significant in a highly competitive business environment”. It says Mead was later promoted to become director of client services in Ticketmaster’s artist services division, in early 2015, reporting directly to Zaidi. He also received a pay rise. Court documents say Mead did not engage in the criminal conduct to personally profit from the scheme, beyond the benefit he received by improving his standing and position within Ticketmaster. CrowdSurge discovered Mead’s hacking after a former Ticketmaster executive started working for the company in 2015 and warned them to change how their systems could be accessed. Mead’s employment was terminated by Live Nation and Ticketmaster around October 2017. Court documents show Mead left the US in 2019 and returned to the UK. He was arrested in Italy earlier this year and extradited to the US. In 2015, CrowdSurge’s parent company, Complete Entertainment Resources, filed a civil lawsuit against Ticketmaster alleging it dominated the market and “attempted to destroy competition in the artist pre-sale ticketing services market in a number of different ways”. These included “blocking” numerous artists from working with SongKick - a company CrowdSurge had merged with in June 2015 - and using its market power to “force” them to work with Ticketmaster instead. Ticketmaster and SongKick settled their legal dispute in 2018, resulting in Ticketmaster paying $110m to the owners of SongKick and buying SongKick’s ticketing technology for an undisclosed amount. Ticketmaster entered into a deferred prosecution agreement with the Department of Justice in New York after pleading guilty to five charges of fraud in 2020. This process involves a company reaching an agreement with a prosecutor, where the company is charged with a criminal offence but proceedings are automatically suspended. The ticketing giant was fined $10m and agreed “where necessary and appropriate to modify or maintain its existing compliance program”. The DoJ confirmed Ticketmaster completed the terms of the deferred prosecution in July 2024. ",BBC,12/09/2024,"['A former Ticketmaster boss who illegally accessed a rival company’s computer servers to steal information has been sentenced.', 'British national Stephen Mead stole sensitive data from CrowdSurge – a smaller business he had previously worked for - between 2013 and 2015.', 'His actions directly contributed to the company’s collapse, the Department of Justice, in New York, said.', 'Mead pleaded guilty to conspiracy to commit computer intrusions against CrowdSurge, in June.', 'He has now been ordered to pay $67,970 as a forfeiture (about £52,000), and sentenced to a year’s supervised release.', 'Court papers filed in the US state Ticketmaster executives had asked Mead to share “competitive intelligence” about the company.', ""Ticketmaster - which describes itself as the world’s biggest entertainment ticketing platform - did not respond to the BBC's request for comment."", 'Another former Ticketmaster executive, Zeeshan Zaidi, also pleaded guilty to fraud charges of conspiracy to commit computer intrusions and wire fraud in 2019.', 'He is yet to be sentenced.', 'Mead was ordered to pay back a sum he received when he left CrowdSurge, as well as the pay rise he subsequently received at Ticketmaster.', 'A Foreign Office spokesperson told the BBC: “We are providing consular assistance to a British man in the US and are in contact with the local authorities.”', 'CrowdSurge - a website on which artists could sell pre-sale tickets to fans - was a rival ticketing company to Ticketmaster, with its headquarters in London and a US office in New York.', 'US court documents say the company had an estimated value of more than $100m. From 2010, Mead was CrowdSurge’s senior vice president for global operations and general manager for North America.', 'The BBC has seen court documents that state that when Mead left CrowdSurge in July 2012 he signed a “separation agreement”, which stated he must not retain or share any confidential information - including client lists, and marketing strategies - with any third party.', 'According to the court filing, the agreement also stipulated Mead should not work for another ticketing company for a year and, as part of the arrangement, CrowdSurge paid Mead approximately $52,970.', 'But he repeatedly breached the separation agreement, the court papers say.', 'By the summer of 2013, Mead was employed by Ticketmaster’s parent company, Live Nation, in a division called TicketWeb.', 'CrowdSurge computer server logs show at least 25 instances when its company data was accessed by computers with IP addresses registered to Ticketmaster and associated companies in New York, San Francisco, and Los Angeles, between August 2013 and December 2015, the prosecution stated.', 'According to the prosecution, Mead shared CrowdSurge spreadsheets containing financial information and passwords without permission, and accessed competitive information about the company’s clients and technology at the request of Ticketmaster executives.', 'He also supplied other Ticketmaster employees with information that enabled them to access password-protected CrowdSurge information.', 'He advised them to “screengrab the hell out of the system”, and discussed “cut[ting] off CrowdSurge at the knees”, court documents show.', 'They also state that on one occasion, at Zaidi’s request, Mead gave a presentation to at least 14 Live Nation and Ticketmaster executives and employees during which he used a CrowdSurge username and password to log in to their website without authorisation.', 'During the presentation - which was projected onto a large screen in a conference room - Mead demonstrated one of CrowdSurge’s bespoke products called the Artists’ Toolbox - a web-based data analytics package for music artists.', 'During his employment, Mead also shared real-time ticket sales data and the identities of the performers CrowdSurge was working with.', 'The DoJ says the information was used by Ticketmaster to plan competitive responses to win pre-sale ticketing business and compare products and offerings.', 'It added Mead’s actions led to monetary losses for CrowdSurge, which “were particularly significant in a highly competitive business environment”.', 'It says Mead was later promoted to become director of client services in Ticketmaster’s artist services division, in early 2015, reporting directly to Zaidi.', 'He also received a pay rise.', 'Court documents say Mead did not engage in the criminal conduct to personally profit from the scheme, beyond the benefit he received by improving his standing and position within Ticketmaster.', 'CrowdSurge discovered Mead’s hacking after a former Ticketmaster executive started working for the company in 2015 and warned them to change how their systems could be accessed.', 'Mead’s employment was terminated by Live Nation and Ticketmaster around October 2017.', 'Court documents show Mead left the US in 2019 and returned to the UK.', 'He was arrested in Italy earlier this year and extradited to the US.', 'In 2015, CrowdSurge’s parent company, Complete Entertainment Resources, filed a civil lawsuit against Ticketmaster alleging it dominated the market and “attempted to destroy competition in the artist pre-sale ticketing services market in a number of different ways”.', 'These included “blocking” numerous artists from working with SongKick - a company CrowdSurge had merged with in June 2015 - and using its market power to “force” them to work with Ticketmaster instead.', 'Ticketmaster and SongKick settled their legal dispute in 2018, resulting in Ticketmaster paying $110m to the owners of SongKick and buying SongKick’s ticketing technology for an undisclosed amount.', 'Ticketmaster entered into a deferred prosecution agreement with the Department of Justice in New York after pleading guilty to five charges of fraud in 2020.', 'This process involves a company reaching an agreement with a prosecutor, where the company is charged with a criminal offence but proceedings are automatically suspended.', 'The ticketing giant was fined $10m and agreed “where necessary and appropriate to modify or maintain its existing compliance program”.', 'The DoJ confirmed Ticketmaster completed the terms of the deferred prosecution in July 2024.']",-0.0246941725278617,Court papers filed in the US state Ticketmaster executives had asked Mead to share “competitive intelligence” about the company.,"Another former Ticketmaster executive, Zeeshan Zaidi, also pleaded guilty to fraud charges of conspiracy to commit computer intrusions and wire fraud in 2019.",0.2272439375519752,He also received a pay rise.,"It added Mead’s actions led to monetary losses for CrowdSurge, which “were particularly significant in a highly competitive business environment”.",2024-09-13
"Airbus Ventures launches $155 million fund focused on deep tech, including space",https://www.cnbc.com/2024/09/12/airbus-ventures-fund-deep-tech-space.html,2024-09-12T16:41:17+0000,"Airbus Ventures, one of the most prolific investors in space startups, has raised a $155 million fund that it plans to deploy across the burgeoning space sector, as well as the broader ""deep tech"" ecosystem.""This fund is designed to unlock new possibilities, and space is one of them,"" Thomas d'Halluin, managing partner of Airbus Ventures, told CNBC.The move comes as investment in the space industry, especially from venture capital, has been rebounding after two lean years.Airbus Ventures' new ""Fund-Y"" is targeting long-term opportunities in early-stage deep tech startups, which d'Halluin defines as ""going back to the laws of physics and not being afraid of what's difficult."" Historically, deep tech is a classification for companies working on technologies that face steep scientific or engineering obstacles.Founded in 2016, Airbus Ventures takes a different tack from traditional corporate venture capital arms. The firm maintains a gap from its eponymous corporation, the European aerospace company, and more than half of Fund-Y comes from outside capital such as institutional investors, private equity and family offices. Airbus Ventures currently has $465 million under management, with Fund-Y marking its fourth fund to date. About a third of Airbus Ventures' capital deployed so far has been in the space sector, the firm said, backing 14 pure-play companies in the sector, with notable investments including propulsion startup Impulse, lunar cargo company ispace and tracking service LeoLabs.""This is about patience. Often, and too often, people want immediate reward. Space is not a place of immediate reward,"" d'Halluin said.He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures' backing of Impulse. The startup was founded by Tom Mueller, best known for developing SpaceX's family of rocket engines.""Impulse was successful on its first mission because of the 17 years of experience of Tom at SpaceX,"" d'Halluin said.""That element of human capital we see often neglected in deep tech diligence — this notion of who's capturing the execution and the knowledge and the skill set in a particular company — is what we're pointing towards,"" he added.While Airbus Ventures has traditionally deployed the majority of its funds in the U.S., d'Halluin said it intends for Fund-Y to be global. In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.",CNBC,12/09/2024,"['Airbus Ventures, one of the most prolific investors in space startups, has raised a $155 million fund that it plans to deploy across the burgeoning space sector, as well as the broader ""deep tech"" ecosystem.', '""This fund is designed to unlock new possibilities, and space is one of them,"" Thomas d\'Halluin, managing partner of Airbus Ventures, told CNBC.The move comes as investment in the space industry, especially from venture capital, has been rebounding after two lean years.', 'Airbus Ventures\' new ""Fund-Y"" is targeting long-term opportunities in early-stage deep tech startups, which d\'Halluin defines as ""going back to the laws of physics and not being afraid of what\'s difficult.""', 'Historically, deep tech is a classification for companies working on technologies that face steep scientific or engineering obstacles.', 'Founded in 2016, Airbus Ventures takes a different tack from traditional corporate venture capital arms.', 'The firm maintains a gap from its eponymous corporation, the European aerospace company, and more than half of Fund-Y comes from outside capital such as institutional investors, private equity and family offices.', 'Airbus Ventures currently has $465 million under management, with Fund-Y marking its fourth fund to date.', ""About a third of Airbus Ventures' capital deployed so far has been in the space sector, the firm said, backing 14 pure-play companies in the sector, with notable investments including propulsion startup Impulse, lunar cargo company ispace and tracking service LeoLabs."", '""This is about patience.', 'Often, and too often, people want immediate reward.', 'Space is not a place of immediate reward,"" d\'Halluin said.', 'He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures\' backing of Impulse.', ""The startup was founded by Tom Mueller, best known for developing SpaceX's family of rocket engines."", '""Impulse was successful on its first mission because of the 17 years of experience of Tom at SpaceX,"" d\'Halluin said.', '""That element of human capital we see often neglected in deep tech diligence — this notion of who\'s capturing the execution and the knowledge and the skill set in a particular company — is what we\'re pointing towards,"" he added.', ""While Airbus Ventures has traditionally deployed the majority of its funds in the U.S., d'Halluin said it intends for Fund-Y to be global."", 'In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.']",0.2051048286218113,"He emphasized the importance of funding founders with the ""extremely rare"" trait of great execution, highlighting Airbus Ventures' backing of Impulse.","""That element of human capital we see often neglected in deep tech diligence — this notion of who's capturing the execution and the knowledge and the skill set in a particular company — is what we're pointing towards,"" he added.",0.9986892342567444,"In particular, he sees ""very strong momentum"" for space startups in Europe and Japan.",,2024-09-13
Banana wine: Malawi's growing industry to beat climate change,https://www.bbc.co.uk/news/articles/cly35nvk9n7o,2024-09-12T04:45:12.737Z,"A small-scale farmer in northern Malawi, Emily Nkhana used to discard over-ripe bananas or just let them rot, but she has now found a profitable use for them - banana wine. Extreme heat was causing bananas to ripen too quickly, resulting in heavy losses for Ms Nkhana and many other farmers who live in Karonga district.  “Then we discovered how to make banana wine,” she tells the BBC, as she peels lemons that would be used to preserve the taste of bananas at the processing plant of Twitule Cooperative Group. For the farmers, it is not just about making wine - but also survival, resilience, and embracing the new possibilities that come with a changing climate. They used to farm next to the shores of Lake Malawi and their banana plantations  were being washed away by rising water levels due to increased rainfall, forcing them to move to higher but hotter grounds, where temperatures soar to 42C. “Down at the old farm, our challenge was loads of water from the lake. Some of the bananas used to drown in water.  Some, you couldn't even see where we planted. “Up here, we have way too much heat. It makes our bananas ripen very fast and go to waste,” Ms Nkhana says. She is part of a group of women who have come together at the cooperative to improve their economic conditions through farming. Wine production is a small-scale venture in the women’s backyards, where they plant banana crops.  The wine-making process happens in a small compound with a four-roomed house in the village of Mchenjere. The process is simple: the overripe bananas are peeled, cut into small pieces,  weighed, and mixed with sugar, yeast, raisins, water and covered with lemons. The mixture is then left to ferment for several weeks, transforming the banana pulp into a potent, aromatic wine, containing 13% alcohol - similar to wine made from grapes. “It’s very good quality wine. You have to drink it while seated so you can enjoy the sweet flavour,” Ms Nkhana says.  Banana wine might sound unusual to those accustomed to the flavours of traditional wine, but for those who have tasted it, the experience is anything but disappointing. The wine, which can range in colour from pale yellow to a rich amber, has a slightly sweet, fruity taste, often accompanied by a subtle aroma and a light lemon and banana flavour. “It’s smooth and light, almost like a dessert wine,” says Paul Kamwendo, a local wine enthusiast who has become one of the biggest fans of banana wine in Karonga. “I had no idea one could make wine out of bananas.” For Ms Nkhana and her colleagues, the key to a good banana wine lies in the balance of sweetness and acidity. “Timing is everything,” she says. “You have to know when the bananas are at their best. Too ripe, and the wine becomes too sweet; too green, and it’s too tart.”  The rise of banana wine in Malawi has been met with enthusiasm from both producers and consumers. At local markets, bottles of banana wine, which sell for $3 (£2.30), are now a common sight, with vendors eager to showcase their latest creations.  “We sell them at markets across Malawi, in the capital Lilongwe and in the biggest city Blantyre and it is always sold out,” says Tennyson Gondwe, the chief executive of  Community Savings and Investment Promotion (Comsip), a cooperative that has trained the women in wine production to ensure quality and taste. Ms Nkhana says that making wine, rather than just selling raw bananas which often go to waste, has transformed her life, and those of the other women.  ""Some of us built houses, some have livestock and some have chickens. We can afford to eat decent meals."" The Twitule co-operative produces between 20-50 litres of wine a month and is hoping to buy machines to help them expand. ""We want to produce more wine. We want to move from this small production house house to a factory,"" Ms Nkhana says. And the group has even bigger plans - Comsip has asked the Malawi Bureau of Standards to approve it for export. “People are curious,” Ms Nkhana says, smiling as she stirs the wine mixture, preparing it for fermentation. “They want to know what it tastes like. And when they try it, they’re surprised by how good it is.” ",BBC,12/09/2024,"['A small-scale farmer in northern Malawi, Emily Nkhana used to discard over-ripe bananas or just let them rot, but she has now found a profitable use for them - banana wine.', 'Extreme heat was causing bananas to ripen too quickly, resulting in heavy losses for Ms Nkhana and many other farmers who live in Karonga district. “', 'Then we discovered how to make banana wine,” she tells the BBC, as she peels lemons that would be used to preserve the taste of bananas at the processing plant of Twitule Cooperative Group.', 'For the farmers, it is not just about making wine - but also survival, resilience, and embracing the new possibilities that come with a changing climate.', 'They used to farm next to the shores of Lake Malawi and their banana plantations were being washed away by rising water levels due to increased rainfall, forcing them to move to higher but hotter grounds, where temperatures soar to 42C. “Down at the old farm, our challenge was loads of water from the lake.', 'Some of the bananas used to drown in water.', ""Some, you couldn't even see where we planted. “"", 'Up here, we have way too much heat.', 'It makes our bananas ripen very fast and go to waste,” Ms Nkhana says.', 'She is part of a group of women who have come together at the cooperative to improve their economic conditions through farming.', 'Wine production is a small-scale venture in the women’s backyards, where they plant banana crops.', 'The wine-making process happens in a small compound with a four-roomed house in the village of Mchenjere.', 'The process is simple: the overripe bananas are peeled, cut into small pieces, weighed, and mixed with sugar, yeast, raisins, water and covered with lemons.', 'The mixture is then left to ferment for several weeks, transforming the banana pulp into a potent, aromatic wine, containing 13% alcohol - similar to wine made from grapes. “', 'It’s very good quality wine.', 'You have to drink it while seated so you can enjoy the sweet flavour,” Ms Nkhana says.', 'Banana wine might sound unusual to those accustomed to the flavours of traditional wine, but for those who have tasted it, the experience is anything but disappointing.', 'The wine, which can range in colour from pale yellow to a rich amber, has a slightly sweet, fruity taste, often accompanied by a subtle aroma and a light lemon and banana flavour. “', 'It’s smooth and light, almost like a dessert wine,” says Paul Kamwendo, a local wine enthusiast who has become one of the biggest fans of banana wine in Karonga. “', 'I had no idea one could make wine out of bananas.”', 'For Ms Nkhana and her colleagues, the key to a good banana wine lies in the balance of sweetness and acidity. “', 'Timing is everything,” she says. “', 'You have to know when the bananas are at their best.', 'Too ripe, and the wine becomes too sweet; too green, and it’s too tart.”', 'The rise of banana wine in Malawi has been met with enthusiasm from both producers and consumers.', 'At local markets, bottles of banana wine, which sell for $3 (£2.30), are now a common sight, with vendors eager to showcase their latest creations. “', 'We sell them at markets across Malawi, in the capital Lilongwe and in the biggest city Blantyre and it is always sold out,” says Tennyson Gondwe, the chief executive of Community Savings and Investment Promotion (Comsip), a cooperative that has trained the women in wine production to ensure quality and taste.', 'Ms Nkhana says that making wine, rather than just selling raw bananas which often go to waste, has transformed her life, and those of the other women. ""', 'Some of us built houses, some have livestock and some have chickens.', 'We can afford to eat decent meals.""', 'The Twitule co-operative produces between 20-50 litres of wine a month and is hoping to buy machines to help them expand. ""', 'We want to produce more wine.', 'We want to move from this small production house house to a factory,"" Ms Nkhana says.', 'And the group has even bigger plans - Comsip has asked the Malawi Bureau of Standards to approve it for export. “', 'People are curious,” Ms Nkhana says, smiling as she stirs the wine mixture, preparing it for fermentation. “', 'They want to know what it tastes like.', 'And when they try it, they’re surprised by how good it is.”']",0.1724692454144661,"The Twitule co-operative produces between 20-50 litres of wine a month and is hoping to buy machines to help them expand. ""","Banana wine might sound unusual to those accustomed to the flavours of traditional wine, but for those who have tasted it, the experience is anything but disappointing.",0.0545056679032065,The rise of banana wine in Malawi has been met with enthusiasm from both producers and consumers.,"Extreme heat was causing bananas to ripen too quickly, resulting in heavy losses for Ms Nkhana and many other farmers who live in Karonga district. “",2024-09-13
"Streaming deals are key to future of NFL viewership, fandom",https://www.cnbc.com/2024/09/10/streaming-deals-are-key-to-future-of-nfl-viewership-fandom.html,2024-09-11T16:22:47+0000,"The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience.When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""Thursday Night Football"" found its exclusive home on Amazon's Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.And that was just the beginning. The following year, the NFL's ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google's YouTube TV. Comcast's NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service. Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""That led us, in part, to retain the rights for live games on mobile phones.""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off. It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.The expansion into streaming has carried over into this season. Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers.""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games.Similarly, Lori Conkling, YouTube global head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.The majority of the NFL's media rights deals are sewn up with traditional broadcast partners. Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services. The majority of viewership still comes from traditional TV, according to ratings data.Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds. Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming. The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast's NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally."", ""Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience."", 'When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""', 'Thursday Night Football"" found its exclusive home on Amazon\'s Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.', 'And that was just the beginning.', 'The following year, the NFL\'s ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google\'s YouTube TV.', 'Comcast\'s NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service.', 'Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.', '""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""', 'That led us, in part, to retain the rights for live games on mobile phones.', '""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.', 'The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off.', 'It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.', '""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.', 'The expansion into streaming has carried over into this season.', ""Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers."", '""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.', ""He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games."", 'Similarly, Lori Conkling,YouTubeglobal head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.', ""The majority of the NFL's media rights deals are sewn up with traditional broadcast partners."", 'Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services.', 'The majority of viewership still comes from traditional TV, according to ratings data.', ""Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds."", 'Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming.', 'The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.', '""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""', ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states."", '""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1544150106787163,"""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""","And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.",0.9992067085372076,The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.,,2024-09-13
SEC charges Keurig Dr Pepper over claims about K-Cups' recyclability,https://www.cnbc.com/2024/09/10/sec-charges-keurig-dr-pepper-over-k-cup-recyclability-.html,2024-09-10T15:50:24+0000,"In this articleThe Securities and Exchange Commission has charged Keurig Dr Pepper over what the agency said are inaccurate claims by the company about the recyclability of its disposable K-Cup pods, the agency said Tuesday.Keurig has agreed to pay a $1.5 million civil penalty without admitting or denying the agency's findings.As consumers have become more conscious of their carbon footprints, questions about K-Cups' environmental impact have dogged Keurig for more than a decade. The pods' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate. A 2018 lawsuit over recycling claims led to a $10 million class-action settlement. By the end of 2020, K-Cups became fully recyclable, according to the company.But before the company reached that milestone, it was already telling investors that the pods could be recycled.Keurig said in its annual reports for fiscal 2019 and 2020 that testing with recycling facilities found that K-Cups could be effectively recycled. However, the SEC said the company failed to disclose that two of the largest U.S. recyclers told Keurig that they didn't intend to accept the disposable coffee pods for recycling and had expressed ""significant concerns"" about the financial viability of recycling K-Cups collected curbside.The company's claims could have swayed some consumers, boosting sales of both K-Cups and its brewers. Research conducted earlier by a Keurig subsidiary found that environmental concerns were a key factor that some shoppers considered when buying a Keurig coffee machine, according to the SEC.In Keurig's fiscal second quarter, sales of K-Cup pods and the company's brewing systems accounted for nearly a quarter of the company's revenue, according to a company filing.In a statement, a company spokesperson said, ""We are pleased to have reached an agreement that fully resolves this matter.""""Our K-Cup pods are made from recyclable polypropylene plastic (also known as #5 plastic), which is widely accepted in curbside recycling systems across North America,"" the spokesperson said. ""We continue to encourage consumers to check with their local recycling program to verify acceptance of pods, as they are not recycled in many communities. We remain committed to a better, more standardized recycling system for all packaging materials through KDP actions, collaboration and smart policy solutions.""",CNBC,10/09/2024,"['In this articleThe Securities and Exchange Commission has charged Keurig Dr Pepper over what the agency said are inaccurate claims by the company about the recyclability of its disposable K-Cup pods, the agency said Tuesday.', ""Keurig has agreed to pay a $1.5 million civil penalty without admitting or denying the agency's findings."", ""As consumers have become more conscious of their carbon footprints, questions about K-Cups' environmental impact have dogged Keurig for more than a decade."", 'The pods\' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate.', 'A 2018 lawsuit over recycling claims led to a $10 million class-action settlement.', 'By the end of 2020, K-Cups became fully recyclable, according to the company.', 'But before the company reached that milestone, it was already telling investors that the pods could be recycled.', 'Keurig said in its annual reports for fiscal 2019 and 2020 that testing with recycling facilities found that K-Cups could be effectively recycled.', 'However, the SEC said the company failed to disclose that two of the largest U.S. recyclers told Keurig that they didn\'t intend to accept the disposable coffee pods for recycling and had expressed ""significant concerns"" about the financial viability of recycling K-Cups collected curbside.', ""The company's claims could have swayed some consumers, boosting sales of both K-Cups and its brewers."", ""Research conducted earlier by a Keurig subsidiary found that environmental concerns were a key factor that some shoppers considered when buying a Keurig coffee machine, according to the SEC.In Keurig's fiscal second quarter, sales of K-Cup pods and the company's brewing systems accounted for nearly a quarter of the company's revenue, according to a company filing."", 'In a statement, a company spokesperson said, ""We are pleased to have reached an agreement that fully resolves this matter.', '""""Our K-Cup pods are made from recyclable polypropylene plastic (also known as #5 plastic), which is widely accepted in curbside recycling systems across North America,"" the spokesperson said. ""', 'We continue to encourage consumers to check with their local recycling program to verify acceptance of pods, as they are not recycled in many communities.', 'We remain committed to a better, more standardized recycling system for all packaging materials through KDP actions, collaboration and smart policy solutions.""']",0.1870494846688524,"In a statement, a company spokesperson said, ""We are pleased to have reached an agreement that fully resolves this matter.","The pods' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate.",0.2126299500465393,"The company's claims could have swayed some consumers, boosting sales of both K-Cups and its brewers.","The pods' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate.",2024-09-13
Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection,https://www.cnbc.com/2024/09/11/restaurant-chain-burgerfi-files-for-chapter-11-bankruptcy-protection.html,2024-09-11T17:59:27+0000,"In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo. Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.BurgerFi, known for its higher-quality burgers, was founded in 2011. It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny. Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million. Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",CNBC,11/09/2024,"['In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.', 'The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo.', 'Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.', 'BurgerFi, known for its higher-quality burgers, was founded in 2011.', 'It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.', ""Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million."", 'BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.', 'For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million.', 'Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.']",0.0222703114031558,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.",-0.5973716616630554,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",2024-09-13
Inside the guesthouse where everyone is homeless,https://www.bbc.co.uk/news/articles/cy76r1kjpv4o,2024-09-12T05:32:25.417Z,"On the first floor of the Willow Lodge guest house, Habibah and her brother Hameef are jumping around in the cramped bedroom they share with their mother. They dodge the stacked suitcases, the two beds, the small table and the fridge as best they can, but they barely have room to move. “We need a bigger space,” says five-year-old Habibah.  This small double room in east London, with its attached bathroom, has been the family’s home for seven months, and Habibah has had enough.   “We need a good big space for me and my brother [to play], and there’s no sofa like the old house [had].” “Whenever she's playing with her toys,” says her mother, Jamaanu, “if the food is ready, she has to put them back again because we don't have a dining table. We sit on the floor, outside the toilet, and eat our food.” Although this room is described as temporary accommodation, the family have no idea how long they’ll be here. This uncertainty means that Habibah still attends the same school, even though it is now two buses and an hour away. Like many others living in this block, the family were victims of a section 21 “no-fault” eviction, where a landlord can ask someone to leave at short notice without giving a reason. The measure is described by charities as a key driver of homelessness, as tenants often find they can no longer afford to rent privately at current market rates. No-fault evictions increased by 30% in April to June compared with a year earlier, despite the previous government’s longstanding pledge to ban them. This week, the new Labour administration promised to finally put an end to the practice via the Renters’ Rights Bill. From next summer, the government says, landlords will have to give families like these a longer notice period before eviction and also provide a valid reason such as wanting to move in themselves. But for the London borough of Redbridge, which is paying for the Willow Lodge families, the current situation is crippling. It’s a similar picture for many other local authorities, who are spending a huge chunk of their budgets providing temporary accommodation. In the next, smaller, room are Romel Peters and her two sons.  They’ve been here for 15 months.  They too were made homeless after a no-fault eviction.  The family looked for a different flat but Romel says a private two-bed property would cost £1,600 a month, which she says is unaffordable. The two boys, aged seven and eight, share a double bed while Romel has a single bed beside them.  “We eat, sleep, play, wash, bathe, brush teeth, everything in this room,” says the 37-year-old.  But maybe not for much longer. Redbridge Council wants the family to move to different temporary accommodation, three hours away in West Bromwich, in the west Midlands. She declined. “I'm from Redbridge, all my family's here,“ she explains. ""Everything I know, everything my children know, is in Redbridge. If we move three hours away, we have nothing. We have no support, no friends, no-one to have regular contact with.” The council says her refusal to move means she’s made herself intentionally homeless and so it no longer has a duty to help the family. They must leave Willow Lodge in three days’ time. Redbridge Council told the BBC that alongside the offer of alternative accommodation in the Midlands, it had offered her support to find employment and school places. While Willow Lodge is at least close to Romel’s support network, residents say they have had a number of issues with the property including cockroaches in the cupboards, as well as an infestation of bedbugs and mice in recent months. There are two four-ring hobs in the kitchen but only one of them works, they say, while the door of the microwave is broken. Despite the challenges, there are often queues to use the facilities – there are at least 20 people, including 12 children living at the property.  They can’t however use the kitchen after 10pm, while they say the only washing machine is out of bounds after 5pm.  The residents say the landlord receives between £400 and £800 a month for each room depending on its size.  A Redbridge Council spokesperson told the BBC it expects all landlords to provide accommodation of an acceptable standard and in this case would urgently inspect the premises and speak to the tenants about their concerns. It added that it would expect the landlord to work with the council to urgently carry out any necessary remedial works. The BBC attempted to contact the landlord for comment through the council but has not received a response. Alongside higher rates of no-fault evictions and increased rents, cost of living pressures and immigration have created a perfect storm for the temporary accommodation system. Councils in England spent more than £1bn on temporary accommodation in 2023-24, an increase of more than 50% on the year before.  The costs were driven by a record 117,450 households in short-term housing, including more than 150,000 children. Redbridge Council says it spent £52m on temporary accommodation last year, a figure they describe as “staggering” and “simply unsustainable”. “The stark reality is that we can no longer afford to keep people in temporary accommodation due to London’s exorbitant private rental market,” the council said. Three days later and it is eviction day for Romel Peters.  But first she has to take her sons to school - she’s decided not to tell them they might not be coming back here.   “I didn’t want to create worry.  They’ve literally just started back at school, so I want them to focus on settling in.” Her own stress levels however are “through the roof.  I haven’t slept"". As Romel goes back inside the guest house, other residents emerge.  They have ended up here for a variety of reasons. One woman, aged 65, says she’s been in Willow Lodge for three years, while the residents of two other rooms have been sent here by the Home Office. The two families, a Sudanese man with two children and a woman from Pakistan with a 10-year-old-son, have recently been given the right to remain in the UK after having their asylum applications accepted. Saina, from Islamabad, says she’s grateful the country has taken them in.  She doesn’t know anyone in the UK and would move anywhere they could “start their lives” as long as her son continues to receive counselling for his mental health problems. Hours before she is due to leave, Romel Peters receives a call from Redbridge Council.  They have had a substantial change of heart and are hopeful of being able to help her find a permanent two-bed property in the area within a few days. “I’m relieved. It’s frustrating that it’s taken this long to get the support but I’m looking forward to the future,” she says as she brings her boys home from school and tells them the happy news. But a week later, Romel and her sons are homeless, forced to sofa-surf with family members.  The council has stopped paying for their stay at Willow Lodge - and its offer to help find a new home hasn’t yet come to anything.  The uncertainty of homelessness continues, and like thousands of other families across England, it all started with a no-fault eviction. ",BBC,12/09/2024,"['On the first floor of the Willow Lodge guest house, Habibah and her brother Hameef are jumping around in the cramped bedroom they share with their mother.', 'They dodge the stacked suitcases, the two beds, the small table and the fridge as best they can, but they barely have room to move. “', 'We need a bigger space,” says five-year-old Habibah.', 'This small double room in east London, with its attached bathroom, has been the family’s home for seven months, and Habibah has had enough. “', 'We need a good big space for me and my brother [to play], and there’s no sofa like the old house [had].” “', ""Whenever she's playing with her toys,” says her mother, Jamaanu, “if the food is ready, she has to put them back again because we don't have a dining table."", 'We sit on the floor, outside the toilet, and eat our food.”', 'Although this room is described as temporary accommodation, the family have no idea how long they’ll be here.', 'This uncertainty means that Habibah still attends the same school, even though it is now two buses and an hour away.', 'Like many others living in this block, the family were victims of a section 21 “no-fault” eviction, where a landlord can ask someone to leave at short notice without giving a reason.', 'The measure is described by charities as a key driver of homelessness, as tenants often find they can no longer afford to rent privately at current market rates.', 'No-fault evictions increased by 30% in April to June compared with a year earlier, despite the previous government’s longstanding pledge to ban them.', 'This week, the new Labour administration promised to finally put an end to the practice via the Renters’ Rights Bill.', 'From next summer, the government says, landlords will have to give families like these a longer notice period before eviction and also provide a valid reason such as wanting to move in themselves.', 'But for the London borough of Redbridge, which is paying for the Willow Lodge families, the current situation is crippling.', 'It’s a similar picture for many other local authorities, who are spending a huge chunk of their budgets providing temporary accommodation.', 'In the next, smaller, room are Romel Peters and her two sons.', 'They’ve been here for 15 months.', 'They too were made homeless after a no-fault eviction.', 'The family looked for a different flat but Romel says a private two-bed property would cost £1,600 a month, which she says is unaffordable.', 'The two boys, aged seven and eight, share a double bed while Romel has a single bed beside them. “', 'We eat, sleep, play, wash, bathe, brush teeth, everything in this room,” says the 37-year-old.', 'But maybe not for much longer.', 'Redbridge Council wants the family to move to different temporary accommodation, three hours away in West Bromwich, in the west Midlands.', 'She declined. “', 'I\'m from Redbridge, all my family\'s here,“ she explains. ""', 'Everything I know, everything my children know, is in Redbridge.', 'If we move three hours away, we have nothing.', 'We have no support, no friends, no-one to have regular contact with.”', 'The council says her refusal to move means she’s made herself intentionally homeless and so it no longer has a duty to help the family.', 'They must leave Willow Lodge in three days’ time.', 'Redbridge Council told the BBC that alongside the offer of alternative accommodation in the Midlands, it had offered her support to find employment and school places.', 'While Willow Lodge is at least close to Romel’s support network, residents say they have had a number of issues with the property including cockroaches in the cupboards, as well as an infestation of bedbugs and mice in recent months.', 'There are two four-ring hobs in the kitchen but only one of them works, they say, while the door of the microwave is broken.', 'Despite the challenges, there are often queues to use the facilities – there are at least 20 people, including 12 children living at the property.', 'They can’t however use the kitchen after 10pm, while they say the only washing machine is out of bounds after 5pm.', 'The residents say the landlord receives between £400 and £800 a month for each room depending on its size.', 'A Redbridge Council spokesperson told the BBC it expects all landlords to provide accommodation of an acceptable standard and in this case would urgently inspect the premises and speak to the tenants about their concerns.', 'It added that it would expect the landlord to work with the council to urgently carry out any necessary remedial works.', 'The BBC attempted to contact the landlord for comment through the council but has not received a response.', 'Alongside higher rates of no-fault evictions and increased rents, cost of living pressures and immigration have created a perfect storm for the temporary accommodation system.', 'Councils in England spent more than £1bn on temporary accommodation in 2023-24, an increase of more than 50% on the year before.', 'The costs were driven by a record 117,450 households in short-term housing, including more than 150,000 children.', 'Redbridge Council says it spent £52m on temporary accommodation last year, a figure they describe as “staggering” and “simply unsustainable”. “', 'The stark reality is that we can no longer afford to keep people in temporary accommodation due to London’s exorbitant private rental market,” the council said.', 'Three days later and it is eviction day for Romel Peters.', 'But first she has to take her sons to school - she’s decided not to tell them they might not be coming back here. “', 'I didn’t want to create worry.', 'They’ve literally just started back at school, so I want them to focus on settling in.”', 'Her own stress levels however are “through the roof.', 'I haven’t slept"".', 'As Romel goes back inside the guest house, other residents emerge.', 'They have ended up here for a variety of reasons.', 'One woman, aged 65, says she’s been in Willow Lodge for three years, while the residents of two other rooms have been sent here by the Home Office.', 'The two families, a Sudanese man with two children and a woman from Pakistan with a 10-year-old-son, have recently been given the right to remain in the UK after having their asylum applications accepted.', 'Saina, from Islamabad, says she’s grateful the country has taken them in.', 'She doesn’t know anyone in the UK and would move anywhere they could “start their lives” as long as her son continues to receive counselling for his mental health problems.', 'Hours before she is due to leave, Romel Peters receives a call from Redbridge Council.', 'They have had a substantial change of heart and are hopeful of being able to help her find a permanent two-bed property in the area within a few days. “', 'I’m relieved.', 'It’s frustrating that it’s taken this long to get the support but I’m looking forward to the future,” she says as she brings her boys home from school and tells them the happy news.', 'But a week later, Romel and her sons are homeless, forced to sofa-surf with family members.', 'The council has stopped paying for their stay at Willow Lodge - and its offer to help find a new home hasn’t yet come to anything.', 'The uncertainty of homelessness continues, and like thousands of other families across England, it all started with a no-fault eviction.']",0.0192482304963118,They have had a substantial change of heart and are hopeful of being able to help her find a permanent two-bed property in the area within a few days. “,"Like many others living in this block, the family were victims of a section 21 “no-fault” eviction, where a landlord can ask someone to leave at short notice without giving a reason.",0.0189985297620296,"No-fault evictions increased by 30% in April to June compared with a year earlier, despite the previous government’s longstanding pledge to ban them.","But for the London borough of Redbridge, which is paying for the Willow Lodge families, the current situation is crippling.",2024-09-13
"High Street closures led by banks, chemists and pubs",https://www.bbc.co.uk/news/articles/cp35e8ggk59o,2024-09-11T23:05:12.827Z,"Pharmacies, pubs and banks made up half of the closures on Britain's High Streets in the first six months of this year, data suggests. A total of 6,945 stores have closed so far in 2024, which is the equivalent of 38 shops per day. However, if you take into account new store openings, there's only a net closure of 12 stores a day, which is slightly higher than the same period last year. On average, 18 chemists, 16 pubs and nine banks shut down every week between January and June - according to research from accountancy firm PwC.  But only three convenience stores and one café chain opened in their place, highlighting the huge changes taking place in town centres. Last year saw net store closures of 11 shops a day. Maureen Brewster owns Avoca gift shop in Pershore, Worcestershire which lost a pharmacy and its final bank in the first half of 2024. ""At 85 years old it's finally forced me to bank online,"" she said. ""I can't afford, due to fees and taxes, to use our card machine for transactions under £5. So if people can't get cash out of the bank or ATMs it means I lose a sale,"" she told the BBC. ""It's not ideal - it's not good for me or my customers."" Having traded in the town for 30 years Ms Brewster has seen lots of change in Pershore which is home to just over 7,000 people. ""I think at one stage there were five banks in Pershore,"" she said. The town now has a temporary banking hub and a Post Office inside Tesco Express. With the help of a colleague, Ms Brewster finally got herself set up with online business banking. But the bigger question for Pershore, and so many other places, is: how to fill the gaps? “The challenge for High Streets is that things like banks, pubs and chemists give people a reason to visit on a regular basis,"" said Kien Tan, senior retail adviser at PwC. “But there’s also been a long-term shift in doing many things online, so there’s less need for physical locations.  And when we do go out, we want to go maybe to somewhere more convenient like a retail park, where we can drive and do all our shopping in one go,"" he added. In further evidence of bank closures, Lloyds Banking Group said on Thursday it would shut another 55 branches by the end of 2025. The data covers businesses with more than five outlets and includes everything from retail and hospitality to gyms, banks and hairdressers. It does not include independent traders. Although more than 4,600 outlets opened, up from the same period a year ago, it wasn’t enough to make up for the number of businesses that shut. This means more than 2,000 fewer outlets - a slightly bigger decline than the previous year. “We’ve been measuring this for over a decade now and every year there have been more outlets closing than opening and it predominantly affects High Streets. So the reality is that we’re going to have to start thinking of different ways of using and transforming them,"" said Mr Tan. Chemists led the closures as Boots axed shops and the Lloyds Pharmacy chain disappeared altogether. Convenience stores were the best performing category as supermarkets like Morrisons and Asda opened new outlets. It’s also been a tough first year for takeaways and restaurants. After a year of growth, these categories were hit by dozens of closures as the hospitality sector grapples with higher costs and weaker demand. The one bright spot was retail parks where chains opened more space for the second year in a row with new drive-throughs in big demand. ",BBC,11/09/2024,"[""Pharmacies, pubs and banks made up half of the closures on Britain's High Streets in the first six months of this year, data suggests."", 'A total of 6,945 stores have closed so far in 2024, which is the equivalent of 38 shops per day.', ""However, if you take into account new store openings, there's only a net closure of 12 stores a day, which is slightly higher than the same period last year."", 'On average, 18 chemists, 16 pubs and nine banks shut down every week between January and June - according to research from accountancy firm PwC. But only three convenience stores and one café chain opened in their place, highlighting the huge changes taking place in town centres.', 'Last year saw net store closures of 11 shops a day.', 'Maureen Brewster owns Avoca gift shop in Pershore, Worcestershire which lost a pharmacy and its final bank in the first half of 2024. ""', 'At 85 years old it\'s finally forced me to bank online,"" she said. ""', ""I can't afford, due to fees and taxes, to use our card machine for transactions under £5."", 'So if people can\'t get cash out of the bank or ATMs it means I lose a sale,"" she told the BBC. ""', 'It\'s not ideal - it\'s not good for me or my customers.""', 'Having traded in the town for 30 years Ms Brewster has seen lots of change in Pershore which is home to just over 7,000 people. ""', 'I think at one stage there were five banks in Pershore,"" she said.', 'The town now has a temporary banking hub and a Post Office inside Tesco Express.', 'With the help of a colleague, Ms Brewster finally got herself set up with online business banking.', 'But the bigger question for Pershore, and so many other places, is: how to fill the gaps? “', 'The challenge for High Streets is that things like banks, pubs and chemists give people a reason to visit on a regular basis,"" said Kien Tan, senior retail adviser at PwC. “But there’s also been a long-term shift in doing many things online, so there’s less need for physical locations.', 'And when we do go out, we want to go maybe to somewhere more convenient like a retail park, where we can drive and do all our shopping in one go,"" he added.', 'In further evidence of bank closures, Lloyds Banking Group said on Thursday it would shut another 55 branches by the end of 2025.', 'The data covers businesses with more than five outlets and includes everything from retail and hospitality to gyms, banks and hairdressers.', 'It does not include independent traders.', 'Although more than 4,600 outlets opened, up from the same period a year ago, it wasn’t enough to make up for the number of businesses that shut.', 'This means more than 2,000 fewer outlets - a slightly bigger decline than the previous year. “', 'We’ve been measuring this for over a decade now and every year there have been more outlets closing than opening and it predominantly affects High Streets.', 'So the reality is that we’re going to have to start thinking of different ways of using and transforming them,"" said Mr Tan.', 'Chemists led the closures as Boots axed shops and the Lloyds Pharmacy chain disappeared altogether.', 'Convenience stores were the best performing category as supermarkets like Morrisons and Asda opened new outlets.', 'It’s also been a tough first year for takeaways and restaurants.', 'After a year of growth, these categories were hit by dozens of closures as the hospitality sector grapples with higher costs and weaker demand.', 'The one bright spot was retail parks where chains opened more space for the second year in a row with new drive-throughs in big demand.']",0.019759391838106,Convenience stores were the best performing category as supermarkets like Morrisons and Asda opened new outlets.,"It's not ideal - it's not good for me or my customers.""",-0.0888754454526034,"However, if you take into account new store openings, there's only a net closure of 12 stores a day, which is slightly higher than the same period last year.","This means more than 2,000 fewer outlets - a slightly bigger decline than the previous year. “",2024-09-13