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
Amazon tells staff to get back to office five days a week,https://www.bbc.co.uk/news/articles/czj99ln72k9o,2024-09-16T19:17:02.627Z,"Amazon is ordering staff back to the office five days a week as it ends its hybrid work policy. The change will come into force from January, Amazon's chief executive Andy Jassy said in a memo to staff. ""We’ve decided that we’re going to return to being in the office the way we were before the onset of Covid,"" he said, adding that it would help staff be ""better set up to invent, collaborate, and be connected enough to each other"". Mr Jassy has long been known as a sceptic of remote work, but Amazon staff were previously allowed to work from home two days a week. Amazon's push to get corporate staff back into the office has been a source of tension within the firm which employs more than 1.5 million people globally in full-time and part-time roles.  Staff at its Seattle headquarters staged a protest last year as the company tightened the full remote work allowance that was put in place during the pandemic. Amazon subsequently fired the organiser of the protest, prompting claims of unfair retaliation, a dispute that has been taken up with labour officials.  In his message on Monday, Mr Jassy said he was worried that Amazon - which has long prided itself on preserving the intensity of a start-up while growing to become a tech giant - was seeing its corporate culture diluted by flexible work and too many bureaucratic layers. Mr Jassy, who replaced founder Jeff Bezos as chief executive in 2021, said he had created a ""bureaucracy mailbox"" for staff to make complaints about unnecessary rules and the company was asking managers to reorganise so that managers are overseeing more people. Amazon said those changes could lead to job cuts. In addition to returning to the office five days a week, Amazon said it would end hot-desking in the US, although it will continue in most of Europe. The company said staff could still work from home in unusual circumstances, such as a sick child or house emergency, as was the case before the pandemic.  But unless they have been granted an exemption, Mr Jassy said: ""Our expectation is that people will be in the office outside of extenuating circumstances."" Amazon's stance contrasts with the UK government's approach, which has promised to make flexible working a default right from day one as part of a new employment rights bill due to be published next month. Business Secretary Jonathan Reynolds told the Times newspaper that the government wants to end the ""culture of presenteeism"", and said there were ""real economic benefits"" to people working from home.  He said there was a balance to be struck, but flexible working arrangements could help businesses recruit from a wider pool of people. Graeme from Northumberland, who didn't want us to use his surname, mainly works from home and believes ""you just get so much more done"". The difference between that and office work was ""night and day"" in terms of productivity, he said. In the office people can come over for a chat, or to make requests, and then it can be more difficult to get back into a work flow, he said. However, he added that the socialising aspect of working in an office was also important. Remote work peaked during the pandemic. Many companies started recalling staff in 2022, but the return has been incomplete. As of this summer, about 12% of full-time employees in the US were fully remote and another 27% reported having hybrid work policies in place, according to a monthly survey by economists Jose Maria Barrero, Nicholas Bloom, and Steven J Davis.  Bank bosses such as JP Morgan's Jamie Dimon have been among the most high-profile figures critical of remote work and likely to demand full-time office attendance.  But the attitude has also spread to other industries, with UPS and Dell recalling staff to the office full-time this year. In his memo, Mr Jassy said that Amazon's experience with its move to a hybrid policy had ""strengthened our conviction about the benefits"" of working in person. But Prof Bloom, from Stanford University, said he did not think the announcements were a sign of a wider shift in work policies, noting that his data has found time spent at the office has been fairly stable for more than a year.  ""For every high-profile company cancelling work-from-home, there's others that seem to be expanding it - they just don't get picked up in the media,"" he said. ",BBC,16/09/2024,"['Amazon is ordering staff back to the office five days a week as it ends its hybrid work policy.', 'The change will come into force from January, Amazon\'s chief executive Andy Jassy said in a memo to staff. ""', 'We’ve decided that we’re going to return to being in the office the way we were before the onset of Covid,"" he said, adding that it would help staff be ""better set up to invent, collaborate, and be connected enough to each other"".', 'Mr Jassy has long been known as a sceptic of remote work, but Amazon staff were previously allowed to work from home two days a week.', ""Amazon's push to get corporate staff back into the office has been a source of tension within the firm which employs more than 1.5 million people globally in full-time and part-time roles."", 'Staff at its Seattle headquarters staged a protest last year as the company tightened the full remote work allowance that was put in place during the pandemic.', 'Amazon subsequently fired the organiser of the protest, prompting claims of unfair retaliation, a dispute that has been taken up with labour officials.', 'In his message on Monday, Mr Jassy said he was worried that Amazon - which has long prided itself on preserving the intensity of a start-up while growing to become a tech giant - was seeing its corporate culture diluted by flexible work and too many bureaucratic layers.', 'Mr Jassy, who replaced founder Jeff Bezos as chief executive in 2021, said he had created a ""bureaucracy mailbox"" for staff to make complaints about unnecessary rules and the company was asking managers to reorganise so that managers are overseeing more people.', 'Amazon said those changes could lead to job cuts.', 'In addition to returning to the office five days a week, Amazon said it would end hot-desking in the US, although it will continue in most of Europe.', 'The company said staff could still work from home in unusual circumstances, such as a sick child or house emergency, as was the case before the pandemic.', 'But unless they have been granted an exemption, Mr Jassy said: ""Our expectation is that people will be in the office outside of extenuating circumstances.""', ""Amazon's stance contrasts with the UK government's approach, which has promised to make flexible working a default right from day one as part of a new employment rights bill due to be published next month."", 'Business Secretary Jonathan Reynolds told the Times newspaper that the government wants to end the ""culture of presenteeism"", and said there were ""real economic benefits"" to people working from home.', 'He said there was a balance to be struck, but flexible working arrangements could help businesses recruit from a wider pool of people.', 'Graeme from Northumberland, who didn\'t want us to use his surname, mainly works from home and believes ""you just get so much more done"".', 'The difference between that and office work was ""night and day"" in terms of productivity, he said.', 'In the office people can come over for a chat, or to make requests, and then it can be more difficult to get back into a work flow, he said.', 'However, he added that the socialising aspect of working in an office was also important.', 'Remote work peaked during the pandemic.', 'Many companies started recalling staff in 2022, but the return has been incomplete.', 'As of this summer, about 12% of full-time employees in the US were fully remote and another 27% reported having hybrid work policies in place, according to a monthly survey by economists Jose Maria Barrero, Nicholas Bloom, and Steven J Davis.', ""Bank bosses such as JP Morgan's Jamie Dimon have been among the most high-profile figures critical of remote work and likely to demand full-time office attendance."", 'But the attitude has also spread to other industries, with UPS and Dell recalling staff to the office full-time this year.', 'In his memo, Mr Jassy said that Amazon\'s experience with its move to a hybrid policy had ""strengthened our conviction about the benefits"" of working in person.', 'But Prof Bloom, from Stanford University, said he did not think the announcements were a sign of a wider shift in work policies, noting that his data has found time spent at the office has been fairly stable for more than a year. ""', 'For every high-profile company cancelling work-from-home, there\'s others that seem to be expanding it - they just don\'t get picked up in the media,"" he said.']",0.075294442139839,"In his memo, Mr Jassy said that Amazon's experience with its move to a hybrid policy had ""strengthened our conviction about the benefits"" of working in person.","Amazon subsequently fired the organiser of the protest, prompting claims of unfair retaliation, a dispute that has been taken up with labour officials.",-0.0465986837040294,"But Prof Bloom, from Stanford University, said he did not think the announcements were a sign of a wider shift in work policies, noting that his data has found time spent at the office has been fairly stable for more than a year. """,Amazon said those changes could lead to job cuts.,2024-09-18
"Guardian in talks to sell Observer, the world's oldest Sunday paper",https://www.bbc.co.uk/news/articles/cy80n75g5w1o,2024-09-17T13:27:34.415Z,"The owner of the Guardian has confirmed it is in talks to sell the Observer, the world's oldest Sunday newspaper, to Tortoise Media.  Tortoise has approached Guardian Media Group (GMG) with an offer to invest around £25m over the next five years on the ""editorial and commercial renewal"" of the Observer.  Tortoise was launched five years ago by James Harding, a former BBC News chief and a former editor of the Times newspaper.    The Guardian reported that the title will remain a seven-day-a-week digital operation regardless of the outcome of negotiations with Tortoise about the Observer. Observer staff were told that the investment would ""help to safeguard its future"" as a standalone product. GMG is not actively trying to sell the Observer, but it is examining the Tortoise proposal to see if it is viable.  Founded in 1791, the Observer is the world's oldest Sunday newspaper, with a staff of around 70. ""We believe passionately in its future – both in print and digital,"" said Harding, who is also editor of Tortoise. He added: ""George Orwell described the Observer as 'the enemy of nonsense'. We’re excited to show readers, old and new, that it still is."" Orwell wrote for the newspaper during World War Two and afterwards up until 1948.  Another contributor was Kim Philby, the former MI6 officer and Soviet spy, who had been working for the Russians since the early 1930s.  Like most newspapers, the Observer's print circulation had been in steadily falling until 2021, when it stopped publishing audited figures. At that point it was selling around 136,000 copies a week.  Harding launched Tortoise with the former US ambassador to the UK Matthew Barzun. It has a brief to provide ""slow news""  - not chasing breaking stories but rather looking at what drives trends. It publishes a news website, podcasts and runs live discussions called ""Think-ins"". The business made an operating loss of £4.6m in 2022, the latest year for which accounts are available, with a turnover of £6.2m. Its financial backers include David Thomson, chair of the media business Thomson Reuters, the tech investor Saul Klein, the investment firm Lansdowne Partners, banker Bernie Mensah and Nando's executive Leslie Perlman. ",BBC,17/09/2024,"[""The owner of the Guardian has confirmed it is in talks to sell the Observer, the world's oldest Sunday newspaper, to Tortoise Media."", 'Tortoise has approached Guardian Media Group (GMG) with an offer to invest around £25m over the next five years on the ""editorial and commercial renewal"" of the Observer.', 'Tortoise was launched five years ago by James Harding, a former BBC News chief and a former editor of the Times newspaper.', 'The Guardian reported that the title will remain a seven-day-a-week digital operation regardless of the outcome of negotiations with Tortoise about the Observer.', 'Observer staff were told that the investment would ""help to safeguard its future"" as a standalone product.', 'GMG is not actively trying to sell the Observer, but it is examining the Tortoise proposal to see if it is viable.', 'Founded in 1791, the Observer is the world\'s oldest Sunday newspaper, with a staff of around 70. ""', 'We believe passionately in its future – both in print and digital,"" said Harding, who is also editor of Tortoise.', 'He added: ""George Orwell described the Observer as \'the enemy of nonsense\'.', 'We’re excited to show readers, old and new, that it still is.""', 'Orwell wrote for the newspaper during World War Two and afterwards up until 1948.', 'Another contributor was Kim Philby, the former MI6 officer and Soviet spy, who had been working for the Russians since the early 1930s.', ""Like most newspapers, the Observer's print circulation had been in steadily falling until 2021, when it stopped publishing audited figures."", 'At that point it was selling around 136,000 copies a week.', 'Harding launched Tortoise with the former US ambassador to the UK Matthew Barzun.', 'It has a brief to provide ""slow news"" - not chasing breaking stories but rather looking at what drives trends.', 'It publishes a news website, podcasts and runs live discussions called ""Think-ins"".', ""The business made an operating loss of £4.6m in 2022, the latest year for which accounts are available, with a turnover of £6.2m. Its financial backers include David Thomson, chair of the media business Thomson Reuters, the tech investor Saul Klein, the investment firm Lansdowne Partners, banker Bernie Mensah and Nando's executive Leslie Perlman.""]",-0.0002586679938758,"Observer staff were told that the investment would ""help to safeguard its future"" as a standalone product.","He added: ""George Orwell described the Observer as 'the enemy of nonsense'.",-0.3309714794158935,"Observer staff were told that the investment would ""help to safeguard its future"" as a standalone product.","Like most newspapers, the Observer's print circulation had been in steadily falling until 2021, when it stopped publishing audited figures.",2024-09-18
"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.",2024-09-18
Alaska closes $1.9 billion acquisition of Hawaiian Airlines after DOT blessing,https://www.cnbc.com/2024/09/17/alaska-airlines-hawaiian-airlines-merger-review.html,2024-09-18T15:27:59+0000,"In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.The carriers' merger agreement cleared the U.S. Justice Department's review last month. That put it in the hands of the Transportation Department, which must also review airline mergers.The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release. The agency said the protections will be in place for six years.The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration. Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.Another airline deal failed earlier this year. A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal.Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations.Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.",CNBC,18/09/2024,"['In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.', ""The carriers' merger agreement cleared the U.S. Justice Department's review last month."", 'That put it in the hands of the Transportation Department, which must also review airline mergers.', 'The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.', 'They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.', '""This more proactive approach to merger review marks a new chapter of DOT\'s work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.', 'The agency said the protections will be in place for six years.', 'The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.', ""After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration."", 'Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.', 'Another airline deal failed earlier this year.', ""A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal."", ""Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations."", ""Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.""]",0.3328411957951305,"The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.",Another airline deal failed earlier this year.,0.3347187836964925,"""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.",Another airline deal failed earlier this year.,2024-09-18
JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns,https://www.cnbc.com/2024/09/18/jpmorgan-investment-bank-creates-new-role-overseeing-junior-bankers.html,2024-09-18T16:55:05+0000,"JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.""A lot of investment bankers, they've been traveling all week, they come home and they give you four assignments, and you've got to work all weekend,"" Dimon said. ""It's just not right.""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said. ""You're violating it,"" Dimon warned. ""You've got to stop, and it will be in your bonus, so that people know we actually mean it.""",CNBC,18/09/2024,"['JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.', 'The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.', ""Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide."", 'The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.', 'The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street.', ""In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger."", 'Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.', ""Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation."", 'Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.', ""Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University."", 'Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.', '""A lot of investment bankers, they\'ve been traveling all week, they come home and they give you four assignments, and you\'ve got to work all weekend,"" Dimon said. ""', ""It's just not right."", '""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.', '""You\'re violating it,"" Dimon warned. ""', 'You\'ve got to stop, and it will be in your bonus, so that people know we actually mean it.""']",-0.134577025512299,"The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.","""You're violating it,"" Dimon warned. """,-0.1763509313265482,JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.,It's just not right.,2024-09-18
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.,,2024-09-18
"TGI Fridays' UK owner's administration puts 4,500 jobs at risk",https://www.bbc.co.uk/news/articles/czrm7z5n0y1o,2024-09-18T14:55:51.154Z,"The UK operator of TGI Fridays has gone into administration, putting 4,500 jobs at risk. A total of 87 of the chain's restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses. It hopes to complete a sale by the end of September, which would keep the brand running and help to secure jobs. Hostmore said the American-inspired chain ""continues to operate normally and all existing stores remain open"". Earlier this month, Hostmore said the sales process was in an ""advanced stage"", but added it was unlikely to ""recover any meaningful value"" its assets. It said the leading bids were for less than the firm's debt, suggesting it would be out of pocket if a sale is completed.  ""The sale process remains ongoing, with no decisions having been made to close any existing stores, and TGI Fridays continues to operate normally across the country,"" a Hostmore spokesperson told the BBC. Hostmore said it had attempted to buy the US operator of TGI Fridays for £177m, but that the deal collapsed. Analyst Catherine Shuttleworth said TGI Fridays was a trendsetter when it first opened in the UK, selling ""American food beyond the burger"" and offering ""a really great night out"". However, she said the chain has struggled with ""a change in customer preferences for healthier and vegan foods"". The administration makes TGI Fridays the latest victim of the challenges facing casual dining chains and UK High Streets generally. Data from PwC found that 18 chemists, 16 pubs and nine banks shut down every week on average between January and June this year. The popularity of online shopping shrinking High Street footfall and the financial hangover from the Covid pandemic are widely seen as the two big issues hurting UK shops and hospitality businesses. ",BBC,18/09/2024,"['The UK operator of TGI Fridays has gone into administration, putting 4,500 jobs at risk.', ""A total of 87 of the chain's restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses."", 'It hopes to complete a sale by the end of September, which would keep the brand running and help to secure jobs.', 'Hostmore said the American-inspired chain ""continues to operate normally and all existing stores remain open"".', 'Earlier this month, Hostmore said the sales process was in an ""advanced stage"", but added it was unlikely to ""recover any meaningful value"" its assets.', 'It said the leading bids were for less than the firm\'s debt, suggesting it would be out of pocket if a sale is completed. ""', 'The sale process remains ongoing, with no decisions having been made to close any existing stores, and TGI Fridays continues to operate normally across the country,"" a Hostmore spokesperson told the BBC.', 'Hostmore said it had attempted to buy the US operator of TGI Fridays for £177m, but that the deal collapsed.', 'Analyst Catherine Shuttleworth said TGI Fridays was a trendsetter when it first opened in the UK, selling ""American food beyond the burger"" and offering ""a really great night out"".', 'However, she said the chain has struggled with ""a change in customer preferences for healthier and vegan foods"".', 'The administration makes TGI Fridays the latest victim of the challenges facing casual dining chains and UK High Streets generally.', 'Data from PwC found that 18 chemists, 16 pubs and nine banks shut down every week on average between January and June this year.', 'The popularity of online shopping shrinking High Street footfall and the financial hangover from the Covid pandemic are widely seen as the two big issues hurting UK shops and hospitality businesses.']",0.0329723240989969,"Earlier this month, Hostmore said the sales process was in an ""advanced stage"", but added it was unlikely to ""recover any meaningful value"" its assets.","A total of 87 of the chain's restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses.",-0.5214066240522597,"Analyst Catherine Shuttleworth said TGI Fridays was a trendsetter when it first opened in the UK, selling ""American food beyond the burger"" and offering ""a really great night out"".",The popularity of online shopping shrinking High Street footfall and the financial hangover from the Covid pandemic are widely seen as the two big issues hurting UK shops and hospitality businesses.,2024-09-18
ESPN's Adrian Wojnarowski will retire from company to take a job in college basketball,https://www.cnbc.com/2024/09/18/espns-adrian-wojnarowski-will-retire-take-st-bonaventure-job.html,2024-09-18T16:08:41+0000,"ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning.The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said.Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs."" He and The Athletic's Shams Charania often competed for scoops on the latest news.""I've known and admired Woj since we first worked together at Yahoo! in 2007. His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""He's extraordinarily talented and fearless. He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",CNBC,18/09/2024,"[""ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning."", ""The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said."", 'Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""', ""He and The Athletic's Shams Charania often competed for scoops on the latest news."", '""I\'ve known and admired Woj since we first worked together at Yahoo!', 'in 2007.', 'His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""', ""He's extraordinarily talented and fearless."", 'He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.', '""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.']",0.1666259000196438,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.","Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""",0.9996575117111206,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",,2024-09-18
Boeing puts tens of thousands of workers on furlough after strike,https://www.bbc.co.uk/news/articles/cpdqvwexqv4o,2024-09-18T17:27:34.140Z,"Boeing is suspending the jobs of tens of thousands of staff in the US in response to a strike that has shut down production of some of its airplanes.  The aerospace giant said US-based executives, managers and staff would be asked to take one week of furlough every four weeks as long as the stand-off lasts. More than 30,000 factory workers in the northwest of the US went on strike on Friday over pay and retirement packages. Government officials are now helping to mediate talks between the two sides.  The work stoppage threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. Its impacts are already being felt across the industry and wider US economy as the firm asks suppliers to halt shipments of most parts and takes other steps to save money.  Chief executive Kelly Ortberg, who started in the job just last month, said executives were trying to reach a new agreement ""as soon as possible"". ""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time,"" he said in a memo to staff. ""We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship. Mr Ortberg said executives would take ""commensurate"" pay cuts for the time of the strike and that staff on furlough would retain ""all benefits"". ""We won’t take any actions that inhibit our ability to fully recover in the future,"" he added. The strike is the first at Boeing since 2008. Workers had rejected an offer that promised a 25% pay increase over four years and improvements to terms and conditions. The deal, described by Boeing as ""historic"", was recommended to the workforce by union leaders, but overwhelmingly voted down by employees. At the picket line outside a plant in Auburn, Washington on Wednesday, Brian Bryant, the international president of the International Association of Machinists and Aerospace Workers union, said he saw Boeing's actions as ""smoke and mirrors"" meant to distract from the real issue. ""They're using that as a leverage tool for public opinion,"" he told the BBC.  He said workers remained angry about wages that have not kept up with the cost of living, and the loss of benefits, such as pensions, in previous negotiations. Boeing employs about 150,000 people across the US and was under pressure even before the walkout, after a piece of a new 737 Max passenger plane broke off mid-flight in January. The incident reignited scrutiny of the firm's manufacturing and safety record and has forced it to slow its production of planes. Many of the strikers who the BBC spoke to on Wednesday cited the loss of their bonuses and pensions, as well as inflation and increased cost of living, as their reasons for joining the picket line. Clayton Olander, 43, brought his three kids to the strike for an “economics lesson”. Mr Olander, a machinist who has worked at Boeing for 11 years, said he is striking because of Boeing’s refusal “to increase our wages along with the economy around us”. Boeing’s executives “didn’t consider the cost of living” during negotiations, he added. A mechanic who did not want to be identified due to concerns about retaliation said if the strike continues for much longer she will be forced to seek a part-time job. The 32-year-old said she’s striking for her pension and “a more secure retirement”.  She feared that a 401k could be “taken away”, unlike a guaranteed pension. “I want more security for when I’m old,” she said. Rich Anderson, 54, joined Boeing in 1989 and has worked there through five separate strike actions. He said he was “more prepared than in the earlier stages of my career” for this strike. He added he’s sick of the “all the sacrifices” he has had to make. “People used to step on glass barefooted just to get a job here,"" he said. ""Now they’re begging people out of high school to come work here because its changed so much."" ",BBC,18/09/2024,"['Boeing is suspending the jobs of tens of thousands of staff in the US in response to a strike that has shut down production of some of its airplanes.', 'The aerospace giant said US-based executives, managers and staff would be asked to take one week of furlough every four weeks as long as the stand-off lasts.', 'More than 30,000 factory workers in the northwest of the US went on strike on Friday over pay and retirement packages.', 'Government officials are now helping to mediate talks between the two sides.', 'The work stoppage threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'Its impacts are already being felt across the industry and wider US economy as the firm asks suppliers to halt shipments of most parts and takes other steps to save money.', 'Chief executive Kelly Ortberg, who started in the job just last month, said executives were trying to reach a new agreement ""as soon as possible"". ""', 'While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time,"" he said in a memo to staff. ""', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship.', 'Mr Ortberg said executives would take ""commensurate"" pay cuts for the time of the strike and that staff on furlough would retain ""all benefits"". ""', 'We won’t take any actions that inhibit our ability to fully recover in the future,"" he added.', 'The strike is the first at Boeing since 2008.', 'Workers had rejected an offer that promised a 25% pay increase over four years and improvements to terms and conditions.', 'The deal, described by Boeing as ""historic"", was recommended to the workforce by union leaders, but overwhelmingly voted down by employees.', 'At the picket line outside a plant in Auburn, Washington on Wednesday, Brian Bryant, the international president of the International Association of Machinists and Aerospace Workers union, said he saw Boeing\'s actions as ""smoke and mirrors"" meant to distract from the real issue. ""', 'They\'re using that as a leverage tool for public opinion,"" he told the BBC.', 'He said workers remained angry about wages that have not kept up with the cost of living, and the loss of benefits, such as pensions, in previous negotiations.', 'Boeing employs about 150,000 people across the US and was under pressure even before the walkout, after a piece of a new 737 Max passenger plane broke off mid-flight in January.', ""The incident reignited scrutiny of the firm's manufacturing and safety record and has forced it to slow its production of planes."", 'Many of the strikers who the BBC spoke to on Wednesday cited the loss of their bonuses and pensions, as well as inflation and increased cost of living, as their reasons for joining the picket line.', 'Clayton Olander, 43, brought his three kids to the strike for an “economics lesson”.', 'Mr Olander, a machinist who has worked at Boeing for 11 years, said he is striking because of Boeing’s refusal “to increase our wages along with the economy around us”.', 'Boeing’s executives “didn’t consider the cost of living” during negotiations, he added.', 'A mechanic who did not want to be identified due to concerns about retaliation said if the strike continues for much longer she will be forced to seek a part-time job.', 'The 32-year-old said she’s striking for her pension and “a more secure retirement”.', 'She feared that a 401k could be “taken away”, unlike a guaranteed pension. “', 'I want more security for when I’m old,” she said.', 'Rich Anderson, 54, joined Boeing in 1989 and has worked there through five separate strike actions.', 'He said he was “more prepared than in the earlier stages of my career” for this strike.', 'He added he’s sick of the “all the sacrifices” he has had to make. “', 'People used to step on glass barefooted just to get a job here,"" he said. ""', 'Now they’re begging people out of high school to come work here because its changed so much.""']",-0.0225216977570552,"Many of the strikers who the BBC spoke to on Wednesday cited the loss of their bonuses and pensions, as well as inflation and increased cost of living, as their reasons for joining the picket line.","Boeing employs about 150,000 people across the US and was under pressure even before the walkout, after a piece of a new 737 Max passenger plane broke off mid-flight in January.",-0.3395473639170329,The 32-year-old said she’s striking for her pension and “a more secure retirement”.,The incident reignited scrutiny of the firm's manufacturing and safety record and has forced it to slow its production of planes.,2024-09-18
"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.",2024-09-18
"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.,2024-09-18
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.",2024-09-18
"UAW union files unfair labor charges against Stellantis, accuses automaker of violating contract",https://www.cnbc.com/2024/09/16/uaw-united-auto-workers-union-unfair-labor-charges-stellantis.html,2024-09-16T20:10:40+0000,"In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit. We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""Now, Stellantis wants to go back on the deal. As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union's accusations.""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement. The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango. It accused the automaker of ""refusing to provide the Union with relevant information.""The NLRB confirmed the UAW's filing. The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.",CNBC,16/09/2024,"['In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.', '""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.', 'We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""', 'Now, Stellantis wants to go back on the deal.', 'As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.', '""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.', 'The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union\'s accusations.', '""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company\'s attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW\'s national agreement.', 'The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.', 'A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.', 'A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango.', 'It accused the automaker of ""refusing to provide the Union with relevant information.', '""The NLRB confirmed the UAW\'s filing.', ""The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.""]",-0.0069764118007445,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.",0.0201009809970855,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement.",2024-09-18
"SpaceX Starlink has 2,500 airplanes under contract after United megadeal, director says",https://www.cnbc.com/2024/09/17/spacexs-starlink-has-2500-aircraft-under-contract.html,2024-09-17T16:24:28+0000,"PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday.""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that's going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market. Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi.The United megadeal was Starlink's largest IFC agreement yet. It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years.SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. The company initially targeted consumers, but has expanded into other markets, including enterprise services such as aviation and maritime.There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft. Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.""We're trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we've proven on Hawaiian's and JSX's fleets,"" Galano said.By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline's managing director of in-flight entertainment and connectivity. But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing.""A retrofit for us is removing the system that's there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[Hawaiian] have never had a satcom system, so that's one of the differences to take into account.""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline. Both Delta and United are in a battle for high-end customers.""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.— CNBC's Leslie Josephs contributed to this article.",CNBC,17/09/2024,"[""PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday."", '""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that\'s going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.', ""The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market."", ""Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi."", ""The United megadeal was Starlink's largest IFC agreement yet."", ""It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years."", ""SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020."", 'The company initially targeted consumers, buthasexpanded into other markets, including enterprise services such as aviation and maritime.', 'There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.', '""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.', 'Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft.', 'Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.', '""We\'re trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we\'ve proven on Hawaiian\'s and JSX\'s fleets,"" Galano said.', 'By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline\'s managing director of in-flight entertainment and connectivity.', ""But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing."", '""A retrofit for us is removing the system that\'s there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[', ""Hawaiian] have never had a satcom system, so that's one of the differences to take into account."", '""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline.', 'Both Delta and United are in a battle for high-end customers.', '""We\'ve gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—', ""CNBC's Leslie Josephs contributed to this article.""]",0.2761100833366544,"""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—","Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.",0.9684703528881072,"""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.",,2024-09-18
University of Tennessee to raise season ticket prices 10% in anticipation of revenue sharing,https://www.cnbc.com/2024/09/18/tennessee-to-raise-season-ticket-prices-10percent-for-revenue-sharing.html,2024-09-18T19:35:05+0000,"The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in. A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release. It would also get rid of a cap on scholarships.""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""We have to continue leading the way. That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments.College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically. Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",CNBC,18/09/2024,"[""The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday."", 'Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.', 'Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in.', 'A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.', ""The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release."", 'It would also get rid of a cap on scholarships.', '""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""', 'We have to continue leading the way.', 'That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.', '""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.', ""Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments."", 'College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically.', 'Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.']",0.2392974600311008,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.","The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.",0.9449205143111092,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",,2024-09-18
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.",2024-09-18
Jeep CEO enacts turnaround plan after significant sales declines,https://www.cnbc.com/2024/09/13/jeep-ceo-turnaround-plan-sales-declines.html,2024-09-16T20:14:43+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,16/09/2024,"[""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.",2024-09-18
Lunar company Intuitive Machines' stock jumps more than 40% after NASA moon satellite contract,https://www.cnbc.com/2024/09/18/intuitive-machines-stock-nasa-moon-satellite-contract.html,2024-09-18T21:09:36+0000,"In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites.""This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency's Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth. The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program.The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses. Intuitive Machines' initial NSN award is worth $150 million.Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface. Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month.Benchmark's Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines' experience ""as elite.""""LUNR's path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter. Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.",CNBC,18/09/2024,"[""In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites."", '""This contract marks an inflection point in Intuitive Machines\' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.', 'NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency\'s Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth.', ""The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program."", 'The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses.', ""Intuitive Machines' initial NSN award is worth $150 million."", 'Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.', 'Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.', '""We see the win today as a significant catalyst and validation towards LUNR\'s outlook and the company\'s ability to continue to win contracts,"" Sheppard wrote in a note to clients.', 'The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.', ""Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface."", ""Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month."", 'Benchmark\'s Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines\' experience ""as elite.', '""""LUNR\'s path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.', 'The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter.', ""Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.""]",0.319838219468583,"""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.",,0.9992144505182902,The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.,,2024-09-18
Google scores rare legal win as 1.49bn euro fine scrapped,https://www.bbc.co.uk/news/articles/c62rjd363j1o,2024-09-18T08:20:42.682Z,"Google has won its challenge against a €1.49bn (£1.26bn) fine from the EU for blocking rival online search advertisers. The bloc accused Google of abusing its market dominance by restricting third-party rivals from displaying search ads between 2006 and 2016. Europe's second-top court ruled the European Commission - which levied the fine - ""committed errors in its assessment"". The Commission said it would ""reflect on possible next steps"", which could include an appeal to the EU's top court. Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""We will review the full decision closely,"" it added. It is a rare win for the tech giant, which was hit with fines worth a total of 8.2 billion euros between 2017 and 2019 over antitrust violations.  It failed in its attempt to have one of those fines overturned last week. It is not just in under Europe where it is under pressure over its highly lucrative ad tech business. Earlier this month, the UK's Competition and Markets Authority (CMA) provisionally found it used anti-competitive practices to dominate the market. The US government is also taking the tech giant to court over the same issue, with prosecutors alleging its parent company, Alphabet, illegally operates a monopoly in the market. Alphabet has argued its market dominance is due to the effectiveness of its products. This case revolved around Google's AdSense product, which delivers adverts to websites - making Google almost like a broker for ads. The Commission concluded Google had abused its dominance to prevent websites from using brokers other than AdSense when they were seeking adverts for their web pages.  It said the firm then added other ""restrictive"" clauses to its contracts to reinforce its market dominance - and levied a €1.49bn fine as a penalty. In its ruling, the EU's General Court upheld the majority of the Commission’s findings - but annulled the decision by which the Commission imposed the fine It said the Commission had not considered ""all the relevant circumstances"" concerning the contract clauses and how it defined the market. Because of this, it ruled the Commission did not establish ""an abuse of dominant position."" ",BBC,18/09/2024,"['Google has won its challenge against a €1.49bn (£1.26bn) fine from the EU for blocking rival online search advertisers.', 'The bloc accused Google of abusing its market dominance by restricting third-party rivals from displaying search ads between 2006 and 2016.', 'Europe\'s second-top court ruled the European Commission - which levied the fine - ""committed errors in its assessment"".', 'The Commission said it would ""reflect on possible next steps"", which could include an appeal to the EU\'s top court.', 'Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""', 'We will review the full decision closely,"" it added.', 'It is a rare win for the tech giant, which was hit with fines worth a total of 8.2 billion euros between 2017 and 2019 over antitrust violations.', 'It failed in its attempt to have one of those fines overturned last week.', 'It is not just in under Europe where it is under pressure over its highly lucrative ad tech business.', ""Earlier this month, the UK's Competition and Markets Authority (CMA) provisionally found it used anti-competitive practices to dominate the market."", 'The US government is also taking the tech giant to court over the same issue, with prosecutors alleging its parent company, Alphabet, illegally operates a monopoly in the market.', 'Alphabet has argued its market dominance is due to the effectiveness of its products.', ""This case revolved around Google's AdSense product, which delivers adverts to websites - making Google almost like a broker for ads."", 'The Commission concluded Google had abused its dominance to prevent websites from using brokers other than AdSense when they were seeking adverts for their web pages.', 'It said the firm then added other ""restrictive"" clauses to its contracts to reinforce its market dominance - and levied a €1.49bn fine as a penalty.', 'In its ruling, the EU\'s General Court upheld the majority of the Commission’s findings - but annulled the decision by which the Commission imposed the fine It said the Commission had not considered ""all the relevant circumstances"" concerning the contract clauses and how it defined the market.', 'Because of this, it ruled the Commission did not establish ""an abuse of dominant position.""']",-0.0140150421123033,"Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""","Because of this, it ruled the Commission did not establish ""an abuse of dominant position.""",-0.089628001054128,"Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""","Earlier this month, the UK's Competition and Markets Authority (CMA) provisionally found it used anti-competitive practices to dominate the market.",2024-09-18
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.",2024-09-18
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.",,2024-09-18
How much tax money does the UK government raise and spend?,https://www.bbc.co.uk/news/business-45814459,2018-10-22T23:09:00.000Z,"Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves have both warned that the October Budget will involve ""difficult decisions"" on tax, spending and benefits. However, they are standing by the party's election pledge not to raise the rates of income tax, National Insurance or VAT. The government raises and spends more than £1 trillion a year. A trillion is £1,000bn, or a one with 12 zeroes. Such a big number is hard to picture, but for that money you could comfortably buy the UK's 10 most valuable companies. It works out at about £15,000 per person in the UK. About a quarter of the money the government expects to raise in the 2024/2025 financial year will come from income tax, which people pay on the money they earn.  It is likely to generate £303bn, according to the independent Office for Budget Responsibility (OBR), which assesses the health of the UK economy and publishes financial forecasts. It is expected to raise even more in the coming years. This is because the amount you are allowed to earn before you have to pay income tax has been frozen until 2028. The point at which people start paying higher rates of tax has also been fixed.  Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.  The next two biggest earners for the government are VAT, which is paid on many purchases, and National Insurance (NI), which is another tax levied on people's earnings. The OBR forecast that VAT will raise £203bn in 2024/25. National Insurance is expected to raise £168bn, after two cuts to the starting rate brought it down from 12% to 8%. The ""other"" tax category - which includes capital gains tax, stamp duty and vehicle excise duty - is expected to raise £115bn. The OBR expects the overall level of tax as a proportion of the size of the economy to rise in each of the next five years to a post-war high of 38% of GDP, or the total value of the economy. Some sources of money for the government don't come from taxation, such as student loan repayments, which are included in the ""other non-taxes"" category.  Social protection spending is by far the biggest outgoing for the government, accounting for more than a quarter of all its expenditure.  This includes the cost of benefits paid to pensioners as well those for working-age people. Before the general election was announced, the OBR predicted spending on social protection would rise to £371bn in 2024-25. In July, the government said it would restrict the Winter Fuel Payment to pensioners receiving means-tested benefits, which it hopes will save around £1.5bn a year.  At the same time, the new full state pension is set to rise by £460 a year from April 2025, under the ""triple lock"" arrangement, which guarantees that it keeps pace with earnings and inflation.  About a fifth of government spending goes on health.  Health spending has been rising for decades, because of the growing cost of looking after the UK's ageing population, and increased spending on treatments. The OBR forecast the health spending bill would be £251bn in 2024/25. The next biggest area of spending is education, which was cut in the 2010s and has been recovering since. The OBR expected spending on education to total £131bn in 2024/25. After this comes the cost of government debt interest - the amount the government has to pay for the money it has borrowed Spending on debt interest has increased considerably in recent decades The interest is about 50% higher as a proportion of the size of the economy than it was in 2010. The OBR predicted this would reach £109bn in 2024/25. ",BBC,22/10/2018,"['Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves have both warned that the October Budget will involve ""difficult decisions"" on tax, spending and benefits.', ""However, they are standing by the party's election pledge not to raise the rates of income tax, National Insurance or VAT."", 'The government raises and spends more than £1 trillion a year.', 'A trillion is £1,000bn, or a one with 12 zeroes.', ""Such a big number is hard to picture, but for that money you could comfortably buy the UK's 10 most valuable companies."", 'It works out at about £15,000 per person in the UK.', 'About a quarter of the money the government expects to raise in the 2024/2025 financial year will come from income tax, which people pay on the money they earn.', 'It is likely to generate £303bn, according to the independent Office for Budget Responsibility (OBR), which assesses the health of the UK economy and publishes financial forecasts.', 'It is expected to raise even more in the coming years.', 'This is because the amount you are allowed to earn before you have to pay income tax has been frozen until 2028.', 'The point at which people start paying higher rates of tax has also been fixed.', 'Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.', ""The next two biggest earners for the government are VAT, which is paid on many purchases, and National Insurance (NI), which is another tax levied on people's earnings."", 'The OBR forecast that VAT will raise £203bn in 2024/25.', 'National Insurance is expected to raise £168bn, after two cuts to the starting rate brought it down from 12% to 8%.', 'The ""other"" tax category - which includes capital gains tax, stamp duty and vehicle excise duty - is expected to raise £115bn.', 'The OBR expects the overall level of tax as a proportion of the size of the economy to rise in each of the next five years to a post-war high of 38% of GDP, or the total value of the economy.', 'Some sources of money for the government don\'t come from taxation, such as student loan repayments, which are included in the ""other non-taxes"" category.', 'Social protection spending is by far the biggest outgoing for the government, accounting for more than a quarter of all its expenditure.', 'This includes the cost of benefits paid to pensioners as well those for working-age people.', 'Before the general election was announced, the OBR predicted spending on social protection would rise to £371bn in 2024-25.', 'In July, the government said it would restrict the Winter Fuel Payment to pensioners receiving means-tested benefits, which it hopes will save around £1.5bn a year.', 'At the same time, the new full state pension is set to rise by £460 a year from April 2025, under the ""triple lock"" arrangement, which guarantees that it keeps pace with earnings and inflation.', 'About a fifth of government spending goes on health.', ""Health spending has been rising for decades, because of the growing cost of looking after the UK's ageing population, and increased spending on treatments."", 'The OBR forecast the health spending bill would be £251bn in 2024/25.', 'The next biggest area of spending is education, which was cut in the 2010s and has been recovering since.', 'The OBR expected spending on education to total £131bn in 2024/25.', 'After this comes the cost of government debt interest - the amount the government has to pay for the money it has borrowed Spending on debt interest has increased considerably in recent decades The interest is about 50% higher as a proportion of the size of the economy than it was in 2010.', 'The OBR predicted this would reach £109bn in 2024/25.']",0.1016927786855235,"Such a big number is hard to picture, but for that money you could comfortably buy the UK's 10 most valuable companies.","The OBR expects the overall level of tax as a proportion of the size of the economy to rise in each of the next five years to a post-war high of 38% of GDP, or the total value of the economy.",0.7057455735547202,"At the same time, the new full state pension is set to rise by £460 a year from April 2025, under the ""triple lock"" arrangement, which guarantees that it keeps pace with earnings and inflation.","National Insurance is expected to raise £168bn, after two cuts to the starting rate brought it down from 12% to 8%.",2024-09-18
"In federal trial, Michael Kors says it's harder to sell handbags in TikTok and Taylor Swift era",https://www.cnbc.com/2024/09/16/tapestry-capri-antitrust-trial-michael-kors-testifies.html,2024-09-17T12:17:12+0000,"In this articleNEW YORK CITY — In a federal courtroom on Monday, storied fashion designer Michael Kors spoke about the steep challenge of staying relevant in a world where brands can rise and fall based on viral TikTok videos and photos of handbags on the arms of celebrities such as Taylor Swift and Beyoncé.Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of 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. The FTC on Monday called Kors, who founded his namesake brand in 1981 at age 22 and still serves as its chief creative director, to testify. Yet, in his remarks, Kors described how even legacy brands like his own can struggle and lose shoppers' interest.""Sometimes you'll be the hottest thing on the block,"" he said. ""Sometimes you'll be lukewarm. Sometimes you'll be cold.""He acknowledged that his namesake label has fallen from favor and needs a refresh.""I think we've reached the point of brand fatigue,"" he said.The FTC has argued that the combined companies, particularly with Coach and Michael Kors under the same owner, would create a bag behemoth with the power to hike prices for customers while offering them the same or worse products.Attorneys for Tapestry and Capri, on the other hand, have questioned the FTC's depictions of a consolidated handbag market. They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.The trial comes as consumers balk at high prices and when the outcome of the closely watched U.S. presidential election could change the federal agency's strategy.Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described. As of Monday afternoon, the company's stock has fallen about 24% so far this year. That trails far behind the roughly 18% gains of the S&P 500 and the approximately 17% rise of Tapestry.In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period.Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports. Even as an industry veteran, he said he must move nimbly.For instance, he said he learned about Aupen, a handbag industry newcomer, when he saw a photo of Taylor Swift carrying one of the company's handbags. When he went to the company's website, it crashed, he said.""It shows you the power of women like this,"" he said.In another testimony on Monday, former Macy's CEO Jeff Gennette said retailers also feel it when brands lose some of their shine. Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand. He said the markdown of Michael Kors' handbags contributed to ""a bad spiral Macy's was living through when I was there.""The antitrust trial is expected to conclude on Tuesday with testimony by economists, including one for the FTC and one for the companies.",CNBC,17/09/2024,"['In this articleNEW YORK CITY — In a federal courtroom on Monday, storied fashion designer Michael Kors spoke about the steep challenge of staying relevant in a world where brands can rise and fall based on viral TikTok videos and photos of handbags on the arms of celebrities such as Taylor Swift and Beyoncé.', ""Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of 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."", 'The FTC on Monday called Kors, who founded his namesake brand in 1981 at age 22 and still serves as its chief creative director, to testify.', ""Yet, in his remarks, Kors described how even legacy brands like his own can struggle and lose shoppers' interest."", '""Sometimes you\'ll be the hottest thing on the block,"" he said. ""', ""Sometimes you'll be lukewarm."", ""Sometimes you'll be cold."", '""He acknowledged that his namesake label has fallen from favor and needs a refresh.', '""I think we\'ve reached the point of brand fatigue,"" he said.', 'The FTC has argued that the combined companies, particularly with Coach and Michael Kors under the same owner, would create a bag behemoth with the power to hike prices for customers while offering them the same or worse products.', ""Attorneys for Tapestry and Capri, on the other hand, have questioned the FTC's depictions of a consolidated handbag market."", 'They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.', ""The trial comes as consumers balk at high prices and when the outcome of the closely watched U.S. presidential election could change the federal agency's strategy."", 'Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described.', ""As of Monday afternoon, the company's stock has fallen about 24% so far this year."", 'That trails far behind the roughly 18% gains of the S&P 500 and the approximately 17% rise of Tapestry.', ""In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period."", 'Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports.', 'Even as an industry veteran, he said he must move nimbly.', ""For instance, he said he learned about Aupen, a handbag industry newcomer, when he saw a photo of Taylor Swift carrying one of the company's handbags."", ""When he went to the company's website, it crashed, he said."", '""It shows you the power of women like this,"" he said.', ""In another testimony on Monday, former Macy's CEO Jeff Gennette said retailers also feel it when brands lose some of their shine."", ""Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand."", 'He said the markdown of Michael Kors\' handbags contributed to ""a bad spiral Macy\'s was living through when I was there.', '""The antitrust trial is expected to conclude on Tuesday with testimony by economists, including one for the FTC and one for the companies.']",0.0105056574130786,"Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports.",Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of Capri.,-0.8091656948838916,"They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.","In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period.",2024-09-18
How campaigns will seize on Fed interest rate cut in US election,https://www.bbc.co.uk/news/articles/cpv2zvzvp90o,2024-09-18T20:41:27.052Z,"Biden administration officials have been saying for months that the post-Covid surge in inflation is over. On Wednesday, the Federal Reserve agreed. Given that the US central bank, and its chair Jerome Powell, pride themselves on making decisions removed from political influences and considerations, the move to decisively lower a key lending rate offers an impartial affirmation that inflation is now firmly under control and a top concern for economic policymakers is ensuring continued economic growth. Although most Americans would not be able to pick Mr Powell out of a crowd or explain the duties of the Federal Reserve, the interest rate change will shape media coverage of the US economy in the final two months of this presidential campaign. The larger-than-expected cut could also trigger another stock market boom and will lead to substantive drops in interest rates – on credit cards, car loans and, indirectly, home mortgages – that will be felt by consumers across the nation. All of that is good news for Kamala Harris’s presidential campaign, given that voter concern about the economy have weighed on the electoral prospects for the incumbent vice-president and, before he abandoned his re-election bid, President Joe Biden. Since entering the presidential race in July, Harris has walked a fine line, attempting to take credit for the Democratic administration’s successes while also distancing herself from the negative perceptions many voters have of Biden’s economic stewardship. Wednesday's Fed move will help make that political dance an easier one for her. Expect Donald Trump to condemn the move as a partisan attempt to influence November’s election, while also pointing to the concerns the Fed has about rising unemployment and sagging economic growth of late.  He has criticised the central bank and its leadership in the past, and if he is re-elected, he may be even more inclined now to make a move to bring the quasi-governmental agency more directly under presidential influence. There are a handful of economic reports – on unemployment and economic growth – set to be released in the weeks ahead that will provide one final snapshot of the US economy as voters cast their ballots. But those will be a reflection of the state of affairs in the country. Wednesday's interest-rate announcement is different. It will shape America’s economic path for months to come. ",BBC,18/09/2024,"['Biden administration officials have been saying for months that the post-Covid surge in inflation is over.', 'On Wednesday, the Federal Reserve agreed.', 'Given that the US central bank, and its chair Jerome Powell, pride themselves on making decisions removed from political influences and considerations, the move to decisively lower a key lending rate offers an impartial affirmation that inflation is now firmly under control and a top concern for economic policymakers is ensuring continued economic growth.', 'Although most Americans would not be able to pick Mr Powell out of a crowd or explain the duties of the Federal Reserve, the interest rate change will shape media coverage of the US economy in the final two months of this presidential campaign.', 'The larger-than-expected cut could also trigger another stock market boom and will lead to substantive drops in interest rates – on credit cards, car loans and, indirectly, home mortgages – that will be felt by consumers across the nation.', 'All of that is good news for Kamala Harris’s presidential campaign, given that voter concern about the economy have weighed on the electoral prospects for the incumbent vice-president and, before he abandoned his re-election bid, President Joe Biden.', 'Since entering the presidential race in July, Harris has walked a fine line, attempting to take credit for the Democratic administration’s successes while also distancing herself from the negative perceptions many voters have of Biden’s economic stewardship.', ""Wednesday's Fed move will help make that political dance an easier one for her."", 'Expect Donald Trump to condemn the move as a partisan attempt to influence November’s election, while also pointing to the concerns the Fed has about rising unemployment and sagging economic growth of late.', 'He has criticised the central bank and its leadership in the past, and if he is re-elected, he may be even more inclined now to make a move to bring the quasi-governmental agency more directly under presidential influence.', 'There are a handful of economic reports – on unemployment and economic growth – set to be released in the weeks ahead that will provide one final snapshot of the US economy as voters cast their ballots.', 'But those will be a reflection of the state of affairs in the country.', ""Wednesday's interest-rate announcement is different."", 'It will shape America’s economic path for months to come.']",0.2099392525359674,"Given that the US central bank, and its chair Jerome Powell, pride themselves on making decisions removed from political influences and considerations, the move to decisively lower a key lending rate offers an impartial affirmation that inflation is now firmly under control and a top concern for economic policymakers is ensuring continued economic growth.","Expect Donald Trump to condemn the move as a partisan attempt to influence November’s election, while also pointing to the concerns the Fed has about rising unemployment and sagging economic growth of late.",0.3943747537476675,"Given that the US central bank, and its chair Jerome Powell, pride themselves on making decisions removed from political influences and considerations, the move to decisively lower a key lending rate offers an impartial affirmation that inflation is now firmly under control and a top concern for economic policymakers is ensuring continued economic growth.","Expect Donald Trump to condemn the move as a partisan attempt to influence November’s election, while also pointing to the concerns the Fed has about rising unemployment and sagging economic growth of late.",2024-09-18
Bank of England expected to hold interest rates at 5%,https://www.bbc.co.uk/news/articles/cgq8ydy8e79o,2024-09-18T23:01:19.826Z,"Interest rates are expected to be held at 5% by the Bank of England on Thursday. The decision at midday comes after it was revealed inflation, which measures the rate UK consumer prices are rising at, remained at 2.2% last month. The figure remains just above the Bank's 2% target, but its governor Andrew Bailey has warned people not to expect a sharp fall in rates in the coming months. Economists and investors are betting on rates to be left unchanged on Thursday and for the Bank to opt to cut them again in November instead. Rob Wood, chief UK economist at economic research consultancy Pantheon Macroeconomics, said the inflation data released on Wednesday gave the Bank of England ""little reason to rush to cut interest rates again"" on Thursday. ""It still seems likely that they will decide to keep interest rates paused this month, and instead wait to cut rates again in November and December,"" added Susannah Streeter, head of money and markets, at investment firm Hargreaves Lansdown. Interest rates dictate the cost of borrowing set by lenders for loans such as mortgages and credit cards - as well as the returns on savings. While rates were cut for the first time since March 2020 last month, the cost of borrowing remains high, with homeowners on fixed rate mortgages still facing the prospect of much higher repayments when deals expire over the next few years. Mr Bailey has previously warned the Bank must ""make sure inflation stays low and be careful not to cut interest rates too quickly or by too much"". The decision to cut rates in August was tight. Five of the Bank’s nine-member Monetary Policy Committee (MPC), voted for a quarter point cut. Allan Monks, UK economist at investment bank JP Morgan, said it expected the Bank to hold rates. ""The MPC is minded to ease cautiously and we look for the next cut in November,"" he added. ""The Bank has been turning more dovish lately, but requires more favourable data surprises to easing more quickly."" Rates have climbed in recent years as the Bank has tried to slow the pace of consumer price rises. Prices started rising quickly as demand for goods increased when Covid lockdown restrictions were lifted. But energy and food prices then soared following Russia's invasion of Ukraine. This led to inflation peaking at 11.1% in October 2022 - the highest rate in 40 years. The theory behind increasing interest rates to tackle inflation is that by making borrowing more expensive, more people will cut back on spending and that leads to demand for goods falling and price rises easing. But it is a balancing act as high interest rates can harm the economy as businesses hold off on investing in production and jobs. ",BBC,18/09/2024,"['Interest rates are expected to be held at 5% by the Bank of England on Thursday.', 'The decision at midday comes after it was revealed inflation, which measures the rate UK consumer prices are rising at, remained at 2.2% last month.', ""The figure remains just above the Bank's 2% target, but its governor Andrew Bailey has warned people not to expect a sharp fall in rates in the coming months."", 'Economists and investors are betting on rates to be left unchanged on Thursday and for the Bank to opt to cut them again in November instead.', 'Rob Wood, chief UK economist at economic research consultancy Pantheon Macroeconomics, said the inflation data released on Wednesday gave the Bank of England ""little reason to rush to cut interest rates again"" on Thursday. ""', 'It still seems likely that they will decide to keep interest rates paused this month, and instead wait to cut rates again in November and December,"" added Susannah Streeter, head of money and markets, at investment firm Hargreaves Lansdown.', 'Interest rates dictate the cost of borrowing set by lenders for loans such as mortgages and credit cards - as well as the returns on savings.', 'While rates were cut for the first time since March 2020 last month, the cost of borrowing remains high, with homeowners on fixed rate mortgages still facing the prospect of much higher repayments when deals expire over the next few years.', 'Mr Bailey has previously warned the Bank must ""make sure inflation stays low and be careful not to cut interest rates too quickly or by too much"".', 'The decision to cut rates in August was tight.', 'Five of the Bank’s nine-member Monetary Policy Committee (MPC), voted for a quarter point cut.', 'Allan Monks, UK economist at investment bank JP Morgan, said it expected the Bank to hold rates. ""', 'The MPC is minded to ease cautiously and we look for the next cut in November,"" he added. ""', 'The Bank has been turning more dovish lately, but requires more favourable data surprises to easing more quickly.""', 'Rates have climbed in recent years as the Bank has tried to slow the pace of consumer price rises.', 'Prices started rising quickly as demand for goods increased when Covid lockdown restrictions were lifted.', ""But energy and food prices then soared following Russia's invasion of Ukraine."", 'This led to inflation peaking at 11.1% in October 2022 - the highest rate in 40 years.', 'The theory behind increasing interest rates to tackle inflation is that by making borrowing more expensive, more people will cut back on spending and that leads to demand for goods falling and price rises easing.', 'But it is a balancing act as high interest rates can harm the economy as businesses hold off on investing in production and jobs.']",0.061618008903358,Interest rates dictate the cost of borrowing set by lenders for loans such as mortgages and credit cards - as well as the returns on savings.,"Rob Wood, chief UK economist at economic research consultancy Pantheon Macroeconomics, said the inflation data released on Wednesday gave the Bank of England ""little reason to rush to cut interest rates again"" on Thursday. """,0.0359680553277333,Rates have climbed in recent years as the Bank has tried to slow the pace of consumer price rises.,But it is a balancing act as high interest rates can harm the economy as businesses hold off on investing in production and jobs.,2024-09-18
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.",2024-09-18
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.",2024-09-18
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.",2024-09-18
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.,2024-09-18
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.",2024-09-18
FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle,https://www.cnbc.com/2024/09/17/fdic-banks-fintech-customer-data-synapse.html,2024-09-17T16:31:50+0000,"The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership.That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added.If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.",CNBC,17/09/2024,"['The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.', 'The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.', ""Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership."", 'That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.', ""That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno."", 'Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.', '""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.', 'Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.', ""While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added."", 'If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.', 'Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.', 'Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.']",0.1672752223780706,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",-0.4236237645149231,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",2024-09-18
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.,2024-09-18
The Plucky Squire: How the storybook adventure was made,https://www.bbc.co.uk/news/articles/c33vvlj76m7o,2024-09-18T03:18:21.252Z,"Have you ever wished a character from your favourite book would leap off the page? Imagine if they actually could.    That's the concept behind The Plucky Squire, a new video game set inside - and outside - a storybook. The game follows title character Jot, and his quest to save the Land of Mojo from evil wizard Humgrump. It's a classic fairy tale setup, but the tongue-in-cheek adventure, heavily influenced by classics like The Legend of Zelda, has a trick up its sleeve. Jot has the ability to jump between the 2D world of its pages and the 3D world outside - a cluttered desktop where everyday objects become towering obstacles for the tiny character to navigate. The Plucky Squire is one of this year's most anticipated independently developed games, and has landed to favourable reviews from critics. And its release marks the end of a four-year quest for one of its lead designers, James Turner. James has a fairy tale story of his own. A keen artist, he studied computer graphics at university and got a job at a London game studio. During a holiday to Japan, he tells BBC Newsbeat, friends encouraged him to send his portfolio to games companies and he got an interview with Pokémon spin-off developer Genius Sonority. There was just one problem - James didn't speak Japanese. He turned up anyway, bringing a friend who translated, and he got the job. ""The good thing about being an artist is that your work can speak for itself,"" he says. ""And then I was moving to Japan the next month to work on Pokémon Colosseum."" James's work was eventually noticed by Game Freak - the makers of the mainline Pokémon titles - and he ended up credited on about 20 games, working his way up to art director on 2019 Nintendo Switch titles Pokémon Sword and Shield. James speaks fondly of his time in Japan but says he's ""always had a passion for doing, building things from scratch"". He was looking to return to the UK, and had long wanted to set up his own studio, and discussed the idea with longtime friend Jonathan Biddle, who's based in Australia. Despite being on opposite sides of the world, they took the plunge and founded All Possible Futures. Now they just needed a game to make. James says the idea for The Plucky Squire came from picture books he'd been reading to his young son. ""I thought that could be a fun new twist on an action adventure where you're walking around inside the pages,"" he says. After landing on the idea of a game set inside a book, James says he and Jonathan discussed putting ""a surprise on every page"". This got them thinking: ""What would be the ultimate surprise?"" ""We thought the ultimate surprise would be if you could actually jump out of the book and into the 3D world,"" says James. ""That could be really kind of jaw-dropping, Matrix-style twist where you think you know the world but suddenly it's completely different. ""And that caught our imagination.""  It also caught the public's imagination.  The first glimpse of The Plucky Squire was a trailer seen during a showcase at 2022's Summer Game Fest.  The 90-second clip ends with hero Jot popping out of the storybook's pages and emerging into the 3D world outside. There was a huge, positive response, with comments describing the moment as ""mind-boggling"". James and Jonathan had talked about keeping the dimensional switch under wraps until release, watching word-of-mouth spread as people discovered the secret. ""But you do want to get people excited and interested,"" he says.  ""And so it made sense to reveal that surprise.""  The reaction showed the team it was the right decision, says James, and also reassured him they were on to something. ""The more people are excited for what you're making, and the greater the amount of people excited for what you're doing, the more energy that feeds into the project,"" he says. ""And it's quite a positive reinforcement."" But with excitement comes expectation, and The Plucky Squire was pushed back from its original 2023 release date to allow the team to polish it. James admits the decision led to a ""difficult conversation"" with publisher Devolver Digital - the indie-focused company that's released hits including Cult of the Lamb and Enter the Gungeon. ""And then it's uncomfortable, but so what?"" says James. ""Discomfort is just something you have to deal with in any walk of life and in development. ""You just have to do what's right each step of the way and then hopefully you can work things out, and in this case we did.""  Throughout development, James and Jonathan worked from their homes in the UK and Australia, recruiting other team members based around the world as the project grew. James says things have worked well despite the geographical spread, though he admits time differences did make things trickier once deadlines started looming. Delaying The Plucky Squire had another, probably unplanned benefit. The recent release of Astro Bot and the announcement of Sony's upgraded £699 PlayStation 5 Pro has reignited some long-running debates among gamers. Do people value games over graphics? And have blockbuster games lost their sense of fun as big companies race to create a new multiplayer hit or cinematic narrative adventure? These are less pressing questions in the more creative indie space where James operates these days, but he agrees that people see a gap in the market. ""I think the desire for those kind of games are definitely there as an alternative to those kind of AAA more serious, darker kind of games,"" he says. ""It's nice to have a broader palette.  ""Some people can enjoy that kind of game, other people might enjoy this one.   ""And I am glad that we're there - this bright and breezy console game to hand to those people."" Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,18/09/2024,"['Have you ever wished a character from your favourite book would leap off the page?', 'Imagine if they actually could.', ""That's the concept behind The Plucky Squire, a new video game set inside - and outside - a storybook."", 'The game follows title character Jot, and his quest to save the Land of Mojo from evil wizard Humgrump.', ""It's a classic fairy tale setup, but the tongue-in-cheek adventure, heavily influenced by classics like The Legend of Zelda, has a trick up its sleeve."", 'Jot has the ability to jump between the 2D world of its pages and the 3D world outside - a cluttered desktop where everyday objects become towering obstacles for the tiny character to navigate.', ""The Plucky Squire is one of this year's most anticipated independently developed games, and has landed to favourable reviews from critics."", 'And its release marks the end of a four-year quest for one of its lead designers, James Turner.', 'James has a fairy tale story of his own.', 'A keen artist, he studied computer graphics at university and got a job at a London game studio.', 'During a holiday to Japan, he tells BBC Newsbeat, friends encouraged him to send his portfolio to games companies and he got an interview with Pokémon spin-off developer Genius Sonority.', ""There was just one problem - James didn't speak Japanese."", 'He turned up anyway, bringing a friend who translated, and he got the job. ""', 'The good thing about being an artist is that your work can speak for itself,"" he says. ""', 'And then I was moving to Japan the next month to work on Pokémon Colosseum.""', ""James's work was eventually noticed by Game Freak - the makers of the mainline Pokémon titles - and he ended up credited on about 20 games, working his way up to art director on 2019 Nintendo Switch titles Pokémon Sword and Shield."", 'James speaks fondly of his time in Japan but says he\'s ""always had a passion for doing, building things from scratch"".', ""He was looking to return to the UK, and had long wanted to set up his own studio, and discussed the idea with longtime friend Jonathan Biddle, who's based in Australia."", 'Despite being on opposite sides of the world, they took the plunge and founded All Possible Futures.', 'Now they just needed a game to make.', 'James says the idea for The Plucky Squire came from picture books he\'d been reading to his young son. ""', 'I thought that could be a fun new twist on an action adventure where you\'re walking around inside the pages,"" he says.', 'After landing on the idea of a game set inside a book, James says he and Jonathan discussed putting ""a surprise on every page"".', 'This got them thinking: ""What would be the ultimate surprise?"" ""', 'We thought the ultimate surprise would be if you could actually jump out of the book and into the 3D world,"" says James. ""', 'That could be really kind of jaw-dropping, Matrix-style twist where you think you know the world but suddenly it\'s completely different. ""', 'And that caught our imagination.""', ""It also caught the public's imagination."", ""The first glimpse of The Plucky Squire was a trailer seen during a showcase at 2022's Summer Game Fest."", ""The 90-second clip ends with hero Jot popping out of the storybook's pages and emerging into the 3D world outside."", 'There was a huge, positive response, with comments describing the moment as ""mind-boggling"".', 'James and Jonathan had talked about keeping the dimensional switch under wraps until release, watching word-of-mouth spread as people discovered the secret. ""', 'But you do want to get people excited and interested,"" he says. ""', 'And so it made sense to reveal that surprise.""', 'The reaction showed the team it was the right decision, says James, and also reassured him they were on to something. ""', 'The more people are excited for what you\'re making, and the greater the amount of people excited for what you\'re doing, the more energy that feeds into the project,"" he says. ""', 'And it\'s quite a positive reinforcement.""', 'But with excitement comes expectation, and The Plucky Squire was pushed back from its original 2023 release date to allow the team to polish it.', 'James admits the decision led to a ""difficult conversation"" with publisher Devolver Digital - the indie-focused company that\'s released hits including Cult of the Lamb and Enter the Gungeon. ""', 'And then it\'s uncomfortable, but so what?""', 'says James. ""', 'Discomfort is just something you have to deal with in any walk of life and in development. ""', 'You just have to do what\'s right each step of the way and then hopefully you can work things out, and in this case we did.""', 'Throughout development, James and Jonathan worked from their homes in the UK and Australia, recruiting other team members based around the world as the project grew.', 'James says things have worked well despite the geographical spread, though he admits time differences did make things trickier once deadlines started looming.', 'Delaying The Plucky Squire had another, probably unplanned benefit.', ""The recent release of Astro Bot and the announcement of Sony's upgraded £699 PlayStation 5 Pro has reignited some long-running debates among gamers."", 'Do people value games over graphics?', 'And have blockbuster games lost their sense of fun as big companies race to create a new multiplayer hit or cinematic narrative adventure?', 'These are less pressing questions in the more creative indie space where James operates these days, but he agrees that people see a gap in the market. ""', 'I think the desire for those kind of games are definitely there as an alternative to those kind of AAA more serious, darker kind of games,"" he says. ""', 'It\'s nice to have a broader palette. ""', 'Some people can enjoy that kind of game, other people might enjoy this one. ""', 'And I am glad that we\'re there - this bright and breezy console game to hand to those people.""', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.2783411569446091,"I think the desire for those kind of games are definitely there as an alternative to those kind of AAA more serious, darker kind of games,"" he says. ""","Discomfort is just something you have to deal with in any walk of life and in development. """,0.2791001158101218,"And it's quite a positive reinforcement.""",And have blockbuster games lost their sense of fun as big companies race to create a new multiplayer hit or cinematic narrative adventure?,2024-09-18
Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs,https://www.cnbc.com/2024/09/17/apple-jpmorgan-creditcard-goldman-sachs.html,2024-09-17T21:16:40+0000,"In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said.The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal. The talks could fall apart over these or other matters in the coming months, this person said.But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy. There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter.The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said. Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts. Those losses were supposed to ease over time.But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said. The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.",CNBC,17/09/2024,"[""In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said."", 'The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal.', 'The talks could fall apart over these or other matters in the coming months, this person said.', ""But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy."", 'There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.', ""JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter."", 'The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said.', 'Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts.', 'Those losses were supposed to ease over time.', 'But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.', 'JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said.', 'The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.', 'Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.']",0.0145671139135517,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy.,-0.6349310576915741,Those losses were supposed to ease over time.,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,2024-09-18
Boeing starts furloughing tens of thousands of employees amid machinist strike,https://www.cnbc.com/2024/09/18/boeing-furlough-strike.html,2024-09-18T17:57:36+0000,"In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike's duration and he and his team would take ""commensurate"" pay cuts during the strike.""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.Boeing's CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.",CNBC,18/09/2024,"['In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.', 'The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.', ""The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday."", 'Negotiations between the two sides continued this week with a mediator.', 'Boeing had offered a 25% raise and the union endorsed the tentative contract.', ""But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions."", '""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.', 'Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike\'s duration and he and his team would take ""commensurate"" pay cuts during the strike.', '""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time.', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.', 'Boeing\'s CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.', ""The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt."", 'Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.']",-0.1388908175717513,"Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.","The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.",-0.1453967009271894,Boeing had offered a 25% raise and the union endorsed the tentative contract.,But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.,2024-09-18
"WNBA to add expansion team in Portland, bringing league to 15 franchises",https://www.cnbc.com/2024/09/18/wnba-to-add-expansion-team-in-portland-bringing-league-to-15-teams.html,2024-09-18T22:40:21+0000,"The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports. Lisa Bhathal Merage will be the controlling owner and governor.""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans.""The Portland team will play in the Moda Center, the same arena as the NBA's Portland Trailblazers.Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference. They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes. The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.Portland has had a WNBA team before, but it shut down after a few years in 2002. The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general. The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season. The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.",CNBC,18/09/2024,"['The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.', 'The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports.', 'Lisa Bhathal Merage will be the controlling owner and governor.', '""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""', ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans."", '""The Portland team will play in the Moda Center, the same arena as the NBA\'s Portland Trailblazers.', 'Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference.', ""They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor."", ""RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes."", 'The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.', 'Portland has had a WNBA team before, but it shut down after a few years in 2002.', ""The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general."", ""The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season."", ""The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal."", 'In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.']",0.3252009077078429,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,0.99912132024765,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,2024-09-18
"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.",2024-09-18
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.,2024-09-18
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,2024-09-17T14:28:00+0000,"United Airlines said Friday that it plans to offer in-flight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest in-flight internet deal yet for the satellite service provider.The team-up comes as airlines have been investing in faster in-flight 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 in-flight 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 in-flight 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,17/09/2024,"[""United Airlines said Friday that it plans to offer in-flight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest in-flight internet deal yet for the satellite service provider."", 'The team-up comes as airlines have been investing in faster in-flight 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 in-flight 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 in-flight 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 in-flight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.",,0.9961319267749786,SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.,,2024-09-18
Teamsters union declines to endorse either Harris or Trump,https://www.bbc.co.uk/news/articles/c8elwrklrk7o,2024-09-18T21:06:21.299Z,"America's largest labour union, the International Brotherhood of Teamsters, has declined to issue a US presidential endorsement for the first time since 1996. The union, which boasts some 1.3 million members across the US and Canada, said it had received ""few commitments on top Teamsters issues"" from either Democratic nominee Kamala Harris or Republican nominee Donald Trump. It also claimed that polling of its rank-and-file members found ""no definitive support"" for either candidate, though two of its recent polls indicated lopsided support for Trump. The move is a major blow to the Harris campaign's efforts to win over working-class voters with less than 50 days before election night. An endorsement had the potential to mobilise thousands of Teamsters who live, work and vote in the crucial battleground states of Pennsylvania, Michigan and Wisconsin. In a statement, the Harris campaign touted its support from ""the overwhelming majority of organised labour"" and noted that many Teamsters locals have gotten behind her candidacy. ""While Donald Trump says striking workers should be fired, Vice-President Harris has literally walked the picket line and stood strong with organized labour for her entire career,"" campaign spokesperson Lauren Hitt said. The union's rank-and-file - a coalition of members that includes freight drivers, warehouse workers and airline pilots - has long been considered politically diverse. General President Sean O'Brien has sought to build inroads with Republicans since he took over leadership of the executive board in 2022. He has reached out to more populist figures within the party, such as US senators Josh Hawley of Missouri and JD Vance of Ohio, who is now Trump's running mate. Mr O'Brien also met privately with Trump at his Mar-a-Lago estate in January, shortly before the former president attended a roundtable with the union's board at its headquarters in Washington DC. Following that meeting, Trump said he believed he had a ""good shot"" at receiving the union's endorsement. The board also met with President Joe Biden before he stepped aside as the Democratic nominee, as well as third-party candidates Robert F Kennedy Jr and Cornel West. But the union alarmed Democrats when it made its first financial contribution to their opponents in years, donating $45,000 (£34,000) - the maximum allowed contribution - each to both the Democratic and Republican National Conventions in February. Mr O'Brien also became the first Teamsters boss ever to address the Republican National Convention (RNC). Invited to deliver a prime-time address at the event in Milwaukee, the union head praised Trump as ""one tough SOB"" but declined to endorse him. He also later criticised Trump and top campaign surrogate and billionaire businessman Elon Musk over comments in which the two discussed firing workers who threaten to go on strike.  After his decision to speak at the RNC, Mr O'Brien did not receive an invitation from Democrats to address their party convention last month. The party instead invited rank-and-file members to represent the organisation and to speak from the convention stage. Some members of the Teamsters have expressed anger with Mr O'Brien over his right-wing outreach.  Last month, the Teamsters National Black Caucus and six union locals defied national leadership by endorsing Harris on their own and urging members to get behind her. On Monday, Harris met with the Teamsters board in a long-delayed roundtable that lasted an hour and a half. A New York Times report described the sit-down as ""sometimes tense"", but a Teamsters spokesperson disputed this characterisation when asked by the BBC. During their meeting, the Times added, Harris told Teamsters leaders: “I’m confident I’m going to win this. I want your endorsement, but if I don’t get it, I will treat you exactly as if I had gotten your endorsement."" Speaking to reporters after Harris had made her pitch, Mr O'Brien noted that ""there wasn’t a whole lot of difference"" between the answers she and her predecessor, Biden, had provided. Biden has routinely touted himself as ""the most pro-labour president ever"", pointing to policies that have made it easier for US workers to organise and that have prioritised union labour for federal government projects. Last September, he made history as the first US president to walk a picket line, when he joined the United Autoworkers in Michigan in a strike against the Big Three US auto companies: General Motors, Ford and Stellantis. The Biden administration also shored up the Teamsters pension fund to the tune of $36bn, which it says prevented cuts to the retirement incomes of over 600,000 members. Mr O'Brien and other leaders have also acknowledged on several occasions that Biden has been ""great for unions"". But before he dropped out in July, some reports suggested that the Teamsters did not plan to endorse Biden's bid for re-election. On Wednesday, ahead of its announcement that it would not endorse Harris or Trump, the union released polling data for its members. In an electronic poll conducted after the RNC, rank-and-file Teamsters voted 59.6% for the union to endorse Trump compared to 34% for Harris. A separate poll, commissioned in the past week, found Teamsters again backing Trump by a lopsided margin - 58% to 31%. In spite of those results, the union said in a statement that its ""extensive member polling showed no majority support for Vice President Harris and no universal support among the membership for President Trump"". The Trump campaign quickly lauded the poll numbers on Wednesday. ""While the Teamsters Executive Board is making no formal endorsement, the hardworking members of the Teamsters have been loud and clear - they want President Trump back in the White House,"" campaign press secretary Karoline Leavitt said. North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter.  Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,18/09/2024,"[""America's largest labour union, the International Brotherhood of Teamsters, has declined to issue a US presidential endorsement for the first time since 1996."", 'The union, which boasts some 1.3 million members across the US and Canada, said it had received ""few commitments on top Teamsters issues"" from either Democratic nominee Kamala Harris or Republican nominee Donald Trump.', 'It also claimed that polling of its rank-and-file members found ""no definitive support"" for either candidate, though two of its recent polls indicated lopsided support for Trump.', ""The move is a major blow to the Harris campaign's efforts to win over working-class voters with less than 50 days before election night."", 'An endorsement had the potential to mobilise thousands of Teamsters who live, work and vote in the crucial battleground states of Pennsylvania, Michigan and Wisconsin.', 'In a statement, the Harris campaign touted its support from ""the overwhelming majority of organised labour"" and noted that many Teamsters locals have gotten behind her candidacy. ""', 'While Donald Trump says striking workers should be fired, Vice-President Harris has literally walked the picket line and stood strong with organized labour for her entire career,"" campaign spokesperson Lauren Hitt said.', ""The union's rank-and-file - a coalition of members that includes freight drivers, warehouse workers and airline pilots - has long been considered politically diverse."", ""General President Sean O'Brien has sought to build inroads with Republicans since he took over leadership of the executive board in 2022."", ""He has reached out to more populist figures within the party, such as US senators Josh Hawley of Missouri and JD Vance of Ohio, who is now Trump's running mate."", ""Mr O'Brien also met privately with Trump at his Mar-a-Lago estate in January, shortly before the former president attended a roundtable with the union's board at its headquarters in Washington DC."", 'Following that meeting, Trump said he believed he had a ""good shot"" at receiving the union\'s endorsement.', 'The board also met with President Joe Biden before he stepped aside as the Democratic nominee, as well as third-party candidates Robert F Kennedy Jr and Cornel West.', 'But the union alarmed Democrats when it made its first financial contribution to their opponents in years, donating $45,000 (£34,000) - the maximum allowed contribution - each to both the Democratic and Republican National Conventions in February.', ""Mr O'Brien also became the first Teamsters boss ever to address the Republican National Convention (RNC)."", 'Invited to deliver a prime-time address at the event in Milwaukee, the union head praised Trump as ""one tough SOB"" but declined to endorse him.', 'He also later criticised Trump and top campaign surrogate and billionaire businessman Elon Musk over comments in which the two discussed firing workers who threaten to go on strike.', ""After his decision to speak at the RNC, Mr O'Brien did not receive an invitation from Democrats to address their party convention last month."", 'The party instead invited rank-and-file members to represent the organisation and to speak from the convention stage.', ""Some members of the Teamsters have expressed anger with Mr O'Brien over his right-wing outreach."", 'Last month, the Teamsters National Black Caucus and six union locals defied national leadership by endorsing Harris on their own and urging members to get behind her.', 'On Monday, Harris met with the Teamsters board in a long-delayed roundtable that lasted an hour and a half.', 'A New York Times report described the sit-down as ""sometimes tense"", but a Teamsters spokesperson disputed this characterisation when asked by the BBC.', 'During their meeting, the Times added, Harris told Teamsters leaders: “I’m confident I’m going to win this.', 'I want your endorsement, but if I don’t get it, I will treat you exactly as if I had gotten your endorsement.""', 'Speaking to reporters after Harris had made her pitch, Mr O\'Brien noted that ""there wasn’t a whole lot of difference"" between the answers she and her predecessor, Biden, had provided.', 'Biden has routinely touted himself as ""the most pro-labour president ever"", pointing to policies that have made it easier for US workers to organise and that have prioritised union labour for federal government projects.', 'Last September, he made history as the first US president to walk a picket line, when he joined the United Autoworkers in Michigan in a strike against the Big Three US auto companies: General Motors, Ford and Stellantis.', 'The Biden administration also shored up the Teamsters pension fund to the tune of $36bn, which it says prevented cuts to the retirement incomes of over 600,000 members.', 'Mr O\'Brien and other leaders have also acknowledged on several occasions that Biden has been ""great for unions"".', ""But before he dropped out in July, some reports suggested that the Teamsters did not plan to endorse Biden's bid for re-election."", 'On Wednesday, ahead of its announcement that it would not endorse Harris or Trump, the union released polling data for its members.', 'In an electronic poll conducted after the RNC, rank-and-file Teamsters voted 59.6% for the union to endorse Trump compared to 34% for Harris.', 'A separate poll, commissioned in the past week, found Teamsters again backing Trump by a lopsided margin - 58% to 31%.', 'In spite of those results, the union said in a statement that its ""extensive member polling showed no majority support for Vice President Harris and no universal support among the membership for President Trump"".', 'The Trump campaign quickly lauded the poll numbers on Wednesday. ""', 'While the Teamsters Executive Board is making no formal endorsement, the hardworking members of the Teamsters have been loud and clear - they want President Trump back in the White House,"" campaign press secretary Karoline Leavitt said.', 'North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.1235288207638091,"I want your endorsement, but if I don’t get it, I will treat you exactly as if I had gotten your endorsement.""",He also later criticised Trump and top campaign surrogate and billionaire businessman Elon Musk over comments in which the two discussed firing workers who threaten to go on strike.,0.1511740055349138,"Mr O'Brien and other leaders have also acknowledged on several occasions that Biden has been ""great for unions"".","It also claimed that polling of its rank-and-file members found ""no definitive support"" for either candidate, though two of its recent polls indicated lopsided support for Trump.",2024-09-18
"Brexit deal impact 'worsening', economists say",https://www.bbc.co.uk/news/articles/cd988p00z1no,2024-09-16T23:02:19.836Z,"Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned. Many smaller UK producers have given up exporting small amounts to the EU after facing more rules and regulations, a report by Aston University Business School has found. Between 2021 and 2023, the study calculated that UK goods exports to the EU were down 27% and imported goods were 32% lower than where they would have been had Brexit not happened.  The report does not include the service sector, which has performed better than many experts had expected since Brexit.  The variety of trade export goods has also dropped, the study found, with 1,645 fewer types of British products exported to every EU country.  The authors said this is due to smaller British producers giving up on exporting consignments to some EU nations after facing increased red tape. Mary Quicke of Quicke's Cheeses in Devon told the BBC's Today programme that she had found it ""really, really difficult to deal with all the regulatory burdens"". She said she used to supply four customers directly in the EU but ""we had to give them away to somebody else"". ""We just don't have the people to do the paperwork.” Adam Sopher, the co-founder and chief executive of Joe & Seph’s popcorn, has also found post-Brexit regulations a burden. He set up the company 13 years ago and it now has an £8m turnover with 70 employees. He said Brexit was “initially very challenging. We were being asked for vet certificates for caramel popcorn because it contains butter"". Pre-Brexit, individuals, cinemas and retail stores in the EU could order popcorn online and they could send it by Royal Mail or a courier service, but then “all of it came to a grinding halt”. Brexit has led to “huge amount of extra costs because of the added administration”, he said. Bulk deliveries to the EU have recovered, but where it used to cost about £130 per pallet previously, it now costs £230-£250 predominately due to red tape and administrative fees. “There’s a huge amount of opportunity for growth if these rules can be improved,” he said. The report said that the ""negative impacts of the [trade agreement] have intensified over time, with 2023 showing more pronounced trade declines than previous years"". Jun Du, one of the authors of the research, told the BBC there had been an increase in regulations such as ""product standards, safety checks and labeling requirements"". ""While these measures do protect consumers, competition and the environment, they also increasingly bring difficulties and costs for the traders,"" she said. Agrifood, textiles and materials manufacturing (wood and paper) have been hardest hit, according to the study. Trade with more distant countries in the EU has also been impacted the most, including Commonwealth allies such as Cyprus and Malta. However, the report's authors say a small number of sectors have proven resilient, especially in terms of exports to bigger EU economies such as Germany and France. The tobacco, railway and aircraft sectors saw increases in the variety of exports to EU nations.  A government spokesperson said it will ""work to improve our trade and investment relationship with the EU and tear down unnecessary trade barriers, while recognising that there will be no return to the single market, customs union or freedom of movement"". The BBC understands that in recent meetings with government, business representatives were invited to contribute early ideas on “resetting” the trade relationship with the EU, with a focus on “economic security”. Progress is unlikely until next year, when the new European Commission is firmly established, and the UK has itself completed new industrial and trade strategies. ",BBC,16/09/2024,"['Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned.', 'Many smaller UK producers have given up exporting small amounts to the EU after facing more rules and regulations, a report by Aston University Business School has found.', 'Between 2021 and 2023, the study calculated that UK goods exports to the EU were down 27% and imported goods were 32% lower than where they would have been had Brexit not happened.', 'The report does not include the service sector, which has performed better than many experts had expected since Brexit.', 'The variety of trade export goods has also dropped, the study found, with 1,645 fewer types of British products exported to every EU country.', 'The authors said this is due to smaller British producers giving up on exporting consignments to some EU nations after facing increased red tape.', 'Mary Quicke of Quicke\'s Cheeses in Devon told the BBC\'s Today programme that she had found it ""really, really difficult to deal with all the regulatory burdens"".', 'She said she used to supply four customers directly in the EU but ""we had to give them away to somebody else"". ""', ""We just don't have the people to do the paperwork.”"", 'Adam Sopher, the co-founder and chief executive of Joe & Seph’s popcorn, has also found post-Brexit regulations a burden.', 'He set up the company 13 years ago and it now has an £8m turnover with 70 employees.', 'He said Brexit was “initially very challenging.', 'We were being asked for vet certificates for caramel popcorn because it contains butter"".', 'Pre-Brexit, individuals, cinemas and retail stores in the EU could order popcorn online and they could send it by Royal Mail or a courier service, but then “all of it came to a grinding halt”.', 'Brexit has led to “huge amount of extra costs because of the added administration”, he said.', 'Bulk deliveries to the EU have recovered, but where it used to cost about £130 per pallet previously, it now costs £230-£250 predominately due to red tape and administrative fees. “', 'There’s a huge amount of opportunity for growth if these rules can be improved,” he said.', 'The report said that the ""negative impacts of the [trade agreement] have intensified over time, with 2023 showing more pronounced trade declines than previous years"".', 'Jun Du, one of the authors of the research, told the BBC there had been an increase in regulations such as ""product standards, safety checks and labeling requirements"". ""', 'While these measures do protect consumers, competition and the environment, they also increasingly bring difficulties and costs for the traders,"" she said.', 'Agrifood, textiles and materials manufacturing (wood and paper) have been hardest hit, according to the study.', 'Trade with more distant countries in the EU has also been impacted the most, including Commonwealth allies such as Cyprus and Malta.', ""However, the report's authors say a small number of sectors have proven resilient, especially in terms of exports to bigger EU economies such as Germany and France."", 'The tobacco, railway and aircraft sectors saw increases in the variety of exports to EU nations.', 'A government spokesperson said it will ""work to improve our trade and investment relationship with the EU and tear down unnecessary trade barriers, while recognising that there will be no return to the single market, customs union or freedom of movement"".', 'The BBC understands that in recent meetings with government, business representatives were invited to contribute early ideas on “resetting” the trade relationship with the EU, with a focus on “economic security”.', 'Progress is unlikely until next year, when the new European Commission is firmly established, and the UK has itself completed new industrial and trade strategies.']",0.0868544662356254,"There’s a huge amount of opportunity for growth if these rules can be improved,” he said.","Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned.",-0.294556200504303,"The tobacco, railway and aircraft sectors saw increases in the variety of exports to EU nations.","Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned.",2024-09-18
Facebook owner Meta bans Russian state media networks,https://www.bbc.co.uk/news/articles/c4gllnx0p40o,2024-09-17T02:08:58.022Z,"Facebook owner Meta says it is banning several Russian state media networks, alleging they use deceptive tactics to conduct influence operations and avoid detection on its platforms. ""After careful consideration, we expanded our ongoing enforcement against Russian state media outlets. Rossiya Segodnya, RT and other related entities are now banned from our apps globally for foreign interference activity,"" Meta said. In a news bulletin, RT newsreader Eunan O'Neill said the broadcaster ""and Russia as a whole denies the accusations that have been coming en masse against this channel and others in the past number of days"". The bans are expected to come into effect in the next few days. The Russian embassy in Washington and the owner of the Sputnik news agency, Rossiya Segodnya, did not immediately respond to BBC requests for comment. Russian state media outlets have come under increased scrutiny over claims they have tried to influence politics in Western countries. As well as Facebook, social media giant Meta owns Instagram, WhatsApp and Threads. In a statement to the BBC, RT said: ""It’s cute how there’s a competition in the West — who can try to spank RT the hardest, in order to make themselves look better.  ""Don’t worry, where they close a door, and then a window, our ‘partisans’ (or in your parlance, guerrilla fighters) will find the cracks to crawl through — as by your own admission we are apt at doing."" Meta's move marks an escalation in the world's biggest social media firm's stance towards Russian state media companies. Two years ago, Meta took more limited measures to restrict the spread of Russian state-controlled media, including stopping the outlets from running adverts on its platforms and limiting the reach of their content. After the start of the war in Ukraine, Meta - like other social media platforms - complied with requests from the EU, UK and Ukraine to block some Russian state media in those regions. Earlier this month, the US accused state broadcaster RT of paying a Tennessee firm $10m (£7.6m) to ""create and distribute content to US audiences with hidden Russian government messaging"". An indictment said videos - which often promoted right-wing narratives on issues such as immigration, gender and the economy - were secretly ""edited, posted, and directed"" by two RT employees. Last week, US Secretary of State Antony Blinken announced new sanctions against RT, accusing it of being a ""de facto arm of Russia's intelligence apparatus"". The top US diplomat told reporters on Friday that RT was part of a network of Russian-backed media outlets which have sought to covertly ""undermine democracy in the United States"". He added that the Russian government has ""embedded within RT, a unit with cyber-operational capabilities and ties to Russian intelligence"". RT livestreamed Mr Blinken's remarks on X and declared it the ""US's latest conspiracy theory"". ",BBC,17/09/2024,"['Facebook owner Meta says it is banning several Russian state media networks, alleging they use deceptive tactics to conduct influence operations and avoid detection on its platforms. ""', 'After careful consideration, we expanded our ongoing enforcement against Russian state media outlets.', 'Rossiya Segodnya, RT and other related entities are now banned from our apps globally for foreign interference activity,"" Meta said.', 'In a news bulletin, RT newsreader Eunan O\'Neill said the broadcaster ""and Russia as a whole denies the accusations that have been coming en masse against this channel and others in the past number of days"".', 'The bans are expected to come into effect in the next few days.', 'The Russian embassy in Washington and the owner of the Sputnik news agency, Rossiya Segodnya, did not immediately respond to BBC requests for comment.', 'Russian state media outlets have come under increased scrutiny over claims they have tried to influence politics in Western countries.', 'As well as Facebook, social media giant Meta owns Instagram, WhatsApp and Threads.', 'In a statement to the BBC, RT said: ""It’s cute how there’s a competition in the West — who can try to spank RT the hardest, in order to make themselves look better. ""', 'Don’t worry, where they close a door, and then a window, our ‘partisans’ (or in your parlance, guerrilla fighters) will find the cracks to crawl through — as by your own admission we are apt at doing.""', ""Meta's move marks an escalation in the world's biggest social media firm's stance towards Russian state media companies."", 'Two years ago, Meta took more limited measures to restrict the spread of Russian state-controlled media, including stopping the outlets from running adverts on its platforms and limiting the reach of their content.', 'After the start of the war in Ukraine, Meta - like other social media platforms - complied with requests from the EU, UK and Ukraine to block some Russian state media in those regions.', 'Earlier this month, the US accused state broadcaster RT of paying a Tennessee firm $10m (£7.6m) to ""create and distribute content to US audiences with hidden Russian government messaging"".', 'An indictment said videos - which often promoted right-wing narratives on issues such as immigration, gender and the economy - were secretly ""edited, posted, and directed"" by two RT employees.', 'Last week, US Secretary of State Antony Blinken announced new sanctions against RT, accusing it of being a ""de facto arm of Russia\'s intelligence apparatus"".', 'The top US diplomat told reporters on Friday that RT was part of a network of Russian-backed media outlets which have sought to covertly ""undermine democracy in the United States"".', 'He added that the Russian government has ""embedded within RT, a unit with cyber-operational capabilities and ties to Russian intelligence"".', 'RT livestreamed Mr Blinken\'s remarks on X and declared it the ""US\'s latest conspiracy theory"".']",-0.03462574192699,"In a statement to the BBC, RT said: ""It’s cute how there’s a competition in the West — who can try to spank RT the hardest, in order to make themselves look better. ""","After the start of the war in Ukraine, Meta - like other social media platforms - complied with requests from the EU, UK and Ukraine to block some Russian state media in those regions.",-0.2833792666594187,"After careful consideration, we expanded our ongoing enforcement against Russian state media outlets.","Last week, US Secretary of State Antony Blinken announced new sanctions against RT, accusing it of being a ""de facto arm of Russia's intelligence apparatus"".",2024-09-18
Philip Morris: Marlboro owner sells UK inhaler firm over backlash,https://www.bbc.co.uk/news/articles/c4gdpzqp15eo,2024-09-18T01:33:24.179Z,"The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an ""unwarranted"" backlash. Philip Morris International (PMI) has offloaded Vectura Group for £150m ($198m) just three years after buying it in a deal worth more than £1bn. PMI's decision to buy Vectura, which makes inhalers to treat lung conditions such as asthma, was criticised as being hypocritical. However, PMI defended the move as part of its strategy to away from cigarettes and towards ""smoke free"" businesses like vaping. PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura ""from the unreasonable burden of external constraints and criticism related to our ownership"". The deal, which still needs regulatory approval, will see Molex pay an up-front fee of £150m and ""potential deferred payments of up to £148m"" if certain requirements are met. PMI's boss Jacek Olczak also said the company remains ""committed to driving innovation in this space over the long-term"", suggesting it has not moved on entirely from the inhaler sector. The Vectura purchase was part of PMI's push towards a ""smoke free world"". PMI has said it wants two thirds of its sales to come from non-cigarette sales by 2030. However, health charities have voiced scepticism about the sincerity of PMI's pledge considering the billions of pounds it still makes from cigarette sales. Its latest financial results for the three months to the end of June showed that more than 60% of its $9.47bn (£7.19bn) sales came from cigarettes. Over that period, PMI accounted for 23.6% of the global cigarette market by revenue. The news comes as the new Labour government has said it is considering an outdoor smoking ban at pubs. Health experts have welcomed the plans, but many pub owners have told the BBC that they were worried about the impact on their businesses. ",BBC,18/09/2024,"['The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an ""unwarranted"" backlash.', 'Philip Morris International (PMI) has offloaded Vectura Group for £150m ($198m) just three years after buying it in a deal worth more than £1bn.', ""PMI's decision to buy Vectura, which makes inhalers to treat lung conditions such as asthma, was criticised as being hypocritical."", 'However, PMI defended the move as part of its strategy to away from cigarettes and towards ""smoke free"" businesses like vaping.', 'PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura ""from the unreasonable burden of external constraints and criticism related to our ownership"".', 'The deal, which still needs regulatory approval, will see Molex pay an up-front fee of £150m and ""potential deferred payments of up to £148m"" if certain requirements are met.', 'PMI\'s boss Jacek Olczak also said the company remains ""committed to driving innovation in this space over the long-term"", suggesting it has not moved on entirely from the inhaler sector.', 'The Vectura purchase was part of PMI\'s push towards a ""smoke free world"".', 'PMI has said it wants two thirds of its sales to come from non-cigarette sales by 2030.', ""However, health charities have voiced scepticism about the sincerity of PMI's pledge considering the billions of pounds it still makes from cigarette sales."", 'Its latest financial results for the three months to the end of June showed that more than 60% of its $9.47bn (£7.19bn) sales came from cigarettes.', 'Over that period, PMI accounted for 23.6% of the global cigarette market by revenue.', 'The news comes as the new Labour government has said it is considering an outdoor smoking ban at pubs.', 'Health experts have welcomed the plans, but many pub owners have told the BBC that they were worried about the impact on their businesses.']",0.0662450691478495,"However, PMI defended the move as part of its strategy to away from cigarettes and towards ""smoke free"" businesses like vaping.","PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura ""from the unreasonable burden of external constraints and criticism related to our ownership"".",-0.3399987121423085,"PMI's boss Jacek Olczak also said the company remains ""committed to driving innovation in this space over the long-term"", suggesting it has not moved on entirely from the inhaler sector.","The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an ""unwarranted"" backlash.",2024-09-18
National Insurance calculator: What are NI and income tax and what do I pay?,https://www.bbc.co.uk/news/explainers-63635185,2022-11-15T17:40:23.000Z,"Chancellor Rachel Reeves will set out the government's tax and spending plans in the autumn Budget on 30 October.  She has warned she will need to take ""difficult decisions"", but Labour has already pledged not to raise the rates of income tax, National Insurance (NI) or VAT. NI has already been cut twice in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen. The starting rate for National Insurance for 27 million workers fell from 12% to 10% on 6 January 2024, and again to 8% on 6 April.  The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.  For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 have fallen from 9% to 6%, which the previous government said was worth £350 to a self-employed person earning £28,200.  Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.  The NI rate on income and profits above £50,270 remains at 2% for all workers.  The government uses National Insurance contributions (NICs) to pay for benefits and help fund the NHS.  NI rates apply across the UK. You start paying NI when you turn 16 and earn more than £242 a week, or have profits of more than £12,570 a year.  It is not paid by people over the state pension age, even if they are working.  Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life. The government records how many years of contributions you have made. Paying a lower rate of NI does not mean you contribute less.  If you do not work, for example because you are a carer or claim benefits, you might be able to receive NI credits instead, which mean you will still qualify for the relevant benefits.  You can also make voluntary contributions to plug gaps in your record. Despite the NI cuts in January and April, millions will still pay more tax overall because of changes to the tax thresholds.  These are the income levels at which people start paying NI or income tax, or have to pay higher rates.  These used to rise every year in line with inflation.  However, the NI threshold and tax-free personal allowance - the amount you can earn every year before you have to pay income tax - have been frozen at £12,570 until 2028. Higher-rate tax will continue to kick in for earnings above £50,270.  Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.  It will create 3.2 million extra taxpayers by 2028, and 2.6 million more people will pay higher rates, according to the Office for Budget Responsibility (OBR), which independently assesses the government's economic plans.  According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers.  In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.  But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit. Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year. Income tax is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.  The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.  The higher rate is 40%, and is paid on earnings between £50,271 and £125,140. Once you earn more than £100,000, you also start losing your tax-free personal allowance.  You lose £1 of your personal allowance for every £2 that your income goes above £100,000.  Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.  The additional rate of income tax is 45%, and is paid on all earnings above £125,140 a year.  These rates apply in England, Wales and Northern Ireland. Some income tax rates are different in Scotland, where a new 45% band took effect in April. The top rate also rose from 47% to 48%. For most families, income tax is the single biggest tax they pay.  But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.  For the poorest fifth of households, VAT is the biggest single tax paid. You can look at the amount of tax raised as a proportion of the size of the economy, or GDP.  In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%. That puts the UK right in the middle of the G7 group of big economies.  France, Italy and Germany tax more; Canada, Japan and the US tax less. However, overall taxation in the UK is high compared with historical rates.  In its assessment of the 2024 Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.  That would be the highest level in 80 years.  ",BBC,15/11/2022,"[""Chancellor Rachel Reeves will set out the government's tax and spending plans in the autumn Budget on 30 October."", 'She has warned she will need to take ""difficult decisions"", but Labour has already pledged not to raise the rates of income tax, National Insurance (NI) or VAT.', 'NI has already been cut twice in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen.', 'The starting rate for National Insurance for 27 million workers fell from 12% to 10% on 6 January 2024, and again to 8% on 6 April.', 'The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.', 'For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 have fallen from 9% to 6%, which the previous government said was worth £350 to a self-employed person earning £28,200.', 'Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.', 'The NI rate on income and profits above £50,270 remains at 2% for all workers.', 'The government uses National Insurance contributions (NICs) to pay for benefits and help fund the NHS.', 'NI rates apply across the UK.', 'You start paying NI when you turn 16 and earn more than £242 a week, or have profits of more than £12,570 a year.', 'It is not paid by people over the state pension age, even if they are working.', 'Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life.', 'The government records how many years of contributions you have made.', 'Paying a lower rate of NI does not mean you contribute less.', 'If you do not work, for example because you are a carer or claim benefits, you might be able to receive NI credits instead, which mean you will still qualify for the relevant benefits.', 'You can also make voluntary contributions to plug gaps in your record.', 'Despite the NI cuts in January and April, millions will still pay more tax overall because of changes to the tax thresholds.', 'These are the income levels at which people start paying NI or income tax, or have to pay higher rates.', 'These used to rise every year in line with inflation.', 'However, the NI threshold and tax-free personal allowance - the amount you can earn every year before you have to pay income tax - have been frozen at £12,570 until 2028.', 'Higher-rate tax will continue to kick in for earnings above £50,270.', 'Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.', ""It will create 3.2 million extra taxpayers by 2028, and 2.6 million more people will pay higher rates, according to the Office for Budget Responsibility (OBR), which independently assesses the government's economic plans."", 'According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers.', 'In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.', 'But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.', 'Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year.', 'Income tax is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.', 'The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.', 'The higher rate is 40%, and is paid on earnings between £50,271 and £125,140.', 'Once you earn more than £100,000, you also start losing your tax-free personal allowance.', 'You lose £1 of your personal allowance for every £2 that your income goes above £100,000.', 'Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.', 'The additional rate of income tax is 45%, and is paid on all earnings above £125,140 a year.', 'These rates apply in England, Wales and Northern Ireland.', 'Some income tax rates are different in Scotland, where a new 45% band took effect in April.', 'The top rate also rose from 47% to 48%.', 'For most families, income tax is the single biggest tax they pay.', 'But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.', 'For the poorest fifth of households, VAT is the biggest single tax paid.', 'You can look at the amount of tax raised as a proportion of the size of the economy, or GDP.', 'In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%.', 'That puts the UK right in the middle of the G7 group of big economies.', 'France, Italy and Germany tax more; Canada, Japan and the US tax less.', 'However, overall taxation in the UK is high compared with historical rates.', 'In its assessment of the 2024 Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.', 'That would be the highest level in 80 years.']",0.0939726553727196,"But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.","For the poorest fifth of households, VAT is the biggest single tax paid.",-0.0044020970662434,The top rate also rose from 47% to 48%.,"For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 have fallen from 9% to 6%, which the previous government said was worth £350 to a self-employed person earning £28,200.",2024-09-18
Post Office boss to step down from role next year,https://www.bbc.co.uk/news/articles/c1534ygdq27o,2024-09-18T09:45:49.908Z,"Post Office boss Nick Read will step down from his role next year, the company has said. The chief executive had already stepped back from front-line duties saying he wanted to give his ""entire attention"" to the  final stage of the inquiry into the Horizon IT scandal. The inquiry is scrutinising failings over the wrongful prosecutions of hundreds of sub-postmasters based on faulty accounting software which made it look as though money was missing from branches. On Wednesday, the Post Office said Mr Read would depart in March 2025. Mr Read described it as a ""great privilege"" to have worked as Post Office chief executive in an ""extraordinarily challenging time for the business and for postmasters"". ""There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue,"" he added. Mr Read joined the company in 2019, long after the prosecutions sub-postmasters had finished, and has not yet appeared before the inquiry. The Post Office Horizon IT inquiry began in 2022 and has heard evidence from scores of victims as well as some executives who worked at the Post Office when the prosecutions were taking place between 1999 and 2015. Sir Alan Bates, who led the campaign on behalf of the wrongly prosecuted sub-postmasters, said he was not surprised by Mr Read's departure. ""When I knew he'd taken seven weeks' leave - in theory to prepare for the inquiry - I thought he'd taken seven weeks off to find a new job,"" he said. Liam Byrne, chair of parliament's Business Committee, said Mr Read had made ""the right decision"" for himself and the Post Office in standing down. Speaking to the BBC, he said the Post Office now needed to ""move on"". He said Mr Read had been dealing with ""a lot of legacies from the past but frankly at times there have been questions about how tightly things have been gripped"". ""Innocent victims"" had paid the price he said. Mr Read's predecessor, Paula Vennells, came in for excoriating criticism in the media and at the inquiry, for her role running the publicly-owned firm between 2012 and 2019. When he took over Mr Read faced a mammoth task to turn around the loss-making Post Office at a time when the organisation was facing a crisis of faith as the scale of the Horizon scandal came to light. Mr Read stepped back from his role in July to prepare to appear before the inquiry which is due to reconvene later this month. Representatives for the sub-postmasters have raised concerns over why justice and compensation have taken so long to be delivered.  ""He really hasn't achieved anything, has he?"" said Sir Alan. ""He certainly hasn't done anything for the victims in all of this.""  Sir Alan called for Mr Read's successor to come in ""with a big sweeping brush and clear the whole thing out"". The inquiry is likely to challenge Mr Read on what lessons have been learned and applied at the Post Office, under his tenure.  He has already blotted his copybook with the inquiry's chair Sir Wyn Williams over a £450,000 bonus he was due to receive. The bonus was in part for meeting performance targets that included fully cooperating with the public inquiry.  Sir Wyn issued a rebuke, saying the payment could not be justified, as the inquiry was still in its first phase. Mr Read returned a portion of the bonus. There was another undignified squabble around Mr Read's pay packet earlier this year. Former chair of the post office, Henry Staunton, claimed that Mr Read had been unhappy with his pay, which amounted to £573,000, including bonuses in 2022-23. His claim was backed by a former HR director who claimed Mr Read had repeatedly threatened to resign unless he was given a pay rise above 5%. He denied the claim and a subsequent unpublished report cleared him of all misconduct allegations. ",BBC,18/09/2024,"['Post Office boss Nick Read will step down from his role next year, the company has said.', 'The chief executive had already stepped back from front-line duties saying he wanted to give his ""entire attention"" to the final stage of the inquiry into the Horizon IT scandal.', 'The inquiry is scrutinising failings over the wrongful prosecutions of hundreds of sub-postmasters based on faulty accounting software which made it look as though money was missing from branches.', 'On Wednesday, the Post Office said Mr Read would depart in March 2025.', 'Mr Read described it as a ""great privilege"" to have worked as Post Office chief executive in an ""extraordinarily challenging time for the business and for postmasters"". ""', 'There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue,"" he added.', 'Mr Read joined the company in 2019, long after the prosecutions sub-postmasters had finished, and has not yet appeared before the inquiry.', 'The Post Office Horizon IT inquiry began in 2022 and has heard evidence from scores of victims as well as some executives who worked at the Post Office when the prosecutions were taking place between 1999 and 2015.', 'Sir Alan Bates, who led the campaign on behalf of the wrongly prosecuted sub-postmasters, said he was not surprised by Mr Read\'s departure. ""', 'When I knew he\'d taken seven weeks\' leave - in theory to prepare for the inquiry - I thought he\'d taken seven weeks off to find a new job,"" he said.', 'Liam Byrne, chair of parliament\'s Business Committee, said Mr Read had made ""the right decision"" for himself and the Post Office in standing down.', 'Speaking to the BBC, he said the Post Office now needed to ""move on"".', 'He said Mr Read had been dealing with ""a lot of legacies from the past but frankly at times there have been questions about how tightly things have been gripped"". ""', 'Innocent victims"" had paid the price he said.', ""Mr Read's predecessor, Paula Vennells, came in for excoriating criticism in the media and at the inquiry, for her role running the publicly-owned firm between 2012 and 2019."", 'When he took over Mr Read faced a mammoth task to turn around the loss-making Post Office at a time when the organisation was facing a crisis of faith as the scale of the Horizon scandal came to light.', 'Mr Read stepped back from his role in July to prepare to appear before the inquiry which is due to reconvene later this month.', 'Representatives for the sub-postmasters have raised concerns over why justice and compensation have taken so long to be delivered. ""', 'He really hasn\'t achieved anything, has he?""', 'said Sir Alan. ""', 'He certainly hasn\'t done anything for the victims in all of this.""', 'Sir Alan called for Mr Read\'s successor to come in ""with a big sweeping brush and clear the whole thing out"".', 'The inquiry is likely to challenge Mr Read on what lessons have been learned and applied at the Post Office, under his tenure.', ""He has already blotted his copybook with the inquiry's chair Sir Wyn Williams over a £450,000 bonus he was due to receive."", 'The bonus was in part for meeting performance targets that included fully cooperating with the public inquiry.', 'Sir Wyn issued a rebuke, saying the payment could not be justified, as the inquiry was still in its first phase.', 'Mr Read returned a portion of the bonus.', ""There was another undignified squabble around Mr Read's pay packet earlier this year."", 'Former chair of the post office, Henry Staunton, claimed that Mr Read had been unhappy with his pay, which amounted to £573,000, including bonuses in 2022-23.', 'His claim was backed by a former HR director who claimed Mr Read had repeatedly threatened to resign unless he was given a pay rise above 5%.', 'He denied the claim and a subsequent unpublished report cleared him of all misconduct allegations.']",0.0055236387655776,"There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue,"" he added.",The inquiry is scrutinising failings over the wrongful prosecutions of hundreds of sub-postmasters based on faulty accounting software which made it look as though money was missing from branches.,-0.3125488579273224,"Mr Read described it as a ""great privilege"" to have worked as Post Office chief executive in an ""extraordinarily challenging time for the business and for postmasters"". ""","Former chair of the post office, Henry Staunton, claimed that Mr Read had been unhappy with his pay, which amounted to £573,000, including bonuses in 2022-23.",2024-09-18
New bank hubs to open but the printers are missing,https://www.bbc.co.uk/news/articles/cly8yj42g5wo,2024-09-17T23:03:25.988Z,"Fifteen new banking hubs have been announced on the day stricter rules over branch closures and access to cash take effect. The hubs, spaces shared by different banks, operate basic personal and business banking services. The new rules mean they can open even if there is another operator in town, but questions have been raised over the standard of facilities. Many have no printers installed, leaving people unable to get paper statements which may be requested by employers or landlords.  Figures from consumer association Which? show that 6,000 bank branches have closed in the last nine years, leaving many places with none at all and limiting access to cash. Banks and building societies must now assess whether areas have reasonable access to cash when they close branches, under new rules - enshrined in law from the first time - taking effect on Wednesday and governed by the City watchdog, the Financial Conduct Authority (FCA). If not, then they will need to provide more facilities, before closing a branch. Such facilities could include shared hubs, often run by the Post Office, which allow customers of any bank to withdraw and deposit cash. Community workers from different banks visit on a rotating basis once a week. However, problems have emerged at some of the hubs, with questions over the quality of service and investment by banks. That includes many which do not have a printer, leaving customers unable to get paper copies of statements and documents. Bosses were last week hauled in front of Economic Secretary to the Treasury, Tulip Siddiq, who told them to add to the services on offer at the hubs. “Banking hubs are a lifeline for local communities that have lost their final bank branch. I’m confident that the banks will deliver on the commitment made [at the meeting], as well as take a more active approach to meeting the needs of local communities,” she said. Bank-owned Cash Access UK, which delivers the hubs, said it would look into getting printers. The number of people mainly using cash for day-to-day spending hit a four year high during the cost of living crisis, figures from the banking trade body UK Finance show. Hubs are seen as key to ensuring those who are not digitally savvy, unable to access online services, or are vulnerable can still use banking services. So far, 81 hubs are open. The government made a manifesto promise to have 350 operating in five years time, including 230 by the end of next year. There have been calls for the introduction of new hubs to be quicker and more widespread. Ron Delnevo, who chairs the Payment Choice Alliance, described the current plan as an ""empty gesture"". ""This is not a genuine answer to the needs of thousands of communities around the UK that have been deserted by the big banks,"" he said. ""The fact that bank hubs are not required to have a 24/7 ATM is also ludicrous."" Fifteen new hubs have been announced on the day the FCA's new rules take effect. They include areas where there is still a building society but where, for example, the current branch's opening hours are restricted to three days. An assessment will have to consider an ATM.  Before now, under the old rules, a hub would not be eligible to be set up in such an area. The new hubs will open in Sidcup, in London, Normanton in West Yorkshire, Hailsham in East Sussex, Frome in Somerset, Sheerness in Kent, Whitley Bay in Tyne and Wear, Rugeley in Staffordshire, Newquay in Cornwall, Market Harborough in Leicestershire, Thetford in Norfolk, Monmouth in Wales, Harpenden in Hertfordshire, Huntly in Aberdeenshire, Yeadon in West Yorkshire, and Morecambe in Lancashire. The majority have been recommended by Link, which oversees the UK's cash access and ATM services. ""The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our High Streets for years to come,"" said its deputy chief executive, Adrian Roberts. Last week, it was revealed the last bank in the Derbyshire town of Ripley had been “paused” owing to the new rules. ",BBC,17/09/2024,"['Fifteen new banking hubs have been announced on the day stricter rules over branch closures and access to cash take effect.', 'The hubs, spaces shared by different banks, operate basic personal and business banking services.', 'The new rules mean they can open even if there is another operator in town, but questions have been raised over the standard of facilities.', 'Many have no printers installed, leaving people unable to get paper statements which may be requested by employers or landlords.', 'Figures from consumer association Which?', 'show that 6,000 bank branches have closed in the last nine years, leaving many places with none at all and limiting access to cash.', 'Banks and building societies must now assess whether areas have reasonable access to cash when they close branches, under new rules - enshrined in law from the first time - taking effect on Wednesday and governed by the City watchdog, the Financial Conduct Authority (FCA).', 'If not, then they will need to provide more facilities, before closing a branch.', 'Such facilities could include shared hubs, often run by the Post Office, which allow customers of any bank to withdraw and deposit cash.', 'Community workers from different banks visit on a rotating basis once a week.', 'However, problems have emerged at some of the hubs, with questions over the quality of service and investment by banks.', 'That includes many which do not have a printer, leaving customers unable to get paper copies of statements and documents.', 'Bosses were last week hauled in front of Economic Secretary to the Treasury, Tulip Siddiq, who told them to add to the services on offer at the hubs. “', 'Banking hubs are a lifeline for local communities that have lost their final bank branch.', 'I’m confident that the banks will deliver on the commitment made [at the meeting], as well as take a more active approach to meeting the needs of local communities,” she said.', 'Bank-owned Cash Access UK, which delivers the hubs, said it would look into getting printers.', 'The number of people mainly using cash for day-to-day spending hit a four year high during the cost of living crisis, figures from the banking trade body UK Finance show.', 'Hubs are seen as key to ensuring those who are not digitally savvy, unable to access online services, or are vulnerable can still use banking services.', 'So far, 81 hubs are open.', 'The government made a manifesto promise to have 350 operating in five years time, including 230 by the end of next year.', 'There have been calls for the introduction of new hubs to be quicker and more widespread.', 'Ron Delnevo, who chairs the Payment Choice Alliance, described the current plan as an ""empty gesture"". ""', 'This is not a genuine answer to the needs of thousands of communities around the UK that have been deserted by the big banks,"" he said. ""', 'The fact that bank hubs are not required to have a 24/7 ATM is also ludicrous.""', ""Fifteen new hubs have been announced on the day the FCA's new rules take effect."", ""They include areas where there is still a building society but where, for example, the current branch's opening hours are restricted to three days."", 'An assessment will have to consider an ATM.', 'Before now, under the old rules, a hub would not be eligible to be set up in such an area.', 'The new hubs will open in Sidcup, in London, Normanton in West Yorkshire, Hailsham in East Sussex, Frome in Somerset, Sheerness in Kent, Whitley Bay in Tyne and Wear, Rugeley in Staffordshire, Newquay in Cornwall, Market Harborough in Leicestershire, Thetford in Norfolk, Monmouth in Wales, Harpenden in Hertfordshire, Huntly in Aberdeenshire, Yeadon in West Yorkshire, and Morecambe in Lancashire.', 'The majority have been recommended by Link, which oversees the UK\'s cash access and ATM services. ""', 'The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our High Streets for years to come,"" said its deputy chief executive, Adrian Roberts.', 'Last week, it was revealed the last bank in the Derbyshire town of Ripley had been “paused” owing to the new rules.']",0.0204227795413827,"I’m confident that the banks will deliver on the commitment made [at the meeting], as well as take a more active approach to meeting the needs of local communities,” she said.","The number of people mainly using cash for day-to-day spending hit a four year high during the cost of living crisis, figures from the banking trade body UK Finance show.",-0.460659958422184,"The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our High Streets for years to come,"" said its deputy chief executive, Adrian Roberts.","Last week, it was revealed the last bank in the Derbyshire town of Ripley had been “paused” owing to the new rules.",2024-09-18
Ovo to pay £2.4m over customer complaint failures,https://www.bbc.co.uk/news/articles/cm2ymy2zgveo,2024-09-17T07:15:29.108Z,"Energy firm Ovo has been told to pay out £2.4m after the regulator found it had not been dealing with customer complaints correctly. Ofgem said that 1,395 Ovo customers were hit by problems, including long delays in dealing with complaints, in some cases up to 18 months. Those affected will get about £271 on average in compensation, while Ovo will also pay £2m to the Energy Industry Voluntary Redress Scheme, which provides money to charities helping vulnerable customers. Ofgem said affected customers do not need to take any action. Ovo said it had sent a letter of apology and compensation to those affected. The energy regulator said that following its intervention, Ovo had given more resources to complaint handling, and improved its complaints management system. “Energy is an essential service. When things go wrong, it can cause consumers a lot of distress,"" said Jacqui Gehrmann, deputy director of retail compliance at Ofgem. ""In this case Ovo failed to adequately protect and respond to their customers when it was needed most. This is not acceptable. “Consumers deserve a clear and timely response when they make a complaint, and that’s why we stepped in quickly when we identified that Ovo’s performance was falling below acceptable standards."" In a statement, Ovo said: ""We recognise that a particular group of our customers in 2023 waited longer than we’d like for a resolution and were overdue a response from us, so we’ve sent them a letter of apology and compensation to help.” Ofgem also revealed that it has collected more than £400m since 2020 just through enforcing rules and asking companies to comply. It said it uses this money to help those who are struggling to pay bills. In August, Ofgem set a new energy price cap for England, Scotland and Wales that will apply from 1 October to 31 December. People using an average amount of gas and electricity will pay £1,717 a year, a 10% rise compared with now. ",BBC,17/09/2024,"['Energy firm Ovo has been told to pay out £2.4m after the regulator found it had not been dealing with customer complaints correctly.', 'Ofgem said that 1,395 Ovo customers were hit by problems, including long delays in dealing with complaints, in some cases up to 18 months.', 'Those affected will get about £271 on average in compensation, while Ovo will also pay £2m to the Energy Industry Voluntary Redress Scheme, which provides money to charities helping vulnerable customers.', 'Ofgem said affected customers do not need to take any action.', 'Ovo said it had sent a letter of apology and compensation to those affected.', 'The energy regulator said that following its intervention, Ovo had given more resources to complaint handling, and improved its complaints management system. “', 'Energy is an essential service.', 'When things go wrong, it can cause consumers a lot of distress,"" said Jacqui Gehrmann, deputy director of retail compliance at Ofgem. ""', 'In this case Ovo failed to adequately protect and respond to their customers when it was needed most.', 'This is not acceptable. “', 'Consumers deserve a clear and timely response when they make a complaint, and that’s why we stepped in quickly when we identified that Ovo’s performance was falling below acceptable standards.""', 'In a statement, Ovo said: ""We recognise that a particular group of our customers in 2023 waited longer than we’d like for a resolution and were overdue a response from us, so we’ve sent them a letter of apology and compensation to help.”', 'Ofgem also revealed that it has collected more than £400m since 2020 just through enforcing rules and asking companies to comply.', 'It said it uses this money to help those who are struggling to pay bills.', 'In August, Ofgem set a new energy price cap for England, Scotland and Wales that will apply from 1 October to 31 December.', 'People using an average amount of gas and electricity will pay £1,717 a year, a 10% rise compared with now.']",-0.0329419695153606,"In a statement, Ovo said: ""We recognise that a particular group of our customers in 2023 waited longer than we’d like for a resolution and were overdue a response from us, so we’ve sent them a letter of apology and compensation to help.”","When things go wrong, it can cause consumers a lot of distress,"" said Jacqui Gehrmann, deputy director of retail compliance at Ofgem. """,-0.3287827041414048,"The energy regulator said that following its intervention, Ovo had given more resources to complaint handling, and improved its complaints management system. “","Consumers deserve a clear and timely response when they make a complaint, and that’s why we stepped in quickly when we identified that Ovo’s performance was falling below acceptable standards.""",2024-09-18
Train drivers accept pay deal bringing end to strikes in England,https://www.bbc.co.uk/news/articles/c0r8g244zggo,2024-09-18T11:28:36.438Z,"Train drivers have accepted a pay deal that will see the end of more than two years of strike action in England, Scotland and Wales. Aslef union members accepted an offer which included a 5% backdated pay rise for 2022-23, a 4.75% rise for 23-24, and a 4.5% increase for 24-25. The walk outs started due to a row over pay and working conditions. Union bosses sought better pay for drivers, but the previous Conservative government said changes to working practices were required in return. Industrial action has caused widespread disruption on the railways since strikes began in July 2022. The government and the union have refused to release an exact figure of what the average salary of a train driver will be following the pay rises. In 2023, the average wage was £60,055 per year, according to the Rail Delivery Group, which represents train companies. Based on the pay increases announced, the BBC has calculated an average salary is estimated to be about £69,000 in 2024/25. Aslef said that when compounded, the offer works out at 15%, is backdated, pensionable and includes drivers who retired or left the industry during the dispute. The breakthrough heralds the end of industrial action which saw drivers stage 18 strikes and take part in several overtime bans, leading to cancelled services.  Some strikes caused an almost complete shutdown of railway lines in England and some cross-border services, including during major sporting and public events. Mick Whelan said the vote marked the end of the longest train drivers' strike in history. ""It was not a fight we sought, or wanted. All we sought after five years without a pay rise, working for private companies who, throughout that period, declared millions of pounds in profits and dividends to shareholders, was a dent in the cost of living,"" he said.  But Mr Whelan, told the BBC the biggest issue was not pay, but rather 55 proposed changes to working terms and conditions that ended up being dropped from the deal.  The union has called the agreement a ""no-strings deal"", adding it was safeguarding working practices was something ""it was not willing to give away for nothing"". However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"". She said the end of the dispute was ""an important step towards fixing our railways and getting the country moving again"". Under the new Labour government, senior officials began direct pay talks with Aslef bosses in July. A major stumbling block which resulted in previous talks breaking down was due to proposed changes to working conditions.  Aslef rejected previous deals, arguing drivers were being asked to sacrifice too much in exchange for too low a wage rise.  But train companies and the previous Conservative government argued that changes to ways of working, for example to driver training and rosters were necessary to make the railway function more reliably and save money. They said hard-pressed taxpayers were having to contribute millions each week to keep services running. Conservative shadow transport secretary, Helen Whately, claimed the pay rise with ""‘no strings attached’ for reforms"" would ""do nothing to prevent strikes in future"". Whately said the government had ""failed to take responsibility"" and took an ""easier"" decision to "" say yes to the unions and have taxpayers pick up the bill"". A spokesperson for the Rail Delivery Group said it welcomed the news that the dispute had been resolved. ""The whole railway now needs to pull together and focus on delivering the best possible service for our customers,"" they added. The union, which claims to represent more than 21,000 train drivers, said 96.6% of its membership who voted backed the new offer. The turnout was 88.5%. Separately on Wednesday, The RMT union told the BBC it received new pay proposals from the government after pay talks, which included a 4.5% increase for Network Rail staff for 2024. It added its members working for train operating companies had been offered pay deals of 4.75% for 2023/24, and 4.5% for 2024/25. An RMT spokesperson confirmed the offers had been put to members to be voted on, and that it had recommended to accept them. ",BBC,18/09/2024,"['Train drivers have accepted a pay deal that will see the end of more than two years of strike action in England, Scotland and Wales.', 'Aslef union members accepted an offer which included a 5% backdated pay rise for 2022-23, a 4.75% rise for 23-24, and a 4.5% increase for 24-25.', 'The walk outs started due to a row over pay and working conditions.', 'Union bosses sought better pay for drivers, but the previous Conservative government said changes to working practices were required in return.', 'Industrial action has caused widespread disruption on the railways since strikes began in July 2022.', 'The government and the union have refused to release an exact figure of what the average salary of a train driver will be following the pay rises.', 'In 2023, the average wage was £60,055 per year, according to the Rail Delivery Group, which represents train companies.', 'Based on the pay increases announced, the BBC has calculated an average salary is estimated to be about £69,000 in 2024/25.', 'Aslef said that when compounded, the offer works out at 15%, is backdated, pensionable and includes drivers who retired or left the industry during the dispute.', 'The breakthrough heralds the end of industrial action which saw drivers stage 18 strikes and take part in several overtime bans, leading to cancelled services.', 'Some strikes caused an almost complete shutdown of railway lines in England and some cross-border services, including during major sporting and public events.', 'Mick Whelan said the vote marked the end of the longest train drivers\' strike in history. ""', 'It was not a fight we sought, or wanted.', 'All we sought after five years without a pay rise, working for private companies who, throughout that period, declared millions of pounds in profits and dividends to shareholders, was a dent in the cost of living,"" he said.', 'But Mr Whelan, told the BBC the biggest issue was not pay, but rather 55 proposed changes to working terms and conditions that ended up being dropped from the deal.', 'The union has called the agreement a ""no-strings deal"", adding it was safeguarding working practices was something ""it was not willing to give away for nothing"".', 'However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"".', 'She said the end of the dispute was ""an important step towards fixing our railways and getting the country moving again"".', 'Under the new Labour government, senior officials began direct pay talks with Aslef bosses in July.', 'A major stumbling block which resulted in previous talks breaking down was due to proposed changes to working conditions.', 'Aslef rejected previous deals, arguing drivers were being asked to sacrifice too much in exchange for too low a wage rise.', 'But train companies and the previous Conservative government argued that changes to ways of working, for example to driver training and rosters were necessary to make the railway function more reliably and save money.', 'They said hard-pressed taxpayers were having to contribute millions each week to keep services running.', 'Conservative shadow transport secretary, Helen Whately, claimed the pay rise with ""‘no strings attached’ for reforms"" would ""do nothing to prevent strikes in future"".', 'Whately said the government had ""failed to take responsibility"" and took an ""easier"" decision to "" say yes to the unions and have taxpayers pick up the bill"".', 'A spokesperson for the Rail Delivery Group said it welcomed the news that the dispute had been resolved. ""', 'The whole railway now needs to pull together and focus on delivering the best possible service for our customers,"" they added.', 'The union, which claims to represent more than 21,000 train drivers, said 96.6% of its membership who voted backed the new offer.', 'The turnout was 88.5%.', 'Separately on Wednesday, The RMT union told the BBC it received new pay proposals from the government after pay talks, which included a 4.5% increase for Network Rail staff for 2024.', 'It added its members working for train operating companies had been offered pay deals of 4.75% for 2023/24, and 4.5% for 2024/25.', 'An RMT spokesperson confirmed the offers had been put to members to be voted on, and that it had recommended to accept them.']",0.0140275824779678,"However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"".","Aslef rejected previous deals, arguing drivers were being asked to sacrifice too much in exchange for too low a wage rise.",0.3598199423990751,"However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"".","Whately said the government had ""failed to take responsibility"" and took an ""easier"" decision to "" say yes to the unions and have taxpayers pick up the bill"".",2024-09-18
Elon Musk's X working in Brazil after outfoxing country's ban,https://www.bbc.co.uk/news/articles/cy4dn4z02emo,2024-09-18T20:34:24.824Z,"Some X users in Brazil have said they can once again access the social media website, the BBC has learned. This comes after the platform, formerly known as Twitter, was banned in the country on 31 August. The change was made possible after the company, which is owned by tech billionaire Elon Musk, moved their service to servers hosted by Cloudflare, according to ABRINT, the country's leading trade group for Internet Service Providers (ISP). The change makes it much harder to block applications on phones, the trade group said.  X, Cloudflare, and Brazil’s telecom agency Anatel have not responded to a request for comment. A news release from ABRINT explains how Musk was able to outfox the country's ban allowing people to access the platform.  It says the X app was updated overnight and the new software started using IP address linked through Cloudfare, which ""makes app blocking much more complicated"".  ""Unlike the previous system, which used specific, blockable IPs, the new system uses dynamic IPs that change constantly,"" the news release states. ""Many of these IPs are shared with other legitimate services, such as banks and large internet platforms, making it impossible to block an IP without affecting other services."" The platform was banned in the country last month after failing to meet a court deadline to appoint a new legal representative in the country.  It marked the most significant development in a feud between Supreme Court Justice Alexandre de Moraes and Mr Musk that began in April, when the judge ordered the suspension of dozens of X accounts for allegedly spreading disinformation. In his August ruling, Justice Moraes gave companies, including Apple and Google, a five-day deadline to remove X from its app stores and block its use on iOS and Android devices. He added that individuals or businesses that are found to still be accessing X by using virtual private networks (VPNs) could be fined.  It's unclear what response the country might have to the platform finding a way around the ban.  Brazil is said to be one of the largest markets for Mr Musk's social media network. ",BBC,18/09/2024,"['Some X users in Brazil have said they can once again access the social media website, the BBC has learned.', 'This comes after the platform, formerly known as Twitter, was banned in the country on 31 August.', ""The change was made possible after the company, which is owned by tech billionaire Elon Musk, moved their service to servers hosted by Cloudflare, according to ABRINT, the country's leading trade group for Internet Service Providers (ISP)."", 'The change makes it much harder to block applications on phones, the trade group said.', 'X, Cloudflare, and Brazil’s telecom agency Anatel have not responded to a request for comment.', ""A news release from ABRINT explains how Musk was able to outfox the country's ban allowing people to access the platform."", 'It says the X app was updated overnight and the new software started using IP address linked through Cloudfare, which ""makes app blocking much more complicated"". ""', 'Unlike the previous system, which used specific, blockable IPs, the new system uses dynamic IPs that change constantly,"" the news release states. ""', 'Many of these IPs are shared with other legitimate services, such as banks and large internet platforms, making it impossible to block an IP without affecting other services.""', 'The platform was banned in the country last month after failing to meet a court deadline to appoint a new legal representative in the country.', 'It marked the most significant development in a feud between Supreme Court Justice Alexandre de Moraes and Mr Musk that began in April, when the judge ordered the suspension of dozens of X accounts for allegedly spreading disinformation.', 'In his August ruling, Justice Moraes gave companies, including Apple and Google, a five-day deadline to remove X from its app stores and block its use on iOS and Android devices.', 'He added that individuals or businesses that are found to still be accessing X by using virtual private networks (VPNs) could be fined.', ""It's unclear what response the country might have to the platform finding a way around the ban."", ""Brazil is said to be one of the largest markets for Mr Musk's social media network.""]",-0.1377690338379961,"It marked the most significant development in a feud between Supreme Court Justice Alexandre de Moraes and Mr Musk that began in April, when the judge ordered the suspension of dozens of X accounts for allegedly spreading disinformation.",The platform was banned in the country last month after failing to meet a court deadline to appoint a new legal representative in the country.,0.2132641196250915,A news release from ABRINT explains how Musk was able to outfox the country's ban allowing people to access the platform.,The platform was banned in the country last month after failing to meet a court deadline to appoint a new legal representative in the country.,2024-09-18
What will a US Federal Reserve interest rate cut mean for me?,https://www.bbc.co.uk/news/articles/cvgl474nrygo,2024-09-17T19:16:33.026Z,"The US central bank lowered interest rates for the first time in four years on Wednesday. The much anticipated move will influence mortgages, credit card and saving rates for millions of people in the US - and even around the world.  The Federal Reserve reduced the key lending rate by half a percentage point, to a range of 4.75% to 5%. So what does this mean for you?  The Fed's key lending rate - what it charges banks to borrow - sets a base for what companies charge people in the US for loans, like mortgages, or other debt, like unpaid credit card balances. That rate has hovered around 5.3% for more than a year, the highest level since 2001, since jumping from near zero at the start of 2022. A cut will bring some welcome relief to borrowers, though it will likely mean that some banks knock down the rates they are offering savers too. Mortgage rates in the US have already dropped a bit, partially in anticipation of the move.  Americans will be most directly affected by a change. But central banks with currencies tied to the dollar often link their rate decisions to the Fed, such as Hong Kong and many Gulf states, so borrowers in those countries will also see an impact. For the many people outside of the US invested in the US stock market, a cut is also likely good news.  Lower interest rates tend to boost stock prices for two reasons.  First, it means companies can borrow debt for less money and reinvest it to make the business more profitable. Second, lower rates mean savings accounts and some other kinds of investments become less attractive, so investors tend to move their money towards things like stocks. Compared to other central banks, the Fed is a bit late to the rate-cutting party. Europe, the UK, New Zealand, and Canada have cut rates already, and so have many banks in emerging markets. As for the Fed, it cuts or raises rates in response to two factors: inflation and employment.  In 2022, when the Fed started raising interest rates, officials were focussed on inflation and wanted to get consumer prices, then rising at the fastest pace since the 1980s, to stabilise. A jump in rates tends to bring down prices by making it harder to borrow, so people spend less on everything from consumer goods to homes and business equipment. But less demand also means the economy isn't growing as quickly, and if it slows too much and actually starts contracting then that’s a recession. In the past, the US economy has often entered recession after a series of rate hikes, costing millions of people their jobs.  And over the last year, unemployment in the US has been ticking higher, as hiring slows sharply. So did the Fed cut rates because it triumphed in its fight against inflation or because the economy is in peril? Many analysts maintain it's the former. Price inflation hit 2.5% in August.  Officials have said they're increasingly confident inflation is headed back to normal, so their attention is turning to the risks to the job market. One factor officials have insisted does not inform into their decision is the election. Republicans and Democrats have been watching this Fed's moves closely for two years, and a cut will likely help Democrats as the party in power. But Fed chair Jerome Powell has said time and again that the bank is focused on economic data, not politics, in making its move.  The move was certainly unexpected. Ahead of the meeting, analysts were divided about whether the Fed would announce a cut of 0.25 percentage points or go for a bigger, and more unusual, 0.5 percentage points cut. Most believed a 0.25 percentage points cut was most likely, but that did not happen. For a bank that has tried hard to telegraph its moves well in advance, the level of uncertainty was unusually high. ",BBC,17/09/2024,"['The US central bank lowered interest rates for the first time in four years on Wednesday.', 'The much anticipated move will influence mortgages, credit card and saving rates for millions of people in the US - and even around the world.', 'The Federal Reserve reduced the key lending rate by half a percentage point, to a range of 4.75% to 5%.', 'So what does this mean for you?', ""The Fed's key lending rate - what it charges banks to borrow - sets a base for what companies charge people in the US for loans, like mortgages, or other debt, like unpaid credit card balances."", 'That rate has hovered around 5.3% for more than a year, the highest level since 2001, since jumping from near zero at the start of 2022.', 'A cut will bring some welcome relief to borrowers, though it will likely mean that some banks knock down the rates they are offering savers too.', 'Mortgage rates in the US have already dropped a bit, partially in anticipation of the move.', 'Americans will be most directly affected by a change.', 'But central banks with currencies tied to the dollar often link their rate decisions to the Fed, such as Hong Kong and many Gulf states, so borrowers in those countries will also see an impact.', 'For the many people outside of the US invested in the US stock market, a cut is also likely good news.', 'Lower interest rates tend to boost stock prices for two reasons.', 'First, it means companies can borrow debt for less money and reinvest it to make the business more profitable.', 'Second, lower rates mean savings accounts and some other kinds of investments become less attractive, so investors tend to move their money towards things like stocks.', 'Compared to other central banks, the Fed is a bit late to the rate-cutting party.', 'Europe, the UK, New Zealand, and Canada have cut rates already, and so have many banks in emerging markets.', 'As for the Fed, it cuts or raises rates in response to two factors: inflation and employment.', 'In 2022, when the Fed started raising interest rates, officials were focussed on inflation and wanted to get consumer prices, then rising at the fastest pace since the 1980s, to stabilise.', 'A jump in rates tends to bring down prices by making it harder to borrow, so people spend less on everything from consumer goods to homes and business equipment.', ""But less demand also means the economy isn't growing as quickly, and if it slows too much and actually starts contracting then that’s a recession."", 'In the past, the US economy has often entered recession after a series of rate hikes, costing millions of people their jobs.', 'And over the last year, unemployment in the US has been ticking higher, as hiring slows sharply.', 'So did the Fed cut rates because it triumphed in its fight against inflation or because the economy is in peril?', ""Many analysts maintain it's the former."", 'Price inflation hit 2.5% in August.', ""Officials have said they're increasingly confident inflation is headed back to normal, so their attention is turning to the risks to the job market."", 'One factor officials have insisted does not inform into their decision is the election.', ""Republicans and Democrats have been watching this Fed's moves closely for two years, and a cut will likely help Democrats as the party in power."", 'But Fed chair Jerome Powell has said time and again that the bank is focused on economic data, not politics, in making its move.', 'The move was certainly unexpected.', 'Ahead of the meeting, analysts were divided about whether the Fed would announce a cut of 0.25 percentage points or go for a bigger, and more unusual, 0.5 percentage points cut.', 'Most believed a 0.25 percentage points cut was most likely, but that did not happen.', 'For a bank that has tried hard to telegraph its moves well in advance, the level of uncertainty was unusually high.']",0.0689256156258345,"A cut will bring some welcome relief to borrowers, though it will likely mean that some banks knock down the rates they are offering savers too.",So did the Fed cut rates because it triumphed in its fight against inflation or because the economy is in peril?,0.1043903231620788,"That rate has hovered around 5.3% for more than a year, the highest level since 2001, since jumping from near zero at the start of 2022.","Mortgage rates in the US have already dropped a bit, partially in anticipation of the move.",2024-09-18
"FanDuel parent Flutter looks for international growth with big acquisitions in Italy, Brazil",https://www.cnbc.com/2024/09/17/fanduel-parent-flutter-acquires-snaitech-nsx.html,2024-09-17T17:53:52+0000,"In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe's largest regulated market.""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world. Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023. But only about 21% of that came through online play.Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games. Flutter has been building up its presence in the country. It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share. Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing.The British gaming company's acquisition is only its latest to expand its international presence. Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.NSX operates Betnacional and other brands, and holds the No. 4 position in the Brazilian market.Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation. That will change Jan. 1, when new regulations and licensed gambling go into effect.Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.Flutter will face a lot of competition in the market.In Brazil, 113 companies have applied for licenses in a preferred application window. MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo. Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.",CNBC,17/09/2024,"['In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.', 'In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe\'s largest regulated market.', '""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world.', 'Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.', 'Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023.', 'But only about 21% of that came through online play.', 'Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games.', 'Flutter has been building up its presence in the country.', 'It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.', 'Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share.', 'Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.', ""The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing."", ""The British gaming company's acquisition is only its latest to expand its international presence."", 'Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.', 'NSX operates Betnacional and other brands, and holds the No.', '4 position in the Brazilian market.', 'Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.', 'The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation.', 'That will change Jan. 1, when new regulations and licensed gambling go into effect.', 'Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.', 'Flutter will face a lot of competition in the market.', 'In Brazil,113 companies have applied for licenses in a preferred application window.', ""MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo."", 'Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.', ""Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.""]",0.1927686915334574,"Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.","Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",0.985545684893926,"Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",,2024-09-18
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.",2024-09-18
US goes big with first interest rate cut in four years,https://www.bbc.co.uk/news/articles/cz04md0zdrno,2024-09-18T18:01:24.368Z,"The US central bank has lowered interest rates for the first time in more than four years with a bigger than usual cut. The Federal Reserve reduced the target for its key lending rate by 0.5 percentage points, to the range of 4.75%-5%.  Jerome Powell, the head of the bank, said the move was ""strong"" but that it was needed as price rises ease and job market concerns grow. It will be a relief to US borrowers, who have been dealing with the highest interest rates in more than two decades. Wednesday's cut was larger than many analysts had predicted just a week ago, and the bank's forecast signalled that rates could fall another half percentage point by the end of the year. Federal Reserve chair Jerome Powell said the aggressive action on Wednesday was intended to make sure that high borrowing costs, put in place to fight inflation, would not end up hurting the US economy.  ""The labour market is in a strong place - we want to keep it there,"" Mr Powell said. ""That's what we're doing."" The move by the Fed follows cuts by other central banks, including those in Europe, the UK, and Canada and a reduction was widely expected. But ahead of the meeting there was unusual uncertainty about how large a cut officials would approve.  ""Despite there being no significant economic woes on the radar, policy makers have decided to get ahead of the curve,"" said Isaac Stell, investment manager at Wealth Club, a UK investment service. ""Many may be left wondering what the Fed sees on the horizon to prompt such a bold move."" The Fed raised interest rates sharply starting in 2022, aiming to cool the economy and stabilise prices, which were then surging at the fastest pace since the 1980s. The moves, which rippled out to the public in form of more expensive mortgages, car loans and other debt, were intended to ease price pressures by reducing spending.  But as inflation, the rate at which prices rise, has subsided, officials have become more concerned about risks to the wider economy from high rates.  The unemployment rate in the US has climbed to 4.2% from 3.7% at the start of the year as hiring slowed.  Projections released after the meeting showed officials now see inflation falling faster and unemployment rising higher than they did in June, with the jobless rate expected to hit 4.4% by the end of the 2024. Mr Powell said the job market had been too hot last year, and he welcomed some cooling, but he denied that the Fed was worried about the start of a serious slowdown.   ""I do not see anything in the economy right now that suggests that the likelihood... of a downturn is elevated,"" he said. Over the three months to June, the US economy grew at an annual rate of 3%, the most recent Commerce Department figures show. Retail spending has also remained resilient.  Inflation, meanwhile, dropped to 2.5% in August, moving closer to the Fed's 2% target for the fifth month in a row.  One Fed governor - Michelle Bowman - voted against the move in the first such dissent since 2005. Historically the bank has announced interest rate cuts of 0.5 percentage points at moments of crisis such as the onset of the coronavirus pandemic or the 2008 financial crash.  But economist Randall Kroszner, a professor at the University of Chicago's Booth School of Business and a former governor of the Fed, said Wednesday's announcement was significant not because of the size of the cut but because it will kick off a new period of lower borrowing costs. ""One quarter of a percentage point one way or another - that's not going to break the US economy,"" he said.  ""It's really where they are headed both for the rest of the year, as well as in the intermediate and longer run."" The Fed had held its key rate - which it charges banks to borrow - steady since July 2023. Forecasts released by the Fed showed officials expect its key lending rate to drop to about 4.4% by the end of the year and 3.4% by the end of 2025. That is significantly lower than many were predicting as recently as June. Jennifer Heasley, the owner of Sweet Mama's Mambo Sauce in Pennsylvania, said she had been waiting anxiously for the Fed to act, after using credit cards to help pay for the expansion of business making barbecue-like sauce two years ago. ""My interest rates have gone up, so my monthly payments have increased tremendously,"" she said, noting that one card is now charging her 21%.  ""If you're buying a piece of equipment for $1,500 and you're putting that on a credit card - if you're not paying that off, you're accruing quite a bit of interest,"" she said.  ""For me, it is a big deal for them to start to come down."" The Dow Jones Industrial Average, the S&P 500 and the Nasdaq jumped after the initial announcement but ended the day modestly lower. Additional reporting by Michelle Fleury ",BBC,18/09/2024,"['The US central bank has lowered interest rates for the first time in more than four years with a bigger than usual cut.', 'The Federal Reserve reduced the target for its key lending rate by 0.5 percentage points, to the range of 4.75%-5%.', 'Jerome Powell, the head of the bank, said the move was ""strong"" but that it was needed as price rises ease and job market concerns grow.', 'It will be a relief to US borrowers, who have been dealing with the highest interest rates in more than two decades.', ""Wednesday's cut was larger than many analysts had predicted just a week ago, and the bank's forecast signalled that rates could fall another half percentage point by the end of the year."", 'Federal Reserve chair Jerome Powell said the aggressive action on Wednesday was intended to make sure that high borrowing costs, put in place to fight inflation, would not end up hurting the US economy. ""', 'The labour market is in a strong place - we want to keep it there,"" Mr Powell said. ""', 'That\'s what we\'re doing.""', 'The move by the Fed follows cuts by other central banks, including those in Europe, the UK, and Canada and a reduction was widely expected.', 'But ahead of the meeting there was unusual uncertainty about how large a cut officials would approve. ""', 'Despite there being no significant economic woes on the radar, policy makers have decided to get ahead of the curve,"" said Isaac Stell, investment manager at Wealth Club, a UK investment service. ""', 'Many may be left wondering what the Fed sees on the horizon to prompt such a bold move.""', 'The Fed raised interest rates sharply starting in 2022, aiming to cool the economy and stabilise prices, which were then surging at the fastest pace since the 1980s.', 'The moves, which rippled out to the public in form of more expensive mortgages, car loans and other debt, were intended to ease price pressures by reducing spending.', 'But as inflation, the rate at which prices rise, has subsided, officials have become more concerned about risks to the wider economy from high rates.', 'The unemployment rate in the US has climbed to 4.2% from 3.7% at the start of the year as hiring slowed.', 'Projections released after the meeting showed officials now see inflation falling faster and unemployment rising higher than they did in June, with the jobless rate expected to hit 4.4% by the end of the 2024.', 'Mr Powell said the job market had been too hot last year, and he welcomed some cooling, but he denied that the Fed was worried about the start of a serious slowdown. ""', 'I do not see anything in the economy right now that suggests that the likelihood... of a downturn is elevated,"" he said.', 'Over the three months to June, the US economy grew at an annual rate of 3%, the most recent Commerce Department figures show.', 'Retail spending has also remained resilient.', ""Inflation, meanwhile, dropped to 2.5% in August, moving closer to the Fed's 2% target for the fifth month in a row."", 'One Fed governor - Michelle Bowman - voted against the move in the first such dissent since 2005.', 'Historically the bank has announced interest rate cuts of 0.5 percentage points at moments of crisis such as the onset of the coronavirus pandemic or the 2008 financial crash.', 'But economist Randall Kroszner, a professor at the University of Chicago\'s Booth School of Business and a former governor of the Fed, said Wednesday\'s announcement was significant not because of the size of the cut but because it will kick off a new period of lower borrowing costs. ""', 'One quarter of a percentage point one way or another - that\'s not going to break the US economy,"" he said. ""', 'It\'s really where they are headed both for the rest of the year, as well as in the intermediate and longer run.""', 'The Fed had held its key rate - which it charges banks to borrow - steady since July 2023.', 'Forecasts released by the Fed showed officials expect its key lending rate to drop to about 4.4% by the end of the year and 3.4% by the end of 2025.', 'That is significantly lower than many were predicting as recently as June.', 'Jennifer Heasley, the owner of Sweet Mama\'s Mambo Sauce in Pennsylvania, said she had been waiting anxiously for the Fed to act, after using credit cards to help pay for the expansion of business making barbecue-like sauce two years ago. ""', 'My interest rates have gone up, so my monthly payments have increased tremendously,"" she said, noting that one card is now charging her 21%. ""', 'If you\'re buying a piece of equipment for $1,500 and you\'re putting that on a credit card - if you\'re not paying that off, you\'re accruing quite a bit of interest,"" she said. ""', 'For me, it is a big deal for them to start to come down.""', 'The Dow Jones Industrial Average, the S&P 500 and the Nasdaq jumped after the initial announcement but ended the day modestly lower.', 'Additional reporting by Michelle Fleury']",-0.006822227216116,"Jennifer Heasley, the owner of Sweet Mama's Mambo Sauce in Pennsylvania, said she had been waiting anxiously for the Fed to act, after using credit cards to help pay for the expansion of business making barbecue-like sauce two years ago. ""","Mr Powell said the job market had been too hot last year, and he welcomed some cooling, but he denied that the Fed was worried about the start of a serious slowdown. """,0.2796448256288256,"Over the three months to June, the US economy grew at an annual rate of 3%, the most recent Commerce Department figures show.","Inflation, meanwhile, dropped to 2.5% in August, moving closer to the Fed's 2% target for the fifth month in a row.",2024-09-18
"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.",2024-09-18
Train drivers accept pay deal bringing end to strikes in England,https://www.bbc.co.uk/news/articles/c0r8g244zggo,2024-09-18T11:28:36.438Z,"Train drivers have accepted a pay deal that will see the end of more than two years of strike action in England, Scotland and Wales. Aslef union members accepted an offer which included a 5% backdated pay rise for 2022-23, a 4.75% rise for 23-24, and a 4.5% increase for 24-25. The walk outs started due to a row over pay and working conditions. Union bosses sought better pay for drivers, but the previous Conservative government said changes to working practices were required in return. Industrial action has caused widespread disruption on the railways since strikes began in July 2022. The government and the union have refused to release an exact figure of what the average salary of a train driver will be following the pay rises. In 2023, the average wage was £60,055 per year, according to the Rail Delivery Group, which represents train companies. Based on the pay increases announced, the BBC has calculated an average salary is estimated to be about £69,000 in 2024/25. Aslef said that when compounded, the offer works out at 15%, is backdated, pensionable and includes drivers who retired or left the industry during the dispute. The breakthrough heralds the end of industrial action which saw drivers stage 18 strikes and take part in several overtime bans, leading to cancelled services.  Some strikes caused an almost complete shutdown of railway lines in England and some cross-border services, including during major sporting and public events. Mick Whelan said the vote marked the end of the longest train drivers' strike in history. ""It was not a fight we sought, or wanted. All we sought after five years without a pay rise, working for private companies who, throughout that period, declared millions of pounds in profits and dividends to shareholders, was a dent in the cost of living,"" he said.  But Mr Whelan, told the BBC the biggest issue was not pay, but rather 55 proposed changes to working terms and conditions that ended up being dropped from the deal.  The union has called the agreement a ""no-strings deal"", adding it was safeguarding working practices was something ""it was not willing to give away for nothing"". However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"". She said the end of the dispute was ""an important step towards fixing our railways and getting the country moving again"". Under the new Labour government, senior officials began direct pay talks with Aslef bosses in July. A major stumbling block which resulted in previous talks breaking down was due to proposed changes to working conditions.  Aslef rejected previous deals, arguing drivers were being asked to sacrifice too much in exchange for too low a wage rise.  But train companies and the previous Conservative government argued that changes to ways of working, for example to driver training and rosters were necessary to make the railway function more reliably and save money. They said hard-pressed taxpayers were having to contribute millions each week to keep services running. Conservative shadow transport secretary, Helen Whately, claimed the pay rise with ""‘no strings attached’ for reforms"" would ""do nothing to prevent strikes in future"". Whately said the government had ""failed to take responsibility"" and took an ""easier"" decision to "" say yes to the unions and have taxpayers pick up the bill"". A spokesperson for the Rail Delivery Group said it welcomed the news that the dispute had been resolved. ""The whole railway now needs to pull together and focus on delivering the best possible service for our customers,"" they added. The union, which claims to represent more than 21,000 train drivers, said 96.6% of its membership who voted backed the new offer. The turnout was 88.5%. Separately on Wednesday, The RMT union told the BBC it received new pay proposals from the government after pay talks, which included a 4.5% increase for Network Rail staff for 2024. It added its members working for train operating companies had been offered pay deals of 4.75% for 2023/24, and 4.5% for 2024/25. An RMT spokesperson confirmed the offers had been put to members to be voted on, and that it had recommended to accept them. ",BBC,18/09/2024,"['Train drivers have accepted a pay deal that will see the end of more than two years of strike action in England, Scotland and Wales.', 'Aslef union members accepted an offer which included a 5% backdated pay rise for 2022-23, a 4.75% rise for 23-24, and a 4.5% increase for 24-25.', 'The walk outs started due to a row over pay and working conditions.', 'Union bosses sought better pay for drivers, but the previous Conservative government said changes to working practices were required in return.', 'Industrial action has caused widespread disruption on the railways since strikes began in July 2022.', 'The government and the union have refused to release an exact figure of what the average salary of a train driver will be following the pay rises.', 'In 2023, the average wage was £60,055 per year, according to the Rail Delivery Group, which represents train companies.', 'Based on the pay increases announced, the BBC has calculated an average salary is estimated to be about £69,000 in 2024/25.', 'Aslef said that when compounded, the offer works out at 15%, is backdated, pensionable and includes drivers who retired or left the industry during the dispute.', 'The breakthrough heralds the end of industrial action which saw drivers stage 18 strikes and take part in several overtime bans, leading to cancelled services.', 'Some strikes caused an almost complete shutdown of railway lines in England and some cross-border services, including during major sporting and public events.', 'Mick Whelan said the vote marked the end of the longest train drivers\' strike in history. ""', 'It was not a fight we sought, or wanted.', 'All we sought after five years without a pay rise, working for private companies who, throughout that period, declared millions of pounds in profits and dividends to shareholders, was a dent in the cost of living,"" he said.', 'But Mr Whelan, told the BBC the biggest issue was not pay, but rather 55 proposed changes to working terms and conditions that ended up being dropped from the deal.', 'The union has called the agreement a ""no-strings deal"", adding it was safeguarding working practices was something ""it was not willing to give away for nothing"".', 'However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"".', 'She said the end of the dispute was ""an important step towards fixing our railways and getting the country moving again"".', 'Under the new Labour government, senior officials began direct pay talks with Aslef bosses in July.', 'A major stumbling block which resulted in previous talks breaking down was due to proposed changes to working conditions.', 'Aslef rejected previous deals, arguing drivers were being asked to sacrifice too much in exchange for too low a wage rise.', 'But train companies and the previous Conservative government argued that changes to ways of working, for example to driver training and rosters were necessary to make the railway function more reliably and save money.', 'They said hard-pressed taxpayers were having to contribute millions each week to keep services running.', 'Conservative shadow transport secretary, Helen Whately, claimed the pay rise with ""‘no strings attached’ for reforms"" would ""do nothing to prevent strikes in future"".', 'Whately said the government had ""failed to take responsibility"" and took an ""easier"" decision to "" say yes to the unions and have taxpayers pick up the bill"".', 'A spokesperson for the Rail Delivery Group said it welcomed the news that the dispute had been resolved. ""', 'The whole railway now needs to pull together and focus on delivering the best possible service for our customers,"" they added.', 'The union, which claims to represent more than 21,000 train drivers, said 96.6% of its membership who voted backed the new offer.', 'The turnout was 88.5%.', 'Separately on Wednesday, The RMT union told the BBC it received new pay proposals from the government after pay talks, which included a 4.5% increase for Network Rail staff for 2024.', 'It added its members working for train operating companies had been offered pay deals of 4.75% for 2023/24, and 4.5% for 2024/25.', 'An RMT spokesperson confirmed the offers had been put to members to be voted on, and that it had recommended to accept them.']",0.0140275824779678,"However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"".","Aslef rejected previous deals, arguing drivers were being asked to sacrifice too much in exchange for too low a wage rise.",0.3598199423990751,"However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"".","Whately said the government had ""failed to take responsibility"" and took an ""easier"" decision to "" say yes to the unions and have taxpayers pick up the bill"".",2024-09-17
"WNBA to add expansion team in Portland, bringing league to 15 franchises",https://www.cnbc.com/2024/09/18/wnba-to-add-expansion-team-in-portland-bringing-league-to-15-teams.html,2024-09-18T16:24:32+0000,"The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports. Lisa Bhathal Merage will be the controlling owner and governor.""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans.""The Portland team will play in the Moda Center, the same arena as the NBA's Portland Trailblazers.The WNBA is in growth mode as its popularity spikes. The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.Portland has had a WNBA team before, but it shut down after a few years in 2002. The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general. The National Women's Soccer League is also in expansion mode and has added several teams since 2022.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season. The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.",CNBC,18/09/2024,"['The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.', 'The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports.', 'Lisa Bhathal Merage will be the controlling owner and governor.', '""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""', ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans."", '""The Portland team will play in the Moda Center, the same arena as the NBA\'s Portland Trailblazers.', 'The WNBA is in growth mode as its popularity spikes.', 'The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.', 'Portland has had a WNBA team before, but it shut down after a few years in 2002.', ""The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general."", ""The National Women's Soccer League is also in expansion mode and has added several teams since 2022.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season."", ""The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal."", 'In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.']",0.3232982234656759,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,0.997397756576538,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,2024-09-17
Google scores rare legal win as 1.49bn euro fine scrapped,https://www.bbc.co.uk/news/articles/c62rjd363j1o,2024-09-18T08:20:42.682Z,"Google has won its challenge against a €1.49bn (£1.26bn) fine from the EU for blocking rival online search advertisers. The bloc accused Google of abusing its market dominance by restricting third-party rivals from displaying search ads between 2006 and 2016. Europe's second-top court ruled the European Commission - which levied the fine - ""committed errors in its assessment"". The Commission said it would ""reflect on possible next steps"", which could include an appeal to the EU's top court. Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""We will review the full decision closely,"" it added. It is a rare win for the tech giant, which was hit with fines worth a total of 8.2 billion euros between 2017 and 2019 over antitrust violations.  It failed in its attempt to have one of those fines overturned last week. It is not just in under Europe where it is under pressure over its highly lucrative ad tech business. Earlier this month, the UK's Competition and Markets Authority (CMA) provisionally found it used anti-competitive practices to dominate the market. The US government is also taking the tech giant to court over the same issue, with prosecutors alleging its parent company, Alphabet, illegally operates a monopoly in the market. Alphabet has argued its market dominance is due to the effectiveness of its products. This case revolved around Google's AdSense product, which delivers adverts to websites - making Google almost like a broker for ads. The Commission concluded Google had abused its dominance to prevent websites from using brokers other than AdSense when they were seeking adverts for their web pages.  It said the firm then added other ""restrictive"" clauses to its contracts to reinforce its market dominance - and levied a €1.49bn fine as a penalty. In its ruling, the EU's General Court upheld the majority of the Commission’s findings - but annulled the decision by which the Commission imposed the fine It said the Commission had not considered ""all the relevant circumstances"" concerning the contract clauses and how it defined the market. Because of this, it ruled the Commission did not establish ""an abuse of dominant position."" ",BBC,18/09/2024,"['Google has won its challenge against a €1.49bn (£1.26bn) fine from the EU for blocking rival online search advertisers.', 'The bloc accused Google of abusing its market dominance by restricting third-party rivals from displaying search ads between 2006 and 2016.', 'Europe\'s second-top court ruled the European Commission - which levied the fine - ""committed errors in its assessment"".', 'The Commission said it would ""reflect on possible next steps"", which could include an appeal to the EU\'s top court.', 'Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""', 'We will review the full decision closely,"" it added.', 'It is a rare win for the tech giant, which was hit with fines worth a total of 8.2 billion euros between 2017 and 2019 over antitrust violations.', 'It failed in its attempt to have one of those fines overturned last week.', 'It is not just in under Europe where it is under pressure over its highly lucrative ad tech business.', ""Earlier this month, the UK's Competition and Markets Authority (CMA) provisionally found it used anti-competitive practices to dominate the market."", 'The US government is also taking the tech giant to court over the same issue, with prosecutors alleging its parent company, Alphabet, illegally operates a monopoly in the market.', 'Alphabet has argued its market dominance is due to the effectiveness of its products.', ""This case revolved around Google's AdSense product, which delivers adverts to websites - making Google almost like a broker for ads."", 'The Commission concluded Google had abused its dominance to prevent websites from using brokers other than AdSense when they were seeking adverts for their web pages.', 'It said the firm then added other ""restrictive"" clauses to its contracts to reinforce its market dominance - and levied a €1.49bn fine as a penalty.', 'In its ruling, the EU\'s General Court upheld the majority of the Commission’s findings - but annulled the decision by which the Commission imposed the fine It said the Commission had not considered ""all the relevant circumstances"" concerning the contract clauses and how it defined the market.', 'Because of this, it ruled the Commission did not establish ""an abuse of dominant position.""']",-0.0140150421123033,"Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""","Because of this, it ruled the Commission did not establish ""an abuse of dominant position.""",-0.089628001054128,"Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""","Earlier this month, the UK's Competition and Markets Authority (CMA) provisionally found it used anti-competitive practices to dominate the market.",2024-09-17
"Brexit deal impact 'worsening', economists say",https://www.bbc.co.uk/news/articles/cd988p00z1no,2024-09-16T23:02:19.836Z,"Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned. Many smaller UK producers have given up exporting small amounts to the EU after facing more rules and regulations, a report by Aston University Business School has found. Between 2021 and 2023, the study calculated that UK goods exports to the EU were down 27% and imported goods were 32% lower than where they would have been had Brexit not happened.  The report does not include the service sector, which has performed better than many experts had expected since Brexit.  The variety of trade export goods has also dropped, the study found, with 1,645 fewer types of British products exported to every EU country.  The authors said this is due to smaller British producers giving up on exporting consignments to some EU nations after facing increased red tape. Mary Quicke of Quicke's Cheeses in Devon told the BBC's Today programme that she had found it ""really, really difficult to deal with all the regulatory burdens"". She said she used to supply four customers directly in the EU but ""we had to give them away to somebody else"". ""We just don't have the people to do the paperwork.” Adam Sopher, the co-founder and chief executive of Joe & Seph’s popcorn, has also found post-Brexit regulations a burden. He set up the company 13 years ago and it now has an £8m turnover with 70 employees. He said Brexit was “initially very challenging. We were being asked for vet certificates for caramel popcorn because it contains butter"". Pre-Brexit, individuals, cinemas and retail stores in the EU could order popcorn online and they could send it by Royal Mail or a courier service, but then “all of it came to a grinding halt”. Brexit has led to “huge amount of extra costs because of the added administration”, he said. Bulk deliveries to the EU have recovered, but where it used to cost about £130 per pallet previously, it now costs £230-£250 predominately due to red tape and administrative fees. “There’s a huge amount of opportunity for growth if these rules can be improved,” he said. The report said that the ""negative impacts of the [trade agreement] have intensified over time, with 2023 showing more pronounced trade declines than previous years"". Jun Du, one of the authors of the research, told the BBC there had been an increase in regulations such as ""product standards, safety checks and labeling requirements"". ""While these measures do protect consumers, competition and the environment, they also increasingly bring difficulties and costs for the traders,"" she said. Agrifood, textiles and materials manufacturing (wood and paper) have been hardest hit, according to the study. Trade with more distant countries in the EU has also been impacted the most, including Commonwealth allies such as Cyprus and Malta. However, the report's authors say a small number of sectors have proven resilient, especially in terms of exports to bigger EU economies such as Germany and France. The tobacco, railway and aircraft sectors saw increases in the variety of exports to EU nations.  A government spokesperson said it will ""work to improve our trade and investment relationship with the EU and tear down unnecessary trade barriers, while recognising that there will be no return to the single market, customs union or freedom of movement"". The BBC understands that in recent meetings with government, business representatives were invited to contribute early ideas on “resetting” the trade relationship with the EU, with a focus on “economic security”. Progress is unlikely until next year, when the new European Commission is firmly established, and the UK has itself completed new industrial and trade strategies. ",BBC,16/09/2024,"['Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned.', 'Many smaller UK producers have given up exporting small amounts to the EU after facing more rules and regulations, a report by Aston University Business School has found.', 'Between 2021 and 2023, the study calculated that UK goods exports to the EU were down 27% and imported goods were 32% lower than where they would have been had Brexit not happened.', 'The report does not include the service sector, which has performed better than many experts had expected since Brexit.', 'The variety of trade export goods has also dropped, the study found, with 1,645 fewer types of British products exported to every EU country.', 'The authors said this is due to smaller British producers giving up on exporting consignments to some EU nations after facing increased red tape.', 'Mary Quicke of Quicke\'s Cheeses in Devon told the BBC\'s Today programme that she had found it ""really, really difficult to deal with all the regulatory burdens"".', 'She said she used to supply four customers directly in the EU but ""we had to give them away to somebody else"". ""', ""We just don't have the people to do the paperwork.”"", 'Adam Sopher, the co-founder and chief executive of Joe & Seph’s popcorn, has also found post-Brexit regulations a burden.', 'He set up the company 13 years ago and it now has an £8m turnover with 70 employees.', 'He said Brexit was “initially very challenging.', 'We were being asked for vet certificates for caramel popcorn because it contains butter"".', 'Pre-Brexit, individuals, cinemas and retail stores in the EU could order popcorn online and they could send it by Royal Mail or a courier service, but then “all of it came to a grinding halt”.', 'Brexit has led to “huge amount of extra costs because of the added administration”, he said.', 'Bulk deliveries to the EU have recovered, but where it used to cost about £130 per pallet previously, it now costs £230-£250 predominately due to red tape and administrative fees. “', 'There’s a huge amount of opportunity for growth if these rules can be improved,” he said.', 'The report said that the ""negative impacts of the [trade agreement] have intensified over time, with 2023 showing more pronounced trade declines than previous years"".', 'Jun Du, one of the authors of the research, told the BBC there had been an increase in regulations such as ""product standards, safety checks and labeling requirements"". ""', 'While these measures do protect consumers, competition and the environment, they also increasingly bring difficulties and costs for the traders,"" she said.', 'Agrifood, textiles and materials manufacturing (wood and paper) have been hardest hit, according to the study.', 'Trade with more distant countries in the EU has also been impacted the most, including Commonwealth allies such as Cyprus and Malta.', ""However, the report's authors say a small number of sectors have proven resilient, especially in terms of exports to bigger EU economies such as Germany and France."", 'The tobacco, railway and aircraft sectors saw increases in the variety of exports to EU nations.', 'A government spokesperson said it will ""work to improve our trade and investment relationship with the EU and tear down unnecessary trade barriers, while recognising that there will be no return to the single market, customs union or freedom of movement"".', 'The BBC understands that in recent meetings with government, business representatives were invited to contribute early ideas on “resetting” the trade relationship with the EU, with a focus on “economic security”.', 'Progress is unlikely until next year, when the new European Commission is firmly established, and the UK has itself completed new industrial and trade strategies.']",0.0868544662356254,"There’s a huge amount of opportunity for growth if these rules can be improved,” he said.","Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned.",-0.294556200504303,"The tobacco, railway and aircraft sectors saw increases in the variety of exports to EU nations.","Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned.",2024-09-17
Carbon emissions: Publishers try skinnier books to cut CO2,https://www.bbc.co.uk/news/articles/c24pqrvvll9o,2024-09-16T23:07:06.932Z,"A typical paperback book accounts for around 1kg of carbon dioxide, according to sustainability expert Mike Berners-Lee. Perhaps that does not sound like much. But in the US alone, where 767 million paperback books were sold in 2023, this is equivalent to the electricity use of more than 150,000 homes for a year. Forest loss, paper production and printing, and transport of books are generally the largest contributors to the carbon emissions of printed books. So, using less wood fibre, and shipping lighter loads, are important ways to reduce the emissions of print books (as well as the costs of producing them). One simple method is reducing the thickness of the paper. Some publishers are turning to subtly thinner paper. There are limits to this: the most lightweight paper may be less durable. And for certain types of books, including art books, there’s a preference for heavier paper. Yet between these extremes, most readers are unlikely to notice the difference. Nor would most readers notice the design tweaks that allow more text to fit onto each page - as long as designers ensure that the text remains easy to read. The publisher HarperCollins has experimented with compact typefaces that require less ink and paper. This has resulted in savings of hundreds of millions of pages. A leader in this field is Sustainable Typesetting, a project of the design and typesetting company 2K/DENMARK. One of the company’s focus areas is complex typesetting for long texts, including Bibles. Andreas Stobberup, project lead at 2K/DENMARK, says that Sustainable Typesetting can achieve page count reductions of up to 50%, although he recommends less dramatic changes for novels. While it’s common to simply increase the point size to make text easier to read, Mr Stobberup says that readability is actually determined by x-height. The x-height is the height of most lowercase letters in the Latin alphabet, and makes up nearly all of the printed marks on a page. The x-height can be increased without enlarging all of the text. For many designers, increasing the x-height is key to increasing legibility  . One of the typefaces 2K/DENMARK has designed is called Sustainable Serif. This has a larger x-height than, for instance, the popular typeface Garamond. Compared to Sustainable Serif at 12 point size, “for Garamond to have the same size of the letter, it has to be scaled up to 15.2 point size,” Mr Stobberup says. Typefaces like Garamond also have thinner lines and strokes, which can fade on the page as point size is reduced. Sustainable Serif has thicker strokes. Reducing point size is not always the optimal way to reduce the physical size of a book, Mr Stobberup emphasises. Perhaps some lessons can be drawn from large print books, which are aimed at older readers or those with visual impairments. They feature larger point sizes, which can lead to bigger books. But other design features of large print books include more blocked letters and, if images are involved, more attention to the contrast between the foreground and the background. “It’s a totally different typeface,” says Greg Stilson, head of global technology innovation for the American Printing House for the Blind. Mr Stobberup concedes that incorporating such design in regular books ""will not look as aesthetic"". But he believes that most readers will not care about the typeface used for the bulk of the book. Meanwhile, more artistic fonts could be used on places like book covers. And the savings might well justify the change - according to Mr Stobberup, a 20% reduction in pages would be equivalent to a roughly 20% reduction in carbon emissions. However, the saving depends on many factors, including the size of the print run, the type of energy used for printing, the transport distances, and even the ink used. Then there’s the word count: a textbook or Bible can achieve more drastic reductions in weight than a book of poetry. Mr Stobberup is keenly aware of the financial pressures affecting the publishing industry. “We need to make sustainability cheaper,” he says. “We simply need to show that we don’t think it’s a compromise. We think it’s a better product.” David Miller is the president and publisher of Island Press, a small non-profit publisher of environment-themed nonfiction. Printing costs have soared in the last few years, he says. The Covid-19 pandemic led to supply chain issues. Meanwhile, paper manufacturers have been switching over to making cardboard due to the boom in the delivery businesses. This has driven up the expense of producing books. In some cases Island Press has simply had to absorb the extra costs itself rather than passing them onto consumers, according to Mr Miller. Initially he wasn’t sure about Sustainable Typesetting. But after seeing that a 19% reduction in pages could lead to at least a 10% cost savings, while readability actually improved, Mr Miller has become a fan. Sustainable Typesetting has been applied to two Island Press books published so far. And he’s interested in going even further than a 19% trimming. Mr Miller calls this a technology that is “only starting to poke its nose out behind the door” within different segments of the publishing industry. “It’s a sort of revolution in thinking about what typography can be and how it can be put to use in a very productive way.” ",BBC,16/09/2024,"['A typical paperback book accounts for around 1kg of carbon dioxide, according to sustainability expert Mike Berners-Lee.', 'Perhaps that does not sound like much.', 'But in the US alone, where 767 million paperback books were sold in 2023, this is equivalent to the electricity use of more than 150,000 homes for a year.', 'Forest loss, paper production and printing, and transport of books are generally the largest contributors to the carbon emissions of printed books.', 'So, using less wood fibre, and shipping lighter loads, are important ways to reduce the emissions of print books (as well as the costs of producing them).', 'One simple method is reducing the thickness of the paper.', 'Some publishers are turning to subtly thinner paper.', 'There are limits to this: the most lightweight paper may be less durable.', 'And for certain types of books, including art books, there’s a preference for heavier paper.', 'Yet between these extremes, most readers are unlikely to notice the difference.', 'Nor would most readers notice the design tweaks that allow more text to fit onto each page - as long as designers ensure that the text remains easy to read.', 'The publisher HarperCollins has experimented with compact typefaces that require less ink and paper.', 'This has resulted in savings of hundreds of millions of pages.', 'A leader in this field is Sustainable Typesetting, a project of the design and typesetting company 2K/DENMARK.', 'One of the company’s focus areas is complex typesetting for long texts, including Bibles.', 'Andreas Stobberup, project lead at 2K/DENMARK, says that Sustainable Typesetting can achieve page count reductions of up to 50%, although he recommends less dramatic changes for novels.', 'While it’s common to simply increase the point size to make text easier to read, Mr Stobberup says that readability is actually determined by x-height.', 'The x-height is the height of most lowercase letters in the Latin alphabet, and makes up nearly all of the printed marks on a page.', 'The x-height can be increased without enlarging all of the text.', 'For many designers, increasing the x-height is key to increasing legibility .', 'One of the typefaces 2K/DENMARK has designed is called Sustainable Serif.', 'This has a larger x-height than, for instance, the popular typeface Garamond.', 'Compared to Sustainable Serif at 12 point size, “for Garamond to have the same size of the letter, it has to be scaled up to 15.2 point size,” Mr Stobberup says.', 'Typefaces like Garamond also have thinner lines and strokes, which can fade on the page as point size is reduced.', 'Sustainable Serif has thicker strokes.', 'Reducing point size is not always the optimal way to reduce the physical size of a book, Mr Stobberup emphasises.', 'Perhaps some lessons can be drawn from large print books, which are aimed at older readers or those with visual impairments.', 'They feature larger point sizes, which can lead to bigger books.', 'But other design features of large print books include more blocked letters and, if images are involved, more attention to the contrast between the foreground and the background. “', 'It’s a totally different typeface,” says Greg Stilson, head of global technology innovation for the American Printing House for the Blind.', 'Mr Stobberup concedes that incorporating such design in regular books ""will not look as aesthetic"".', 'But he believes that most readers will not care about the typeface used for the bulk of the book.', 'Meanwhile, more artistic fonts could be used on places like book covers.', 'And the savings might well justify the change - according to Mr Stobberup, a 20% reduction in pages would be equivalent to a roughly 20% reduction in carbon emissions.', 'However, the saving depends on many factors, including the size of the print run, the type of energy used for printing, the transport distances, and even the ink used.', 'Then there’s the word count: a textbook or Bible can achieve more drastic reductions in weight than a book of poetry.', 'Mr Stobberup is keenly aware of the financial pressures affecting the publishing industry. “', 'We need to make sustainability cheaper,” he says. “', 'We simply need to show that we don’t think it’s a compromise.', 'We think it’s a better product.”', 'David Miller is the president and publisher of Island Press, a small non-profit publisher of environment-themed nonfiction.', 'Printing costs have soared in the last few years, he says.', 'The Covid-19 pandemic led to supply chain issues.', 'Meanwhile, paper manufacturers have been switching over to making cardboard due to the boom in the delivery businesses.', 'This has driven up the expense of producing books.', 'In some cases Island Press has simply had to absorb the extra costs itself rather than passing them onto consumers, according to Mr Miller.', 'Initially he wasn’t sure about Sustainable Typesetting.', 'But after seeing that a 19% reduction in pages could lead to at least a 10% cost savings, while readability actually improved, Mr Miller has become a fan.', 'Sustainable Typesetting has been applied to two Island Press books published so far.', 'And he’s interested in going even further than a 19% trimming.', 'Mr Miller calls this a technology that is “only starting to poke its nose out behind the door” within different segments of the publishing industry. “', 'It’s a sort of revolution in thinking about what typography can be and how it can be put to use in a very productive way.”']",0.0906772154425996,Nor would most readers notice the design tweaks that allow more text to fit onto each page - as long as designers ensure that the text remains easy to read.,But he believes that most readers will not care about the typeface used for the bulk of the book.,0.4698555925313164,"But after seeing that a 19% reduction in pages could lead to at least a 10% cost savings, while readability actually improved, Mr Miller has become a fan.",This has driven up the expense of producing books.,2024-09-17
What will happen when VAT is added to private school fees?,https://www.bbc.co.uk/news/articles/cje30vq7yypo,2024-09-18T00:10:51.902Z,"Big changes are coming for the UK’s private schools. From January next year, they will no longer be exempt from paying 20% VAT, and the 80% business rate discount will also be removed for independent schools in England that operate as charities. It’s hard to know quite what will happen because there’s no real precedent for such a move in the UK. Two central questions are how big a reduction in the numbers of children going private will be and whether the state sector is ready to provide for those who would otherwise have gone private. Nowhere is the debate fiercer than in Edinburgh. It has one of the highest concentrations of privately educated children in the country - 21% of secondary pupils, by one measure. This is well above the 5.9% UK average for all schools. One of them is George Heriot's School. Squint and it could be Hogwarts. Long believed to have been the inspiration for the school in Harry Potter, George Heriot’s has stood for nearly 400 years, commanding spellbinding views of Edinburgh Castle and accruing an impressive list of former pupils. The building's imposing façade and domed turrets may make it seem as though the school is impervious to change, but today it’s in the crosshairs of the plans by the new Labour government to raise taxes on private schools. “It is keeping people awake at night, for sure,” explained Louise Gibson, who has three children at Heriot’s, where senior school fees are currently £17,426 a year. Mrs Gibson, who is self-employed and runs her own recruitment company, will have to pay an extra £700 a month if the school passes on the full VAT rise to parents. “I’m not pretending we are one of the families worst affected, but we’ll have to massively reduce our consumer spending,” she said, and added that she’ll be cutting back on holidays and paying into her pension. George Heriot’s had already increased fees by 6% for the 2024/25 year, and while it’s unclear what will happen with the VAT increase, the last letter it sent to parents suggested the school won’t absorb all of those costs. Mrs Gibson set up a Facebook group for parents concerned about the fee hike, which attracted more than 1,000 followers in the first day. It’s littered with comments from parents despairing at the policy and wondering how they will afford the increase. “I’m realistic, I don’t think there is much sympathy for people in this situation, but there is a real lack of understanding of private schools and the people who go there,” she said. “There are plenty of families at these schools who don’t go on foreign holidays, who scrimp and save to pay for children to go to them because they feel it is the right thing for them – and that choice is now under threat.” Research by the Institute for Fiscal Studies (IFS) think tank in 2022 said 75% of children at private school came from families in the wealthiest 30% of households, with most of those coming from the richest 10% of households. Despite parents' concerns, the IFS has this year said predictions the VAT policy spells the end for independent schools are wide of the mark. The IFS predicts the VAT hike will lead to a reduction in private school attendance of somewhere between 3% and 7%. But this figure is disputed. The Independent Schools Council points to a 2018 report, drawn from surveys of tens of thousands of parents in around 150 UK private schools, which suggested 10.7% of pupils were likely to be withdrawn by the end of the first year of VAT being introduced, with a further 6.4% drop-off over the next four years. In truth, it remains unknown just how many parents will pull their children out of private school or will be put off sending their children to them in the first place. The IFS report found the number of private school pupils has been largely stable in recent years despite what it says was a 20% real-terms increase in average private school fees since 2010, and a 55% rise since 2003. In Edinburgh, many of its private schools have put their fees up at above-inflation rates in recent years. George Watson’s College, Scotland’s largest private school, is one high-profile example, after it announced a 9% rise in May. However, this has not deterred many parents. Fettes and Merchiston, Edinburgh’s most expensive schools, have boarders and attract both UK and international students. Around 20% of pupils at the schools are from neighbouring local authorities and commute to Edinburgh - with some filling coaches of pupils every day. A decade ago, warnings were being issued about how private school was an increasingly unaffordable option for many in the UK, with increasing numbers of students coming from overseas and fees have continued to climb ever since. In 2021, figures showed that school fees had grown 20% beyond inflation since 2009. However, student numbers have not diminished as a result. Stuart Adam, a senior economist at the IFS, said most people paying school fees have simply been able to absorb these increases as they are wealthy. He said: “We have seen this huge rise in fees and we haven’t seen a massive shrinkage of the sector which might suggest that the price of private education going up does not drive people out in large numbers."" The IFS estimates the policy will generate an extra £1.3 to £1.5bn for the UK government. Mr Adam says it reached this figure by calculating that parents who stop spending their money on private school fees will eventually spend the extra money on other goods and services, generating extra VAT revenue. The spectre of state schools unable to absorb an influx of children who would otherwise have been at private school has been raised by some of those critical of Labour’s policy. According to the IFS, an ongoing decline in birth rates means there will be fewer children who need to fill school places - this is predicted to be a drop of 700,000 pupil places between now and 2030. “The birth rate and the number of kids at school is going to fall by quite a bit in the coming years so actually even if there is a large number of people moving from the private to state sector then that’s only going to fill in a fraction of the gap in state school places caused by the previous fall in the birth rate,” he said. Mr Adam acknowledged the one big caveat to this drop is the reduction will not fall evenly across the UK, adding “geographically there might be pinch points where it is an issue”. It is this issue of pinch points which will be the acid test of the VAT policy in Edinburgh. The city’s most in-demand state schools are in catchment areas with significant numbers of children who attend private schools. So if even a modest number of the 9,310 pupils privately educated in Edinburgh move to the state sector, would it bring more pressures than in an area with a smaller population of private school kids? Louise Gibson says she enquired about spaces at her local state school but was told there is no room. But according to the minority Labour administration which runs the City of Edinburgh Council, a capacity review of its school pupil numbers published in April found the equivalent of an additional 3,700 places which can be created, with overall capacity for 12,700 more pupils across the city. The methodology for this review included space-creating ideas such as an end to the traditional ‘one classroom, one teacher’ approach” and it has been met with scepticism by the teachers and parents at the busiest of schools. The local authority has started on extensions and planned new-builds to create extra space in areas where people are moving into new housing developments. It’s unclear exactly how many children will be able to be absorbed as a result of these changes. The school Mrs Gibson was trying to get her children into currently does indeed have no spaces and a waiting list. However by the start of the 2025 academic year it is theoretically meant to have 140 extra spaces. It is not known how many of those extra spaces will immediately be filled. Her experience would suggest there are pinch points where local state schools are not able to easily absorb any extra pupils who would otherwise have gone to private school. But there is going to be more overall space in state schools in the coming years as the effect of the ‘baby boom’ of the early 2000s peters out. The row over VAT on private school fees will likely be a worry for some, with a legal challenge to the policy expected. But Francis Green, professor of work and education economics at University College London, said the “hullabaloo” about the policy is out of kilter given the amount it is projected to raise - 2.6% of the £57bn England schools budget. “The policy has acquired a symbolic significance, almost beyond its practical impact,” he said. Chancellor Rachel Reeves has said the money raised will be spent in the state education sector across the UK, including funding 6,500 new teachers in England. The extra levies on fee-paying schools mean most will put their fees up - and by how much is up to them. Eton College, arguably the most famous private school in Britain, has announced it will pass on the full 20% increase to parents, making its annual fees £63,000. But other organisations have opted to pass on a lower proportion of the cost to parents.  Top picture credit: Getty  At George Heriot’s School – which was founded in the 17th century to provide for some of Edinburgh’s poorest children – Mrs Gibson claimed a “pain point where people will not be able to afford to go beyond” will arrive with the fee increase. Edinburgh’s status as Scotland’s epicentre of private schools, and the prestigious people who studied at those schools, have helped it maintain its reputation as Scotland’s place of power and wealth. It’s maintained this for centuries with little disruption, so the VAT change is potentially a challenge. With the projected fall in the school-age population, it appears the challenge for the state sector to accommodate potential extra children is one, local pinch points excepted, that it can largely manage. Top picture credit: Getty Images BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists. Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world. And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too. We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below. ",BBC,18/09/2024,"['Big changes are coming for the UK’s private schools.', 'From January next year, they will no longer be exempt from paying 20% VAT, and the 80% business rate discount will also be removed for independent schools in England that operate as charities.', 'It’s hard to know quite what will happen because there’s no real precedent for such a move in the UK.', 'Two central questions are how big a reduction in the numbers of children going private will be and whether the state sector is ready to provide for those who would otherwise have gone private.', 'Nowhere is the debate fiercer than in Edinburgh.', 'It has one of the highest concentrations of privately educated children in the country - 21% of secondary pupils, by one measure.', 'This is well above the 5.9% UK average for all schools.', ""One of them is George Heriot's School."", 'Squint and it could be Hogwarts.', 'Long believed to have been the inspiration for the school in Harry Potter, George Heriot’s has stood for nearly 400 years, commanding spellbinding views of Edinburgh Castle and accruing an impressive list of former pupils.', ""The building's imposing façade and domed turrets may make it seem as though the school is impervious to change, but today it’s in the crosshairs of the plans by the new Labour government to raise taxes on private schools. “"", 'It is keeping people awake at night, for sure,” explained Louise Gibson, who has three children at Heriot’s, where senior school fees are currently £17,426 a year.', 'Mrs Gibson, who is self-employed and runs her own recruitment company, will have to pay an extra £700 a month if the school passes on the full VAT rise to parents. “', 'I’m not pretending we are one of the families worst affected, but we’ll have to massively reduce our consumer spending,” she said, and added that she’ll be cutting back on holidays and paying into her pension.', 'George Heriot’s had already increased fees by 6% for the 2024/25 year, and while it’s unclear what will happen with the VAT increase, the last letter it sent to parents suggested the school won’t absorb all of those costs.', 'Mrs Gibson set up a Facebook group for parents concerned about the fee hike, which attracted more than 1,000 followers in the first day.', 'It’s littered with comments from parents despairing at the policy and wondering how they will afford the increase. “', 'I’m realistic, I don’t think there is much sympathy for people in this situation, but there is a real lack of understanding of private schools and the people who go there,” she said. “', 'There are plenty of families at these schools who don’t go on foreign holidays, who scrimp and save to pay for children to go to them because they feel it is the right thing for them – and that choice is now under threat.”', 'Research by the Institute for Fiscal Studies (IFS) think tank in 2022 said 75% of children at private school came from families in the wealthiest 30% of households, with most of those coming from the richest 10% of households.', ""Despite parents' concerns, the IFS has this year said predictions the VAT policy spells the end for independent schools are wide of the mark."", 'The IFS predicts the VAT hike will lead to a reduction in private school attendance of somewhere between 3% and 7%.', 'But this figure is disputed.', 'The Independent Schools Council points to a 2018 report, drawn from surveys of tens of thousands of parents in around 150 UK private schools, which suggested 10.7% of pupils were likely to be withdrawn by the end of the first year of VAT being introduced, with a further 6.4% drop-off over the next four years.', 'In truth, it remains unknown just how many parents will pull their children out of private school or will be put off sending their children to them in the first place.', 'The IFS report found the number of private school pupils has been largely stable in recent years despite what it says was a 20% real-terms increase in average private school fees since 2010, and a 55% rise since 2003.', 'In Edinburgh, many of its private schools have put their fees up at above-inflation rates in recent years.', 'George Watson’s College, Scotland’s largest private school, is one high-profile example, after it announced a 9% rise in May.', 'However, this has not deterred many parents.', 'Fettes and Merchiston, Edinburgh’s most expensive schools, have boarders and attract both UK and international students.', 'Around 20% of pupils at the schools are from neighbouring local authorities and commute to Edinburgh - with some filling coaches of pupils every day.', 'A decade ago, warnings were being issued about how private school was an increasingly unaffordable option for many in the UK, with increasing numbers of students coming from overseas and fees have continued to climb ever since.', 'In 2021, figures showed that school fees had grown 20% beyond inflation since 2009.', 'However, student numbers have not diminished as a result.', 'Stuart Adam, a senior economist at the IFS, said most people paying school fees have simply been able to absorb these increases as they are wealthy.', 'He said: “We have seen this huge rise in fees and we haven’t seen a massive shrinkage of the sector which might suggest that the price of private education going up does not drive people out in large numbers.""', 'The IFS estimates the policy will generate an extra £1.3 to £1.5bn for the UK government.', 'Mr Adam says it reached this figure by calculating that parents who stop spending their money on private school fees will eventually spend the extra money on other goods and services, generating extra VAT revenue.', 'The spectre of state schools unable to absorb an influx of children who would otherwise have been at private school has been raised by some of those critical of Labour’s policy.', 'According to the IFS, an ongoing decline in birth rates means there will be fewer children who need to fill school places - this is predicted to be a drop of 700,000 pupil places between now and 2030. “', 'The birth rate and the number of kids at school is going to fall by quite a bit in the coming years so actually even if there is a large number of people moving from the private to state sector then that’s only going to fill in a fraction of the gap in state school places caused by the previous fall in the birth rate,” he said.', 'Mr Adam acknowledged the one big caveat to this drop is the reduction will not fall evenly across the UK, adding “geographically there might be pinch points where it is an issue”.', 'It is this issue of pinch points which will be the acid test of the VAT policy in Edinburgh.', 'The city’s most in-demand state schools are in catchment areas with significant numbers of children who attend private schools.', 'So if even a modest number of the 9,310 pupils privately educated in Edinburgh move to the state sector, would it bring more pressures than in an area with a smaller population of private school kids?', 'Louise Gibson says she enquired about spaces at her local state school but was told there is no room.', 'But according to the minority Labour administration which runs the City of Edinburgh Council, a capacity review of its school pupil numbers published in April found the equivalent of an additional 3,700 places which can be created, with overall capacity for 12,700 more pupils across the city.', 'The methodology for this review included space-creating ideas such as an end to the traditional ‘one classroom, one teacher’ approach” and it has been met with scepticism by the teachers and parents at the busiest of schools.', 'The local authority has started on extensions and planned new-builds to create extra space in areas where people are moving into new housing developments.', 'It’s unclear exactly how many children will be able to be absorbed as a result of these changes.', 'The school Mrs Gibson was trying to get her children into currently does indeed have no spaces and a waiting list.', 'However by the start of the 2025 academic year it is theoretically meant to have 140 extra spaces.', 'It is not known how many of those extra spaces will immediately be filled.', 'Her experience would suggest there are pinch points where local state schools are not able to easily absorb any extra pupils who would otherwise have gone to private school.', 'But there is going to be more overall space in state schools in the coming years as the effect of the ‘baby boom’ of the early 2000s peters out.', 'The row over VAT on private school fees will likely be a worry for some, with a legal challenge to the policy expected.', 'But Francis Green, professor of work and education economics at University College London, said the “hullabaloo” about the policy is out of kilter given the amount it is projected to raise - 2.6% of the £57bn England schools budget. “', 'The policy has acquired a symbolic significance, almost beyond its practical impact,” he said.', 'Chancellor Rachel Reeves has said the money raised will be spent in the state education sector across the UK, including funding 6,500 new teachers in England.', 'The extra levies on fee-paying schools mean most will put their fees up - and by how much is up to them.', 'Eton College, arguably the most famous private school in Britain, has announced it will pass on the full 20% increase to parents, making its annual fees £63,000.', 'But other organisations have opted to pass on a lower proportion of the cost to parents.', 'Top picture credit: Getty At George Heriot’s School – which was founded in the 17th century to provide for some of Edinburgh’s poorest children – Mrs Gibson claimed a “pain point where people will not be able to afford to go beyond” will arrive with the fee increase.', 'Edinburgh’s status as Scotland’s epicentre of private schools, and the prestigious people who studied at those schools, have helped it maintain its reputation as Scotland’s place of power and wealth.', 'It’s maintained this for centuries with little disruption, so the VAT change is potentially a challenge.', 'With the projected fall in the school-age population, it appears the challenge for the state sector to accommodate potential extra children is one, local pinch points excepted, that it can largely manage.', 'Top picture credit: Getty Images BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists.', 'Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world.', 'And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too.', 'We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below.']",0.0438235330556264,Top picture credit: Getty Images BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists.,But this figure is disputed.,-0.1044603821003075,"In 2021, figures showed that school fees had grown 20% beyond inflation since 2009.","According to the IFS, an ongoing decline in birth rates means there will be fewer children who need to fill school places - this is predicted to be a drop of 700,000 pupil places between now and 2030. “",2024-09-17
What will a US Federal Reserve interest rate cut mean for me?,https://www.bbc.co.uk/news/articles/cvgl474nrygo,2024-09-17T19:16:33.026Z,"The US central bank is poised to lower interest rates for the first time in four years on Wednesday, a milestone moment for the world's largest economy.  The much anticipated move will influence mortgages, credit card and saving rates for millions of people in the US - and even around the world.  We won't know exactly how big a cut the Federal Reserve will make, or how much lower rates might fall, until the announcement. So what does this mean for you?  The Federal Reserve's key lending rate -  what it charges banks to borrow - sets a base for what companies charge people in the US for loans, like mortgages, or other debt, like unpaid credit card balances. That rate has hovered around 5.3% for more than a year, the highest level since 2001, since jumping from near zero at the start of 2022. A cut will bring some welcome relief to borrowers, though it will likely mean that some banks knock down the rates they are offering savers too. Mortgage rates in the US have already dropped a bit, partially in anticipation of the move.  Americans will be most directly affected by a change. But central banks with currencies tied to the dollar often link their rate decisions to the Fed, such as Hong Kong and many Gulf states, so borrowers in those countries will also see an impact. For the many people outside of the US invested in the US stock market, a cut is also likely good news.  Lower interest rates tend to boost stock prices for two reasons.  First, it means companies can borrow debt for less money and reinvest it to make the business more profitable. Second, lower rates mean savings accounts and some other kinds of investments become less attractive, so investors tend to move their money towards things like stocks. Compared to other central banks, the Fed is a bit late to the rate-cutting party. Europe, the UK, New Zealand, and Canada have cut rates already, and so have many banks in emerging markets. Those banks all had their own reasons for cutting rates, and how low the Fed decides to go depends a bit on what's pushing it to act.  The Fed raises or cuts rates in response to two factors: inflation and employment.  In 2022, when the Fed started raising interest rates, officials were focussed on inflation and wanted to get consumer prices, then rising at the fastest pace since the 1980s, to stabilise. A jump in rates tends to bring down prices by making it harder to borrow, so people spend less on everything from consumer goods to homes and business equipment. But less demand also means the economy isn't growing as quickly, and if it slows too much and actually starts contracting then that’s a recession. In the past, the US economy has often entered recession after a series of rate hikes, costing millions of people their jobs.  And over the last year, unemployment in the US has been ticking higher, as hiring slows sharply. So is the Fed cutting rates because it has triumphed in its fight against inflation or because the economy is in peril?  Many analysts maintain it's the former. Price inflation hit 2.5% in August.  Officials have said they're increasingly confident inflation is headed back to normal, so their attention is turning to the risks to the job market. One factor officials have insisted does not inform into their decision is the election. Republicans and Democrats have been watching this Fed's moves closely for two years, and a cut will likely help Democrats as the party in power. But Fed chair Jerome Powell has said time and again that the bank is focused on economic data, not politics, in making its move.  Analysts are divided about whether the Fed will announce a cut of 0.25 percentage points or go for a bigger, and more unusual, 0.5 percentage points cut.  For a bank that has tried hard to telegraph its moves well in advance, the level of uncertainty is unusually high. An isolated rate cut, even a bigger one, might not make that much of a difference to regular borrowers. But this meeting is expected to mark the start of a series of actions that will bring borrowing costs lower over the next year or so.  Just how low remains a matter of debate.  Mr Powell will presumably be asked about it at the press conference after the bank's announcement, and he will presumably say it will depend on the data - his go-to response. But the Fed will release a chart showing what its members predict, which could help  shape that picture. ",BBC,17/09/2024,"[""The US central bank is poised to lower interest rates for the first time in four years on Wednesday, a milestone moment for the world's largest economy."", 'The much anticipated move will influence mortgages, credit card and saving rates for millions of people in the US - and even around the world.', ""We won't know exactly how big a cut the Federal Reserve will make, or how much lower rates might fall, until the announcement."", 'So what does this mean for you?', ""The Federal Reserve's key lending rate - what it charges banks to borrow - sets a base for what companies charge people in the US for loans, like mortgages, or other debt, like unpaid credit card balances."", 'That rate has hovered around 5.3% for more than a year, the highest level since 2001, since jumping from near zero at the start of 2022.', 'A cut will bring some welcome relief to borrowers, though it will likely mean that some banks knock down the rates they are offering savers too.', 'Mortgage rates in the US have already dropped a bit, partially in anticipation of the move.', 'Americans will be most directly affected by a change.', 'But central banks with currencies tied to the dollar often link their rate decisions to the Fed, such as Hong Kong and many Gulf states, so borrowers in those countries will also see an impact.', 'For the many people outside of the US invested in the US stock market, a cut is also likely good news.', 'Lower interest rates tend to boost stock prices for two reasons.', 'First, it means companies can borrow debt for less money and reinvest it to make the business more profitable.', 'Second, lower rates mean savings accounts and some other kinds of investments become less attractive, so investors tend to move their money towards things like stocks.', 'Compared to other central banks, the Fed is a bit late to the rate-cutting party.', 'Europe, the UK, New Zealand, and Canada have cut rates already, and so have many banks in emerging markets.', ""Those banks all had their own reasons for cutting rates, and how low the Fed decides to go depends a bit on what's pushing it to act."", 'The Fed raises or cuts rates in response to two factors: inflation and employment.', 'In 2022, when the Fed started raising interest rates, officials were focussed on inflation and wanted to get consumer prices, then rising at the fastest pace since the 1980s, to stabilise.', 'A jump in rates tends to bring down prices by making it harder to borrow, so people spend less on everything from consumer goods to homes and business equipment.', ""But less demand also means the economy isn't growing as quickly, and if it slows too much and actually starts contracting then that’s a recession."", 'In the past, the US economy has often entered recession after a series of rate hikes, costing millions of people their jobs.', 'And over the last year, unemployment in the US has been ticking higher, as hiring slows sharply.', 'So is the Fed cutting rates because it has triumphed in its fight against inflation or because the economy is in peril?', ""Many analysts maintain it's the former."", 'Price inflation hit 2.5% in August.', ""Officials have said they're increasingly confident inflation is headed back to normal, so their attention is turning to the risks to the job market."", 'One factor officials have insisted does not inform into their decision is the election.', ""Republicans and Democrats have been watching this Fed's moves closely for two years, and a cut will likely help Democrats as the party in power."", 'But Fed chair Jerome Powell has said time and again that the bank is focused on economic data, not politics, in making its move.', 'Analysts are divided about whether the Fed will announce a cut of 0.25 percentage points or go for a bigger, and more unusual, 0.5 percentage points cut.', 'For a bank that has tried hard to telegraph its moves well in advance, the level of uncertainty is unusually high.', 'An isolated rate cut, even a bigger one, might not make that much of a difference to regular borrowers.', 'But this meeting is expected to mark the start of a series of actions that will bring borrowing costs lower over the next year or so.', 'Just how low remains a matter of debate.', ""Mr Powell will presumably be asked about it at the press conference after the bank's announcement, and he will presumably say it will depend on the data - his go-to response."", 'But the Fed will release a chart showing what its members predict, which could help shape that picture.']",0.0191048456525666,"A cut will bring some welcome relief to borrowers, though it will likely mean that some banks knock down the rates they are offering savers too.","An isolated rate cut, even a bigger one, might not make that much of a difference to regular borrowers.",0.2950308471918106,But this meeting is expected to mark the start of a series of actions that will bring borrowing costs lower over the next year or so.,"Mortgage rates in the US have already dropped a bit, partially in anticipation of the move.",2024-09-17
Facebook owner Meta bans Russian state media networks,https://www.bbc.co.uk/news/articles/c4gllnx0p40o,2024-09-17T02:08:58.022Z,"Facebook owner Meta says it is banning several Russian state media networks, alleging they use deceptive tactics to conduct influence operations and avoid detection on its platforms. ""After careful consideration, we expanded our ongoing enforcement against Russian state media outlets. Rossiya Segodnya, RT and other related entities are now banned from our apps globally for foreign interference activity,"" Meta said. In a news bulletin, RT newsreader Eunan O'Neill said the broadcaster ""and Russia as a whole denies the accusations that have been coming en masse against this channel and others in the past number of days"". The bans are expected to come into effect in the next few days. The Russian embassy in Washington and the owner of the Sputnik news agency, Rossiya Segodnya, did not immediately respond to BBC requests for comment. Russian state media outlets have come under increased scrutiny over claims they have tried to influence politics in Western countries. As well as Facebook, social media giant Meta owns Instagram, WhatsApp and Threads. In a statement to the BBC, RT said: ""It’s cute how there’s a competition in the West — who can try to spank RT the hardest, in order to make themselves look better.  ""Don’t worry, where they close a door, and then a window, our ‘partisans’ (or in your parlance, guerrilla fighters) will find the cracks to crawl through — as by your own admission we are apt at doing."" Meta's move marks an escalation in the world's biggest social media firm's stance towards Russian state media companies. Two years ago, Meta took more limited measures to restrict the spread of Russian state-controlled media, including stopping the outlets from running adverts on its platforms and limiting the reach of their content. After the start of the war in Ukraine, Meta - like other social media platforms - complied with requests from the EU, UK and Ukraine to block some Russian state media in those regions. Earlier this month, the US accused state broadcaster RT of paying a Tennessee firm $10m (£7.6m) to ""create and distribute content to US audiences with hidden Russian government messaging"". An indictment said videos - which often promoted right-wing narratives on issues such as immigration, gender and the economy - were secretly ""edited, posted, and directed"" by two RT employees. Last week, US Secretary of State Antony Blinken announced new sanctions against RT, accusing it of being a ""de facto arm of Russia's intelligence apparatus"". The top US diplomat told reporters on Friday that RT was part of a network of Russian-backed media outlets which have sought to covertly ""undermine democracy in the United States"". He added that the Russian government has ""embedded within RT, a unit with cyber-operational capabilities and ties to Russian intelligence"". RT livestreamed Mr Blinken's remarks on X and declared it the ""US's latest conspiracy theory"". ",BBC,17/09/2024,"['Facebook owner Meta says it is banning several Russian state media networks, alleging they use deceptive tactics to conduct influence operations and avoid detection on its platforms. ""', 'After careful consideration, we expanded our ongoing enforcement against Russian state media outlets.', 'Rossiya Segodnya, RT and other related entities are now banned from our apps globally for foreign interference activity,"" Meta said.', 'In a news bulletin, RT newsreader Eunan O\'Neill said the broadcaster ""and Russia as a whole denies the accusations that have been coming en masse against this channel and others in the past number of days"".', 'The bans are expected to come into effect in the next few days.', 'The Russian embassy in Washington and the owner of the Sputnik news agency, Rossiya Segodnya, did not immediately respond to BBC requests for comment.', 'Russian state media outlets have come under increased scrutiny over claims they have tried to influence politics in Western countries.', 'As well as Facebook, social media giant Meta owns Instagram, WhatsApp and Threads.', 'In a statement to the BBC, RT said: ""It’s cute how there’s a competition in the West — who can try to spank RT the hardest, in order to make themselves look better. ""', 'Don’t worry, where they close a door, and then a window, our ‘partisans’ (or in your parlance, guerrilla fighters) will find the cracks to crawl through — as by your own admission we are apt at doing.""', ""Meta's move marks an escalation in the world's biggest social media firm's stance towards Russian state media companies."", 'Two years ago, Meta took more limited measures to restrict the spread of Russian state-controlled media, including stopping the outlets from running adverts on its platforms and limiting the reach of their content.', 'After the start of the war in Ukraine, Meta - like other social media platforms - complied with requests from the EU, UK and Ukraine to block some Russian state media in those regions.', 'Earlier this month, the US accused state broadcaster RT of paying a Tennessee firm $10m (£7.6m) to ""create and distribute content to US audiences with hidden Russian government messaging"".', 'An indictment said videos - which often promoted right-wing narratives on issues such as immigration, gender and the economy - were secretly ""edited, posted, and directed"" by two RT employees.', 'Last week, US Secretary of State Antony Blinken announced new sanctions against RT, accusing it of being a ""de facto arm of Russia\'s intelligence apparatus"".', 'The top US diplomat told reporters on Friday that RT was part of a network of Russian-backed media outlets which have sought to covertly ""undermine democracy in the United States"".', 'He added that the Russian government has ""embedded within RT, a unit with cyber-operational capabilities and ties to Russian intelligence"".', 'RT livestreamed Mr Blinken\'s remarks on X and declared it the ""US\'s latest conspiracy theory"".']",-0.03462574192699,"In a statement to the BBC, RT said: ""It’s cute how there’s a competition in the West — who can try to spank RT the hardest, in order to make themselves look better. ""","After the start of the war in Ukraine, Meta - like other social media platforms - complied with requests from the EU, UK and Ukraine to block some Russian state media in those regions.",-0.2833792666594187,"After careful consideration, we expanded our ongoing enforcement against Russian state media outlets.","Last week, US Secretary of State Antony Blinken announced new sanctions against RT, accusing it of being a ""de facto arm of Russia's intelligence apparatus"".",2024-09-17
National Insurance calculator: What are NI and income tax and what do I pay?,https://www.bbc.co.uk/news/explainers-63635185,2022-11-15T17:40:23.000Z,"Chancellor Rachel Reeves will set out the government's tax and spending plans in the autumn Budget on 30 October.  She has warned she will need to take ""difficult decisions"", but Labour has already pledged not to raise the rates of income tax, National Insurance (NI) or VAT. NI has already been cut twice in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen. The starting rate for National Insurance for 27 million workers fell from 12% to 10% on 6 January 2024, and again to 8% on 6 April.  The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.  For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 have fallen from 9% to 6%, which the previous government said was worth £350 to a self-employed person earning £28,200.  Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.  The NI rate on income and profits above £50,270 remains at 2% for all workers.  The government uses National Insurance contributions (NICs) to pay for benefits and help fund the NHS.  NI rates apply across the UK. You start paying NI when you turn 16 and earn more than £242 a week, or have profits of more than £12,570 a year.  It is not paid by people over the state pension age, even if they are working.  Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life. The government records how many years of contributions you have made. Paying a lower rate of NI does not mean you contribute less.  If you do not work, for example because you are a carer or claim benefits, you might be able to receive NI credits instead, which mean you will still qualify for the relevant benefits.  You can also make voluntary contributions to plug gaps in your record. Despite the NI cuts in January and April, millions will still pay more tax overall because of changes to the tax thresholds.  These are the income levels at which people start paying NI or income tax, or have to pay higher rates.  These used to rise every year in line with inflation.  However, the NI threshold and tax-free personal allowance - the amount you can earn every year before you have to pay income tax - have been frozen at £12,570 until 2028. Higher-rate tax will continue to kick in for earnings above £50,270.  Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.  It will create 3.2 million extra taxpayers by 2028, and 2.6 million more people will pay higher rates, according to the Office for Budget Responsibility (OBR), which independently assesses the government's economic plans.  According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers.  In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.  But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit. Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year. Income tax is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.  The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.  The higher rate is 40%, and is paid on earnings between £50,271 and £125,140. Once you earn more than £100,000, you also start losing your tax-free personal allowance.  You lose £1 of your personal allowance for every £2 that your income goes above £100,000.  Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.  The additional rate of income tax is 45%, and is paid on all earnings above £125,140 a year.  These rates apply in England, Wales and Northern Ireland. Some income tax rates are different in Scotland, where a new 45% band took effect in April. The top rate also rose from 47% to 48%. For most families, income tax is the single biggest tax they pay.  But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.  For the poorest fifth of households, VAT is the biggest single tax paid. You can look at the amount of tax raised as a proportion of the size of the economy, or GDP.  In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%. That puts the UK right in the middle of the G7 group of big economies.  France, Italy and Germany tax more; Canada, Japan and the US tax less. However, overall taxation in the UK is high compared with historical rates.  In its assessment of the 2024 Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.  That would be the highest level in 80 years.  ",BBC,15/11/2022,"[""Chancellor Rachel Reeves will set out the government's tax and spending plans in the autumn Budget on 30 October."", 'She has warned she will need to take ""difficult decisions"", but Labour has already pledged not to raise the rates of income tax, National Insurance (NI) or VAT.', 'NI has already been cut twice in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen.', 'The starting rate for National Insurance for 27 million workers fell from 12% to 10% on 6 January 2024, and again to 8% on 6 April.', 'The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.', 'For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 have fallen from 9% to 6%, which the previous government said was worth £350 to a self-employed person earning £28,200.', 'Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.', 'The NI rate on income and profits above £50,270 remains at 2% for all workers.', 'The government uses National Insurance contributions (NICs) to pay for benefits and help fund the NHS.', 'NI rates apply across the UK.', 'You start paying NI when you turn 16 and earn more than £242 a week, or have profits of more than £12,570 a year.', 'It is not paid by people over the state pension age, even if they are working.', 'Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life.', 'The government records how many years of contributions you have made.', 'Paying a lower rate of NI does not mean you contribute less.', 'If you do not work, for example because you are a carer or claim benefits, you might be able to receive NI credits instead, which mean you will still qualify for the relevant benefits.', 'You can also make voluntary contributions to plug gaps in your record.', 'Despite the NI cuts in January and April, millions will still pay more tax overall because of changes to the tax thresholds.', 'These are the income levels at which people start paying NI or income tax, or have to pay higher rates.', 'These used to rise every year in line with inflation.', 'However, the NI threshold and tax-free personal allowance - the amount you can earn every year before you have to pay income tax - have been frozen at £12,570 until 2028.', 'Higher-rate tax will continue to kick in for earnings above £50,270.', 'Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.', ""It will create 3.2 million extra taxpayers by 2028, and 2.6 million more people will pay higher rates, according to the Office for Budget Responsibility (OBR), which independently assesses the government's economic plans."", 'According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers.', 'In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.', 'But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.', 'Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year.', 'Income tax is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.', 'The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.', 'The higher rate is 40%, and is paid on earnings between £50,271 and £125,140.', 'Once you earn more than £100,000, you also start losing your tax-free personal allowance.', 'You lose £1 of your personal allowance for every £2 that your income goes above £100,000.', 'Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.', 'The additional rate of income tax is 45%, and is paid on all earnings above £125,140 a year.', 'These rates apply in England, Wales and Northern Ireland.', 'Some income tax rates are different in Scotland, where a new 45% band took effect in April.', 'The top rate also rose from 47% to 48%.', 'For most families, income tax is the single biggest tax they pay.', 'But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.', 'For the poorest fifth of households, VAT is the biggest single tax paid.', 'You can look at the amount of tax raised as a proportion of the size of the economy, or GDP.', 'In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%.', 'That puts the UK right in the middle of the G7 group of big economies.', 'France, Italy and Germany tax more; Canada, Japan and the US tax less.', 'However, overall taxation in the UK is high compared with historical rates.', 'In its assessment of the 2024 Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.', 'That would be the highest level in 80 years.']",0.0939726553727196,"But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.","For the poorest fifth of households, VAT is the biggest single tax paid.",-0.0044020970662434,The top rate also rose from 47% to 48%.,"For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 have fallen from 9% to 6%, which the previous government said was worth £350 to a self-employed person earning £28,200.",2024-09-17
"Guardian in talks to sell Observer, the world's oldest Sunday paper",https://www.bbc.co.uk/news/articles/cy80n75g5w1o,2024-09-17T13:27:34.415Z,"The owner of the Guardian has confirmed it is in talks to sell the Observer, the world's oldest Sunday newspaper, to Tortoise Media.  Tortoise has approached Guardian Media Group (GMG) with an offer to invest around £25m over the next five years on the ""editorial and commercial renewal"" of the Observer.  Tortoise was launched five years ago by James Harding, a former BBC News chief and a former editor of the Times newspaper.    The Guardian reported that the title will remain a seven-day-a-week digital operation regardless of the outcome of negotiations with Tortoise about the Observer. Observer staff were told that the investment would ""help to safeguard its future"" as a standalone product. GMG is not actively trying to sell the Observer, but it is examining the Tortoise proposal to see if it is viable.  Founded in 1791, the Observer is the world's oldest Sunday newspaper, with a staff of around 70. ""We believe passionately in its future – both in print and digital,"" said Harding, who is also editor of Tortoise. He added: ""George Orwell described the Observer as 'the enemy of nonsense'. We’re excited to show readers, old and new, that it still is."" Orwell wrote for the newspaper during World War Two and afterwards up until 1948.  Another contributor was Kim Philby, the former MI6 officer and Soviet spy, who had been working for the Russians since the early 1930s.  Like most newspapers, the Observer's print circulation had been in steadily falling until 2021, when it stopped publishing audited figures. At that point it was selling around 136,000 copies a week.  Harding launched Tortoise with the former US ambassador to the UK Matthew Barzun. It has a brief to provide ""slow news""  - not chasing breaking stories but rather looking at what drives trends. It publishes a news website, podcasts and runs live discussions called ""Think-ins"". The business made an operating loss of £4.6m in 2022, the latest year for which accounts are available, with a turnover of £6.2m. Its financial backers include David Thomson, chair of the media business Thomson Reuters, the tech investor Saul Klein, the investment firm Lansdowne Partners, banker Bernie Mensah and Nando's executive Leslie Perlman. ",BBC,17/09/2024,"[""The owner of the Guardian has confirmed it is in talks to sell the Observer, the world's oldest Sunday newspaper, to Tortoise Media."", 'Tortoise has approached Guardian Media Group (GMG) with an offer to invest around £25m over the next five years on the ""editorial and commercial renewal"" of the Observer.', 'Tortoise was launched five years ago by James Harding, a former BBC News chief and a former editor of the Times newspaper.', 'The Guardian reported that the title will remain a seven-day-a-week digital operation regardless of the outcome of negotiations with Tortoise about the Observer.', 'Observer staff were told that the investment would ""help to safeguard its future"" as a standalone product.', 'GMG is not actively trying to sell the Observer, but it is examining the Tortoise proposal to see if it is viable.', 'Founded in 1791, the Observer is the world\'s oldest Sunday newspaper, with a staff of around 70. ""', 'We believe passionately in its future – both in print and digital,"" said Harding, who is also editor of Tortoise.', 'He added: ""George Orwell described the Observer as \'the enemy of nonsense\'.', 'We’re excited to show readers, old and new, that it still is.""', 'Orwell wrote for the newspaper during World War Two and afterwards up until 1948.', 'Another contributor was Kim Philby, the former MI6 officer and Soviet spy, who had been working for the Russians since the early 1930s.', ""Like most newspapers, the Observer's print circulation had been in steadily falling until 2021, when it stopped publishing audited figures."", 'At that point it was selling around 136,000 copies a week.', 'Harding launched Tortoise with the former US ambassador to the UK Matthew Barzun.', 'It has a brief to provide ""slow news"" - not chasing breaking stories but rather looking at what drives trends.', 'It publishes a news website, podcasts and runs live discussions called ""Think-ins"".', ""The business made an operating loss of £4.6m in 2022, the latest year for which accounts are available, with a turnover of £6.2m. Its financial backers include David Thomson, chair of the media business Thomson Reuters, the tech investor Saul Klein, the investment firm Lansdowne Partners, banker Bernie Mensah and Nando's executive Leslie Perlman.""]",-0.0002586679938758,"Observer staff were told that the investment would ""help to safeguard its future"" as a standalone product.","He added: ""George Orwell described the Observer as 'the enemy of nonsense'.",-0.3309714794158935,"Observer staff were told that the investment would ""help to safeguard its future"" as a standalone product.","Like most newspapers, the Observer's print circulation had been in steadily falling until 2021, when it stopped publishing audited figures.",2024-09-17
New bank hubs to open but the printers are missing,https://www.bbc.co.uk/news/articles/cly8yj42g5wo,2024-09-17T23:03:25.988Z,"Fifteen new banking hubs have been announced on the day stricter rules over branch closures and access to cash take effect. The hubs, spaces shared by different banks, operate basic personal and business banking services. The new rules mean they can open even if there is another operator in town, but questions have been raised over the standard of facilities. Many have no printers installed, leaving people unable to get paper statements which may be requested by employers or landlords.  Figures from consumer association Which? show that 6,000 bank branches have closed in the last nine years, leaving many places with none at all and limiting access to cash. Banks and building societies must now assess whether areas have reasonable access to cash when they close branches, under new rules - enshrined in law from the first time - taking effect on Wednesday and governed by the City watchdog, the Financial Conduct Authority (FCA). If not, then they will need to provide more facilities, before closing a branch. Such facilities could include shared hubs, often run by the Post Office, which allow customers of any bank to withdraw and deposit cash. Community workers from different banks visit on a rotating basis once a week. However, problems have emerged at some of the hubs, with questions over the quality of service and investment by banks. That includes many which do not have a printer, leaving customers unable to get paper copies of statements and documents. Bosses were last week hauled in front of Economic Secretary to the Treasury, Tulip Siddiq, who told them to add to the services on offer at the hubs. “Banking hubs are a lifeline for local communities that have lost their final bank branch. I’m confident that the banks will deliver on the commitment made [at the meeting], as well as take a more active approach to meeting the needs of local communities,” she said. Bank-owned Cash Access UK, which delivers the hubs, said it would look into getting printers. The number of people mainly using cash for day-to-day spending hit a four year high during the cost of living crisis, figures from the banking trade body UK Finance show. Hubs are seen as key to ensuring those who are not digitally savvy, unable to access online services, or are vulnerable can still use banking services. So far, 81 hubs are open. The government made a manifesto promise to have 350 operating in five years time, including 230 by the end of next year. There have been calls for the introduction of new hubs to be quicker and more widespread. Ron Delnevo, who chairs the Payment Choice Alliance, described the current plan as an ""empty gesture"". ""This is not a genuine answer to the needs of thousands of communities around the UK that have been deserted by the big banks,"" he said. ""The fact that bank hubs are not required to have a 24/7 ATM is also ludicrous."" Fifteen new hubs have been announced on the day the FCA's new rules take effect. They include areas where there is still a building society but where, for example, the current branch's opening hours are restricted to three days. An assessment will have to consider an ATM.  Before now, under the old rules, a hub would not be eligible to be set up in such an area. The new hubs will open in Sidcup, in London, Normanton in West Yorkshire, Hailsham in East Sussex, Frome in Somerset, Sheerness in Kent, Whitley Bay in Tyne and Wear, Rugeley in Staffordshire, Newquay in Cornwall, Market Harborough in Leicestershire, Thetford in Norfolk, Monmouth in Wales, Harpenden in Hertfordshire, Huntly in Aberdeenshire, Yeadon in West Yorkshire, and Morecambe in Lancashire. The majority have been recommended by Link, which oversees the UK's cash access and ATM services. ""The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our High Streets for years to come,"" said its deputy chief executive, Adrian Roberts. Last week, it was revealed the last bank in the Derbyshire town of Ripley had been “paused” owing to the new rules. ",BBC,17/09/2024,"['Fifteen new banking hubs have been announced on the day stricter rules over branch closures and access to cash take effect.', 'The hubs, spaces shared by different banks, operate basic personal and business banking services.', 'The new rules mean they can open even if there is another operator in town, but questions have been raised over the standard of facilities.', 'Many have no printers installed, leaving people unable to get paper statements which may be requested by employers or landlords.', 'Figures from consumer association Which?', 'show that 6,000 bank branches have closed in the last nine years, leaving many places with none at all and limiting access to cash.', 'Banks and building societies must now assess whether areas have reasonable access to cash when they close branches, under new rules - enshrined in law from the first time - taking effect on Wednesday and governed by the City watchdog, the Financial Conduct Authority (FCA).', 'If not, then they will need to provide more facilities, before closing a branch.', 'Such facilities could include shared hubs, often run by the Post Office, which allow customers of any bank to withdraw and deposit cash.', 'Community workers from different banks visit on a rotating basis once a week.', 'However, problems have emerged at some of the hubs, with questions over the quality of service and investment by banks.', 'That includes many which do not have a printer, leaving customers unable to get paper copies of statements and documents.', 'Bosses were last week hauled in front of Economic Secretary to the Treasury, Tulip Siddiq, who told them to add to the services on offer at the hubs. “', 'Banking hubs are a lifeline for local communities that have lost their final bank branch.', 'I’m confident that the banks will deliver on the commitment made [at the meeting], as well as take a more active approach to meeting the needs of local communities,” she said.', 'Bank-owned Cash Access UK, which delivers the hubs, said it would look into getting printers.', 'The number of people mainly using cash for day-to-day spending hit a four year high during the cost of living crisis, figures from the banking trade body UK Finance show.', 'Hubs are seen as key to ensuring those who are not digitally savvy, unable to access online services, or are vulnerable can still use banking services.', 'So far, 81 hubs are open.', 'The government made a manifesto promise to have 350 operating in five years time, including 230 by the end of next year.', 'There have been calls for the introduction of new hubs to be quicker and more widespread.', 'Ron Delnevo, who chairs the Payment Choice Alliance, described the current plan as an ""empty gesture"". ""', 'This is not a genuine answer to the needs of thousands of communities around the UK that have been deserted by the big banks,"" he said. ""', 'The fact that bank hubs are not required to have a 24/7 ATM is also ludicrous.""', ""Fifteen new hubs have been announced on the day the FCA's new rules take effect."", ""They include areas where there is still a building society but where, for example, the current branch's opening hours are restricted to three days."", 'An assessment will have to consider an ATM.', 'Before now, under the old rules, a hub would not be eligible to be set up in such an area.', 'The new hubs will open in Sidcup, in London, Normanton in West Yorkshire, Hailsham in East Sussex, Frome in Somerset, Sheerness in Kent, Whitley Bay in Tyne and Wear, Rugeley in Staffordshire, Newquay in Cornwall, Market Harborough in Leicestershire, Thetford in Norfolk, Monmouth in Wales, Harpenden in Hertfordshire, Huntly in Aberdeenshire, Yeadon in West Yorkshire, and Morecambe in Lancashire.', 'The majority have been recommended by Link, which oversees the UK\'s cash access and ATM services. ""', 'The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our High Streets for years to come,"" said its deputy chief executive, Adrian Roberts.', 'Last week, it was revealed the last bank in the Derbyshire town of Ripley had been “paused” owing to the new rules.']",0.0204227795413827,"I’m confident that the banks will deliver on the commitment made [at the meeting], as well as take a more active approach to meeting the needs of local communities,” she said.","The number of people mainly using cash for day-to-day spending hit a four year high during the cost of living crisis, figures from the banking trade body UK Finance show.",-0.460659958422184,"The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our High Streets for years to come,"" said its deputy chief executive, Adrian Roberts.","Last week, it was revealed the last bank in the Derbyshire town of Ripley had been “paused” owing to the new rules.",2024-09-17
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.",,2024-09-17
JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns,https://www.cnbc.com/2024/09/18/jpmorgan-investment-bank-creates-new-role-overseeing-junior-bankers.html,2024-09-18T16:55:05+0000,"JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.""A lot of investment bankers, they've been traveling all week, they come home and they give you four assignments, and you've got to work all weekend,"" Dimon said. ""It's just not right.""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said. ""You're violating it,"" Dimon warned. ""You've got to stop, and it will be in your bonus, so that people know we actually mean it.""",CNBC,18/09/2024,"['JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.', 'The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.', ""Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide."", 'The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.', 'The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street.', ""In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger."", 'Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.', ""Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation."", 'Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.', ""Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University."", 'Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.', '""A lot of investment bankers, they\'ve been traveling all week, they come home and they give you four assignments, and you\'ve got to work all weekend,"" Dimon said. ""', ""It's just not right."", '""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.', '""You\'re violating it,"" Dimon warned. ""', 'You\'ve got to stop, and it will be in your bonus, so that people know we actually mean it.""']",-0.134577025512299,"The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.","""You're violating it,"" Dimon warned. """,-0.1763509313265482,JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.,It's just not right.,2024-09-17
FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle,https://www.cnbc.com/2024/09/17/fdic-banks-fintech-customer-data-synapse.html,2024-09-17T16:31:50+0000,"The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership.That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added.If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.",CNBC,17/09/2024,"['The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.', 'The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.', ""Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership."", 'That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.', ""That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno."", 'Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.', '""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.', 'Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.', ""While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added."", 'If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.', 'Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.', 'Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.']",0.1672752223780706,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",-0.4236237645149231,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",2024-09-17
"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.",2024-09-17
"FanDuel parent Flutter looks for international growth with big acquisitions in Italy, Brazil",https://www.cnbc.com/2024/09/17/fanduel-parent-flutter-acquires-snaitech-nsx.html,2024-09-17T17:53:52+0000,"In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe's largest regulated market.""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world. Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023. But only about 21% of that came through online play.Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games. Flutter has been building up its presence in the country. It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share. Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing.The British gaming company's acquisition is only its latest to expand its international presence. Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.NSX operates Betnacional and other brands, and holds the No. 4 position in the Brazilian market.Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation. That will change Jan. 1, when new regulations and licensed gambling go into effect.Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.Flutter will face a lot of competition in the market.In Brazil, 113 companies have applied for licenses in a preferred application window. MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo. Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.",CNBC,17/09/2024,"['In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.', 'In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe\'s largest regulated market.', '""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world.', 'Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.', 'Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023.', 'But only about 21% of that came through online play.', 'Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games.', 'Flutter has been building up its presence in the country.', 'It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.', 'Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share.', 'Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.', ""The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing."", ""The British gaming company's acquisition is only its latest to expand its international presence."", 'Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.', 'NSX operates Betnacional and other brands, and holds the No.', '4 position in the Brazilian market.', 'Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.', 'The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation.', 'That will change Jan. 1, when new regulations and licensed gambling go into effect.', 'Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.', 'Flutter will face a lot of competition in the market.', 'In Brazil,113 companies have applied for licenses in a preferred application window.', ""MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo."", 'Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.', ""Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.""]",0.1927686915334574,"Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.","Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",0.985545684893926,"Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",,2024-09-17
Tupperware: Embattled food container firm files for bankruptcy,https://www.bbc.co.uk/news/articles/c4gdprv2ddxo,2024-09-18T04:56:00.969Z,"US brand Tupperware has filed for bankruptcy as it struggles to survive in the face of sliding sales. The food storage container firm said it will ask for court permission to start a sale of the business and that it aimed to continue operating. The 78-year-old firm has become so synonymous with food storage that many people use its name when referring to any old plastic container.  Despite attempts to freshen up its products in recent years and reposition itself to a younger audience, it has failed to stand out from competitors. Last year, the firm warned that it may go bust unless it could quickly raise new funds. The company's shares have fallen by more 50% this week after reports that it was planning to file for bankruptcy. After a brief surge in sales during the pandemic, as more people cooked at home, the firm saw demand continue to slide. The rising cost of raw materials, higher wages and transportation costs have also eaten into its profit margins. ""Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment,"" Tupperware's chief executive Laurie Ann Goldman said in a statement to investors.  Tupperware was founded in 1946 by Earl Tupper, who patented the containers' flexible airtight seal. Tupperware was a major innovation, as it utilised new plastics to keep food fresh for longer, which was invaluable when refrigerators were still too expensive for many families. However, it was not an immediate success. It was the pioneering saleswoman Brownie Wise who helped turn the brand into a household name, literally. She developed an approach in which salespeople, who were mostly women, sold Tupperware to other women in their homes, better known as ""Tupperware parties"". According to the company, Tupperware is now sold in 70 countries around the world. ""The party has been over for some time for Tupperware,"" said Susannah Streeter, head of money and markets at Hargreaves Lansdown. ""Shifts in buyer behaviour pushed its containers out of fashion, as consumers have started to wean themselves off addictions to plastics and find more environmentally conscious ways of storing food."" Ms Streeter added that ""serious hiccups"" in Tupperware's financial reporting also had a negative impact on the company, including the mis-stating of results in 2021 and 2022. ",BBC,18/09/2024,"['US brand Tupperware has filed for bankruptcy as it struggles to survive in the face of sliding sales.', 'The food storage container firm said it will ask for court permission to start a sale of the business and that it aimed to continue operating.', 'The 78-year-old firm has become so synonymous with food storage that many people use its name when referring to any old plastic container.', 'Despite attempts to freshen up its products in recent years and reposition itself to a younger audience, it has failed to stand out from competitors.', 'Last year, the firm warned that it may go bust unless it could quickly raise new funds.', ""The company's shares have fallen by more 50% this week after reports that it was planning to file for bankruptcy."", 'After a brief surge in sales during the pandemic, as more people cooked at home, the firm saw demand continue to slide.', 'The rising cost of raw materials, higher wages and transportation costs have also eaten into its profit margins. ""', 'Over the last several years, the company\'s financial position has been severely impacted by the challenging macroeconomic environment,"" Tupperware\'s chief executive Laurie Ann Goldman said in a statement to investors.', ""Tupperware was founded in 1946 by Earl Tupper, who patented the containers' flexible airtight seal."", 'Tupperware was a major innovation, as it utilised new plastics to keep food fresh for longer, which was invaluable when refrigerators were still too expensive for many families.', 'However, it was not an immediate success.', 'It was the pioneering saleswoman Brownie Wise who helped turn the brand into a household name, literally.', 'She developed an approach in which salespeople, who were mostly women, sold Tupperware to other women in their homes, better known as ""Tupperware parties"".', 'According to the company, Tupperware is now sold in 70 countries around the world. ""', 'The party has been over for some time for Tupperware,"" said Susannah Streeter, head of money and markets at Hargreaves Lansdown. ""', 'Shifts in buyer behaviour pushed its containers out of fashion, as consumers have started to wean themselves off addictions to plastics and find more environmentally conscious ways of storing food.""', 'Ms Streeter added that ""serious hiccups"" in Tupperware\'s financial reporting also had a negative impact on the company, including the mis-stating of results in 2021 and 2022.']",0.005626220027388,"She developed an approach in which salespeople, who were mostly women, sold Tupperware to other women in their homes, better known as ""Tupperware parties"".","Ms Streeter added that ""serious hiccups"" in Tupperware's financial reporting also had a negative impact on the company, including the mis-stating of results in 2021 and 2022.",-0.6338470849123868,"Tupperware was a major innovation, as it utilised new plastics to keep food fresh for longer, which was invaluable when refrigerators were still too expensive for many families.","Ms Streeter added that ""serious hiccups"" in Tupperware's financial reporting also had a negative impact on the company, including the mis-stating of results in 2021 and 2022.",2024-09-17
Philip Morris: Marlboro owner sells UK inhaler firm over backlash,https://www.bbc.co.uk/news/articles/c4gdpzqp15eo,2024-09-18T01:33:24.179Z,"The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an ""unwarranted"" backlash. Philip Morris International (PMI) has offloaded Vectura Group for £150m ($198m) just three years after buying it in a deal worth more than £1bn. PMI's decision to buy Vectura, which makes inhalers to treat lung conditions such as asthma, was criticised as being hypocritical. However, PMI defended the move as part of its strategy to away from cigarettes and towards ""smoke free"" businesses like vaping. PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura ""from the unreasonable burden of external constraints and criticism related to our ownership"". The deal, which still needs regulatory approval, will see Molex pay an up-front fee of £150m and ""potential deferred payments of up to £148m"" if certain requirements are met. PMI's boss Jacek Olczak also said the company remains ""committed to driving innovation in this space over the long-term"", suggesting it has not moved on entirely from the inhaler sector. The Vectura purchase was part of PMI's push towards a ""smoke free world"". PMI has said it wants two thirds of its sales to come from non-cigarette sales by 2030. However, health charities have voiced scepticism about the sincerity of PMI's pledge considering the billions of pounds it still makes from cigarette sales. Its latest financial results for the three months to the end of June showed that more than 60% of its $9.47bn (£7.19bn) sales came from cigarettes. Over that period, PMI accounted for 23.6% of the global cigarette market by revenue. The news comes as the new Labour government has said it is considering an outdoor smoking ban at pubs. Health experts have welcomed the plans, but many pub owners have told the BBC that they were worried about the impact on their businesses. ",BBC,18/09/2024,"['The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an ""unwarranted"" backlash.', 'Philip Morris International (PMI) has offloaded Vectura Group for £150m ($198m) just three years after buying it in a deal worth more than £1bn.', ""PMI's decision to buy Vectura, which makes inhalers to treat lung conditions such as asthma, was criticised as being hypocritical."", 'However, PMI defended the move as part of its strategy to away from cigarettes and towards ""smoke free"" businesses like vaping.', 'PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura ""from the unreasonable burden of external constraints and criticism related to our ownership"".', 'The deal, which still needs regulatory approval, will see Molex pay an up-front fee of £150m and ""potential deferred payments of up to £148m"" if certain requirements are met.', 'PMI\'s boss Jacek Olczak also said the company remains ""committed to driving innovation in this space over the long-term"", suggesting it has not moved on entirely from the inhaler sector.', 'The Vectura purchase was part of PMI\'s push towards a ""smoke free world"".', 'PMI has said it wants two thirds of its sales to come from non-cigarette sales by 2030.', ""However, health charities have voiced scepticism about the sincerity of PMI's pledge considering the billions of pounds it still makes from cigarette sales."", 'Its latest financial results for the three months to the end of June showed that more than 60% of its $9.47bn (£7.19bn) sales came from cigarettes.', 'Over that period, PMI accounted for 23.6% of the global cigarette market by revenue.', 'The news comes as the new Labour government has said it is considering an outdoor smoking ban at pubs.', 'Health experts have welcomed the plans, but many pub owners have told the BBC that they were worried about the impact on their businesses.']",0.0662450691478495,"However, PMI defended the move as part of its strategy to away from cigarettes and towards ""smoke free"" businesses like vaping.","PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura ""from the unreasonable burden of external constraints and criticism related to our ownership"".",-0.3399987121423085,"PMI's boss Jacek Olczak also said the company remains ""committed to driving innovation in this space over the long-term"", suggesting it has not moved on entirely from the inhaler sector.","The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an ""unwarranted"" backlash.",2024-09-17
How much tax money does the UK government raise and spend?,https://www.bbc.co.uk/news/business-45814459,2018-10-22T23:09:00.000Z,"Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves have both warned that the October Budget will involve ""difficult decisions"" on tax, spending and benefits. However, they are standing by the party's election pledge not to raise the rates of income tax, National Insurance or VAT. The government raises and spends more than £1 trillion a year. A trillion is £1,000bn, or a one with 12 zeroes. Such a big number is hard to picture, but for that money you could comfortably buy the UK's 10 most valuable companies. It works out at about £15,000 per person in the UK. About a quarter of the money the government expects to raise in the 2024/2025 financial year will come from income tax, which people pay on the money they earn.  It is likely to generate £303bn, according to the independent Office for Budget Responsibility (OBR), which assesses the health of the UK economy and publishes financial forecasts. It is expected to raise even more in the coming years. This is because the amount you are allowed to earn before you have to pay income tax has been frozen until 2028. The point at which people start paying higher rates of tax has also been fixed.  Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.  The next two biggest earners for the government are VAT, which is paid on many purchases, and National Insurance (NI), which is another tax levied on people's earnings. The OBR forecast that VAT will raise £203bn in 2024/25. National Insurance is expected to raise £168bn, after two cuts to the starting rate brought it down from 12% to 8%. The ""other"" tax category - which includes capital gains tax, stamp duty and vehicle excise duty - is expected to raise £115bn. The OBR expects the overall level of tax as a proportion of the size of the economy to rise in each of the next five years to a post-war high of 38% of GDP, or the total value of the economy. Some sources of money for the government don't come from taxation, such as student loan repayments, which are included in the ""other non-taxes"" category.  Social protection spending is by far the biggest outgoing for the government, accounting for more than a quarter of all its expenditure.  This includes the cost of benefits paid to pensioners as well those for working-age people. Before the general election was announced, the OBR predicted spending on social protection would rise to £371bn in 2024-25. In July, the government said it would restrict the Winter Fuel Payment to pensioners receiving means-tested benefits, which it hopes will save around £1.5bn a year.  At the same time, the new full state pension is set to rise by £460 a year from April 2025, under the ""triple lock"" arrangement, which guarantees that it keeps pace with earnings and inflation.  About a fifth of government spending goes on health.  Health spending has been rising for decades, because of the growing cost of looking after the UK's ageing population, and increased spending on treatments. The OBR forecast the health spending bill would be £251bn in 2024/25. The next biggest area of spending is education, which was cut in the 2010s and has been recovering since. The OBR expected spending on education to total £131bn in 2024/25. After this comes the cost of government debt interest - the amount the government has to pay for the money it has borrowed Spending on debt interest has increased considerably in recent decades The interest is about 50% higher as a proportion of the size of the economy than it was in 2010. The OBR predicted this would reach £109bn in 2024/25. ",BBC,22/10/2018,"['Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves have both warned that the October Budget will involve ""difficult decisions"" on tax, spending and benefits.', ""However, they are standing by the party's election pledge not to raise the rates of income tax, National Insurance or VAT."", 'The government raises and spends more than £1 trillion a year.', 'A trillion is £1,000bn, or a one with 12 zeroes.', ""Such a big number is hard to picture, but for that money you could comfortably buy the UK's 10 most valuable companies."", 'It works out at about £15,000 per person in the UK.', 'About a quarter of the money the government expects to raise in the 2024/2025 financial year will come from income tax, which people pay on the money they earn.', 'It is likely to generate £303bn, according to the independent Office for Budget Responsibility (OBR), which assesses the health of the UK economy and publishes financial forecasts.', 'It is expected to raise even more in the coming years.', 'This is because the amount you are allowed to earn before you have to pay income tax has been frozen until 2028.', 'The point at which people start paying higher rates of tax has also been fixed.', 'Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.', ""The next two biggest earners for the government are VAT, which is paid on many purchases, and National Insurance (NI), which is another tax levied on people's earnings."", 'The OBR forecast that VAT will raise £203bn in 2024/25.', 'National Insurance is expected to raise £168bn, after two cuts to the starting rate brought it down from 12% to 8%.', 'The ""other"" tax category - which includes capital gains tax, stamp duty and vehicle excise duty - is expected to raise £115bn.', 'The OBR expects the overall level of tax as a proportion of the size of the economy to rise in each of the next five years to a post-war high of 38% of GDP, or the total value of the economy.', 'Some sources of money for the government don\'t come from taxation, such as student loan repayments, which are included in the ""other non-taxes"" category.', 'Social protection spending is by far the biggest outgoing for the government, accounting for more than a quarter of all its expenditure.', 'This includes the cost of benefits paid to pensioners as well those for working-age people.', 'Before the general election was announced, the OBR predicted spending on social protection would rise to £371bn in 2024-25.', 'In July, the government said it would restrict the Winter Fuel Payment to pensioners receiving means-tested benefits, which it hopes will save around £1.5bn a year.', 'At the same time, the new full state pension is set to rise by £460 a year from April 2025, under the ""triple lock"" arrangement, which guarantees that it keeps pace with earnings and inflation.', 'About a fifth of government spending goes on health.', ""Health spending has been rising for decades, because of the growing cost of looking after the UK's ageing population, and increased spending on treatments."", 'The OBR forecast the health spending bill would be £251bn in 2024/25.', 'The next biggest area of spending is education, which was cut in the 2010s and has been recovering since.', 'The OBR expected spending on education to total £131bn in 2024/25.', 'After this comes the cost of government debt interest - the amount the government has to pay for the money it has borrowed Spending on debt interest has increased considerably in recent decades The interest is about 50% higher as a proportion of the size of the economy than it was in 2010.', 'The OBR predicted this would reach £109bn in 2024/25.']",0.1016927786855235,"Such a big number is hard to picture, but for that money you could comfortably buy the UK's 10 most valuable companies.","The OBR expects the overall level of tax as a proportion of the size of the economy to rise in each of the next five years to a post-war high of 38% of GDP, or the total value of the economy.",0.7057455735547202,"At the same time, the new full state pension is set to rise by £460 a year from April 2025, under the ""triple lock"" arrangement, which guarantees that it keeps pace with earnings and inflation.","National Insurance is expected to raise £168bn, after two cuts to the starting rate brought it down from 12% to 8%.",2024-09-17
Post Office boss to step down from role next year,https://www.bbc.co.uk/news/articles/c1534ygdq27o,2024-09-18T09:45:49.908Z,"Post Office boss Nick Read will step down from his role next year, the company has said. The chief executive had already stepped back from front-line duties saying he wanted to give his ""entire attention"" to the  final stage of the inquiry into the Horizon IT scandal. The inquiry is scrutinising failings over the wrongful prosecutions of hundreds of sub-postmasters based on faulty accounting software which made it look as though money was missing from branches. On Wednesday, the Post Office said Mr Read would depart in March 2025. Mr Read described it as a ""great privilege"" to have worked as Post Office chief executive in an ""extraordinarily challenging time for the business and for postmasters"". ""There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue,"" he added. Mr Read joined the company in 2019, long after the prosecutions sub-postmasters had finished, and has not yet appeared before the inquiry. The Post Office Horizon IT inquiry began in 2022 and has heard evidence from scores of victims as well as some executives who worked at the Post Office when the prosecutions were taking place between 1999 and 2015. Sir Alan Bates, who led the campaign on behalf of the wrongly prosecuted sub-postmasters, said he was not surprised by Mr Read's departure. ""When I knew he'd taken seven weeks' leave - in theory to prepare for the inquiry - I thought he'd taken seven weeks off to find a new job,"" he said. Liam Byrne, chair of parliament's Business Committee, said Mr Read had made ""the right decision"" for himself and the Post Office in standing down. Speaking to the BBC, he said the Post Office now needed to ""move on"". He said Mr Read had been dealing with ""a lot of legacies from the past but frankly at times there have been questions about how tightly things have been gripped"". ""Innocent victims"" had paid the price he said. Mr Read's predecessor, Paula Vennells, came in for excoriating criticism in the media and at the inquiry, for her role running the publicly-owned firm between 2012 and 2019. When he took over Mr Read faced a mammoth task to turn around the loss-making Post Office at a time when the organisation was facing a crisis of faith as the scale of the Horizon scandal came to light. Mr Read stepped back from his role in July to prepare to appear before the inquiry which is due to reconvene later this month. Representatives for the sub-postmasters have raised concerns over why justice and compensation have taken so long to be delivered.  ""He really hasn't achieved anything, has he?"" said Sir Alan. ""He certainly hasn't done anything for the victims in all of this.""  Sir Alan called for Mr Read's successor to come in ""with a big sweeping brush and clear the whole thing out"". The inquiry is likely to challenge Mr Read on what lessons have been learned and applied at the Post Office, under his tenure.  He has already blotted his copybook with the inquiry's chair Sir Wyn Williams over a £450,000 bonus he was due to receive. The bonus was in part for meeting performance targets that included fully cooperating with the public inquiry.  Sir Wyn issued a rebuke, saying the payment could not be justified, as the inquiry was still in its first phase. Mr Read returned a portion of the bonus. There was another undignified squabble around Mr Read's pay packet earlier this year. Former chair of the post office, Henry Staunton, claimed that Mr Read had been unhappy with his pay, which amounted to £573,000, including bonuses in 2022-23. His claim was backed by a former HR director who claimed Mr Read had repeatedly threatened to resign unless he was given a pay rise above 5%. He denied the claim and a subsequent unpublished report cleared him of all misconduct allegations. ",BBC,18/09/2024,"['Post Office boss Nick Read will step down from his role next year, the company has said.', 'The chief executive had already stepped back from front-line duties saying he wanted to give his ""entire attention"" to the final stage of the inquiry into the Horizon IT scandal.', 'The inquiry is scrutinising failings over the wrongful prosecutions of hundreds of sub-postmasters based on faulty accounting software which made it look as though money was missing from branches.', 'On Wednesday, the Post Office said Mr Read would depart in March 2025.', 'Mr Read described it as a ""great privilege"" to have worked as Post Office chief executive in an ""extraordinarily challenging time for the business and for postmasters"". ""', 'There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue,"" he added.', 'Mr Read joined the company in 2019, long after the prosecutions sub-postmasters had finished, and has not yet appeared before the inquiry.', 'The Post Office Horizon IT inquiry began in 2022 and has heard evidence from scores of victims as well as some executives who worked at the Post Office when the prosecutions were taking place between 1999 and 2015.', 'Sir Alan Bates, who led the campaign on behalf of the wrongly prosecuted sub-postmasters, said he was not surprised by Mr Read\'s departure. ""', 'When I knew he\'d taken seven weeks\' leave - in theory to prepare for the inquiry - I thought he\'d taken seven weeks off to find a new job,"" he said.', 'Liam Byrne, chair of parliament\'s Business Committee, said Mr Read had made ""the right decision"" for himself and the Post Office in standing down.', 'Speaking to the BBC, he said the Post Office now needed to ""move on"".', 'He said Mr Read had been dealing with ""a lot of legacies from the past but frankly at times there have been questions about how tightly things have been gripped"". ""', 'Innocent victims"" had paid the price he said.', ""Mr Read's predecessor, Paula Vennells, came in for excoriating criticism in the media and at the inquiry, for her role running the publicly-owned firm between 2012 and 2019."", 'When he took over Mr Read faced a mammoth task to turn around the loss-making Post Office at a time when the organisation was facing a crisis of faith as the scale of the Horizon scandal came to light.', 'Mr Read stepped back from his role in July to prepare to appear before the inquiry which is due to reconvene later this month.', 'Representatives for the sub-postmasters have raised concerns over why justice and compensation have taken so long to be delivered. ""', 'He really hasn\'t achieved anything, has he?""', 'said Sir Alan. ""', 'He certainly hasn\'t done anything for the victims in all of this.""', 'Sir Alan called for Mr Read\'s successor to come in ""with a big sweeping brush and clear the whole thing out"".', 'The inquiry is likely to challenge Mr Read on what lessons have been learned and applied at the Post Office, under his tenure.', ""He has already blotted his copybook with the inquiry's chair Sir Wyn Williams over a £450,000 bonus he was due to receive."", 'The bonus was in part for meeting performance targets that included fully cooperating with the public inquiry.', 'Sir Wyn issued a rebuke, saying the payment could not be justified, as the inquiry was still in its first phase.', 'Mr Read returned a portion of the bonus.', ""There was another undignified squabble around Mr Read's pay packet earlier this year."", 'Former chair of the post office, Henry Staunton, claimed that Mr Read had been unhappy with his pay, which amounted to £573,000, including bonuses in 2022-23.', 'His claim was backed by a former HR director who claimed Mr Read had repeatedly threatened to resign unless he was given a pay rise above 5%.', 'He denied the claim and a subsequent unpublished report cleared him of all misconduct allegations.']",0.0055236387655776,"There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue,"" he added.",The inquiry is scrutinising failings over the wrongful prosecutions of hundreds of sub-postmasters based on faulty accounting software which made it look as though money was missing from branches.,-0.3125488579273224,"Mr Read described it as a ""great privilege"" to have worked as Post Office chief executive in an ""extraordinarily challenging time for the business and for postmasters"". ""","Former chair of the post office, Henry Staunton, claimed that Mr Read had been unhappy with his pay, which amounted to £573,000, including bonuses in 2022-23.",2024-09-17
US goes big with first interest rate cut in four years,https://www.bbc.co.uk/news/articles/cz04md0zdrno,2024-09-18T18:01:24.368Z,"The US central bank has cut interest rates by more than expected in its first reduction in over four years.  The Federal Reserve said it would lower the target for its key lending rate by 0.5 percentage points, to the range of 4.75%-5%.  The widely expected cut is bigger than many analysts had predicted just a week ago, and comes as officials have noted increasing concern about rising unemployment rates. The move will bring relief to borrowers across the US, who have been contending with interest rates hovering at the highest levels in more than two decades. Officials signalled that further cuts were likely to follow before the end of the year. The Fed raised interest rates sharply in 2022, aiming to cool the economy and stabilise prices, which were then surging at the fastest pace since the 1980s. But officials have gained confidence that inflation, the rate at which prices rise, is now headed back toward their 2% target. Last month, the head of the bank, Jerome Powell, set the stage for the cut, saying ""the time had come"" for a policy adjustment. The Fed's moves follow cuts by other central banks, including those in Europe, the UK, and Canada. But ahead of the meeting there was unusual uncertainty about how big a reduction officials would approve. Some analysts had called for a bigger cut, arguing that the Fed should act aggressively to head off any further economic slowdown and pointing to a significant rise in unemployment since last year. But others said the bank could afford to move more cautiously, noting that growth has remained resilient. ",BBC,18/09/2024,"['The US central bank has cut interest rates by more than expected in its first reduction in over four years.', 'The Federal Reserve said it would lower the target for its key lending rate by 0.5 percentage points, to the range of 4.75%-5%.', 'The widely expected cut is bigger than many analysts had predicted just a week ago, and comes as officials have noted increasing concern about rising unemployment rates.', 'The move will bring relief to borrowers across the US, who have been contending with interest rates hovering at the highest levels in more than two decades.', 'Officials signalled that further cuts were likely to follow before the end of the year.', 'The Fed raised interest rates sharply in 2022, aiming to cool the economy and stabilise prices, which were then surging at the fastest pace since the 1980s.', 'But officials have gained confidence that inflation, the rate at which prices rise, is now headed back toward their 2% target.', 'Last month, the head of the bank, Jerome Powell, set the stage for the cut, saying ""the time had come"" for a policy adjustment.', ""The Fed's moves follow cuts by other central banks, including those in Europe, the UK, and Canada."", 'But ahead of the meeting there was unusual uncertainty about how big a reduction officials would approve.', 'Some analysts had called for a bigger cut, arguing that the Fed should act aggressively to head off any further economic slowdown and pointing to a significant rise in unemployment since last year.', 'But others said the bank could afford to move more cautiously, noting that growth has remained resilient.']",-0.0087771480183994,"But officials have gained confidence that inflation, the rate at which prices rise, is now headed back toward their 2% target.","Some analysts had called for a bigger cut, arguing that the Fed should act aggressively to head off any further economic slowdown and pointing to a significant rise in unemployment since last year.",0.7119337320327759,"But officials have gained confidence that inflation, the rate at which prices rise, is now headed back toward their 2% target.","The Federal Reserve said it would lower the target for its key lending rate by 0.5 percentage points, to the range of 4.75%-5%.",2024-09-17
Ovo to pay £2.4m over customer complaint failures,https://www.bbc.co.uk/news/articles/cm2ymy2zgveo,2024-09-17T07:15:29.108Z,"Energy firm Ovo has been told to pay out £2.4m after the regulator found it had not been dealing with customer complaints correctly. Ofgem said that 1,395 Ovo customers were hit by problems, including long delays in dealing with complaints, in some cases up to 18 months. Those affected will get about £271 on average in compensation, while Ovo will also pay £2m to the Energy Industry Voluntary Redress Scheme, which provides money to charities helping vulnerable customers. Ofgem said affected customers do not need to take any action. Ovo said it had sent a letter of apology and compensation to those affected. The energy regulator said that following its intervention, Ovo had given more resources to complaint handling, and improved its complaints management system. “Energy is an essential service. When things go wrong, it can cause consumers a lot of distress,"" said Jacqui Gehrmann, deputy director of retail compliance at Ofgem. ""In this case Ovo failed to adequately protect and respond to their customers when it was needed most. This is not acceptable. “Consumers deserve a clear and timely response when they make a complaint, and that’s why we stepped in quickly when we identified that Ovo’s performance was falling below acceptable standards."" In a statement, Ovo said: ""We recognise that a particular group of our customers in 2023 waited longer than we’d like for a resolution and were overdue a response from us, so we’ve sent them a letter of apology and compensation to help.” Ofgem also revealed that it has collected more than £400m since 2020 just through enforcing rules and asking companies to comply. It said it uses this money to help those who are struggling to pay bills. In August, Ofgem set a new energy price cap for England, Scotland and Wales that will apply from 1 October to 31 December. People using an average amount of gas and electricity will pay £1,717 a year, a 10% rise compared with now. ",BBC,17/09/2024,"['Energy firm Ovo has been told to pay out £2.4m after the regulator found it had not been dealing with customer complaints correctly.', 'Ofgem said that 1,395 Ovo customers were hit by problems, including long delays in dealing with complaints, in some cases up to 18 months.', 'Those affected will get about £271 on average in compensation, while Ovo will also pay £2m to the Energy Industry Voluntary Redress Scheme, which provides money to charities helping vulnerable customers.', 'Ofgem said affected customers do not need to take any action.', 'Ovo said it had sent a letter of apology and compensation to those affected.', 'The energy regulator said that following its intervention, Ovo had given more resources to complaint handling, and improved its complaints management system. “', 'Energy is an essential service.', 'When things go wrong, it can cause consumers a lot of distress,"" said Jacqui Gehrmann, deputy director of retail compliance at Ofgem. ""', 'In this case Ovo failed to adequately protect and respond to their customers when it was needed most.', 'This is not acceptable. “', 'Consumers deserve a clear and timely response when they make a complaint, and that’s why we stepped in quickly when we identified that Ovo’s performance was falling below acceptable standards.""', 'In a statement, Ovo said: ""We recognise that a particular group of our customers in 2023 waited longer than we’d like for a resolution and were overdue a response from us, so we’ve sent them a letter of apology and compensation to help.”', 'Ofgem also revealed that it has collected more than £400m since 2020 just through enforcing rules and asking companies to comply.', 'It said it uses this money to help those who are struggling to pay bills.', 'In August, Ofgem set a new energy price cap for England, Scotland and Wales that will apply from 1 October to 31 December.', 'People using an average amount of gas and electricity will pay £1,717 a year, a 10% rise compared with now.']",-0.0329419695153606,"In a statement, Ovo said: ""We recognise that a particular group of our customers in 2023 waited longer than we’d like for a resolution and were overdue a response from us, so we’ve sent them a letter of apology and compensation to help.”","When things go wrong, it can cause consumers a lot of distress,"" said Jacqui Gehrmann, deputy director of retail compliance at Ofgem. """,-0.3287827041414048,"The energy regulator said that following its intervention, Ovo had given more resources to complaint handling, and improved its complaints management system. “","Consumers deserve a clear and timely response when they make a complaint, and that’s why we stepped in quickly when we identified that Ovo’s performance was falling below acceptable standards.""",2024-09-17
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 has 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"". Boeing has said the impact of the strike will depend on its duration, but analysts say an extended stoppage could cost the firm and its suppliers billions of dollars. The last strike at Boeing in 2008 lasted about eight weeks. Major ratings companies have warned that the stand-off could lead to a downgrade of the aerospace giant's credit rating, making it more expensive for the firm to borrow. The company has been dealing with historic losses. Production has slowed as the firm responds to concerns about the quality of its manufacturing.  Separately, Boeing has agreed to pay $150m (£126m) to Brazilian plane-maker Embraer over its decision to walk away from talks about a possible merger in 2020. ",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 has 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"".', 'Boeing has said the impact of the strike will depend on its duration, but analysts say an extended stoppage could cost the firm and its suppliers billions of dollars.', 'The last strike at Boeing in 2008 lasted about eight weeks.', ""Major ratings companies have warned that the stand-off could lead to a downgrade of the aerospace giant's credit rating, making it more expensive for the firm to borrow."", 'The company has been dealing with historic losses.', 'Production has slowed as the firm responds to concerns about the quality of its manufacturing.', 'Separately, Boeing has agreed to pay $150m (£126m) to Brazilian plane-maker Embraer over its decision to walk away from talks about a possible merger in 2020.']",-0.1476437201546783,"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. """,-0.5549361944198609,"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.","Major ratings companies have warned that the stand-off could lead to a downgrade of the aerospace giant's credit rating, making it more expensive for the firm to borrow.",2024-09-17
Amazon tells staff to get back to office five days a week,https://www.bbc.co.uk/news/articles/czj99ln72k9o,2024-09-16T19:17:02.627Z,"Amazon is ordering staff back to the office five days a week as it ends its hybrid work policy. The change will come into force from January, Amazon's chief executive Andy Jassy said in a memo to staff. ""We’ve decided that we’re going to return to being in the office the way we were before the onset of Covid,"" he said, adding that it would help staff be ""better set up to invent, collaborate, and be connected enough to each other"". Mr Jassy has long been known as a sceptic of remote work, but Amazon staff were previously allowed to work from home two days a week. Amazon's push to get corporate staff back into the office has been a source of tension within the firm which employs more than 1.5 million people globally in full-time and part-time roles.  Staff at its Seattle headquarters staged a protest last year as the company tightened the full remote work allowance that was put in place during the pandemic. Amazon subsequently fired the organiser of the protest, prompting claims of unfair retaliation, a dispute that has been taken up with labour officials.  In his message on Monday, Mr Jassy said he was worried that Amazon - which has long prided itself on preserving the intensity of a start-up while growing to become a tech giant - was seeing its corporate culture diluted by flexible work and too many bureaucratic layers. Mr Jassy, who replaced founder Jeff Bezos as chief executive in 2021, said he had created a ""bureaucracy mailbox"" for staff to make complaints about unnecessary rules and the company was asking managers to reorganise so that managers are overseeing more people. Amazon said those changes could lead to job cuts. In addition to returning to the office five days a week, Amazon said it would end hot-desking in the US, although it will continue in most of Europe. The company said staff could still work from home in unusual circumstances, such as a sick child or house emergency, as was the case before the pandemic.  But unless they have been granted an exemption, Mr Jassy said: ""Our expectation is that people will be in the office outside of extenuating circumstances."" Amazon's stance contrasts with the UK government's approach, which has promised to make flexible working a default right from day one as part of a new employment rights bill due to be published next month. Business Secretary Jonathan Reynolds told the Times newspaper that the government wants to end the ""culture of presenteeism"", and said there were ""real economic benefits"" to people working from home.  He said there was a balance to be struck, but flexible working arrangements could help businesses recruit from a wider pool of people. Graeme from Northumberland, who didn't want us to use his surname, mainly works from home and believes ""you just get so much more done"". The difference between that and office work was ""night and day"" in terms of productivity, he said. In the office people can come over for a chat, or to make requests, and then it can be more difficult to get back into a work flow, he said. However, he added that the socialising aspect of working in an office was also important. Remote work peaked during the pandemic. Many companies started recalling staff in 2022, but the return has been incomplete. As of this summer, about 12% of full-time employees in the US were fully remote and another 27% reported having hybrid work policies in place, according to a monthly survey by economists Jose Maria Barrero, Nicholas Bloom, and Steven J Davis.  Bank bosses such as JP Morgan's Jamie Dimon have been among the most high-profile figures critical of remote work and likely to demand full-time office attendance.  But the attitude has also spread to other industries, with UPS and Dell recalling staff to the office full-time this year. In his memo, Mr Jassy said that Amazon's experience with its move to a hybrid policy had ""strengthened our conviction about the benefits"" of working in person. But Prof Bloom, from Stanford University, said he did not think the announcements were a sign of a wider shift in work policies, noting that his data has found time spent at the office has been fairly stable for more than a year.  ""For every high-profile company cancelling work-from-home, there's others that seem to be expanding it - they just don't get picked up in the media,"" he said. ",BBC,16/09/2024,"['Amazon is ordering staff back to the office five days a week as it ends its hybrid work policy.', 'The change will come into force from January, Amazon\'s chief executive Andy Jassy said in a memo to staff. ""', 'We’ve decided that we’re going to return to being in the office the way we were before the onset of Covid,"" he said, adding that it would help staff be ""better set up to invent, collaborate, and be connected enough to each other"".', 'Mr Jassy has long been known as a sceptic of remote work, but Amazon staff were previously allowed to work from home two days a week.', ""Amazon's push to get corporate staff back into the office has been a source of tension within the firm which employs more than 1.5 million people globally in full-time and part-time roles."", 'Staff at its Seattle headquarters staged a protest last year as the company tightened the full remote work allowance that was put in place during the pandemic.', 'Amazon subsequently fired the organiser of the protest, prompting claims of unfair retaliation, a dispute that has been taken up with labour officials.', 'In his message on Monday, Mr Jassy said he was worried that Amazon - which has long prided itself on preserving the intensity of a start-up while growing to become a tech giant - was seeing its corporate culture diluted by flexible work and too many bureaucratic layers.', 'Mr Jassy, who replaced founder Jeff Bezos as chief executive in 2021, said he had created a ""bureaucracy mailbox"" for staff to make complaints about unnecessary rules and the company was asking managers to reorganise so that managers are overseeing more people.', 'Amazon said those changes could lead to job cuts.', 'In addition to returning to the office five days a week, Amazon said it would end hot-desking in the US, although it will continue in most of Europe.', 'The company said staff could still work from home in unusual circumstances, such as a sick child or house emergency, as was the case before the pandemic.', 'But unless they have been granted an exemption, Mr Jassy said: ""Our expectation is that people will be in the office outside of extenuating circumstances.""', ""Amazon's stance contrasts with the UK government's approach, which has promised to make flexible working a default right from day one as part of a new employment rights bill due to be published next month."", 'Business Secretary Jonathan Reynolds told the Times newspaper that the government wants to end the ""culture of presenteeism"", and said there were ""real economic benefits"" to people working from home.', 'He said there was a balance to be struck, but flexible working arrangements could help businesses recruit from a wider pool of people.', 'Graeme from Northumberland, who didn\'t want us to use his surname, mainly works from home and believes ""you just get so much more done"".', 'The difference between that and office work was ""night and day"" in terms of productivity, he said.', 'In the office people can come over for a chat, or to make requests, and then it can be more difficult to get back into a work flow, he said.', 'However, he added that the socialising aspect of working in an office was also important.', 'Remote work peaked during the pandemic.', 'Many companies started recalling staff in 2022, but the return has been incomplete.', 'As of this summer, about 12% of full-time employees in the US were fully remote and another 27% reported having hybrid work policies in place, according to a monthly survey by economists Jose Maria Barrero, Nicholas Bloom, and Steven J Davis.', ""Bank bosses such as JP Morgan's Jamie Dimon have been among the most high-profile figures critical of remote work and likely to demand full-time office attendance."", 'But the attitude has also spread to other industries, with UPS and Dell recalling staff to the office full-time this year.', 'In his memo, Mr Jassy said that Amazon\'s experience with its move to a hybrid policy had ""strengthened our conviction about the benefits"" of working in person.', 'But Prof Bloom, from Stanford University, said he did not think the announcements were a sign of a wider shift in work policies, noting that his data has found time spent at the office has been fairly stable for more than a year. ""', 'For every high-profile company cancelling work-from-home, there\'s others that seem to be expanding it - they just don\'t get picked up in the media,"" he said.']",0.075294442139839,"In his memo, Mr Jassy said that Amazon's experience with its move to a hybrid policy had ""strengthened our conviction about the benefits"" of working in person.","Amazon subsequently fired the organiser of the protest, prompting claims of unfair retaliation, a dispute that has been taken up with labour officials.",-0.0465986837040294,"But Prof Bloom, from Stanford University, said he did not think the announcements were a sign of a wider shift in work policies, noting that his data has found time spent at the office has been fairly stable for more than a year. """,Amazon said those changes could lead to job cuts.,2024-09-17
Boeing puts tens of thousands of workers on furlough after strike,https://www.bbc.co.uk/news/articles/cpdqvwexqv4o,2024-09-18T17:27:34.140Z,"Boeing is suspending the jobs of tens of thousands of staff in the US in response to a strike that has shut down production of some of its airplanes.  The aerospace giant said US-based executives, managers and staff would be asked to take one week of furlough every four weeks as long as the stand-off lasts. More than 30,000 factory workers in the northwest of the US went on strike on Friday over pay and retirement packages. Government officials are now helping to mediate talks between the two sides.  The work stoppage threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. Its impacts are already being felt across the industry and wider US economy as the firm asks suppliers to halt shipments of most parts and takes other steps to save money.  Chief executive Kelly Ortberg, who started in the job just last month, said executives were trying to reach a new agreement ""as soon as possible"". ""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time,"" he said in a memo to staff. ""We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship. Mr Ortberg said executives would take ""commensurate"" pay cuts for the time of the strike and that staff on furlough would retain ""all benefits"". ""We won’t take any actions that inhibit our ability to fully recover in the future,"" he added. The strike is the first at Boeing since 2008. Workers had rejected an offer that promised a 25% pay increase over four years and improvements to terms and conditions. The deal, described by Boeing as ""historic"", was recommended to the workforce by union leaders, but overwhelmingly voted down by employees. At the picket line outside a plant in Auburn, Washington on Wednesday, Brian Bryant, the international president of the International Association of Machinists and Aerospace Workers union, said he saw Boeing's actions as ""smoke and mirrors"" meant to distract from the real issue. ""They're using that as a leverage tool for public opinion,"" he told the BBC.  He said workers remained angry about wages that have not kept up with the cost of living, and the loss of benefits, such as pensions, in previous negotiations. Boeing employs about 150,000 people across the US and was under pressure even before the walkout, after a piece of a new 737 Max passenger plane broke off mid-flight in January. The incident reignited scrutiny of the firm's manufacturing and safety record and has forced it to slow its production of planes. Additional reporting by Max Matza ",BBC,18/09/2024,"['Boeing is suspending the jobs of tens of thousands of staff in the US in response to a strike that has shut down production of some of its airplanes.', 'The aerospace giant said US-based executives, managers and staff would be asked to take one week of furlough every four weeks as long as the stand-off lasts.', 'More than 30,000 factory workers in the northwest of the US went on strike on Friday over pay and retirement packages.', 'Government officials are now helping to mediate talks between the two sides.', 'The work stoppage threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'Its impacts are already being felt across the industry and wider US economy as the firm asks suppliers to halt shipments of most parts and takes other steps to save money.', 'Chief executive Kelly Ortberg, who started in the job just last month, said executives were trying to reach a new agreement ""as soon as possible"". ""', 'While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time,"" he said in a memo to staff. ""', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship.', 'Mr Ortberg said executives would take ""commensurate"" pay cuts for the time of the strike and that staff on furlough would retain ""all benefits"". ""', 'We won’t take any actions that inhibit our ability to fully recover in the future,"" he added.', 'The strike is the first at Boeing since 2008.', 'Workers had rejected an offer that promised a 25% pay increase over four years and improvements to terms and conditions.', 'The deal, described by Boeing as ""historic"", was recommended to the workforce by union leaders, but overwhelmingly voted down by employees.', 'At the picket line outside a plant in Auburn, Washington on Wednesday, Brian Bryant, the international president of the International Association of Machinists and Aerospace Workers union, said he saw Boeing\'s actions as ""smoke and mirrors"" meant to distract from the real issue. ""', 'They\'re using that as a leverage tool for public opinion,"" he told the BBC.', 'He said workers remained angry about wages that have not kept up with the cost of living, and the loss of benefits, such as pensions, in previous negotiations.', 'Boeing employs about 150,000 people across the US and was under pressure even before the walkout, after a piece of a new 737 Max passenger plane broke off mid-flight in January.', ""The incident reignited scrutiny of the firm's manufacturing and safety record and has forced it to slow its production of planes."", 'Additional reporting by Max Matza']",-0.0720800368063171,"Chief executive Kelly Ortberg, who started in the job just last month, said executives were trying to reach a new agreement ""as soon as possible"". ""","Boeing employs about 150,000 people across the US and was under pressure even before the walkout, after a piece of a new 737 Max passenger plane broke off mid-flight in January.",-0.3611514170964559,Workers had rejected an offer that promised a 25% pay increase over four years and improvements to terms and conditions.,The incident reignited scrutiny of the firm's manufacturing and safety record and has forced it to slow its production of planes.,2024-09-17
"TGI Fridays' UK owner's administration puts 4,500 jobs at risk",https://www.bbc.co.uk/news/articles/czrm7z5n0y1o,2024-09-18T14:55:51.154Z,"The UK operator of TGI Fridays has gone into administration, putting 4,500 jobs at risk. A total of 87 of the chain's restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses. It hopes to complete a sale by the end of September, which would keep the brand running and help to secure jobs. Hostmore said the American-inspired chain ""continues to operate normally and all existing stores remain open"". Earlier this month, Hostmore said the sales process was in an ""advanced stage"", but added it was unlikely to ""recover any meaningful value"" its assets. It said the leading bids were for less than the firm's debt, suggesting it would be out of pocket if a sale is completed.  ""The sale process remains ongoing, with no decisions having been made to close any existing stores, and TGI Fridays continues to operate normally across the country,"" a Hostmore spokesperson told the BBC. Hostmore said it had attempted to buy the US operator of TGI Fridays for £177m, but that the deal collapsed. Analyst Catherine Shuttleworth said TGI Fridays was a trendsetter when it first opened in the UK, selling ""American food beyond the burger"" and offering ""a really great night out"". However, she said the chain has struggled with ""a change in customer preferences for healthier and vegan foods"". The administration makes TGI Fridays the latest victim of the challenges facing casual dining chains and UK High Streets generally. Data from PwC found that 18 chemists, 16 pubs and nine banks shut down every week on average between January and June this year. The popularity of online shopping shrinking High Street footfall and the financial hangover from the Covid pandemic are widely seen as the two big issues hurting UK shops and hospitality businesses. ",BBC,18/09/2024,"['The UK operator of TGI Fridays has gone into administration, putting 4,500 jobs at risk.', ""A total of 87 of the chain's restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses."", 'It hopes to complete a sale by the end of September, which would keep the brand running and help to secure jobs.', 'Hostmore said the American-inspired chain ""continues to operate normally and all existing stores remain open"".', 'Earlier this month, Hostmore said the sales process was in an ""advanced stage"", but added it was unlikely to ""recover any meaningful value"" its assets.', 'It said the leading bids were for less than the firm\'s debt, suggesting it would be out of pocket if a sale is completed. ""', 'The sale process remains ongoing, with no decisions having been made to close any existing stores, and TGI Fridays continues to operate normally across the country,"" a Hostmore spokesperson told the BBC.', 'Hostmore said it had attempted to buy the US operator of TGI Fridays for £177m, but that the deal collapsed.', 'Analyst Catherine Shuttleworth said TGI Fridays was a trendsetter when it first opened in the UK, selling ""American food beyond the burger"" and offering ""a really great night out"".', 'However, she said the chain has struggled with ""a change in customer preferences for healthier and vegan foods"".', 'The administration makes TGI Fridays the latest victim of the challenges facing casual dining chains and UK High Streets generally.', 'Data from PwC found that 18 chemists, 16 pubs and nine banks shut down every week on average between January and June this year.', 'The popularity of online shopping shrinking High Street footfall and the financial hangover from the Covid pandemic are widely seen as the two big issues hurting UK shops and hospitality businesses.']",0.0329723240989969,"Earlier this month, Hostmore said the sales process was in an ""advanced stage"", but added it was unlikely to ""recover any meaningful value"" its assets.","A total of 87 of the chain's restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses.",-0.5214066240522597,"Analyst Catherine Shuttleworth said TGI Fridays was a trendsetter when it first opened in the UK, selling ""American food beyond the burger"" and offering ""a really great night out"".",The popularity of online shopping shrinking High Street footfall and the financial hangover from the Covid pandemic are widely seen as the two big issues hurting UK shops and hospitality businesses.,2024-09-17
Secret Service 'aware' of Elon Musk post about Harris and Biden,https://www.bbc.co.uk/news/articles/c74882jq39vo,2024-09-17T01:45:14.279Z,"The US Secret Service says it is ""aware"" of a social media post by Elon Musk in which he said that ""no one is even trying"" to assassinate President Joe Biden or Vice-President Kamala Harris.  Mr Musk has since deleted the post and said it was intended as a joke.  His post on X, formerly Twitter, came just hours after the suspected attempted assassination of Donald Trump at his golf course in Florida on Sunday.  The tech billionaire is a close ally of Trump, who has vowed to enlist Mr Musk to run a “government efficiency commission” if he wins a second term as US president.  Many X users criticised Mr Musk's comments - which were accompanied by a raised eyebrow emoji - with some alleging that the post was a form of incitement against the US president and vice-president.  In a statement, the White House condemned the post, saying that ""this rhetoric is irresponsible"".  ""Violence should only be condemned, never encouraged or joked about,"" the statement said, adding that there should be ""no place for political violence or for any violence ever in our country"".  When contacted by the BBC, the US Secret Service said only that it is ""aware"" of the post.  ""As a matter of practice we do not comment on matters involving protective intelligence,"" the statement added. ""We can say, however, that the Secret Service investigates all threats related to our protectees.""  After deleting the post, Mr Musk tweeted that ""one lesson I've learned is that just because I say something to a group and they laugh doesn't mean it's going to be all that hilarious as a post on X.""  ""Turns out that jokes are way less funny if people don't know the context and the delivery is in plain text,"" a subsequent post read.  The controversial tech mogul is considered a close ally of Trump and formally endorsed him in the aftermath of a separate assassination attempt against the former president that took place at a rally on 13 July in Butler, Pennsylvania.  In that attempt, the suspect fired multiple rounds, injuring Trump and killing an attendee at the rally.  Since then, Mr Musk has often tweeted or re-posted messages critical of both Biden and Harris and in support of Trump.  ",BBC,17/09/2024,"['The US Secret Service says it is ""aware"" of a social media post by Elon Musk in which he said that ""no one is even trying"" to assassinate President Joe Biden or Vice-President Kamala Harris.', 'Mr Musk has since deleted the post and said it was intended as a joke.', 'His post on X, formerly Twitter, came just hours after the suspected attempted assassination of Donald Trump at his golf course in Florida on Sunday.', 'The tech billionaire is a close ally of Trump, who has vowed to enlist Mr Musk to run a “government efficiency commission” if he wins a second term as US president.', ""Many X users criticised Mr Musk's comments - which were accompanied by a raised eyebrow emoji - with some alleging that the post was a form of incitement against the US president and vice-president."", 'In a statement, the White House condemned the post, saying that ""this rhetoric is irresponsible"". ""', 'Violence should only be condemned, never encouraged or joked about,"" the statement said, adding that there should be ""no place for political violence or for any violence ever in our country"".', 'When contacted by the BBC, the US Secret Service said only that it is ""aware"" of the post. ""', 'As a matter of practice we do not comment on matters involving protective intelligence,"" the statement added. ""', 'We can say, however, that the Secret Service investigates all threats related to our protectees.""', 'After deleting the post, Mr Musk tweeted that ""one lesson I\'ve learned is that just because I say something to a group and they laugh doesn\'t mean it\'s going to be all that hilarious as a post on X."" ""Turns out that jokes are way less funny if people don\'t know the context and the delivery is in plain text,"" a subsequent post read.', 'The controversial tech mogul is considered a close ally of Trump and formally endorsed him in the aftermath of a separate assassination attempt against the former president that took place at a rally on 13 July in Butler, Pennsylvania.', 'In that attempt, the suspect fired multiple rounds, injuring Trump and killing an attendee at the rally.', 'Since then, Mr Musk has often tweeted or re-posted messages critical of both Biden and Harris and in support of Trump.']",-0.1764911478959053,"After deleting the post, Mr Musk tweeted that ""one lesson I've learned is that just because I say something to a group and they laugh doesn't mean it's going to be all that hilarious as a post on X."" ""Turns out that jokes are way less funny if people don't know the context and the delivery is in plain text,"" a subsequent post read.","Violence should only be condemned, never encouraged or joked about,"" the statement said, adding that there should be ""no place for political violence or for any violence ever in our country"".",-0.9104363918304444,,"In a statement, the White House condemned the post, saying that ""this rhetoric is irresponsible"". """,2024-09-17
"SpaceX Starlink has 2,500 airplanes under contract after United megadeal, director says",https://www.cnbc.com/2024/09/17/spacexs-starlink-has-2500-aircraft-under-contract.html,2024-09-17T16:24:28+0000,"PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday.""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that's going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market. Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi.The United megadeal was Starlink's largest IFC agreement yet. It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years.SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. The company initially targeted consumers, but has expanded into other markets, including enterprise services such as aviation and maritime.There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft. Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.""We're trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we've proven on Hawaiian's and JSX's fleets,"" Galano said.By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline's managing director of in-flight entertainment and connectivity. But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing.""A retrofit for us is removing the system that's there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[Hawaiian] have never had a satcom system, so that's one of the differences to take into account.""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline. Both Delta and United are in a battle for high-end customers.""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.— CNBC's Leslie Josephs contributed to this article.",CNBC,17/09/2024,"[""PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday."", '""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that\'s going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.', ""The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market."", ""Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi."", ""The United megadeal was Starlink's largest IFC agreement yet."", ""It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years."", ""SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020."", 'The company initially targeted consumers, buthasexpanded into other markets, including enterprise services such as aviation and maritime.', 'There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.', '""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.', 'Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft.', 'Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.', '""We\'re trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we\'ve proven on Hawaiian\'s and JSX\'s fleets,"" Galano said.', 'By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline\'s managing director of in-flight entertainment and connectivity.', ""But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing."", '""A retrofit for us is removing the system that\'s there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[', ""Hawaiian] have never had a satcom system, so that's one of the differences to take into account."", '""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline.', 'Both Delta and United are in a battle for high-end customers.', '""We\'ve gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—', ""CNBC's Leslie Josephs contributed to this article.""]",0.2761100833366544,"""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—","Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.",0.9684703528881072,"""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.",,2024-09-17
"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.",2024-09-17
"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.,2024-09-17
Lunar company Intuitive Machines' stock jumps more than 50% after NASA moon satellite contract,https://www.cnbc.com/2024/09/18/intuitive-machines-stock-nasa-moon-satellite-contract.html,2024-09-18T17:06:33+0000,"In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites.""This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency's Near Space Network, a system that communicates with government and commercial missions that are up to 1 million miles from Earth. The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program.The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses. Intuitive Machines' initial NSN award is worth $150 million.Intuitive Machines shares surged more than 50% in early afternoon trading from its previous close at $5.40 a share.Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.The stock has more than doubled year-to-date as Intuitive Machines has steadily racked up NASA contracts.Intuitive Machines made history in February as the first U.S. company to soft-land a cargo mission on the moon's surface. Since then, IM became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month.Benchmark's Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines' experience ""as elite.""""LUNR's path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter. Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that's scheduled for late 2025.",CNBC,18/09/2024,"[""In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites."", '""This contract marks an inflection point in Intuitive Machines\' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.', 'NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency\'s Near Space Network, a system that communicates with government and commercial missions that are up to 1 million miles from Earth.', ""The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program."", 'The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses.', ""Intuitive Machines' initial NSN award is worth $150 million."", 'Intuitive Machines shares surged more than 50% in early afternoon trading from its previous close at $5.40 a share.', 'Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.', '""We see the win today as a significant catalyst and validation towards LUNR\'s outlook and the company\'s ability to continue to win contracts,"" Sheppard wrote in a note to clients.', 'The stock has more than doubled year-to-date as Intuitive Machines has steadily racked up NASA contracts.', ""Intuitive Machines made history in February as the first U.S. company to soft-land a cargo mission on the moon's surface."", ""Since then, IM became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month."", 'Benchmark\'s Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines\' experience ""as elite.', '""""LUNR\'s path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.', 'The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter.', ""Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that's scheduled for late 2025.""]",0.319838219468583,"""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.",,0.999182853433821,The stock has more than doubled year-to-date as Intuitive Machines has steadily racked up NASA contracts.,,2024-09-17
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.,2024-09-17
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.",2024-09-17
Jeep CEO enacts turnaround plan after significant sales declines,https://www.cnbc.com/2024/09/13/jeep-ceo-turnaround-plan-sales-declines.html,2024-09-16T20:14:43+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,16/09/2024,"[""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.",2024-09-17
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.",2024-09-17
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.,2024-09-17
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.,2024-09-17
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.",2024-09-17
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.",2024-09-17
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.",2024-09-17
Alaska closes $1.9 billion acquisition of Hawaiian Airlines after DOT blessing,https://www.cnbc.com/2024/09/17/alaska-airlines-hawaiian-airlines-merger-review.html,2024-09-18T15:27:59+0000,"In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.The carriers' merger agreement cleared the U.S. Justice Department's review last month. That put it in the hands of the Transportation Department, which must also review airline mergers.The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release. The agency said the protections will be in place for six years.The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration. Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.Another airline deal failed earlier this year. A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal.Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations.Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.",CNBC,18/09/2024,"['In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.', ""The carriers' merger agreement cleared the U.S. Justice Department's review last month."", 'That put it in the hands of the Transportation Department, which must also review airline mergers.', 'The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.', 'They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.', '""This more proactive approach to merger review marks a new chapter of DOT\'s work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.', 'The agency said the protections will be in place for six years.', 'The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.', ""After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration."", 'Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.', 'Another airline deal failed earlier this year.', ""A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal."", ""Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations."", ""Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.""]",0.3328411957951305,"The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.",Another airline deal failed earlier this year.,0.3347187836964925,"""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.",Another airline deal failed earlier this year.,2024-09-17
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.",2024-09-17
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.",2024-09-17
ESPN's Adrian Wojnarowski will retire from company to take a job in college basketball,https://www.cnbc.com/2024/09/18/espns-adrian-wojnarowski-will-retire-take-st-bonaventure-job.html,2024-09-18T16:08:41+0000,"ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning.The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said.Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs."" He and The Athletic's Shams Charania often competed for scoops on the latest news.""I've known and admired Woj since we first worked together at Yahoo! in 2007. His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""He's extraordinarily talented and fearless. He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",CNBC,18/09/2024,"[""ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning."", ""The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said."", 'Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""', ""He and The Athletic's Shams Charania often competed for scoops on the latest news."", '""I\'ve known and admired Woj since we first worked together at Yahoo!', 'in 2007.', 'His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""', ""He's extraordinarily talented and fearless."", 'He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.', '""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.']",0.1666259000196438,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.","Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""",0.9996575117111206,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",,2024-09-17
"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.",2024-09-17
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,2024-09-17T14:28:00+0000,"United Airlines said Friday that it plans to offer in-flight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest in-flight internet deal yet for the satellite service provider.The team-up comes as airlines have been investing in faster in-flight 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 in-flight 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 in-flight 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,17/09/2024,"[""United Airlines said Friday that it plans to offer in-flight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest in-flight internet deal yet for the satellite service provider."", 'The team-up comes as airlines have been investing in faster in-flight 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 in-flight 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 in-flight 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 in-flight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.",,0.9961319267749786,SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.,,2024-09-17
"In federal trial, Michael Kors says it's harder to sell handbags in TikTok and Taylor Swift era",https://www.cnbc.com/2024/09/16/tapestry-capri-antitrust-trial-michael-kors-testifies.html,2024-09-17T12:17:12+0000,"In this articleNEW YORK CITY — In a federal courtroom on Monday, storied fashion designer Michael Kors spoke about the steep challenge of staying relevant in a world where brands can rise and fall based on viral TikTok videos and photos of handbags on the arms of celebrities such as Taylor Swift and Beyoncé.Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of 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. The FTC on Monday called Kors, who founded his namesake brand in 1981 at age 22 and still serves as its chief creative director, to testify. Yet, in his remarks, Kors described how even legacy brands like his own can struggle and lose shoppers' interest.""Sometimes you'll be the hottest thing on the block,"" he said. ""Sometimes you'll be lukewarm. Sometimes you'll be cold.""He acknowledged that his namesake label has fallen from favor and needs a refresh.""I think we've reached the point of brand fatigue,"" he said.The FTC has argued that the combined companies, particularly with Coach and Michael Kors under the same owner, would create a bag behemoth with the power to hike prices for customers while offering them the same or worse products.Attorneys for Tapestry and Capri, on the other hand, have questioned the FTC's depictions of a consolidated handbag market. They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.The trial comes as consumers balk at high prices and when the outcome of the closely watched U.S. presidential election could change the federal agency's strategy.Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described. As of Monday afternoon, the company's stock has fallen about 24% so far this year. That trails far behind the roughly 18% gains of the S&P 500 and the approximately 17% rise of Tapestry.In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period.Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports. Even as an industry veteran, he said he must move nimbly.For instance, he said he learned about Aupen, a handbag industry newcomer, when he saw a photo of Taylor Swift carrying one of the company's handbags. When he went to the company's website, it crashed, he said.""It shows you the power of women like this,"" he said.In another testimony on Monday, former Macy's CEO Jeff Gennette said retailers also feel it when brands lose some of their shine. Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand. He said the markdown of Michael Kors' handbags contributed to ""a bad spiral Macy's was living through when I was there.""The antitrust trial is expected to conclude on Tuesday with testimony by economists, including one for the FTC and one for the companies.",CNBC,17/09/2024,"['In this articleNEW YORK CITY — In a federal courtroom on Monday, storied fashion designer Michael Kors spoke about the steep challenge of staying relevant in a world where brands can rise and fall based on viral TikTok videos and photos of handbags on the arms of celebrities such as Taylor Swift and Beyoncé.', ""Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of 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."", 'The FTC on Monday called Kors, who founded his namesake brand in 1981 at age 22 and still serves as its chief creative director, to testify.', ""Yet, in his remarks, Kors described how even legacy brands like his own can struggle and lose shoppers' interest."", '""Sometimes you\'ll be the hottest thing on the block,"" he said. ""', ""Sometimes you'll be lukewarm."", ""Sometimes you'll be cold."", '""He acknowledged that his namesake label has fallen from favor and needs a refresh.', '""I think we\'ve reached the point of brand fatigue,"" he said.', 'The FTC has argued that the combined companies, particularly with Coach and Michael Kors under the same owner, would create a bag behemoth with the power to hike prices for customers while offering them the same or worse products.', ""Attorneys for Tapestry and Capri, on the other hand, have questioned the FTC's depictions of a consolidated handbag market."", 'They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.', ""The trial comes as consumers balk at high prices and when the outcome of the closely watched U.S. presidential election could change the federal agency's strategy."", 'Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described.', ""As of Monday afternoon, the company's stock has fallen about 24% so far this year."", 'That trails far behind the roughly 18% gains of the S&P 500 and the approximately 17% rise of Tapestry.', ""In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period."", 'Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports.', 'Even as an industry veteran, he said he must move nimbly.', ""For instance, he said he learned about Aupen, a handbag industry newcomer, when he saw a photo of Taylor Swift carrying one of the company's handbags."", ""When he went to the company's website, it crashed, he said."", '""It shows you the power of women like this,"" he said.', ""In another testimony on Monday, former Macy's CEO Jeff Gennette said retailers also feel it when brands lose some of their shine."", ""Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand."", 'He said the markdown of Michael Kors\' handbags contributed to ""a bad spiral Macy\'s was living through when I was there.', '""The antitrust trial is expected to conclude on Tuesday with testimony by economists, including one for the FTC and one for the companies.']",0.0105056574130786,"Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports.",Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of Capri.,-0.8091656948838916,"They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.","In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period.",2024-09-17
Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs,https://www.cnbc.com/2024/09/17/apple-jpmorgan-creditcard-goldman-sachs.html,2024-09-17T21:16:40+0000,"In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said.The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal. The talks could fall apart over these or other matters in the coming months, this person said.But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy. There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter.The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said. Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts. Those losses were supposed to ease over time.But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said. The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.",CNBC,17/09/2024,"[""In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said."", 'The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal.', 'The talks could fall apart over these or other matters in the coming months, this person said.', ""But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy."", 'There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.', ""JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter."", 'The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said.', 'Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts.', 'Those losses were supposed to ease over time.', 'But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.', 'JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said.', 'The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.', 'Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.']",0.0145671139135517,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy.,-0.6349310576915741,Those losses were supposed to ease over time.,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,2024-09-17
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.,,2024-09-17
Boeing starts furloughing tens of thousands of employees amid machinist strike,https://www.cnbc.com/2024/09/18/boeing-furlough-strike.html,2024-09-18T17:57:36+0000,"In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike's duration and he and his team would take ""commensurate"" pay cuts during the strike.""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.Boeing's CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.",CNBC,18/09/2024,"['In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.', 'The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.', ""The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday."", 'Negotiations between the two sides continued this week with a mediator.', 'Boeing had offered a 25% raise and the union endorsed the tentative contract.', ""But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions."", '""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.', 'Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike\'s duration and he and his team would take ""commensurate"" pay cuts during the strike.', '""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time.', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.', 'Boeing\'s CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.', ""The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt."", 'Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.']",-0.1388908175717513,"Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.","The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.",-0.1453967009271894,Boeing had offered a 25% raise and the union endorsed the tentative contract.,But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.,2024-09-17
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.",2024-09-17
"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.",2024-09-17
"UAW union files unfair labor charges against Stellantis, accuses automaker of violating contract",https://www.cnbc.com/2024/09/16/uaw-united-auto-workers-union-unfair-labor-charges-stellantis.html,2024-09-16T20:10:40+0000,"In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit. We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""Now, Stellantis wants to go back on the deal. As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union's accusations.""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement. The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango. It accused the automaker of ""refusing to provide the Union with relevant information.""The NLRB confirmed the UAW's filing. The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.",CNBC,16/09/2024,"['In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.', '""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.', 'We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""', 'Now, Stellantis wants to go back on the deal.', 'As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.', '""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.', 'The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union\'s accusations.', '""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company\'s attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW\'s national agreement.', 'The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.', 'A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.', 'A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango.', 'It accused the automaker of ""refusing to provide the Union with relevant information.', '""The NLRB confirmed the UAW\'s filing.', ""The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.""]",-0.0069764118007445,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.",0.0201009809970855,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement.",2024-09-17
What will a US Federal Reserve interest rate cut mean for me?,https://www.bbc.co.uk/news/articles/cvgl474nrygo,2024-09-17T19:16:33.026Z,"The US central bank is poised to lower interest rates for the first time in four years on Wednesday, a milestone moment for the world's largest economy.  The much anticipated move will influence mortgages, credit card and saving rates for millions of people in the US - and even around the world.  We won't know exactly how big a cut the Federal Reserve will make, or how much lower rates might fall, until the announcement. So what does this mean for you?  The Federal Reserve's key lending rate -  what it charges banks to borrow - sets a base for what companies charge people in the US for loans, like mortgages, or other debt, like unpaid credit card balances. That rate has hovered around 5.3% for more than a year, the highest level since 2001, since jumping from near zero at the start of 2022. A cut will bring some welcome relief to borrowers, though it will likely mean that some banks knock down the rates they are offering savers too. Mortgage rates in the US have already dropped a bit, partially in anticipation of the move.  Americans will be most directly affected by a change. But central banks with currencies tied to the dollar often link their rate decisions to the Fed, such as Hong Kong and many Gulf states, so borrowers in those countries will also see an impact. For the many people outside of the US invested in the US stock market, a cut is also likely good news.  Lower interest rates tend to boost stock prices for two reasons.  First, it means companies can borrow debt for less money and reinvest it to make the business more profitable. Second, lower rates mean savings accounts and some other kinds of investments become less attractive, so investors tend to move their money towards things like stocks. Compared to other central banks, the Fed is a bit late to the rate-cutting party. Europe, the UK, New Zealand, and Canada have cut rates already, and so have many banks in emerging markets. Those banks all had their own reasons for cutting rates, and how low the Fed decides to go depends a bit on what's pushing it to act.  The Fed raises or cuts rates in response to two factors: inflation and employment.  In 2022, when the Fed started raising interest rates, officials were focussed on inflation and wanted to get consumer prices, then rising at the fastest pace since the 1980s, to stabilise. A jump in rates tends to bring down prices by making it harder to borrow, so people spend less on everything from consumer goods to homes and business equipment. But less demand also means the economy isn't growing as quickly, and if it slows too much and actually starts contracting then that’s a recession. In the past, the US economy has often entered recession after a series of rate hikes, costing millions of people their jobs.  And over the last year, unemployment in the US has been ticking higher, as hiring slows sharply. So is the Fed cutting rates because it has triumphed in its fight against inflation or because the economy is in peril?  Many analysts maintain it's the former. Price inflation hit 2.5% in August.  Officials have said they're increasingly confident inflation is headed back to normal, so their attention is turning to the risks to the job market. One factor officials have insisted does not inform into their decision is the election. Republicans and Democrats have been watching this Fed's moves closely for two years, and a cut will likely help Democrats as the party in power. But Fed chair Jerome Powell has said time and again that the bank is focused on economic data, not politics, in making its move.  Analysts are divided about whether the Fed will announce a cut of 0.25 percentage points or go for a bigger, and more unusual, 0.5 percentage points cut.  For a bank that has tried hard to telegraph its moves well in advance, the level of uncertainty is unusually high. An isolated rate cut, even a bigger one, might not make that much of a difference to regular borrowers. But this meeting is expected to mark the start of a series of actions that will bring borrowing costs lower over the next year or so.  Just how low remains a matter of debate.  Mr Powell will presumably be asked about it at the press conference after the bank's announcement, and he will presumably say it will depend on the data - his go-to response. But the Fed will release a chart showing what its members predict, which could help  shape that picture. ",BBC,17/09/2024,"[""The US central bank is poised to lower interest rates for the first time in four years on Wednesday, a milestone moment for the world's largest economy."", 'The much anticipated move will influence mortgages, credit card and saving rates for millions of people in the US - and even around the world.', ""We won't know exactly how big a cut the Federal Reserve will make, or how much lower rates might fall, until the announcement."", 'So what does this mean for you?', ""The Federal Reserve's key lending rate - what it charges banks to borrow - sets a base for what companies charge people in the US for loans, like mortgages, or other debt, like unpaid credit card balances."", 'That rate has hovered around 5.3% for more than a year, the highest level since 2001, since jumping from near zero at the start of 2022.', 'A cut will bring some welcome relief to borrowers, though it will likely mean that some banks knock down the rates they are offering savers too.', 'Mortgage rates in the US have already dropped a bit, partially in anticipation of the move.', 'Americans will be most directly affected by a change.', 'But central banks with currencies tied to the dollar often link their rate decisions to the Fed, such as Hong Kong and many Gulf states, so borrowers in those countries will also see an impact.', 'For the many people outside of the US invested in the US stock market, a cut is also likely good news.', 'Lower interest rates tend to boost stock prices for two reasons.', 'First, it means companies can borrow debt for less money and reinvest it to make the business more profitable.', 'Second, lower rates mean savings accounts and some other kinds of investments become less attractive, so investors tend to move their money towards things like stocks.', 'Compared to other central banks, the Fed is a bit late to the rate-cutting party.', 'Europe, the UK, New Zealand, and Canada have cut rates already, and so have many banks in emerging markets.', ""Those banks all had their own reasons for cutting rates, and how low the Fed decides to go depends a bit on what's pushing it to act."", 'The Fed raises or cuts rates in response to two factors: inflation and employment.', 'In 2022, when the Fed started raising interest rates, officials were focussed on inflation and wanted to get consumer prices, then rising at the fastest pace since the 1980s, to stabilise.', 'A jump in rates tends to bring down prices by making it harder to borrow, so people spend less on everything from consumer goods to homes and business equipment.', ""But less demand also means the economy isn't growing as quickly, and if it slows too much and actually starts contracting then that’s a recession."", 'In the past, the US economy has often entered recession after a series of rate hikes, costing millions of people their jobs.', 'And over the last year, unemployment in the US has been ticking higher, as hiring slows sharply.', 'So is the Fed cutting rates because it has triumphed in its fight against inflation or because the economy is in peril?', ""Many analysts maintain it's the former."", 'Price inflation hit 2.5% in August.', ""Officials have said they're increasingly confident inflation is headed back to normal, so their attention is turning to the risks to the job market."", 'One factor officials have insisted does not inform into their decision is the election.', ""Republicans and Democrats have been watching this Fed's moves closely for two years, and a cut will likely help Democrats as the party in power."", 'But Fed chair Jerome Powell has said time and again that the bank is focused on economic data, not politics, in making its move.', 'Analysts are divided about whether the Fed will announce a cut of 0.25 percentage points or go for a bigger, and more unusual, 0.5 percentage points cut.', 'For a bank that has tried hard to telegraph its moves well in advance, the level of uncertainty is unusually high.', 'An isolated rate cut, even a bigger one, might not make that much of a difference to regular borrowers.', 'But this meeting is expected to mark the start of a series of actions that will bring borrowing costs lower over the next year or so.', 'Just how low remains a matter of debate.', ""Mr Powell will presumably be asked about it at the press conference after the bank's announcement, and he will presumably say it will depend on the data - his go-to response."", 'But the Fed will release a chart showing what its members predict, which could help shape that picture.']",0.0191048456525666,"A cut will bring some welcome relief to borrowers, though it will likely mean that some banks knock down the rates they are offering savers too.","An isolated rate cut, even a bigger one, might not make that much of a difference to regular borrowers.",0.2950308471918106,But this meeting is expected to mark the start of a series of actions that will bring borrowing costs lower over the next year or so.,"Mortgage rates in the US have already dropped a bit, partially in anticipation of the move.",2024-09-16
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 has 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"". Boeing has said the impact of the strike will depend on its duration, but analysts say an extended stoppage could cost the firm and its suppliers billions of dollars. The last strike at Boeing in 2008 lasted about eight weeks. Major ratings companies have warned that the stand-off could lead to a downgrade of the aerospace giant's credit rating, making it more expensive for the firm to borrow. The company has been dealing with historic losses. Production has slowed as the firm responds to concerns about the quality of its manufacturing.  Separately, Boeing has agreed to pay $150m (£126m) to Brazilian plane-maker Embraer over its decision to walk away from talks about a possible merger in 2020. ",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 has 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"".', 'Boeing has said the impact of the strike will depend on its duration, but analysts say an extended stoppage could cost the firm and its suppliers billions of dollars.', 'The last strike at Boeing in 2008 lasted about eight weeks.', ""Major ratings companies have warned that the stand-off could lead to a downgrade of the aerospace giant's credit rating, making it more expensive for the firm to borrow."", 'The company has been dealing with historic losses.', 'Production has slowed as the firm responds to concerns about the quality of its manufacturing.', 'Separately, Boeing has agreed to pay $150m (£126m) to Brazilian plane-maker Embraer over its decision to walk away from talks about a possible merger in 2020.']",-0.1476437201546783,"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. """,-0.5549361944198609,"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.","Major ratings companies have warned that the stand-off could lead to a downgrade of the aerospace giant's credit rating, making it more expensive for the firm to borrow.",2024-09-16
Train drivers accept pay deal bringing end to strikes in England,https://www.bbc.co.uk/news/articles/c0r8g244zggo,2024-09-18T11:28:36.438Z,"Train drivers have accepted a pay deal that will see the end of more than two years of strike action in England, Scotland and Wales. Aslef union members accepted an offer which included a 5% backdated pay rise for 2022-23, a 4.75% rise for 23-24, and a 4.5% increase for 24-25. The walk outs started due to a row over pay and working conditions. Union bosses sought better pay for drivers, but the previous Conservative government said changes to working practices were required in return. Industrial action has caused widespread disruption on the railways since strikes began in July 2022. The government and the union have refused to release an exact figure of what the average salary of a train driver will be following the pay rises. In 2023, the average wage was £60,055 per year, according to the Rail Delivery Group, which represents train companies. Based on the pay increases announced, the BBC has calculated an average salary is estimated to be about £69,000 in 2024/25. Aslef said that when compounded, the offer works out at 15%, is backdated, pensionable and includes drivers who retired or left the industry during the dispute. The breakthrough heralds the end of industrial action which saw drivers stage 18 strikes and take part in several overtime bans, leading to cancelled services.  Some strikes caused an almost complete shutdown of railway lines in England and some cross-border services, including during major sporting and public events. Mick Whelan said the vote marked the end of the longest train drivers' strike in history. ""It was not a fight we sought, or wanted. All we sought after five years without a pay rise, working for private companies who, throughout that period, declared millions of pounds in profits and dividends to shareholders, was a dent in the cost of living,"" he said.  But Mr Whelan, told the BBC the biggest issue was not pay, but rather 55 proposed changes to working terms and conditions that ended up being dropped from the deal.  The union has called the agreement a ""no-strings deal"", adding it was safeguarding working practices was something ""it was not willing to give away for nothing"". However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"". She said the end of the dispute was ""an important step towards fixing our railways and getting the country moving again"". Under the new Labour government, senior officials began direct pay talks with Aslef bosses in July. A major stumbling block which resulted in previous talks breaking down was due to proposed changes to working conditions.  Aslef rejected previous deals, arguing drivers were being asked to sacrifice too much in exchange for too low a wage rise.  But train companies and the previous Conservative government argued that changes to ways of working, for example to driver training and rosters were necessary to make the railway function more reliably and save money. They said hard-pressed taxpayers were having to contribute millions each week to keep services running. Conservative shadow transport secretary, Helen Whately, claimed the pay rise with ""‘no strings attached’ for reforms"" would ""do nothing to prevent strikes in future"". Whately said the government had ""failed to take responsibility"" and took an ""easier"" decision to "" say yes to the unions and have taxpayers pick up the bill"". A spokesperson for the Rail Delivery Group said it welcomed the news that the dispute had been resolved. ""The whole railway now needs to pull together and focus on delivering the best possible service for our customers,"" they added. The union, which claims to represent more than 21,000 train drivers, said 96.6% of its membership who voted backed the new offer. The turnout was 88.5%. Separately on Wednesday, The RMT union told the BBC it received new pay proposals from the government after pay talks, which included a 4.5% increase for Network Rail staff for 2024. It added its members working for train operating companies had been offered pay deals of 4.75% for 2023/24, and 4.5% for 2024/25. An RMT spokesperson confirmed the offers had been put to members to be voted on, and that it had recommended to accept them. ",BBC,18/09/2024,"['Train drivers have accepted a pay deal that will see the end of more than two years of strike action in England, Scotland and Wales.', 'Aslef union members accepted an offer which included a 5% backdated pay rise for 2022-23, a 4.75% rise for 23-24, and a 4.5% increase for 24-25.', 'The walk outs started due to a row over pay and working conditions.', 'Union bosses sought better pay for drivers, but the previous Conservative government said changes to working practices were required in return.', 'Industrial action has caused widespread disruption on the railways since strikes began in July 2022.', 'The government and the union have refused to release an exact figure of what the average salary of a train driver will be following the pay rises.', 'In 2023, the average wage was £60,055 per year, according to the Rail Delivery Group, which represents train companies.', 'Based on the pay increases announced, the BBC has calculated an average salary is estimated to be about £69,000 in 2024/25.', 'Aslef said that when compounded, the offer works out at 15%, is backdated, pensionable and includes drivers who retired or left the industry during the dispute.', 'The breakthrough heralds the end of industrial action which saw drivers stage 18 strikes and take part in several overtime bans, leading to cancelled services.', 'Some strikes caused an almost complete shutdown of railway lines in England and some cross-border services, including during major sporting and public events.', 'Mick Whelan said the vote marked the end of the longest train drivers\' strike in history. ""', 'It was not a fight we sought, or wanted.', 'All we sought after five years without a pay rise, working for private companies who, throughout that period, declared millions of pounds in profits and dividends to shareholders, was a dent in the cost of living,"" he said.', 'But Mr Whelan, told the BBC the biggest issue was not pay, but rather 55 proposed changes to working terms and conditions that ended up being dropped from the deal.', 'The union has called the agreement a ""no-strings deal"", adding it was safeguarding working practices was something ""it was not willing to give away for nothing"".', 'However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"".', 'She said the end of the dispute was ""an important step towards fixing our railways and getting the country moving again"".', 'Under the new Labour government, senior officials began direct pay talks with Aslef bosses in July.', 'A major stumbling block which resulted in previous talks breaking down was due to proposed changes to working conditions.', 'Aslef rejected previous deals, arguing drivers were being asked to sacrifice too much in exchange for too low a wage rise.', 'But train companies and the previous Conservative government argued that changes to ways of working, for example to driver training and rosters were necessary to make the railway function more reliably and save money.', 'They said hard-pressed taxpayers were having to contribute millions each week to keep services running.', 'Conservative shadow transport secretary, Helen Whately, claimed the pay rise with ""‘no strings attached’ for reforms"" would ""do nothing to prevent strikes in future"".', 'Whately said the government had ""failed to take responsibility"" and took an ""easier"" decision to "" say yes to the unions and have taxpayers pick up the bill"".', 'A spokesperson for the Rail Delivery Group said it welcomed the news that the dispute had been resolved. ""', 'The whole railway now needs to pull together and focus on delivering the best possible service for our customers,"" they added.', 'The union, which claims to represent more than 21,000 train drivers, said 96.6% of its membership who voted backed the new offer.', 'The turnout was 88.5%.', 'Separately on Wednesday, The RMT union told the BBC it received new pay proposals from the government after pay talks, which included a 4.5% increase for Network Rail staff for 2024.', 'It added its members working for train operating companies had been offered pay deals of 4.75% for 2023/24, and 4.5% for 2024/25.', 'An RMT spokesperson confirmed the offers had been put to members to be voted on, and that it had recommended to accept them.']",0.0140275824779678,"However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"".","Aslef rejected previous deals, arguing drivers were being asked to sacrifice too much in exchange for too low a wage rise.",0.3598199423990751,"However, Transport Secretary Louise Haigh said solving the row would also ensure a more reliable service but added the deal ""crucially"" cleared the way for ""vital reform - including modernising outdated working practices - to ensure a better performing railway for everyone"".","Whately said the government had ""failed to take responsibility"" and took an ""easier"" decision to "" say yes to the unions and have taxpayers pick up the bill"".",2024-09-16
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.",2024-09-16
"WNBA to add expansion team in Portland, bringing league to 15 franchises",https://www.cnbc.com/2024/09/18/wnba-to-add-expansion-team-in-portland-bringing-league-to-15-teams.html,2024-09-18T16:24:32+0000,"The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports. Lisa Bhathal Merage will be the controlling owner and governor.""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans.""The Portland team will play in the Moda Center, the same arena as the NBA's Portland Trailblazers.The WNBA is in growth mode as its popularity spikes. The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.Portland has had a WNBA team before, but it shut down after a few years in 2002. The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general. The National Women's Soccer League is also in expansion mode and has added several teams since 2022.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season. The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.",CNBC,18/09/2024,"['The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.', 'The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports.', 'Lisa Bhathal Merage will be the controlling owner and governor.', '""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""', ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans."", '""The Portland team will play in the Moda Center, the same arena as the NBA\'s Portland Trailblazers.', 'The WNBA is in growth mode as its popularity spikes.', 'The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.', 'Portland has had a WNBA team before, but it shut down after a few years in 2002.', ""The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general."", ""The National Women's Soccer League is also in expansion mode and has added several teams since 2022.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season."", ""The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal."", 'In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.']",0.3232982234656759,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,0.997397756576538,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,2024-09-16
Boeing puts tens of thousands of workers on furlough after strike,https://www.bbc.co.uk/news/articles/cpdqvwexqv4o,2024-09-18T17:27:34.140Z,"Boeing is suspending the jobs of tens of thousands of staff in the US in response to a strike that has shut down production of some of its airplanes.  The aerospace giant said US-based executives, managers and staff would be asked to take one week of furlough every four weeks as long as the stand-off lasts. More than 30,000 factory workers in the northwest of the US went on strike on Friday over pay and retirement packages. Government officials are now helping to mediate talks between the two sides.  The work stoppage threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. Its impacts are already being felt across the industry and wider US economy as the firm asks suppliers to halt shipments of most parts and takes other steps to save money.  Chief executive Kelly Ortberg, who started in the job just last month, said executives were trying to reach a new agreement ""as soon as possible"". ""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time,"" he said in a memo to staff. ""We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship. Mr Ortberg said executives would take ""commensurate"" pay cuts for the time of the strike and that staff on furlough would retain ""all benefits"". ""We won’t take any actions that inhibit our ability to fully recover in the future,"" he added. The strike is the first at Boeing since 2008. Workers had rejected an offer that promised a 25% pay increase over four years and improvements to terms and conditions. The deal, described by Boeing as ""historic"", was recommended to the workforce by union leaders, but overwhelmingly voted down by employees. The international president of the International Association of Machinists and Aerospace Workers union, Brian Bryant, visited the picket line on Wednesday,  “Boeing must deliver a contract that reflects the hard work and sacrifices that workers have made over the past decade,” he said in a statement.  The company, which employs about 150,000 people across the US, was under pressure even before the walkout, after a piece of a new 737 Max passenger plane broke off mid-flight in January. The incident reignited scrutiny of the firm's manufacturing and safety record and has forced it to slow its production of planes. ",BBC,18/09/2024,"['Boeing is suspending the jobs of tens of thousands of staff in the US in response to a strike that has shut down production of some of its airplanes.', 'The aerospace giant said US-based executives, managers and staff would be asked to take one week of furlough every four weeks as long as the stand-off lasts.', 'More than 30,000 factory workers in the northwest of the US went on strike on Friday over pay and retirement packages.', 'Government officials are now helping to mediate talks between the two sides.', 'The work stoppage threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'Its impacts are already being felt across the industry and wider US economy as the firm asks suppliers to halt shipments of most parts and takes other steps to save money.', 'Chief executive Kelly Ortberg, who started in the job just last month, said executives were trying to reach a new agreement ""as soon as possible"". ""', 'While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time,"" he said in a memo to staff. ""', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship.', 'Mr Ortberg said executives would take ""commensurate"" pay cuts for the time of the strike and that staff on furlough would retain ""all benefits"". ""', 'We won’t take any actions that inhibit our ability to fully recover in the future,"" he added.', 'The strike is the first at Boeing since 2008.', 'Workers had rejected an offer that promised a 25% pay increase over four years and improvements to terms and conditions.', 'The deal, described by Boeing as ""historic"", was recommended to the workforce by union leaders, but overwhelmingly voted down by employees.', 'The international president of the International Association of Machinists and Aerospace Workers union, Brian Bryant, visited the picket line on Wednesday, “Boeing must deliver a contract that reflects the hard work and sacrifices that workers have made over the past decade,” he said in a statement.', 'The company, which employs about 150,000 people across the US, was under pressure even before the walkout, after a piece of a new 737 Max passenger plane broke off mid-flight in January.', ""The incident reignited scrutiny of the firm's manufacturing and safety record and has forced it to slow its production of planes.""]",-0.0464437760925016,"Chief executive Kelly Ortberg, who started in the job just last month, said executives were trying to reach a new agreement ""as soon as possible"". ""","The company, which employs about 150,000 people across the US, was under pressure even before the walkout, after a piece of a new 737 Max passenger plane broke off mid-flight in January.",-0.2152274847030639,Workers had rejected an offer that promised a 25% pay increase over four years and improvements to terms and conditions.,The incident reignited scrutiny of the firm's manufacturing and safety record and has forced it to slow its production of planes.,2024-09-16
ESPN's Adrian Wojnarowski will retire from company to take a job in college basketball,https://www.cnbc.com/2024/09/18/espns-adrian-wojnarowski-will-retire-take-st-bonaventure-job.html,2024-09-18T16:08:41+0000,"ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning.The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said.Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs."" He and The Athletic's Shams Charania often competed for scoops on the latest news.""I've known and admired Woj since we first worked together at Yahoo! in 2007. His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""He's extraordinarily talented and fearless. He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",CNBC,18/09/2024,"[""ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning."", ""The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said."", 'Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""', ""He and The Athletic's Shams Charania often competed for scoops on the latest news."", '""I\'ve known and admired Woj since we first worked together at Yahoo!', 'in 2007.', 'His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""', ""He's extraordinarily talented and fearless."", 'He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.', '""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.']",0.1666259000196438,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.","Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""",0.9996575117111206,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",,2024-09-16
"TGI Fridays' UK owner's administration puts 4,500 jobs at risk",https://www.bbc.co.uk/news/articles/czrm7z5n0y1o,2024-09-18T14:55:51.154Z,"The UK operator of TGI Fridays has gone into administration, putting 4,500 jobs at risk. A total of 87 of the chain's restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses. It hopes to complete a sale by the end of September, which would keep the brand running and help to secure jobs. Hostmore said the American-inspired chain ""continues to operate normally and all existing stores remain open"". Earlier this month, Hostmore said the sales process was in an ""advanced stage"", but added it was unlikely to ""recover any meaningful value"" its assets. It said the leading bids were for less than the firm's debt, suggesting it would be out of pocket if a sale is completed.  ""The sale process remains ongoing, with no decisions having been made to close any existing stores, and TGI Fridays continues to operate normally across the country,"" a Hostmore spokesperson told the BBC. Hostmore said it had attempted to buy the US operator of TGI Fridays for £177m, but that the deal collapsed. Analyst Catherine Shuttleworth said TGI Fridays was a trendsetter when it first opened in the UK, selling ""American food beyond the burger"" and offering ""a really great night out"". However, she said the chain has struggled with ""a change in customer preferences for healthier and vegan foods"". The administration makes TGI Fridays the latest victim of the challenges facing casual dining chains and UK High Streets generally. Data from PwC found that 18 chemists, 16 pubs and nine banks shut down every week on average between January and June this year. The popularity of online shopping shrinking High Street footfall and the financial hangover from the Covid pandemic are widely seen as the two big issues hurting UK shops and hospitality businesses. ",BBC,18/09/2024,"['The UK operator of TGI Fridays has gone into administration, putting 4,500 jobs at risk.', ""A total of 87 of the chain's restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses."", 'It hopes to complete a sale by the end of September, which would keep the brand running and help to secure jobs.', 'Hostmore said the American-inspired chain ""continues to operate normally and all existing stores remain open"".', 'Earlier this month, Hostmore said the sales process was in an ""advanced stage"", but added it was unlikely to ""recover any meaningful value"" its assets.', 'It said the leading bids were for less than the firm\'s debt, suggesting it would be out of pocket if a sale is completed. ""', 'The sale process remains ongoing, with no decisions having been made to close any existing stores, and TGI Fridays continues to operate normally across the country,"" a Hostmore spokesperson told the BBC.', 'Hostmore said it had attempted to buy the US operator of TGI Fridays for £177m, but that the deal collapsed.', 'Analyst Catherine Shuttleworth said TGI Fridays was a trendsetter when it first opened in the UK, selling ""American food beyond the burger"" and offering ""a really great night out"".', 'However, she said the chain has struggled with ""a change in customer preferences for healthier and vegan foods"".', 'The administration makes TGI Fridays the latest victim of the challenges facing casual dining chains and UK High Streets generally.', 'Data from PwC found that 18 chemists, 16 pubs and nine banks shut down every week on average between January and June this year.', 'The popularity of online shopping shrinking High Street footfall and the financial hangover from the Covid pandemic are widely seen as the two big issues hurting UK shops and hospitality businesses.']",0.0329723240989969,"Earlier this month, Hostmore said the sales process was in an ""advanced stage"", but added it was unlikely to ""recover any meaningful value"" its assets.","A total of 87 of the chain's restaurants have been put up for sale as owner Hostmore, a hospitality company, struggles with debt and heavy losses.",-0.5214066240522597,"Analyst Catherine Shuttleworth said TGI Fridays was a trendsetter when it first opened in the UK, selling ""American food beyond the burger"" and offering ""a really great night out"".",The popularity of online shopping shrinking High Street footfall and the financial hangover from the Covid pandemic are widely seen as the two big issues hurting UK shops and hospitality businesses.,2024-09-16
"Brexit deal impact 'worsening', economists say",https://www.bbc.co.uk/news/articles/cd988p00z1no,2024-09-16T23:02:19.836Z,"Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned. Many smaller UK producers have given up exporting small amounts to the EU after facing more rules and regulations, a report by Aston University Business School has found. Between 2021 and 2023, the study calculated that UK goods exports to the EU were down 27% and imported goods were 32% lower than where they would have been had Brexit not happened.  The report does not include the service sector, which has performed better than many experts had expected since Brexit.  The variety of trade export goods has also dropped, the study found, with 1,645 fewer types of British products exported to every EU country.  The authors said this is due to smaller British producers giving up on exporting consignments to some EU nations after facing increased red tape. Mary Quicke of Quicke's Cheeses in Devon told the BBC's Today programme that she had found it ""really, really difficult to deal with all the regulatory burdens"". She said she used to supply four customers directly in the EU but ""we had to give them away to somebody else"". ""We just don't have the people to do the paperwork.” Adam Sopher, the co-founder and chief executive of Joe & Seph’s popcorn, has also found post-Brexit regulations a burden. He set up the company 13 years ago and it now has an £8m turnover with 70 employees. He said Brexit was “initially very challenging. We were being asked for vet certificates for caramel popcorn because it contains butter"". Pre-Brexit, individuals, cinemas and retail stores in the EU could order popcorn online and they could send it by Royal Mail or a courier service, but then “all of it came to a grinding halt”. Brexit has led to “huge amount of extra costs because of the added administration”, he said. Bulk deliveries to the EU have recovered, but where it used to cost about £130 per pallet previously, it now costs £230-£250 predominately due to red tape and administrative fees. “There’s a huge amount of opportunity for growth if these rules can be improved,” he said. The report said that the ""negative impacts of the [trade agreement] have intensified over time, with 2023 showing more pronounced trade declines than previous years"". Jun Du, one of the authors of the research, told the BBC there had been an increase in regulations such as ""product standards, safety checks and labeling requirements"". ""While these measures do protect consumers, competition and the environment, they also increasingly bring difficulties and costs for the traders,"" she said. Agrifood, textiles and materials manufacturing (wood and paper) have been hardest hit, according to the study. Trade with more distant countries in the EU has also been impacted the most, including Commonwealth allies such as Cyprus and Malta. However, the report's authors say a small number of sectors have proven resilient, especially in terms of exports to bigger EU economies such as Germany and France. The tobacco, railway and aircraft sectors saw increases in the variety of exports to EU nations.  A government spokesperson said it will ""work to improve our trade and investment relationship with the EU and tear down unnecessary trade barriers, while recognising that there will be no return to the single market, customs union or freedom of movement"". The BBC understands that in recent meetings with government, business representatives were invited to contribute early ideas on “resetting” the trade relationship with the EU, with a focus on “economic security”. Progress is unlikely until next year, when the new European Commission is firmly established, and the UK has itself completed new industrial and trade strategies. ",BBC,16/09/2024,"['Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned.', 'Many smaller UK producers have given up exporting small amounts to the EU after facing more rules and regulations, a report by Aston University Business School has found.', 'Between 2021 and 2023, the study calculated that UK goods exports to the EU were down 27% and imported goods were 32% lower than where they would have been had Brexit not happened.', 'The report does not include the service sector, which has performed better than many experts had expected since Brexit.', 'The variety of trade export goods has also dropped, the study found, with 1,645 fewer types of British products exported to every EU country.', 'The authors said this is due to smaller British producers giving up on exporting consignments to some EU nations after facing increased red tape.', 'Mary Quicke of Quicke\'s Cheeses in Devon told the BBC\'s Today programme that she had found it ""really, really difficult to deal with all the regulatory burdens"".', 'She said she used to supply four customers directly in the EU but ""we had to give them away to somebody else"". ""', ""We just don't have the people to do the paperwork.”"", 'Adam Sopher, the co-founder and chief executive of Joe & Seph’s popcorn, has also found post-Brexit regulations a burden.', 'He set up the company 13 years ago and it now has an £8m turnover with 70 employees.', 'He said Brexit was “initially very challenging.', 'We were being asked for vet certificates for caramel popcorn because it contains butter"".', 'Pre-Brexit, individuals, cinemas and retail stores in the EU could order popcorn online and they could send it by Royal Mail or a courier service, but then “all of it came to a grinding halt”.', 'Brexit has led to “huge amount of extra costs because of the added administration”, he said.', 'Bulk deliveries to the EU have recovered, but where it used to cost about £130 per pallet previously, it now costs £230-£250 predominately due to red tape and administrative fees. “', 'There’s a huge amount of opportunity for growth if these rules can be improved,” he said.', 'The report said that the ""negative impacts of the [trade agreement] have intensified over time, with 2023 showing more pronounced trade declines than previous years"".', 'Jun Du, one of the authors of the research, told the BBC there had been an increase in regulations such as ""product standards, safety checks and labeling requirements"". ""', 'While these measures do protect consumers, competition and the environment, they also increasingly bring difficulties and costs for the traders,"" she said.', 'Agrifood, textiles and materials manufacturing (wood and paper) have been hardest hit, according to the study.', 'Trade with more distant countries in the EU has also been impacted the most, including Commonwealth allies such as Cyprus and Malta.', ""However, the report's authors say a small number of sectors have proven resilient, especially in terms of exports to bigger EU economies such as Germany and France."", 'The tobacco, railway and aircraft sectors saw increases in the variety of exports to EU nations.', 'A government spokesperson said it will ""work to improve our trade and investment relationship with the EU and tear down unnecessary trade barriers, while recognising that there will be no return to the single market, customs union or freedom of movement"".', 'The BBC understands that in recent meetings with government, business representatives were invited to contribute early ideas on “resetting” the trade relationship with the EU, with a focus on “economic security”.', 'Progress is unlikely until next year, when the new European Commission is firmly established, and the UK has itself completed new industrial and trade strategies.']",0.0868544662356254,"There’s a huge amount of opportunity for growth if these rules can be improved,” he said.","Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned.",-0.294556200504303,"The tobacco, railway and aircraft sectors saw increases in the variety of exports to EU nations.","Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned.",2024-09-16
National Insurance calculator: What are NI and income tax and what do I pay?,https://www.bbc.co.uk/news/explainers-63635185,2022-11-15T17:40:23.000Z,"Chancellor Rachel Reeves will set out the government's tax and spending plans in the autumn Budget on 30 October.  She has warned she will need to take ""difficult decisions"", but Labour has already pledged not to raise the rates of income tax, National Insurance (NI) or VAT. NI has already been cut twice in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen. The starting rate for National Insurance for 27 million workers fell from 12% to 10% on 6 January 2024, and again to 8% on 6 April.  The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.  For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 have fallen from 9% to 6%, which the previous government said was worth £350 to a self-employed person earning £28,200.  Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.  The NI rate on income and profits above £50,270 remains at 2% for all workers.  The government uses National Insurance contributions (NICs) to pay for benefits and help fund the NHS.  NI rates apply across the UK. You start paying NI when you turn 16 and earn more than £242 a week, or have profits of more than £12,570 a year.  It is not paid by people over the state pension age, even if they are working.  Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life. The government records how many years of contributions you have made. Paying a lower rate of NI does not mean you contribute less.  If you do not work, for example because you are a carer or claim benefits, you might be able to receive NI credits instead, which mean you will still qualify for the relevant benefits.  You can also make voluntary contributions to plug gaps in your record. Despite the NI cuts in January and April, millions will still pay more tax overall because of changes to the tax thresholds.  These are the income levels at which people start paying NI or income tax, or have to pay higher rates.  These used to rise every year in line with inflation.  However, the NI threshold and tax-free personal allowance - the amount you can earn every year before you have to pay income tax - have been frozen at £12,570 until 2028. Higher-rate tax will continue to kick in for earnings above £50,270.  Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.  It will create 3.2 million extra taxpayers by 2028, and 2.6 million more people will pay higher rates, according to the Office for Budget Responsibility (OBR), which independently assesses the government's economic plans.  According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers.  In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.  But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit. Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year. Income tax is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.  The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.  The higher rate is 40%, and is paid on earnings between £50,271 and £125,140. Once you earn more than £100,000, you also start losing your tax-free personal allowance.  You lose £1 of your personal allowance for every £2 that your income goes above £100,000.  Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.  The additional rate of income tax is 45%, and is paid on all earnings above £125,140 a year.  These rates apply in England, Wales and Northern Ireland. Some income tax rates are different in Scotland, where a new 45% band took effect in April. The top rate also rose from 47% to 48%. For most families, income tax is the single biggest tax they pay.  But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.  For the poorest fifth of households, VAT is the biggest single tax paid. You can look at the amount of tax raised as a proportion of the size of the economy, or GDP.  In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%. That puts the UK right in the middle of the G7 group of big economies.  France, Italy and Germany tax more; Canada, Japan and the US tax less. However, overall taxation in the UK is high compared with historical rates.  In its assessment of the 2024 Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.  That would be the highest level in 80 years.  ",BBC,15/11/2022,"[""Chancellor Rachel Reeves will set out the government's tax and spending plans in the autumn Budget on 30 October."", 'She has warned she will need to take ""difficult decisions"", but Labour has already pledged not to raise the rates of income tax, National Insurance (NI) or VAT.', 'NI has already been cut twice in 2024, but previous changes to the way tax is calculated mean the amount many people pay overall has risen.', 'The starting rate for National Insurance for 27 million workers fell from 12% to 10% on 6 January 2024, and again to 8% on 6 April.', 'The previous Conservative government said that the two cuts were worth about £900 a year for a worker earning £35,000.', 'For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 have fallen from 9% to 6%, which the previous government said was worth £350 to a self-employed person earning £28,200.', 'Self-employed workers also no longer have to pay a separate category of NI called Class 2 contributions.', 'The NI rate on income and profits above £50,270 remains at 2% for all workers.', 'The government uses National Insurance contributions (NICs) to pay for benefits and help fund the NHS.', 'NI rates apply across the UK.', 'You start paying NI when you turn 16 and earn more than £242 a week, or have profits of more than £12,570 a year.', 'It is not paid by people over the state pension age, even if they are working.', 'Eligibility for some benefits, including the state pension, depends on the NICs you make across your working life.', 'The government records how many years of contributions you have made.', 'Paying a lower rate of NI does not mean you contribute less.', 'If you do not work, for example because you are a carer or claim benefits, you might be able to receive NI credits instead, which mean you will still qualify for the relevant benefits.', 'You can also make voluntary contributions to plug gaps in your record.', 'Despite the NI cuts in January and April, millions will still pay more tax overall because of changes to the tax thresholds.', 'These are the income levels at which people start paying NI or income tax, or have to pay higher rates.', 'These used to rise every year in line with inflation.', 'However, the NI threshold and tax-free personal allowance - the amount you can earn every year before you have to pay income tax - have been frozen at £12,570 until 2028.', 'Higher-rate tax will continue to kick in for earnings above £50,270.', 'Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.', ""It will create 3.2 million extra taxpayers by 2028, and 2.6 million more people will pay higher rates, according to the Office for Budget Responsibility (OBR), which independently assesses the government's economic plans."", 'According to the Institute for Fiscal Studies (IFS) think thank, the freeze cancels out the benefits of the NI cuts for some workers.', 'In the 2024-25 tax year, it says an average earner will have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 will be better off.', 'But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.', 'Income tax is paid on earnings from employment and profits from self-employment during the tax year, which runs from 6 April to 5 April the following year.', 'Income tax is also paid on some benefits and pensions, income from renting out property, and returns from savings and investments above certain limits.', 'The basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.', 'The higher rate is 40%, and is paid on earnings between £50,271 and £125,140.', 'Once you earn more than £100,000, you also start losing your tax-free personal allowance.', 'You lose £1 of your personal allowance for every £2 that your income goes above £100,000.', 'Anyone earning more than £125,140 a year no longer has any tax-free personal allowance.', 'The additional rate of income tax is 45%, and is paid on all earnings above £125,140 a year.', 'These rates apply in England, Wales and Northern Ireland.', 'Some income tax rates are different in Scotland, where a new 45% band took effect in April.', 'The top rate also rose from 47% to 48%.', 'For most families, income tax is the single biggest tax they pay.', 'But for less well-off households, a greater share of family income goes on taxes on spending, known as indirect taxes.', 'For the poorest fifth of households, VAT is the biggest single tax paid.', 'You can look at the amount of tax raised as a proportion of the size of the economy, or GDP.', 'In 2022 - the most recent year for which international comparisons can be made - that figure was 35.3%.', 'That puts the UK right in the middle of the G7 group of big economies.', 'France, Italy and Germany tax more; Canada, Japan and the US tax less.', 'However, overall taxation in the UK is high compared with historical rates.', 'In its assessment of the 2024 Budget, the OBR said the government would collect 37.1p of every pound generated in the economy in 2028-29.', 'That would be the highest level in 80 years.']",0.0939726553727196,"But by 2027, the average earner would be only £140 better off - and only people earning between £32,000 and £55,000 a year would still benefit.","For the poorest fifth of households, VAT is the biggest single tax paid.",-0.0044020970662434,The top rate also rose from 47% to 48%.,"For the self-employed, Class 4 NI contributions on all earnings between £12,570 and £50,270 have fallen from 9% to 6%, which the previous government said was worth £350 to a self-employed person earning £28,200.",2024-09-16
What will happen when VAT is added to private school fees?,https://www.bbc.co.uk/news/articles/cje30vq7yypo,2024-09-18T00:10:51.902Z,"Big changes are coming for the UK’s private schools. From January next year, they will no longer be exempt from paying 20% VAT, and the 80% business rate discount will also be removed for independent schools in England that operate as charities. It’s hard to know quite what will happen because there’s no real precedent for such a move in the UK. Two central questions are how big a reduction in the numbers of children going private will be and whether the state sector is ready to provide for those who would otherwise have gone private. Nowhere is the debate fiercer than in Edinburgh. It has one of the highest concentrations of privately educated children in the country - 21% of secondary pupils, by one measure. This is well above the 5.9% UK average for all schools. One of them is George Heriot's School. Squint and it could be Hogwarts. Long believed to have been the inspiration for the school in Harry Potter, George Heriot’s has stood for nearly 400 years, commanding spellbinding views of Edinburgh Castle and accruing an impressive list of former pupils. The building's imposing façade and domed turrets may make it seem as though the school is impervious to change, but today it’s in the crosshairs of the plans by the new Labour government to raise taxes on private schools. “It is keeping people awake at night, for sure,” explained Louise Gibson, who has three children at Heriot’s, where senior school fees are currently £17,426 a year. Mrs Gibson, who is self-employed and runs her own recruitment company, will have to pay an extra £700 a month if the school passes on the full VAT rise to parents. “I’m not pretending we are one of the families worst affected, but we’ll have to massively reduce our consumer spending,” she said, and added that she’ll be cutting back on holidays and paying into her pension. George Heriot’s had already increased fees by 6% for the 2024/25 year, and while it’s unclear what will happen with the VAT increase, the last letter it sent to parents suggested the school won’t absorb all of those costs. Mrs Gibson set up a Facebook group for parents concerned about the fee hike, which attracted more than 1,000 followers in the first day. It’s littered with comments from parents despairing at the policy and wondering how they will afford the increase. “I’m realistic, I don’t think there is much sympathy for people in this situation, but there is a real lack of understanding of private schools and the people who go there,” she said. “There are plenty of families at these schools who don’t go on foreign holidays, who scrimp and save to pay for children to go to them because they feel it is the right thing for them – and that choice is now under threat.” Research by the Institute for Fiscal Studies (IFS) think tank in 2022 said 75% of children at private school came from families in the wealthiest 30% of households, with most of those coming from the richest 10% of households. Despite parents' concerns, the IFS has this year said predictions the VAT policy spells the end for independent schools are wide of the mark. The IFS predicts the VAT hike will lead to a reduction in private school attendance of somewhere between 3% and 7%. But this figure is disputed. The Independent Schools Council points to a 2018 report, drawn from surveys of tens of thousands of parents in around 150 UK private schools, which suggested 10.7% of pupils were likely to be withdrawn by the end of the first year of VAT being introduced, with a further 6.4% drop-off over the next four years. In truth, it remains unknown just how many parents will pull their children out of private school or will be put off sending their children to them in the first place. The IFS report found the number of private school pupils has been largely stable in recent years despite what it says was a 20% real-terms increase in average private school fees since 2010, and a 55% rise since 2003. In Edinburgh, many of its private schools have put their fees up at above-inflation rates in recent years. George Watson’s College, Scotland’s largest private school, is one high-profile example, after it announced a 9% rise in May. However, this has not deterred many parents. Fettes and Merchiston, Edinburgh’s most expensive schools, have boarders and attract both UK and international students. Around 20% of pupils at the schools are from neighbouring local authorities and commute to Edinburgh - with some filling coaches of pupils every day. A decade ago, warnings were being issued about how private school was an increasingly unaffordable option for many in the UK, with increasing numbers of students coming from overseas and fees have continued to climb ever since. In 2021, figures showed that school fees had grown 20% beyond inflation since 2009. However, student numbers have not diminished as a result. Stuart Adam, a senior economist at the IFS, said most people paying school fees have simply been able to absorb these increases as they are wealthy. He said: “We have seen this huge rise in fees and we haven’t seen a massive shrinkage of the sector which might suggest that the price of private education going up does not drive people out in large numbers."" The IFS estimates the policy will generate an extra £1.3 to £1.5bn for the UK government. Mr Adam says it reached this figure by calculating that parents who stop spending their money on private school fees will eventually spend the extra money on other goods and services, generating extra VAT revenue. The spectre of state schools unable to absorb an influx of children who would otherwise have been at private school has been raised by some of those critical of Labour’s policy. According to the IFS, an ongoing decline in birth rates means there will be fewer children who need to fill school places - this is predicted to be a drop of 700,000 pupil places between now and 2030. “The birth rate and the number of kids at school is going to fall by quite a bit in the coming years so actually even if there is a large number of people moving from the private to state sector then that’s only going to fill in a fraction of the gap in state school places caused by the previous fall in the birth rate,” he said. Mr Adam acknowledged the one big caveat to this drop is the reduction will not fall evenly across the UK, adding “geographically there might be pinch points where it is an issue”. It is this issue of pinch points which will be the acid test of the VAT policy in Edinburgh. The city’s most in-demand state schools are in catchment areas with significant numbers of children who attend private schools. So if even a modest number of the 9,310 pupils privately educated in Edinburgh move to the state sector, would it bring more pressures than in an area with a smaller population of private school kids? Louise Gibson says she enquired about spaces at her local state school but was told there is no room. But according to the minority Labour administration which runs the City of Edinburgh Council, a capacity review of its school pupil numbers published in April found the equivalent of an additional 3,700 places which can be created, with overall capacity for 12,700 more pupils across the city. The methodology for this review included space-creating ideas such as an end to the traditional ‘one classroom, one teacher’ approach” and it has been met with scepticism by the teachers and parents at the busiest of schools. The local authority has started on extensions and planned new-builds to create extra space in areas where people are moving into new housing developments. It’s unclear exactly how many children will be able to be absorbed as a result of these changes. The school Mrs Gibson was trying to get her children into currently does indeed have no spaces and a waiting list. However by the start of the 2025 academic year it is theoretically meant to have 140 extra spaces. It is not known how many of those extra spaces will immediately be filled. Her experience would suggest there are pinch points where local state schools are not able to easily absorb any extra pupils who would otherwise have gone to private school. But there is going to be more overall space in state schools in the coming years as the effect of the ‘baby boom’ of the early 2000s peters out. The row over VAT on private school fees will likely be a worry for some, with a legal challenge to the policy expected. But Francis Green, professor of work and education economics at University College London, said the “hullabaloo” about the policy is out of kilter given the amount it is projected to raise - 2.6% of the £57bn England schools budget. “The policy has acquired a symbolic significance, almost beyond its practical impact,” he said. Chancellor Rachel Reeves has said the money raised will be spent in the state education sector across the UK, including funding 6,500 new teachers in England. The extra levies on fee-paying schools mean most will put their fees up - and by how much is up to them. Eton College, arguably the most famous private school in Britain, has announced it will pass on the full 20% increase to parents, making its annual fees £63,000. But other organisations have opted to pass on a lower proportion of the cost to parents.  Top picture credit: Getty  At George Heriot’s School – which was founded in the 17th century to provide for some of Edinburgh’s poorest children – Mrs Gibson claimed a “pain point where people will not be able to afford to go beyond” will arrive with the fee increase. Edinburgh’s status as Scotland’s epicentre of private schools, and the prestigious people who studied at those schools, have helped it maintain its reputation as Scotland’s place of power and wealth. It’s maintained this for centuries with little disruption, so the VAT change is potentially a challenge. With the projected fall in the school-age population, it appears the challenge for the state sector to accommodate potential extra children is one, local pinch points excepted, that it can largely manage. Top picture credit: Getty Images BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists. Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world. And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too. We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below. ",BBC,18/09/2024,"['Big changes are coming for the UK’s private schools.', 'From January next year, they will no longer be exempt from paying 20% VAT, and the 80% business rate discount will also be removed for independent schools in England that operate as charities.', 'It’s hard to know quite what will happen because there’s no real precedent for such a move in the UK.', 'Two central questions are how big a reduction in the numbers of children going private will be and whether the state sector is ready to provide for those who would otherwise have gone private.', 'Nowhere is the debate fiercer than in Edinburgh.', 'It has one of the highest concentrations of privately educated children in the country - 21% of secondary pupils, by one measure.', 'This is well above the 5.9% UK average for all schools.', ""One of them is George Heriot's School."", 'Squint and it could be Hogwarts.', 'Long believed to have been the inspiration for the school in Harry Potter, George Heriot’s has stood for nearly 400 years, commanding spellbinding views of Edinburgh Castle and accruing an impressive list of former pupils.', ""The building's imposing façade and domed turrets may make it seem as though the school is impervious to change, but today it’s in the crosshairs of the plans by the new Labour government to raise taxes on private schools. “"", 'It is keeping people awake at night, for sure,” explained Louise Gibson, who has three children at Heriot’s, where senior school fees are currently £17,426 a year.', 'Mrs Gibson, who is self-employed and runs her own recruitment company, will have to pay an extra £700 a month if the school passes on the full VAT rise to parents. “', 'I’m not pretending we are one of the families worst affected, but we’ll have to massively reduce our consumer spending,” she said, and added that she’ll be cutting back on holidays and paying into her pension.', 'George Heriot’s had already increased fees by 6% for the 2024/25 year, and while it’s unclear what will happen with the VAT increase, the last letter it sent to parents suggested the school won’t absorb all of those costs.', 'Mrs Gibson set up a Facebook group for parents concerned about the fee hike, which attracted more than 1,000 followers in the first day.', 'It’s littered with comments from parents despairing at the policy and wondering how they will afford the increase. “', 'I’m realistic, I don’t think there is much sympathy for people in this situation, but there is a real lack of understanding of private schools and the people who go there,” she said. “', 'There are plenty of families at these schools who don’t go on foreign holidays, who scrimp and save to pay for children to go to them because they feel it is the right thing for them – and that choice is now under threat.”', 'Research by the Institute for Fiscal Studies (IFS) think tank in 2022 said 75% of children at private school came from families in the wealthiest 30% of households, with most of those coming from the richest 10% of households.', ""Despite parents' concerns, the IFS has this year said predictions the VAT policy spells the end for independent schools are wide of the mark."", 'The IFS predicts the VAT hike will lead to a reduction in private school attendance of somewhere between 3% and 7%.', 'But this figure is disputed.', 'The Independent Schools Council points to a 2018 report, drawn from surveys of tens of thousands of parents in around 150 UK private schools, which suggested 10.7% of pupils were likely to be withdrawn by the end of the first year of VAT being introduced, with a further 6.4% drop-off over the next four years.', 'In truth, it remains unknown just how many parents will pull their children out of private school or will be put off sending their children to them in the first place.', 'The IFS report found the number of private school pupils has been largely stable in recent years despite what it says was a 20% real-terms increase in average private school fees since 2010, and a 55% rise since 2003.', 'In Edinburgh, many of its private schools have put their fees up at above-inflation rates in recent years.', 'George Watson’s College, Scotland’s largest private school, is one high-profile example, after it announced a 9% rise in May.', 'However, this has not deterred many parents.', 'Fettes and Merchiston, Edinburgh’s most expensive schools, have boarders and attract both UK and international students.', 'Around 20% of pupils at the schools are from neighbouring local authorities and commute to Edinburgh - with some filling coaches of pupils every day.', 'A decade ago, warnings were being issued about how private school was an increasingly unaffordable option for many in the UK, with increasing numbers of students coming from overseas and fees have continued to climb ever since.', 'In 2021, figures showed that school fees had grown 20% beyond inflation since 2009.', 'However, student numbers have not diminished as a result.', 'Stuart Adam, a senior economist at the IFS, said most people paying school fees have simply been able to absorb these increases as they are wealthy.', 'He said: “We have seen this huge rise in fees and we haven’t seen a massive shrinkage of the sector which might suggest that the price of private education going up does not drive people out in large numbers.""', 'The IFS estimates the policy will generate an extra £1.3 to £1.5bn for the UK government.', 'Mr Adam says it reached this figure by calculating that parents who stop spending their money on private school fees will eventually spend the extra money on other goods and services, generating extra VAT revenue.', 'The spectre of state schools unable to absorb an influx of children who would otherwise have been at private school has been raised by some of those critical of Labour’s policy.', 'According to the IFS, an ongoing decline in birth rates means there will be fewer children who need to fill school places - this is predicted to be a drop of 700,000 pupil places between now and 2030. “', 'The birth rate and the number of kids at school is going to fall by quite a bit in the coming years so actually even if there is a large number of people moving from the private to state sector then that’s only going to fill in a fraction of the gap in state school places caused by the previous fall in the birth rate,” he said.', 'Mr Adam acknowledged the one big caveat to this drop is the reduction will not fall evenly across the UK, adding “geographically there might be pinch points where it is an issue”.', 'It is this issue of pinch points which will be the acid test of the VAT policy in Edinburgh.', 'The city’s most in-demand state schools are in catchment areas with significant numbers of children who attend private schools.', 'So if even a modest number of the 9,310 pupils privately educated in Edinburgh move to the state sector, would it bring more pressures than in an area with a smaller population of private school kids?', 'Louise Gibson says she enquired about spaces at her local state school but was told there is no room.', 'But according to the minority Labour administration which runs the City of Edinburgh Council, a capacity review of its school pupil numbers published in April found the equivalent of an additional 3,700 places which can be created, with overall capacity for 12,700 more pupils across the city.', 'The methodology for this review included space-creating ideas such as an end to the traditional ‘one classroom, one teacher’ approach” and it has been met with scepticism by the teachers and parents at the busiest of schools.', 'The local authority has started on extensions and planned new-builds to create extra space in areas where people are moving into new housing developments.', 'It’s unclear exactly how many children will be able to be absorbed as a result of these changes.', 'The school Mrs Gibson was trying to get her children into currently does indeed have no spaces and a waiting list.', 'However by the start of the 2025 academic year it is theoretically meant to have 140 extra spaces.', 'It is not known how many of those extra spaces will immediately be filled.', 'Her experience would suggest there are pinch points where local state schools are not able to easily absorb any extra pupils who would otherwise have gone to private school.', 'But there is going to be more overall space in state schools in the coming years as the effect of the ‘baby boom’ of the early 2000s peters out.', 'The row over VAT on private school fees will likely be a worry for some, with a legal challenge to the policy expected.', 'But Francis Green, professor of work and education economics at University College London, said the “hullabaloo” about the policy is out of kilter given the amount it is projected to raise - 2.6% of the £57bn England schools budget. “', 'The policy has acquired a symbolic significance, almost beyond its practical impact,” he said.', 'Chancellor Rachel Reeves has said the money raised will be spent in the state education sector across the UK, including funding 6,500 new teachers in England.', 'The extra levies on fee-paying schools mean most will put their fees up - and by how much is up to them.', 'Eton College, arguably the most famous private school in Britain, has announced it will pass on the full 20% increase to parents, making its annual fees £63,000.', 'But other organisations have opted to pass on a lower proportion of the cost to parents.', 'Top picture credit: Getty At George Heriot’s School – which was founded in the 17th century to provide for some of Edinburgh’s poorest children – Mrs Gibson claimed a “pain point where people will not be able to afford to go beyond” will arrive with the fee increase.', 'Edinburgh’s status as Scotland’s epicentre of private schools, and the prestigious people who studied at those schools, have helped it maintain its reputation as Scotland’s place of power and wealth.', 'It’s maintained this for centuries with little disruption, so the VAT change is potentially a challenge.', 'With the projected fall in the school-age population, it appears the challenge for the state sector to accommodate potential extra children is one, local pinch points excepted, that it can largely manage.', 'Top picture credit: Getty Images BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists.', 'Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world.', 'And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too.', 'We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below.']",0.0438235330556264,Top picture credit: Getty Images BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists.,But this figure is disputed.,-0.1044603821003075,"In 2021, figures showed that school fees had grown 20% beyond inflation since 2009.","According to the IFS, an ongoing decline in birth rates means there will be fewer children who need to fill school places - this is predicted to be a drop of 700,000 pupil places between now and 2030. “",2024-09-16
New bank hubs to open but the printers are missing,https://www.bbc.co.uk/news/articles/cly8yj42g5wo,2024-09-17T23:03:25.988Z,"Fifteen new banking hubs have been announced on the day stricter rules over branch closures and access to cash take effect. The hubs, spaces shared by different banks, operate basic personal and business banking services. The new rules mean they can open even if there is another operator in town, but questions have been raised over the standard of facilities. Many have no printers installed, leaving people unable to get paper statements which may be requested by employers or landlords.  Figures from consumer association Which? show that 6,000 bank branches have closed in the last nine years, leaving many places with none at all and limiting access to cash. Banks and building societies must now assess whether areas have reasonable access to cash when they close branches, under new rules - enshrined in law from the first time - taking effect on Wednesday and governed by the City watchdog, the Financial Conduct Authority (FCA). If not, then they will need to provide more facilities, before closing a branch. Such facilities could include shared hubs, often run by the Post Office, which allow customers of any bank to withdraw and deposit cash. Community workers from different banks visit on a rotating basis once a week. However, problems have emerged at some of the hubs, with questions over the quality of service and investment by banks. That includes many which do not have a printer, leaving customers unable to get paper copies of statements and documents. Bosses were last week hauled in front of Economic Secretary to the Treasury, Tulip Siddiq, who told them to add to the services on offer at the hubs. “Banking hubs are a lifeline for local communities that have lost their final bank branch. I’m confident that the banks will deliver on the commitment made [at the meeting], as well as take a more active approach to meeting the needs of local communities,” she said. Bank-owned Cash Access UK, which delivers the hubs, said it would look into getting printers. The number of people mainly using cash for day-to-day spending hit a four year high during the cost of living crisis, figures from the banking trade body UK Finance show. Hubs are seen as key to ensuring those who are not digitally savvy, unable to access online services, or are vulnerable can still use banking services. So far, 81 hubs are open. The government made a manifesto promise to have 350 operating in five years time, including 230 by the end of next year. There have been calls for the introduction of new hubs to be quicker and more widespread. Ron Delnevo, who chairs the Payment Choice Alliance, described the current plan as an ""empty gesture"". ""This is not a genuine answer to the needs of thousands of communities around the UK that have been deserted by the big banks,"" he said. ""The fact that bank hubs are not required to have a 24/7 ATM is also ludicrous."" Fifteen new hubs have been announced on the day the FCA's new rules take effect. They include areas where there is still a building society but where, for example, the current branch's opening hours are restricted to three days. An assessment will have to consider an ATM.  Before now, under the old rules, a hub would not be eligible to be set up in such an area. The new hubs will open in Sidcup, in London, Normanton in West Yorkshire, Hailsham in East Sussex, Frome in Somerset, Sheerness in Kent, Whitley Bay in Tyne and Wear, Rugeley in Staffordshire, Newquay in Cornwall, Market Harborough in Leicestershire, Thetford in Norfolk, Monmouth in Wales, Harpenden in Hertfordshire, Huntly in Aberdeenshire, Yeadon in West Yorkshire, and Morecambe in Lancashire. The majority have been recommended by Link, which oversees the UK's cash access and ATM services. ""The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our High Streets for years to come,"" said its deputy chief executive, Adrian Roberts. Last week, it was revealed the last bank in the Derbyshire town of Ripley had been “paused” owing to the new rules. ",BBC,17/09/2024,"['Fifteen new banking hubs have been announced on the day stricter rules over branch closures and access to cash take effect.', 'The hubs, spaces shared by different banks, operate basic personal and business banking services.', 'The new rules mean they can open even if there is another operator in town, but questions have been raised over the standard of facilities.', 'Many have no printers installed, leaving people unable to get paper statements which may be requested by employers or landlords.', 'Figures from consumer association Which?', 'show that 6,000 bank branches have closed in the last nine years, leaving many places with none at all and limiting access to cash.', 'Banks and building societies must now assess whether areas have reasonable access to cash when they close branches, under new rules - enshrined in law from the first time - taking effect on Wednesday and governed by the City watchdog, the Financial Conduct Authority (FCA).', 'If not, then they will need to provide more facilities, before closing a branch.', 'Such facilities could include shared hubs, often run by the Post Office, which allow customers of any bank to withdraw and deposit cash.', 'Community workers from different banks visit on a rotating basis once a week.', 'However, problems have emerged at some of the hubs, with questions over the quality of service and investment by banks.', 'That includes many which do not have a printer, leaving customers unable to get paper copies of statements and documents.', 'Bosses were last week hauled in front of Economic Secretary to the Treasury, Tulip Siddiq, who told them to add to the services on offer at the hubs. “', 'Banking hubs are a lifeline for local communities that have lost their final bank branch.', 'I’m confident that the banks will deliver on the commitment made [at the meeting], as well as take a more active approach to meeting the needs of local communities,” she said.', 'Bank-owned Cash Access UK, which delivers the hubs, said it would look into getting printers.', 'The number of people mainly using cash for day-to-day spending hit a four year high during the cost of living crisis, figures from the banking trade body UK Finance show.', 'Hubs are seen as key to ensuring those who are not digitally savvy, unable to access online services, or are vulnerable can still use banking services.', 'So far, 81 hubs are open.', 'The government made a manifesto promise to have 350 operating in five years time, including 230 by the end of next year.', 'There have been calls for the introduction of new hubs to be quicker and more widespread.', 'Ron Delnevo, who chairs the Payment Choice Alliance, described the current plan as an ""empty gesture"". ""', 'This is not a genuine answer to the needs of thousands of communities around the UK that have been deserted by the big banks,"" he said. ""', 'The fact that bank hubs are not required to have a 24/7 ATM is also ludicrous.""', ""Fifteen new hubs have been announced on the day the FCA's new rules take effect."", ""They include areas where there is still a building society but where, for example, the current branch's opening hours are restricted to three days."", 'An assessment will have to consider an ATM.', 'Before now, under the old rules, a hub would not be eligible to be set up in such an area.', 'The new hubs will open in Sidcup, in London, Normanton in West Yorkshire, Hailsham in East Sussex, Frome in Somerset, Sheerness in Kent, Whitley Bay in Tyne and Wear, Rugeley in Staffordshire, Newquay in Cornwall, Market Harborough in Leicestershire, Thetford in Norfolk, Monmouth in Wales, Harpenden in Hertfordshire, Huntly in Aberdeenshire, Yeadon in West Yorkshire, and Morecambe in Lancashire.', 'The majority have been recommended by Link, which oversees the UK\'s cash access and ATM services. ""', 'The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our High Streets for years to come,"" said its deputy chief executive, Adrian Roberts.', 'Last week, it was revealed the last bank in the Derbyshire town of Ripley had been “paused” owing to the new rules.']",0.0204227795413827,"I’m confident that the banks will deliver on the commitment made [at the meeting], as well as take a more active approach to meeting the needs of local communities,” she said.","The number of people mainly using cash for day-to-day spending hit a four year high during the cost of living crisis, figures from the banking trade body UK Finance show.",-0.460659958422184,"The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our High Streets for years to come,"" said its deputy chief executive, Adrian Roberts.","Last week, it was revealed the last bank in the Derbyshire town of Ripley had been “paused” owing to the new rules.",2024-09-16
The Plucky Squire: How the storybook adventure was made,https://www.bbc.co.uk/news/articles/c33vvlj76m7o,2024-09-18T03:18:21.252Z,"Have you ever wished a character from your favourite book would leap off the page? Imagine if they actually could.    That's the concept behind The Plucky Squire, a new video game set inside - and outside - a storybook. The game follows title character Jot, and his quest to save the Land of Mojo from evil wizard Humgrump. It's a classic fairy tale setup, but the tongue-in-cheek adventure, heavily influenced by classics like The Legend of Zelda, has a trick up its sleeve. Jot has the ability to jump between the 2D world of its pages and the 3D world outside - a cluttered desktop where everyday objects become towering obstacles for the tiny character to navigate. The Plucky Squire is one of this year's most anticipated independently developed games, and has landed to favourable reviews from critics. And its release marks the end of a four-year quest for one of its lead designers, James Turner. James has a fairy tale story of his own. A keen artist, he studied computer graphics at university and got a job at a London game studio. During a holiday to Japan, he tells BBC Newsbeat, friends encouraged him to send his portfolio to games companies and he got an interview with Pokémon spin-off developer Genius Sonority. There was just one problem - James didn't speak Japanese. He turned up anyway, bringing a friend who translated, and he got the job. ""The good thing about being an artist is that your work can speak for itself,"" he says. ""And then I was moving to Japan the next month to work on Pokémon Colosseum."" James's work was eventually noticed by Game Freak - the makers of the mainline Pokémon titles - and he ended up credited on about 20 games, working his way up to art director on 2019 Nintendo Switch titles Pokémon Sword and Shield. James speaks fondly of his time in Japan but says he's ""always had a passion for doing, building things from scratch"". He was looking to return to the UK, and had long wanted to set up his own studio, and discussed the idea with longtime friend Jonathan Biddle, who's based in Australia. Despite being on opposite sides of the world, they took the plunge and founded All Possible Futures. Now they just needed a game to make. James says the idea for The Plucky Squire came from picture books he'd been reading to his young son. ""I thought that could be a fun new twist on an action adventure where you're walking around inside the pages,"" he says. After landing on the idea of a game set inside a book, James says he and Jonathan discussed putting ""a surprise on every page"". This got them thinking: ""What would be the ultimate surprise?"" ""We thought the ultimate surprise would be if you could actually jump out of the book and into the 3D world,"" says James. ""That could be really kind of jaw-dropping, Matrix-style twist where you think you know the world but suddenly it's completely different. ""And that caught our imagination.""  It also caught the public's imagination.  The first glimpse of The Plucky Squire was a trailer seen during a showcase at 2022's Summer Game Fest.  The 90-second clip ends with hero Jot popping out of the storybook's pages and emerging into the 3D world outside. There was a huge, positive response, with comments describing the moment as ""mind-boggling"". James and Jonathan had talked about keeping the dimensional switch under wraps until release, watching word-of-mouth spread as people discovered the secret. ""But you do want to get people excited and interested,"" he says.  ""And so it made sense to reveal that surprise.""  The reaction showed the team it was the right decision, says James, and also reassured him they were on to something. ""The more people are excited for what you're making, and the greater the amount of people excited for what you're doing, the more energy that feeds into the project,"" he says. ""And it's quite a positive reinforcement."" But with excitement comes expectation, and The Plucky Squire was pushed back from its original 2023 release date to allow the team to polish it. James admits the decision led to a ""difficult conversation"" with publisher Devolver Digital - the indie-focused company that's released hits including Cult of the Lamb and Enter the Gungeon. ""And then it's uncomfortable, but so what?"" says James. ""Discomfort is just something you have to deal with in any walk of life and in development. ""You just have to do what's right each step of the way and then hopefully you can work things out, and in this case we did.""  Throughout development, James and Jonathan worked from their homes in the UK and Australia, recruiting other team members based around the world as the project grew. James says things have worked well despite the geographical spread, though he admits time differences did make things trickier once deadlines started looming. Delaying The Plucky Squire had another, probably unplanned benefit. The recent release of Astro Bot and the announcement of Sony's upgraded £699 PlayStation 5 Pro has reignited some long-running debates among gamers. Do people value games over graphics? And have blockbuster games lost their sense of fun as big companies race to create a new multiplayer hit or cinematic narrative adventure? These are less pressing questions in the more creative indie space where James operates these days, but he agrees that people see a gap in the market. ""I think the desire for those kind of games are definitely there as an alternative to those kind of AAA more serious, darker kind of games,"" he says. ""It's nice to have a broader palette.  ""Some people can enjoy that kind of game, other people might enjoy this one.   ""And I am glad that we're there - this bright and breezy console game to hand to those people."" Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,18/09/2024,"['Have you ever wished a character from your favourite book would leap off the page?', 'Imagine if they actually could.', ""That's the concept behind The Plucky Squire, a new video game set inside - and outside - a storybook."", 'The game follows title character Jot, and his quest to save the Land of Mojo from evil wizard Humgrump.', ""It's a classic fairy tale setup, but the tongue-in-cheek adventure, heavily influenced by classics like The Legend of Zelda, has a trick up its sleeve."", 'Jot has the ability to jump between the 2D world of its pages and the 3D world outside - a cluttered desktop where everyday objects become towering obstacles for the tiny character to navigate.', ""The Plucky Squire is one of this year's most anticipated independently developed games, and has landed to favourable reviews from critics."", 'And its release marks the end of a four-year quest for one of its lead designers, James Turner.', 'James has a fairy tale story of his own.', 'A keen artist, he studied computer graphics at university and got a job at a London game studio.', 'During a holiday to Japan, he tells BBC Newsbeat, friends encouraged him to send his portfolio to games companies and he got an interview with Pokémon spin-off developer Genius Sonority.', ""There was just one problem - James didn't speak Japanese."", 'He turned up anyway, bringing a friend who translated, and he got the job. ""', 'The good thing about being an artist is that your work can speak for itself,"" he says. ""', 'And then I was moving to Japan the next month to work on Pokémon Colosseum.""', ""James's work was eventually noticed by Game Freak - the makers of the mainline Pokémon titles - and he ended up credited on about 20 games, working his way up to art director on 2019 Nintendo Switch titles Pokémon Sword and Shield."", 'James speaks fondly of his time in Japan but says he\'s ""always had a passion for doing, building things from scratch"".', ""He was looking to return to the UK, and had long wanted to set up his own studio, and discussed the idea with longtime friend Jonathan Biddle, who's based in Australia."", 'Despite being on opposite sides of the world, they took the plunge and founded All Possible Futures.', 'Now they just needed a game to make.', 'James says the idea for The Plucky Squire came from picture books he\'d been reading to his young son. ""', 'I thought that could be a fun new twist on an action adventure where you\'re walking around inside the pages,"" he says.', 'After landing on the idea of a game set inside a book, James says he and Jonathan discussed putting ""a surprise on every page"".', 'This got them thinking: ""What would be the ultimate surprise?"" ""', 'We thought the ultimate surprise would be if you could actually jump out of the book and into the 3D world,"" says James. ""', 'That could be really kind of jaw-dropping, Matrix-style twist where you think you know the world but suddenly it\'s completely different. ""', 'And that caught our imagination.""', ""It also caught the public's imagination."", ""The first glimpse of The Plucky Squire was a trailer seen during a showcase at 2022's Summer Game Fest."", ""The 90-second clip ends with hero Jot popping out of the storybook's pages and emerging into the 3D world outside."", 'There was a huge, positive response, with comments describing the moment as ""mind-boggling"".', 'James and Jonathan had talked about keeping the dimensional switch under wraps until release, watching word-of-mouth spread as people discovered the secret. ""', 'But you do want to get people excited and interested,"" he says. ""', 'And so it made sense to reveal that surprise.""', 'The reaction showed the team it was the right decision, says James, and also reassured him they were on to something. ""', 'The more people are excited for what you\'re making, and the greater the amount of people excited for what you\'re doing, the more energy that feeds into the project,"" he says. ""', 'And it\'s quite a positive reinforcement.""', 'But with excitement comes expectation, and The Plucky Squire was pushed back from its original 2023 release date to allow the team to polish it.', 'James admits the decision led to a ""difficult conversation"" with publisher Devolver Digital - the indie-focused company that\'s released hits including Cult of the Lamb and Enter the Gungeon. ""', 'And then it\'s uncomfortable, but so what?""', 'says James. ""', 'Discomfort is just something you have to deal with in any walk of life and in development. ""', 'You just have to do what\'s right each step of the way and then hopefully you can work things out, and in this case we did.""', 'Throughout development, James and Jonathan worked from their homes in the UK and Australia, recruiting other team members based around the world as the project grew.', 'James says things have worked well despite the geographical spread, though he admits time differences did make things trickier once deadlines started looming.', 'Delaying The Plucky Squire had another, probably unplanned benefit.', ""The recent release of Astro Bot and the announcement of Sony's upgraded £699 PlayStation 5 Pro has reignited some long-running debates among gamers."", 'Do people value games over graphics?', 'And have blockbuster games lost their sense of fun as big companies race to create a new multiplayer hit or cinematic narrative adventure?', 'These are less pressing questions in the more creative indie space where James operates these days, but he agrees that people see a gap in the market. ""', 'I think the desire for those kind of games are definitely there as an alternative to those kind of AAA more serious, darker kind of games,"" he says. ""', 'It\'s nice to have a broader palette. ""', 'Some people can enjoy that kind of game, other people might enjoy this one. ""', 'And I am glad that we\'re there - this bright and breezy console game to hand to those people.""', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.2783411569446091,"I think the desire for those kind of games are definitely there as an alternative to those kind of AAA more serious, darker kind of games,"" he says. ""","Discomfort is just something you have to deal with in any walk of life and in development. """,0.2791001158101218,"And it's quite a positive reinforcement.""",And have blockbuster games lost their sense of fun as big companies race to create a new multiplayer hit or cinematic narrative adventure?,2024-09-16
Lunar company Intuitive Machines' stock jumps more than 50% after NASA moon satellite contract,https://www.cnbc.com/2024/09/18/intuitive-machines-stock-nasa-moon-satellite-contract.html,2024-09-18T17:06:33+0000,"In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites.""This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency's Near Space Network, a system that communicates with government and commercial missions that are up to 1 million miles from Earth. The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program.The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses. Intuitive Machines' initial NSN award is worth $150 million.Intuitive Machines shares surged more than 50% in early afternoon trading from its previous close at $5.40 a share.Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.The stock has more than doubled year-to-date as Intuitive Machines has steadily racked up NASA contracts.Intuitive Machines made history in February as the first U.S. company to soft-land a cargo mission on the moon's surface. Since then, IM became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month.Benchmark's Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines' experience ""as elite.""""LUNR's path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter. Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that's scheduled for late 2025.",CNBC,18/09/2024,"[""In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites."", '""This contract marks an inflection point in Intuitive Machines\' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.', 'NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency\'s Near Space Network, a system that communicates with government and commercial missions that are up to 1 million miles from Earth.', ""The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program."", 'The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses.', ""Intuitive Machines' initial NSN award is worth $150 million."", 'Intuitive Machines shares surged more than 50% in early afternoon trading from its previous close at $5.40 a share.', 'Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.', '""We see the win today as a significant catalyst and validation towards LUNR\'s outlook and the company\'s ability to continue to win contracts,"" Sheppard wrote in a note to clients.', 'The stock has more than doubled year-to-date as Intuitive Machines has steadily racked up NASA contracts.', ""Intuitive Machines made history in February as the first U.S. company to soft-land a cargo mission on the moon's surface."", ""Since then, IM became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month."", 'Benchmark\'s Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines\' experience ""as elite.', '""""LUNR\'s path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.', 'The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter.', ""Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that's scheduled for late 2025.""]",0.319838219468583,"""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.",,0.999182853433821,The stock has more than doubled year-to-date as Intuitive Machines has steadily racked up NASA contracts.,,2024-09-16
Carbon emissions: Publishers try skinnier books to cut CO2,https://www.bbc.co.uk/news/articles/c24pqrvvll9o,2024-09-16T23:07:06.932Z,"A typical paperback book accounts for around 1kg of carbon dioxide, according to sustainability expert Mike Berners-Lee. Perhaps that does not sound like much. But in the US alone, where 767 million paperback books were sold in 2023, this is equivalent to the electricity use of more than 150,000 homes for a year. Forest loss, paper production and printing, and transport of books are generally the largest contributors to the carbon emissions of printed books. So, using less wood fibre, and shipping lighter loads, are important ways to reduce the emissions of print books (as well as the costs of producing them). One simple method is reducing the thickness of the paper. Some publishers are turning to subtly thinner paper. There are limits to this: the most lightweight paper may be less durable. And for certain types of books, including art books, there’s a preference for heavier paper. Yet between these extremes, most readers are unlikely to notice the difference. Nor would most readers notice the design tweaks that allow more text to fit onto each page - as long as designers ensure that the text remains easy to read. The publisher HarperCollins has experimented with compact typefaces that require less ink and paper. This has resulted in savings of hundreds of millions of pages. A leader in this field is Sustainable Typesetting, a project of the design and typesetting company 2K/DENMARK. One of the company’s focus areas is complex typesetting for long texts, including Bibles. Andreas Stobberup, project lead at 2K/DENMARK, says that Sustainable Typesetting can achieve page count reductions of up to 50%, although he recommends less dramatic changes for novels. While it’s common to simply increase the point size to make text easier to read, Mr Stobberup says that readability is actually determined by x-height. The x-height is the height of most lowercase letters in the Latin alphabet, and makes up nearly all of the printed marks on a page. The x-height can be increased without enlarging all of the text. For many designers, increasing the x-height is key to increasing legibility  . One of the typefaces 2K/DENMARK has designed is called Sustainable Serif. This has a larger x-height than, for instance, the popular typeface Garamond. Compared to Sustainable Serif at 12 point size, “for Garamond to have the same size of the letter, it has to be scaled up to 15.2 point size,” Mr Stobberup says. Typefaces like Garamond also have thinner lines and strokes, which can fade on the page as point size is reduced. Sustainable Serif has thicker strokes. Reducing point size is not always the optimal way to reduce the physical size of a book, Mr Stobberup emphasises. Perhaps some lessons can be drawn from large print books, which are aimed at older readers or those with visual impairments. They feature larger point sizes, which can lead to bigger books. But other design features of large print books include more blocked letters and, if images are involved, more attention to the contrast between the foreground and the background. “It’s a totally different typeface,” says Greg Stilson, head of global technology innovation for the American Printing House for the Blind. Mr Stobberup concedes that incorporating such design in regular books ""will not look as aesthetic"". But he believes that most readers will not care about the typeface used for the bulk of the book. Meanwhile, more artistic fonts could be used on places like book covers. And the savings might well justify the change - according to Mr Stobberup, a 20% reduction in pages would be equivalent to a roughly 20% reduction in carbon emissions. However, the saving depends on many factors, including the size of the print run, the type of energy used for printing, the transport distances, and even the ink used. Then there’s the word count: a textbook or Bible can achieve more drastic reductions in weight than a book of poetry. Mr Stobberup is keenly aware of the financial pressures affecting the publishing industry. “We need to make sustainability cheaper,” he says. “We simply need to show that we don’t think it’s a compromise. We think it’s a better product.” David Miller is the president and publisher of Island Press, a small non-profit publisher of environment-themed nonfiction. Printing costs have soared in the last few years, he says. The Covid-19 pandemic led to supply chain issues. Meanwhile, paper manufacturers have been switching over to making cardboard due to the boom in the delivery businesses. This has driven up the expense of producing books. In some cases Island Press has simply had to absorb the extra costs itself rather than passing them onto consumers, according to Mr Miller. Initially he wasn’t sure about Sustainable Typesetting. But after seeing that a 19% reduction in pages could lead to at least a 10% cost savings, while readability actually improved, Mr Miller has become a fan. Sustainable Typesetting has been applied to two Island Press books published so far. And he’s interested in going even further than a 19% trimming. Mr Miller calls this a technology that is “only starting to poke its nose out behind the door” within different segments of the publishing industry. “It’s a sort of revolution in thinking about what typography can be and how it can be put to use in a very productive way.” ",BBC,16/09/2024,"['A typical paperback book accounts for around 1kg of carbon dioxide, according to sustainability expert Mike Berners-Lee.', 'Perhaps that does not sound like much.', 'But in the US alone, where 767 million paperback books were sold in 2023, this is equivalent to the electricity use of more than 150,000 homes for a year.', 'Forest loss, paper production and printing, and transport of books are generally the largest contributors to the carbon emissions of printed books.', 'So, using less wood fibre, and shipping lighter loads, are important ways to reduce the emissions of print books (as well as the costs of producing them).', 'One simple method is reducing the thickness of the paper.', 'Some publishers are turning to subtly thinner paper.', 'There are limits to this: the most lightweight paper may be less durable.', 'And for certain types of books, including art books, there’s a preference for heavier paper.', 'Yet between these extremes, most readers are unlikely to notice the difference.', 'Nor would most readers notice the design tweaks that allow more text to fit onto each page - as long as designers ensure that the text remains easy to read.', 'The publisher HarperCollins has experimented with compact typefaces that require less ink and paper.', 'This has resulted in savings of hundreds of millions of pages.', 'A leader in this field is Sustainable Typesetting, a project of the design and typesetting company 2K/DENMARK.', 'One of the company’s focus areas is complex typesetting for long texts, including Bibles.', 'Andreas Stobberup, project lead at 2K/DENMARK, says that Sustainable Typesetting can achieve page count reductions of up to 50%, although he recommends less dramatic changes for novels.', 'While it’s common to simply increase the point size to make text easier to read, Mr Stobberup says that readability is actually determined by x-height.', 'The x-height is the height of most lowercase letters in the Latin alphabet, and makes up nearly all of the printed marks on a page.', 'The x-height can be increased without enlarging all of the text.', 'For many designers, increasing the x-height is key to increasing legibility .', 'One of the typefaces 2K/DENMARK has designed is called Sustainable Serif.', 'This has a larger x-height than, for instance, the popular typeface Garamond.', 'Compared to Sustainable Serif at 12 point size, “for Garamond to have the same size of the letter, it has to be scaled up to 15.2 point size,” Mr Stobberup says.', 'Typefaces like Garamond also have thinner lines and strokes, which can fade on the page as point size is reduced.', 'Sustainable Serif has thicker strokes.', 'Reducing point size is not always the optimal way to reduce the physical size of a book, Mr Stobberup emphasises.', 'Perhaps some lessons can be drawn from large print books, which are aimed at older readers or those with visual impairments.', 'They feature larger point sizes, which can lead to bigger books.', 'But other design features of large print books include more blocked letters and, if images are involved, more attention to the contrast between the foreground and the background. “', 'It’s a totally different typeface,” says Greg Stilson, head of global technology innovation for the American Printing House for the Blind.', 'Mr Stobberup concedes that incorporating such design in regular books ""will not look as aesthetic"".', 'But he believes that most readers will not care about the typeface used for the bulk of the book.', 'Meanwhile, more artistic fonts could be used on places like book covers.', 'And the savings might well justify the change - according to Mr Stobberup, a 20% reduction in pages would be equivalent to a roughly 20% reduction in carbon emissions.', 'However, the saving depends on many factors, including the size of the print run, the type of energy used for printing, the transport distances, and even the ink used.', 'Then there’s the word count: a textbook or Bible can achieve more drastic reductions in weight than a book of poetry.', 'Mr Stobberup is keenly aware of the financial pressures affecting the publishing industry. “', 'We need to make sustainability cheaper,” he says. “', 'We simply need to show that we don’t think it’s a compromise.', 'We think it’s a better product.”', 'David Miller is the president and publisher of Island Press, a small non-profit publisher of environment-themed nonfiction.', 'Printing costs have soared in the last few years, he says.', 'The Covid-19 pandemic led to supply chain issues.', 'Meanwhile, paper manufacturers have been switching over to making cardboard due to the boom in the delivery businesses.', 'This has driven up the expense of producing books.', 'In some cases Island Press has simply had to absorb the extra costs itself rather than passing them onto consumers, according to Mr Miller.', 'Initially he wasn’t sure about Sustainable Typesetting.', 'But after seeing that a 19% reduction in pages could lead to at least a 10% cost savings, while readability actually improved, Mr Miller has become a fan.', 'Sustainable Typesetting has been applied to two Island Press books published so far.', 'And he’s interested in going even further than a 19% trimming.', 'Mr Miller calls this a technology that is “only starting to poke its nose out behind the door” within different segments of the publishing industry. “', 'It’s a sort of revolution in thinking about what typography can be and how it can be put to use in a very productive way.”']",0.0906772154425996,Nor would most readers notice the design tweaks that allow more text to fit onto each page - as long as designers ensure that the text remains easy to read.,But he believes that most readers will not care about the typeface used for the bulk of the book.,0.4698555925313164,"But after seeing that a 19% reduction in pages could lead to at least a 10% cost savings, while readability actually improved, Mr Miller has become a fan.",This has driven up the expense of producing books.,2024-09-16
Amazon tells staff to get back to office five days a week,https://www.bbc.co.uk/news/articles/czj99ln72k9o,2024-09-16T19:17:02.627Z,"Amazon is ordering staff back to the office five days a week as it ends its hybrid work policy. The change will come into force from January, Amazon's chief executive Andy Jassy said in a memo to staff. ""We’ve decided that we’re going to return to being in the office the way we were before the onset of Covid,"" he said, adding that it would help staff be ""better set up to invent, collaborate, and be connected enough to each other"". Mr Jassy has long been known as a sceptic of remote work, but Amazon staff were previously allowed to work from home two days a week. Amazon's push to get corporate staff back into the office has been a source of tension within the firm which employs more than 1.5 million people globally in full-time and part-time roles.  Staff at its Seattle headquarters staged a protest last year as the company tightened the full remote work allowance that was put in place during the pandemic. Amazon subsequently fired the organiser of the protest, prompting claims of unfair retaliation, a dispute that has been taken up with labour officials.  In his message on Monday, Mr Jassy said he was worried that Amazon - which has long prided itself on preserving the intensity of a start-up while growing to become a tech giant - was seeing its corporate culture diluted by flexible work and too many bureaucratic layers. Mr Jassy, who replaced founder Jeff Bezos as chief executive in 2021, said he had created a ""bureaucracy mailbox"" for staff to make complaints about unnecessary rules and the company was asking managers to reorganise so that managers are overseeing more people. Amazon said those changes could lead to job cuts. In addition to returning to the office five days a week, Amazon said it would end hot-desking in the US, although it will continue in most of Europe. The company said staff could still work from home in unusual circumstances, such as a sick child or house emergency, as was the case before the pandemic.  But unless they have been granted an exemption, Mr Jassy said: ""Our expectation is that people will be in the office outside of extenuating circumstances."" Amazon's stance contrasts with the UK government's approach, which has promised to make flexible working a default right from day one as part of a new employment rights bill due to be published next month. Business Secretary Jonathan Reynolds told the Times newspaper that the government wants to end the ""culture of presenteeism"", and said there were ""real economic benefits"" to people working from home.  He said there was a balance to be struck, but flexible working arrangements could help businesses recruit from a wider pool of people. Graeme from Northumberland, who didn't want us to use his surname, mainly works from home and believes ""you just get so much more done"". The difference between that and office work was ""night and day"" in terms of productivity, he said. In the office people can come over for a chat, or to make requests, and then it can be more difficult to get back into a work flow, he said. However, he added that the socialising aspect of working in an office was also important. Remote work peaked during the pandemic. Many companies started recalling staff in 2022, but the return has been incomplete. As of this summer, about 12% of full-time employees in the US were fully remote and another 27% reported having hybrid work policies in place, according to a monthly survey by economists Jose Maria Barrero, Nicholas Bloom, and Steven J Davis.  Bank bosses such as JP Morgan's Jamie Dimon have been among the most high-profile figures critical of remote work and likely to demand full-time office attendance.  But the attitude has also spread to other industries, with UPS and Dell recalling staff to the office full-time this year. In his memo, Mr Jassy said that Amazon's experience with its move to a hybrid policy had ""strengthened our conviction about the benefits"" of working in person. But Prof Bloom, from Stanford University, said he did not think the announcements were a sign of a wider shift in work policies, noting that his data has found time spent at the office has been fairly stable for more than a year.  ""For every high-profile company cancelling work-from-home, there's others that seem to be expanding it - they just don't get picked up in the media,"" he said. ",BBC,16/09/2024,"['Amazon is ordering staff back to the office five days a week as it ends its hybrid work policy.', 'The change will come into force from January, Amazon\'s chief executive Andy Jassy said in a memo to staff. ""', 'We’ve decided that we’re going to return to being in the office the way we were before the onset of Covid,"" he said, adding that it would help staff be ""better set up to invent, collaborate, and be connected enough to each other"".', 'Mr Jassy has long been known as a sceptic of remote work, but Amazon staff were previously allowed to work from home two days a week.', ""Amazon's push to get corporate staff back into the office has been a source of tension within the firm which employs more than 1.5 million people globally in full-time and part-time roles."", 'Staff at its Seattle headquarters staged a protest last year as the company tightened the full remote work allowance that was put in place during the pandemic.', 'Amazon subsequently fired the organiser of the protest, prompting claims of unfair retaliation, a dispute that has been taken up with labour officials.', 'In his message on Monday, Mr Jassy said he was worried that Amazon - which has long prided itself on preserving the intensity of a start-up while growing to become a tech giant - was seeing its corporate culture diluted by flexible work and too many bureaucratic layers.', 'Mr Jassy, who replaced founder Jeff Bezos as chief executive in 2021, said he had created a ""bureaucracy mailbox"" for staff to make complaints about unnecessary rules and the company was asking managers to reorganise so that managers are overseeing more people.', 'Amazon said those changes could lead to job cuts.', 'In addition to returning to the office five days a week, Amazon said it would end hot-desking in the US, although it will continue in most of Europe.', 'The company said staff could still work from home in unusual circumstances, such as a sick child or house emergency, as was the case before the pandemic.', 'But unless they have been granted an exemption, Mr Jassy said: ""Our expectation is that people will be in the office outside of extenuating circumstances.""', ""Amazon's stance contrasts with the UK government's approach, which has promised to make flexible working a default right from day one as part of a new employment rights bill due to be published next month."", 'Business Secretary Jonathan Reynolds told the Times newspaper that the government wants to end the ""culture of presenteeism"", and said there were ""real economic benefits"" to people working from home.', 'He said there was a balance to be struck, but flexible working arrangements could help businesses recruit from a wider pool of people.', 'Graeme from Northumberland, who didn\'t want us to use his surname, mainly works from home and believes ""you just get so much more done"".', 'The difference between that and office work was ""night and day"" in terms of productivity, he said.', 'In the office people can come over for a chat, or to make requests, and then it can be more difficult to get back into a work flow, he said.', 'However, he added that the socialising aspect of working in an office was also important.', 'Remote work peaked during the pandemic.', 'Many companies started recalling staff in 2022, but the return has been incomplete.', 'As of this summer, about 12% of full-time employees in the US were fully remote and another 27% reported having hybrid work policies in place, according to a monthly survey by economists Jose Maria Barrero, Nicholas Bloom, and Steven J Davis.', ""Bank bosses such as JP Morgan's Jamie Dimon have been among the most high-profile figures critical of remote work and likely to demand full-time office attendance."", 'But the attitude has also spread to other industries, with UPS and Dell recalling staff to the office full-time this year.', 'In his memo, Mr Jassy said that Amazon\'s experience with its move to a hybrid policy had ""strengthened our conviction about the benefits"" of working in person.', 'But Prof Bloom, from Stanford University, said he did not think the announcements were a sign of a wider shift in work policies, noting that his data has found time spent at the office has been fairly stable for more than a year. ""', 'For every high-profile company cancelling work-from-home, there\'s others that seem to be expanding it - they just don\'t get picked up in the media,"" he said.']",0.075294442139839,"In his memo, Mr Jassy said that Amazon's experience with its move to a hybrid policy had ""strengthened our conviction about the benefits"" of working in person.","Amazon subsequently fired the organiser of the protest, prompting claims of unfair retaliation, a dispute that has been taken up with labour officials.",-0.0465986837040294,"But Prof Bloom, from Stanford University, said he did not think the announcements were a sign of a wider shift in work policies, noting that his data has found time spent at the office has been fairly stable for more than a year. """,Amazon said those changes could lead to job cuts.,2024-09-16
Philip Morris: Marlboro owner sells UK inhaler firm over backlash,https://www.bbc.co.uk/news/articles/c4gdpzqp15eo,2024-09-18T01:33:24.179Z,"The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an ""unwarranted"" backlash. Philip Morris International (PMI) has offloaded Vectura Group for £150m ($198m) just three years after buying it in a deal worth more than £1bn. PMI's decision to buy Vectura, which makes inhalers to treat lung conditions such as asthma, was criticised as being hypocritical. However, PMI defended the move as part of its strategy to away from cigarettes and towards ""smoke free"" businesses like vaping. PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura ""from the unreasonable burden of external constraints and criticism related to our ownership"". The deal, which still needs regulatory approval, will see Molex pay an up-front fee of £150m and ""potential deferred payments of up to £148m"" if certain requirements are met. PMI's boss Jacek Olczak also said the company remains ""committed to driving innovation in this space over the long-term"", suggesting it has not moved on entirely from the inhaler sector. The Vectura purchase was part of PMI's push towards a ""smoke free world"". PMI has said it wants two thirds of its sales to come from non-cigarette sales by 2030. However, health charities have voiced scepticism about the sincerity of PMI's pledge considering the billions of pounds it still makes from cigarette sales. Its latest financial results for the three months to the end of June showed that more than 60% of its $9.47bn (£7.19bn) sales came from cigarettes. Over that period, PMI accounted for 23.6% of the global cigarette market by revenue. The news comes as the new Labour government has said it is considering an outdoor smoking ban at pubs. Health experts have welcomed the plans, but many pub owners have told the BBC that they were worried about the impact on their businesses. ",BBC,18/09/2024,"['The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an ""unwarranted"" backlash.', 'Philip Morris International (PMI) has offloaded Vectura Group for £150m ($198m) just three years after buying it in a deal worth more than £1bn.', ""PMI's decision to buy Vectura, which makes inhalers to treat lung conditions such as asthma, was criticised as being hypocritical."", 'However, PMI defended the move as part of its strategy to away from cigarettes and towards ""smoke free"" businesses like vaping.', 'PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura ""from the unreasonable burden of external constraints and criticism related to our ownership"".', 'The deal, which still needs regulatory approval, will see Molex pay an up-front fee of £150m and ""potential deferred payments of up to £148m"" if certain requirements are met.', 'PMI\'s boss Jacek Olczak also said the company remains ""committed to driving innovation in this space over the long-term"", suggesting it has not moved on entirely from the inhaler sector.', 'The Vectura purchase was part of PMI\'s push towards a ""smoke free world"".', 'PMI has said it wants two thirds of its sales to come from non-cigarette sales by 2030.', ""However, health charities have voiced scepticism about the sincerity of PMI's pledge considering the billions of pounds it still makes from cigarette sales."", 'Its latest financial results for the three months to the end of June showed that more than 60% of its $9.47bn (£7.19bn) sales came from cigarettes.', 'Over that period, PMI accounted for 23.6% of the global cigarette market by revenue.', 'The news comes as the new Labour government has said it is considering an outdoor smoking ban at pubs.', 'Health experts have welcomed the plans, but many pub owners have told the BBC that they were worried about the impact on their businesses.']",0.0662450691478495,"However, PMI defended the move as part of its strategy to away from cigarettes and towards ""smoke free"" businesses like vaping.","PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday, saying it releases Vectura ""from the unreasonable burden of external constraints and criticism related to our ownership"".",-0.3399987121423085,"PMI's boss Jacek Olczak also said the company remains ""committed to driving innovation in this space over the long-term"", suggesting it has not moved on entirely from the inhaler sector.","The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler company for a knock-down price due to what it calls an ""unwarranted"" backlash.",2024-09-16
Google scores rare legal win as 1.49bn euro fine scrapped,https://www.bbc.co.uk/news/articles/c62rjd363j1o,2024-09-18T08:20:42.682Z,"Google has won its challenge against a €1.49bn (£1.26bn) fine from the EU for blocking rival online search advertisers. The bloc accused Google of abusing its market dominance by restricting third-party rivals from displaying search ads between 2006 and 2016. Europe's second-top court ruled the European Commission - which levied the fine - ""committed errors in its assessment"". The Commission said it would ""reflect on possible next steps"", which could include an appeal to the EU's top court. Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""We will review the full decision closely,"" it added. It is a rare win for the tech giant, which was hit with fines worth a total of 8.2 billion euros between 2017 and 2019 over antitrust violations.  It failed in its attempt to have one of those fines overturned last week. It is not just in under Europe where it is under pressure over its highly lucrative ad tech business. Earlier this month, the UK's Competition and Markets Authority (CMA) provisionally found it used anti-competitive practices to dominate the market. The US government is also taking the tech giant to court over the same issue, with prosecutors alleging its parent company, Alphabet, illegally operates a monopoly in the market. Alphabet has argued its market dominance is due to the effectiveness of its products. This case revolved around Google's AdSense product, which delivers adverts to websites - making Google almost like a broker for ads. The Commission concluded Google had abused its dominance to prevent websites from using brokers other than AdSense when they were seeking adverts for their web pages.  It said the firm then added other ""restrictive"" clauses to its contracts to reinforce its market dominance - and levied a €1.49bn fine as a penalty. In its ruling, the EU's General Court upheld the majority of the Commission’s findings - but annulled the decision by which the Commission imposed the fine It said the Commission had not considered ""all the relevant circumstances"" concerning the contract clauses and how it defined the market. Because of this, it ruled the Commission did not establish ""an abuse of dominant position."" ",BBC,18/09/2024,"['Google has won its challenge against a €1.49bn (£1.26bn) fine from the EU for blocking rival online search advertisers.', 'The bloc accused Google of abusing its market dominance by restricting third-party rivals from displaying search ads between 2006 and 2016.', 'Europe\'s second-top court ruled the European Commission - which levied the fine - ""committed errors in its assessment"".', 'The Commission said it would ""reflect on possible next steps"", which could include an appeal to the EU\'s top court.', 'Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""', 'We will review the full decision closely,"" it added.', 'It is a rare win for the tech giant, which was hit with fines worth a total of 8.2 billion euros between 2017 and 2019 over antitrust violations.', 'It failed in its attempt to have one of those fines overturned last week.', 'It is not just in under Europe where it is under pressure over its highly lucrative ad tech business.', ""Earlier this month, the UK's Competition and Markets Authority (CMA) provisionally found it used anti-competitive practices to dominate the market."", 'The US government is also taking the tech giant to court over the same issue, with prosecutors alleging its parent company, Alphabet, illegally operates a monopoly in the market.', 'Alphabet has argued its market dominance is due to the effectiveness of its products.', ""This case revolved around Google's AdSense product, which delivers adverts to websites - making Google almost like a broker for ads."", 'The Commission concluded Google had abused its dominance to prevent websites from using brokers other than AdSense when they were seeking adverts for their web pages.', 'It said the firm then added other ""restrictive"" clauses to its contracts to reinforce its market dominance - and levied a €1.49bn fine as a penalty.', 'In its ruling, the EU\'s General Court upheld the majority of the Commission’s findings - but annulled the decision by which the Commission imposed the fine It said the Commission had not considered ""all the relevant circumstances"" concerning the contract clauses and how it defined the market.', 'Because of this, it ruled the Commission did not establish ""an abuse of dominant position.""']",-0.0140150421123033,"Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""","Because of this, it ruled the Commission did not establish ""an abuse of dominant position.""",-0.089628001054128,"Google welcomed the ruling: ""We are pleased that the court has recognised errors in the original decision and annulled the fine,"" it said in a statement. ""","Earlier this month, the UK's Competition and Markets Authority (CMA) provisionally found it used anti-competitive practices to dominate the market.",2024-09-16
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.",2024-09-16
"In federal trial, Michael Kors says it's harder to sell handbags in TikTok and Taylor Swift era",https://www.cnbc.com/2024/09/16/tapestry-capri-antitrust-trial-michael-kors-testifies.html,2024-09-17T12:17:12+0000,"In this articleNEW YORK CITY — In a federal courtroom on Monday, storied fashion designer Michael Kors spoke about the steep challenge of staying relevant in a world where brands can rise and fall based on viral TikTok videos and photos of handbags on the arms of celebrities such as Taylor Swift and Beyoncé.Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of 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. The FTC on Monday called Kors, who founded his namesake brand in 1981 at age 22 and still serves as its chief creative director, to testify. Yet, in his remarks, Kors described how even legacy brands like his own can struggle and lose shoppers' interest.""Sometimes you'll be the hottest thing on the block,"" he said. ""Sometimes you'll be lukewarm. Sometimes you'll be cold.""He acknowledged that his namesake label has fallen from favor and needs a refresh.""I think we've reached the point of brand fatigue,"" he said.The FTC has argued that the combined companies, particularly with Coach and Michael Kors under the same owner, would create a bag behemoth with the power to hike prices for customers while offering them the same or worse products.Attorneys for Tapestry and Capri, on the other hand, have questioned the FTC's depictions of a consolidated handbag market. They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.The trial comes as consumers balk at high prices and when the outcome of the closely watched U.S. presidential election could change the federal agency's strategy.Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described. As of Monday afternoon, the company's stock has fallen about 24% so far this year. That trails far behind the roughly 18% gains of the S&P 500 and the approximately 17% rise of Tapestry.In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period.Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports. Even as an industry veteran, he said he must move nimbly.For instance, he said he learned about Aupen, a handbag industry newcomer, when he saw a photo of Taylor Swift carrying one of the company's handbags. When he went to the company's website, it crashed, he said.""It shows you the power of women like this,"" he said.In another testimony on Monday, former Macy's CEO Jeff Gennette said retailers also feel it when brands lose some of their shine. Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand. He said the markdown of Michael Kors' handbags contributed to ""a bad spiral Macy's was living through when I was there.""The antitrust trial is expected to conclude on Tuesday with testimony by economists, including one for the FTC and one for the companies.",CNBC,17/09/2024,"['In this articleNEW YORK CITY — In a federal courtroom on Monday, storied fashion designer Michael Kors spoke about the steep challenge of staying relevant in a world where brands can rise and fall based on viral TikTok videos and photos of handbags on the arms of celebrities such as Taylor Swift and Beyoncé.', ""Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of 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."", 'The FTC on Monday called Kors, who founded his namesake brand in 1981 at age 22 and still serves as its chief creative director, to testify.', ""Yet, in his remarks, Kors described how even legacy brands like his own can struggle and lose shoppers' interest."", '""Sometimes you\'ll be the hottest thing on the block,"" he said. ""', ""Sometimes you'll be lukewarm."", ""Sometimes you'll be cold."", '""He acknowledged that his namesake label has fallen from favor and needs a refresh.', '""I think we\'ve reached the point of brand fatigue,"" he said.', 'The FTC has argued that the combined companies, particularly with Coach and Michael Kors under the same owner, would create a bag behemoth with the power to hike prices for customers while offering them the same or worse products.', ""Attorneys for Tapestry and Capri, on the other hand, have questioned the FTC's depictions of a consolidated handbag market."", 'They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.', ""The trial comes as consumers balk at high prices and when the outcome of the closely watched U.S. presidential election could change the federal agency's strategy."", 'Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described.', ""As of Monday afternoon, the company's stock has fallen about 24% so far this year."", 'That trails far behind the roughly 18% gains of the S&P 500 and the approximately 17% rise of Tapestry.', ""In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period."", 'Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports.', 'Even as an industry veteran, he said he must move nimbly.', ""For instance, he said he learned about Aupen, a handbag industry newcomer, when he saw a photo of Taylor Swift carrying one of the company's handbags."", ""When he went to the company's website, it crashed, he said."", '""It shows you the power of women like this,"" he said.', ""In another testimony on Monday, former Macy's CEO Jeff Gennette said retailers also feel it when brands lose some of their shine."", ""Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand."", 'He said the markdown of Michael Kors\' handbags contributed to ""a bad spiral Macy\'s was living through when I was there.', '""The antitrust trial is expected to conclude on Tuesday with testimony by economists, including one for the FTC and one for the companies.']",0.0105056574130786,"Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports.",Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of Capri.,-0.8091656948838916,"They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.","In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period.",2024-09-16
"UAW union files unfair labor charges against Stellantis, accuses automaker of violating contract",https://www.cnbc.com/2024/09/16/uaw-united-auto-workers-union-unfair-labor-charges-stellantis.html,2024-09-16T20:10:40+0000,"In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit. We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""Now, Stellantis wants to go back on the deal. As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union's accusations.""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement. The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango. It accused the automaker of ""refusing to provide the Union with relevant information.""The NLRB confirmed the UAW's filing. The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.",CNBC,16/09/2024,"['In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.', '""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.', 'We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""', 'Now, Stellantis wants to go back on the deal.', 'As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.', '""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.', 'The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union\'s accusations.', '""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company\'s attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW\'s national agreement.', 'The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.', 'A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.', 'A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango.', 'It accused the automaker of ""refusing to provide the Union with relevant information.', '""The NLRB confirmed the UAW\'s filing.', ""The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.""]",-0.0069764118007445,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.",0.0201009809970855,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement.",2024-09-16
JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns,https://www.cnbc.com/2024/09/18/jpmorgan-investment-bank-creates-new-role-overseeing-junior-bankers.html,2024-09-18T16:55:05+0000,"JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.""A lot of investment bankers, they've been traveling all week, they come home and they give you four assignments, and you've got to work all weekend,"" Dimon said. ""It's just not right.""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said. ""You're violating it,"" Dimon warned. ""You've got to stop, and it will be in your bonus, so that people know we actually mean it.""",CNBC,18/09/2024,"['JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.', 'The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.', ""Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide."", 'The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.', 'The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street.', ""In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger."", 'Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.', ""Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation."", 'Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.', ""Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University."", 'Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.', '""A lot of investment bankers, they\'ve been traveling all week, they come home and they give you four assignments, and you\'ve got to work all weekend,"" Dimon said. ""', ""It's just not right."", '""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.', '""You\'re violating it,"" Dimon warned. ""', 'You\'ve got to stop, and it will be in your bonus, so that people know we actually mean it.""']",-0.134577025512299,"The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.","""You're violating it,"" Dimon warned. """,-0.1763509313265482,JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.,It's just not right.,2024-09-16
Secret Service 'aware' of Elon Musk post about Harris and Biden,https://www.bbc.co.uk/news/articles/c74882jq39vo,2024-09-17T01:45:14.279Z,"The US Secret Service says it is ""aware"" of a social media post by Elon Musk in which he said that ""no one is even trying"" to assassinate President Joe Biden or Vice-President Kamala Harris.  Mr Musk has since deleted the post and said it was intended as a joke.  His post on X, formerly Twitter, came just hours after the suspected attempted assassination of Donald Trump at his golf course in Florida on Sunday.  The tech billionaire is a close ally of Trump, who has vowed to enlist Mr Musk to run a “government efficiency commission” if he wins a second term as US president.  Many X users criticised Mr Musk's comments - which were accompanied by a raised eyebrow emoji - with some alleging that the post was a form of incitement against the US president and vice-president.  In a statement, the White House condemned the post, saying that ""this rhetoric is irresponsible"".  ""Violence should only be condemned, never encouraged or joked about,"" the statement said, adding that there should be ""no place for political violence or for any violence ever in our country"".  When contacted by the BBC, the US Secret Service said only that it is ""aware"" of the post.  ""As a matter of practice we do not comment on matters involving protective intelligence,"" the statement added. ""We can say, however, that the Secret Service investigates all threats related to our protectees.""  After deleting the post, Mr Musk tweeted that ""one lesson I've learned is that just because I say something to a group and they laugh doesn't mean it's going to be all that hilarious as a post on X.""  ""Turns out that jokes are way less funny if people don't know the context and the delivery is in plain text,"" a subsequent post read.  The controversial tech mogul is considered a close ally of Trump and formally endorsed him in the aftermath of a separate assassination attempt against the former president that took place at a rally on 13 July in Butler, Pennsylvania.  In that attempt, the suspect fired multiple rounds, injuring Trump and killing an attendee at the rally.  Since then, Mr Musk has often tweeted or re-posted messages critical of both Biden and Harris and in support of Trump.  ",BBC,17/09/2024,"['The US Secret Service says it is ""aware"" of a social media post by Elon Musk in which he said that ""no one is even trying"" to assassinate President Joe Biden or Vice-President Kamala Harris.', 'Mr Musk has since deleted the post and said it was intended as a joke.', 'His post on X, formerly Twitter, came just hours after the suspected attempted assassination of Donald Trump at his golf course in Florida on Sunday.', 'The tech billionaire is a close ally of Trump, who has vowed to enlist Mr Musk to run a “government efficiency commission” if he wins a second term as US president.', ""Many X users criticised Mr Musk's comments - which were accompanied by a raised eyebrow emoji - with some alleging that the post was a form of incitement against the US president and vice-president."", 'In a statement, the White House condemned the post, saying that ""this rhetoric is irresponsible"". ""', 'Violence should only be condemned, never encouraged or joked about,"" the statement said, adding that there should be ""no place for political violence or for any violence ever in our country"".', 'When contacted by the BBC, the US Secret Service said only that it is ""aware"" of the post. ""', 'As a matter of practice we do not comment on matters involving protective intelligence,"" the statement added. ""', 'We can say, however, that the Secret Service investigates all threats related to our protectees.""', 'After deleting the post, Mr Musk tweeted that ""one lesson I\'ve learned is that just because I say something to a group and they laugh doesn\'t mean it\'s going to be all that hilarious as a post on X."" ""Turns out that jokes are way less funny if people don\'t know the context and the delivery is in plain text,"" a subsequent post read.', 'The controversial tech mogul is considered a close ally of Trump and formally endorsed him in the aftermath of a separate assassination attempt against the former president that took place at a rally on 13 July in Butler, Pennsylvania.', 'In that attempt, the suspect fired multiple rounds, injuring Trump and killing an attendee at the rally.', 'Since then, Mr Musk has often tweeted or re-posted messages critical of both Biden and Harris and in support of Trump.']",-0.1764911478959053,"After deleting the post, Mr Musk tweeted that ""one lesson I've learned is that just because I say something to a group and they laugh doesn't mean it's going to be all that hilarious as a post on X."" ""Turns out that jokes are way less funny if people don't know the context and the delivery is in plain text,"" a subsequent post read.","Violence should only be condemned, never encouraged or joked about,"" the statement said, adding that there should be ""no place for political violence or for any violence ever in our country"".",-0.9104363918304444,,"In a statement, the White House condemned the post, saying that ""this rhetoric is irresponsible"". """,2024-09-16
Instagram gives parents more control over teen accounts,https://www.bbc.co.uk/news/articles/c77x44zplkyo,2024-09-17T11:59:24.424Z,"Instagram is overhauling the way it works for teenagers, promising more ""built-in protections"" for young people and added controls and reassurance for parents. The new “teen accounts” are being introduced from Tuesday in the UK, US, Canada and Australia. They will turn many privacy settings on by default for all under 18s, including making their content unviewable to people who don't follow them, and making them actively approve all new followers. But children aged 13 to 15 will only be able to adjust the settings by adding a parent or guardian to their account. Social media companies are under pressure worldwide to make their platforms safer, with concerns that not enough is being done to shield young people from harmful content. UK children's charity the NSPCC said Instagram’s announcement was a ""step in the right direction"". But it added that account settings can “put the emphasis on children and parents needing to keep themselves safe."" Rani Govender, the NSPCC’s online child safety policy manager, said they ""must be backed up by proactive measures that prevent harmful content and sexual abuse from proliferating Instagram in the first place”. Meta describes the changes as a ""new experience for teens, guided by parents"". It says they will ""better support parents, and give them peace of mind that their teens are safe with the right protections in place."" Ian Russell, whose daughter Molly viewed content about self-harm and suicide on Instagram before taking her life aged 14, told the BBC it was important to wait and see how the new policy was implemented. “Whether it works or not we’ll only find out when the measures come into place,"" he said. “Meta is very good at drumming up PR and making these big announcements, but what they also have to be good at is being transparent and sharing how well their measures are working."" Teen accounts will mostly change the way Instagram works for users between the ages of 13 and 15, with a number of settings turned on by default. These include strict controls on sensitive content to prevent recommendations of potentially harmful material, and muted notifications overnight.  Accounts will also be set to private rather than public - meaning teenagers will have to actively accept new followers and their content cannot be viewed by people who don't follow them. Parents who choose to supervise their child's account will be able to see who they message and the topics they have said they are interested in - though they will not be able to view the content of messages.  However, media regulator Ofcom raised concerns in April over parents' willingness to intervene to keep their children safe online. In a talk last week, senior Meta executive Sir Nick Clegg said: “One of the things we do find… is that even when we build these controls, parents don’t use them.”  The system will primarily rely on users being honest about their ages, but Instagram already uses tools to verify a user's age if they are suspected to be lying about their age. From January, in the US, it will use artificial intelligence (AI) tools to proactively detect teens using adult accounts, to put them back into a teen account. The UK's Online Safety Act, passed earlier this year, requires online platforms to take action to keep children safe, or face huge fines. Ofcom warned social media sites in May they could be named, shamed or banned for under-18s if they fail to comply with its new rules. Social media industry analyst Matt Navarra said Instagram's changes were significant, but hinged on enforcement. ""As we've seen with teens throughout history, in these sorts of scenarios, they will find a way around the blocks, if they can,"" he told the BBC. Instagram is not the first platform to introduce such tools for parents - and already claims to have more than 50 tools aimed at keeping teens safe.  In 2022 it introduced a family centre and supervision tools for parents, letting them see accounts their child follows and who follows them, among other features. Snapchat also introduced its own family centre allowing parents over the age of 25 see who their child is messaging and limit their ability to view certain content. YouTube said in September it would limit recommendations of certain health and fitness videos to teenagers, such as those which ""idealise"" certain body types. Instagram's new measures raises the question of why, despite the large number of protections on the platform, young people are still exposed to harmful content. An Ofcom study earlier this year found that every single child it spoke to had seen violent material online, with Instagram, WhatsApp and Snapchat being the most frequently named services they found it on.  Under the Online Safety Act, platforms will have to show they are committed to removing illegal content, including child sexual abuse material (CSAM) or content that promotes suicide or self-harm. But the rules are not expected to fully take effect until 2025. In Australia, Prime Minister Anthony Albanese recently announced plans to ban social media for children by bringing in a new age limit for kids to use platforms. Instagram’s latest tools put more control in the hands of parents, who will now take even more direct responsibility for deciding whether to allow their child greater freedom on Instagram, and supervising their activity and interactions.  They will also need to have their own Instagram account. But parents cannot control the algorithms which push content towards their children, or what is shared by its billions of users around the world. Social media expert Paolo Pescatore said it was an ""important step in safeguarding children’s access to the world of social media and fake news.""  ""The smartphone has opened up to a world of disinformation, inappropriate content fuelling a change in behaviour among children,"" he said.  ""More needs to be done to improve children’s digital wellbeing and it starts by giving control back to parents."" ",BBC,17/09/2024,"['Instagram is overhauling the way it works for teenagers, promising more ""built-in protections"" for young people and added controls and reassurance for parents.', 'The new “teen accounts” are being introduced from Tuesday in the UK, US, Canada and Australia.', ""They will turn many privacy settings on by default for all under 18s, including making their content unviewable to people who don't follow them, and making them actively approve all new followers."", 'But children aged 13 to 15 will only be able to adjust the settings by adding a parent or guardian to their account.', 'Social media companies are under pressure worldwide to make their platforms safer, with concerns that not enough is being done to shield young people from harmful content.', 'UK children\'s charity the NSPCC said Instagram’s announcement was a ""step in the right direction"".', 'But it added that account settings can “put the emphasis on children and parents needing to keep themselves safe.""', 'Rani Govender, the NSPCC’s online child safety policy manager, said they ""must be backed up by proactive measures that prevent harmful content and sexual abuse from proliferating Instagram in the first place”.', 'Meta describes the changes as a ""new experience for teens, guided by parents"".', 'It says they will ""better support parents, and give them peace of mind that their teens are safe with the right protections in place.""', 'Ian Russell, whose daughter Molly viewed content about self-harm and suicide on Instagram before taking her life aged 14, told the BBC it was important to wait and see how the new policy was implemented. “', 'Whether it works or not we’ll only find out when the measures come into place,"" he said. “', 'Meta is very good at drumming up PR and making these big announcements, but what they also have to be good at is being transparent and sharing how well their measures are working.""', 'Teen accounts will mostly change the way Instagram works for users between the ages of 13 and 15, with a number of settings turned on by default.', 'These include strict controls on sensitive content to prevent recommendations of potentially harmful material, and muted notifications overnight.', ""Accounts will also be set to private rather than public - meaning teenagers will have to actively accept new followers and their content cannot be viewed by people who don't follow them."", ""Parents who choose to supervise their child's account will be able to see who they message and the topics they have said they are interested in - though they will not be able to view the content of messages."", ""However, media regulator Ofcom raised concerns in April over parents' willingness to intervene to keep their children safe online."", 'In a talk last week, senior Meta executive Sir Nick Clegg said: “One of the things we do find… is that even when we build these controls, parents don’t use them.”', ""The system will primarily rely on users being honest about their ages, but Instagram already uses tools to verify a user's age if they are suspected to be lying about their age."", 'From January, in the US, it will use artificial intelligence (AI) tools to proactively detect teens using adult accounts, to put them back into a teen account.', ""The UK's Online Safety Act, passed earlier this year, requires online platforms to take action to keep children safe, or face huge fines."", 'Ofcom warned social media sites in May they could be named, shamed or banned for under-18s if they fail to comply with its new rules.', 'Social media industry analyst Matt Navarra said Instagram\'s changes were significant, but hinged on enforcement. ""', 'As we\'ve seen with teens throughout history, in these sorts of scenarios, they will find a way around the blocks, if they can,"" he told the BBC.', 'Instagram is not the first platform to introduce such tools for parents - and already claims to have more than 50 tools aimed at keeping teens safe.', 'In 2022 it introduced a family centre and supervision tools for parents, letting them see accounts their child follows and who follows them, among other features.', 'Snapchat also introduced its own family centre allowing parents over the age of 25 see who their child is messaging and limit their ability to view certain content.', 'YouTube said in September it would limit recommendations of certain health and fitness videos to teenagers, such as those which ""idealise"" certain body types.', ""Instagram's new measures raises the question of why, despite the large number of protections on the platform, young people are still exposed to harmful content."", 'An Ofcom study earlier this year found that every single child it spoke to had seen violent material online, with Instagram, WhatsApp and Snapchat being the most frequently named services they found it on.', 'Under the Online Safety Act, platforms will have to show they are committed to removing illegal content, including child sexual abuse material (CSAM) or content that promotes suicide or self-harm.', 'But the rules are not expected to fully take effect until 2025.', 'In Australia, Prime Minister Anthony Albanese recently announced plans to ban social media for children by bringing in a new age limit for kids to use platforms.', 'Instagram’s latest tools put more control in the hands of parents, who will now take even more direct responsibility for deciding whether to allow their child greater freedom on Instagram, and supervising their activity and interactions.', 'They will also need to have their own Instagram account.', 'But parents cannot control the algorithms which push content towards their children, or what is shared by its billions of users around the world.', 'Social media expert Paolo Pescatore said it was an ""important step in safeguarding children’s access to the world of social media and fake news."" ""', 'The smartphone has opened up to a world of disinformation, inappropriate content fuelling a change in behaviour among children,"" he said. ""', 'More needs to be done to improve children’s digital wellbeing and it starts by giving control back to parents.""']",0.1497909961905522,"Meta is very good at drumming up PR and making these big announcements, but what they also have to be good at is being transparent and sharing how well their measures are working.""","Ofcom warned social media sites in May they could be named, shamed or banned for under-18s if they fail to comply with its new rules.",0.3164288889278065,"It says they will ""better support parents, and give them peace of mind that their teens are safe with the right protections in place.""","Social media companies are under pressure worldwide to make their platforms safer, with concerns that not enough is being done to shield young people from harmful content.",2024-09-16
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.,2024-09-16
Ovo to pay £2.4m over customer complaint failures,https://www.bbc.co.uk/news/articles/cm2ymy2zgveo,2024-09-17T07:15:29.108Z,"Energy firm Ovo has been told to pay out £2.4m after the regulator found it had not been dealing with customer complaints correctly. Ofgem said that 1,395 Ovo customers were hit by problems, including long delays in dealing with complaints, in some cases up to 18 months. Those affected will get about £271 on average in compensation, while Ovo will also pay £2m to the Energy Industry Voluntary Redress Scheme, which provides money to charities helping vulnerable customers. Ofgem said affected customers do not need to take any action. Ovo said it had sent a letter of apology and compensation to those affected. The energy regulator said that following its intervention, Ovo had given more resources to complaint handling, and improved its complaints management system. “Energy is an essential service. When things go wrong, it can cause consumers a lot of distress,"" said Jacqui Gehrmann, deputy director of retail compliance at Ofgem. ""In this case Ovo failed to adequately protect and respond to their customers when it was needed most. This is not acceptable. “Consumers deserve a clear and timely response when they make a complaint, and that’s why we stepped in quickly when we identified that Ovo’s performance was falling below acceptable standards."" In a statement, Ovo said: ""We recognise that a particular group of our customers in 2023 waited longer than we’d like for a resolution and were overdue a response from us, so we’ve sent them a letter of apology and compensation to help.” Ofgem also revealed that it has collected more than £400m since 2020 just through enforcing rules and asking companies to comply. It said it uses this money to help those who are struggling to pay bills. In August, Ofgem set a new energy price cap for England, Scotland and Wales that will apply from 1 October to 31 December. People using an average amount of gas and electricity will pay £1,717 a year, a 10% rise compared with now. ",BBC,17/09/2024,"['Energy firm Ovo has been told to pay out £2.4m after the regulator found it had not been dealing with customer complaints correctly.', 'Ofgem said that 1,395 Ovo customers were hit by problems, including long delays in dealing with complaints, in some cases up to 18 months.', 'Those affected will get about £271 on average in compensation, while Ovo will also pay £2m to the Energy Industry Voluntary Redress Scheme, which provides money to charities helping vulnerable customers.', 'Ofgem said affected customers do not need to take any action.', 'Ovo said it had sent a letter of apology and compensation to those affected.', 'The energy regulator said that following its intervention, Ovo had given more resources to complaint handling, and improved its complaints management system. “', 'Energy is an essential service.', 'When things go wrong, it can cause consumers a lot of distress,"" said Jacqui Gehrmann, deputy director of retail compliance at Ofgem. ""', 'In this case Ovo failed to adequately protect and respond to their customers when it was needed most.', 'This is not acceptable. “', 'Consumers deserve a clear and timely response when they make a complaint, and that’s why we stepped in quickly when we identified that Ovo’s performance was falling below acceptable standards.""', 'In a statement, Ovo said: ""We recognise that a particular group of our customers in 2023 waited longer than we’d like for a resolution and were overdue a response from us, so we’ve sent them a letter of apology and compensation to help.”', 'Ofgem also revealed that it has collected more than £400m since 2020 just through enforcing rules and asking companies to comply.', 'It said it uses this money to help those who are struggling to pay bills.', 'In August, Ofgem set a new energy price cap for England, Scotland and Wales that will apply from 1 October to 31 December.', 'People using an average amount of gas and electricity will pay £1,717 a year, a 10% rise compared with now.']",-0.0329419695153606,"In a statement, Ovo said: ""We recognise that a particular group of our customers in 2023 waited longer than we’d like for a resolution and were overdue a response from us, so we’ve sent them a letter of apology and compensation to help.”","When things go wrong, it can cause consumers a lot of distress,"" said Jacqui Gehrmann, deputy director of retail compliance at Ofgem. """,-0.3287827041414048,"The energy regulator said that following its intervention, Ovo had given more resources to complaint handling, and improved its complaints management system. “","Consumers deserve a clear and timely response when they make a complaint, and that’s why we stepped in quickly when we identified that Ovo’s performance was falling below acceptable standards.""",2024-09-16
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,2024-09-17T14:28:00+0000,"United Airlines said Friday that it plans to offer in-flight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest in-flight internet deal yet for the satellite service provider.The team-up comes as airlines have been investing in faster in-flight 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 in-flight 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 in-flight 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,17/09/2024,"[""United Airlines said Friday that it plans to offer in-flight Wi-Fi for free using Starlink from Elon Musk's SpaceX on its hundreds of jetliners, the biggest in-flight internet deal yet for the satellite service provider."", 'The team-up comes as airlines have been investing in faster in-flight 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 in-flight 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 in-flight 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 in-flight Wi-Fi, sometimes offering it for free, in a bid to attract higher-paying customers like business travelers.",,0.9961319267749786,SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020.,,2024-09-16
Alaska closes $1.9 billion acquisition of Hawaiian Airlines after DOT blessing,https://www.cnbc.com/2024/09/17/alaska-airlines-hawaiian-airlines-merger-review.html,2024-09-18T15:27:59+0000,"In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.The carriers' merger agreement cleared the U.S. Justice Department's review last month. That put it in the hands of the Transportation Department, which must also review airline mergers.The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release. The agency said the protections will be in place for six years.The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration. Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.Another airline deal failed earlier this year. A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal.Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations.Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.",CNBC,18/09/2024,"['In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.', ""The carriers' merger agreement cleared the U.S. Justice Department's review last month."", 'That put it in the hands of the Transportation Department, which must also review airline mergers.', 'The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.', 'They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.', '""This more proactive approach to merger review marks a new chapter of DOT\'s work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.', 'The agency said the protections will be in place for six years.', 'The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.', ""After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration."", 'Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.', 'Another airline deal failed earlier this year.', ""A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal."", ""Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations."", ""Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.""]",0.3328411957951305,"The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.",Another airline deal failed earlier this year.,0.3347187836964925,"""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.",Another airline deal failed earlier this year.,2024-09-16
Tupperware: Embattled food container firm files for bankruptcy,https://www.bbc.co.uk/news/articles/c4gdprv2ddxo,2024-09-18T04:56:00.969Z,"US brand Tupperware has filed for bankruptcy as it struggles to survive in the face of sliding sales. The food storage container firm said it will ask for court permission to start a sale of the business and that it aimed to continue operating. The 78-year-old firm has become so synonymous with food storage that many people use its name when referring to any old plastic container.  Despite attempts to freshen up its products in recent years and reposition itself to a younger audience, it has failed to stand out from competitors. Last year, the firm warned that it may go bust unless it could quickly raise new funds. The company's shares have fallen by more 50% this week after reports that it was planning to file for bankruptcy. After a brief surge in sales during the pandemic, as more people cooked at home, the firm saw demand continue to slide. The rising cost of raw materials, higher wages and transportation costs have also eaten into its profit margins. ""Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment,"" Tupperware's chief executive Laurie Ann Goldman said in a statement to investors.  Tupperware was founded in 1946 by Earl Tupper, who patented the containers' flexible airtight seal. Tupperware was a major innovation, as it utilised new plastics to keep food fresh for longer, which was invaluable when refrigerators were still too expensive for many families. However, it was not an immediate success. It was the pioneering saleswoman Brownie Wise who helped turn the brand into a household name, literally. She developed an approach in which salespeople, who were mostly women, sold Tupperware to other women in their homes, better known as ""Tupperware parties"". According to the company, Tupperware is now sold in 70 countries around the world. ""The party has been over for some time for Tupperware,"" said Susannah Streeter, head of money and markets at Hargreaves Lansdown. ""Shifts in buyer behaviour pushed its containers out of fashion, as consumers have started to wean themselves off addictions to plastics and find more environmentally conscious ways of storing food."" Ms Streeter added that ""serious hiccups"" in Tupperware's financial reporting also had a negative impact on the company, including the mis-stating of results in 2021 and 2022. ",BBC,18/09/2024,"['US brand Tupperware has filed for bankruptcy as it struggles to survive in the face of sliding sales.', 'The food storage container firm said it will ask for court permission to start a sale of the business and that it aimed to continue operating.', 'The 78-year-old firm has become so synonymous with food storage that many people use its name when referring to any old plastic container.', 'Despite attempts to freshen up its products in recent years and reposition itself to a younger audience, it has failed to stand out from competitors.', 'Last year, the firm warned that it may go bust unless it could quickly raise new funds.', ""The company's shares have fallen by more 50% this week after reports that it was planning to file for bankruptcy."", 'After a brief surge in sales during the pandemic, as more people cooked at home, the firm saw demand continue to slide.', 'The rising cost of raw materials, higher wages and transportation costs have also eaten into its profit margins. ""', 'Over the last several years, the company\'s financial position has been severely impacted by the challenging macroeconomic environment,"" Tupperware\'s chief executive Laurie Ann Goldman said in a statement to investors.', ""Tupperware was founded in 1946 by Earl Tupper, who patented the containers' flexible airtight seal."", 'Tupperware was a major innovation, as it utilised new plastics to keep food fresh for longer, which was invaluable when refrigerators were still too expensive for many families.', 'However, it was not an immediate success.', 'It was the pioneering saleswoman Brownie Wise who helped turn the brand into a household name, literally.', 'She developed an approach in which salespeople, who were mostly women, sold Tupperware to other women in their homes, better known as ""Tupperware parties"".', 'According to the company, Tupperware is now sold in 70 countries around the world. ""', 'The party has been over for some time for Tupperware,"" said Susannah Streeter, head of money and markets at Hargreaves Lansdown. ""', 'Shifts in buyer behaviour pushed its containers out of fashion, as consumers have started to wean themselves off addictions to plastics and find more environmentally conscious ways of storing food.""', 'Ms Streeter added that ""serious hiccups"" in Tupperware\'s financial reporting also had a negative impact on the company, including the mis-stating of results in 2021 and 2022.']",0.005626220027388,"She developed an approach in which salespeople, who were mostly women, sold Tupperware to other women in their homes, better known as ""Tupperware parties"".","Ms Streeter added that ""serious hiccups"" in Tupperware's financial reporting also had a negative impact on the company, including the mis-stating of results in 2021 and 2022.",-0.6338470849123868,"Tupperware was a major innovation, as it utilised new plastics to keep food fresh for longer, which was invaluable when refrigerators were still too expensive for many families.","Ms Streeter added that ""serious hiccups"" in Tupperware's financial reporting also had a negative impact on the company, including the mis-stating of results in 2021 and 2022.",2024-09-16
How much tax money does the UK government raise and spend?,https://www.bbc.co.uk/news/business-45814459,2018-10-22T23:09:00.000Z,"Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves have both warned that the October Budget will involve ""difficult decisions"" on tax, spending and benefits. However, they are standing by the party's election pledge not to raise the rates of income tax, National Insurance or VAT. The government raises and spends more than £1 trillion a year. A trillion is £1,000bn, or a one with 12 zeroes. Such a big number is hard to picture, but for that money you could comfortably buy the UK's 10 most valuable companies. It works out at about £15,000 per person in the UK. About a quarter of the money the government expects to raise in the 2024/2025 financial year will come from income tax, which people pay on the money they earn.  It is likely to generate £303bn, according to the independent Office for Budget Responsibility (OBR), which assesses the health of the UK economy and publishes financial forecasts. It is expected to raise even more in the coming years. This is because the amount you are allowed to earn before you have to pay income tax has been frozen until 2028. The point at which people start paying higher rates of tax has also been fixed.  Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.  The next two biggest earners for the government are VAT, which is paid on many purchases, and National Insurance (NI), which is another tax levied on people's earnings. The OBR forecast that VAT will raise £203bn in 2024/25. National Insurance is expected to raise £168bn, after two cuts to the starting rate brought it down from 12% to 8%. The ""other"" tax category - which includes capital gains tax, stamp duty and vehicle excise duty - is expected to raise £115bn. The OBR expects the overall level of tax as a proportion of the size of the economy to rise in each of the next five years to a post-war high of 38% of GDP, or the total value of the economy. Some sources of money for the government don't come from taxation, such as student loan repayments, which are included in the ""other non-taxes"" category.  Social protection spending is by far the biggest outgoing for the government, accounting for more than a quarter of all its expenditure.  This includes the cost of benefits paid to pensioners as well those for working-age people. Before the general election was announced, the OBR predicted spending on social protection would rise to £371bn in 2024-25. In July, the government said it would restrict the Winter Fuel Payment to pensioners receiving means-tested benefits, which it hopes will save around £1.5bn a year.  At the same time, the new full state pension is set to rise by £460 a year from April 2025, under the ""triple lock"" arrangement, which guarantees that it keeps pace with earnings and inflation.  About a fifth of government spending goes on health.  Health spending has been rising for decades, because of the growing cost of looking after the UK's ageing population, and increased spending on treatments. The OBR forecast the health spending bill would be £251bn in 2024/25. The next biggest area of spending is education, which was cut in the 2010s and has been recovering since. The OBR expected spending on education to total £131bn in 2024/25. After this comes the cost of government debt interest - the amount the government has to pay for the money it has borrowed Spending on debt interest has increased considerably in recent decades The interest is about 50% higher as a proportion of the size of the economy than it was in 2010. The OBR predicted this would reach £109bn in 2024/25. ",BBC,22/10/2018,"['Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves have both warned that the October Budget will involve ""difficult decisions"" on tax, spending and benefits.', ""However, they are standing by the party's election pledge not to raise the rates of income tax, National Insurance or VAT."", 'The government raises and spends more than £1 trillion a year.', 'A trillion is £1,000bn, or a one with 12 zeroes.', ""Such a big number is hard to picture, but for that money you could comfortably buy the UK's 10 most valuable companies."", 'It works out at about £15,000 per person in the UK.', 'About a quarter of the money the government expects to raise in the 2024/2025 financial year will come from income tax, which people pay on the money they earn.', 'It is likely to generate £303bn, according to the independent Office for Budget Responsibility (OBR), which assesses the health of the UK economy and publishes financial forecasts.', 'It is expected to raise even more in the coming years.', 'This is because the amount you are allowed to earn before you have to pay income tax has been frozen until 2028.', 'The point at which people start paying higher rates of tax has also been fixed.', 'Freezing the thresholds means that more people start paying tax and NI as their wages increase, and more people pay higher rates.', ""The next two biggest earners for the government are VAT, which is paid on many purchases, and National Insurance (NI), which is another tax levied on people's earnings."", 'The OBR forecast that VAT will raise £203bn in 2024/25.', 'National Insurance is expected to raise £168bn, after two cuts to the starting rate brought it down from 12% to 8%.', 'The ""other"" tax category - which includes capital gains tax, stamp duty and vehicle excise duty - is expected to raise £115bn.', 'The OBR expects the overall level of tax as a proportion of the size of the economy to rise in each of the next five years to a post-war high of 38% of GDP, or the total value of the economy.', 'Some sources of money for the government don\'t come from taxation, such as student loan repayments, which are included in the ""other non-taxes"" category.', 'Social protection spending is by far the biggest outgoing for the government, accounting for more than a quarter of all its expenditure.', 'This includes the cost of benefits paid to pensioners as well those for working-age people.', 'Before the general election was announced, the OBR predicted spending on social protection would rise to £371bn in 2024-25.', 'In July, the government said it would restrict the Winter Fuel Payment to pensioners receiving means-tested benefits, which it hopes will save around £1.5bn a year.', 'At the same time, the new full state pension is set to rise by £460 a year from April 2025, under the ""triple lock"" arrangement, which guarantees that it keeps pace with earnings and inflation.', 'About a fifth of government spending goes on health.', ""Health spending has been rising for decades, because of the growing cost of looking after the UK's ageing population, and increased spending on treatments."", 'The OBR forecast the health spending bill would be £251bn in 2024/25.', 'The next biggest area of spending is education, which was cut in the 2010s and has been recovering since.', 'The OBR expected spending on education to total £131bn in 2024/25.', 'After this comes the cost of government debt interest - the amount the government has to pay for the money it has borrowed Spending on debt interest has increased considerably in recent decades The interest is about 50% higher as a proportion of the size of the economy than it was in 2010.', 'The OBR predicted this would reach £109bn in 2024/25.']",0.1016927786855235,"Such a big number is hard to picture, but for that money you could comfortably buy the UK's 10 most valuable companies.","The OBR expects the overall level of tax as a proportion of the size of the economy to rise in each of the next five years to a post-war high of 38% of GDP, or the total value of the economy.",0.7057455735547202,"At the same time, the new full state pension is set to rise by £460 a year from April 2025, under the ""triple lock"" arrangement, which guarantees that it keeps pace with earnings and inflation.","National Insurance is expected to raise £168bn, after two cuts to the starting rate brought it down from 12% to 8%.",2024-09-16
Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs,https://www.cnbc.com/2024/09/17/apple-jpmorgan-creditcard-goldman-sachs.html,2024-09-17T21:16:40+0000,"In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said.The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal. The talks could fall apart over these or other matters in the coming months, this person said.But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy. There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter.The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said. Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts. Those losses were supposed to ease over time.But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said. The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.",CNBC,17/09/2024,"[""In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said."", 'The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal.', 'The talks could fall apart over these or other matters in the coming months, this person said.', ""But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy."", 'There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.', ""JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter."", 'The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said.', 'Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts.', 'Those losses were supposed to ease over time.', 'But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.', 'JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said.', 'The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.', 'Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.']",0.0145671139135517,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy.,-0.6349310576915741,Those losses were supposed to ease over time.,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,2024-09-16
Post Office boss to step down from role next year,https://www.bbc.co.uk/news/articles/c1534ygdq27o,2024-09-18T09:45:49.908Z,"Post Office boss Nick Read will step down from his role next year, the company has said. The chief executive had already stepped back from front-line duties saying he wanted to give his ""entire attention"" to the  final stage of the inquiry into the Horizon IT scandal. The inquiry is scrutinising failings over the wrongful prosecutions of hundreds of sub-postmasters based on faulty accounting software which made it look as though money was missing from branches. On Wednesday, the Post Office said Mr Read would depart in March 2025. Mr Read described it as a ""great privilege"" to have worked as Post Office chief executive in an ""extraordinarily challenging time for the business and for postmasters"". ""There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue,"" he added. Mr Read joined the company in 2019, long after the prosecutions sub-postmasters had finished, and has not yet appeared before the inquiry. The Post Office Horizon IT inquiry began in 2022 and has heard evidence from scores of victims as well as some executives who worked at the Post Office when the prosecutions were taking place between 1999 and 2015. Sir Alan Bates, who led the campaign on behalf of the wrongly prosecuted sub-postmasters, said he was not surprised by Mr Read's departure. ""When I knew he'd taken seven weeks' leave - in theory to prepare for the inquiry - I thought he'd taken seven weeks off to find a new job,"" he said. Liam Byrne, chair of parliament's Business Committee, said Mr Read had made ""the right decision"" for himself and the Post Office in standing down. Speaking to the BBC, he said the Post Office now needed to ""move on"". He said Mr Read had been dealing with ""a lot of legacies from the past but frankly at times there have been questions about how tightly things have been gripped"". ""Innocent victims"" had paid the price he said. Mr Read's predecessor, Paula Vennells, came in for excoriating criticism in the media and at the inquiry, for her role running the publicly-owned firm between 2012 and 2019. When he took over Mr Read faced a mammoth task to turn around the loss-making Post Office at a time when the organisation was facing a crisis of faith as the scale of the Horizon scandal came to light. Mr Read stepped back from his role in July to prepare to appear before the inquiry which is due to reconvene later this month. Representatives for the sub-postmasters have raised concerns over why justice and compensation have taken so long to be delivered.  ""He really hasn't achieved anything, has he?"" said Sir Alan. ""He certainly hasn't done anything for the victims in all of this.""  Sir Alan called for Mr Read's successor to come in ""with a big sweeping brush and clear the whole thing out"". The inquiry is likely to challenge Mr Read on what lessons have been learned and applied at the Post Office, under his tenure.  He has already blotted his copybook with the inquiry's chair Sir Wyn Williams over a £450,000 bonus he was due to receive. The bonus was in part for meeting performance targets that included fully cooperating with the public inquiry.  Sir Wyn issued a rebuke, saying the payment could not be justified, as the inquiry was still in its first phase. Mr Read returned a portion of the bonus. There was another undignified squabble around Mr Read's pay packet earlier this year. Former chair of the post office, Henry Staunton, claimed that Mr Read had been unhappy with his pay, which amounted to £573,000, including bonuses in 2022-23. His claim was backed by a former HR director who claimed Mr Read had repeatedly threatened to resign unless he was given a pay rise above 5%. He denied the claim and a subsequent unpublished report cleared him of all misconduct allegations. ",BBC,18/09/2024,"['Post Office boss Nick Read will step down from his role next year, the company has said.', 'The chief executive had already stepped back from front-line duties saying he wanted to give his ""entire attention"" to the final stage of the inquiry into the Horizon IT scandal.', 'The inquiry is scrutinising failings over the wrongful prosecutions of hundreds of sub-postmasters based on faulty accounting software which made it look as though money was missing from branches.', 'On Wednesday, the Post Office said Mr Read would depart in March 2025.', 'Mr Read described it as a ""great privilege"" to have worked as Post Office chief executive in an ""extraordinarily challenging time for the business and for postmasters"". ""', 'There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue,"" he added.', 'Mr Read joined the company in 2019, long after the prosecutions sub-postmasters had finished, and has not yet appeared before the inquiry.', 'The Post Office Horizon IT inquiry began in 2022 and has heard evidence from scores of victims as well as some executives who worked at the Post Office when the prosecutions were taking place between 1999 and 2015.', 'Sir Alan Bates, who led the campaign on behalf of the wrongly prosecuted sub-postmasters, said he was not surprised by Mr Read\'s departure. ""', 'When I knew he\'d taken seven weeks\' leave - in theory to prepare for the inquiry - I thought he\'d taken seven weeks off to find a new job,"" he said.', 'Liam Byrne, chair of parliament\'s Business Committee, said Mr Read had made ""the right decision"" for himself and the Post Office in standing down.', 'Speaking to the BBC, he said the Post Office now needed to ""move on"".', 'He said Mr Read had been dealing with ""a lot of legacies from the past but frankly at times there have been questions about how tightly things have been gripped"". ""', 'Innocent victims"" had paid the price he said.', ""Mr Read's predecessor, Paula Vennells, came in for excoriating criticism in the media and at the inquiry, for her role running the publicly-owned firm between 2012 and 2019."", 'When he took over Mr Read faced a mammoth task to turn around the loss-making Post Office at a time when the organisation was facing a crisis of faith as the scale of the Horizon scandal came to light.', 'Mr Read stepped back from his role in July to prepare to appear before the inquiry which is due to reconvene later this month.', 'Representatives for the sub-postmasters have raised concerns over why justice and compensation have taken so long to be delivered. ""', 'He really hasn\'t achieved anything, has he?""', 'said Sir Alan. ""', 'He certainly hasn\'t done anything for the victims in all of this.""', 'Sir Alan called for Mr Read\'s successor to come in ""with a big sweeping brush and clear the whole thing out"".', 'The inquiry is likely to challenge Mr Read on what lessons have been learned and applied at the Post Office, under his tenure.', ""He has already blotted his copybook with the inquiry's chair Sir Wyn Williams over a £450,000 bonus he was due to receive."", 'The bonus was in part for meeting performance targets that included fully cooperating with the public inquiry.', 'Sir Wyn issued a rebuke, saying the payment could not be justified, as the inquiry was still in its first phase.', 'Mr Read returned a portion of the bonus.', ""There was another undignified squabble around Mr Read's pay packet earlier this year."", 'Former chair of the post office, Henry Staunton, claimed that Mr Read had been unhappy with his pay, which amounted to £573,000, including bonuses in 2022-23.', 'His claim was backed by a former HR director who claimed Mr Read had repeatedly threatened to resign unless he was given a pay rise above 5%.', 'He denied the claim and a subsequent unpublished report cleared him of all misconduct allegations.']",0.0055236387655776,"There remains much to be done for this great UK institution but the journey to reset the relationship with postmasters is well under way and our work to support justice and redress for postmasters will continue,"" he added.",The inquiry is scrutinising failings over the wrongful prosecutions of hundreds of sub-postmasters based on faulty accounting software which made it look as though money was missing from branches.,-0.3125488579273224,"Mr Read described it as a ""great privilege"" to have worked as Post Office chief executive in an ""extraordinarily challenging time for the business and for postmasters"". ""","Former chair of the post office, Henry Staunton, claimed that Mr Read had been unhappy with his pay, which amounted to £573,000, including bonuses in 2022-23.",2024-09-16
Boeing starts furloughing tens of thousands of employees amid machinist strike,https://www.cnbc.com/2024/09/18/boeing-furlough-strike.html,2024-09-18T16:54:04+0000,"In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees on Wednesday.The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in cost of living in the Seattle area and it didn't restore their pensions.Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike's duration and he and his team would take ""commensurate"" pay cuts for the duration of the strike.""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.Boeing's CFO Brian West earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door-plug blowout in January, and $60 billion in debt.Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a non-union facility in South Carolina.",CNBC,18/09/2024,"['In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees on Wednesday.', 'The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.', ""The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday."", 'Negotiations between the two sides continued this week with a mediator.', 'Boeing had offered a 25% raise and the union endorsed the tentative contract.', ""But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in cost of living in the Seattle area and it didn't restore their pensions."", 'Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike\'s duration and he and his team would take ""commensurate"" pay cuts for the duration of the strike.', '""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time.', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.', 'Boeing\'s CFO Brian West earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.', ""The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door-plug blowout in January, and $60 billion in debt."", 'Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a non-union facility in South Carolina.']",-0.1065699242387825,"Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a non-union facility in South Carolina.","The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door-plug blowout in January, and $60 billion in debt.",0.0211572249730428,Boeing had offered a 25% raise and the union endorsed the tentative contract.,But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in cost of living in the Seattle area and it didn't restore their pensions.,2024-09-16
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.",,2024-09-16
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.,2024-09-16
"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.",2024-09-16
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.,2024-09-16
Facebook owner Meta bans Russian state media networks,https://www.bbc.co.uk/news/articles/c4gllnx0p40o,2024-09-17T02:08:58.022Z,"Facebook owner Meta says it is banning several Russian state media networks, alleging they use deceptive tactics to conduct influence operations and avoid detection on its platforms. ""After careful consideration, we expanded our ongoing enforcement against Russian state media outlets. Rossiya Segodnya, RT and other related entities are now banned from our apps globally for foreign interference activity,"" Meta said. In a news bulletin, RT newsreader Eunan O'Neill said the broadcaster ""and Russia as a whole denies the accusations that have been coming en masse against this channel and others in the past number of days"". The bans are expected to come into effect in the next few days. The Russian embassy in Washington and the owner of the Sputnik news agency, Rossiya Segodnya, did not immediately respond to BBC requests for comment. Russian state media outlets have come under increased scrutiny over claims they have tried to influence politics in Western countries. As well as Facebook, social media giant Meta owns Instagram, WhatsApp and Threads. In a statement to the BBC, RT said: ""It’s cute how there’s a competition in the West — who can try to spank RT the hardest, in order to make themselves look better.  ""Don’t worry, where they close a door, and then a window, our ‘partisans’ (or in your parlance, guerrilla fighters) will find the cracks to crawl through — as by your own admission we are apt at doing."" Meta's move marks an escalation in the world's biggest social media firm's stance towards Russian state media companies. Two years ago, Meta took more limited measures to restrict the spread of Russian state-controlled media, including stopping the outlets from running adverts on its platforms and limiting the reach of their content. After the start of the war in Ukraine, Meta - like other social media platforms - complied with requests from the EU, UK and Ukraine to block some Russian state media in those regions. Earlier this month, the US accused state broadcaster RT of paying a Tennessee firm $10m (£7.6m) to ""create and distribute content to US audiences with hidden Russian government messaging"". An indictment said videos - which often promoted right-wing narratives on issues such as immigration, gender and the economy - were secretly ""edited, posted, and directed"" by two RT employees. Last week, US Secretary of State Antony Blinken announced new sanctions against RT, accusing it of being a ""de facto arm of Russia's intelligence apparatus"". The top US diplomat told reporters on Friday that RT was part of a network of Russian-backed media outlets which have sought to covertly ""undermine democracy in the United States"". He added that the Russian government has ""embedded within RT, a unit with cyber-operational capabilities and ties to Russian intelligence"". RT livestreamed Mr Blinken's remarks on X and declared it the ""US's latest conspiracy theory"". ",BBC,17/09/2024,"['Facebook owner Meta says it is banning several Russian state media networks, alleging they use deceptive tactics to conduct influence operations and avoid detection on its platforms. ""', 'After careful consideration, we expanded our ongoing enforcement against Russian state media outlets.', 'Rossiya Segodnya, RT and other related entities are now banned from our apps globally for foreign interference activity,"" Meta said.', 'In a news bulletin, RT newsreader Eunan O\'Neill said the broadcaster ""and Russia as a whole denies the accusations that have been coming en masse against this channel and others in the past number of days"".', 'The bans are expected to come into effect in the next few days.', 'The Russian embassy in Washington and the owner of the Sputnik news agency, Rossiya Segodnya, did not immediately respond to BBC requests for comment.', 'Russian state media outlets have come under increased scrutiny over claims they have tried to influence politics in Western countries.', 'As well as Facebook, social media giant Meta owns Instagram, WhatsApp and Threads.', 'In a statement to the BBC, RT said: ""It’s cute how there’s a competition in the West — who can try to spank RT the hardest, in order to make themselves look better. ""', 'Don’t worry, where they close a door, and then a window, our ‘partisans’ (or in your parlance, guerrilla fighters) will find the cracks to crawl through — as by your own admission we are apt at doing.""', ""Meta's move marks an escalation in the world's biggest social media firm's stance towards Russian state media companies."", 'Two years ago, Meta took more limited measures to restrict the spread of Russian state-controlled media, including stopping the outlets from running adverts on its platforms and limiting the reach of their content.', 'After the start of the war in Ukraine, Meta - like other social media platforms - complied with requests from the EU, UK and Ukraine to block some Russian state media in those regions.', 'Earlier this month, the US accused state broadcaster RT of paying a Tennessee firm $10m (£7.6m) to ""create and distribute content to US audiences with hidden Russian government messaging"".', 'An indictment said videos - which often promoted right-wing narratives on issues such as immigration, gender and the economy - were secretly ""edited, posted, and directed"" by two RT employees.', 'Last week, US Secretary of State Antony Blinken announced new sanctions against RT, accusing it of being a ""de facto arm of Russia\'s intelligence apparatus"".', 'The top US diplomat told reporters on Friday that RT was part of a network of Russian-backed media outlets which have sought to covertly ""undermine democracy in the United States"".', 'He added that the Russian government has ""embedded within RT, a unit with cyber-operational capabilities and ties to Russian intelligence"".', 'RT livestreamed Mr Blinken\'s remarks on X and declared it the ""US\'s latest conspiracy theory"".']",-0.03462574192699,"In a statement to the BBC, RT said: ""It’s cute how there’s a competition in the West — who can try to spank RT the hardest, in order to make themselves look better. ""","After the start of the war in Ukraine, Meta - like other social media platforms - complied with requests from the EU, UK and Ukraine to block some Russian state media in those regions.",-0.2833792666594187,"After careful consideration, we expanded our ongoing enforcement against Russian state media outlets.","Last week, US Secretary of State Antony Blinken announced new sanctions against RT, accusing it of being a ""de facto arm of Russia's intelligence apparatus"".",2024-09-16
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.",2024-09-16
"SpaceX Starlink has 2,500 airplanes under contract after United megadeal, director says",https://www.cnbc.com/2024/09/17/spacexs-starlink-has-2500-aircraft-under-contract.html,2024-09-17T16:24:28+0000,"PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday.""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that's going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market. Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi.The United megadeal was Starlink's largest IFC agreement yet. It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years.SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. The company initially targeted consumers, but has expanded into other markets, including enterprise services such as aviation and maritime.There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft. Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.""We're trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we've proven on Hawaiian's and JSX's fleets,"" Galano said.By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline's managing director of in-flight entertainment and connectivity. But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing.""A retrofit for us is removing the system that's there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[Hawaiian] have never had a satcom system, so that's one of the differences to take into account.""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline. Both Delta and United are in a battle for high-end customers.""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.— CNBC's Leslie Josephs contributed to this article.",CNBC,17/09/2024,"[""PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday."", '""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that\'s going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.', ""The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market."", ""Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi."", ""The United megadeal was Starlink's largest IFC agreement yet."", ""It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years."", ""SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020."", 'The company initially targeted consumers, buthasexpanded into other markets, including enterprise services such as aviation and maritime.', 'There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.', '""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.', 'Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft.', 'Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.', '""We\'re trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we\'ve proven on Hawaiian\'s and JSX\'s fleets,"" Galano said.', 'By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline\'s managing director of in-flight entertainment and connectivity.', ""But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing."", '""A retrofit for us is removing the system that\'s there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[', ""Hawaiian] have never had a satcom system, so that's one of the differences to take into account."", '""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline.', 'Both Delta and United are in a battle for high-end customers.', '""We\'ve gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—', ""CNBC's Leslie Josephs contributed to this article.""]",0.2761100833366544,"""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—","Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.",0.9684703528881072,"""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.",,2024-09-16
"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.,2024-09-16
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.",2024-09-16
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.,,2024-09-16
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.",2024-09-16
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.",2024-09-16
"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.",2024-09-16
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.",2024-09-16
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.",2024-09-16
"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.",2024-09-16
Jeep CEO enacts turnaround plan after significant sales declines,https://www.cnbc.com/2024/09/13/jeep-ceo-turnaround-plan-sales-declines.html,2024-09-16T20:14:43+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,16/09/2024,"[""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.",2024-09-16
FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle,https://www.cnbc.com/2024/09/17/fdic-banks-fintech-customer-data-synapse.html,2024-09-17T16:31:50+0000,"The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership.That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added.If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.",CNBC,17/09/2024,"['The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.', 'The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.', ""Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership."", 'That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.', ""That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno."", 'Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.', '""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.', 'Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.', ""While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added."", 'If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.', 'Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.', 'Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.']",0.1672752223780706,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",-0.4236237645149231,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",2024-09-16
"FanDuel parent Flutter looks for international growth with big acquisitions in Italy, Brazil",https://www.cnbc.com/2024/09/17/fanduel-parent-flutter-acquires-snaitech-nsx.html,2024-09-17T17:53:52+0000,"In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe's largest regulated market.""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world. Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023. But only about 21% of that came through online play.Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games. Flutter has been building up its presence in the country. It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share. Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing.The British gaming company's acquisition is only its latest to expand its international presence. Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.NSX operates Betnacional and other brands, and holds the No. 4 position in the Brazilian market.Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation. That will change Jan. 1, when new regulations and licensed gambling go into effect.Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.Flutter will face a lot of competition in the market.In Brazil, 113 companies have applied for licenses in a preferred application window. MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo. Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.",CNBC,17/09/2024,"['In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.', 'In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe\'s largest regulated market.', '""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world.', 'Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.', 'Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023.', 'But only about 21% of that came through online play.', 'Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games.', 'Flutter has been building up its presence in the country.', 'It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.', 'Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share.', 'Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.', ""The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing."", ""The British gaming company's acquisition is only its latest to expand its international presence."", 'Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.', 'NSX operates Betnacional and other brands, and holds the No.', '4 position in the Brazilian market.', 'Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.', 'The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation.', 'That will change Jan. 1, when new regulations and licensed gambling go into effect.', 'Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.', 'Flutter will face a lot of competition in the market.', 'In Brazil,113 companies have applied for licenses in a preferred application window.', ""MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo."", 'Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.', ""Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.""]",0.1927686915334574,"Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.","Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",0.985545684893926,"Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",,2024-09-16
"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.",2024-09-16